N-Q 1 dnq.htm PRUDENTIAL GLOBAL TOTAL RETURN FUND, INC. Prudential Global Total Return Fund, Inc.

 

 

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: 811-04661

Prudential Global Total Return Fund, Inc.

(f/k/a Dryden Global Total Return Fund, Inc.)

Exact name of registrant as specified in charter:

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

Address of principal executive offices:

Deborah A. Docs

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

Name and address of agent for service:

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

Date of fiscal year end: 10/31/2010

Date of reporting period: 1/31/2010

 

 

 

Item 1. Schedule of Investments

Dryden Global Total Return Fund, Inc.

Schedule of Investments

as of January 31, 2010 (Unaudited)

 

Principal
Amount (000)

        

Description

    Value

LONG-TERM INVESTMENTS 97.5%

Australia 0.8%

      GE Capital Australia Funding, Gtd. Notes, M.T.N.,   

AUD

    1,240   

6.000%, 4/15/15

    $ 1,029,556
            

Brazil 1.8%

      Brazil Notas do Tesouro Nacional Serie F, Notes,   

BRL

    1,000   

10.000%, 1/1/14

      489,170
      Cia Energetica de Sao Paulo, Sr. Notes, M.T.N., 144A,   
   2,850   

9.750%, 1/15/15

      1,784,568
            
           2,273,738
            

Colombia 0.2%

      Republic of Colombia,   

COP

    345,000   

9.850%, 6/28/27

      200,652
            

Denmark 0.8%

      Denmark Government Bond,   

DKK

    5,000   

4.000%, 11/15/17

      976,610
            

Eurobonds 11.1%

      Belgium Government Bond,   

EUR

    150   

4.000%, 3/28/17

      219,177
      Citigroup, Inc., Sub. Notes, M.T.N.,   
   150   

4.750%, 5/31/17(d)

      191,350
      Deutsche Bundesrepublik,   
   100   

3.750%, 1/4/19

      145,394
      Fortis Bank, Jr. Sub. Notes,   
   300   

6.500%, 9/29/49(d)

      393,073
      French Government Bonds,   
   410   

4.000%, 10/25/38

      558,557
   600   

5.750%, 10/25/32

      1,032,796
      Hellenic Republic Government Bonds,   
   1,750   

4.000%, 8/20/13

      2,211,642
   1,150   

5.500%, 8/20/14

      1,518,021
      Italian Government Bonds,   
   530   

4.000%, 2/1/17

      759,411
   1,625   

6.000%, 5/1/31

      2,612,992
      Portugal Obrigacoes do Tesouro OT,   
   500   

4.450%, 6/15/18

      703,954
      Republic of Poland,   
   1,600   

5.625%, 6/20/18

      2,406,967
      Spanish Government Bond,   
   560   

5.750%, 7/30/32

      878,744
            
           13,632,078
            

Hungary 1.8%

      Hungary Government Bonds,   

HUF

    142,000   

6.500%, 6/24/19

      664,380
   200,000   

6.750%, 2/24/17

      959,949
   110,000   

8.000%, 2/12/15

      575,912
            
           2,200,241
            

Japan 6.3%

      Japan Government Twenty Year Bonds,   

JPY

    107,000   

1.900%, 3/20/29

    1,151,956
      Japanese Government Bonds,   
   104,050   

1.700%, 6/20/33

    1,037,201
   79,000   

2.100%, 9/20/24

    909,152
   140,000   

2.300%, 3/20/26

    1,636,130
   83,250   

2.500%, 9/20/37

    968,171
      Japanese Government CPI Linked Bond,   
   183,520   

1.400%, 6/10/18

    1,990,633
          
         7,693,243
          

Norway 0.2%

      Norwegian Government & Sovereign Bond,   

NOK

    1,470   

5.000%, 5/15/15

    265,598
          

Poland 0.2%

      Poland Government Bond,   

PLN

    925   

5.500%, 10/25/19

    302,995
          

Sweden 0.4%

      Sweden Government Bond,   

SEK

    2,860   

6.750%, 5/5/14

    456,443
          

Turkey 0.6%

      Turkey Government Bonds,   

TRY

    1,000   

16.000%, 3/7/12

    757,308
          

United Kingdom 3.4%

      International Nederland Bank NV, Sub. Notes, M.T.N.,   

GBP

    410   

7.000%, 10/5/10

    669,815
      QBE Insurance Group Ltd., Sr. Unsec’d. Notes,   
   140   

10.000%, 3/14/14

    266,174
      United Kingdom Treasury Bonds,   
   425   

4.250%, 6/7/32

    665,738
   1,220   

4.750%, 12/7/30(b)

    2,037,331
   190   

4.750%, 12/7/38

    321,723
   95   

6.000%, 12/7/28

    184,263
          
         4,145,044
          

United States 69.9%

Asset-Backed Securities 5.2%

      ARES CLO Funds (Cayman Islands),   
     

Ser. 2003-7AW, Class A1A, 144A,

   

USD

    758   

0.625%, 5/8/15(d)

    727,889
      BA Credit Card Trust,   
     

Ser. 2006-A7, Class A7,

   
   459   

0.273%, 12/15/16(d)

    446,124
      Citibank Credit Card Issuance Trust,   
     

Ser. 2005-A3, Class A3,

   
   500   

0.301%, 4/24/14(d)

    497,023
     

Ser. 2005-C2, Class C2

   
   500   

0.701%, 3/24/17(d)

    456,173
     

Ser. 2005-C3, Class C3,

   
   300   

0.643%, 7/15/14(d)

    288,831
     

Ser. 2006-C1, Class C1

   
   1,000   

0.631%, 2/20/15(d)

    950,488
      Katonah Ltd. (Cayman Islands),   

      Ser. 7A, Class A2, 144A,   
   486   

0.533%, 11/15/17(d)

    443,100
      MBNA Credit Card Master Note Trust,   
     

Ser. 2002-C3, Class C3,

   
   200   

1.583%, 10/15/14(d)

    196,515
     

Ser. 2004-C2, Class C2,

   
       1,000   

1.133%, 11/15/16(d)

    914,636
     

Ser. 2005-A10, Class A10,

   
   600   

0.293%, 11/16/15(d)

    588,732
     

Ser. 2006-C1, Class C1,

   
   200   

0.653%, 7/15/15(d)

    189,568
      Mountain Capital CLO Ltd. (Cayman Islands),   
     

Ser. 2004-3A, Class A1LA, 144A,

   
   467   

0.688%, 2/15/16(d)

    443,806
      Railcar Leasing LLC,   
     

Ser. 1, Class A2, 144A,

   
   193   

7.125%, 1/15/13

    203,805
          
         6,346,690
          

Bank Loans(c)(d) 3.8%

      Capital Safety Group Ltd.,   
   82   

2.481%, 7/20/15

    72,437
   218   

2.981%, 7/20/16

    193,063
      Charter Communications Operating LLC, Term B, Refi.   
   340   

2.260%, 3/6/14

    316,058
      Davita, Inc.,   
   300   

1.744%, 10/5/12

    292,568
      Discovery Communications, Inc.,   
   119   

5.250%, 5/14/14

    120,192
      Enterprise Group Holdings LP,   
   294   

2.493%, 11/8/14

    289,345
      Fidelity National Information Services,   
   36   

4.481%, 1/18/12

    35,747
      First Data Corp.,   
   293   

2.982%, 9/24/14

    253,376
      Flextronics International Ltd.,   
   228   

2.491%, 10/1/14

    214,505
   65   

2.501%, 10/1/14

    61,639
      Georgia Pacific,   
   134   

2.256%, 12/20/12

    131,615
      HCA, Inc.,   
   223   

2.501%, 11/18/13

    212,111
      Motorcity Casino,   
   163   

8.500%, 7/13/12

    160,219
      Mylan, Inc.,   
   192   

3.551%, 10/2/14

    189,359
      NRG Energy, Inc.,   
   146   

0.151%, 2/1/13

    141,516
   249   

1.996%, 2/1/13

    240,560
      Pilot Travel Center LLC,   
   75   

0.500%, 12/31/15

    75,522
      PTS Acquisitions Corp.,   
   390   

2.481%, 4/10/14

    354,413
      Royalty Pharma Finance Trust,   
   657   

2.501%, 4/16/13

    645,333
      Sensata Technologies,   
   108   

1.999%, 4/27/13

    97,587
      Sungard Data System, Inc.,   
   7   

1.981%, 2/28/14

    6,387
   169   

3.898%, 2/28/16

    165,693
      Sun Healthcare Group,   

   48   

2.151%, 4/11/14

    45,452
   229   

2.395%, 4/11/14

    215,883
      Warner Chilcott Corp.,   
   59   

5.500%, 10/30/14

    59,533
   30   

5.750%, 4/30/15

    29,763
   65   

5.750%, 4/30/15

    65,478
          
         4,685,354
          

Commercial Mortgage Backed Securities 7.9%

      Commercial Mortgage Loan Trust,   
     

Ser. 2008-LS1, Class A2,

   
   430   

6.019%, 12/10/49(d)

    446,238
      Credit Suisse Mortgage Capital Certificates,   
     

Ser. 2007-C5, Class A2,

   
   650   

5.589%, 9/15/40

    658,185
      CS First Boston Mortgage Securities Corp.,   
     

Ser. 2005-C5, Class A4,

   
   600   

5.100%, 8/15/38(d)

    608,002
      CW Capital Cobalt Ltd.,   
     

Ser. 2007-C3, Class A3,

   
   400   

5.820%, 5/15/46(d)

    396,099
      Greenwich Capital Commercial Funding Corp.,   
     

Ser. 2005-GG5, Class A5,

   
   600   

5.224%, 4/10/37(d)

    592,674
     

Ser. 2007-GG9, Class A2,

   
   650   

5.381%, 3/10/39

    664,707
      JPMorgan Chase Commercial Mortgage Securities Corp.,   
     

Ser. 2005-LDP4, Class A3A1,

   
   545   

4.871%, 10/15/42

    552,400
     

Ser. 2005-LDP5, Class A4,

   
       1,000   

5.179%, 12/15/44(d)

    1,025,376
     

Ser. 2007-LD12, Class A2,

   
   650   

5.827%, 2/15/51

    672,237
      LB-UBS Commercial Mortgage Trust,   
     

Ser. 2007-C6, Class A2,

   
   1,995   

5.845%, 7/15/40

    2,053,505
      Merrill Lynch Mortgage Trust,   
     

Ser. 2008-C1, Class A2,

   
   650   

5.425%, 2/12/51

    663,359
      Morgan Stanley Capital 1,   
     

Ser. 2005-IQ9, Class A4,

   
   740   

4.660%, 7/15/56

    746,174
      Wachovia Bank Commercial Mortgage Trust,   
     

Ser. 2007-C34, Class A2,

   
   650   

5.569%, 5/15/46

    670,706
          
         9,749,662
          

Corporate Bonds 35.2%

      Abbott Laboratories,   
     

Sr. Unsec’d. Notes,

   
   150   

6.000%, 4/1/39

    159,684
      AES Corp. (The),   
     

Sr. Unsec’d. Notes,

   
   250   

8.000%, 10/15/17

    251,875
      Affiliated Computer Services, Inc.,   
     

Sr. Unsec’d. Notes,

   
   350   

4.700%, 6/1/10

    351,313
      Allergan, Inc.,   
     

Sr. Unsec’d. Notes,

   
   150   

5.750%, 4/1/16

    166,776

      Allied World Insurance Holdings Ltd. (Bermuda),   
     

Sr. Unsec’d. Notes,

   
   250   

7.500%, 8/1/16

    272,125
      Altria Group, Inc.,   
     

Gtd. Notes,

   
   250   

9.950%, 11/10/38

    330,671
      American Express Co.,   
     

Sr. Unsec’d. Notes,

   
   140   

8.125%, 5/20/19

    169,315
      American International Group, Inc.,   
     

Sr. Unsec’d. Notes, M.T.N.,

   
   300   

5.850%, 1/16/18

    240,842
      Amphenol Corp.,   
     

Gtd. Notes,

   
   250   

4.750%, 11/15/14

    255,775
      Anheuser-Busch InBev Worldwide, Inc.,   
     

Gtd. Notes, 144A,

   
   250   

4.125%, 1/15/15

    256,887
   225   

8.000%, 11/15/39

    284,826
      ArcelorMittal (Luxembourg),   
     

Sr. Unsec’d. Notes,

   
   250   

6.125%, 6/1/18

    260,152
      Arrow Electronics, Inc.,   
     

Sr. Unsec’d. Notes,

   
   350   

6.000%, 4/1/20

    359,069
      Ashtead Holdings PLC (United Kingdom), 144A,   
     

Sec’d. Notes,

   
   400   

8.625%, 8/1/15

    400,000
      Axis Capital Holdings Ltd. (Bermuda),   
     

Sr. Unsec’d. Notes,

   
   400   

5.750%, 12/1/14

    420,425
      BAE Systems Holdings, Inc.,   
     

Gtd. Notes, 144A,

   
   125   

6.375%, 6/1/19

    137,580
      Ball Corp.,   
     

Gtd. Notes,

   
   130   

7.125%, 9/1/16

    135,525
      Bank of America Corp.,   
     

Sub. Notes,

   
   400   

4.750%, 8/15/13

    415,200
      Bear Stearns Cos., Inc., (The),   
     

Sr. Unsec’d. Notes,

   
   200   

7.250%, 2/1/18

    229,356
      Blackstone Holdings Finance Co. LLC,   
     

Gtd. Notes, 144A,

   
   135   

6.625%, 8/15/19

    135,895
      Block Financial LLC,   
     

Gtd. Notes,

   
   750   

7.875%, 1/15/13

    857,532
      Blount, Inc.,   
     

Gtd. Notes,

   
   300   

8.875%, 8/1/12

    306,000
      Boeing Co. (The),   
     

Sr. Unsec’d. Notes,

   
   130   

6.875%, 3/15/39

    153,660
      British Telecommunications PLC (United Kingdom),   
     

Sr. Unsec’d. Notes,

   
           500   

9.125%, 12/15/10

    536,007
      Cablevision Systems Corp.,   
     

Sr. Notes, 144A,

   
   325   

8.625%, 9/15/17

    336,375
      Canadian Pacific Railway Co. (Canada),   

     

Sr. Unsec’d. Notes,

   
   77   

6.500%, 5/15/18

    84,699
      Capital One Financial Corp.,   
     

Sub. Notes,

   
   115   

6.150%, 9/1/16

    117,949
      CareFusion Corp.,   
     

Sr. Notes, 144A,

   
   125   

6.375%, 8/1/19

    137,469
      Caterpillar Financial Services Corp.,   
     

Sr. Unsec’d. Notes, M.T.N.,

   
   145   

5.850%, 9/1/17

    159,054
      CBS Corp., Gtd. Notes,   
   500   

8.200%, 5/15/14

    580,586
      CC Holdings GS V LLC/Crown Castle GS III Corp.,   
     

Sr. Sec’d. Notes, 144A,

   
   300   

7.750%, 5/1/17

    323,250
      Cenovus Energy, Inc. (Canada),   
     

Sr. Notes, 144A,

   
   225   

6.750%, 11/15/39

    250,016
      CenterPoint Energy Resources Corp.,   
     

Sr. Unsec’d. Notes,

   
   200   

6.625%, 11/1/37

    215,120
      Chubb Corp.,   
     

Jr. Sub. Notes

   
   140   

6.375%, 3/29/67(d)

    134,400
     

Sr. Unsec’d. Notes,

   
   100   

6.500%, 5/15/38

    112,228
      Citigroup, Inc.,   
     

Sr. Unsec’d. Notes,

   
   600   

6.500%, 8/19/13

    648,101
   110   

8.125%, 7/15/39

    124,737
      CMS Energy Corp.,   
     

Sr. Unsec’d. Notes,

   
   400   

8.500%, 4/15/11

    424,390
      ConAgra Foods, Inc.,   
     

Sr. Unsec’d. Notes,

   
   250   

7.000%, 4/15/19

    289,286
      Continental Airlines, Inc.,   
     

Pass-thru Certs.,

   
   720   

7.487%, 10/2/10

    720,000
      Coventry Health Care, Inc.,   
     

Sr. Unsec’d. Notes,

   
   360   

6.125%, 1/15/15

    359,454
      Covidien International Finance SA (Luxembourg),   
     

Gtd. Notes,

   
   50   

6.550%, 10/15/37

    56,809
      CRH America, Inc.,   
     

Gtd. Notes,

   
   500   

5.625%, 9/30/11

    527,578
   110   

8.125%, 7/15/18

    130,037
      CVS Caremark Corp.,   
     

Sr. Unsec’d. Notes,

   
   200   

6.125%, 9/15/39

    197,960
      Delta Air Lines, Inc.,   
     

Pass-Thru Certs.,

   
   263   

6.821%, 8/10/22

    256,697
      Diageo Capital PLC (United Kingdom),   
     

Gtd. Notes,

   
   255   

5.200%, 1/30/13

    276,169
      DirecTV Holdings LLC / DirecTV Financing Co., Inc.,   
     

Gtd. Notes, 144A,

   
           300   

4.750%, 10/1/14

    312,863

      Dow Chemical Co. (The),   
     

Sr. Unsec’d. Notes,

   
   75   

5.900%, 2/15/15

    81,322
   250   

7.600%, 5/15/14

    287,633
   300   

8.550%, 5/15/19

    358,776
   175   

9.400%, 5/15/39

    230,772
      Duke Energy Corp.,   
     

Sr. Unsec’d. Notes,

   
   350   

6.300%, 2/1/14

    392,362
      Duke Energy Field Services LLC,   
     

Sr. Unsec’d. Notes,

   
   440   

7.875%, 8/16/10

    456,243
      Duke Realty LP,   
     

Sr. Unsec’d. Notes,

   
   600   

5.625%, 8/15/11

    624,811
      Embarq Corp.,   
     

Sr. Unsec’d. Notes

   
     

(original cost $805,145; date purchased 08/11/06-01/12/2009)

   
   850   

7.082%, 6/1/16(c)(f)

    943,547
      Enel Finance International SA (Luxembourg),   
     

Gtd. Notes, 144A,

   
   300   

6.000%, 10/7/39

    299,639
      Energy Transfer Partners LP,   
     

Sr. Unsec’d. Notes,

   
   100   

9.000%, 4/15/19

    123,278
      Erac USA Finance Co.,   
     

Sr. Unsec’d. Notes, 144A,

   
     

(original cost $244,500; date purchased 05/08/09)

   
   300   

5.900%, 11/15/15(c)(f)

    321,311
      Express Scripts, Inc.,   
     

Sr. Unsec’d. Notes,

   
   300   

6.250%, 6/15/14

    336,220
      Felcor Lodging LP,   
     

Sr. Sec’d. Notes, 144A,

   
   250   

10.000%, 10/1/14

    247,500
      GameStop Corp./GameStop, Inc.,   
     

Gtd. Notes,

   
   250   

8.000%, 10/1/12

    256,250
      Gannett Co., Inc.,   
     

Sr. Unsec’d. Notes,

   
   225   

5.750%, 6/1/11

    227,250
   100   

6.375%, 4/1/12

    100,500
      Gaz Capital SA for Gazprom (Luxembourg),   
     

Sr. Unsec’d. Notes, 144A,

   
   250   

9.250%, 4/23/19

    285,000
      Goldman Sachs Group, Inc. (The),   
     

Sr. Unsec’d. Notes,

   
   190   

6.250%, 9/1/17

    204,535
     

Sub. Notes,

   
   300   

6.750%, 10/1/37

    296,630
      Harley-Davidson Funding Corp.,   
     

Gtd. Notes, 144A,

   
   75   

5.750%, 12/15/14

    78,858
      HCA, Inc.,   
     

Sec’d. Notes, PIK,

   
   210   

9.625%, 11/15/16

    222,600
      Hess Corp.,   
     

Sr. Unsec’d. Notes,

   
   25   

6.000%, 1/15/40

    24,824
           295   

7.000%, 2/15/14

    336,978
      Historic TW, Inc.,   
     

Gtd. Notes,

   

   130   

6.625%, 5/15/29

    138,302
      Hospira, Inc.,   
     

Sr. Unsec’d. Notes,

   
   150   

5.550%, 3/30/12

    161,070
      Hospitality Properties Trust,   
     

Sr. Unsec’d. Notes,

   
   250   

7.875%, 8/15/14

    269,048
      HSBC Holdings PLC (United Kingdom),   
     

Sub. Notes,

   
   225   

6.500%, 9/15/37

    235,381
   150   

6.800%, 6/1/38

    163,199
      International Paper Co.,   
     

Sr. Unsec’d. Notes

   
   75   

7.300%, 11/15/39

    80,870
   150   

7.500%, 8/15/21

    170,275
      JPMorgan Chase & Co.,   
     

Sr. Unsec’d. Notes,

   
   150   

6.000%, 1/15/18

    162,064
      Kinder Morgan Energy Partners LP,   
     

Sr. Unsec’d. Notes,

   
   100   

5.850%, 9/15/12

    108,221
   170   

6.500%, 9/1/39

    177,102
   170   

7.300%, 8/15/33

    190,710
      Kraft Foods, Inc.,   
     

Sr. Unsec’d. Notes,

   
   125   

6.875%, 2/1/38

    134,572
      Lehman Brothers Holdings, Inc.,   
     

Sr. Unsec’d. Notes, M.T.N.,

   
   100   

6.875%, 5/2/18(e)

    22,000
      Lennar Corp., Gtd. Notes,   
   300   

5.950%, 10/17/11

    303,750
      Liberty Mutual Group, 144A,   
     

Sr. Unsec’d. Notes,

   
   70   

7.500%, 8/15/36

    66,832
      Lincoln National Corp.,   
     

Sr. Unsec’d. Notes,

   
   80   

6.150%, 4/7/36

    75,155
   200   

8.750%, 7/1/19

    243,054
      Lloyds TSB Bank PLC (United Kingdom),   
     

Bank Gtd. Notes, 144A,

   
   325   

5.800%, 1/13/20

    321,391
      Lorillard Tobacco Co.,   
     

Sr. Unsec’d. Notes,

   
   200   

8.125%, 6/23/19

    219,457
      Masco Corp.,   
     

Sr. Unsec’d. Notes,

   
   260   

7.125%, 8/15/13

    276,904
      Mead Johnson Nutrition Co.,   
     

Sr. Unsec’d. Notes, 144A,

   
   125   

3.500%, 11/1/14

    125,213
      MeadWestvaco Corp.,   
     

Sr. Unsec’d. Notes,

   
   450   

7.375%, 9/1/19

    499,336
      Merck & Co., Inc.,   
     

Gtd. Notes,

   
   175   

6.550%, 9/15/37

    202,085
      Merrill Lynch & Co., Inc.,   
     

Sr. Unsec’d. Notes,

   
           600   

5.450%, 2/5/13

    638,442
   65   

6.050%, 8/15/12, M.T.N.

    70,228
      MetLife, Inc.,   
     

Sr. Unsec’d. Notes,

   

   100   

7.717%, 2/15/19

    119,956
      Morgan Stanley,   
     

Sr. Unsec’d. Notes, M.T.N.,

   
   170   

5.625%, 9/23/19

    171,582
      MUFG Capital Finance 1 Ltd. (Cayman Islands),   
     

Bank Gtd. Notes,

   
   120   

6.346%, 7/29/49(d)

    116,151
      Newmont Mining Corp.,   
     

Gtd. Notes,

   
   200   

6.250%, 10/1/39

    201,411
      News America, Inc.,   
     

Gtd. Notes, 144A,

   
   545   

6.900%, 8/15/39

    603,169
      North American Energy Alliance LLC / North American Energy Alliance Finance Corp.,   
     

Sr. Sec’d. Notes, 144A,

   
     

(original cost $146,609; date purchased 9/22/09)

   
   150   

10.875%, 6/1/16(f)

    161,250
      Northwest Pipeline GP,   
     

Sr. Unsec’d. Notes,

   
   75   

6.050%, 6/15/18

    82,428
      Oncor Electric Delivery Co.,   
     

First Mtge. Bonds,

   
   105   

6.800%, 9/1/18

    117,977
      Orion Power Holdings, Inc.,   
     

Sr. Unsec’d. Notes,

   
   515   

12.000%, 5/1/10

    521,438
      Peco Energy Co.,   
     

First. Ref. Mtge.,

   
   100   

5.350%, 3/1/18

    106,683
      PepsiAmericas, Inc.,   
     

Sr. Unsec’d. Notes,

   
   100   

4.375%, 2/15/14

    106,118
      Philip Morris International, Inc.,   
     

Sr. Unsec’d. Notes,

   
   300   

4.875%, 5/16/13

    322,948
      Pioneer Natural Resources Co.,   
     

Sr. Unsec’d. Notes,

   
   200   

6.875%, 5/1/18

    196,478
      Progressive Corp, (The),   
     

Jr. Sub. Notes,

   
   100   

6.700%, 6/15/37(d)

    92,000
      ProLogis,   
     

Sr. Unsec’d. Notes,

   
   175   

7.375%, 10/30/19

    181,332
      Public Service Co. of New Mexico,   
     

Sr. Unsec’d. Notes,

   
   50   

7.950%, 5/15/18

    52,846
      Qwest Capital Funding, Inc.,   
     

Gtd. Notes,

   
   100   

7.250%, 2/15/11

    101,750
      Qwest Corp., Sr. Unsec’d. Notes,   
   250   

7.875%, 9/1/11

    261,875
   200   

8.375%, 5/1/16

    219,000
           200   

8.875%, 3/15/12

    214,750
      Rainbow National Services LLC,   
     

Gtd. Notes, 144A,

   
   190   

10.375%, 9/1/14

    200,450
      Ralcorp Holdings, Inc.,   
     

Sr.Notes, 144A,

   
   250   

6.625%, 8/15/39

    247,911
      Realogy Corp.,   
     

Gtd. Notes, PIK,

   

   261   

11.000%, 4/15/14

    215,405
      Reynolds American, Inc.,   
     

Gtd. Notes,

   
   300   

6.750%, 6/15/17

    319,860
      Rogers Communications, Inc. (Canada),   
     

Gtd. Notes,

   
   45   

6.800%, 8/15/18

    51,176
      Royal Bank of Scotland Group PLC (United Kingdom),   
     

Sr. Unsec’d. Notes,

   
   150   

6.400%, 10/21/19

    154,252
      R.R. Donnelley & Sons Co.,   
     

Sr. Unsec’d. Notes,

   
   600   

4.950%, 4/1/14

    604,220
   450   

8.600%, 8/15/16

    503,679
      Sealed Air Corp.,   
     

Sr. Unsec’d. Notes, 144A,

   
   600   

5.625%, 7/15/13

    618,067
      Senior Housing Properties Trust,   
     

Sr. Unsec’d. Notes,

   
   250   

7.875%, 4/15/15

    250,000
   50   

8.625%, 1/15/12

    51,875
      Service Corp. International,   
     

Sr. Unsec’d. Notes,

   
   250   

7.000%, 6/15/17

    246,875
      Simon Property Group LP,   
     

Sr. Unsec’d. Notes,

   
   200   

4.200%, 2/1/15

    203,222
   350   

5.300%, 5/30/13

    374,483
      SLM Corp.,   
     

Sr. Unsec’d. Notes, M.T.N.,

   
   510   

5.050%, 11/14/14

    450,056
   225   

8.450%, 6/15/18

    220,500
      Sprint Capital Corp.,   
     

Gtd. Notes,

   
   240   

7.625%, 1/30/11

    243,300
   150   

8.375%, 3/15/12

    152,625
      Starwood Hotels & Resorts Worldwide, Inc.,   
     

Gtd. Notes,

   
   300   

7.875%, 5/1/12

    319,500
      Sumitomo Mitsui Banking Corp. (Japan), Sub. Notes, 144A,   
     

Gtd. Notes,

   
   800   

5.625%, 7/29/49(d)

    825,022
      SunGard Data Systems, Inc.,   
     

Gtd. Notes,

   
   250   

10.250%, 8/15/15

    259,375
      SunTrust Banks, Inc.,   
     

Sr. Unsec’d. Notes,

   
   300   

5.250%, 11/5/12

    317,066
      Target Corp.,   
     

Sr. Unsec’d. Notes,

   
   250   

7.000%, 1/15/38

    287,831
      Teachers Insurance & Annuity Association of America,   
     

Notes, 144A,

   
   210   

6.850%, 12/16/39

    226,332
      Teck Resources Ltd. (Canada),   
     

Sr. Sec’d. Notes,

   
   50   

10.250%, 5/15/16

    57,125
   150   

10.750%, 5/15/19

    176,625
      Textron, Inc.,   
     

Sr. Unsec’d. Notes,

   
   100   

5.600%, 12/1/17

    98,189
           200   

7.250%, 10/1/19

    218,304

      Time Warner Cable, Inc.,   
     

Gtd. Notes,

   
   195   

6.750%, 7/1/18

    217,210
   300   

8.750%, 2/14/19

    371,099
      Time Warner Cos., Inc.,   
     

Gtd. Notes,

   
   99   

6.950%, 1/15/28

    108,579
      Toll Brothers Finance Corp.,   
     

Gtd. Notes,

   
   420   

5.150%, 5/15/15

    405,320
      TransAlta Corp. (Canada),   
     

Sr. Unsec’d. Notes,

   
   200   

6.650%, 5/15/18

    216,652
      Travelers Cos, Inc. (The),   
     

Jr. Sub. Notes,

   
   110   

6.250%, 3/15/37(d)

    103,439
      Tyson Foods, Inc.,   
     

Gtd. Notes,

   
   90   

7.850%, 4/1/16

    94,500
      United Airlines, Inc.,   
     

Pass-Thru Certs.,

   
   133   

6.636%, 7/2/22

    115,082
      United States Steel Corp.,   
     

Sr. Unsec’d. Notes,

   
   200   

5.650%, 6/1/13

    199,593
      UnitedHealth Group, Inc.,   
     

Sr. Unsec’d. Notes,

   
   235   

6.625%, 11/15/37

    254,043
      Unum Group,   
     

Sr. Unsec’d. Notes,

   
   245   

7.125%, 9/30/16

    262,638
      USB Capital XIII Trust,   
     

Ltd. Gtd.,

   
   150   

6.625%, 12/15/39

    148,539
      Vale Overseas Ltd. (Cayman Islands),   
     

Gtd. Notes,

   
   80   

6.875%, 11/21/36

    82,349
   125   

6.875%, 11/10/39

    127,642
      Verizon Communications, Inc.,   
     

Sr. Unsec’d. Notes,

   
   85   

6.400%, 2/15/38

    89,014
   175   

8.950%, 3/1/39

    238,614
      Viacom, Inc.,   
     

Sr. Unsec’d. Notes,

   
   150   

4.250%, 9/15/15

    154,544
   55   

4.375%, 9/15/14

    57,396
   75   

6.750%, 10/5/37

    80,541
   90   

6.875%, 4/30/36

    97,468
      Vivendi SA (France),   
     

Sr. Unsec’d. Notes, 144A,

   
   150   

5.750%, 4/4/13

    162,286
      Wachovia Bank NA,   
     

Sub. Notes,

   
   250   

6.600%, 1/15/38

    264,596
      Watson Pharmaceuticals, Inc.,   
     

Sr. Unsec’d. Notes,

   
   200   

5.000%, 8/15/14

    208,974
      WEA Finance LLC / WT Finance Aust. Pty Ltd.,   
     

Gtd. Notes, 144A,

   
           200   

5.750%, 9/2/15

    214,676
      Williams Cos., Inc.,   
     

Sr. Unsec’d. Notes,

   

   300   

7.875%, 9/1/21

    363,023
      Windstream Corp.,   
     

Gtd. Notes, 144A,

   
   125   

7.875%, 11/1/17

    123,438
      Wyeth,   
     

Gtd. Notes,

   
   90   

6.500%, 2/1/34

    99,856
     

Sr. Unsec’d. Notes,

   
   70   

6.450%, 2/1/24

    78,326
      Xerox Corp.,   
     

Sr. Unsec’d. Notes,

   
   225   

4.250%, 2/15/15

    228,997
      XL Capital Finance Europe PLC (United Kingdom),   
     

Gtd. Notes,

   
   600   

6.500%, 1/15/12

    636,518
          
         43,302,636
          

Emerging Market Bonds 1.7%

      Empresa Nacional de Electricidad SA (Chile),   
     

Unsub. Notes,

   
   260   

8.350%, 8/1/13

    303,300
      Export-Import Bank of Korea (South Korea),   
     

Sr. Unsec’d. Notes,

   
   240   

5.875%, 1/14/15

    257,694
   100   

8.125%, 1/21/14

    115,952
      Gaz Capital SA (Luxembourg),   
     

Sr. Unsec’d. Notes,

   
   500   

9.250%, 4/23/19

    570,000
      Gazprom International SA (Luxembourg),   
     

Gtd. Notes,

   
   453   

7.201%, 2/1/20

    465,380
      RSHB Capital SA for OJSC Russian Agricultural Bank,   
     

Sec’d. Notes, 144A,

   
   380   

7.125%, 1/14/14

    405,232
          
         2,117,558
          

Municipal Bonds 1.7%

      California St. Build America Bonds. G.O.,   
   300   

7.300%, 10/1/39

    284,490
      California St. Build America Bonds. Txb. Var. Purp. G.O.,   
   200   

7.500%, 4/1/34

    197,336
      Chicago Ill. Brd. Ed. Build America Bonds. Taxable. Ser. E   
   100   

6.138%, 12/1/39

    102,036
      Dallas, Tex. Area Rapid Tran. Sales. Tax. Rev.,   
   500   

5.999%, 12/1/44

    521,500
      New Jersey St. Tpk. Auth. Tpk. Rev. Build America. Bds. Taxable. Ser. F. Issuer   
      Subsidy. Rev.,   
   100   

7.414%, 1/1/40

    117,036
      Salt River Proj. Ariz. Agric. Impt. & Pwr. Elec. Sys. Rev., Ser. A,   
   250   

5.000%, 1/1/39

    257,795
      University Calif. Rev. Build America Bonds,   
   150   

5.770%, 5/15/43

    149,985
      University Tex. Perm. Univ. Build America Bonds.   
   250   

5.262%, 7/1/39

    242,598
      Utah St. Build America Bonds, Ser. D, G.O.,   
           150   

4.554%, 7/1/24

    151,802
          
         2,024,578
          

Residential Mortgage-Backed Securities 6.2%

   
     ACE Securities Corp.,   
    

Ser. 2004-FM1, Class M1,

   
            414   

1.131%, 9/25/33(d)

    330,407
     Ameriquest Mortgage Securities, Inc.,   
    

Ser. 2004-R8, Class M1,

   
  400   

0.871%, 9/25/34(d)

    298,980
     Chase Funding Loan Acquisition Trust,   
    

Ser. 2004-AQ1, Class A2,

   
  327   

0.631%, 5/25/34(d)

    286,383
     Citigroup Mortgage Loan Trust, Inc.,   
    

Ser. 2004-OPT1, Class A2,

   
  367   

0.591%, 10/25/34(d)

    323,531
     Countrywide Asset-Backed Certificates,   
    

Ser. 2002-5, Class MV1,

   
  405   

1.731%, 3/25/33(d)

    331,825
     Fremont Home Loan Trust,   
    

Ser. 2004-1, Class M1,

   
  421   

0.906%, 2/25/34(d)

    336,824
     GSAMP Trust,   
    

Ser. 2004-FM1, Class M1,

   
  361   

1.206%, 11/25/33(d)

    302,577
     HFC Home Equity Loan Asset Backed Certificates,   
    

Ser. 2007-2, Class A4,

   
  400   

0.531%, 7/20/36(d)

    276,560
     Home Equity Asset Trust,   
    

Ser. 2004-3, Class M1,

   
  616   

1.086%, 8/25/34(d)

    457,032
    

Ser. 2005-5, Class 2A2,

   
  230   

0.481%, 11/25/35(d)

    222,498
     Long Beach Mortgage Loan Trust,   
    

Ser. 2004-3, Class M1,

   
  600   

0.801%, 7/25/34(d)

    454,481
     Mastr Asset Backed Securities Trust,   
    

Ser. 2004-OPT2, Class A1,

   
  375   

0.581%, 9/25/34(d)

    312,619
     Morgan Stanley ABS Capital I,   
    

Ser. 2003-NC8, Class M1,

   
  482   

1.281%, 9/25/33(d)

    362,323
    

Ser. 2004-NC1, Class M1,

   
  505   

0.931%, 12/27/33(d)

    408,994
    

Ser. 2004-OP1, Class M1,

   
  437   

0.811%, 11/25/34(d)

    334,327
    

Ser. 2004-WMC1, Class M1,

   
  814   

1.161%, 6/25/34(d)

    593,190
    

Ser. 2004-WMC2, Class M1,

   
  390   

1.146%, 7/25/34(d)

    302,354
     Morgan Stanley Dean Witter Capital I,   
    

Ser. 2002-AM3, Class A3,

   
  383   

1.211%, 2/25/33(d)

    305,058
     New Century Home Equity Loan Trust,   
    

Ser. 2003-4, Class M1,

   
  586   

1.356%, 10/25/33(d)

    451,841
     Option One Mortgage Loan Trust,   
    

Ser. 2003-6, Class A2,

   
  395   

0.561%, 11/25/33(d)

    315,559
     Popular ABS Mortgage Pass-Through Trust,   
    

Ser. 2004-4, Class M1,

   
  230   

5.181%, 9/25/34

    178,233
     Saxon Asset Securities Trust,   
    

Ser. 2004-2, Class MF1,

   
  241   

5.500%, 8/25/35

    142,468
     Structured Asset Investment Loan Trust,   

    

Ser. 2004-8, Class A8,

   
  376   

0.731%, 9/25/34(d)

    302,558
         
        7,630,622
         

Sovereign Bonds 4.7%

   
     Republic of Colombia,   
  1,000   

10.000%, 1/23/12

    1,147,499
     Republic of Panama,   
  1,000   

7.125%, 1/29/26

    1,112,499
  300   

7.250%, 3/15/15

    340,500
     Republic of Poland,   
  650   

6.375%, 7/15/19

    703,254
     Republic of Qatar, 144A,   
  215   

6.400%, 1/20/40

    213,388
     Republic of Russia,   
  851   

7.500%, 3/31/30

    957,123
     Republic of South Africa,   
  1,000   

7.375%, 4/25/12

    1,094,999
     Republic of Venezuela,   
  300   

9.250%, 9/15/27

    225,750
         
        5,795,012
         

Structured Note 0.2%

   
     Dow Jones CDX HY, Series 5-T3, 144A,   
  220   

8.250%, 12/29/10

    232,626
         

United States Government Obligations 3.3%

   
     United States Treasury Bonds,   
  70   

4.375%, 11/15/39

    68,469
  1,225   

4.500%, 8/15/39(g)

    1,223,468
     United States Treasury Notes,   
  490   

1.000%, 12/31/11

    491,952
  120   

1.375%, 1/15/13

    120,019
  1,155   

2.625%, 12/31/14(b)

    1,171,874
  1,025   

3.375%, 11/15/19

    1,005,299
         
        4,081,081
         
    

Total United States Investments

    85,965,819
         
    

Total long-term investments
(cost $112,574,951)

    119,899,325
         

Shares

              

SHORT-TERM INVESTMENTS 1.1%

   

Affiliated Money Market Mutual Fund 0.4%

   
  517,349   

Dryden Core Investment Fund - Taxable Money Market Series(a)
(cost $517,349)

    517,349
         

Notional

Amount (000)

     

OUTSTANDING OPTIONS PURCHASED* 0.7%

   

Put Options

   

USD

   2,579   

United States Dollar/Romanian New Lei, expiring 03/05/10 @ 2.9275

    29,835

 

        3,783   

United States Dollar/New Turkish Lira, expiring 10/22/10 @ 1.5655

      184,574
  3,152   

United States Dollar/Russian Rouble, expiring 10/21/10 @ 31.06

      153,286
  1,261   

United States Dollar/Brazilian Real, expiring 10/27/10 @1.870

      36,444
  1,261   

United States Dollar/South African Rand, expiring 11/02/10 @ 8.4395

      132,910
  1,976   

United States Dollar/Romanian New Lei, expiring 12/02/10 @ 3.039

      101,182
  2,499   

United States Dollar/Brazilian Real, expiring 01/26/11 @2.0015

      161,478
           
    

Total options purchased (i)
(cost $1,061,024)

      799,709
           
    

Total short-term investments
(cost $1,578,373)

      1,317,058
           
    

Total Investments 98.6%
(cost $114,153,324)(h)

      121,216,383
    

Other assets in excess of liabilities(j)(k) 1.4%

      1,723,224
           
    

Net Assets 100.0%

    $ 122,939,607
           

 

Portfolio securities are classified according to the security’s currency denomination. The following abbreviations are used in the portfolio descriptions:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNY—Chinese Yuan Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

INR—Indian Rupee

IDR—Indonesian Rupiah

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Nuevo Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish New Zloty

RON—Romanian New Lei

RUB—Russian Rouble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—New Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

CPI—Consumer Price Index

G.O.—General Obligation

M.T.N.—Medium Term Note

PIK—Payment-In-Kind

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

 

* Non-income producing security.
(a) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Dryden Core Investment Fund—Taxable Money Market Series.

(b) All or partial principal amount segregated as initial margin on financial futures contracts.
(c) Indicates a security that has been deemed illiquid.
(d) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2010.
(e) Represents issuer in default on interest payments; non-income producing security.
(f) Indicates a restricted security; the aggregate original cost of such securities is $1,196,254. The aggregate market value of $1,426,108 is approximately 1.2% of net assets.
(g) Security segregated as collateral for swap contracts.
(h) The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2010 were as follows:

 

Tax Basis

    Appreciation    Depreciation     Net Unrealized Appreciation

$115,009,758

    $ 8,252,907    $ (2,046,282 )    $ 6,206,625

The differences between book and tax basis are primarily attributable to the deferred losses on wash sales and difference in the treatment of amortization of premiums.

 

(i) The amount represents the fair value of derivative instruments subject to foreign exchange contracts risk exposure as of January 31, 2010.
(j) As of January 31, 2010, 1 security representing $443,806 and 0.4% of net assets was fair valued in accordance with the policies adopted by the Board of Directors.
(k) Other assets in excess of liabilities include net unrealized appreciation (depreciation) on futures contracts, forward foreign currency exchange contracts, credit default swaps and interest rate swap agreements of:

Open futures contracts outstanding as of January 31, 2010:

 

Number of
Contracts

   

Types

    Expiration
Date		    Value at
January 31, 2010		    Value at
Trade Date		    Unrealized
Appreciation
(Depreciation)(1)		  
   Long Positions:            
13    JPN 10 Yr. Bond    Mar. 10    $ 20,092,284    $ 20,055,905    $ 36,379   
  7    Long Gilt    Mar. 10      1,294,170      1,315,073      (20,903 ) 
28    Euro-Buxl 30 YR    Mar. 10      3,882,979      3,832,237      50,742   
17    CAN 10 Yr. Bond    Mar. 10      1,920,758      1,915,194      5,564   
27    Euro-Bund    Mar. 10      4,618,795      4,607,919      10,876   
37    Euro-Schatz    Mar. 10      5,567,904      5,554,429      13,475   
76    Euro-BOBL    Mar. 10      12,356,164      12,274,902      81,262   
37    U.S. Treasury 2 Yr. Notes    Mar. 10      8,064,266      8,028,485      35,781   
  4    U.S. Ultra Bond    Mar. 10      497,500      492,099      5,401   
   Short Positions:            
76    CBT Long Bond    Mar. 10      9,029,750      9,118,750      89,000   
31    U.S. Treasury 10 Yr. Notes    Mar. 10      3,662,844      3,649,853      (12,991 ) 
62    U.S. Treasury 5 Yr. Notes    Mar. 10      7,220,578      7,240,515      19,937   
                    
               $ 314,523   
                    

 

(1) The amount represents fair value of derivative instruments subject to interest rate contracts risk exposure as of January 31, 2010.

Forward foreign currency exchange contracts outstanding as of January 31, 2010:

 

Purchase Contracts

   

Counterparty

         Notional
Amount		    Value at
Settlement Date
Payable		    Value at
January 31,
2010		    Unrealized
Appreciation
(Depreciation)(1)		  

Australian Dollar,

                  

Expiring 02/19/10

   

Citibank NA

    AUD    1,359,349    $ 1,250,109    $ 1,200,318    $ (49,791 ) 

Expiring 02/19/10

   

JPMorgan Chase & Co.

    AUD    454,568      408,800      401,388      (7,412 ) 

Brazilian Real,

                  

Expiring 02/09/10

   

Citibank NA

    BRL    2,331,900      1,328,037      1,235,250      (92,787 ) 

Expiring 02/09/10

   

UBS AG

    BRL    1,126,230      651,000      596,585      (54,415 ) 

Expiring 02/02/10

   

UBS AG

    BRL    2,053,465      1,117,228      1,089,371      (27,857 ) 

Expiring 02/02/10

   

UBS AG

    BRL    2,308,598      1,103,800      1,224,720      120,920   

Expiring 04/28/10

   

UBS AG

    BRL    2,308,598      1,211,990      1,204,836      (7,154 ) 

Canadian Dollar,

                  

Expiring 02/18/10

   

Citibank NA

    CAD    4,367,304      4,251,279      4,084,364      (166,915 ) 

Chilean Peso,

                  

Expiring 02/04/10

   

UBS AG

    CLP    103,601,015      196,788      197,689      901   

Expiring 02/04/10

   

UBS AG

    CLP    126,692,670      252,200      241,752      (10,448 ) 

Expiring 02/04/10

   

UBS AG

    CLP    263,862,420      536,213      503,497      (32,716 ) 

Expiring 02/04/10

   

Citigroup

    CLP    124,076,680      249,200      236,761      (12,439 ) 

Expiring 02/04/10

   

Citibank NA

    CLP    122,784,350      248,300      234,295      (14,005 ) 

Chinese Yuan Renminbi,

                  

Expiring 05/04/10

   

UBS AG

    CNY    3,960,514      582,900      579,904      (2,996 ) 

Expiring 10/27/10

   

UBS AG

    CNY    1,672,716      252,200      245,130      (7,070 ) 

Colombian Peso,

                  

Expiring 02/25/10

   

UBS AG

    COP    426,186,350      215,300      214,376      (924 ) 

Expiring 02/25/10

   

UBS AG

    COP    1,111,269,400      550,542      558,980      8,438   

Expiring 02/25/10

   

UBS AG

    COP    644,212,800      323,400      324,046      646   

Expiring 02/25/10

   

UBS AG

    COP    493,369,800      247,800      248,170      370   

Expiring 02/25/10

   

Citigroup

    COP    489,213,075      248,300      246,079      (2,221 ) 

Czech Koruna,

                  

Expiring 02/22/10

   

Goldman Sachs Group LP

    CZK    23,226,992      1,280,747      1,228,172      (52,575 ) 

Euro,

                  

Expiring 02/10/10

   

UBS AG

    EUR    345,001      520,200      478,334      (41,866 ) 

Expiring 02/23/10

   

Morgan Stanley

    EUR    12,621,254        17,792,055        17,498,451      (293,604 ) 

Expiring 02/22/10

   

Citibank NA

    EUR    639,200      899,908      886,206      (13,702 ) 

Expiring 02/01/10

   

The Bank of New York Mello

    EUR    1,879      2,625      2,605      (20 ) 

Indian Rupee,

                  

Expiring 03/29/10

   

UBS AG

    INR    15,920,816      339,535      343,236      3,701   

Expiring 03/29/10

   

Citibank NA

    INR    53,796,853      1,155,183      1,159,803      4,620   

Expiring 04/06/10

   

Goldman Sachs Group LP

    INR    17,149,520      370,400      369,433      (967 ) 

Indonesian Rupiah,

                  

Expiring 03/15/10

   

UBS AG

    IDR    5,531,146,960      581,614      586,993      5,379   

Expiring 04/06/10

   

UBS AG

    IDR    3,436,089,200      368,600      362,995      (5,605 ) 

Expiring 04/06/10

   

Citibank NA

    IDR    2,305,100,000      249,200      243,515      (5,685 ) 

Expiring 04/06/10

   

UBS AG

    IDR    3,956,331,600      421,200      417,955      (3,245 ) 

Japanese Yen,

                  

Expiring 02/23/10

   

Morgan Stanley

    JPY    2,499,173,215      27,421,947      27,688,972      267,025   

Expiring 02/23/10

   

UBS AG

    JPY    89,088,987      991,100      987,039      (4,061 ) 

Expiring 02/23/10

   

JPMorgan Chase & Co.

    JPY    112,167,732      1,248,285      1,242,735      (5,550 ) 

Expiring 02/23/10

   

UBS AG

    JPY    44,626,980      495,814      494,434      (1,380 ) 

Expiring 02/23/10

   

Morgan Stanley

    JPY    55,836,189      624,900      618,623      (6,277 ) 

Expiring 02/23/10

   

Goldman Sachs Group LP

    JPY    111,667,667      1,240,649      1,237,194      (3,455 ) 

Malaysian Ringgit,

                  

Expiring 03/22/10

   

UBS AG

    MYR    2,907,459      845,142      850,321      5,179   

Expiring 03/22/10

   

UBS AG

    MYR    1,055,880      315,000      308,805      (6,195 ) 

Mexican Nuevo Peso,

                  

Expiring 02/18/10

   

UBS AG

    MXN    22,076,107      1,724,630      1,684,534      (40,096 ) 

Expiring 02/03/10

   

UBS AG

    MXN    14,970,287      1,103,800      1,144,151      40,351   

Expiring 02/26/10

   

UBS AG

    MXN    14,970,287      1,146,270      1,141,343      (4,927 ) 

Norwegian Krone,

                  

Expiring 02/22/10

   

UBS AG

    NOK    13,352,242      2,333,460      2,252,185      (81,275 ) 

New Taiwan Dollar,

                  

Expiring 04/06/10

   

UBS AG

    TWD    13,423,721      429,700      422,948      (6,752 ) 

New Turkish Lira,

                  

Expiring 02/26/10

   

Citibank NA

    TRY    208,644      139,087      138,828      (259 ) 

Expiring 02/01/10

   

JPMorgan Chase & Co.

    TRY    1,892,675      1,264,122      1,264,523      401   

Expiring 02/01/10

   

UBS AG

    TRY    1,799,746      1,103,800      1,202,436                98,636   

Expiring 02/26/10

   

UBS AG

    TRY    1,799,746      1,206,264      1,197,516      (8,748 ) 

New Zealand Dollar,

                  

Expiring 02/19/10

   

UBS AG

    NZD    1,228,277      903,361      860,831      (42,530 ) 

Peruvian Nuevo Sol,

                  

Expiring 03/15/10

   

UBS AG

    PEN    523,945      182,109      183,116      1,007   

Philippine Peso,

                  

Expiring 04/05/10

   

Citibank NA

    PHP    53,817,941      1,166,279      1,148,203      (18,076 ) 

Polish New Zloty,

                  

Expiring 02/22/10

   

Citibank NA

    PLN    888,561      316,677      303,766      (12,911 ) 

Expiring 02/22/10

   

Citibank NA

    PLN    6,071,062      2,154,693      2,075,470      (79,223 ) 

Expiring 02/22/10

   

Citibank NA

    PLN    1,310,238      451,464      447,922      (3,542 ) 

Pound Sterling,

                  

Expiring 02/23/10

   

Citibank NA

    GBP    307,900      504,257      492,097      (12,160 ) 

Expiring 02/23/10

   

Citibank NA

    GBP    2,419,487      3,937,524      3,866,913      (70,611 ) 

Romanian New Lei,

                  

Expiring 02/22/10

   

Citibank NA

    RON    519,619      178,981      174,576      (4,405 ) 

Expiring 02/22/10

   

Citibank NA

       1,324,008      449,618      444,825      (4,793 ) 

Russian Rouble,

                  

Expiring 02/17/10

   

UBS AG

    RUB    2,759,798      71,112      90,670      19,558   

Expiring 02/17/10

   

UMB Bank and Trust

    RUB    9,721,566      305,700      319,389      13,689   

Expiring 02/17/10

   

UBS AG

    RUB    17,145,197      565,059      563,283      (1,776 ) 

Expiring 02/10/10

   

UBS AG

    RUB    9,609,372      327,900      315,991      (11,909 ) 

Expiring 02/10/10

   

UBS AG

    RUB    18,409,879      613,900      605,383      (8,517 ) 

Singapore Dollar,

                  

Expiring 02/19/10

   

Morgan Stanley

    SGD    1,977,867      1,421,057      1,406,287      (14,770 ) 

Expiring 02/19/10

   

Citibank NA

    SGD    874,403      624,600      621,711      (2,889 ) 

South African Rand,

                  

Expiring 02/02/10

   

UBS AG

    ZAR    4,972,020      589,927      652,175      62,248   

Expiring 02/02/10

   

UBS AG

    ZAR    9,147,191      1,103,800      1,199,828      96,028   

Expiring 02/26/10

   

UBS AG

    ZAR    9,147,191      1,207,550      1,194,232      (13,318 ) 

South Korean Won,

                  

Expiring 02/04/10

   

UBS AG

    KRW       648,952,405      543,038      558,538      15,500   

Expiring 02/04/10

   

UBS AG

    KRW    299,416,884      252,200      257,701      5,501   

Expiring 02/04/10

   

UBS AG

    KRW    304,542,760      263,500      262,113      (1,387 ) 

Expiring 02/04/10

   

Morgan Stanley

    KRW    948,193,896      821,872      814,665      (7,207 ) 

Swedish Krona,

                  

Expiring 02/22/10

   

Goldman Sachs Group LP

    SEK    9,684,606      1,366,409      1,310,753      (55,656 ) 

Expiring 02/22/10

   

JPMorgan Chase & Co.

    SEK    2,982,658      408,800      403,685      (5,115 ) 

Swiss Franc,

                  

Expiring 02/22/10

   

Morgan Stanley

    CHF    945,810      914,530      891,771      (22,759 ) 

Expiring 02/22/10

   

Goldman Sachs Group LP

    CHF    324,166      311,335      305,645      (5,690 ) 
                               
            $ 104,797,875    $ 104,093,335    $ (704,540 ) 
                               

Sales Contracts

   

Counterparty

         Notional
Amount		    Value at
Settlement
Date Receivable		    Value at
January 31,
2010		    Unrealized
Appreciation
(Depreciation)(1)		  

Brazilian Real,

                  

Expiring 02/02/10

   

UBS AG

    BRL    1,249,440    $ 600,000    $ 662,833    $ (62,833 ) 

Expiring 10/29/10

   

UBS AG

    BRL    1,179,035      630,500      603,149      27,351   

Expiring 02/09/10

   

UBS AG

    BRL    2,873,058      1,640,341          1,521,912      118,429   

Expiring 02/02/10

   

UBS AG

    BRL    804,025      448,900      426,538      22,362   

Expiring 02/09/10

   

Citibank NA

    BRL    1,218,290      678,147      645,351      32,796   

Expiring 02/09/10

   

Citibank NA

    BRL    872,625      496,600      462,246      34,354   

Expiring 02/09/10

   

UBS AG

    BRL    302,399      165,200      160,186      5,014   

Expiring 04/28/10

   

Citibank NA

    BRL    2,500,001      1,330,000      1,304,727      25,273   

Expiring 04/28/10

   

UBS AG

    BRL    2,053,465      1,098,403      1,071,684      26,719   

Expiring 02/09/10

   

UBS AG

    BRL    477,304      256,000      252,837      3,163   

Expiring 02/02/10

   

UBS AG

    BRL    2,308,598      1,231,384      1,224,720      6,664   

British Pound,

                  

Expiring 02/23/10

   

UBS AG

    GBP    310,000      495,814      495,453      361   

Chilean Peso,

                  

Expiring 02/04/10

   

Citibank NA

    CLP    127,280,160      257,600      242,873      14,727   

Expiring 02/04/10

   

UBS AG

    CLP    226,907,775      449,100      432,981      16,119   

Expiring 02/04/10

   

UBS AG

    CLP    189,839,600      373,700      362,248      11,452   

Expiring 02/04/10

   

UBS AG

    CLP    196,989,600      378,724      375,892      2,832   

Colombian Peso,

                  

Expiring 02/25/10

   

UBS AG

    COP    657,767,400      327,900      330,864      (2,964 ) 

Expiring 02/25/10

   

UBS AG

    COP    763,215,000      372,300      383,905      (11,605 ) 

Expiring 02/25/10

   

UBS AG

    COP    541,387,200      262,300      272,323      (10,023 ) 

Expiring 02/25/10

   

UBS AG

    COP    996,500,000      500,000      501,250      (1,250 ) 

Czech Koruna,

                  

Expiring 02/22/10

   

Citibank NA

    CZK    23,237,207      1,238,700      1,228,712      9,988   

Danish Krone,

                  

Expiring 02/22/10

   

UBS AG

    DKK    665,170      127,400      123,838      3,562   

Euro,

                  

Expiring 02/17/10

   

UBS AG

    EUR    50,900      71,112      70,570      542   

Expiring 02/17/10

   

UBS AG

    EUR    382,791      565,059      530,719      34,340   

Expiring 02/22/10

   

Citibank NA

    EUR    220,400      316,677      305,569      11,108   

Expiring 02/23/10

   

JPMorgan Chase & Co.

    EUR    644,500      920,147      893,553      26,594   

Expiring 03/22/10

   

UBS AG

    EUR    220,486      315,000      305,666      9,334   

Expiring 02/23/10

   

UBS AG

    EUR    444,903      629,000      616,826      12,174   

Expiring 02/23/10

   

UBS AG

    EUR    909,658      1,282,500      1,261,175      21,325   

Expiring 02/23/10

   

UBS AG

    EUR    887,889      1,249,500      1,230,994      18,506   

Expiring 02/23/10

   

JPMorgan Chase & Co.

    EUR    882,000      1,248,285      1,222,829      25,456   

Expiring 02/22/10

   

Goldman Sachs Group LP

    EUR    220,600      311,335      305,847      5,488   

Expiring 02/22/10

   

Citibank NA

    EUR    319,600      451,464      443,103      8,361   

Expiring 02/22/10

   

Citibank NA

    EUR    319,600      449,618      443,103      6,515   

Expiring 02/23/10

   

Goldman Sachs Group LP

    EUR    890,200      1,240,649      1,234,198      6,451   

Expiring 02/23/10

   

UBS AG

    EUR    916,137      1,282,500      1,270,157      12,343   

Expiring 02/23/10

   

UBS AG

    EUR    892,896      1,245,500      1,237,935      7,565   

Expiring 04/06/10

   

Goldman Sachs Group LP

    EUR    266,044      370,400      368,809      1,591   

Expiring 02/23/10

   

UBS AG

    EUR    896,740      1,245,500      1,243,265      2,235   

Expiring 02/23/10

   

Citibank NA

    EUR    890,499      1,234,700      1,234,612      88   

Hungarian Forint,

                  

Expiring 02/22/10

   

Citibank NA

    HUF    198,348,545      1,053,700      1,010,656      43,044   

Expiring 02/22/10

   

Citibank NA

    HUF    174,994,615      899,908      891,659      8,249   

Indonesian Ruapiah,

                  

Expiring 03/15/10

   

UBS AG

    IDR    5,531,146,960      572,227      586,993      (14,766 ) 

Expiring 04/06/10

   

UBS AG

    IDR    3,540,667,200      378,600      374,043      4,557   

Japanese Yen,

                  

Expiring 04/06/10

   

UBS AG

    JPY    34,141,575      368,600      378,334      (9,734 ) 

Expiring 04/06/10

   

Citibank NA

    JPY    23,058,974      249,200      255,524      (6,324 ) 

Expiring 02/25/10

   

JPMorgan Chase & Co.

    JPY    23,131,727      248,300      256,284      (7,984 ) 

Expiring 02/04/10

   

JPMorgan Chase & Co.

    JPY    23,136,544      248,300      256,321      (8,021 ) 

Expiring 02/23/10

   

Citibank NA

    JPY    45,909,398      504,257      508,641      (4,384 ) 

Expiring 02/23/10

   

Morgan Stanley

    JPY    28,619,683      313,717      317,085      (3,368 ) 

Expiring 02/23/10

   

JPMorgan Chase & Co.

    JPY    57,315,850      624,700      635,017      (10,317 ) 

Mexican Nuevo Peso,

                  

Expiring 02/03/10

   

UBS AG

    MXN    8,140,260      600,000      622,145      (22,145 ) 

Expiring 02/03/10

   

UBS AG

    MXN    14,970,288      1,149,174      1,144,151      5,023   

New Turkish Lira,

                  

Expiring 02/01/10

   

UBS AG

    TRY    979,200      600,000      654,218      (54,218 ) 

Expiring 02/01/10

   

Deutsche Bank AG

    TRY    913,475      610,000      610,306      (306 ) 

Expiring 02/26/10

   

JPMorgan Chase & Co.

    TRY    1,892,675      1,258,679      1,259,349      (670 ) 

Expiring 02/01/10

   

UBS AG

    TRY    1,799,746      1,211,135      1,202,436                  8,699   

Philippine Peso,

                  

Expiring 04/05/10

   

UBS AG

    PHP    3,748,470      79,873      79,973      (100 ) 

Romanian New Lei,

                  

Expiring 03/09/10

   

Citibank NA

    RON    3,964,800      1,356,554      1,327,703      28,851   

Russian Rouble,

                  

Expiring 02/17/10

   

Citibank NA

    RUB    29,626,560      996,963      973,341      23,622   

Expiring 02/10/10

   

UBS AG

    RUB    15,166,171      520,200      498,718      21,482   

Expiring 02/10/10

   

JPMorgan Chase & Co.

    RUB    11,405,914      374,800      375,068      (268 ) 

South African Rand,

                  

Expiring 02/02/10

   

UBS AG

    ZAR    4,972,020      600,000      652,172      (52,172 ) 

Expiring 02/02/10

   

Goldman Sachs Group LP

    ZAR    9,280,381      1,215,114      1,211,621      3,493   

Expiring 02/02/10

   

UBS AG

    ZAR    9,147,191      1,213,155      1,199,828      13,327   

South Korean Won,

                  

Expiring 02/04/10

   

UBS AG

    KRW    304,718,153      256,500      262,264      (5,764 ) 

Expiring 02/04/10

   

Morgan Stanley

    KRW       948,193,896      823,085      816,088      6,997   

Swiss Franc,

                  

Expiring 02/22/10

   

UBS AG

    CHF    327,860      311,400      309,129      2,271   
                               
            $ 46,426,100    $ 45,974,519    $ 451,581   
                               

 

(1) The amount represents fair value of derivative instruments subject to foreign exchange contracts risk exposure as of January 31, 2010.

 

Credit default swap agreements outstanding as of January 31, 2010:

 

Counterparty

    Termination
Date		    Notional
Amount
(000)(2)		    Fixed
Rate		    

Underlying Bond

    Fair
Value		     Upfront
Premiums
Paid/
(Received)		     Unrealized
Appreciation
(Depreciation)(3)		  

Credit Default Swaps on Corporate Issues-Buy Protection(1):

  

           Gannett Co., Inc.,       

Barclays Bank PLC

    6/20/2011    $ 225    5.000 %    6.375%, due 04/01/12    $ (10,936 )    $ (4,837 )    $ (6,099 ) 
           XL Capital Ltd.,       

Citibank NA

    3/20/2012      600    5.000      5.250%, due 09/15/14      (57,573 )      (25,928 )      (31,645 ) 
           CBS Corp.,       

Citibank, NA

    6/20/2014      500    1.000      4.625%, due 5/15/18      7,080        34,447        (27,367 ) 
           Toll Brothers Finance Corp.,       

Credit Suisse International

    3/20/2015      420    1.000      5.150%, due 05/15/15      12,263        2,522        9,741   
           Gannett Co., Inc.,       

Deutsche Bank AG

    3/20/2012      100    5.000      6.375%, due 04/01/12      (6,348 )      (2,344 )      (4,004 ) 
           Starwood Hotels & Resorts Holdings, Inc.,       

Deutsche Bank AG

    6/20/2012      300    5.000      7.875%, due 05/01/12      (27,567 )      (7,623 )      (19,944 ) 
           Block Financial LLC,       

Deutsche Bank AG

    12/20/2012      450    1.000      5.125%, due 10/30/14      (5,884 )      (4,994 )      (890 ) 
           Sealed Air Corp.,       

Deutsche Bank AG

    6/20/2013      600    1.000      5.625%, due 07/15/13      (4,286 )      8,678        (12,964 ) 
           Masco Corp.,       

Deutsche Bank AG

    9/20/2013      260    1.000      6.125%, due 10/03/16      8,528        8,937        (409 ) 
           R.R. Donnelley & Sons Co.,       

Deutsche Bank AG

    6/20/2014      600    1.000      4.950%, due 4/01/14      17,921        42,385        (24,464 ) 
           Starwood Hotels & Resorts Holdings, Inc.,       

Deutsche Bank AG

    3/20/2014      250    7.050      7.875%, due 05/01/12      (52,103 )      —          (52,103 ) 
           American International Group, Inc.,       

Deutsche Bank AG

    3/20/2018      250    3.700      6.250%, due 5/01/36      27,344        —          27,344   
           Lennar Corp.,       

Goldman Sachs International

    12/20/2011      300    1.000      6.500%, 4/15/16      7,951        10,379        (2,428 ) 
           Duke Energy Corp.,       

Goldman Sachs International

    3/20/2014      350    0.700      5.650%, due 06/15/13      (4,133 )      —          (4,133 ) 
           Simon Property Group LP,       

Goldman Sachs International

    3/20/2014      350    6.600      5.250%, due 12/1/16      (78,553 )      —          (78,553 ) 
           SLM Corp.,       

JPMorgan Chase Bank

    6/20/2014      510    5.000      5.125%, due 8/27/12      1,342        87,246        (85,904 ) 
           Embarq Corp.,       

JPMorgan Chase Bank

    6/20/2016      350    1.500      7.082%, due 06/01/16      (13,516 )      —          (13,516 ) 
           R.R. Donnelley & Sons Co.,       

JPMorgan Chase Bank

    9/20/2016      450    1.000      4.950%, due 04/01/14      28,698        53,090        (24,392 ) 
           Westvaco Corp.,       

JPMorgan Chase Bank

    9/20/2019      450    1.000      7.950%, due 02/15/31      13,683        8,533        5,150   
           Tyson Foods, Inc.,       

Merrill Lynch Capital Services

    9/20/2016      90    1.730      7.850%, due 04/01/16      4,159        —          4,159   
           Arrow Electronics, Inc.,       

Morgan Stanley Capital Services

    12/20/2019      350    1.000      6.875%, due 06/01/18      13,283        (2,756 )      16,039   
                                   
              $ (118,647 )    $ 207,735      $ (326,382 ) 
                                   

 

(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) 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 or credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3) The amount represents fair value of derivative instruments subject to credit contracts risk exposure as of January 31, 2010.

Interest rate swap agreements outstanding as of January 31, 2010:

 

Counterparty

    Termination
Date		    Notional
Amount
(000)		    Fixed
Rate		    

Floating Rate

    Fair
Value		     Upfront
Premius
Paid/
(Received)		    Unrealized
Appreciation
(Depreciation)(c)		  

Citibank NA(a)

    8/10/2019    $ 1,200    4.034 %   

3 Month LIBOR

    $ (58,563 )    $ —      $ (58,563 ) 

Deutsche Bank AG(b)

    5/31/2014      2,215    2.513     

3 Month LIBOR

      3,502        —        3,502   

Merrill Lynch Capital Services(a)

    1/20/2014      4,000    1.973     

3 Month LIBOR

      35,485        —        35,485   
                                  
              $ (19,576 )    $ —      $ (19,576 ) 
                                  

 

(a) The Fund pays the fixed rate and receives the floating rate.
(b) The Fund pays the floating rate and receives the fixed rate
(c) The amount represents fair value of derivative instruments subject to interest rate contracts risk exposure as of January 31, 2010.

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 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of January 31, 2010 in valuing the Fund’s assets carried at fair value:

 

Investments in Securities

    Level 1    Level 2     Level 3

Asset Backed Securities

    $ —      $ 5,902,884      $ 443,806

Bank Loans

      —        4,685,354        —  

Commercial Mortgage-Backed Securities

      —        9,749,662        —  

Corporate Bonds

      —        43,302,636        —  

Emerging Market Bonds

      —        2,117,558        —  

Foreign Corporate Bonds

      —        6,741,503        —  

Foreign Government Bonds

      —        27,192,003        —  

Municipal Bonds

      —        2,024,578        —  

Outstanding Options Purchased

      —        799,709        —  

Residential Mortgage-Backed Securities

      —        7,630,622        —  

Sovereign Bonds

      —        5,795,012        —  

Structured Note

      —        232,626        —  

United States Government Obligations

      —        4,081,081        —  

Affiliated Money Market Mutual Fund

      517,349      —          —  
                     
     517,349      120,255,228        443,806

Other Financial Instruments*

      314,523      (598,917 )      —  
                     

Total

    $ 831,872    $
 119,656,311
   
   $ 443,806
                     

 

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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

 

     Asset-Backed
Securities		  

Balance as of 10/31/09

    $ —     

Realized gain (loss)

      —     

Earned amortization/accretion

      487   

Change in unrealized appreciation (depreciation)

      (487 ) 

Net purchases (sales)

      443,806   

Transfers in and/or out of Level 3

      —     
        

Balance as of 01/31/10

    $ 443,806   
        

The industry classification of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2010 were as follows:

 

Foreign Government Obligations

    22.1 % 

Commercial Mortgage-Backed Securities

    7.9   

Non Corporate

    6.7   

Residential Mortgage-Backed Securities

    6.2   

Banking

    5.7   

Asset-Backed Securities

    5.2   

Healthcare & Pharmaceutical

    3.4   

United States Government Obligations

    3.3   

Foreign Agency

    3.2   

Media & Entertainment

    3.0   

Telecommunications

    2.8   

Insurance

    2.7   

Electric

    2.6   

Non Captive Finance

    2.1   

Technology

    1.9   

Municipal Bonds

    1.7   

Pipelines & Others

    1.6   

Foods

    1.5   

Real Estate Investment Trusts

    1.5   

Capital Goods

    1.4   

Building Materials & Construction

    1.3   

Cable

    1.3   

Tobacco

    1.0   

Airlines

    0.9   

Metals

    0.9   

Chemicals

    0.8   

Options

    0.7   

Paper

    0.7   

Packaging

    0.6   

Retailers

    0.6   

Energy—Integrated

    0.5   

Healthcare Insurance

    0.5   

Lodging

    0.5   

Affiliated Money Market Mutual Fund

    0.4   

Consumer

    0.4   

Aerospace & Defense

    0.2   

Energy—Other

    0.2   

Structured Note

    0.2   

Automotive

    0.1   

Brokerage

    0.1   

Gaming

    0.1   

Railroad

    0.1   
      
   98.6   

Other assets in excess of liabilities

    1.4   
      

Net Assets

    100.0 % 
      

Notes to Schedule of Investments (Unaudited)

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadviser; to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker.

Corporate bonds (other than convertible debt securities) and U.S. government securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by the subadviser in consultation with the Manager to be over-the-counter, are valued by an independent pricing agent or more than one principal market maker (if available, otherwise by a principal market maker or a primary market dealer). Convertible debt securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by the subadviser in consultation with the Manager to be over-the-counter, are valued by an independent pricing agent or at the mean between the last reported bid and asked prices (or at the last bid price in the absence of an asked price) provided by more than one principal market maker (if available, otherwise by a principal market maker or a primary market dealer).

Illiquid securities are valued in accordance with the fair valuation procedure approved by the Board of Directors.

Futures contracts and options thereon traded on a commodities exchange or board of trade are valued at the last sale price at the close of trading on such exchange or board of trade or, if there was no sale on the applicable commodities exchange or board of trade on such day, at the mean between the most recently quoted prices on such exchange or board of trade or at the last bid price in the absence of an asked price.

Options on securities and indices traded on an exchange are valued on their last sales price as of the close of trading on the applicable exchange or, if there was no sale, at the mean between the most recently quoted bid and asked prices on such exchange or at the last bid price in the absence of an asked price.

Securities for which reliable market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Directors’ approved fair valuation procedures. When determining the fair valuation 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 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 investment adviser 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 mutual funds to calculate their net asset values.

Market values of investments traded in a foreign currency are translated into U.S. dollars at the current rates of exchange.

Forward currency contracts are valued daily at current exchange rates.

Swaps are valued by “marking-to-market” the unrealized gains or losses daily.

Investments in mutual funds are valued at the net asset value as of the close of the New York Stock Exchange on the date of valuation.

Short-term debt securities of sufficient credit quality, which mature in sixty days or less, are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term debt securities, which mature in more than sixty days, are valued at current market quotations.

The Fund invests in the Taxable Money Market Series (the “Series”), a portfolio of Dryden Core Investment Fund. The Series is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

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 Global Total Return Fund, Inc. (f/k/a Dryden Global Total Return Fund, Inc.)

 

By (Signature and Title)*

  

/S/    DEBORAH A. DOCS        

  Deborah A. Docs
  Secretary of the Fund

Date March 29, 2010

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/    JUDY A. RICE        

  Judy A. Rice
  President and Principal Executive Officer

Date March 29, 2010

 

By (Signature and Title)*  

/S/    GRACE C. TORRES        

  Grace C. Torres
  Treasurer and Principal Financial Officer

Date March 29, 2010

 

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