N-Q 1 d677813dnq.htm PRUDENTIAL INVESTMENT PORTFOLIOS 3 Prudential Investment Portfolios 3

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:    811-09805

Exact name of registrant as specified in charter:

    Prudential Investment Portfolios 3
This Form N-Q relates solely to the Registrant’s PGIM Global Dynamic Bond Fund (formerly PGIM Global Absolute Return Bond Fund) and PGIM Real Assets Fund.

Address of principal executive offices:

    655 Broad Street, 17th Floor,
   Newark, New Jersey 07102

Name and address of agent for service:

    Andrew R. French
   655 Broad Street, 17th Floor,
   Newark, New Jersey 07102

Registrant’s telephone number, including area code:

    800-225-1852

Date of fiscal year end:

    10/31/2019

Date of reporting period:

    1/31/2019

Item 1.   Schedule of Investments

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Long-Term Investments 83.6%
Asset-Backed Securities 6.7%
Cayman Islands 1.4%
MidOcean Credit CLO,
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% 		4.295 %(c) 02/20/31   250  $ 245,910
Zais CLO Ltd.,
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% 		3.737(c) 04/15/29   250 247,524
          493,434
Ireland 0.8%
Arbour CLO Ltd.,
Series 2018-03A, Class B1R, 144A 		1.920 03/15/29 EUR 250 285,708
Spain 1.9%
TFS,
Series 2018-03, Class A1, 1 Month EURIBOR + 2.900% 		2.900(c) 03/16/23 EUR 593 677,931
United States 2.6%
Credit Suisse Mortgage Trust,          
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150% 5.670(c) 12/26/46   144 145,401
Series 2018-11R, 144A, 1 Month LIBOR + 1.400%^ 3.902(c) 08/25/37   193 193,536
     
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A 		4.000 01/25/59   100 100,000
Lendmark Funding Trust,
Series 2017-01A, Class C, 144A 		5.410 12/22/25   100 102,178
PNMAC GMSR Issuer Trust,          
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% 5.360(c) 02/25/23   100 100,089
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% 5.160(c) 08/25/25   100 100,060
     
SLM Student Loan Trust,
Series 2007-02, Class B, 3 Month LIBOR + 0.170% 		2.941(c) 07/25/25   200 178,748
          920,012
Total Asset-Backed Securities
(cost $2,404,730) 		2,377,085
1

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Bank Loans 0.8%
United States 
Aleris International, Inc.,
Initial Term Loan, 1 Month LIBOR + 4.750% 		7.249 %(c) 02/27/23   124  $ 124,687
MacDermid, Inc.,
Term Loan^ 		—(p) 06/07/23   100 99,000
StandardAero Aviation Holdings, Inc.,
Initial Term Loan, 1 Month LIBOR + 3.750% 		6.250(c) 07/07/22   75 74,573
Total Bank Loans
(cost $298,385) 		298,260
Commercial Mortgage-Backed Security 0.7%
United States 
DBWF Mortgage Trust,
Series 2016-85T, Class E, 144A
(cost $227,021) 		3.808(cc) 12/10/36   250 228,413
Corporate Bonds 41.6%
Canada 2.3%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A 		7.500 12/01/24   180 174,600
Cenovus Energy, Inc.,
Sr. Unsec’d. Notes 		4.250 04/15/27   200 191,497
Mattamy Group Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 10/01/25   100 92,750
MEG Energy Corp.,
Gtd. Notes, 144A 		6.375 01/30/23   75 66,375
Nutrien Ltd.,
Sr. Unsec’d. Notes 		3.375 03/15/25   150 143,820
Xplornet Communications, Inc.,
Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625% 		9.625 06/01/22   125 122,988
          792,030
China 1.3%
CNAC HK Finbridge Co. Ltd.,
Gtd. Notes 		1.750 06/14/22 EUR 100 113,550
2

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Corporate Bonds (Continued)
China (cont’d.)
Sinopec Group Overseas Development 2015 Ltd.,
Gtd. Notes 		1.000 % 04/28/22 EUR 200  $ 231,211
State Grid Europe Development 2014 PLC,
Gtd. Notes, Series A 		1.500 01/26/22 EUR 100 116,845
          461,606
France 0.3%
Credit Agricole Assurances SA,
Sub. Notes 		4.250(ff) —(rr) EUR 100 117,597
Germany 0.3%
Nidda BondCo GmbH,
Gtd. Notes, 144A 		5.000 09/30/25 EUR 100 105,179
Hungary 0.2%
MFB Magyar Fejlesztesi Bank Zrt,
Gov’t. Gtd. Notes 		6.250 10/21/20   50 52,103
Indonesia 0.7%
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes 		5.500 11/22/21   250 260,625
Italy 2.3%
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa,
Sr. Unsec’d. Notes 		1.375 07/20/22 EUR 100 109,174
Assicurazioni Generali SpA,
Sub. Notes, EMTN 		5.500(ff) 10/27/47 EUR 100 122,836
Intesa Sanpaolo SpA,
Sr. Unsec’d. Notes, 144A 		3.125 07/14/22   200 187,940
Moby SpA,
Sr. Sec’d. Notes, 144A 		7.750 02/15/23 EUR 100 41,205
Nexi Capital SpA,
Sec’d. Notes, 144A 		4.125 11/01/23 EUR 100 116,074
Rossini Sarl,
Sr. Sec’d. Notes, 144A 		6.750 10/30/25 EUR 100 117,035
Wind Tre SpA,
Sr. Sec’d. Notes, 144A 		3.125 01/20/25 EUR 120 121,041
          815,305
3

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Corporate Bonds (Continued)
Kazakhstan 0.3%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes 		3.638 % 06/20/22 CHF 100  $ 102,750
Luxembourg 0.3%
Swissport Financing Sarl,
Sr. Sec’d. Notes 		6.750 12/15/21 EUR 100 118,129
Mexico 1.6%
Petroleos Mexicanos,          
Gtd. Notes 3.625 11/24/25 EUR 100 107,707
Gtd. Notes, EMTN 2.500 08/21/21 EUR 100 113,863
Gtd. Notes, EMTN 3.750 02/21/24 EUR 200 225,198
Gtd. Notes, EMTN 3.750 04/16/26 EUR 100 108,161
          554,929
Netherlands 2.4%
ING Bank NV,
Sub. Notes, 144A 		5.800 09/25/23   500 529,484
InterXion Holding NV,
Gtd. Notes 		4.750 06/15/25 EUR 150 179,776
Ziggo Bond Co. BV,
Sr. Sec’d. Notes 		7.125 05/15/24 EUR 125 150,228
          859,488
Peru 0.6%
Peru Enhanced Pass-Through Finance Ltd.,
Pass-Through Certificates 		1.972(s) 06/02/25   228 199,578
Romania 0.6%
Globalworth Real Estate Investments Ltd.,
Sr. Unsec’d. Notes, EMTN 		3.000 03/29/25 EUR 200 220,879
Russia 0.4%
Gazprom OAO Via Gaz Capital SA,
Sr. Unsec’d. Notes, EMTN 		5.338 09/25/20 GBP 100 136,829
4

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Corporate Bonds (Continued)
South Africa 0.9%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, 144A, MTN 		6.350 % 08/10/28   200  $ 204,910
Sappi Papier Holding GmbH,
Gtd. Notes 		3.375 04/01/22 EUR 100 115,845
          320,755
Spain 1.0%
Adif-Alta Velocidad,
Sr. Unsec’d. Notes, EMTN 		1.875 01/28/25 EUR 300 363,546
Sweden 0.3%
Perstorp Holding AB,
Sr. Sec’d. Notes 		7.625 06/30/21 EUR 80 95,029
Switzerland 1.8%
Cloverie PLC for Zurich Insurance Co. Ltd.,
Sub. Notes, EMTN 		7.500(ff) 07/24/39 EUR 100 118,336
Credit Suisse Group AG,
Sr. Unsec’d. Notes, 144A 		4.282 01/09/28   250 246,333
UBS Group Funding Switzerland AG,
Gtd. Notes, 144A 		4.125 09/24/25   250 252,977
          617,646
United Kingdom 2.3%
Barclays PLC,
Sr. Unsec’d. Notes 		3.650 03/16/25   250 238,809
CPUK Finance Ltd.,
Sec’d. Notes, 144A 		4.250 02/28/47 GBP 100 128,112
Lloyds Banking Group PLC,
Sub. Notes 		4.582 12/10/25   200 195,438
Royal Bank of Scotland Group PLC,
Sr. Unsec’d. Notes, EMTN 		2.000(ff) 03/08/23 EUR 100 116,118
Stonegate Pub Co. Financing PLC,
Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.250% 		7.173(c) 03/15/22 GBP 100 131,173
          809,650
5

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Corporate Bonds (Continued)
United States 21.7%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes 		7.875 % 12/15/24   100  $ 69,030
American International Group, Inc.,
Sr. Unsec’d. Notes 		1.875 06/21/27 EUR 100 113,291
Amsted Industries, Inc.,
Gtd. Notes, 144A 		5.000 03/15/22   175 173,250
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A 		10.000 04/01/22   64 68,400
Ball Corp.,
Gtd. Notes 		4.375 12/15/23 EUR 100 129,111
Bank of America Corp.,
Jr. Sub. Notes, Series X 		6.250(ff) —(rr)   250 263,250
Beazer Homes USA, Inc.,
Gtd. Notes 		8.750 03/15/22   150 156,825
Caesars Resort Collection LLC/CRC Finco, Inc.,
Gtd. Notes, 144A 		5.250 10/15/25   75 70,219
Calpine Corp.,          
Sr. Unsec’d. Notes 5.500 02/01/24   50 47,313
Sr. Unsec’d. Notes 5.750 01/15/25   175 164,937
     
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A 		5.875 05/01/27   125 125,350
Celgene Corp.,
Sr. Unsec’d. Notes 		3.450 11/15/27   150 143,404
CenturyLink, Inc.,
Sr. Unsec’d. Notes, Series S 		6.450 06/15/21   50 50,890
CHS/Community Health Systems, Inc.,
Sec’d. Notes, 144A 		8.125 06/30/24   18 14,265
Clear Channel Worldwide Holdings, Inc.,          
Gtd. Notes, Series A 6.500 11/15/22   50 51,125
Gtd. Notes, Series B 7.625 03/15/20   125 124,844
     
Cleveland-Cliffs, Inc.,
Gtd. Notes 		5.750 03/01/25   175 169,312
CNX Resources Corp.,
Gtd. Notes 		5.875 04/15/22   125 124,375
CommScope Technologies LLC,
Gtd. Notes, 144A 		6.000 06/15/25   75 70,687
Crown European Holdings SA,
Gtd. Notes, 144A 		2.875 02/01/26 EUR 125 142,881
Discovery Communications LLC,          
Gtd. Notes 2.500 09/20/24 GBP 100 128,267
6

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Corporate Bonds (Continued)
United States (cont’d.)
Discovery Communications LLC, (cont’d.)          
Gtd. Notes 4.900 % 03/11/26   150   $153,482
     
DISH DBS Corp.,
Gtd. Notes 		7.750 07/01/26   200 172,000
Everi Payments, Inc.,
Gtd. Notes, 144A 		7.500 12/15/25   100 98,720
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes 		1.100 07/15/24 EUR 100 114,257
GenOn Energy, Inc.,
Sr. Unsec’d. Notes^(d)(kk) 		9.875 10/15/20   225 84,375
GenOn Energy, Inc./NRG Americas, Inc.,
Sec’d. Notes, 3 Month LIBOR + 6.500%(a) 		9.392(c) 12/01/23   49 48,412
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes 		5.375 11/01/23   125 128,905
Golden Nugget, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 10/15/24   100 100,000
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series L 		5.700(ff) —(rr)   250 250,375
Griffon Corp.,
Gtd. Notes 		5.250 03/01/22   75 73,500
HCA, Inc.,
Gtd. Notes 		5.875 02/15/26   100 105,500
Hexion, Inc.,
Sec’d. Notes, 144A 		13.750 02/01/22   100 46,000
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		6.250 02/15/26   100 90,000
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.,
Sec’d. Notes, 144A 		10.250 11/15/22   100 107,750
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series R 		6.000(ff) —(rr)   250 256,250
Kraft Heinz Foods Co.,
Gtd. Notes 		3.000 06/01/26   150 138,904
L Brands, Inc.,          
Gtd. Notes(a) 5.250 02/01/28   105 92,137
Gtd. Notes(a) 5.625 10/15/23   50 49,660
     
Laureate Education, Inc.,
Gtd. Notes, 144A 		8.250 05/01/25   155 168,175
LKQ Italia Bondco SpA,
Gtd. Notes, 144A 		3.875 04/01/24 EUR 100 118,426
Matterhorn Merger Sub LLC/Matterhorn Finance Sub, Inc.,
Sr. Unsec’d. Notes, 144A 		8.500 06/01/26   50 44,500
7

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Corporate Bonds (Continued)
United States (cont’d.)
     
MGM Resorts International,
Gtd. Notes 		6.000 % 03/15/23   100  $ 103,750
Morgan Stanley,
Jr. Sub. Notes, Series J 		5.550(ff) —(rr)   250 251,250
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes 		3.325 03/24/25 EUR 100 116,431
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A 		8.125 07/15/23   50 50,610
Netflix, Inc.,
Sr. Unsec’d. Notes 		3.625 05/15/27 EUR 100 114,027
PetSmart, Inc.,
Sr. Sec’d. Notes, 144A 		5.875 06/01/25   25 19,633
PVH Corp.,
Sr. Unsec’d. Notes, 144A 		3.625 07/15/24 EUR 100 123,138
Rite Aid Corp.,
Gtd. Notes, 144A 		6.125 04/01/23   75 63,281
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A 		6.875 04/15/40   75 80,250
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		5.625 12/01/25   150 146,175
Scientific Games International, Inc.,
Gtd. Notes 		6.625 05/15/21   200 198,000
Shea Homes LP/Shea Homes Funding Corp.,
Gtd. Notes, 144A 		5.875 04/01/23   75 71,250
Sprint Capital Corp.,
Gtd. Notes 		8.750 03/15/32   250 274,375
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
Gtd. Notes, 144A 		5.500 01/15/28   100 97,465
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A 		5.625 03/01/24   125 122,500
Tempur Sealy International, Inc.,
Gtd. Notes 		5.500 06/15/26   75 71,625
Tenet Healthcare Corp.,
Sr. Unsec’d. Notes 		6.750 02/01/20   125 129,212
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes 		1.400 01/23/26 EUR 100 114,507
Tronox Finance PLC,
Gtd. Notes, 144A 		5.750 10/01/25   75 64,875
U.S. Concrete, Inc.,
Gtd. Notes 		6.375 06/01/24   125 121,375
8

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Corporate Bonds (Continued)
United States (cont’d.)
United Rentals North America, Inc.,          
Gtd. Notes 4.875 % 01/15/28   140  $ 132,825
Gtd. Notes 5.500 05/15/27   80 78,824
     
Vistra Energy Corp.,
Gtd. Notes 		7.375 11/01/22   100 104,000
Vistra Operations Co. LLC,
Gtd. Notes, 144A 		5.500 09/01/26   15 15,188
William Lyon Homes, Inc.,          
Gtd. Notes 6.000 09/01/23   25 22,813
Gtd. Notes 7.000 08/15/22   125 125,625
          7,655,358
Total Corporate Bonds
(cost $15,001,592) 		14,659,011
Residential Mortgage-Backed Securities 4.1%
Cayman Islands 0.2%
LSTAR Securities Investment Ltd.,          
Series 2017-05, Class A, 144A, 1 Month LIBOR + 2.000% 4.520(c) 05/01/22   30 29,930
Series 2017-08, Class A, 144A, 1 Month LIBOR + 1.650% 4.170(c) 11/01/22   46 46,201
          76,131
United States 3.9%
CIM Trust,
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% 		4.520(c) 01/25/57   73 74,779
Freddie Mac STACR Trust,
Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650%^ 		5.160(c) 01/25/49   150 150,000
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300% 		5.810(c) 10/25/27   1,000 1,095,557
LSTAR Securities Investment Ltd.,
Series 2017-06, Class A, 144A, 1 Month LIBOR + 1.750% 		4.270(c) 09/01/22   44 43,810
          1,364,146
9

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Residential Mortgage-Backed Securities (Continued)
Total Residential Mortgage-Backed Securities
(cost $1,310,249) 		 $ 1,440,277
Sovereign Bonds 29.4%
Argentina 3.0%
Argentine Republic Government International Bond,          
Sr. Unsec’d. Notes 5.000 % 01/15/27 EUR 200 181,991
Sr. Unsec’d. Notes 5.250 01/15/28 EUR 300 268,969
Sr. Unsec’d. Notes 7.820 12/31/33 EUR 482 494,674
     
Provincia de Buenos Aires,
Sr. Unsec’d. Notes 		5.375 01/20/23 EUR 100 97,007
          1,042,641
Brazil 3.3%
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes 		5.333 02/15/28   500 507,375
Brazilian Government International Bond,
Sr. Unsec’d. Notes 		2.875 04/01/21 EUR 550 659,393
          1,166,768
Colombia 0.6%
Colombia Government International Bond,
Sr. Unsec’d. Notes, EMTN 		3.875 03/22/26 EUR 160 207,950
Croatia 0.9%
Croatia Government International Bond,
Sr. Unsec’d. Notes 		6.000 01/26/24   300 330,005
Cyprus 3.2%
Cyprus Government International Bond,          
Sr. Unsec’d. Notes, EMTN 3.750 07/26/23 EUR 200 259,064
Sr. Unsec’d. Notes, EMTN 4.250 11/04/25 EUR 650 879,223
          1,138,287
Dominican Republic 0.7%
Dominican Republic International Bond,
Sr. Unsec’d. Notes 		7.500 05/06/21   230 238,280
10

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Sovereign Bonds (Continued)
Egypt 0.6%
Egypt Government International Bond,
Sr. Unsec’d. Notes, 144A 		5.577 % 02/21/23   200  $ 193,935
Greece 6.2%
Hellenic Republic Government Bond,          
Bonds 0.000(cc) 10/15/42 EUR 15,000 52,880
Bonds 3.000(cc) 02/24/23 EUR 113 131,227
Bonds 3.000(cc) 02/24/24 EUR 90 103,772
Bonds 3.000(cc) 02/24/25 EUR 39 44,644
Bonds 3.000(cc) 02/24/27 EUR 175 198,173
Bonds 3.000(cc) 02/24/28 EUR 280 314,599
Bonds 3.000(cc) 02/24/29 EUR 220 246,153
Bonds 3.000(cc) 02/24/31 EUR 50 54,284
Bonds 3.000(cc) 02/24/32 EUR 335 359,053
Sr. Unsec’d. Notes, 144A 3.375 02/15/25 EUR 370 419,992
Hellenic Republic Government International Bond,          
Sr. Unsec’d. Notes 5.200 07/17/34 EUR 120 139,191
Sr. Unsec’d. Notes 6.140 04/14/28 EUR 100 129,466
          2,193,434
Indonesia 2.6%
Indonesia Government International Bond,          
Sr. Unsec’d. Notes 3.375 07/30/25 EUR 100 125,023
Sr. Unsec’d. Notes, EMTN 2.875 07/08/21 EUR 450 543,849
Sr. Unsec’d. Notes, EMTN 3.750 06/14/28 EUR 200 257,997
          926,869
Iraq 0.6%
Iraq International Bond,
Sr. Unsec’d. Notes 		6.752 03/09/23   200 199,392
Italy 0.1%
Italy Buoni Poliennali del Tesoro,
Bonds, 144A 		2.800 03/01/67 EUR 50 48,989
Kazakhstan 0.7%
Kazakhstan Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN 		2.375 11/09/28 EUR 215 248,564
11

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
Sovereign Bonds (Continued)
Malaysia 0.7%
Malaysia Government Bond,          
Sr. Unsec’d. Notes, Series 0314 4.048 % 09/30/21 MYR 16  $ 3,948
Sr. Unsec’d. Notes, Series 0517 3.441 02/15/21 MYR 1,000 243,634
          247,582
Portugal 3.8%
Portugal Government International Bond,
Sr. Unsec’d. Notes, EMTN 		5.125 10/15/24   200 211,984
Portugal Obrigacoes do Tesouro OT,          
Sr. Unsec’d. Notes, 144A 3.875 02/15/30 EUR 645 896,360
Sr. Unsec’d. Notes, 144A 4.100 04/15/37 EUR 155 223,391
          1,331,735
Saudi Arabia 0.6%
Saudi Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN 		2.875 03/04/23   200 194,676
Senegal 0.3%
Senegal Government International Bond,
Sr. Unsec’d. Notes, 144A 		4.750 03/13/28 EUR 100 109,492
Spain 1.1%
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, GMTN 		0.963 09/22/22 SEK 1,000 111,341
Spain Government Bond,
Sr. Unsec’d. Notes, 144A 		1.450 10/31/27 EUR 235 277,614
          388,955
Turkey 0.4%
Turkey Government Bond,
Bonds 		8.000 03/12/25 TRY 230 33,298
Turkey Government International Bond,
Sr. Unsec’d. Notes 		5.200 02/16/26 EUR 100 117,408
          150,706
Total Sovereign Bonds
(cost $10,283,429) 		10,358,260
12

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		PrincipalAmount
(000)# 		Value
U.S. Treasury Obligation 0.3%
U.S. Treasury Notes
(cost $115,190) 		1.875 % 04/30/22   115  $ 112,987
 
Total Long-Term Investments
(cost $29,640,596) 		29,474,293
    
        Shares
Short-Term Investments 18.3%  
Affiliated Mutual Funds 7.7%  
PGIM Core Ultra Short Bond Fund(w)         2,438,654 2,438,654
PGIM Institutional Money Market Fund
(cost $277,270; includes $276,646 of cash collateral for securities on loan)(b)(w) 		        277,262 277,317
Total Affiliated Mutual Funds
(cost $2,715,924) 		  2,715,971
Options Purchased*~ 10.6%  
(cost $6,536,594)   3,749,863
   
Total Short-Term Investments
(cost $9,252,518) 		  6,465,834
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 101.9%
(cost $38,893,114) 		  35,940,127
Options Written*~ (10.3)%  
(premiums received $5,811,906)   (3,648,175)
   
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 91.6%
(cost $33,081,208) 		  32,291,952
Other assets in excess of liabilities(z) 8.4%   2,971,945
   
Net Assets 100.0%   $ 35,263,897
See the Glossary for abbreviations used in the quarterly schedule of portfolio holdings.
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail.
^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $516,495 and 1.5% 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 $176,062; cash collateral of $276,646 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2019.
13

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(kk) Represents an escrow position to be exchanged for an equity security as part of a bond restructuring.
(p) Interest rate not available as of January 31, 2019.
(rr) Perpetual security with no stated maturity date.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Options Purchased:
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
2- Year 10 CMS Curve CAP   Call   Morgan Stanley & Co. International PLC   11/21/19     0.13% —     200    $ 873
2- Year 10 CMS Curve CAP   Call   Barclays Bank PLC   11/21/19     0.12% —     300   1,394
2- Year 10 CMS Curve CAP   Call   Barclays Bank PLC   07/12/21     0.11% —     184   1,538
2- Year 10 CMS Curve CAP   Call   Bank of America, N.A.   08/16/21     0.15% —     448   3,605
2- Year 10 CMS Curve CAP   Call   Bank of America, N.A.   08/20/21     0.15% —     889   7,881
2- Year 10 CMS Curve CAP   Call   Bank of America, N.A.   09/13/21     0.14% —     900   8,262
2- Year 10 CMS Curve CAP   Call   Barclays Bank PLC   11/09/21     0.21% —     179   1,764
Currency Option AUD vs JPY   Call   Deutsche Bank AG   11/25/20     92.00 —   AUD 3,800   18,534
Currency Option AUD vs JPY   Call   Morgan Stanley & Co. International PLC   10/27/23     85.00 —   AUD 2,500   47,609
Currency Option AUD vs USD   Call   Morgan Stanley & Co. International PLC   08/27/19     0.78 —   AUD 3,600   13,611
Currency Option EUR vs TRY   Call   Citibank, N.A.   04/26/19     6.00 —   EUR 1,500   91,013
Currency Option EUR vs TRY   Call   BNP Paribas   04/28/20     10.00 —   EUR 1,500   41,425
Currency Option EUR vs TRY   Call   Morgan Stanley & Co. International PLC   07/28/20     12.00 —   EUR 1,500   32,143
Currency Option EUR vs ZAR   Call   Goldman Sachs International   07/26/19     29.00 —   EUR 1,500   252
14

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Purchased (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option EUR vs ZAR   Call   Deutsche Bank AG   11/25/19     27.00 —   EUR 1,500    $ 2,799
Currency Option EUR vs ZAR   Call   Morgan Stanley & Co. International PLC   12/24/19     24.00 —   EUR 3,000   13,698
Currency Option EUR vs ZAR   Call   Goldman Sachs International   08/27/20     28.00 —   EUR 1,500   13,987
Currency Option EUR vs ZAR   Call   Goldman Sachs International   12/21/20     21.00 —   EUR 1,500   67,268
Currency Option USD vs BRL   Call   Deutsche Bank AG   03/14/19     8.50 —     1,800   —
Currency Option USD vs BRL   Call   JPMorgan Chase Bank, N.A.   04/26/19     5.00 —     2,000   213
Currency Option USD vs BRL   Call   Morgan Stanley & Co. International PLC   06/11/19     5.25 —     3,600   1,221
Currency Option USD vs BRL   Call   Deutsche Bank AG   12/20/19     5.00 —     3,000   15,827
Currency Option USD vs BRL   Call   Deutsche Bank AG   03/27/20     4.65 —     2,000   28,026
Currency Option USD vs BRL   Call   Morgan Stanley & Co. International PLC   07/27/20     6.50 —     3,600   13,868
Currency Option USD vs CAD   Call   HSBC Bank USA, N.A.   07/30/19     1.30 —     2,000   43,832
Currency Option USD vs CAD   Call   Citibank, N.A.   07/30/19     1.40 —     4,000   12,167
Currency Option USD vs CHF   Call   Goldman Sachs International   10/28/20     1.00 —     1,750   24,146
Currency Option USD vs CNH   Call   Morgan Stanley & Co. International PLC   03/27/19     8.25 —     2,000   9
Currency Option USD vs INR   Call   HSBC Bank USA, N.A.   05/23/19     90.00 —     1,750   155
Currency Option USD vs INR   Call   HSBC Bank USA, N.A.   08/27/19     82.50 —     1,800   6,382
Currency Option USD vs JPY   Call   Deutsche Bank AG   10/27/23     115.00 —     1,750   17,481
Currency Option USD vs KRW   Call   JPMorgan Chase Bank, N.A.   04/26/19     1,250.00 —     1,500   570
Currency Option USD vs KRW   Call   Goldman Sachs International   04/26/19     1,400.00 —     3,000   95
Currency Option USD vs KRW   Call   Goldman Sachs International   05/29/19     1,500.00 —     1,500   94
Currency Option USD vs KRW   Call   Morgan Stanley & Co. International PLC   07/29/19     1,150.00 —     1,500   15,458
15

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Purchased (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs KRW   Call   Goldman Sachs International   07/29/19     1,450.00 —     3,000    $ 897
Currency Option USD vs KRW   Call   Goldman Sachs International   12/20/19     1,200.00 —     3,000   29,635
Currency Option USD vs KRW   Call   BNP Paribas   12/20/19     1,350.00 —     6,000   16,707
Currency Option USD vs MXN   Call   Morgan Stanley & Co. International PLC   03/27/19     24.00 —     4,000   307
Currency Option USD vs MXN   Call   Deutsche Bank AG   04/16/19     31.00 —     5,250   39
Currency Option USD vs MXN   Call   Deutsche Bank AG   08/27/19     25.00 —     600   1,875
Currency Option USD vs MXN   Call   Morgan Stanley & Co. International PLC   12/26/19     22.00 —     2,000   45,593
Currency Option USD vs MXN   Call   Citibank, N.A.   12/26/19     26.00 —     4,000   24,597
Currency Option USD vs MXN   Call   Deutsche Bank AG   04/28/20     26.00 —     3,000   35,152
Currency Option USD vs RUB   Call   BNP Paribas   04/12/19     95.00 —     1,750   164
Currency Option USD vs RUB   Call   Citibank, N.A.   12/23/19     85.00 —     3,000   28,807
Currency Option USD vs RUB   Call   BNP Paribas   03/30/20     95.00 —     2,000   17,637
Currency Option USD vs TRY   Call   Deutsche Bank AG   03/28/19     12.00 —     1,750   9
Currency Option USD vs TRY   Call   Citibank, N.A.   08/28/19     5.40 —     1,500   125,294
Currency Option USD vs TRY   Call   Goldman Sachs International   12/23/19     6.00 —     3,000   208,247
Currency Option USD vs TRY   Call   Morgan Stanley & Co. International PLC   04/29/20     7.00 —     2,000   103,070
Currency Option USD vs TRY   Call   Deutsche Bank AG   06/29/20     9.00 —     1,800   43,528
Currency Option USD vs TRY   Call   Deutsche Bank AG   10/29/20     9.00 —     1,750   63,825
Currency Option USD vs ZAR   Call   Goldman Sachs International   04/26/19     25.00 —     1,700   14
Currency Option USD vs ZAR   Call   Morgan Stanley & Co. International PLC   06/26/19     20.00 —     1,500   966
Currency Option USD vs ZAR   Call   Goldman Sachs International   07/26/19     25.00 —     1,750   343
16

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Purchased (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs ZAR   Call   Morgan Stanley & Co. International PLC   12/24/19     14.00 —     3,000    $ 160,033
Currency Option USD vs ZAR   Call   BNP Paribas   12/24/19     17.00 —     6,000   87,056
Currency Option USD vs ZAR   Call   Goldman Sachs International   09/28/20     17.00 —     1,700   64,807
Currency Option AUD vs JPY   Put   BNP Paribas   03/22/19     60.00 —   AUD 10,000   99
Currency Option AUD vs JPY   Put   Deutsche Bank AG   06/06/19     52.00 —   AUD 10,000   754
Currency Option AUD vs JPY   Put   BNP Paribas   06/26/19     80.00 —   AUD 9,500   264,257
Currency Option AUD vs JPY   Put   Morgan Stanley & Co. International PLC   06/26/19     70.00 —   AUD 19,000   63,309
Currency Option AUD vs JPY   Put   Morgan Stanley & Co. International PLC   01/29/20     82.00 —   AUD 10,000   587,147
Currency Option AUD vs JPY   Put   Deutsche Bank AG   01/29/20     73.00 —   AUD 20,000   384,103
Currency Option AUD vs JPY   Put   Deutsche Bank AG   12/28/20     68.00 —   AUD 10,000   231,387
Currency Option AUD vs USD   Put   Citibank, N.A.   01/29/20     0.69 —   AUD 4,000   51,437
Currency Option EUR vs TRY   Put   JPMorgan Chase Bank, N.A.   02/26/19     4.60 —   EUR 1,500   1
Currency Option EUR vs TRY   Put   Goldman Sachs International   04/28/20     6.00 —   EUR 1,500   14,680
Currency Option EUR vs TRY   Put   BNP Paribas   07/28/20     7.00 —   EUR 1,500   70,536
Currency Option GBP vs USD   Put   HSBC Bank USA, N.A.   04/25/19     1.00 —   GBP 1,300   106
Currency Option GBP vs USD   Put   Citibank, N.A.   11/25/19     1.30 —   GBP 1,250   46,124
Currency Option GBP vs USD   Put   HSBC Bank USA, N.A.   11/25/19     1.15 —   GBP 1,250   10,519
Currency Option GBP vs USD   Put   HSBC Bank USA, N.A.   09/28/20     1.28 —   GBP 1,300   56,236
Currency Option USD vs BRL   Put   JPMorgan Chase Bank, N.A.   03/27/20     3.10 —     2,000   9,215
Currency Option USD vs BRL   Put   Deutsche Bank AG   06/26/20     3.50 —     1,800   50,427
Currency Option USD vs BRL   Put   Deutsche Bank AG   08/27/20     3.50 —     1,800   52,778
17

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Purchased (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs BRL   Put   Morgan Stanley & Co. International PLC   08/27/20     3.25 —     1,800    $ 22,241
Currency Option USD vs CNH   Put   Morgan Stanley & Co. International PLC   06/26/19     6.00 —     2,000   648
Currency Option USD vs INR   Put   BNP Paribas   08/27/19     69.50 —     1,800   13,584
Currency Option USD vs INR   Put   BNP Paribas   12/21/20     69.00 —     800   7,722
Currency Option USD vs JPY   Put   Citibank, N.A.   04/16/19     91.00 —     3,000   200
Currency Option USD vs KRW   Put   Deutsche Bank AG   07/29/19     1,050.00 —     1,500   6,301
Currency Option USD vs MXN   Put   BNP Paribas   08/27/19     17.00 —     600   1,164
Currency Option USD vs MXN   Put   Citibank, N.A.   04/28/20     17.00 —     3,000   15,226
Currency Option USD vs MXN   Put   Deutsche Bank AG   10/28/20     18.00 —     1,750   23,397
Currency Option USD vs RUB   Put   BNP Paribas   12/22/20     66.00 —     1,750   57,580
Currency Option USD vs TRY   Put   Goldman Sachs International   04/29/20     4.00 —     2,000   981
Currency Option USD vs TRY   Put   Morgan Stanley & Co. International PLC   06/29/20     5.00 —     1,800   13,564
Currency Option USD vs ZAR   Put   BNP Paribas   07/27/20     12.00 —     1,750   25,136
Total OTC Traded (cost $6,532,246)                     $3,686,661
    
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
2- Year Interest Rate Swap, 11/09/20   Call   Goldman Sachs International   11/09/20   3.88%   3.88(S)   3 Month LIBOR(Q)     12,754    $ 50,879
CDX.NA.HY.31.V1, 12/20/2023   Call   Bank of America, N.A.   03/20/19   $107.50   5.00%(Q)   CDX.NA.HY. 31.V1(Q)     550   99
CDX.NA.HY.31.V1, 12/20/2023   Call   Deutsche Bank AG   03/20/19   $107.50   5.00%(Q)   CDX.NA.HY. 31.V1(Q)     450   81
CDX.NA.HY.31.V1, 12/20/2023   Call   Bank of America, N.A.   03/20/19   $106.50   5.00%(Q)   CDX.NA.HY. 31.V1(Q)     460   401
18

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Purchased (continued):
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
iTraxx.XO.30.V1, 12/20/23   Call   JPMorgan Chase Bank, N.A.   03/20/19   262.50   5.00%(Q)   iTraxx.XO.30. V1(Q)   EUR 900    $ 30
2- Year Interest Rate Swap, 11/09/20   Put   Goldman Sachs International   11/09/20   3.88%   3 Month LIBOR(Q)   3.88(S)     12,754   11,712
Total OTC Swaptions (cost $4,348)       $ 63,202
Total Options Purchased (cost $6,536,594)       $3,749,863
Options Written:
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Contracts   Notional
Amount
(000)# 		  Value
Currency Option AUD vs JPY   Call   Morgan Stanley & Co. International PLC   11/25/20   92.00   —   AUD 3,800    $ (18,534)
Currency Option EUR vs TRY   Call   BNP Paribas   04/26/19   6.00   —   EUR 1,500   (91,013)
Currency Option EUR vs TRY   Call   Goldman Sachs International   04/28/20   10.00   —   EUR 1,500   (41,425)
Currency Option EUR vs TRY   Call   BNP Paribas   07/28/20   12.00   —   EUR 1,500   (32,143)
Currency Option EUR vs ZAR   Call   Citibank, N.A.   11/25/19   27.00   —   EUR 1,500   (2,799)
Currency Option EUR vs ZAR   Call   Deutsche Bank AG   12/24/19   24.00   —   EUR 3,000   (13,698)
Currency Option EUR vs ZAR   Call   Morgan Stanley & Co. International PLC   08/27/20   28.00   —   EUR 1,500   (13,987)
Currency Option EUR vs ZAR   Call   Goldman Sachs International   12/21/20   25.00   —   EUR 3,000   (64,983)
Currency Option USD vs BRL   Call   HSBC Bank USA, N.A.   04/26/19   5.00   —     2,000   (213)
Currency Option USD vs BRL   Call   JPMorgan Chase Bank, N.A.   12/20/19   5.00   —     3,000   (15,827)
Currency Option USD vs BRL   Call   JPMorgan Chase Bank, N.A.   03/27/20   4.65   —     2,000   (28,026)
Currency Option USD vs BRL   Call   Deutsche Bank AG   07/27/20   6.50   —     3,600   (13,868)
Currency Option USD vs BRL   Call   Deutsche Bank AG   08/27/20   8.50   —     1,800   (2,999)
Currency Option USD vs BRL   Call   Morgan Stanley & Co. International PLC   12/21/20   5.25   —     3,600   (58,924)
19

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Written (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs CAD   Call   HSBC Bank USA, N.A.   07/30/19   1.40   —     4,000    $ (12,167)
Currency Option USD vs CAD   Call   Citibank, N.A.   07/30/19   1.30   —     2,000   (43,832)
Currency Option USD vs INR   Call   BNP Paribas   08/27/19   82.50   —     1,800   (6,382)
Currency Option USD vs INR   Call   HSBC Bank USA, N.A.   10/28/20   90.00   —     1,750   (18,321)
Currency Option USD vs KRW   Call   JPMorgan Chase Bank, N.A.   04/26/19   1,400.00   —     3,000   (95)
Currency Option USD vs KRW   Call   Goldman Sachs International   04/26/19   1,250.00   —     1,500   (570)
Currency Option USD vs KRW   Call   Morgan Stanley & Co. International PLC   05/29/19   1,500.00   —     1,500   (94)
Currency Option USD vs KRW   Call   Morgan Stanley & Co. International PLC   07/29/19   1,450.00   —     3,000   (897)
Currency Option USD vs KRW   Call   Goldman Sachs International   07/29/19   1,150.00   —     1,500   (15,458)
Currency Option USD vs KRW   Call   Goldman Sachs International   12/20/19   1,350.00   —     6,000   (16,707)
Currency Option USD vs KRW   Call   BNP Paribas   12/20/19   1,200.00   —     3,000   (29,635)
Currency Option USD vs MXN   Call   JPMorgan Chase Bank, N.A.   03/27/19   24.00   —     4,000   (307)
Currency Option USD vs MXN   Call   BNP Paribas   08/27/19   25.00   —     600   (1,875)
Currency Option USD vs MXN   Call   Morgan Stanley & Co. International PLC   12/26/19   26.00   —     4,000   (24,597)
Currency Option USD vs MXN   Call   Citibank, N.A.   12/26/19   22.00   —     2,000   (45,593)
Currency Option USD vs MXN   Call   Citibank, N.A.   04/28/20   26.00   —     3,000   (35,152)
Currency Option USD vs MXN   Call   Deutsche Bank AG   10/28/20   31.00   —     5,250   (47,259)
Currency Option USD vs RUB   Call   Goldman Sachs International   12/23/19   85.00   —     3,000   (28,807)
Currency Option USD vs RUB   Call   Citibank, N.A.   03/30/20   95.00   —     2,000   (17,637)
Currency Option USD vs RUB   Call   BNP Paribas   12/22/20   95.00   —     1,750   (35,347)
Currency Option USD vs TRY   Call   BNP Paribas   08/28/19   5.40   —     1,500   (125,294)
20

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Written (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs TRY   Call   BNP Paribas   12/23/19   6.00   —     3,000    $ (208,247)
Currency Option USD vs TRY   Call   Goldman Sachs International   04/29/20   7.00   —     2,000   (103,070)
Currency Option USD vs TRY   Call   Morgan Stanley & Co. International PLC   06/29/20   9.00   —     1,800   (43,528)
Currency Option USD vs TRY   Call   Deutsche Bank AG   10/29/20   12.00   —     3,500   (58,031)
Currency Option USD vs ZAR   Call   HSBC Bank USA, N.A.   06/26/19   20.00   —     1,500   (966)
Currency Option USD vs ZAR   Call   Morgan Stanley & Co. International PLC   12/24/19   17.00   —     6,000   (87,056)
Currency Option USD vs ZAR   Call   BNP Paribas   12/24/19   14.00   —     3,000   (160,033)
Currency Option USD vs ZAR   Call   BNP Paribas   07/27/20   25.00   —     1,750   (10,591)
Currency Option USD vs ZAR   Call   Goldman Sachs International   09/28/20   21.00   —     3,400   (53,549)
Currency Option AUD vs JPY   Put   BNP Paribas   06/26/19   70.00   —   AUD 19,000   (63,309)
Currency Option AUD vs JPY   Put   Morgan Stanley & Co. International PLC   06/26/19   80.00   —   AUD 9,500   (264,257)
Currency Option AUD vs JPY   Put   Morgan Stanley & Co. International PLC   01/29/20   73.00   —   AUD 20,000   (384,103)
Currency Option AUD vs JPY   Put   Deutsche Bank AG   01/29/20   82.00   —   AUD 10,000   (587,147)
Currency Option AUD vs JPY   Put   Deutsche Bank AG   12/28/20   60.00   —   AUD 20,000   (222,416)
Currency Option AUD vs USD   Put   Morgan Stanley & Co. International PLC   01/29/20   0.69   —   AUD 4,000   (51,437)
Currency Option EUR vs TRY   Put   Morgan Stanley & Co. International PLC   04/28/20   6.00   —   EUR 1,500   (14,680)
Currency Option EUR vs TRY   Put   Morgan Stanley & Co. International PLC   07/28/20   7.00   —   EUR 1,500   (70,536)
Currency Option GBP vs USD   Put   Citibank, N.A.   11/25/19   1.15   —   GBP 1,250   (10,519)
Currency Option GBP vs USD   Put   HSBC Bank USA, N.A.   11/25/19   1.30   —   GBP 1,250   (46,124)
Currency Option GBP vs USD   Put   HSBC Bank USA, N.A.   09/28/20   1.16   —   GBP 2,600   (47,817)
Currency Option USD vs BRL   Put   Deutsche Bank AG   03/27/20   3.10   —     2,000   (9,215)
21

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Options Written (continued):
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Contracts   Notional
Amount
(000)# 		  Value
Currency Option USD vs BRL   Put   Morgan Stanley & Co. International PLC   08/27/20   3.50   —     1,800    $ (52,778)
Currency Option USD vs INR   Put   BNP Paribas   07/29/19   69.00   —     800   (4,606)
Currency Option USD vs INR   Put   HSBC Bank USA, N.A.   08/27/19   69.50   —     1,800   (13,584)
Currency Option USD vs JPY   Put   Morgan Stanley & Co. International PLC   01/27/21   91.00   —     3,000   (46,081)
Currency Option USD vs KRW   Put   Morgan Stanley & Co. International PLC   07/29/19   1,050.00   —     1,500   (6,301)
Currency Option USD vs RUB   Put   BNP Paribas   04/29/19   66.00   —     1,750   (34,848)
Currency Option USD vs TRY   Put   Deutsche Bank AG   04/29/20   4.00   —     2,000   (981)
Currency Option USD vs TRY   Put   Deutsche Bank AG   06/29/20   5.00   —     1,800   (13,564)
Lebanese Republic, 8.25%, 04/12/21^   Put   Deutsche Bank AG   04/08/19   $ 66.00   —     110   (1,526)
Total OTC Traded (premiums received $5,789,471)                     $(3,575,365)
    
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
2- Year Interest Rate Swap, 11/09/20   Call   Goldman Sachs International   11/09/20   3.23%   3 Month LIBOR(Q)   3.23(S)     3,400    $ (56,587)
2- Year Interest Rate Swap, 11/09/20   Put   Goldman Sachs International   11/09/20   3.23%   3.23%(S)   3 Month LIBOR(Q)     3,400   (6,343)
CDX.NA.HY.31.V1, 12/20/2023   Put   Deutsche Bank AG   07/17/19   $ 95.00   5.00%(Q)   CDX.NA.HY. 31.V1(Q)     1,000   (4,808)
iTraxx.XO.30.V2, 12/20/23   Put   BNP Paribas   06/19/19   450.00   5.00%(Q)   iTraxx.XO.30. V2(Q)   EUR 900   (5,072)
Total OTC Swaptions (premiums received $22,435)       $ (72,810)
Total Options Written (premiums received $5,811,906)       $(3,648,175)
    
22

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Futures contracts outstanding at January 31, 2019:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
154   5 Year U.S. Treasury Notes   Mar. 2019    $17,688,344    $ 196,113
57   10 Year U.S. Treasury Notes   Mar. 2019   6,980,719   62,024
58   10 Year U.S. Ultra Treasury Notes   Mar. 2019   7,579,875   52,234
16   30 Year U.S. Ultra Treasury Bonds   Mar. 2019   2,578,000   94,594
1   Euro-BTP Italian Government Bond   Mar. 2019   148,305   1,900
                406,865
Short Positions:
28   2 Year U.S. Treasury Notes   Mar. 2019   5,945,187   (21,266)
53   5 Year Euro-Bobl   Mar. 2019   8,064,017   (45,498)
9   10 Year Euro-Bund   Mar. 2019   1,706,628   (20,969)
10   20 Year U.S. Treasury Bonds   Mar. 2019   1,466,875   (73,781)
57   Euro Schatz Index   Mar. 2019   7,298,952   3,314
                (158,200)
                $ 248,665
Forward foreign currency exchange contracts outstanding at January 31, 2019:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 02/11/19   BNP Paribas   ARS 3,716    $ 94,666    $ 98,523    $ 3,857    $ —
Expiring 02/11/19   Morgan Stanley & Co. International PLC   ARS 2,427   62,485   64,352   1,867   —
Expiring 02/28/19   BNP Paribas   ARS 1,851   47,596   48,295   699   —
Australian Dollar,
Expiring 04/18/19   BNP Paribas   AUD 147   105,000   106,939   1,939   —
Expiring 04/18/19   Citibank, N.A.   AUD 152   108,200   110,560   2,360   —
Expiring 04/18/19   Morgan Stanley & Co. International PLC   AUD 87   63,712   63,515   —   (197)
Expiring 04/18/19   The Toronto-Dominion Bank   AUD 141   101,000   102,517   1,517   —
Expiring 04/30/19   Bank of America, N.A.   AUD 53   38,000   38,873   873   —
Expiring 04/30/19   Morgan Stanley & Co. International PLC   AUD 145   104,000   105,885   1,885   —
Expiring 06/28/19   Goldman Sachs International   AUD 425   324,857   309,675   —   (15,182)
23

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 06/28/19   Morgan Stanley & Co. International PLC   AUD 171    $ 132,267    $ 124,445    $ —    $ (7,822)
Expiring 08/29/19   Morgan Stanley & Co. International PLC   AUD 678   481,229   494,077   12,848   —
Expiring 01/31/20   Citibank, N.A.   AUD 563   451,199   411,328   —   (39,871)
Expiring 01/31/20   Citibank, N.A.   AUD 412   306,939   300,724   —   (6,215)
Expiring 02/28/20   Bank of America, N.A.   AUD 571   409,734   417,024   7,290   —
Expiring 11/30/20   Morgan Stanley & Co. International PLC   AUD 290   208,553   212,758   4,205   —
Brazilian Real,
Expiring 02/04/19   Barclays Bank PLC   BRL 528   136,112   144,719   8,607   —
Expiring 02/04/19   Barclays Bank PLC   BRL 349   89,000   95,585   6,585   —
Expiring 02/04/19   Citibank, N.A.   BRL 704   183,332   193,057   9,725   —
Expiring 02/04/19   Citibank, N.A.   BRL 415   111,000   113,684   2,684   —
Expiring 02/04/19   Goldman Sachs International   BRL 336   91,000   92,086   1,086   —
Expiring 02/04/19   JPMorgan Chase Bank, N.A.   BRL 606   156,400   166,107   9,707   —
Expiring 02/04/19   JPMorgan Chase Bank, N.A.   BRL 334   86,000   91,479   5,479   —
Expiring 02/25/19   Citibank, N.A.   BRL 857   253,700   234,661   —   (19,039)
Expiring 03/06/19   JPMorgan Chase Bank, N.A.   BRL 1,238   328,299   338,689   10,390   —
Expiring 04/30/19   JPMorgan Chase Bank, N.A.   BRL 378   111,000   102,951   —   (8,049)
Expiring 04/30/19   JPMorgan Chase Bank, N.A.   BRL 290   83,545   79,149   —   (4,396)
Expiring 04/30/19   JPMorgan Chase Bank, N.A.   BRL 178   44,568   48,578   4,010   —
Expiring 09/30/19   Barclays Bank PLC   BRL 142   41,472   38,179   —   (3,293)
Expiring 09/30/19   Barclays Bank PLC   BRL 84   24,379   22,589   —   (1,790)
Expiring 09/30/19   JPMorgan Chase Bank, N.A.   BRL 347   99,000   93,540   —   (5,460)
Expiring 12/24/19   Barclays Bank PLC   BRL 334   96,559   89,371   —   (7,188)
Expiring 12/24/19   Barclays Bank PLC   BRL 56   16,059   14,965   —   (1,094)
Expiring 12/24/19   Citibank, N.A.   BRL 110   28,245   29,559   1,314   —
Expiring 12/24/19   Deutsche Bank AG   BRL 2,257   560,000   604,047   44,047   —
Expiring 03/31/20   Barclays Bank PLC   BRL 126   32,492   33,489   997   —
Expiring 03/31/20   Deutsche Bank AG   BRL 2,858   700,000   757,975   57,975   —
Expiring 06/30/20   Deutsche Bank AG   BRL 2,411   547,000   633,563   86,563   —
24

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 06/30/20   Morgan Stanley & Co. International PLC   BRL 163    $ 40,000    $ 42,856    $ 2,856    $ —
Expiring 07/29/20   Deutsche Bank AG   BRL 771   193,640   202,063   8,423   —
Expiring 07/29/20   Morgan Stanley & Co. International PLC   BRL 425   109,000   111,385   2,385   —
Expiring 08/31/20   Morgan Stanley & Co. International PLC   BRL 729   179,000   190,369   11,369   —
British Pound,
Expiring 11/27/19   Citibank, N.A.   GBP 267   363,039   355,341   —   (7,698)
Canadian Dollar,
Expiring 04/18/19   Barclays Bank PLC   CAD 37   28,603   28,587   —   (16)
Expiring 04/18/19   The Toronto-Dominion Bank   CAD 190   143,000   144,611   1,611   —
Expiring 04/18/19   The Toronto-Dominion Bank   CAD 144   108,500   109,487   987   —
Expiring 07/31/19   HSBC Bank USA, N.A.   CAD 562   425,588   429,693   4,105   —
Expiring 07/31/19   JPMorgan Chase Bank, N.A.   CAD 211   161,698   161,131   —   (567)
Chilean Peso,
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   CLP 79,393   119,286   121,071   1,785   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   CLP 129,853   198,582   198,019   —   (563)
Expiring 03/20/19   Morgan Stanley & Co. International PLC   CLP 75,598   113,000   115,283   2,283   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   CLP 59,728   89,000   91,082   2,082   —
Chinese Renminbi,
Expiring 04/25/19   HSBC Bank USA, N.A.   CNH 1,715   255,825   255,769   —   (56)
Expiring 04/25/19   HSBC Bank USA, N.A.   CNH 625   93,000   93,253   253   —
Expiring 06/28/19   Citibank, N.A.   CNH 408   58,289   60,874   2,585   —
Expiring 02/28/20   Citibank, N.A.   CNH 671   95,342   99,923   4,581   —
Expiring 02/28/20   HSBC Bank USA, N.A.   CNH 500   73,805   74,394   589   —
Expiring 02/28/20   Morgan Stanley & Co. International PLC   CNH 3,182   490,000   473,552   —   (16,448)
Colombian Peso,
Expiring 02/20/19   BNP Paribas   COP 720,205   226,431   231,769   5,338   —
Expiring 02/20/19   JPMorgan Chase Bank, N.A.   COP 258,025   83,065   83,035   —   (30)
25

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna,
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   CZK 1,565    $ 69,361    $ 69,681    $ 320    $ —
Expiring 04/17/19   UBS AG   CZK 9,526   425,885   424,269   —   (1,616)
Expiring 04/17/19   UBS AG   CZK 9,526   426,338   424,269   —   (2,069)
Egyptian Pound,
Expiring 07/15/19   Citibank, N.A.   EGP 1,386   73,798   74,684   886   —
Expiring 07/15/19   Citibank, N.A.   EGP 855   45,524   46,085   561   —
Expiring 07/29/19   Citibank, N.A.   EGP 372   19,832   19,990   158   —
Euro,
Expiring 02/25/19   Citibank, N.A.   EUR 50   59,230   57,342   —   (1,888)
Expiring 04/17/19   Citibank, N.A.   EUR 150   170,700   172,332   1,632   —
Expiring 04/30/19   Morgan Stanley & Co. International PLC   EUR 71   84,125   81,898   —   (2,227)
Expiring 01/31/20   Morgan Stanley & Co. International PLC   EUR 266   322,844   314,207   —   (8,637)
Expiring 02/28/20   Bank of America, N.A.   EUR 327   427,814   387,134   —   (40,680)
Expiring 02/28/20   BNP Paribas   EUR 794   898,610   940,015   41,405   —
Expiring 02/28/20   Morgan Stanley & Co. International PLC   EUR 653   756,762   773,085   16,323   —
Expiring 02/28/20   Morgan Stanley & Co. International PLC   EUR 325   395,423   384,826   —   (10,597)
Hungarian Forint,
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   HUF 43,917   160,267   160,010   —   (257)
Indian Rupee,
Expiring 03/20/19   Barclays Bank PLC   INR 2,671   37,800   37,360   —   (440)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   INR 10,203   142,516   142,700   184   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   INR 38,142   539,600   533,460   —   (6,140)
Expiring 03/20/19   Morgan Stanley & Co. International PLC   INR 38,142   538,951   533,460   —   (5,491)
Expiring 04/30/19   Citibank, N.A.   INR 860   11,926   11,972   46   —
Expiring 07/31/19   BNP Paribas   INR 10,855   149,000   149,538   538   —
Expiring 08/29/19   HSBC Bank USA, N.A.   INR 42,543   580,000   584,218   4,218   —
Indonesian Rupiah,
Expiring 03/20/19   Barclays Bank PLC   IDR 1,487,339   101,908   105,859   3,951   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 2,213,640   156,000   157,552   1,552   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 1,983,152   136,113   141,148   5,035   —
26

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 1,691,122    $ 114,265    $ 120,363    $ 6,098    $ —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 1,600,532   113,000   113,915   915   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 1,346,530   95,000   95,837   837   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   IDR 1,177,355   83,000   83,796   796   —
Israeli Shekel,
Expiring 04/25/19   Bank of America, N.A.   ILS 350   96,000   96,940   940   —
Expiring 04/25/19   UBS AG   ILS 271   75,000   74,911   —   (89)
Expiring 04/25/19   UBS AG   ILS 178   49,295   49,236   —   (59)
Expiring 11/29/19   Citibank, N.A.   ILS 6,194   1,705,000   1,741,047   36,047   —
Japanese Yen,
Expiring 04/17/19   Morgan Stanley & Co. International PLC   JPY 24,390   223,522   225,338   1,816   —
Expiring 04/17/19   Morgan Stanley & Co. International PLC   JPY 10,749   99,000   99,310   310   —
Expiring 04/17/19   The Toronto-Dominion Bank   JPY 24,390   224,630   225,338   708   —
Expiring 05/31/19   Deutsche Bank AG   JPY 3,989   37,000   36,987   —   (13)
Expiring 01/31/20   Morgan Stanley & Co. International PLC   JPY 795   7,508   7,530   22   —
Expiring 01/29/21   Citibank, N.A.   JPY 74,831   746,000   730,004   —   (15,996)
Expiring 01/29/21   Morgan Stanley & Co. International PLC   JPY 64,144   624,000   625,747   1,747   —
Expiring 10/31/23   Deutsche Bank AG   JPY 22,335   234,000   237,539   3,539   —
Mexican Peso,
Expiring 03/20/19   Citibank, N.A.   MXN 3,133   164,071   162,703   —   (1,368)
Expiring 03/20/19   Citibank, N.A.   MXN 455   23,102   23,613   511   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   MXN 1,832   91,000   95,112   4,112   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   MXN 1,829   92,269   94,992   2,723   —
Expiring 03/20/19   UBS AG   MXN 2,053   105,000   106,590   1,590   —
Expiring 03/29/19   Morgan Stanley & Co. International PLC   MXN 22,197   1,048,000   1,150,919   102,919   —
Expiring 04/30/19   Bank of America, N.A.   MXN 679   35,000   35,024   24   —
Expiring 04/30/19   Deutsche Bank AG   MXN 753   39,000   38,848   —   (152)
27

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 04/30/19   Morgan Stanley & Co. International PLC   MXN 602    $ 31,000    $ 31,076    $ 76    $ —
Expiring 08/29/19   Deutsche Bank AG   MXN 2,177   102,000   110,219   8,219   —
Expiring 12/30/19   Citibank, N.A.   MXN 2,836   138,370   140,835   2,465   —
Expiring 12/30/19   Goldman Sachs International   MXN 1,589   77,730   78,927   1,197   —
Expiring 04/30/20   Citibank, N.A.   MXN 1,889   91,545   92,076   531   —
Expiring 04/30/20   Deutsche Bank AG   MXN 14,838   669,000   723,069   54,069   —
Expiring 04/30/20   JPMorgan Chase Bank, N.A.   MXN 795   39,000   38,732   —   (268)
Expiring 10/30/20   Citibank, N.A.   MXN 3,892   180,910   184,454   3,544   —
New Taiwanese Dollar,
Expiring 03/20/19   Barclays Bank PLC   TWD 5,302   173,000   173,131   131   —
Expiring 03/20/19   HSBC Bank USA, N.A.   TWD 2,986   97,000   97,495   495   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   TWD 10,928   356,572   356,819   247   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   TWD 4,071   132,000   132,915   915   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 7,078   231,408   231,092   —   (316)
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 4,278   139,000   139,670   670   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 4,126   134,000   134,732   732   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 3,749   122,000   122,401   401   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 3,658   119,000   119,453   453   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 3,636   118,000   118,717   717   —
New Zealand Dollar,
Expiring 04/18/19   Barclays Bank PLC   NZD 172   119,395   118,980   —   (415)
Norwegian Krone,
Expiring 04/17/19   Morgan Stanley & Co. International PLC   NOK 1,961   230,412   233,325   2,913   —
Expiring 04/17/19   UBS AG   NOK 924   108,000   109,932   1,932   —
Peruvian Nuevo Sol,
Expiring 03/20/19   BNP Paribas   PEN 653   192,298   195,899   3,601   —
Philippine Peso,
Expiring 03/20/19   Barclays Bank PLC   PHP 9,650   181,663   184,531   2,868   —
Expiring 03/20/19   Barclays Bank PLC   PHP 7,410   139,000   141,698   2,698   —
Expiring 03/20/19   Barclays Bank PLC   PHP 6,684   125,000   127,808   2,808   —
28

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 03/20/19   Citibank, N.A.   PHP 7,256    $ 136,377    $ 138,754    $ 2,377    $ —
Expiring 03/20/19   Citibank, N.A.   PHP 6,168   117,000   117,954   954   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PHP 8,035   152,000   153,654   1,654   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PHP 7,299   138,000   139,574   1,574   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PHP 6,998   131,000   133,822   2,822   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PHP 4,791   91,000   91,621   621   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PHP 4,743   89,000   90,705   1,705   —
Polish Zloty,
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   PLN 607   163,903   163,519   —   (384)
Russian Ruble,
Expiring 03/20/19   Barclays Bank PLC   RUB 14,989   222,880   227,860   4,980   —
Expiring 03/20/19   Barclays Bank PLC   RUB 9,869   145,650   150,017   4,367   —
Expiring 03/20/19   Barclays Bank PLC   RUB 9,526   142,321   144,807   2,486   —
Expiring 03/20/19   Barclays Bank PLC   RUB 9,519   143,143   144,700   1,557   —
Expiring 03/20/19   Barclays Bank PLC   RUB 9,457   142,789   143,763   974   —
Expiring 03/20/19   Barclays Bank PLC   RUB 8,039   120,000   122,204   2,204   —
Expiring 03/20/19   Barclays Bank PLC   RUB 7,393   111,000   112,390   1,390   —
Expiring 03/20/19   Barclays Bank PLC   RUB 7,040   104,000   107,015   3,015   —
Expiring 03/20/19   Barclays Bank PLC   RUB 6,450   97,000   98,054   1,054   —
Expiring 03/20/19   Barclays Bank PLC   RUB 5,972   86,000   90,788   4,788   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   RUB 9,460   138,500   143,810   5,310   —
Expiring 04/30/19   Barclays Bank PLC   RUB 8,599   128,199   129,919   1,720   —
Expiring 04/30/19   Barclays Bank PLC   RUB 5,994   90,000   90,555   555   —
Expiring 04/30/19   BNP Paribas   RUB 39,366   579,000   594,760   15,760   —
Expiring 04/30/19   Deutsche Bank AG   RUB 7,091   107,000   107,132   132   —
Expiring 06/28/19   Bank of America, N.A.   RUB 2,579   43,458   38,675   —   (4,783)
Expiring 06/28/19   Barclays Bank PLC   RUB 6,797   114,819   101,923   —   (12,896)
Expiring 06/28/19   Barclays Bank PLC   RUB 3,187   50,835   47,792   —   (3,043)
Expiring 06/28/19   Goldman Sachs International   RUB 4,278   71,000   64,150   —   (6,850)
Expiring 12/24/19   Citibank, N.A.   RUB 38,251   558,000   560,242   2,242   —
Expiring 03/31/20   Barclays Bank PLC   RUB 18,482   265,701   267,276   1,575   —
Expiring 03/31/20   BNP Paribas   RUB 15,915   224,000   230,156   6,156   —
29

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Saudi Arabian Riyal,
Expiring 11/12/19   Goldman Sachs International   SAR 5,715    $ 1,519,825    $ 1,522,248    $ 2,423    $ —
Singapore Dollar,
Expiring 02/08/19   Deutsche Bank AG   SGD 186   135,000   138,051   3,051   —
Expiring 02/08/19   JPMorgan Chase Bank, N.A.   SGD 181   134,000   134,607   607   —
Expiring 02/08/19   JPMorgan Chase Bank, N.A.   SGD 172   126,000   127,776   1,776   —
Expiring 02/08/19   JPMorgan Chase Bank, N.A.   SGD 151   110,000   112,083   2,083   —
Expiring 02/08/19   JPMorgan Chase Bank, N.A.   SGD 122   90,000   90,361   361   —
Expiring 02/08/19   JPMorgan Chase Bank, N.A.   SGD 110   80,000   81,587   1,587   —
Expiring 02/08/19   JPMorgan Chase Bank, N.A.   SGD 84   61,900   62,392   492   —
South African Rand,
Expiring 03/08/19   JPMorgan Chase Bank, N.A.   ZAR 1,625   113,426   122,050   8,624   —
Expiring 03/08/19   Morgan Stanley & Co. International PLC   ZAR 1,187   85,000   89,108   4,108   —
Expiring 03/08/19   UBS AG   ZAR 2,830   212,624   212,504   —   (120)
Expiring 04/30/19   Morgan Stanley & Co. International PLC   ZAR 534   38,000   39,872   1,872   —
Expiring 06/28/19   JPMorgan Chase Bank, N.A.   ZAR 1,991   156,575   147,479   —   (9,096)
Expiring 06/28/19   Morgan Stanley & Co. International PLC   ZAR 1,318   98,000   97,641   —   (359)
Expiring 11/27/19   JPMorgan Chase Bank, N.A.   ZAR 2,578   198,721   187,306   —   (11,415)
Expiring 12/30/19   Barclays Bank PLC   ZAR 4,328   336,316   313,153   —   (23,163)
Expiring 12/30/19   BNP Paribas   ZAR 6,885   435,000   498,186   63,186   —
Expiring 03/31/20   Morgan Stanley & Co. International PLC   ZAR 4,145   285,559   296,363   10,804   —
Expiring 03/31/20   UBS AG   ZAR 2,344   164,347   167,633   3,286   —
Expiring 03/31/20   UBS AG   ZAR 1,373   89,000   98,149   9,149   —
Expiring 08/31/20   BNP Paribas   ZAR 1,636   109,721   114,660   4,939   —
South Korean Won,
Expiring 03/20/19   Bank of America, N.A.   KRW 182,731   164,445   164,467   22   —
Expiring 04/30/19   BNP Paribas   KRW 123,748   116,307   111,531   —   (4,776)
Expiring 04/30/19   Deutsche Bank AG   KRW 13,612   12,537   12,268   —   (269)
30

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 05/31/19   Goldman Sachs International   KRW 41,301    $ 39,000    $ 37,267    $ —    $ (1,733)
Expiring 05/31/19   Morgan Stanley & Co. International PLC   KRW 44,795   42,469   40,419   —   (2,050)
Expiring 07/31/19   BNP Paribas   KRW 131,292   117,257   118,741   1,484   —
Expiring 07/31/19   Morgan Stanley & Co. International PLC   KRW 741,245   661,000   670,385   9,385   —
Swedish Krona,
Expiring 04/17/19   Morgan Stanley & Co. International PLC   SEK 2,349   263,706   261,187   —   (2,519)
Expiring 04/17/19   The Toronto-Dominion Bank   SEK 831   92,000   92,357   357   —
Swiss Franc,
Expiring 04/17/19   Barclays Bank PLC   CHF 286   289,911   289,324   —   (587)
Expiring 04/17/19   Morgan Stanley & Co. International PLC   CHF 130   132,000   131,284   —   (716)
Expiring 04/17/19   The Toronto-Dominion Bank   CHF 98   99,000   99,248   248   —
Expiring 04/30/19   Bank of America, N.A.   CHF 39   39,000   39,157   157   —
Expiring 04/30/19   Bank of America, N.A.   CHF 36   36,804   36,893   89   —
Expiring 04/30/19   Morgan Stanley & Co. International PLC   CHF 14   14,000   14,037   37   —
Expiring 10/30/20   Goldman Sachs International   CHF 362   391,000   386,396   —   (4,604)
Thai Baht,
Expiring 02/08/19   Citibank, N.A.   THB 28,765   875,686   920,847   45,161   —
Expiring 02/08/19   Citibank, N.A.   THB 5,359   169,000   171,559   2,559   —
Expiring 02/08/19   Citibank, N.A.   THB 5,263   166,000   168,476   2,476   —
Expiring 02/08/19   Citibank, N.A.   THB 4,503   137,000   144,144   7,144   —
Expiring 02/08/19   Citibank, N.A.   THB 4,493   142,000   143,850   1,850   —
Expiring 02/08/19   Citibank, N.A.   THB 4,141   127,000   132,562   5,562   —
Expiring 02/08/19   Citibank, N.A.   THB 3,860   121,000   123,564   2,564   —
Expiring 02/08/19   Citibank, N.A.   THB 3,444   107,000   110,263   3,263   —
Expiring 02/08/19   Citibank, N.A.   THB 3,064   93,000   98,089   5,089   —
Expiring 02/08/19   HSBC Bank USA, N.A.   THB 4,985   151,697   159,579   7,882   —
Expiring 05/10/19   Citibank, N.A.   THB 16,789   533,569   538,901   5,332   —
Expiring 05/10/19   HSBC Bank USA, N.A.   THB 6,239   198,598   200,270   1,672   —
31

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 05/10/19   Morgan Stanley & Co. International PLC   THB 4,786    $ 153,000    $ 153,637    $ 637    $ —
Expiring 05/10/19   UBS AG   THB 2,675   85,000   85,868   868   —
Turkish Lira,
Expiring 02/28/19   Barclays Bank PLC   TRY 224   49,719   42,703   —   (7,016)
Expiring 02/28/19   JPMorgan Chase Bank, N.A.   TRY 600   118,409   114,384   —   (4,025)
Expiring 03/08/19   Barclays Bank PLC   TRY 517   95,420   98,211   2,791   —
Expiring 03/08/19   Barclays Bank PLC   TRY 496   90,679   94,199   3,520   —
Expiring 03/08/19   JPMorgan Chase Bank, N.A.   TRY 2,798   496,698   531,210   34,512   —
Expiring 04/30/19   BNP Paribas   TRY 161   29,000   29,634   634   —
Expiring 04/30/19   Citibank, N.A.   TRY 351   63,010   64,813   1,803   —
Expiring 04/30/19   Morgan Stanley & Co. International PLC   TRY 93   19,727   17,089   —   (2,638)
Expiring 08/29/19   Citibank, N.A.   TRY 1,873   385,481   325,967   —   (59,514)
Expiring 12/24/19   Goldman Sachs International   TRY 5,507   996,000   913,383   —   (82,617)
Expiring 04/30/20   Citibank, N.A.   TRY 217   37,000   34,543   —   (2,457)
Expiring 04/30/20   Deutsche Bank AG   TRY 180   18,000   28,634   10,634   —
Expiring 04/30/20   Morgan Stanley & Co. International PLC   TRY 4,431   691,000   703,867   12,867   —
Expiring 06/30/20   Bank of America, N.A.   TRY 333   50,000   51,921   1,921   —
Expiring 06/30/20   Deutsche Bank AG   TRY 7,876   761,000   1,227,619   466,619   —
              $46,161,302   $47,173,325   1,503,345   (491,322)
    
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 04/18/19   Citibank, N.A.   AUD 165    $ 118,601    $ 120,349    $ —    $ (1,748)
Expiring 04/18/19   The Toronto-Dominion Bank   AUD 742   534,111   539,750   —   (5,639)
Expiring 04/30/19   Bank of America, N.A.   AUD 46   33,000   33,358   —   (358)
Expiring 04/30/19   BNP Paribas   AUD 85   61,000   61,867   —   (867)
Expiring 04/30/19   Deutsche Bank AG   AUD 164   120,000   119,642   358   —
32

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 08/29/19   Morgan Stanley & Co. International PLC   AUD 704    $ 507,338    $ 513,229    $ —    $ (5,891)
Expiring 01/31/20   Morgan Stanley & Co. International PLC   AUD 1,388   1,002,899   1,014,073   —   (11,174)
Brazilian Real,
Expiring 02/04/19   JPMorgan Chase Bank, N.A.   BRL 1,238   328,905   339,275   —   (10,370)
Expiring 02/04/19   JPMorgan Chase Bank, N.A.   BRL 354   93,000   96,952   —   (3,952)
Expiring 02/04/19   Morgan Stanley & Co. International PLC   BRL 1,680   430,083   460,491   —   (30,408)
Expiring 02/25/19   Citibank, N.A.   BRL 233   59,294   63,800   —   (4,506)
Expiring 03/06/19   Barclays Bank PLC   BRL 606   165,988   165,716   272   —
Expiring 04/30/19   Deutsche Bank AG   BRL 154   41,000   41,938   —   (938)
Expiring 04/30/19   HSBC Bank USA, N.A.   BRL 846   233,000   230,678   2,322   —
Expiring 04/30/19   UBS AG   BRL 260   71,000   70,979   21   —
Expiring 09/30/19   JPMorgan Chase Bank, N.A.   BRL 485   139,000   130,753   8,247   —
Expiring 09/30/19   JPMorgan Chase Bank, N.A.   BRL 87   21,500   23,554   —   (2,054)
Expiring 12/24/19   BNP Paribas   BRL 299   74,000   80,130   —   (6,130)
Expiring 12/24/19   Citibank, N.A.   BRL 581   140,000   155,396   —   (15,396)
Expiring 12/24/19   JPMorgan Chase Bank, N.A.   BRL 1,182   333,000   316,410   16,590   —
Expiring 12/24/19   UBS AG   BRL 257   64,000   68,657   —   (4,657)
Expiring 03/31/20   JPMorgan Chase Bank, N.A.   BRL 2,555   714,000   677,593   36,407   —
Expiring 03/31/20   JPMorgan Chase Bank, N.A.   BRL 1,168   281,071   309,792   —   (28,721)
Expiring 06/30/20   Deutsche Bank AG   BRL 4,005   972,000   1,052,383   —   (80,383)
Expiring 07/29/20   Deutsche Bank AG   BRL 1,318   298,000   345,280   —   (47,280)
Expiring 08/31/20   Deutsche Bank AG   BRL 1,297   283,000   338,747   —   (55,747)
Expiring 12/23/20   Morgan Stanley & Co. International PLC   BRL 2,074   521,000   535,552   —   (14,552)
British Pound,
Expiring 04/17/19   Citibank, N.A.   GBP 83   107,000   108,684   —   (1,684)
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   GBP 114   147,888   150,073   —   (2,185)
Expiring 04/17/19   Morgan Stanley & Co. International PLC   GBP 139   183,000   182,447   553   —
33

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
British Pound (cont’d.),
Expiring 04/17/19   The Toronto-Dominion Bank   GBP 113    $ 148,000    $ 148,539    $ —    $ (539)
Expiring 04/17/19   The Toronto-Dominion Bank   GBP 72   95,000   94,749   251   —
Expiring 11/27/19   HSBC Bank USA, N.A.   GBP 144   211,608   191,645   19,963   —
Expiring 11/27/19   JPMorgan Chase Bank, N.A.   GBP 92   134,567   122,368   12,199   —
Expiring 11/27/19   UBS AG   GBP 29   41,231   38,236   2,995   —
Canadian Dollar,
Expiring 04/18/19   Goldman Sachs International   CAD 458   346,429   349,222   —   (2,793)
Expiring 07/31/19   Citibank, N.A.   CAD 720   545,000   549,871   —   (4,871)
Expiring 07/31/19   HSBC Bank USA, N.A.   CAD 54   43,000   40,953   2,047   —
Chilean Peso,
Expiring 03/20/19   Citibank, N.A.   CLP 227,094   334,997   346,308   —   (11,311)
Expiring 03/20/19   Citibank, N.A.   CLP 92,976   137,119   141,784   —   (4,665)
Expiring 03/20/19   Citibank, N.A.   CLP 77,441   113,807   118,094   —   (4,287)
Expiring 03/20/19   Goldman Sachs International   CLP 78,416   114,151   119,581   —   (5,430)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   CLP 79,715   118,601   121,562   —   (2,961)
Expiring 03/20/19   Morgan Stanley & Co. International PLC   CLP 139,394   200,000   212,569   —   (12,569)
Expiring 03/20/19   The Toronto-Dominion Bank   CLP 60,539   88,000   92,319   —   (4,319)
Chinese Renminbi,
Expiring 04/25/19   HSBC Bank USA, N.A.   CNH 1,244   183,000   185,508   —   (2,508)
Expiring 04/25/19   Morgan Stanley & Co. International PLC   CNH 5,045   741,538   752,342   —   (10,804)
Expiring 04/25/19   Morgan Stanley & Co. International PLC   CNH 1,378   204,000   205,518   —   (1,518)
Expiring 06/28/19   Morgan Stanley & Co. International PLC   CNH 408   61,000   60,874   126   —
Expiring 02/28/20   Morgan Stanley & Co. International PLC   CNH 4,353   646,000   647,868   —   (1,868)
Colombian Peso,
Expiring 02/20/19   BNP Paribas   COP 300,902   95,192   96,833   —   (1,641)
Expiring 02/20/19   Citibank, N.A.   COP 587,565   180,000   189,085   —   (9,085)
Expiring 02/20/19   Citibank, N.A.   COP 447,297   135,563   143,945   —   (8,382)
34

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 02/20/19   Citibank, N.A.   COP 106,860    $ 33,300    $ 34,389    $ —    $ (1,089)
Expiring 02/20/19   The Toronto-Dominion Bank   COP 370,328   117,000   119,176   —   (2,176)
Czech Koruna,
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   CZK 3,742   167,047   166,663   384   —
Expiring 04/17/19   UBS AG   CZK 3,464   154,000   154,273   —   (273)
Expiring 04/17/19   UBS AG   CZK 2,343   104,000   104,359   —   (359)
Expiring 04/17/19   UBS AG   CZK 1,934   86,000   86,137   —   (137)
Euro,
Expiring 02/25/19   Citibank, N.A.   EUR 200   253,730   229,369   24,361   —
Expiring 02/28/19   Deutsche Bank AG   EUR 154   193,244   176,656   16,588   —
Expiring 04/17/19   Bank of America, N.A.   EUR 485   554,571   559,164   —   (4,593)
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   EUR 150   170,797   172,837   —   (2,040)
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   EUR 135   154,505   155,554   —   (1,049)
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   EUR 105   118,991   120,507   —   (1,516)
Expiring 04/17/19   The Toronto-Dominion Bank   EUR 214   246,731   246,224   507   —
Expiring 04/17/19   The Toronto-Dominion Bank   EUR 112   128,000   128,944   —   (944)
Expiring 04/30/19   Barclays Bank PLC   EUR 18   20,907   20,936   —   (29)
Expiring 04/30/19   Deutsche Bank AG   EUR 20   23,000   22,953   47   —
Expiring 04/30/19   Morgan Stanley & Co. International PLC   EUR 21   24,000   24,178   —   (178)
Expiring 11/27/19   Bank of America, N.A.   EUR 57   69,387   67,498   1,889   —
Expiring 11/27/19   Citibank, N.A.   EUR 65   84,419   75,804   8,615   —
Expiring 12/30/19   Deutsche Bank AG   EUR 147   189,568   173,164   16,404   —
Expiring 02/28/20   Bank of America, N.A.   EUR 690   840,696   816,889   23,807   —
Expiring 02/28/20   BNP Paribas   EUR 1,423   1,795,684   1,684,686   110,998   —
Expiring 07/29/20   The Toronto-Dominion Bank   EUR 103   122,770   123,562   —   (792)
Expiring 07/29/20   UBS AG   EUR 148   179,851   176,912   2,939   —
35

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Hungarian Forint,
Expiring 04/17/19   Deutsche Bank AG   HUF 28,320    $ 101,000    $ 103,183    $ —    $ (2,183)
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   HUF 108,861   389,924   396,628   —   (6,704)
Expiring 04/17/19   The Toronto-Dominion Bank   HUF 108,861   388,193   396,628   —   (8,435)
Indian Rupee,
Expiring 03/20/19   Bank of America, N.A.   INR 6,814   96,000   95,304   696   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   INR 17,204   240,947   240,615   332   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   INR 8,406   117,000   117,575   —   (575)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   INR 5,569   78,000   77,893   107   —
Expiring 03/20/19   Morgan Stanley & Co. International PLC   INR 5,796   82,000   81,067   933   —
Expiring 08/29/19   BNP Paribas   INR 41,913   565,000   575,564   —   (10,564)
Expiring 10/30/20   HSBC Bank USA, N.A.   INR 19,746   258,000   258,993   —   (993)
Expiring 12/23/20   BNP Paribas   INR 10,264   133,000   133,849   —   (849)
Indonesian Rupiah,
Expiring 03/20/19   Barclays Bank PLC   IDR 1,670,554   114,265   118,899   —   (4,634)
Expiring 03/20/19   Citibank, N.A.   IDR 1,493,285   101,000   106,282   —   (5,282)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 3,017,755   211,431   214,784   —   (3,353)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 2,271,397   156,400   161,663   —   (5,263)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   IDR 1,350,376   92,000   96,111   —   (4,111)
Expiring 03/20/19   UBS AG   IDR 1,574,666   107,000   112,074   —   (5,074)
Israeli Shekel,
Expiring 04/25/19   Citibank, N.A.   ILS 1,193   325,950   329,984   —   (4,034)
Expiring 11/29/19   Goldman Sachs International   ILS 6,181   1,705,000   1,737,213   —   (32,213)
Japanese Yen,
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   JPY 16,175   149,507   149,441   66   —
Expiring 05/31/19   Morgan Stanley & Co. International PLC   JPY 3,574   33,000   33,146   —   (146)
Expiring 06/28/19   Bank of America, N.A.   JPY 14,435   131,688   134,166   —   (2,478)
36

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 06/28/19   JPMorgan Chase Bank, N.A.   JPY 10,069    $ 91,642    $ 93,585    $ —    $ (1,943)
Expiring 06/28/19   Morgan Stanley & Co. International PLC   JPY 24,684   234,222   229,416   4,806   —
Expiring 02/28/20   Citibank, N.A.   JPY 50,201   472,922   476,435   —   (3,513)
Expiring 11/30/20   JPMorgan Chase Bank, N.A.   JPY 33,066   316,603   321,201   —   (4,598)
Expiring 01/29/21   Citibank, N.A.   JPY 75,708   741,000   738,557   2,443   —
Malaysian Ringgit,
Expiring 03/05/19   Barclays Bank PLC   MYR 518   123,600   126,404   —   (2,804)
Expiring 03/05/19   Barclays Bank PLC   MYR 508   121,414   124,064   —   (2,650)
Mexican Peso,
Expiring 03/20/19   Citibank, N.A.   MXN 782   40,805   40,586   219   —
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   MXN 2,741   132,535   142,351   —   (9,816)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   MXN 2,534   131,600   131,559   41   —
Expiring 03/29/19   Barclays Bank PLC   MXN 732   35,240   37,972   —   (2,732)
Expiring 03/29/19   Citibank, N.A.   MXN 6,259   319,575   324,541   —   (4,966)
Expiring 03/29/19   JPMorgan Chase Bank, N.A.   MXN 9,056   436,514   469,573   —   (33,059)
Expiring 03/29/19   JPMorgan Chase Bank, N.A.   MXN 4,432   211,000   229,821   —   (18,821)
Expiring 03/29/19   JPMorgan Chase Bank, N.A.   MXN 1,717   86,384   89,012   —   (2,628)
Expiring 04/30/19   Bank of America, N.A.   MXN 597   31,000   30,802   198   —
Expiring 04/30/19   HSBC Bank USA, N.A.   MXN 2,026   104,345   104,499   —   (154)
Expiring 08/29/19   BNP Paribas   MXN 2,619   132,000   132,604   —   (604)
Expiring 12/30/19   Citibank, N.A.   MXN 1,458   71,000   72,401   —   (1,401)
Expiring 12/30/19   Morgan Stanley & Co. International PLC   MXN 2,967   134,000   147,362   —   (13,362)
Expiring 04/30/20   Citibank, N.A.   MXN 17,592   844,000   857,264   —   (13,264)
Expiring 04/30/20   UBS AG   MXN 1,633   72,000   79,586   —   (7,586)
Expiring 10/30/20   Deutsche Bank AG   MXN 20,095   879,000   952,490   —   (73,490)
New Taiwanese Dollar,
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 11,572   377,711   377,849   —   (138)
Expiring 03/20/19   Morgan Stanley & Co. International PLC   TWD 3,288   107,000   107,366   —   (366)
37

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Zealand Dollar,
Expiring 04/18/19   The Toronto-Dominion Bank   NZD 857    $ 585,642    $ 593,146    $ —    $ (7,504)
Norwegian Krone,
Expiring 04/17/19   BNP Paribas   NOK 554   65,989   65,922   67   —
Peruvian Nuevo Sol,
Expiring 03/20/19   BNP Paribas   PEN 90   27,011   27,051   —   (40)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PEN 289   86,000   86,774   —   (774)
Philippine Peso,
Expiring 03/20/19   Barclays Bank PLC   PHP 8,849   169,346   169,222   124   —
Expiring 03/20/19   Barclays Bank PLC   PHP 7,652   146,000   146,326   —   (326)
Expiring 03/20/19   Barclays Bank PLC   PHP 7,575   142,789   144,855   —   (2,066)
Expiring 03/20/19   Barclays Bank PLC   PHP 5,963   114,000   114,036   —   (36)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PHP 7,271   136,112   139,044   —   (2,932)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   PHP 4,927   94,000   94,228   —   (228)
Polish Zloty,
Expiring 04/17/19   Deutsche Bank AG   PLN 313   83,000   84,141   —   (1,141)
Expiring 04/17/19   Goldman Sachs International   PLN 2,279   606,652   613,562   —   (6,910)
Russian Ruble,
Expiring 03/20/19   Barclays Bank PLC   RUB 5,565   83,000   84,604   —   (1,604)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   RUB 22,376   339,429   340,156   —   (727)
Expiring 04/30/19   Morgan Stanley & Co. International PLC   RUB 2,339   35,000   35,338   —   (338)
Expiring 06/28/19   Morgan Stanley & Co. International PLC   RUB 16,840   250,000   252,541   —   (2,541)
Expiring 12/24/19   Barclays Bank PLC   RUB 13,857   212,407   202,963   9,444   —
Expiring 12/24/19   Goldman Sachs International   RUB 20,740   338,000   303,764   34,236   —
Expiring 12/24/19   JPMorgan Chase Bank, N.A.   RUB 3,654   49,060   53,515   —   (4,455)
Expiring 03/31/20   Citibank, N.A.   RUB 18,480   269,000   267,249   1,751   —
Expiring 03/31/20   JPMorgan Chase Bank, N.A.   RUB 19,030   251,390   275,201   —   (23,811)
Expiring 12/23/20   BNP Paribas   RUB 56,910   772,000   795,719   —   (23,719)
Saudi Arabian Riyal,
Expiring 11/12/19   Goldman Sachs International   SAR 5,715   1,500,000   1,522,248   —   (22,248)
38

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar,
Expiring 02/08/19   Barclays Bank PLC   SGD 272    $ 197,728    $ 201,771    $ —    $ (4,043)
Expiring 02/08/19   Goldman Sachs International   SGD 141   104,000   104,401   —   (401)
Expiring 02/08/19   HSBC Bank USA, N.A.   SGD 37   27,797   27,769   28   —
Expiring 02/08/19   JPMorgan Chase Bank, N.A.   SGD 272   200,000   202,006   —   (2,006)
Expiring 02/08/19   UBS AG   SGD 177   129,000   131,831   —   (2,831)
South African Rand,
Expiring 03/08/19   Citibank, N.A.   ZAR 8,270   601,769   621,056   —   (19,287)
Expiring 03/08/19   Citibank, N.A.   ZAR 1,229   89,000   92,259   —   (3,259)
Expiring 03/08/19   Goldman Sachs International   ZAR 1,266   89,000   95,065   —   (6,065)
Expiring 03/08/19   JPMorgan Chase Bank, N.A.   ZAR 1,599   114,265   120,118   —   (5,853)
Expiring 03/08/19   Morgan Stanley & Co. International PLC   ZAR 1,459   106,000   109,583   —   (3,583)
Expiring 03/08/19   Morgan Stanley & Co. International PLC   ZAR 1,289   90,000   96,780   —   (6,780)
Expiring 06/28/19   HSBC Bank USA, N.A.   ZAR 3,310   229,000   245,119   —   (16,119)
Expiring 12/30/19   Goldman Sachs International   ZAR 2,963   187,000   214,414   —   (27,414)
Expiring 12/30/19   JPMorgan Chase Bank, N.A.   ZAR 1,582   104,805   114,438   —   (9,633)
Expiring 03/31/20   Barclays Bank PLC   ZAR 2,180   145,000   155,883   —   (10,883)
Expiring 03/31/20   Goldman Sachs International   ZAR 2,216   140,000   158,421   —   (18,421)
Expiring 03/31/20   JPMorgan Chase Bank, N.A.   ZAR 4,510   295,053   322,472   —   (27,419)
Expiring 07/29/20   BNP Paribas   ZAR 6,365   390,000   448,054   —   (58,054)
Expiring 09/30/20   Goldman Sachs International   ZAR 1,152   72,000   80,455   —   (8,455)
South Korean Won,
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   KRW 567,938   509,097   511,173   —   (2,076)
Expiring 03/20/19   JPMorgan Chase Bank, N.A.   KRW 166,103   148,000   149,501   —   (1,501)
Expiring 04/30/19   Goldman Sachs International   KRW 50,904   48,000   45,879   2,121   —
Expiring 04/30/19   JPMorgan Chase Bank, N.A.   KRW 86,456   77,000   77,921   —   (921)
Expiring 05/31/19   Morgan Stanley & Co. International PLC   KRW 165,750   150,000   149,560   440   —
39

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 07/31/19   Deutsche Bank AG   KRW 515,823    $ 462,000    $ 466,512    $ —    $ (4,512)
Expiring 07/31/19   Goldman Sachs International   KRW 260,637   246,000   235,721   10,279   —
Expiring 12/24/19   Goldman Sachs International   KRW 12,696   12,000   11,557   443   —
Swedish Krona,
Expiring 04/17/19   JPMorgan Chase Bank, N.A.   SEK 1,189   132,172   132,199   —   (27)
Swiss Franc,
Expiring 04/17/19   Goldman Sachs International   CHF 1,493   1,509,834   1,512,824   —   (2,990)
Expiring 04/17/19   The Toronto-Dominion Bank   CHF 130   132,000   132,060   —   (60)
Expiring 04/30/19   Deutsche Bank AG   CHF 43   44,000   43,867   133   —
Thai Baht,
Expiring 02/08/19   Citibank, N.A.   THB 16,789   532,149   537,481   —   (5,332)
Expiring 02/08/19   Citibank, N.A.   THB 6,710   205,000   214,801   —   (9,801)
Expiring 02/08/19   Citibank, N.A.   THB 5,820   177,000   186,304   —   (9,304)
Expiring 02/08/19   Citibank, N.A.   THB 5,390   165,000   172,553   —   (7,553)
Expiring 02/08/19   Citibank, N.A.   THB 4,878   148,000   156,173   —   (8,173)
Expiring 02/08/19   Citibank, N.A.   THB 4,612   141,000   147,635   —   (6,635)
Expiring 02/08/19   Citibank, N.A.   THB 4,263   130,000   136,480   —   (6,480)
Expiring 02/08/19   Citibank, N.A.   THB 4,001   122,000   128,097   —   (6,097)
Expiring 02/08/19   Citibank, N.A.   THB 2,934   89,000   93,926   —   (4,926)
Expiring 02/08/19   HSBC Bank USA, N.A.   THB 6,239   198,137   199,742   —   (1,605)
Expiring 05/10/19   Citibank, N.A.   THB 6,072   194,694   194,884   —   (190)
Turkish Lira,
Expiring 03/08/19   Barclays Bank PLC   TRY 267   46,913   50,659   —   (3,746)
Expiring 03/08/19   BNP Paribas   TRY 569   107,696   107,964   —   (268)
Expiring 03/08/19   Deutsche Bank AG   TRY 508   90,000   96,412   —   (6,412)
Expiring 03/08/19   JPMorgan Chase Bank, N.A.   TRY 469   83,000   89,074   —   (6,074)
Expiring 03/08/19   JPMorgan Chase Bank, N.A.   TRY 402   71,379   76,302   —   (4,923)
Expiring 04/30/19   BNP Paribas   TRY 523   120,285   96,364   23,921   —
Expiring 04/30/19   BNP Paribas   TRY 83   19,000   15,226   3,774   —
Expiring 08/29/19   BNP Paribas   TRY 985   239,000   171,370   67,630   —
Expiring 08/29/19   Morgan Stanley & Co. International PLC   TRY 891   182,863   155,081   27,782   —
Expiring 12/24/19   BNP Paribas   TRY 2,328   500,000   386,069   113,931   —
40

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2019 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 12/24/19   JPMorgan Chase Bank, N.A.   TRY 3,179    $ 561,206    $ 527,314    $ 33,892    $ —
Expiring 01/31/20   JPMorgan Chase Bank, N.A.   TRY 2,373   414,585   387,858   26,727   —
Expiring 04/30/20   Citibank, N.A.   TRY 1,818   240,300   288,802   —   (48,502)
Expiring 04/30/20   Citibank, N.A.   TRY 815   126,202   129,504   —   (3,302)
Expiring 04/30/20   Citibank, N.A.   TRY 251   35,000   39,943   —   (4,943)
Expiring 04/30/20   Goldman Sachs International   TRY 3,062   531,000   486,360   44,640   —
Expiring 04/30/20   JPMorgan Chase Bank, N.A.   TRY 530   82,000   84,187   —   (2,187)
Expiring 06/30/20   Citibank, N.A.   TRY 1,570   163,000   244,705   —   (81,705)
Expiring 06/30/20   Citibank, N.A.   TRY 228   23,764   35,594   —   (11,830)
Expiring 06/30/20   JPMorgan Chase Bank, N.A.   TRY 770   105,000   120,041   —   (15,041)
Expiring 06/30/20   Morgan Stanley & Co. International PLC   TRY 3,630   551,000   565,775   —   (14,775)
Expiring 10/30/20   Deutsche Bank AG   TRY 281   37,000   42,229   —   (5,229)
              $50,220,616   $50,853,700   720,094   (1,353,178)
                      $2,223,439   $(1,844,500)
Cross currency exchange contracts outstanding at January 31, 2019:
Settlement   Type   Notional
Amount
(000) 		  In Exchange
For (000) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Counterparty
OTC Cross Currency Exchange Contracts:
02/28/19   Buy   EUR 154   TRY 824    $ 19,569    $ —   JPMorgan Chase Bank, N.A.
04/17/19   Buy   HUF 5,972   EUR 19   157   —   Citibank, N.A.
04/17/19   Buy   HUF 10,446   EUR 33   271   —   Citibank, N.A.
04/17/19   Buy   HUF 20,884   EUR 66   541   —   Citibank, N.A.
04/17/19   Buy   CHF 111   EUR 98   —   (1,073)   Citibank, N.A.
04/17/19   Buy   CZK 3,479   EUR 135   —   (624)   JPMorgan Chase Bank, N.A.
04/30/19   Buy   EUR 320   TRY 1,555   82,306   —   BNP Paribas
04/30/19   Buy   TRY 2,182   EUR 391   —   (48,541)   Citibank, N.A.
06/28/19   Buy   AUD 138   JPY 11,668   —   (7,927)   BNP Paribas
06/28/19   Buy   JPY 60,856   AUD 734   30,973   —   Morgan Stanley & Co. International PLC
11/27/19   Buy   EUR 227   ZAR 4,393   —   (52,575)   Citibank, N.A.
11/27/19   Buy   ZAR 1,815   EUR 105   8,573   —   Deutsche Bank AG
12/30/19   Buy   EUR 392   ZAR 6,807   —   (30,790)   Deutsche Bank AG
41

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Cross currency exchange contracts outstanding at January 31, 2019 (continued):
Settlement   Type   Notional
Amount
(000) 		  In Exchange
For (000) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
12/30/19   Buy   ZAR 4,061   EUR 245    $ 5,239    $ —   Morgan Stanley & Co. International PLC
01/31/20   Buy   AUD 383   JPY 29,790   —   (2,242)   Deutsche Bank AG
01/31/20   Buy   TRY 3,694   EUR 508   3,671   —   Goldman Sachs International
01/31/20   Buy   EUR 242   TRY 1,476   44,627   —   Goldman Sachs International
02/28/20   Buy   JPY 76,480   AUD 1,015   —   (15,898)   Deutsche Bank AG
03/31/20   Buy   ZAR 8,528   EUR 459   64,982   —   Morgan Stanley & Co. International PLC
03/31/20   Buy   EUR 443   ZAR 7,484   —   (9,343)   Morgan Stanley & Co. International PLC
04/30/20   Buy   TRY 5,147   EUR 559   152,364   —   BNP Paribas
04/30/20   Buy   EUR 520   TRY 3,922   —   (4,296)   Goldman Sachs International
07/29/20   Buy   EUR 603   TRY 5,835   —   (178,712)   BNP Paribas
07/29/20   Buy   TRY 4,271   EUR 351   239,099   —   Morgan Stanley & Co. International PLC
08/31/20   Buy   ZAR 1,782   EUR 101   3,543   —   Goldman Sachs International
08/31/20   Buy   EUR 208   ZAR 4,012   —   (31,274)   Morgan Stanley & Co. International PLC
11/27/20   Buy   AUD 322   JPY 23,989   2,887   —   Morgan Stanley & Co. International PLC
11/30/20   Buy   JPY 47,832   AUD 613   15,625   —   Deutsche Bank AG
12/23/20   Buy   EUR 26   ZAR 471   —   (980)   Goldman Sachs International
12/30/20   Buy   JPY 6,634   AUD 90   —   (1,334)   Deutsche Bank AG
10/31/23   Buy   JPY 29,437   AUD 431   —   (5,286)   Morgan Stanley & Co. International PLC
                    $674,427   $(390,895)    
Credit default swap agreements outstanding at January 31, 2019:
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
Assicurazioni Generali SpA   06/20/23   1.000%(Q)   EUR 100    $ 3,931    $ 6,597    $ (2,666)   Barclays Bank PLC
Bank of China Ltd.   06/20/21   1.000%(Q)     100   (1,704)   2,249   (3,953)   Deutsche Bank AG
China Development Bank Corp.   06/20/21   1.000%(Q)     100   (1,629)   1,421   (3,050)   Deutsche Bank AG
Hellenic Republic   06/20/23   1.000%(Q)     300   28,224   27,598   626   Bank of America, N.A.
Kingdom of Spain   06/20/23   1.000%(Q)     100   (2,334)   (2,474)   140   Bank of America, N.A.
Republic of Argentina   03/20/19   5.000%(Q)     200   (2,178)   (1,119)   (1,059)   HSBC Bank USA, N.A.
Republic of Italy   06/20/23   1.000%(Q)   EUR 250   6,084   3,599   2,485   Barclays Bank PLC
Republic of Italy   06/20/23   1.000%(Q)     575   3,107   8,273   (5,166)   Citibank, N.A.
Republic of Italy   06/20/23   1.000%(Q)     100   541   1,615   (1,074)   Citibank, N.A.
Republic of Italy   06/20/28   1.000%(Q)   EUR 125   10,373   7,765   2,608   Barclays Bank PLC
Republic of Turkey   06/20/19   1.000%(Q)     500   230   15,937   (15,707)   BNP Paribas
42

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2019 (continued):
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont’d.):
Republic of Turkey   06/20/19   1.000%(Q)     200    $ 92    $ 5,789    $ (5,697)   BNP Paribas
Republic of Turkey   06/20/19   1.000%(Q)     100   46   2,330   (2,284)   BNP Paribas
                    $44,783   $79,580   $(34,797)    
    
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
January 31,
2019(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Federal Republic of Brazil   12/20/20   1.000%(Q)     500   0.941%    $ 1,140    $ (64,528)    $ 65,668   Deutsche Bank AG
Generalitat de Cataluna   12/20/22   1.000%(Q)     230   2.508%   (11,749)   (34,322)   22,573   Citibank, N.A.
Hellenic Republic   06/20/23   1.000%(Q)     300   3.867%   (32,032)   (31,312)   (720)   Bank of America, N.A.
Kingdom of Belgium   12/20/25   1.000%(Q)     1,000   0.368%   40,977   24,532   16,445   JPMorgan Chase Bank, N.A.
Kingdom of Belgium   12/20/25   1.000%(Q)     500   0.368%   20,489   14,623   5,866   JPMorgan Chase Bank, N.A.
Kingdom of Saudi Arabia   12/20/21   1.000%(Q)     250   0.575%   3,258   (5,095)   8,353   Barclays Bank PLC
Kingdom of Spain   12/20/20   1.000%(Q)     250   0.383%   3,153   2,159   994   JPMorgan Chase Bank, N.A.
Kingdom of Spain   06/20/22   1.000%(Q)     700   0.578%   10,386   6,571   3,815   JPMorgan Chase Bank, N.A.
Kingdom of Spain   06/20/23   1.000%(Q)     1,050   0.697%   14,354   11,114   3,240   Bank of America, N.A.
Kingdom of Spain   06/20/23   1.000%(Q)     100   0.697%   1,367   1,515   (148)   Bank of America, N.A.
Kingdom of Spain   12/20/25   1.000%(Q)     750   0.939%   3,691   (16,633)   20,324   JPMorgan Chase Bank, N.A.
Oriental Republic of Uruguay   06/20/20   1.000%(Q)     250   1.361%   (925)   (1,619)   694   Citibank, N.A.
People’s Republic of China   12/20/20   1.000%(Q)     750   0.204%   11,957   (403)   12,360   JPMorgan Chase Bank, N.A.
Republic of Chile   12/20/20   1.000%(Q)     500   0.188%   8,127   (2,453)   10,580   Deutsche Bank AG
Republic of Colombia   12/20/20   1.000%(Q)     500   0.609%   4,207   (22,421)   26,628   Deutsche Bank AG
43

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2019 (continued):
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
January 31,
2019(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont’d.):
Republic of Hungary   12/20/20   1.000%(Q)     750   0.274%    $ 10,988    $ (21,884)    $ 32,872   Barclays Bank PLC
Republic of Indonesia   12/20/20   1.000%(Q)     250   0.466%   2,764   (13,020)   15,784   Deutsche Bank AG
Republic of Indonesia   06/20/23   1.000%(Q)     545   1.024%   116   (3,446)   3,562   Citibank, N.A.
Republic of Ireland   12/20/25   1.000%(Q)     500   0.508%   15,985   10,093   5,892   Barclays Bank PLC
Republic of Ireland   12/20/25   1.000%(Q)     500   0.508%   15,985   8,689   7,296   JPMorgan Chase Bank, N.A.
Republic of Ireland   12/20/26   1.000%(Q)     200   0.558%   6,461   (192)   6,653   JPMorgan Chase Bank, N.A.
Republic of Israel   12/20/20   1.000%(Q)     250   0.283%   3,621   3,054   567   JPMorgan Chase Bank, N.A.
Republic of Italy   12/20/20   1.000%(Q)     250   1.201%   (619)   93   (712)   JPMorgan Chase Bank, N.A.
Republic of Italy   06/20/23   1.000%(Q)     575   1.929%   (20,496)   (30,018)   9,522   Citibank, N.A.
Republic of Italy   06/20/23   1.000%(Q)     100   1.929%   (3,565)   (5,384)   1,819   Citibank, N.A.
Republic of Italy   12/20/25   1.000%(Q)     750   2.260%   (53,443)   (28,906)   (24,537)   JPMorgan Chase Bank, N.A.
Republic of Italy   12/20/25   1.000%(Q)     500   2.260%   (35,629)   (19,746)   (15,883)   JPMorgan Chase Bank, N.A.
Republic of Kazakhstan   06/20/23   1.000%(Q)     230   0.680%   3,326   —   3,326   Citibank, N.A.
Republic of Panama   06/20/22   1.000%(Q)     100   0.435%   1,958   852   1,106   Citibank, N.A.
Republic of Peru   12/20/20   1.000%(Q)     500   0.276%   7,305   (14,571)   21,876   Deutsche Bank AG
Republic of Philippines   12/20/20   1.000%(Q)     750   0.288%   10,790   (42)   10,832   JPMorgan Chase Bank, N.A.
Republic of Portgual   06/20/22   1.000%(Q)     1,400   0.675%   16,366   (38,556)   54,922   Citibank, N.A.
Republic of Portugal   06/20/23   1.000%(Q)     1,290   0.809%   11,658   (4,894)   16,552   Goldman Sachs International
Republic of South Africa   12/20/20   1.000%(Q)     375   1.006%   406   (25,728)   26,134   JPMorgan Chase Bank, N.A.
Republic of South Africa   12/20/23   1.000%(Q)     250   1.766%   (8,213)   (13,785)   5,572   Bank of America, N.A.
Republic of Turkey   12/20/20   1.000%(Q)     625   2.098%   (11,709)   (39,564)   27,855   Deutsche Bank AG
44

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2019 (continued):
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
January 31,
2019(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont’d.):
Republic of Turkey   06/20/23   1.000%(Q)     500   2.889%    $(36,314)    $ (70,394)    $ 34,080   BNP Paribas
Republic of Turkey   06/20/23   1.000%(Q)     200   2.889%   (14,525)   (27,458)   12,933   BNP Paribas
Republic of Turkey   06/20/23   1.000%(Q)     100   2.889%   (7,263)   (13,077)   5,814   BNP Paribas
Russian Federation   12/20/20   1.000%(Q)     375   0.822%   1,676   (26,388)   28,064   JPMorgan Chase Bank, N.A.
Russian Federation   12/20/21   1.000%(Q)     475   0.965%   1,033   (27,386)   28,419   Barclays Bank PLC
Russian Federation   06/20/23   1.000%(Q)     350   1.221%   (2,737)   (5,826)   3,089   Morgan Stanley & Co. International PLC
Russian Federation   06/20/23   1.000%(Q)     50   1.221%   (391)   (996)   605   Morgan Stanley & Co. International PLC
Russian Federation   12/20/26   1.000%(Q)     350   1.694%   (15,956)   (31,899)   15,943   Citibank, N.A.
State of Illinois   12/20/22   1.000%(Q)     210   1.561%   (3,925)   (8,549)   4,624   Citibank, N.A.
State of Illinois   12/20/24   1.000%(Q)     200   2.128%   (10,924)   (13,998)   3,074   Goldman Sachs International
United Kingdom   12/20/23   1.000%(Q)     50   0.358%   1,534   1,425   109   Goldman Sachs International
United Mexican States   06/20/22   1.000%(Q)     1,000   1.021%   511   314   197   Citibank, N.A.
United Mexican States   12/20/23   1.000%(Q)     1,600   1.340%   (22,524)   (14,755)   (7,769)   Deutsche Bank AG
                      $(57,350)   $(594,214)   $536,864    
    
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciation
(Depreciation) 		 
  		 
Centrally Cleared Credit Default Swap Agreements on credit indices - Buy Protection(1):  
CDX.NA.IG.31.V1 12/20/28   1.000%(Q)     474    $ 8,777    $4,404    $(4,373)
iTraxx.EUR.28.V1 12/20/27   1.000%(Q)   EUR 424   (3,746)   1,179   4,925
                    $ 5,031   $5,583   $ 552
    
45

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Credit default swap agreements outstanding at January 31, 2019 (continued):
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
January 31,
2019(4) 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.NA.HY.30.V3 06/20/23   5.000%(Q)     176   3.235%    $12,999    $ 12,974    $ (25)
CDX.NA.HY.31.V3 12/20/23   5.000%(Q)     3,685   3.543%   70,069   244,942   174,873
                      $83,068   $257,916   $174,848
    
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
January 31,
2019(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.EM.27.V2 06/20/22   1.000%(Q)   485   1.232%   $(3,011)   $(20,957)   $17,946   Citibank, N.A.
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied
46

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
  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 January 31, 2019:
Notional
Amount
(000)# 		  Fund
Receives 		  Notional
Amount
(000)# 		  Fund
Pays 		  Counterparty   Termination
Date 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)
OTC Currency Swap Agreements:
  6,238   3 Month LIBOR(Q)   EUR 5,000   3 Month EURIBOR minus 34.5bps(Q)   Citibank, N.A.   02/20/20    $561,090    $—    $561,090
  1,095   3 Month LIBOR(Q)   EUR 1,000   (0.214)%(Q)   JPMorgan Chase Bank, N.A.   11/05/20   (47,180)   —   (47,180)
  698   3 Month LIBOR(Q)   EUR 650   (0.274)%(Q)   JPMorgan Chase Bank, N.A.   11/17/20   (44,030)   —   (44,030)
  428   3 Month LIBOR(Q)   EUR 400   (0.279)%(Q)   JPMorgan Chase Bank, N.A.   11/18/20   (28,261)   —   (28,261)
  247   3 Month LIBOR(Q)   EUR 220   (0.443)%(Q)   JPMorgan Chase Bank, N.A.   08/22/21   (2,822)   —   (2,822)
  438   3 Month LIBOR(Q)   EUR 400   (0.108)%(Q)   JPMorgan Chase Bank, N.A.   11/06/21   (20,586)   —   (20,586)
  537   3 Month LIBOR(Q)   EUR 500   (0.007)%(Q)   JPMorgan Chase Bank, N.A.   05/17/22   (37,046)   —   (37,046)
  376   3 Month LIBOR(Q)   EUR 350   0.015%(Q)   JPMorgan Chase Bank, N.A.   11/17/22   (26,968)   —   (26,968)
  1,095   3 Month LIBOR(Q)   EUR 1,000   0.339%(Q)   JPMorgan Chase Bank, N.A.   11/05/24   (71,018)   —   (71,018)
  107   3 Month LIBOR(Q)   EUR 100   0.355%(Q)   JPMorgan Chase Bank, N.A.   05/17/25   (9,494)   —   (9,494)
  107   3 Month LIBOR(Q)   EUR 100   0.425%(Q)   JPMorgan Chase Bank, N.A.   11/12/25   (10,017)   —   (10,017)
                            $263,668   $—   $263,668
    
47

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Forward rate agreements outstanding at January 31, 2019:  
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Forward Rate Agreements^:  
  400   02/14/19   —(3)   —(3)    $ 148    $—    $ 148   Citigroup Global Markets, Inc.
  2,100   02/26/19   —(4)   —(4)   175   —   175   Citigroup Global Markets, Inc.
  690   07/16/19   2.180%(T)   CM MUNI 5 Year(1)(T)   (7,921)   —   (7,921)   Citibank, N.A.
  690   07/16/19   3.145%(T)   CM MUNI 30 Year(2)(T)   (1,292)   —   (1,292)   Citibank, N.A.
                  $(8,890)   $—   $(8,890)    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
(3) The Fund pays or receives payments based on CMM102 minus 7 Year CMT minus 1.402 % upon termination.
(4) The Fund pays or receives payments based on CMM102 minus 7 Year CMT minus 1.378 % upon termination.
    
Inflation swap agreements outstanding at January 31, 2019:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR 600   05/15/23   1.485%(T)   France CPI ex Tobacco Household(1)(T)    $—    $(13,767)    $(13,767)
EUR 600   05/15/23   1.510%(T)   Eurostat Eurozone HICP ex Tobacco(2)(T)   —   10,147   10,147
GBP 50   08/15/42   3.520%(T)   U.K. Retail Price Index(2)(T)   —   1,345   1,345
GBP 40   08/15/47   3.469%(T)   U.K. Retail Price Index(1)(T)   —   (1,576)   (1,576)
  480   12/19/23   1.900%(T)   U.S. CPI Urban Consumers NSA Index(1)(T)   —   (461)   (461)
  300   01/09/29   1.995%(T)   U.S. CPI Urban Consumers NSA Index(1)(T)   —   1,621   1,621
                    $—   $ (2,691)   $ (2,691)
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
48

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD 1,330   01/31/24   2.180%(S)   6 Month BBSW(1)(S)    $ —    $ —    $ —
AUD 650   03/14/27   3.170%(S)   6 Month BBSW(2)(S)   —   30,571   30,571
AUD 470   07/19/32   3.130%(S)   6 Month BBSW(2)(S)   190   20,298   20,108
BRL 1,587   01/02/25   9.475%(T)   1 Day BROIS(2)(T)   —   38,919   38,919
BRL 3,103   01/02/25   9.943%(T)   1 Day BROIS(2)(T)   —   117,515   117,515
BRL 888   01/02/25   9.985%(T)   1 Day BROIS(2)(T)   —   40,998   40,998
BRL 244   01/02/25   12.090%(T)   1 Day BROIS(2)(T)   —   17,486   17,486
CAD 1,250   12/10/23   2.480%(S)   3 Month Canadian Banker’s Acceptance(1)(S)   (11,450)   (11,442)   8
CAD 190   05/30/37   2.240%(S)   3 Month Canadian Banker’s Acceptance(2)(S)   —   (8,518)   (8,518)
CAD 170   01/09/38   2.720%(S)   3 Month Canadian Banker’s Acceptance(2)(S)   (4)   1,862   1,866
CAD 140   05/30/47   2.240%(S)   3 Month Canadian Banker’s Acceptance(1)(S)   —   9,122   9,122
CAD 136   01/09/48   2.640%(S)   3 Month Canadian Banker’s Acceptance(1)(S)   3   45   42
CHF 1,700   12/13/23   (0.185)%(A)   6 Month CHF LIBOR(2)(S)   3,751   11,288   7,537
CHF 350   01/31/29   0.260%(A)   6 Month CHF LIBOR(2)(S)   —   1,694   1,694
CHF 380   10/05/37   —(3)   —(3)   —   1,134   1,134
COP 1,364,000   07/27/28   6.200%(Q)   1 Day COOIS(2)(Q)   804   8,865   8,061
CZK 14,000   04/27/22   0.925%(A)   6 Month PRIBOR(2)(S)   —   (16,899)   (16,899)
CZK 13,010   06/29/22   0.895%(A)   6 Month PRIBOR(2)(S)   —   (17,497)   (17,497)
CZK 16,700   01/31/24   1.930%(A)   6 Month PRIBOR(1)(S)   —   (3,882)   (3,882)
CZK 7,145   04/27/27   1.300%(A)   6 Month PRIBOR(1)(S)   —   8,417   8,417
CZK 6,640   06/29/27   1.175%(A)   6 Month PRIBOR(1)(S)   —   11,459   11,459
DKK 2,300   03/15/27   1.123%(A)   6 Month CIBOR(2)(S)   —   18,033   18,033
49

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR 1,000   05/11/22   0.156%(A)   6 Month EURIBOR(1)(S)    $ 4,643    $ (9,314)    $ (13,957)
EUR 400   06/29/22   0.219%(A)   6 Month EURIBOR(1)(S)   —   (4,686)   (4,686)
EUR 1,500   09/08/22   0.140%(A)   6 Month EURIBOR(1)(S)   —   (11,062)   (11,062)
EUR 1,510   05/11/23   0.650%(A)   6 Month EURIBOR(1)(S)   (31,460)   (52,974)   (21,514)
EUR 1,040   05/15/23   0.221%(A)   6 Month EURIBOR(2)(S)   —   8,771   8,771
EUR 1,258   05/15/23   0.224%(A)   1 Day EONIA(2)(A)   —   23,442   23,442
EUR 1,300   05/15/23   0.266%(A)   6 Month EURIBOR(2)(S)   —   15,420   15,420
EUR 1,140   08/15/23   0.390%(A)   6 Month EURIBOR(2)(S)   (1,343)   19,277   20,620
EUR 240   11/23/23   0.320%(A)   6 Month EURIBOR(1)(S)   (59)   (2,982)   (2,923)
EUR 275   05/11/24   0.396%(A)   6 Month EURIBOR(2)(S)   (5,045)   4,840   9,885
EUR 2,135   08/15/25   0.395%(A)   6 Month EURIBOR(1)(S)   —   (19,121)   (19,121)
EUR 90   05/11/26   0.750%(A)   6 Month EURIBOR(1)(S)   442   (3,299)   (3,741)
EUR 220   05/11/27   0.736%(A)   6 Month EURIBOR(1)(S)   913   (6,390)   (7,303)
EUR 280   06/29/27   0.835%(A)   6 Month EURIBOR(2)(S)   —   10,358   10,358
EUR 1,145   02/15/28   0.757%(A)   6 Month EURIBOR(2)(S)   —   20,044   20,044
EUR 270   05/11/28   0.750%(A)   6 Month EURIBOR(1)(S)   8,558   (6,049)   (14,607)
EUR 120   03/02/31   0.825%(A)   6 Month EURIBOR(2)(S)   (4,617)   796   5,413
EUR 290   03/31/31   0.874%(A)   6 Month EURIBOR(2)(S)   (1,791)   4,601   6,392
EUR 235   02/23/32   1.180%(A)   6 Month EURIBOR(2)(S)   1,950   12,303   10,353
EUR 100   05/11/32   1.100%(A)   6 Month EURIBOR(2)(S)   (3,146)   3,548   6,694
EUR 1,000   06/28/32   0.785%(A)   6 Month EURIBOR(2)(S)   —   (16,371)   (16,371)
EUR 380   10/04/32   2.000%(A)   1 Day EONIA(2)(A)   —   8,870   8,870
50

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR 380   10/04/32   2.080%(A)   3 Month EURIBOR(1)(Q)    $ —    $ (8,743)    $ (8,743)
EUR 200   10/30/32   1.302%(A)   6 Month EURIBOR(2)(S)   —   11,474   11,474
EUR 225   05/11/33   1.000%(A)   6 Month EURIBOR(2)(S)   (5,476)   2,544   8,020
EUR 1,190   08/24/37   1.960%(A)   1 Day EONIA(2)(A)   —   43,720   43,720
EUR 1,190   08/24/37   2.033%(A)   3 Month EURIBOR(1)(Q)   (287)   (42,179)   (41,892)
EUR 345   10/25/37   2.085%(A)   3 Month EURIBOR(2)(Q)   —   12,821   12,821
EUR 345   10/25/37   2.114%(A)   6 Month EURIBOR(1)(S)   —   (12,796)   (12,796)
EUR 95   05/11/42   1.350%(A)   6 Month EURIBOR(1)(S)   5,066   (4,112)   (9,178)
EUR 195   07/04/42   1.001%(A)   6 Month EURIBOR(1)(S)   13,017   8,752   (4,265)
EUR 135   12/05/47   1.442%(A)   6 Month EURIBOR(1)(S)   —   (8,341)   (8,341)
EUR 450   01/26/48   1.853%(A)   3 Month EURIBOR(2)(Q)   —   19,357   19,357
EUR 450   01/26/48   1.863%(A)   6 Month EURIBOR(1)(S)   —   (19,088)   (19,088)
EUR 100   03/19/48   1.650%(A)   3 Month EURIBOR(2)(Q)   —   2,091   2,091
EUR 100   03/19/48   1.658%(A)   6 Month EURIBOR(1)(S)   —   (2,068)   (2,068)
EUR 770   01/07/49   1.475%(A)   3 Month EURIBOR(2)(Q)   —   6,375   6,375
EUR 770   01/07/49   1.484%(A)   6 Month EURIBOR(1)(S)   —   (6,246)   (6,246)
GBP 1,400   12/18/23   1.334%(S)   6 Month GBP LIBOR(2)(S)   5,285   8,273   2,988
GBP 295   05/15/24   0.963%(S)   6 Month GBP LIBOR(1)(S)   —   5,954   5,954
GBP 410   05/08/28   1.100%(S)   6 Month GBP LIBOR(2)(S)   (19,489)   (13,656)   5,833
HUF 202,800   07/02/20   1.065%(A)   6 Month BUBOR(2)(S)   (349)   8,873   9,222
HUF 100,000   03/18/26   2.140%(A)   6 Month BUBOR(2)(S)   (19,200)   12,022   31,222
HUF 257,045   06/12/28   3.750%(A)   6 Month BUBOR(2)(S)   —   35,111   35,111
51

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY 756,490   12/17/20   0.015%(S)   6 Month JPY LIBOR(1)(S)    $ —    $ (2,412)    $ (2,412)
JPY 191,720   01/29/21   (0.014)%(S)   6 Month JPY LIBOR(1)(S)   —   (68)   (68)
JPY 115,675   12/03/23   0.050%(S)   6 Month JPY LIBOR(1)(S)   (1,027)   (2,897)   (1,870)
JPY 90,000   04/06/32   0.484%(S)   6 Month JPY LIBOR(2)(S)   —   23,435   23,435
JPY 14,600   09/21/32   0.463%(S)   6 Month JPY LIBOR(2)(S)   —   3,221   3,221
JPY 26,000   02/28/37   0.681%(S)   6 Month JPY LIBOR(2)(S)   —   10,346   10,346
JPY 13,000   01/04/38   0.757%(S)   6 Month JPY LIBOR(2)(S)   —   6,229   6,229
KRW 1,800,000   01/07/21   1.733%(Q)   3 Month KWCDC(2)(Q)   —   (116)   (116)
KRW 719,800   01/07/24   1.685%(Q)   3 Month KWCDC(1)(Q)   —   36   36
KRW 380,000   09/10/28   2.043%(Q)   3 Month KWCDC(1)(Q)   780   (7,182)   (7,962)
MXN 9,860   06/30/28   8.065%(M)   28 Day Mexican Interbank Rate(2)(M)   3   (14,155)   (14,158)
NOK 16,000   11/28/23   1.915%(A)   6 Month NIBOR(2)(S)   6,911   12,401   5,490
NOK 3,400   03/15/27   2.103%(A)   6 Month NIBOR(2)(S)   —   9,827   9,827
NZD 250   05/01/20   3.628%(S)   3 Month BBR(2)(Q)   7,044   4,376   (2,668)
NZD 100   10/03/22   2.740%(S)   3 Month BBR(2)(Q)   —   2,342   2,342
NZD 1,260   03/15/24   3.355%(S)   3 Month BBR(2)(Q)   —   61,502   61,502
NZD 100   01/10/27   3.420%(S)   3 Month BBR(2)(Q)   2,105   5,363   3,258
NZD 220   11/28/28   2.950%(S)   3 Month BBR(2)(Q)   —   6,161   6,161
PLN 2,000   05/24/23   2.520%(A)   6 Month WIBOR(2)(S)   —   20,634   20,634
PLN 2,890   08/24/23   2.390%(A)   6 Month WIBOR(2)(S)   —   16,583   16,583
PLN 2,325   11/13/23   2.570%(A)   6 Month WIBOR(2)(S)   —   17,789   17,789
52

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
PLN 550   01/21/26   2.500%(A)   6 Month WIBOR(2)(S)    $ 1,944    $ 3,415    $ 1,471
PLN 1,610   06/12/28   3.070%(A)   6 Month WIBOR(1)(S)   —   (35,698)   (35,698)
PLN 550   07/11/28   2.935%(A)   6 Month WIBOR(2)(S)   —   10,237   10,237
PLN 1,263   11/13/28   2.998%(A)   6 Month WIBOR(1)(S)   —   (20,903)   (20,903)
SEK 2,500   04/12/22   0.270%(A)   3 Month STIBOR(2)(Q)   —   1,196   1,196
SEK 8,300   09/12/23   0.497%(A)   3 Month STIBOR(2)(Q)   (6,336)   6,834   13,170
SEK 4,000   03/15/24   0.840%(A)   3 Month STIBOR(2)(Q)   —   12,261   12,261
SEK 2,300   11/12/25   1.431%(A)   3 Month STIBOR(2)(Q)   —   13,973   13,973
SEK 265   06/22/27   1.031%(A)   3 Month STIBOR(2)(Q)   —   646   646
SEK 930   11/28/28   1.188%(A)   3 Month STIBOR(2)(Q)   —   2,258   2,258
SGD 920   05/21/23   2.030%(S)   6 Month SIBOR(1)(S)   —   (1,437)   (1,437)
SGD 490   05/21/28   2.436%(S)   6 Month SIBOR(2)(S)   —   6,359   6,359
  5,880   02/15/19   1.820%(T)   1 Day USOIS(1)(T)   —   10,279   10,279
  2,190   05/11/19   1.613%(S)   3 Month LIBOR(1)(Q)   7,161   10,408   3,247
  1,505   06/30/19   1.479%(A)   1 Day USOIS(1)(A)   —   11,949   11,949
  2,365   06/30/19   1.502%(A)   1 Day USOIS(1)(A)   (932)   18,183   19,115
  1,750   08/04/19   1.372%(A)   1 Day USOIS(1)(A)   (1,396)   16,579   17,975
  1,400   09/08/19   1.290%(A)   1 Day USOIS(1)(A)   —   14,990   14,990
  4,890   09/30/19   1.707%(A)   1 Day USOIS(1)(A)   1,378   32,827   31,449
  7,880   12/31/19   1.840%(A)   1 Day USOIS(1)(A)   7,549   44,517   36,968
  5,295   12/31/19   1.950%(A)   1 Day USOIS(1)(A)   1,307   24,138   22,831
  2,000   03/09/20   2.157%(A)   1 Day USOIS(1)(A)   —   2,668   2,668
  1,450   03/31/20   2.369%(A)   1 Day USOIS(1)(A)   —   (1,679)   (1,679)
  1,930   04/24/20   2.311%(A)   1 Day USOIS(1)(A)   —   (2,205)   (2,205)
  34,485   05/11/20   1.763%(S)   3 Month LIBOR(1)(Q)   532,637   432,398   (100,239)
  3,550   01/10/21   2.408%(A)   1 Day USOIS(1)(A)   (81)   (5,957)   (5,876)
  3,760   05/31/21   1.849%(S)   3 Month LIBOR(2)(Q)   —   (67,031)   (67,031)
53

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
  4,002   05/31/21   1.948%(S)   3 Month LIBOR(2)(Q)    $ —    $ (61,687)    $ (61,687)
  955   05/31/21   1.953%(S)   3 Month LIBOR(2)(Q)   2,149   (14,611)   (16,760)
  1,370   11/22/21   1.792%(S)   3 Month LIBOR(2)(Q)   —   (30,332)   (30,332)
  1,300   05/11/22   1.982%(S)   3 Month LIBOR(2)(Q)   (32,236)   (23,578)   8,658
  2,000   06/16/22   —(4)   —(4)   —   (3,646)   (3,646)
  4,890   05/11/23   2.000%(S)   3 Month LIBOR(2)(Q)   (155,615)   (107,851)   47,764
  680   05/21/23   2.215%(S)   3 Month LIBOR(2)(Q)   —   (9,095)   (9,095)
  750   08/28/23   2.842%(S)   3 Month LIBOR(1)(Q)   —   (15,810)   (15,810)
  4,480   11/23/23   3.016%(S)   3 Month LIBOR(1)(Q)   (24,405)   (102,547)   (78,142)
  1,470   02/15/24   2.115%(S)   3 Month LIBOR(1)(Q)   4,670   22,799   18,129
  850   02/15/24   2.151%(S)   3 Month LIBOR(1)(Q)   169   11,531   11,362
  1,095   02/15/24   2.183%(S)   3 Month LIBOR(1)(Q)   (1,623)   13,130   14,753
  1,585   05/11/24   2.139%(S)   3 Month LIBOR(1)(Q)   (23,555)   31,569   55,124
  610   05/15/24   1.956%(S)   3 Month LIBOR(1)(Q)   2,767   18,185   15,418
  760   07/17/24   2.926%(S)   3 Month LIBOR(2)(Q)   —   14,327   14,327
  870   08/15/24   2.168%(S)   3 Month LIBOR(1)(Q)   —   12,785   12,785
  7,500   08/15/24   2.170%(S)   3 Month LIBOR(1)(Q)   27,668   109,509   81,841
  985   08/15/24   2.176%(S)   3 Month LIBOR(1)(Q)   1,791   14,072   12,281
  475   09/01/24   1.972%(S)   3 Month LIBOR(2)(Q)   —   (11,971)   (11,971)
  2,955   11/15/24   2.334%(S)   3 Month LIBOR(1)(Q)   11,272   35,192   23,920
  590   02/28/25   2.454%(A)   1 Day USOIS(1)(A)   —   (8,539)   (8,539)
  5,232   05/31/25   2.998%(S)   3 Month LIBOR(1)(Q)   (3,471)   (139,174)   (135,703)
54

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
  1,293   07/31/25   3.109%(S)   3 Month LIBOR(1)(Q)    $ —    $ (42,860)    $ (42,860)
  1,000   11/06/25   2.116%(S)   3 Month LIBOR(1)(Q)   —   29,290   29,290
  657   02/15/27   1.824%(A)   1 Day USOIS(1)(A)   9,056   24,043   14,987
  525   02/15/27   1.899%(A)   1 Day USOIS(1)(A)   2,544   15,882   13,338
  265   02/15/27   1.965%(A)   1 Day USOIS(1)(A)   —   6,286   6,286
  395   02/15/27   2.068%(A)   1 Day USOIS(1)(A)   (181)   6,002   6,183
  1,395   05/11/27   2.305%(S)   3 Month LIBOR(2)(Q)   (14,631)   (32,314)   (17,683)
  260   05/15/27   2.295%(S)   3 Month LIBOR(1)(Q)   —   6,331   6,331
  2,115   05/11/28   2.000%(S)   3 Month LIBOR(2)(Q)   (183,308)   (114,175)   69,133
  360   05/21/28   2.421%(S)   3 Month LIBOR(1)(Q)   —   6,692   6,692
  4,899   08/15/28   2.579%(A)   1 Day USOIS(1)(A)   (76,506)   (103,027)   (26,521)
  2,429   08/15/28   2.835%(S)   3 Month LIBOR(1)(Q)   (10,144)   (38,593)   (28,449)
  500   05/03/32   2.434%(S)   3 Month LIBOR(2)(Q)   —   (16,951)   (16,951)
  190   10/16/33   2.890%(S)   3 Month LIBOR(2)(Q)   —   51   51
  800   02/15/36   2.338%(S)   3 Month LIBOR(2)(Q)   (5,647)   (44,969)   (39,322)
  240   05/03/37   2.508%(S)   3 Month LIBOR(1)(Q)   —   9,736   9,736
  1,165   05/11/38   2.200%(S)   3 Month LIBOR(1)(Q)   160,573   106,091   (54,482)
  325   05/11/42   2.562%(S)   3 Month LIBOR(2)(Q)   141   (13,708)   (13,849)
  170   10/04/42   2.527%(S)   3 Month LIBOR(2)(Q)   —   (7,397)   (7,397)
  85   09/27/46   1.380%(A)   1 Day USOIS(1)(A)   —   19,140   19,140
  55   04/09/48   2.545%(S)   3 Month LIBOR(1)(Q)   —   2,597   2,597
  50   05/08/48   2.627%(S)   3 Month LIBOR(1)(Q)   —   1,816   1,816
  770   05/11/48   2.300%(S)   3 Month LIBOR(1)(Q)   113,717   80,411   (33,306)
  180   08/28/48   2.915%(S)   3 Month LIBOR(2)(Q)   —   5,225   5,225
55

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2019 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
  170   07/17/49   2.914%(S)   3 Month LIBOR(1)(Q)    $ —    $ (3,928)    $ (3,928)
ZAR 5,200   05/05/25   7.940%(Q)   3 Month JIBAR(2)(Q)   (13,294)   7,930   21,224
ZAR 4,100   11/07/27   8.360%(Q)   3 Month JIBAR(2)(Q)   (81)   10,760   10,841
ZAR 6,760   01/17/28   7.833%(Q)   3 Month JIBAR(2)(Q)   (24)   (1,126)   (1,102)
ZAR 4,500   07/16/28   8.170%(Q)   3 Month JIBAR(2)(Q)   (35)   6,041   6,076
                    $ 291,714   $ 733,782   $ 442,068
    
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Fair
Value 		  Upfront
Premiums
Paid(Received) 		  Unrealized
Appreciaton
(Depreciation) 		  Counterparty
OTC Interest Rate Swap Agreements:
CLP 220,000   02/09/27   4.120%(S)   1 Day CLOIS(2)(S)    $ 6,835    $ —    $ 6,835   Morgan Stanley & Co. International PLC
CLP 140,000   12/20/27   4.260%(S)   1 Day CLOIS(2)(S)   3,906   —   3,906   Morgan Stanley & Co. International PLC
CLP 62,800   01/23/28   4.245%(S)   1 Day CLOIS(2)(S)   1,914   —   1,914   Morgan Stanley & Co. International PLC
CLP 101,000   01/26/28   4.210%(S)   1 Day CLOIS(2)(S)   2,670   —   2,670   Morgan Stanley & Co. International PLC
CLP 56,000   05/17/28   4.270%(S)   1 Day CLOIS(2)(S)   2,069   —   2,069   Citibank, N.A.
CNH 2,000   08/15/23   3.115%(Q)   7 Day China Fixing Repo Rates(2)(Q)   4,829   (4)   4,833   UBS AG
COP 1,600,000   06/02/27   5.910%(Q)   1 Day COOIS(2)(Q)   6,810   —   6,810   Morgan Stanley & Co. International PLC
COP 405,000   01/23/28   6.035%(Q)   1 Day COOIS(2)(Q)   1,885   —   1,885   Morgan Stanley & Co. International PLC
COP 509,000   01/26/28   6.000%(Q)   1 Day COOIS(2)(Q)   1,886   —   1,886   Morgan Stanley & Co. International PLC
COP 500,000   05/17/28   5.990%(Q)   1 Day COOIS(2)(Q)   1,943   —   1,943   Citibank, N.A.
56

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2019 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Fair
Value 		  Upfront
Premiums
Paid(Received) 		  Unrealized
Appreciaton
(Depreciation) 		  Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
ILS 700   12/09/22   1.530%(A)   3 Month TELBOR(2)(Q)    $ 5,234    $ —    $ 5,234   Citibank, N.A.
ILS 350   09/19/26   1.600%(A)   3 Month TELBOR(2)(Q)   511   —   511   Barclays Bank PLC
ILS 1,340   03/15/27   2.130%(A)   3 Month TELBOR(2)(Q)   19,624   —   19,624   Citibank, N.A.
ILS 950   07/16/28   2.045%(A)   3 Month TELBOR(2)(Q)   7,012   —   7,012   JPMorgan Chase Bank, N.A.
SAR 2,000   01/20/22   3.155%(A)   3 Month SAIBOR(1)(Q)   (1,202)   —   (1,202)   Morgan Stanley & Co. International PLC
SAR 2,300   11/08/22   3.090%(A)   3 Month SAIBOR(1)(Q)   1,578   —   1,578   BNP Paribas
ZAR 1,060   03/22/42   7.800%(Q)   3 Month JIBAR(2)(Q)   (3,428)   (36)   (3,392)   Deutsche Bank AG
ZAR 7,000   09/22/42   8.020%(Q)   3 Month JIBAR(2)(Q)   (9,862)   (69)   (9,793)   Deutsche Bank AG
ZAR 1,000   03/22/47   7.650%(Q)   3 Month JIBAR(1)(Q)   3,670   34   3,636   Deutsche Bank AG
ZAR 6,575   09/22/47   7.890%(Q)   3 Month JIBAR(1)(Q)   10,011   56   9,955   Deutsche Bank AG
                  $67,895   $(19)   $67,914    
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
(3) The Fund pays the floating rate of 3 Month CHF LIBOR plus 1.75 bps quarterly and receives the floating rate of 6 Month CHF LIBOR semiannually.
(4) The Fund pays the floating rate of 3 Month LIBOR quarterly and receives the floating rate of 1 Day USOIS plus 22.375 bps quarterly.
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:
Broker   Cash and/or Foreign Currency   Securities Market Value
Citigroup Global Markets, Inc.    $1,265,000    $—
J.P. Morgan Securities LLC.   439,870   —
Total   $1,704,870   $—
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.
57

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
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 January 31, 2019 in valuing such portfolio securities:
  Level 1   Level 2   Level 3
Investments in Securities          
Asset-Backed Securities          
Cayman Islands
  $ —    $ 493,434    $ —
Ireland
 —   285,708   —
Spain
 —   677,931   —
United States
 —   726,476   193,536
Bank Loans          
United States
 —   199,260   99,000
Commercial Mortgage-Backed Security          
United States
 —   228,413   —
Corporate Bonds          
Canada
 —   792,030   —
China
 —   461,606   —
France
 —   117,597   —
Germany
 —   105,179   —
Hungary
 —   52,103   —
Indonesia
 —   260,625   —
Italy
 —   815,305   —
Kazakhstan
 —   102,750   —
Luxembourg
 —   118,129   —
Mexico
 —   554,929   —
Netherlands
 —   859,488   —
Peru
 —   199,578   —
Romania
 —   220,879   —
Russia
 —   136,829   —
South Africa
 —   320,755   —
Spain
 —   363,546   —
Sweden
 —   95,029   —
Switzerland
 —   617,646   —
United Kingdom
 —   809,650   —
United States
 —   7,570,983   84,375
Residential Mortgage-Backed Securities          
Cayman Islands
 —   76,131   —
United States
 —   1,214,146   150,000
Sovereign Bonds          
Argentina
 —   1,042,641   —
Brazil
 —   1,166,768   —
Colombia
 —   207,950   —
Croatia
 —   330,005   —
Cyprus
 —   1,138,287   —
Dominican Republic
 —   238,280   —
Egypt
 —   193,935   —
Greece
 —   2,193,434   —
58

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
  Level 1   Level 2   Level 3
Investments in Securities (continued)          
Sovereign Bonds (continued)          
Indonesia
  $ —    $ 926,869    $ —
Iraq
 —   199,392   —
Italy
 —   48,989   —
Kazakhstan
 —   248,564   —
Malaysia
 —   247,582   —
Portugal
 —   1,331,735   —
Saudi Arabia
 —   194,676   —
Senegal
 —   109,492   —
Spain
 —   388,955   —
Turkey
 —   150,706   —
 
U.S. Treasury Obligation
 —   112,987   —
Affiliated Mutual Funds
 2,715,971   —   —
Options Purchased
 —   3,749,863   —
Options Written
 —   (3,646,649)   (1,526)
Other Financial Instruments*          
Futures Contracts
 248,665   —   —
OTC Forward Foreign Currency Exchange Contracts
 —   378,939   —
OTC Cross Currency Exchange Contracts
 —   283,532   —
Centrally Cleared Credit Default Swap Agreements
 —   175,400   —
OTC Credit Default Swap Agreements
 —   (15,578)   —
OTC Currency Swap Agreements
 —   263,668   —
OTC Forward Rate Agreements
 —   —   (8,890)
Centrally Cleared Inflation Swap Agreements
 —   (2,691)   —
Centrally Cleared Interest Rate Swap Agreements
 —   442,068   —
OTC Interest Rate Swap Agreements
 —   67,895   —
Total $2,964,636   $30,643,829   $516,495
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.
The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:
  Asset-Backed
Securities 		  Bank Loans   Corporate Bonds   Residential
Mortgage-Backed
Securities
Balance as of 10/31/18
  $ —    $ —    $ —    $ —
Realized gain (loss)
 —   —   —   —
Change in unrealized appreciation (depreciation)
 (3,271)   (750)   17,207   —
Purchases/Exchanges/Issuances
 200,000   99,750   65,295   150,000
Sales/Paydowns
 (3,193)   —   —   —
Accrued discount/premium
 —   —   1,873   —
59

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
  Asset-Backed
Securities 		  Bank Loans   Corporate Bonds   Residential
Mortgage-Backed
Securities
Transfers into of Level 3
  $ —    $ —    $ —    $ —
Transfers out of Level 3
 —   —   —   —
Balance as of 01/31/19
 $193,536   $99,000   $84,375   $150,000
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end $ (3,271)   $ (750)   $17,207   $ —
    
  Options
Written 		  Forward
Rate Agreements 		 
Balance as of 10/31/18
  $ (128)    $(7,350)  
Realized gain (loss)
 —   (5,145)  
Change in unrealized appreciation (depreciation)
 (1,398)   (5,557)  
Purchases/Exchanges/Issuances
 —   —  
Sales/Paydowns
 —   9,162  
Accrued discount/premium
 —   —  
Transfers into of Level 3
 —   —  
Transfers out of Level 3
 —   —  
Balance as of 01/31/19
 $(1,526)   $(8,890)  
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end $(1,398)   $(5,557)  
Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by Board, which contain unobservable inputs as follows:
Level 3 Securities   Fair Value as of
January 31, 2019 		  Valuation
Methodology 		  Unobservable Inputs
Asset-Backed Securities    $193,536   Market Approach   Single Broker Indicative Quote
Bank Loans   99,000   Market Approach   Single Broker Indicative Quote
Corporate Bonds   84,375   Formula Pricing   Single Broker Indicative Quote
Residential Mortgage-Backed            
Securities   150,000   Market Approach   Single Broker Indicative Quote
Options Written   (1,526)   Market Approach   Single Broker Indicative Quote
Forward Rate Agreements   (8,890)   Market Approach   Single Broker Indicative Quote
    $516,495        
Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2019 were as follows:
Sovereign Bonds 29.4 %
Options Purchased 10.6
Banks 7.9 %
60

PGIM Global Dynamic Bond Fund
Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Industry Classification (continued):
Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan) 7.7 %
Residential Mortgage-Backed Securities 7.2
Oil & Gas 4.2
Electric 2.8
Media 2.6
Commercial Services 2.4
Collateralized Loan Obligations 2.2
Telecommunications 1.9
Retail 1.8
Home Builders 1.8
Chemicals 1.6
Insurance 1.4
Real Estate Investment Trusts (REITs) 1.3
Entertainment 1.2
Diversified Financial Services 1.0
Consumer Loans 0.9
Software 0.8
Packaging & Containers 0.8
Healthcare-Services 0.7
Commercial Mortgage-Backed Security 0.7
Pharmaceuticals 0.6
Lodging 0.6
Building Materials 0.5
Engineering & Construction 0.5
Foods 0.5 %
Student Loan 0.5
Pipelines 0.5
Aerospace & Defense 0.5
Miscellaneous Manufacturing 0.5
Iron/Steel 0.5
Transportation 0.4
Biotechnology 0.4
Apparel 0.4
Mining 0.3
Auto Parts & Equipment 0.3
Forest Products & Paper 0.3
Healthcare-Products 0.3
Internet 0.3
U.S. Treasury Obligation 0.3
Computers 0.3
Real Estate 0.3
Home Furnishings 0.2
  101.9
Options Written (10.3)
Other assets in excess of liabilities 8.4
  100.0%
 
61

PGIM Real Assets Fund
Consolidated Schedule of Investments as of January 31, 2019 (unaudited)
Description     Shares Value
Long-Term Investments 77.7%
Affiliated Mutual Funds 49.0%
PGIM Global Real Estate Fund (Class R6)       1,499,627  $ 36,620,882
PGIM Jennison Global Infrastructure Fund (Class R6)       1,051,631 13,597,591
PGIM Jennison MLP Fund (Class R6)       1,464,001 9,940,568
PGIM Jennison Natural Resources Fund (Class R6)       168,273 5,539,563
Total Affiliated Mutual Funds
(cost $63,035,113)(w) 		65,698,604
    
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)# 		 
U.S. Treasury Obligations 28.7%  
U.S. Treasury Inflation Indexed Bonds, TIPS 0.125 %   04/15/20   1,491 1,470,993
U.S. Treasury Inflation Indexed Bonds, TIPS 0.125   04/15/21   718 705,887
U.S. Treasury Inflation Indexed Bonds, TIPS 0.125   01/15/22   4,109 4,033,957
U.S. Treasury Inflation Indexed Bonds, TIPS 0.125   04/15/22   73 71,022
U.S. Treasury Inflation Indexed Bonds, TIPS 0.125   01/15/23   3,200 3,126,768
U.S. Treasury Inflation Indexed Bonds, TIPS 0.125   07/15/24   409 397,627
U.S. Treasury Inflation Indexed Bonds, TIPS 0.250   01/15/25   2,810 2,733,285
U.S. Treasury Inflation Indexed Bonds, TIPS 0.375   07/15/23   709 702,355
U.S. Treasury Inflation Indexed Bonds, TIPS 0.375   01/15/27   360 349,049
U.S. Treasury Inflation Indexed Bonds, TIPS 0.375   07/15/27   721 700,110
U.S. Treasury Inflation Indexed Bonds, TIPS 0.625   07/15/21   621 620,847
U.S. Treasury Inflation Indexed Bonds, TIPS 0.625   01/15/24   1,426 1,421,912
U.S. Treasury Inflation Indexed Bonds, TIPS 0.625   01/15/26   1,851 1,836,108
U.S. Treasury Inflation Indexed Bonds, TIPS 0.625   02/15/43   225 202,779
U.S. Treasury Inflation Indexed Bonds, TIPS 0.750   02/15/42   184 171,856
U.S. Treasury Inflation Indexed Bonds, TIPS 0.750   02/15/45   1,113 1,026,565
U.S. Treasury Inflation Indexed Bonds, TIPS 0.875   02/15/47   251 237,391
U.S. Treasury Inflation Indexed Bonds, TIPS 1.000   02/15/46   649 634,380
U.S. Treasury Inflation Indexed Bonds, TIPS 1.000   02/15/48   670 654,472
U.S. Treasury Inflation Indexed Bonds, TIPS 1.125   01/15/21   2,385 2,398,056
U.S. Treasury Inflation Indexed Bonds, TIPS 1.375   01/15/20   618 618,706
U.S. Treasury Inflation Indexed Bonds, TIPS 1.375   02/15/44   1,298 1,378,773
U.S. Treasury Inflation Indexed Bonds, TIPS 1.750   01/15/28   836 904,723
U.S. Treasury Inflation Indexed Bonds, TIPS 2.000   01/15/26   1,587 1,722,152
U.S. Treasury Inflation Indexed Bonds, TIPS 2.125   02/15/40   443 533,799
U.S. Treasury Inflation Indexed Bonds, TIPS 2.125   02/15/41   150 181,172
U.S. Treasury Inflation Indexed Bonds, TIPS 2.375   01/15/25   2,808 3,080,389
U.S. Treasury Inflation Indexed Bonds, TIPS 2.375   01/15/27   1,300 1,460,382
U.S. Treasury Inflation Indexed Bonds, TIPS 2.500   01/15/29   1,280 1,486,339
U.S. Treasury Inflation Indexed Bonds, TIPS 3.375   04/15/32   107 139,968
62

PGIM Real Assets Fund
Consolidated Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations (Continued)
U.S. Treasury Inflation Indexed Bonds, TIPS 3.625 % 04/15/28   1,005  $ 1,254,820
U.S. Treasury Inflation Indexed Bonds, TIPS 3.875 04/15/29   1,656 2,146,773
Total U.S. Treasury Obligations
(cost $38,614,425) 		38,403,415
 
Total Long-Term Investments
(cost $101,649,538) 		104,102,019
    
          Shares  
Short-Term Investments 22.4%  
Affiliated Mutual Fund 0.8%  
PGIM Core Ultra Short Bond Fund
(cost $1,147,521)(w) 		      1,147,521   1,147,521
Unaffiliated Fund 11.6%  
Dreyfus Treasury Securities Cash Management
(cost $15,541,724)(bb) 		        15,541,724   15,541,724
    
  Interest
Rate 		  Maturity
Date 		  Principal
Amount
(000)#
U.S. Treasury Obligations(bb)(k)(n) 10.0%  
U.S. Treasury Bills 2.308 %   03/21/19   100 99,686
U.S. Treasury Bills 2.349   03/21/19   400 398,747
U.S. Treasury Bills 2.349   03/21/19   3,550 3,538,877
U.S. Treasury Bills 2.355   03/21/19   9,350 9,320,703
       
Total U.S. Treasury Obligations
(cost $13,358,205) 		13,358,013
   
Total Short-Term Investments
(cost $30,047,450) 		30,047,258
   
TOTAL INVESTMENTS 100.1%
(cost $131,696,988) 		134,149,277
Liabilities in excess of other assets(z) (0.1)% (179,426)
   
Net Assets 100.0% $ 133,969,851
See the Glossary for abbreviations used in the quarterly schedule of portfolio holdings.
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
63

PGIM Real Assets Fund
Consolidated Schedule of Investments as of January 31, 2019 (unaudited) (continued)
(bb) Represents security held in the Cayman Subsidiary.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(n) Rate shown is the effective yield at purchase date.
(w) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Commodity Futures contracts outstanding at January 31, 2019(1):
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value/
Unrealized
Appreciation
Depreciation
Long Positions:
26   Brent Crude   May 2019    $1,584,180    $ (2,484)
9   Coffee ’C’   Mar. 2019   357,413   (16,469)
26   Copper   Mar. 2019   1,809,925   19,062
76   Corn   Mar. 2019   1,430,700   (7,075)
8   Gasoline RBOB   Mar. 2019   462,874   (7,923)
73   Gold 100 OZ   Apr. 2019   9,673,960   202,770
10   Hard Red Winter Wheat   Mar. 2019   249,500   600
7   Lean Hogs   Feb. 2019   157,500   (26,860)
16   Live Cattle   Apr. 2019   808,320   (11,810)
10   LME Nickel   Mar. 2019   746,790   72,180
17   LME PRI Aluminum   Mar. 2019   812,387   10,250
11   LME Zinc   Mar. 2019   753,087   64,613
10   Low Sulphur Gas Oil   Mar. 2019   582,250   18,925
64   Natural Gas   Mar. 2019   1,800,960   (460,113)
26   No. 2 Soft Red Winter Wheat   Mar. 2019   671,450   (32)
9   NY Harbor ULSD   Mar. 2019   709,657   (2,108)
10   Silver   Mar. 2019   803,600   74,200
22   Soybean   Mar. 2019   1,006,775   (5,575)
22   Soybean Meal   Mar. 2019   682,000   (10,400)
21   Soybean Oil   Mar. 2019   380,142   20,425
43   Sugar #11 (World)   Mar. 2019   613,077   8,165
37   WTI Crude   Mar. 2019   1,990,230   159,350
                $ 99,691
(1)    Represents positions held in the Cayman Subsidiary.
64

PGIM Real Assets Fund
Consolidated Schedule of Investments as of January 31, 2019 (unaudited) (continued)
Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:
Broker   Cash and/or Foreign Currency   Securities Market Value
Credit Suisse Securities (USA) LLC    $—    $3,638,563
Morgan Stanley & Co. LLC   —   398,747
Total   $—   $4,037,310
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 January 31, 2019 in valuing such portfolio securities:
  Level 1   Level 2   Level 3
Investments in Securities          
Affiliated Mutual Funds
  $66,846,125    $ —    $—
U.S. Treasury Obligations
 —   51,761,428   —
Unaffiliated Fund
 15,541,724   —   —
Other Financial Instruments*          
Commodity Futures Contracts
 99,691   —   —
Total $82,487,540   $51,761,428   $—
* Other financial instruments are derivative instruments not reflected in the Consolidated 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.
65

Glossary
The following abbreviations are used in the quarterly schedule of portfolio holdings:
ARS—Argentine Peso  
AUD—Australian Dollar  
BRL—Brazilian Real  
CAD—Canadian Dollar  
CHF—Swiss Franc  
CLP—Chilean Peso  
CNH—Chinese Renminbi  
COP—Colombian Peso  
CZK—Czech Koruna  
DKK—Danish Krone  
EGP—Egyptian Pound  
EUR—Euro  
GBP—British Pound  
HUF—Hungarian Forint  
IDR—Indonesian Rupiah  
ILS—Israeli Shekel  
INR—Indian Rupee  
JPY—Japanese Yen  
KRW—South Korean Won  
MXN—Mexican Peso  
MYR—Malaysian Ringgit  
NOK—Norwegian Krone  
NZD—New Zealand Dollar  
PEN—Peruvian Nuevo Sol  
PHP—Philippine Peso  
PLN—Polish Zloty  
RUB—Russian Ruble  
SAR—Saudi Arabian Riyal  
SEK—Swedish Krona  
SGD—Singapore Dollar  
THB—Thai Baht  
TRY—Turkish Lira  
TWD—New Taiwanese Dollar  
USD—US Dollar  
ZAR—South African Rand  
    
66

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. Unless otherwise noted, 144A securities are deemed to be illiquid.  
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  
CIBOR—Copenhagen Interbank Offered Rate  
CLO—Collateralized Loan Obligation  
CLOIS—Sinacofi Chile Interbank Rate Average  
CMS—Constant Maturity Swap  
COOIS—Colombia Overnight Interbank Reference Rate  
CPI—Consumer Price Index  
EMTN—Euro Medium Term Note  
EONIA—Euro Overnight Index Average  
EURIBOR—Euro Interbank Offered Rate  
GMTN—Global Medium Term Note  
HICP—Harmonised Index of Consumer Prices  
JIBAR—Johannesburg Interbank Agreed Rate  
KWCDC—Korean Won Certificate of Deposit  
LIBOR—London Interbank Offered Rate  
LME—London Metal Exchange  
M—Monthly payment frequency for swaps  
MLP—Master Limited Partnership  
MTN—Medium Term Note  
NIBOR—Norwegian Interbank Offered Rate  
NSA—Non-Seasonally Adjusted  
OTC—Over-the-counter  
PIK—Payment-in-Kind  
PRI—Primary Rate Interface  
PRIBOR—Prague Interbank Offered Rate  
Q—Quarterly payment frequency for swaps  
RBOB—Reformulated Gasoline Blendstock for Oxygen Blending  
S—Semiannual payment frequency for swaps  
SAIBOR—Saudi Arabian Interbank Offered Rate  
SIBOR—Singapore Interbank Offered Rate  
STACR—Structured Agency Credit Risk  
STIBOR—Stockholm Interbank Offered Rate  
67

T—Swap payment upon termination  
TELBOR—Tel Aviv Interbank Offered Rate  
TIPS—Treasury Inflation-Protected Securities  
ULSD—Ultra-Low Sulfur Diesel  
USOIS—United States Overnight Index Swap  
WIBOR—Warsaw Interbank Offered Rate  
WTI—West Texas Intermediate  
68

Effective February 12, 2019, PGIM Global Absolute Return Bond Fund’s name was changed to PGIM Global Dynamic Bond Fund.
Notes to Schedules of Investments (unaudited)
Securities Valuation: Each Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust’s Board of Trustees (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 Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.
For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds’ foreign investments may change on days when investors cannot purchase or redeem Fund shares.
Various inputs determine how each 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 Financial Accounting Standards Board Accounting Standard Codification Topic 820 - Fair Value Measurements and Disclosures.
Derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2
69

in the fair value hierarchy.
Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. Each Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
OTC 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. Each Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
70

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.
When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.
Each Fund may invest up to 15% of its net assets in illiquid securities, including those that are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above.
The PGIM Real Assets Fund wholly owns and controls the PGIM Real Assets Subsidiary, Ltd., (the “Subsidiary”), a company organized under the laws of the Cayman Islands. The Subsidiary is not registered as an investment company under the 1940 Act, as amended. In valuing its investments, the Subsidiary follows the same valuation policies as the PGIM Real Assets Fund as described above.
Each Fund may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund and their securities lending cash collateral in the PGIM Institutional Money Market Fund, each a series of the Prudential Investment Portfolios 2, registered under the Investment Company Act of 1940, as amended, and managed by PGIM Investments.
Other information regarding the Funds is available in each Funds’ most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
71

Item 2.

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 have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 3.

Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.

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 Investment Portfolios 3

 

By (Signature and Title)*      /s/ Andrew R. French
   Andrew R. French
   Secretary of the Fund

 

Date

  March 14, 2019

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

 

By (Signature and Title)*      /s/ Stuart S. Parker
   Stuart S. Parker
   President and Principal Executive Officer

 

Date

  March 14, 2019

 

By (Signature and Title)*      /s/ Christian J. Kelly
   Christian J. Kelly
   Treasurer and Principal Financial and Accounting Officer

 

Date

  March 14, 2019

* Print the name and title of each signing officer under his or her signature.