NPORT-EX 2 PI68190EMktsDBTLoCur.htm PGIM Emerging Markets Debt Local Currency Fund
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Long-Term Investments 92.7%
Sovereign Bonds 84.5%
Angola 0.3%
Angolan Government International Bond,
Sr. Unsec’d. Notes 		9.500 % 11/12/25   200  $ 232,802
Argentina 0.3%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes 		5.625 01/26/22   180 88,903
Provincia de Buenos Aires/Government Bonds,          
Sr. Unsec’d. Notes 9.125 03/16/24   200 77,232
Sr. Unsec’d. Notes 9.950 06/09/21   140 59,815
          225,950
Bahrain 0.3%
Bahrain Government International Bond,
Sr. Unsec’d. Notes 		6.125 07/05/22   200 214,856
Brazil 4.6%
Brazil Minas SPE via State of Minas Gerais,
Gov’t. Gtd. Notes 		5.333 02/15/28   392 421,713
Brazil Notas do Tesouro Nacional,          
Notes, Series F 10.000 01/01/23 BRL 2,511 653,962
Notes, Series F 10.000 01/01/25 BRL 3,336 900,417
Notes, Series F 10.000 01/01/27 BRL 5,390 1,494,647
     
 
Brazil Notas do Tesouro Nacional Serie B,
Notes 		6.000 08/15/30 BRL 333 97,968
Brazilian Government International Bond,
Sr. Unsec’d. Notes 		8.500 01/05/24 BRL 54 13,917
          3,582,624
Chile 2.4%
Bonos de la Tesoreria de la Republica en pesos,          
Bonds 4.500 03/01/26 CLP 655,000 888,129
Bonds 5.000 03/01/35 CLP 120,000 174,205
Bonds, Series 30YR 6.000 01/01/43 CLP 255,000 429,510
Unsec’d. Notes, 144A 4.000 03/01/23 CLP 250,000 327,715
          1,819,559
1
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
China 0.9%
China Government Bond,          
Bonds, Series 1906 3.290 % 05/23/29 CNH 3,000  $ 436,857
Unsec’d. Notes, Series 1910 3.860 07/22/49 CNH 1,470 220,010
          656,867
Colombia 4.2%
Colombian TES,          
Bonds, Series B 6.000 04/28/28 COP 5,781,000 1,726,012
Bonds, Series B 6.250 11/26/25 COP 500,000 152,514
Bonds, Series B 7.000 06/30/32 COP 2,487,600 788,265
Bonds, Series B 7.250 10/18/34 COP 829,000 266,773
Bonds, Series B 7.500 08/26/26 COP 500,000 162,300
Bonds, Series B 7.750 09/18/30 COP 500,000 167,717
          3,263,581
Czech Republic 1.9%
Czech Republic Government Bond,          
Bonds, Series 049 4.200 12/04/36 CZK 3,500 212,455
Bonds, Series 053 4.850 11/26/57 CZK 3,740 275,943
Bonds, Series 094 0.950 05/15/30 CZK 5,600 232,895
Bonds, Series 100 0.250 02/10/27 CZK 4,300 173,456
Bonds, Series 15YR 2.000 10/13/33 CZK 11,920 558,585
          1,453,334
Dominican Republic 0.5%
Dominican Republic International Bond,          
Sr. Unsec’d. Notes 5.875 04/18/24   250 268,468
Sr. Unsec’d. Notes 9.750 06/05/26 DOP 8,000 152,623
          421,091
Ecuador 0.3%
Ecuador Government International Bond,
Sr. Unsec’d. Notes 		10.750 03/28/22   260 257,645
2
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
Egypt 0.4%
Egypt Government International Bond,          
Sr. Unsec’d. Notes, 144A, EMTN 4.750 % 04/11/25 EUR 175  $ 209,301
Sr. Unsec’d. Notes, EMTN 4.750 04/11/25 EUR 100 119,601
          328,902
El Salvador 0.2%
El Salvador Government International Bond,
Sr. Unsec’d. Notes 		7.750 01/24/23   125 138,406
Gabon 0.3%
Gabon Government International Bond,
Bonds 		6.375 12/12/24   200 215,000
Ghana 0.3%
Ghana Government International Bond,
Sr. Unsec’d. Notes 		7.875 08/07/23   200 223,790
Greece 0.3%
Hellenic Republic Government Bond,
Bonds 		3.500 01/30/23 EUR 165 200,971
Hungary 3.2%
Hungary Government Bond,          
Bonds, Series 24/C 2.500 10/24/24 HUF 40,000 140,569
Bonds, Series 25/B 5.500 06/24/25 HUF 329,280 1,327,222
Bonds, Series 26/D 2.750 12/22/26 HUF 50,000 177,626
Bonds, Series 27/A 3.000 10/27/27 HUF 42,680 153,913
Bonds, Series 28/A 6.750 10/22/28 HUF 121,680 559,217
Bonds, Series 38/A 3.000 10/27/38 HUF 21,890 75,433
          2,433,980
Indonesia 9.0%
Indonesia Treasury Bond,          
Sr. Unsec’d. Notes, Series 056 8.375 09/15/26 IDR 15,591,000 1,254,737
Sr. Unsec’d. Notes, Series 059 7.000 05/15/27 IDR 7,765,000 580,541
Sr. Unsec’d. Notes, Series 063 5.625 05/15/23 IDR 2,250,000 164,478
Sr. Unsec’d. Notes, Series 065 6.625 05/15/33 IDR 8,200,000 565,468
Sr. Unsec’d. Notes, Series 068 8.375 03/15/34 IDR 8,950,000 718,620
Sr. Unsec’d. Notes, Series 070 8.375 03/15/24 IDR 7,910,000 629,032
3
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
Indonesia (cont’d.)
Indonesia Treasury Bond, (cont’d.)          
Sr. Unsec’d. Notes, Series 071 9.000 % 03/15/29 IDR 7,310,000  $ 613,370
Sr. Unsec’d. Notes, Series 072 8.250 05/15/36 IDR 10,260,000 808,698
Sr. Unsec’d. Notes, Series 073 8.750 05/15/31 IDR 6,505,000 540,716
Sr. Unsec’d. Notes, Series 077 8.125 05/15/24 IDR 3,500,000 276,401
Sr. Unsec’d. Notes, Series 078 8.250 05/15/29 IDR 7,600,000 612,344
Sr. Unsec’d. Notes, Series 079 8.375 04/15/39 IDR 2,520,000 201,107
          6,965,512
Iraq 0.4%
Iraq International Bond,
Sr. Unsec’d. Notes 		6.752 03/09/23   280 282,269
Ivory Coast 0.4%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes 		5.125 06/15/25 EUR 265 327,139
Kenya 0.3%
Kenya Government International Bond,
Sr. Unsec’d. Notes 		6.875 06/24/24   200 216,933
Malaysia 5.4%
Malaysia Government Bond,          
Sr. Unsec’d. Notes 3.955 09/15/25 MYR 1,150 294,083
Sr. Unsec’d. Notes, Series 116 3.800 08/17/23 MYR 2,000 501,678
Sr. Unsec’d. Notes, Series 118 3.882 03/14/25 MYR 1,977 501,460
Sr. Unsec’d. Notes, Series 217 4.059 09/30/24 MYR 335 85,423
Sr. Unsec’d. Notes, Series 311 4.392 04/15/26 MYR 285 74,609
Sr. Unsec’d. Notes, Series 313 3.480 03/15/23 MYR 1,100 273,193
Sr. Unsec’d. Notes, Series 316 3.900 11/30/26 MYR 3,070 784,494
Sr. Unsec’d. Notes, Series 317 4.762 04/07/37 MYR 500 143,447
Sr. Unsec’d. Notes, Series 411 4.232 06/30/31 MYR 1,770 470,559
Sr. Unsec’d. Notes, Series 413 3.844 04/15/33 MYR 140 36,101
Sr. Unsec’d. Notes, Series 417 3.899 11/16/27 MYR 1,370 351,928
Sr. Unsec’d. Notes, Series 513 3.733 06/15/28 MYR 730 185,735
Sr. Unsec’d. Notes, Series 518 4.921 07/06/48 MYR 895 262,653
     
 
Malaysia Government Investment Issue,
Sr. Unsec’d. Notes, Series 617 		4.724 06/15/33 MYR 600 167,838
          4,133,201
4
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
Mexico 5.9%
Mexican Bonos,          
Bonds, Series M 8.000 % 11/07/47 MXN 16,410  $ 982,041
Bonds, Series M 7.750 05/29/31 MXN 7,800 447,898
Bonds, Series M20 7.500 06/03/27 MXN 34,595 1,928,352
Bonds, Series M20 10.000 12/05/24 MXN 5,300 320,887
Bonds, Series M30 10.000 11/20/36 MXN 9,600 669,632
Sr. Unsec’d. Notes, Series M30 8.500 11/18/38 MXN 3,700 228,786
          4,577,596
Mongolia 0.3%
Mongolia Government International Bond,
Sr. Unsec’d. Notes, EMTN 		5.125 12/05/22   230 233,185
Pakistan 0.5%
Third Pakistan International Sukuk Co. Ltd. (The),
Sr. Unsec’d. Notes, 144A 		5.625 12/05/22   400 413,188
Peru 4.2%
Peru Government Bond,          
Bonds 6.950 08/12/31 PEN 190 69,047
Sr. Unsec’d. Notes, 144A 5.350 08/12/40 PEN 1,000 308,330
Sr. Unsec’d. Notes, 144A 5.940 02/12/29 PEN 200 67,912
Sr. Unsec’d. Notes, 144A 6.150 08/12/32 PEN 2,180 746,071
Peruvian Government International Bond,          
Sr. Unsec’d. Notes 6.900 08/12/37 PEN 871 317,529
Sr. Unsec’d. Notes 6.950 08/12/31 PEN 2,388 865,251
Sr. Unsec’d. Notes 8.200 08/12/26 PEN 1,797 679,069
Unsec’d. Notes 5.700 08/12/24 PEN 500 165,931
          3,219,140
Philippines 0.1%
Philippine Government Bond,
Sr. Unsec’d. Notes, Series 1060 		3.625 09/09/25 PHP 5,600 105,816
Poland 4.8%
Republic of Poland Government Bond,          
Bonds, Series 0725 3.250 07/25/25 PLN 4,640 1,281,391
Bonds, Series 0726 2.500 07/25/26 PLN 6,710 1,783,556
Bonds, Series 0727 2.500 07/25/27 PLN 850 225,727
5
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
Poland (cont’d.)
Republic of Poland Government Bond, (cont’d.)          
Bonds, Series 1024 2.250 % 10/25/24 PLN 1,000  $ 263,466
Bonds, Series 1029 2.750 10/25/29 PLN 500 136,025
          3,690,165
Romania 1.8%
Romania Government Bond,          
Bonds, Series 05YR 4.250 06/28/23 RON 3,770 889,969
Bonds, Series 07YR 3.250 04/29/24 RON 750 170,504
Bonds, Series 10YR 5.850 04/26/23 RON 960 237,381
Bonds, Series 15YR 3.650 09/24/31 RON 590 126,575
          1,424,429
Russia 5.3%
Russian Federal Bond - OFZ,          
Bonds, Series 6218 8.500 09/17/31 RUB 14,092 262,020
Bonds, Series 6219 7.750 09/16/26 RUB 41,750 715,342
Bonds, Series 6221 7.700 03/23/33 RUB 27,090 477,306
Bonds, Series 6224 6.900 05/23/29 RUB 15,100 249,578
Bonds, Series 6226 7.950 10/07/26 RUB 55,170 954,099
Bonds, Series 6228 7.650 04/10/30 RUB 28,800 500,175
Bonds, Series 6229 7.150 11/12/25 RUB 25,700 425,838
Bonds, Series 6230 7.700 03/16/39 RUB 27,200 486,447
          4,070,805
South Africa 12.5%
Republic of South Africa Government Bond,          
Sr. Unsec’d. Notes, Series 2023 7.750 02/28/23 ZAR 1,500 102,907
Sr. Unsec’d. Notes, Series 2030 8.000 01/31/30 ZAR 2,300 143,560
Sr. Unsec’d. Notes, Series 2032 8.250 03/31/32 ZAR 30,600 1,872,138
Sr. Unsec’d. Notes, Series 2035 8.875 02/28/35 ZAR 2,490 155,065
Sr. Unsec’d. Notes, Series 2037 8.500 01/31/37 ZAR 12,850 758,001
Sr. Unsec’d. Notes, Series 2040 9.000 01/31/40 ZAR 10,450 635,557
Sr. Unsec’d. Notes, Series 2044 8.750 01/31/44 ZAR 10,485 613,316
Sr. Unsec’d. Notes, Series 2048 8.750 02/28/48 ZAR 12,075 703,514
Sr. Unsec’d. Notes, Series R186 10.500 12/21/26 ZAR 44,648 3,358,277
Sr. Unsec’d. Notes, Series R209 6.250 03/31/36 ZAR 5,080 242,508
6
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
South Africa (cont’d.)
Republic of South Africa Government Bond, (cont’d.)          
Sr. Unsec’d. Notes, Series R213 7.000 % 02/28/31 ZAR 7,830  $ 443,363
Sr. Unsec’d. Notes, Series R214 6.500 02/28/41 ZAR 12,800 595,405
          9,623,611
Sri Lanka 0.5%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes 		6.250 07/27/21   400 409,064
Thailand 7.0%
Thailand Government Bond,          
Sr. Unsec’d. Notes 2.125 12/17/26 THB 27,820 946,658
Sr. Unsec’d. Notes 2.875 12/17/28 THB 24,740 898,762
Sr. Unsec’d. Notes 2.875 06/17/46 THB 3,150 119,410
Sr. Unsec’d. Notes 3.300 06/17/38 THB 6,300 254,659
Sr. Unsec’d. Notes 3.400 06/17/36 THB 28,850 1,163,668
Sr. Unsec’d. Notes 3.625 06/16/23 THB 8,530 296,179
Sr. Unsec’d. Notes 3.650 06/20/31 THB 19,600 774,524
Sr. Unsec’d. Notes 3.775 06/25/32 THB 8,200 331,242
Sr. Unsec’d. Notes 4.875 06/22/29 THB 15,170 638,744
          5,423,846
Turkey 4.3%
Export Credit Bank of Turkey,          
Sr. Unsec’d. Notes 4.250 09/18/22   250 252,537
Sr. Unsec’d. Notes 8.250 01/24/24   220 245,644
Turkey Government Bond,          
Bonds 8.500 09/14/22 TRY 1,900 307,561
Bonds 8.800 09/27/23 TRY 500 80,399
Bonds 9.000 07/24/24 TRY 2,700 437,125
Bonds 9.200 09/22/21 TRY 1,545 255,234
Bonds 10.500 08/11/27 TRY 2,200 378,958
Bonds 10.600 02/11/26 TRY 2,800 481,946
Bonds 11.000 03/02/22 TRY 1,500 255,558
Bonds 12.200 01/18/23 TRY 2,315 408,597
Bonds 12.400 03/08/28 TRY 1,000 190,215
          3,293,774
7
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
Ukraine 1.2%
Ukraine Government International Bond,          
Bonds 15.879 %(s) 04/01/20 UAH 5,330  $ 209,084
Bonds 16.000 08/11/21 UAH 500 21,419
Bonds 16.750 06/02/21 UAH 1,228 52,622
Bonds 17.000 05/11/22 UAH 500 22,441
Bonds 18.000 03/24/21 UAH 604 25,888
Bonds, 144A 11.670 11/22/23 UAH 2,414 101,785
Sr. Unsec’d. Notes 7.750 09/01/22   325 353,204
Unsec’d. Notes, 144A 15.360 09/29/21 UAH 2,070 88,384
Unsec’d. Notes, 144A 17.250 01/05/22 UAH 1,328 59,062
          933,889
Uruguay 0.2%
Uruguay Government International Bond,          
Sr. Unsec’d. Notes 9.875 06/20/22 UYU 3,260 86,068
Sr. Unsec’d. Notes, 144A 8.500 03/15/28 UYU 1,870 44,164
          130,232
     
 
Total Sovereign Bonds
(cost $63,887,394) 		65,143,152
Corporate Bonds 8.2%
Bahrain 0.3%
Oil and Gas Holding Co. BSCC (The),
Sr. Unsec’d. Notes 		7.625 11/07/24   200 234,318
Belarus 0.3%
Development Bank of the Republic of Belarus JSC,
Sr. Unsec’d. Notes, 144A 		6.750 05/02/24   200 213,646
Brazil 0.3%
Petrobras Global Finance BV,
Gtd. Notes 		8.750 05/23/26   165 215,804
Indonesia 0.3%
Saka Energi Indonesia PT,
Sr. Unsec’d. Notes 		4.450 05/05/24   225 228,298
8
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Jamaica 0.2%
Digicel Ltd.,
Gtd. Notes 		6.750 % 03/01/23   235  $ 151,384
Kazakhstan 0.4%
KazMunayGas National Co. JSC,
Sr. Unsec’d. Notes 		4.750 04/24/25   260 287,119
Mexico 1.8%
America Movil SAB de CV,
Sr. Unsec’d. Notes 		6.450 12/05/22 MXN 14,250 732,016
Petroleos Mexicanos,          
Gtd. Notes, 144A 6.490 01/23/27   55 59,738
Gtd. Notes, 144A 7.650 11/24/21 MXN 4,120 215,567
Gtd. Notes, GMTN 6.875 08/04/26   315 355,077
          1,362,398
Oman 0.2%
Lamar Funding Ltd.,
Gtd. Notes 		3.958 05/07/25   200 198,240
Russia 2.8%
Gazprom Capital OOO,          
Gtd. Notes, Series BO03 7.150(cc) 02/15/28 RUB 90,000 1,429,035
Gtd. Notes, Series BO05 8.900(cc) 02/03/27 RUB 42,000 710,059
          2,139,094
South Africa 0.2%
Eskom Holdings SOC Ltd.,
Sr. Unsec’d. Notes, 144A, MTN 		6.750 08/06/23   200 202,466
Supranational Bank 1.0%
European Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, GMTN 		6.450 12/13/22 IDR 7,500,000 560,923
International Bank for Reconstruction & Development,
Sr. Unsec’d. Notes, EMTN 		7.450 08/20/21 IDR 2,500,000 187,781
          748,704
9
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Description InterestRate MaturityDate Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Tunisia 0.4%
Banque Centrale de Tunisie International Bond,          
Sr. Unsec’d. Notes 5.625 % 02/17/24 EUR 180  $ 198,216
Sr. Unsec’d. Notes 6.750 10/31/23 EUR 100 114,792
          313,008
     
 
Total Corporate Bonds
(cost $6,251,377) 		6,294,479
 
Total Long-Term Investments
(cost $70,138,771) 		71,437,631
    
      Shares  
Short-Term Investment 5.5%
Affiliated Mutual Fund 
PGIM Core Ultra Short Bond Fund
(cost $4,199,755)(w) 		    4,199,755 4,199,755
 
TOTAL INVESTMENTS 98.2%
(cost $74,338,526) 		75,637,386
Other assets in excess of liabilities(z) 1.8% 1,408,443
 
Net Assets 100.0% $ 77,045,829
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  AUD—Australian Dollar
  BRL—Brazilian Real
  CAD—Canadian Dollar
  CLP—Chilean Peso
  CNH—Chinese Renminbi
  COP—Colombian Peso
  CZK—Czech Koruna
  DOP—Dominican Peso
  EGP—Egyptian Pound
  EUR—Euro
  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
10
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
  NZD—New Zealand Dollar
  PEN—Peruvian Nuevo Sol
  PHP—Philippine Peso
  PLN—Polish Zloty
  RON—Romanian Leu
  RUB—Russian Ruble
  SGD—Singapore Dollar
  THB—Thai Baht
  TRY—Turkish Lira
  TWD—New Taiwanese Dollar
  UAH—Ukraine Hryvna
  USD—US Dollar
  UYU—Uruguayan Peso
  ZAR—South African Rand
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  A—Annual payment frequency for swaps
  BROIS—Brazil Overnight Index Swap
  COOIS—Colombia Overnight Interbank Reference Rate
  EMTN—Euro Medium Term Note
  GMTN—Global Medium Term Note
  JIBAR—Johannesburg Interbank Agreed Rate
  KLIBOR—Kuala Lumpur Interbank Offered Rate
  KWCDC—Korean Won Certificate of Deposit
  M—Monthly payment frequency for swaps
  MTN—Medium Term Note
  OFZ—Obligatsyi Federal’novo Zaima (Federal Loan Obligations)
  OTC—Over-the-counter
  PRIBOR—Prague Interbank Offered Rate
  Q—Quarterly payment frequency for swaps
  S—Semiannual payment frequency for swaps
  T—Swap payment upon termination
  WIBOR—Warsaw Interbank Offered Rate
    
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(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 Series, also serves as manager of the PGIM Core Ultra Short Bond Fund.
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Forward foreign currency exchange contracts outstanding at January 31, 2020:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 04/17/20   Barclays Bank PLC   AUD 512    $ 351,883    $ 342,924    $ —    $ (8,959)
11
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 04/17/20   Barclays Bank PLC   AUD 266    $ 183,932    $ 178,226    $ —    $ (5,706)
Brazilian Real,
Expiring 02/04/20   Barclays Bank PLC   BRL 315   76,990   73,449   —   (3,541)
Expiring 02/04/20   Barclays Bank PLC   BRL 247   59,701   57,753   —   (1,948)
Expiring 02/04/20   Citibank, N.A.   BRL 1,863   441,595   434,824   —   (6,771)
Expiring 02/04/20   Citibank, N.A.   BRL 1,366   339,639   318,970   —   (20,669)
Expiring 02/04/20   Citibank, N.A.   BRL 775   186,503   180,935   —   (5,568)
Expiring 02/04/20   Citibank, N.A.   BRL 692   166,350   161,523   —   (4,827)
Expiring 02/04/20   Citibank, N.A.   BRL 580   139,723   135,320   —   (4,403)
Expiring 02/04/20   Citibank, N.A.   BRL 342   81,601   79,727   —   (1,874)
Expiring 02/04/20   Citibank, N.A.   BRL 309   73,985   72,132   —   (1,853)
Expiring 02/04/20   Citibank, N.A.   BRL 244   58,209   56,913   —   (1,296)
Expiring 02/04/20   Citibank, N.A.   BRL 130   30,947   30,355   —   (592)
Expiring 02/04/20   Citibank, N.A.   BRL 100   24,462   23,344   —   (1,118)
Expiring 02/04/20   Goldman Sachs International   BRL 633   151,300   147,857   —   (3,443)
Expiring 02/04/20   HSBC Bank USA, N.A.   BRL 1,534   361,310   358,013   —   (3,297)
Expiring 02/04/20   HSBC Bank USA, N.A.   BRL 765   184,641   178,603   —   (6,038)
Expiring 02/04/20   JPMorgan Chase Bank, N.A.   BRL 783   187,484   182,837   —   (4,647)
Expiring 02/04/20   JPMorgan Chase Bank, N.A.   BRL 736   182,000   171,923   —   (10,077)
Expiring 02/04/20   Morgan Stanley & Co. International PLC   BRL 10,532   2,497,897   2,458,720   —   (39,177)
Expiring 02/04/20   Morgan Stanley & Co. International PLC   BRL 808   193,339   188,546   —   (4,793)
Expiring 03/03/20   Citibank, N.A.   BRL 18,391   4,389,352   4,286,835   —   (102,517)
Expiring 03/03/20   Citibank, N.A.   BRL 205   48,511   47,844   —   (667)
Expiring 03/03/20   JPMorgan Chase Bank, N.A.   BRL 1,165   271,912   271,469   —   (443)
Expiring 03/03/20   Morgan Stanley & Co. International PLC   BRL 552   129,000   128,567   —   (433)
Canadian Dollar,
Expiring 04/17/20   Morgan Stanley & Co. International PLC   CAD 223   168,300   168,288   —   (12)
Chilean Peso,
Expiring 03/18/20   Barclays Bank PLC   CLP 80,093   101,000   100,016   —   (984)
Expiring 03/18/20   Barclays Bank PLC   CLP 77,477   99,000   96,750   —   (2,250)
Expiring 03/18/20   BNP Paribas S.A.   CLP 115,758   149,000   144,553   —   (4,447)
Expiring 03/18/20   BNP Paribas S.A.   CLP 73,565   95,370   91,864   —   (3,506)
Expiring 03/18/20   Citibank, N.A.   CLP 277,429   346,000   346,439   439   —
12
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 03/18/20   Goldman Sachs International   CLP 111,086    $ 143,245    $ 138,719    $ —    $ (4,526)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   CLP 80,180   100,000   100,125   125   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   CLP 138,815   175,000   173,345   —   (1,655)
Chinese Renminbi,
Expiring 02/14/20   Bank of America, N.A.   CNH 258   36,561   36,876   315   —
Expiring 02/14/20   BNP Paribas S.A.   CNH 4,104   578,439   585,977   7,538   —
Expiring 02/14/20   Citibank, N.A.   CNH 1,928   275,000   275,354   354   —
Expiring 02/14/20   Citibank, N.A.   CNH 1,807   257,550   258,059   509   —
Expiring 02/14/20   Citibank, N.A.   CNH 1,175   166,000   167,765   1,765   —
Expiring 02/14/20   HSBC Bank USA, N.A.   CNH 5,905   841,700   843,222   1,522   —
Expiring 02/14/20   HSBC Bank USA, N.A.   CNH 1,259   179,505   179,742   237   —
Expiring 02/14/20   HSBC Bank USA, N.A.   CNH 466   65,904   66,564   660   —
Expiring 02/14/20   JPMorgan Chase Bank, N.A.   CNH 1,517   215,000   216,619   1,619   —
Expiring 02/14/20   JPMorgan Chase Bank, N.A.   CNH 1,267   180,065   180,862   797   —
Expiring 02/14/20   Morgan Stanley & Co. International PLC   CNH 335   48,756   47,831   —   (925)
Expiring 02/14/20   UBS AG   CNH 2,504   357,692   357,593   —   (99)
Expiring 02/14/20   UBS AG   CNH 1,759   250,400   251,170   770   —
Expiring 05/14/21   Citibank, N.A.   CNH 4,640   664,965   654,281   —   (10,684)
Colombian Peso,
Expiring 03/18/20   Barclays Bank PLC   COP 415,883   127,000   121,250   —   (5,750)
Expiring 03/18/20   Barclays Bank PLC   COP 368,080   107,000   107,313   313   —
Expiring 03/18/20   Barclays Bank PLC   COP 339,973   103,399   99,119   —   (4,280)
Expiring 03/18/20   Barclays Bank PLC   COP 305,014   91,125   88,926   —   (2,199)
Expiring 03/18/20   Barclays Bank PLC   COP 135,499   41,353   39,505   —   (1,848)
Expiring 03/18/20   BNP Paribas S.A.   COP 738,497   208,145   215,308   7,163   —
Expiring 03/18/20   BNP Paribas S.A.   COP 412,928   117,000   120,389   3,389   —
Expiring 03/18/20   BNP Paribas S.A.   COP 264,708   76,000   77,175   1,175   —
Expiring 03/18/20   BNP Paribas S.A.   COP 199,539   61,152   58,175   —   (2,977)
Expiring 03/18/20   Citibank, N.A.   COP 386,514   117,000   112,688   —   (4,312)
Expiring 03/18/20   Citibank, N.A.   COP 172,267   52,004   50,224   —   (1,780)
Expiring 03/18/20   Goldman Sachs International   COP 981,440   291,800   286,137   —   (5,663)
Expiring 03/18/20   HSBC Bank USA, N.A.   COP 258,018   78,848   75,225   —   (3,623)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   COP 149,471   43,571   43,578   7   —
13
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 03/18/20   Morgan Stanley & Co. International PLC   COP 367,274    $ 106,000    $ 107,078    $ 1,078    $ —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   COP 186,298   55,101   54,315   —   (786)
Expiring 03/18/20   UBS AG   COP 625,967   186,760   182,500   —   (4,260)
Czech Koruna,
Expiring 04/15/20   Barclays Bank PLC   CZK 53,391   2,351,067   2,347,777   —   (3,290)
Expiring 04/15/20   BNP Paribas S.A.   CZK 716   31,619   31,464   —   (155)
Expiring 04/15/20   Citibank, N.A.   CZK 1,064   46,876   46,783   —   (93)
Expiring 04/15/20   HSBC Bank USA, N.A.   CZK 6,635   292,002   291,769   —   (233)
Expiring 04/15/20   HSBC Bank USA, N.A.   CZK 6,624   292,000   291,288   —   (712)
Expiring 04/15/20   Morgan Stanley & Co. International PLC   CZK 2,395   106,000   105,308   —   (692)
Expiring 04/15/20   Morgan Stanley & Co. International PLC   CZK 1,490   65,730   65,529   —   (201)
Egyptian Pound,
Expiring 03/18/20   Citibank, N.A.   EGP 3,589   216,496   223,753   7,257   —
Expiring 03/18/20   Citibank, N.A.   EGP 422   26,349   26,320   —   (29)
Expiring 04/16/20   Citibank, N.A.   EGP 3,893   241,827   240,754   —   (1,073)
Expiring 04/16/20   Citibank, N.A.   EGP 436   27,067   26,984   —   (83)
Expiring 06/17/20   Citibank, N.A.   EGP 628   38,396   38,211   —   (185)
Euro,
Expiring 04/15/20   Citibank, N.A.   EUR 1,674   1,872,548   1,865,278   —   (7,270)
Expiring 04/15/20   Citibank, N.A.   EUR 167   187,488   186,238   —   (1,250)
Expiring 04/15/20   Citibank, N.A.   EUR 30   33,640   33,671   31   —
Expiring 04/15/20   Morgan Stanley & Co. International PLC   EUR 50   55,615   55,557   —   (58)
Expiring 04/15/20   Morgan Stanley & Co. International PLC   EUR 41   44,825   45,137   312   —
Hungarian Forint,
Expiring 04/15/20   Citibank, N.A.   HUF 9,776   32,339   32,231   —   (108)
Expiring 04/15/20   Goldman Sachs International   HUF 43,147   142,000   142,257   257   —
Expiring 04/15/20   HSBC Bank USA, N.A.   HUF 22,287   74,942   73,481   —   (1,461)
Expiring 04/15/20   JPMorgan Chase Bank, N.A.   HUF 15,451   51,908   50,943   —   (965)
Indian Rupee,
Expiring 03/18/20   Barclays Bank PLC   INR 14,872   208,000   206,511   —   (1,489)
Expiring 03/18/20   Citibank, N.A.   INR 4,654   64,878   64,624   —   (254)
Expiring 03/18/20   HSBC Bank USA, N.A.   INR 8,450   117,837   117,335   —   (502)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   INR 24,717   339,558   343,219   3,661   —
14
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   INR 15,615    $ 218,000    $ 216,830    $ —    $ (1,170)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   INR 12,959   180,148   179,944   —   (204)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   INR 24,516   343,000   340,421   —   (2,579)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   INR 24,285   341,000   337,216   —   (3,784)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   INR 21,004   294,179   291,653   —   (2,526)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   INR 19,458   272,529   270,193   —   (2,336)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   INR 13,054   181,108   181,258   150   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   INR 12,807   178,846   177,836   —   (1,010)
Indonesian Rupiah,
Expiring 03/18/20   Barclays Bank PLC   IDR 3,936,898   280,000   283,667   3,667   —
Expiring 03/18/20   Barclays Bank PLC   IDR 1,276,007   93,184   91,941   —   (1,243)
Expiring 03/18/20   Citibank, N.A.   IDR 3,367,986   246,000   242,675   —   (3,325)
Expiring 03/18/20   Citibank, N.A.   IDR 1,026,095   74,634   73,934   —   (700)
Expiring 03/18/20   Citibank, N.A.   IDR 758,270   54,895   54,636   —   (259)
Expiring 03/18/20   Citibank, N.A.   IDR 546,942   39,828   39,409   —   (419)
Expiring 03/18/20   Goldman Sachs International   IDR 1,333,511   95,902   96,084   182   —
Expiring 03/18/20   HSBC Bank USA, N.A.   IDR 2,516,799   183,000   181,344   —   (1,656)
Expiring 03/18/20   HSBC Bank USA, N.A.   IDR 1,422,290   99,621   102,481   2,860   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   IDR 4,201,380   306,000   302,724   —   (3,276)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   IDR 3,451,786   251,112   248,713   —   (2,399)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   IDR 801,826   58,750   57,774   —   (976)
Israeli Shekel,
Expiring 03/18/20   BNP Paribas S.A.   ILS 2,245   651,543   651,930   387   —
Expiring 03/18/20   Citibank, N.A.   ILS 917   266,000   266,184   184   —
Japanese Yen,
Expiring 04/15/20   Barclays Bank PLC   JPY 20,384   186,503   188,908   2,405   —
Expiring 04/15/20   HSBC Bank USA, N.A.   JPY 53,248   487,114   493,479   6,365   —
Malaysian Ringgit,
Expiring 03/18/20   Barclays Bank PLC   MYR 363   89,423   88,267   —   (1,156)
Expiring 03/18/20   Barclays Bank PLC   MYR 219   53,883   53,348   —   (535)
15
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Malaysian Ringgit (cont’d.),
Expiring 03/18/20   Barclays Bank PLC   MYR 166    $ 40,527    $ 40,302    $ —    $ (225)
Expiring 03/18/20   Barclays Bank PLC   MYR 142   34,850   34,488   —   (362)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   MYR 188   46,238   45,691   —   (547)
Mexican Peso,
Expiring 03/18/20   Barclays Bank PLC   MXN 3,449   176,991   181,245   4,254   —
Expiring 03/18/20   BNP Paribas S.A.   MXN 1,718   90,435   90,268   —   (167)
Expiring 03/18/20   BNP Paribas S.A.   MXN 854   45,283   44,902   —   (381)
Expiring 03/18/20   Citibank, N.A.   MXN 2,144   113,803   112,648   —   (1,155)
Expiring 03/18/20   Citibank, N.A.   MXN 1,648   83,260   86,609   3,349   —
Expiring 03/18/20   Citibank, N.A.   MXN 1,110   58,505   58,335   —   (170)
Expiring 03/18/20   Goldman Sachs International   MXN 4,032   211,428   211,872   444   —
Expiring 03/18/20   HSBC Bank USA, N.A.   MXN 4,224   216,807   221,985   5,178   —
Expiring 03/18/20   HSBC Bank USA, N.A.   MXN 3,573   186,000   187,743   1,743   —
Expiring 03/18/20   HSBC Bank USA, N.A.   MXN 3,352   174,705   176,136   1,431   —
Expiring 03/18/20   HSBC Bank USA, N.A.   MXN 2,284   120,171   120,020   —   (151)
Expiring 03/18/20   HSBC Bank USA, N.A.   MXN 1,136   59,979   59,715   —   (264)
Expiring 03/18/20   HSBC Bank USA, N.A.   MXN 1,134   59,750   59,572   —   (178)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   MXN 3,457   181,283   181,665   382   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   MXN 8,482   446,000   445,743   —   (257)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   MXN 1,244   65,881   65,366   —   (515)
Expiring 03/18/20   The Toronto-Dominion Bank   MXN 44,435   2,241,560   2,335,077   93,517   —
Expiring 03/18/20   The Toronto-Dominion Bank   MXN 467   23,987   24,553   566   —
New Taiwanese Dollar,
Expiring 03/18/20   BNP Paribas S.A.   TWD 11,023   364,000   363,709   —   (291)
Expiring 03/18/20   Credit Suisse International   TWD 19,797   654,000   653,218   —   (782)
Expiring 03/18/20   HSBC Bank USA, N.A.   TWD 16,707   552,000   551,285   —   (715)
Expiring 03/18/20   The Toronto-Dominion Bank   TWD 10,979   363,000   362,272   —   (728)
Expiring 03/18/20   UBS AG   TWD 581   19,189   19,163   —   (26)
Peruvian Nuevo Sol,
Expiring 03/18/20   BNP Paribas S.A.   PEN 482   144,000   142,106   —   (1,894)
Expiring 03/18/20   Citibank, N.A.   PEN 592   174,000   174,383   383   —
Expiring 03/18/20   Citibank, N.A.   PEN 497   148,000   146,502   —   (1,498)
Expiring 03/18/20   Citibank, N.A.   PEN 465   139,000   137,212   —   (1,788)
16
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 03/18/20   Citibank, N.A.   PEN 282    $ 84,788    $ 83,178    $ —    $ (1,610)
Expiring 03/18/20   Citibank, N.A.   PEN 143   43,090   42,294   —   (796)
Expiring 03/18/20   Goldman Sachs International   PEN 768   228,000   226,271   —   (1,729)
Expiring 03/18/20   Goldman Sachs International   PEN 613   180,000   180,603   603   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   PEN 469   138,810   138,269   —   (541)
Philippine Peso,
Expiring 03/18/20   Barclays Bank PLC   PHP 7,025   138,000   137,378   —   (622)
Expiring 03/18/20   HSBC Bank USA, N.A.   PHP 14,833   291,000   290,077   —   (923)
Expiring 03/18/20   HSBC Bank USA, N.A.   PHP 14,233   278,000   278,332   332   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   PHP 13,434   265,000   262,708   —   (2,292)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   PHP 7,882   155,000   154,137   —   (863)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   PHP 7,633   150,000   149,265   —   (735)
Polish Zloty,
Expiring 04/15/20   Barclays Bank PLC   PLN 14,598   3,828,881   3,769,188   —   (59,693)
Expiring 04/15/20   BNP Paribas S.A.   PLN 239   63,059   61,776   —   (1,283)
Expiring 04/15/20   BNP Paribas S.A.   PLN 140   36,848   36,238   —   (610)
Expiring 04/15/20   Citibank, N.A.   PLN 330   86,115   85,089   —   (1,026)
Expiring 04/15/20   HSBC Bank USA, N.A.   PLN 220   58,070   56,804   —   (1,266)
Expiring 04/15/20   JPMorgan Chase Bank, N.A.   PLN 241   62,154   62,221   67   —
Expiring 04/15/20   Morgan Stanley & Co. International PLC   PLN 188   48,424   48,550   126   —
Romanian Leu,
Expiring 04/15/20   HSBC Bank USA, N.A.   RON 251   57,794   58,072   278   —
Expiring 04/15/20   UBS AG   RON 832   193,156   192,718   —   (438)
Russian Ruble,
Expiring 03/18/20   Barclays Bank PLC   RUB 8,577   136,000   133,472   —   (2,528)
Expiring 03/18/20   Barclays Bank PLC   RUB 5,704   92,320   88,754   —   (3,566)
Expiring 03/18/20   Barclays Bank PLC   RUB 5,361   86,597   83,417   —   (3,180)
Expiring 03/18/20   Citibank, N.A.   RUB 7,428   114,096   115,592   1,496   —
Expiring 03/18/20   Citibank, N.A.   RUB 4,618   74,452   71,860   —   (2,592)
Expiring 03/18/20   Citibank, N.A.   RUB 4,203   67,909   65,397   —   (2,512)
Expiring 03/18/20   Citibank, N.A.   RUB 3,699   60,106   57,566   —   (2,540)
Expiring 03/18/20   Citibank, N.A.   RUB 2,980   47,873   46,370   —   (1,503)
Expiring 03/18/20   Citibank, N.A.   RUB 1,944   31,158   30,257   —   (901)
17
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 03/18/20   Goldman Sachs International   RUB 45,329    $ 698,342    $ 705,371    $ 7,029    $ —
Expiring 03/18/20   Goldman Sachs International   RUB 41,842   644,713   651,112   6,399   —
Expiring 03/18/20   HSBC Bank USA, N.A.   RUB 10,493   163,200   163,291   91   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   RUB 23,753   375,000   369,619   —   (5,381)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   RUB 15,825   250,000   246,257   —   (3,743)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   RUB 14,603   224,700   227,245   2,545   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   RUB 11,324   179,505   176,217   —   (3,288)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   RUB 46,527   718,114   724,012   5,898   —
Singapore Dollar,
Expiring 03/18/20   Bank of America, N.A.   SGD 467   347,124   342,480   —   (4,644)
Expiring 03/18/20   Barclays Bank PLC   SGD 486   359,010   356,180   —   (2,830)
Expiring 03/18/20   Barclays Bank PLC   SGD 246   182,882   180,661   —   (2,221)
Expiring 03/18/20   BNP Paribas S.A.   SGD 372   276,000   272,745   —   (3,255)
Expiring 03/18/20   Citibank, N.A.   SGD 80   58,987   58,311   —   (676)
Expiring 03/18/20   HSBC Bank USA, N.A.   SGD 3,298   2,419,571   2,416,860   —   (2,711)
Expiring 03/18/20   HSBC Bank USA, N.A.   SGD 356   262,434   260,608   —   (1,826)
Expiring 03/18/20   HSBC Bank USA, N.A.   SGD 131   96,573   95,900   —   (673)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   SGD 110   81,429   80,386   —   (1,043)
Expiring 03/18/20   The Toronto-Dominion Bank   SGD 686   509,000   503,097   —   (5,903)
Expiring 03/18/20   UBS AG   SGD 400   296,000   293,491   —   (2,509)
South African Rand,
Expiring 03/18/20   BNP Paribas S.A.   ZAR 820   56,488   54,273   —   (2,215)
Expiring 03/18/20   HSBC Bank USA, N.A.   ZAR 1,132   79,009   74,923   —   (4,086)
Expiring 03/18/20   HSBC Bank USA, N.A.   ZAR 908   62,614   60,133   —   (2,481)
Expiring 03/18/20   HSBC Bank USA, N.A.   ZAR 650   44,766   43,007   —   (1,759)
Expiring 03/18/20   HSBC Bank USA, N.A.   ZAR 626   43,617   41,459   —   (2,158)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   ZAR 2,746   188,252   181,774   —   (6,478)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   ZAR 1,624   113,000   107,530   —   (5,470)
South Korean Won,
Expiring 03/18/20   Bank of America, N.A.   KRW 446,084   384,361   373,203   —   (11,158)
Expiring 03/18/20   Barclays Bank PLC   KRW 416,711   357,692   348,630   —   (9,062)
18
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 03/18/20   HSBC Bank USA, N.A.   KRW 658,855    $ 561,158    $ 551,213    $ —    $ (9,945)
Expiring 03/18/20   HSBC Bank USA, N.A.   KRW 418,177   355,774   349,856   —   (5,918)
Expiring 03/18/20   HSBC Bank USA, N.A.   KRW 210,594   180,705   176,187   —   (4,518)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   KRW 210,176   181,108   175,838   —   (5,270)
Thai Baht,
Expiring 03/18/20   BNP Paribas S.A.   THB 4,203   134,478   134,990   512   —
Expiring 03/18/20   BNP Paribas S.A.   THB 1,579   52,235   50,702   —   (1,533)
Expiring 03/18/20   BNP Paribas S.A.   THB 846   27,845   27,182   —   (663)
Expiring 03/18/20   Citibank, N.A.   THB 3,659   121,127   117,513   —   (3,614)
Expiring 03/18/20   Citibank, N.A.   THB 2,231   73,401   71,634   —   (1,767)
Expiring 03/18/20   Citibank, N.A.   THB 1,863   60,770   59,816   —   (954)
Expiring 03/18/20   Credit Suisse International   THB 10,465   343,000   336,067   —   (6,933)
Expiring 03/18/20   HSBC Bank USA, N.A.   THB 50,160   1,661,761   1,610,883   —   (50,878)
Expiring 03/18/20   HSBC Bank USA, N.A.   THB 11,742   383,905   377,105   —   (6,800)
Expiring 03/18/20   HSBC Bank USA, N.A.   THB 9,573   315,000   307,430   —   (7,570)
Expiring 03/18/20   HSBC Bank USA, N.A.   THB 2,018   66,670   64,797   —   (1,873)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   THB 10,211   332,000   327,923   —   (4,077)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   THB 6,378   206,601   204,820   —   (1,781)
Turkish Lira,
Expiring 03/18/20   Bank of America, N.A.   TRY 275   45,819   45,535   —   (284)
Expiring 03/18/20   Barclays Bank PLC   TRY 2,020   332,892   334,002   1,110   —
Expiring 03/18/20   Barclays Bank PLC   TRY 695   115,489   114,980   —   (509)
Expiring 03/18/20   Barclays Bank PLC   TRY 651   107,700   107,606   —   (94)
Expiring 03/18/20   Barclays Bank PLC   TRY 392   65,216   64,868   —   (348)
Expiring 03/18/20   Citibank, N.A.   TRY 178   29,735   29,440   —   (295)
Expiring 03/18/20   HSBC Bank USA, N.A.   TRY 6,519   1,071,511   1,077,811   6,300   —
Expiring 03/18/20   HSBC Bank USA, N.A.   TRY 439   73,621   72,526   —   (1,095)
Expiring 03/18/20   HSBC Bank USA, N.A.   TRY 268   44,568   44,253   —   (315)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   TRY 240   40,845   39,657   —   (1,188)
Expiring 03/18/20   UBS AG   TRY 349   58,520   57,632   —   (888)
Ukraine Hryvna,
Expiring 02/25/20   Citibank, N.A.   UAH 961   39,339   38,198   —   (1,141)
              $61,543,693   $61,072,676   201,526   (672,543)
    
19
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
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 04/17/20   Barclays Bank PLC   AUD 263    $ 181,672    $ 176,438    $ 5,234    $ —
Expiring 04/17/20   Barclays Bank PLC   AUD 252   173,101   169,110   3,991   —
Expiring 04/17/20   Citibank, N.A.   AUD 259   179,401   173,809   5,592   —
Brazilian Real,
Expiring 02/04/20   Barclays Bank PLC   BRL 751   175,616   175,280   336   —
Expiring 02/04/20   Barclays Bank PLC   BRL 432   102,000   100,746   1,254   —
Expiring 02/04/20   Citibank, N.A.   BRL 18,391   4,394,387   4,293,151   101,236   —
Expiring 02/04/20   Citibank, N.A.   BRL 1,863   445,067   434,824   10,243   —
Expiring 02/04/20   JPMorgan Chase Bank, N.A.   BRL 519   129,164   121,078   8,086   —
Expiring 02/04/20   JPMorgan Chase Bank, N.A.   BRL 431   101,000   100,677   323   —
Expiring 02/04/20   Morgan Stanley & Co. International PLC   BRL 368   91,461   85,989   5,472   —
Expiring 03/03/20   Citibank, N.A.   BRL 1,863   441,089   434,185   6,904   —
Canadian Dollar,
Expiring 04/17/20   Barclays Bank PLC   CAD 222   169,898   167,396   2,502   —
Chilean Peso,
Expiring 03/18/20   Barclays Bank PLC   CLP 186,350   234,697   232,704   1,993   —
Expiring 03/18/20   BNP Paribas S.A.   CLP 133,895   180,148   167,201   12,947   —
Expiring 03/18/20   BNP Paribas S.A.   CLP 74,632   96,762   93,197   3,565   —
Expiring 03/18/20   BNP Paribas S.A.   CLP 59,678   76,781   74,523   2,258   —
Expiring 03/18/20   Citibank, N.A.   CLP 128,076   166,350   159,935   6,415   —
Expiring 03/18/20   Citibank, N.A.   CLP 109,171   141,609   136,327   5,282   —
Expiring 03/18/20   Citibank, N.A.   CLP 95,308   122,740   119,015   3,725   —
Expiring 03/18/20   Citibank, N.A.   CLP 70,574   91,490   88,129   3,361   —
Expiring 03/18/20   Citibank, N.A.   CLP 51,841   64,438   64,736   —   (298)
Expiring 03/18/20   Goldman Sachs International   CLP 137,346   174,000   171,510   2,490   —
Expiring 03/18/20   HSBC Bank USA, N.A.   CLP 125,587   163,200   156,827   6,373   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   CLP 486,558   613,586   607,589   5,997   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   CLP 134,801   179,505   168,333   11,172   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   CLP 107,649   139,000   134,426   4,574   —
Expiring 03/18/20   The Toronto-Dominion Bank   CLP 411,151   517,561   513,424   4,137   —
Chinese Renminbi,
Expiring 02/14/20   BNP Paribas S.A.   CNH 1,906   273,000   272,116   884   —
Expiring 02/14/20   Citibank, N.A.   CNH 2,224   320,000   317,598   2,402   —
20
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 02/14/20   Goldman Sachs International   CNH 4,002    $ 567,000    $ 571,415    $ —    $ (4,415)
Expiring 02/14/20   Goldman Sachs International   CNH 2,156   306,000   307,816   —   (1,816)
Expiring 02/14/20   HSBC Bank USA, N.A.   CNH 3,199   457,000   456,822   178   —
Expiring 02/14/20   HSBC Bank USA, N.A.   CNH 1,502   218,122   214,463   3,659   —
Expiring 02/14/20   Morgan Stanley & Co. International PLC   CNH 2,648   375,000   378,049   —   (3,049)
Expiring 05/14/21   JPMorgan Chase Bank, N.A.   CNH 4,640   666,044   654,197   11,847   —
Colombian Peso,
Expiring 03/18/20   Citibank, N.A.   COP 583,952   164,632   170,250   —   (5,618)
Expiring 03/18/20   Citibank, N.A.   COP 581,868   173,047   169,643   3,404   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   COP 158,060   45,624   46,082   —   (458)
Expiring 03/18/20   UBS AG   COP 235,330   69,000   68,610   390   —
Czech Koruna,
Expiring 04/15/20   Bank of America, N.A.   CZK 8,293   363,940   364,659   —   (719)
Expiring 04/15/20   Citibank, N.A.   CZK 2,750   120,000   120,948   —   (948)
Expiring 04/15/20   Citibank, N.A.   CZK 1,773   78,475   77,981   494   —
Euro,
Expiring 04/15/20   JPMorgan Chase Bank, N.A.   EUR 346   383,905   385,795   —   (1,890)
Expiring 04/15/20   JPMorgan Chase Bank, N.A.   EUR 168   187,484   187,357   127   —
Hungarian Forint,
Expiring 04/15/20   BNP Paribas S.A.   HUF 54,191   177,441   178,668   —   (1,227)
Indian Rupee,
Expiring 03/18/20   Barclays Bank PLC   INR 22,018   305,000   305,734   —   (734)
Expiring 03/18/20   HSBC Bank USA, N.A.   INR 20,766   287,000   288,349   —   (1,349)
Expiring 03/18/20   HSBC Bank USA, N.A.   INR 16,204   224,500   225,005   —   (505)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   INR 16,301   224,700   226,349   —   (1,649)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   INR 19,314   269,000   268,191   809   —
Indonesian Rupiah,
Expiring 03/18/20   Citibank, N.A.   IDR 1,496,775   105,000   107,848   —   (2,848)
Expiring 03/18/20   Citibank, N.A.   IDR 694,208   50,554   50,020   534   —
Expiring 03/18/20   Goldman Sachs International   IDR 16,026,960   1,123,359   1,154,797   —   (31,438)
Expiring 03/18/20   HSBC Bank USA, N.A.   IDR 1,889,588   134,000   136,151   —   (2,151)
Expiring 03/18/20   HSBC Bank USA, N.A.   IDR 1,587,488   112,000   114,384   —   (2,384)
21
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   IDR 5,304,887    $ 382,665    $ 382,235    $ 430    $ —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   IDR 2,020,365   144,000   145,574   —   (1,574)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   IDR 1,436,670   102,000   103,517   —   (1,517)
Expiring 03/18/20   UBS AG   IDR 1,770,625   125,000   127,580   —   (2,580)
Israeli Shekel,
Expiring 03/18/20   Bank of America, N.A.   ILS 738   212,000   214,342   —   (2,342)
Expiring 03/18/20   Barclays Bank PLC   ILS 865   250,000   251,324   —   (1,324)
Expiring 03/18/20   Barclays Bank PLC   ILS 618   179,050   179,442   —   (392)
Expiring 03/18/20   Citibank, N.A.   ILS 907   263,000   263,444   —   (444)
Expiring 03/18/20   Citibank, N.A.   ILS 623   180,700   180,985   —   (285)
Japanese Yen,
Expiring 04/15/20   Citibank, N.A.   JPY 18,405   170,300   170,571   —   (271)
Malaysian Ringgit,
Expiring 03/18/20   Barclays Bank PLC   MYR 180   43,038   43,745   —   (707)
Expiring 03/18/20   Goldman Sachs International   MYR 600   147,715   146,046   1,669   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   MYR 295   72,202   71,658   544   —
Mexican Peso,
Expiring 03/18/20   Citibank, N.A.   MXN 6,495   327,000   341,320   —   (14,320)
Expiring 03/18/20   Citibank, N.A.   MXN 3,539   186,503   185,962   541   —
Expiring 03/18/20   HSBC Bank USA, N.A.   MXN 3,506   184,641   184,220   421   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   MXN 4,892   256,957   257,074   —   (117)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   MXN 3,003   157,211   157,813   —   (602)
New Taiwanese Dollar,
Expiring 03/18/20   Barclays Bank PLC   TWD 16,420   550,000   541,811   8,189   —
Expiring 03/18/20   Barclays Bank PLC   TWD 12,327   414,000   406,743   7,257   —
Expiring 03/18/20   Barclays Bank PLC   TWD 829   27,752   27,358   394   —
Expiring 03/18/20   Citibank, N.A.   TWD 1,446   48,549   47,705   844   —
Expiring 03/18/20   Credit Suisse International   TWD 14,668   490,000   483,998   6,002   —
Expiring 03/18/20   Credit Suisse International   TWD 12,109   407,000   399,564   7,436   —
Expiring 03/18/20   Goldman Sachs International   TWD 9,340   312,000   308,199   3,801   —
Expiring 03/18/20   HSBC Bank USA, N.A.   TWD 21,143   712,000   697,640   14,360   —
Expiring 03/18/20   HSBC Bank USA, N.A.   TWD 12,885   430,000   425,173   4,827   —
22
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 03/18/20   HSBC Bank USA, N.A.   TWD 11,947    $ 401,000    $ 394,205    $ 6,795    $ —
Expiring 03/18/20   UBS AG   TWD 8,407   281,000   277,416   3,584   —
New Zealand Dollar,
Expiring 04/17/20   Bank of America, N.A.   NZD 1,008   665,758   652,256   13,502   —
Peruvian Nuevo Sol,
Expiring 03/18/20   BNP Paribas S.A.   PEN 536   160,000   158,103   1,897   —
Expiring 03/18/20   Citibank, N.A.   PEN 854   256,000   251,681   4,319   —
Expiring 03/18/20   Citibank, N.A.   PEN 645   189,150   190,253   —   (1,103)
Expiring 03/18/20   Citibank, N.A.   PEN 620   183,000   182,907   93   —
Expiring 03/18/20   Citibank, N.A.   PEN 499   149,186   147,043   2,143   —
Expiring 03/18/20   Goldman Sachs International   PEN 2,512   741,548   740,624   924   —
Expiring 03/18/20   Goldman Sachs International   PEN 633   190,000   186,632   3,368   —
Expiring 03/18/20   Goldman Sachs International   PEN 623   187,310   183,791   3,519   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   PEN 234   70,114   68,993   1,121   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   PEN 141   42,510   41,652   858   —
Expiring 03/18/20   UBS AG   PEN 679   204,000   200,228   3,772   —
Philippine Peso,
Expiring 03/18/20   Barclays Bank PLC   PHP 3,243   63,615   63,423   192   —
Expiring 03/18/20   Goldman Sachs International   PHP 3,404   66,989   66,576   413   —
Expiring 03/18/20   HSBC Bank USA, N.A.   PHP 14,210   278,552   277,895   657   —
Expiring 03/18/20   HSBC Bank USA, N.A.   PHP 14,055   275,000   274,862   138   —
Expiring 03/18/20   HSBC Bank USA, N.A.   PHP 12,916   253,000   252,586   414   —
Expiring 03/18/20   HSBC Bank USA, N.A.   PHP 11,165   219,000   218,333   667   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   PHP 11,886   234,000   232,441   1,559   —
Polish Zloty,
Expiring 04/15/20   Bank of America, N.A.   PLN 723   190,397   186,673   3,724   —
Expiring 04/15/20   Bank of America, N.A.   PLN 527   135,666   136,020   —   (354)
Expiring 04/15/20   Citibank, N.A.   PLN 878   228,724   226,648   2,076   —
Expiring 04/15/20   HSBC Bank USA, N.A.   PLN 287   75,000   74,007   993   —
Russian Ruble,
Expiring 03/18/20   Barclays Bank PLC   RUB 10,667   169,000   165,987   3,013   —
Expiring 03/18/20   Citibank, N.A.   RUB 7,454   116,000   115,996   4   —
Expiring 03/18/20   Citibank, N.A.   RUB 2,499   40,000   38,881   1,119   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   RUB 21,593   350,000   336,018   13,982   —
23
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   RUB 16,343    $ 264,339    $ 254,314    $ 10,025    $ —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   RUB 3,038   47,291   47,281   10   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   RUB 11,503   186,165   179,003   7,162   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   RUB 7,770   124,238   120,910   3,328   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   RUB 4,066   65,263   63,270   1,993   —
Singapore Dollar,
Expiring 03/18/20   BNP Paribas S.A.   SGD 668   492,632   489,896   2,736   —
Expiring 03/18/20   BNP Paribas S.A.   SGD 480   354,406   351,462   2,944   —
South African Rand,
Expiring 03/18/20   Bank of America, N.A.   ZAR 1,597   107,000   105,712   1,288   —
Expiring 03/18/20   Barclays Bank PLC   ZAR 43,723   2,942,228   2,894,789   47,439   —
Expiring 03/18/20   Citibank, N.A.   ZAR 986   68,067   65,274   2,793   —
Expiring 03/18/20   HSBC Bank USA, N.A.   ZAR 3,716   250,703   246,043   4,660   —
Expiring 03/18/20   HSBC Bank USA, N.A.   ZAR 765   52,497   50,670   1,827   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   ZAR 3,766   249,992   249,308   684   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   ZAR 3,039   212,475   201,190   11,285   —
Expiring 03/18/20   UBS AG   ZAR 1,624   113,000   107,524   5,476   —
South Korean Won,
Expiring 03/18/20   Barclays Bank PLC   KRW 246,210   208,000   205,984   2,016   —
Expiring 03/18/20   Goldman Sachs International   KRW 582,163   488,651   487,051   1,600   —
Expiring 03/18/20   Goldman Sachs International   KRW 429,915   372,000   359,676   12,324   —
Expiring 03/18/20   Goldman Sachs International   KRW 233,412   198,000   195,278   2,722   —
Expiring 03/18/20   HSBC Bank USA, N.A.   KRW 306,375   258,000   256,320   1,680   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   KRW 411,273   344,000   344,080   —   (80)
Expiring 03/18/20   Morgan Stanley & Co. International PLC   KRW 373,048   322,650   312,100   10,550   —
Expiring 03/18/20   Morgan Stanley & Co. International PLC   KRW 314,329   264,000   262,975   1,025   —
Thai Baht,
Expiring 03/18/20   Barclays Bank PLC   THB 7,252   240,000   232,883   7,117   —
Expiring 03/18/20   Citibank, N.A.   THB 15,950   529,000   512,226   16,774   —
24
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at January 31, 2020 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 03/18/20   Credit Suisse International   THB 13,585    $ 447,610    $ 436,270    $ 11,340    $ —
Expiring 03/18/20   Deutsche Bank AG   THB 3,043   102,288   97,727   4,561   —
Expiring 03/18/20   HSBC Bank USA, N.A.   THB 15,759   523,000   506,082   16,918   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   THB 10,284   339,000   330,254   8,746   —
Turkish Lira,
Expiring 03/18/20   Barclays Bank PLC   TRY 1,808   301,000   298,966   2,034   —
Expiring 03/18/20   Barclays Bank PLC   TRY 1,754   289,000   290,003   —   (1,003)
Expiring 03/18/20   Barclays Bank PLC   TRY 702   116,000   116,028   —   (28)
Expiring 03/18/20   Barclays Bank PLC   TRY 558   92,300   92,257   43   —
Expiring 03/18/20   Barclays Bank PLC   TRY 375   62,991   61,969   1,022   —
Expiring 03/18/20   Citibank, N.A.   TRY 3,568   593,894   589,870   4,024   —
Expiring 03/18/20   Citibank, N.A.   TRY 1,190   200,513   196,754   3,759   —
Expiring 03/18/20   Citibank, N.A.   TRY 1,089   183,387   180,089   3,298   —
Expiring 03/18/20   HSBC Bank USA, N.A.   TRY 693   116,000   114,608   1,392   —
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   TRY 1,676   277,109   277,169   —   (60)
Expiring 03/18/20   JPMorgan Chase Bank, N.A.   TRY 292   48,027   48,265   —   (238)
              $42,964,068   $42,458,559   598,346   (92,837)
                      $799,872   $(765,380)
Cross currency exchange contracts outstanding at January 31, 2020:
Settlement   Type   Notional
Amount
(000) 		  In Exchange
For (000) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Counterparty
OTC Cross Currency Exchange Contracts:
04/15/20   Buy   HUF 66,870   EUR 199    $—    $(1,179)   Barclays Bank PLC
04/15/20   Buy   HUF 79,514   EUR 236   —   (304)   Barclays Bank PLC
                    $—   $(1,483)    
Interest rate swap agreements outstanding at January 31, 2020:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL 6,947   01/02/23   5.690%(T)   1 Day BROIS(2)(T)    $ —    $ 15,286     $15,286
25
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2020 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL 2,837   01/02/25   5.840%(T)   1 Day BROIS(2)(T)    $ —    $ (5,296)    $ (5,296)
BRL 1,042   01/02/25   5.900%(T)   1 Day BROIS(1)(T)   1,039   1,184   145
BRL 3,207   01/02/25   6.140%(T)   1 Day BROIS(2)(T)   —   2,992   2,992
BRL 1,540   01/02/25   6.245%(T)   1 Day BROIS(1)(T)   (650)   (4,489)   (3,839)
BRL 2,985   01/04/27   6.450%(T)   1 Day BROIS(2)(T)   6,816   4,176   (2,640)
BRL 1,294   01/04/27   7.330%(T)   1 Day BROIS(2)(T)   —   25,413   25,413
CNH 5,000   03/11/24   2.880%(Q)   7 Day China Fixing Repo Rates(2)(Q)   32   8,659   8,627
CNH 4,510   03/13/24   2.945%(Q)   7 Day China Fixing Repo Rates(2)(Q)   5   9,493   9,488
CNH 2,320   04/10/24   3.100%(Q)   7 Day China Fixing Repo Rates(2)(Q)   —   6,877   6,877
CNH 1,645   04/22/24   3.170%(Q)   7 Day China Fixing Repo Rates(2)(Q)   —   5,508   5,508
CNH 1,645   04/23/24   3.230%(Q)   7 Day China Fixing Repo Rates(2)(Q)   —   6,074   6,074
CNH 4,900   05/15/24   3.005%(Q)   7 Day China Fixing Repo Rates(2)(Q)   4   12,405   12,401
CNH 6,130   06/05/24   2.925%(Q)   7 Day China Fixing Repo Rates(2)(Q)   7   12,462   12,455
CNH 12,235   06/19/24   2.875%(Q)   7 Day China Fixing Repo Rates(2)(Q)   —   20,931   20,931
CNH 8,300   08/06/24   2.745%(Q)   7 Day China Fixing Repo Rates(2)(Q)   (10)   7,770   7,780
COP 950,000   12/12/23   5.530%(Q)   1 Day COOIS(2)(Q)   —   10,386   10,386
COP 12,700,000   12/19/24   4.900%(Q)   1 Day COOIS(1)(Q)   (15,760)   (44,040)   (28,280)
COP 500,000   12/02/29   5.840%(Q)   1 Day COOIS(1)(Q)   —   (7,707)   (7,707)
CZK 10,085   01/29/30   1.520%(A)   6 Month PRIBOR(2)(S)   —   1,416   1,416
CZK 3,790   02/03/30   1.515%(A)   6 Month PRIBOR(2)(S)   —   481   481
KRW 1,800,000   06/26/24   1.385%(Q)   3 Month KWCDC(2)(Q)   12,695   6,060   (6,635)
KRW 800,000   12/20/24   1.363%(Q)   3 Month KWCDC(2)(Q)   8   2,304   2,296
KRW 2,500,000   01/20/25   1.425%(Q)   3 Month KWCDC(2)(Q)   11   14,121   14,110
MXN 20,156   03/20/24   7.702%(M)   28 Day Mexican Interbank Rate(2)(M)   4,663   49,621   44,958
MXN 26,972   10/30/24   6.412%(M)   28 Day Mexican Interbank Rate(2)(M)   (8,127)   (1,819)   6,308
26
PGIM Emerging Markets Debt Local Currency Fund
Schedule of Investments as of January 31, 2020 (unaudited) (continued)
Interest rate swap agreements outstanding at January 31, 2020 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
January 31,
2020 		  Unrealized
Appreciaton
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN 10,145   05/16/29   7.980%(M)   28 Day Mexican Interbank Rate(2)(M)    $ —    $ 53,831    $ 53,831
MXN 14,500   05/22/29   8.075%(M)   28 Day Mexican Interbank Rate(2)(M)   3,493   82,240   78,747
MXN 4,060   12/24/29   6.780%(M)   28 Day Mexican Interbank Rate(2)(M)   5   2,351   2,346
MXN 7,855   01/04/40   6.970%(M)   28 Day Mexican Interbank Rate(2)(M)   6   4,121   4,115
PLN 3,430   09/21/22   2.312%(A)   6 Month WIBOR(2)(S)   —   13,537   13,537
PLN 2,700   07/24/24   1.798%(A)   6 Month WIBOR(2)(S)   —   6,325   6,325
PLN 5,702   01/27/25   1.925%(A)   6 Month WIBOR(2)(S)   2,516   8,638   6,122
ZAR 13,345   08/07/24   7.080%(Q)   3 Month JIBAR(1)(Q)   29   (18,009)   (18,038)
ZAR 19,070   08/07/24   7.090%(Q)   3 Month JIBAR(1)(Q)   277   (26,262)   (26,539)
ZAR 37,545   10/17/24   6.890%(Q)   3 Month JIBAR(1)(Q)   (87)   (28,758)   (28,671)
ZAR 14,600   10/09/26   7.190%(Q)   3 Month JIBAR(1)(Q)   22   (12,610)   (12,632)
                    $ 6,994   $245,672   $238,678
    
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Fair
Value 		  Upfront
Premiums
Paid(Received) 		  Unrealized
Appreciaton
(Depreciation) 		  Counterparty
OTC Interest Rate Swap Agreement:
MYR 3,700   01/17/25   3.235%(Q)   3 Month KLIBOR(1)(Q)    $(5,909)    $(12)    $(5,897)   Morgan Stanley & Co. International PLC
    
(1) The Series pays the fixed rate and receives the floating rate.
(2) The Series pays the floating rate and receives the fixed rate.
Other information regarding the Series is available in the Series’ most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
27