Prudential Investment Portfolios 3 N-CSRS Certified semi-annual shareholder report (management investment company)

UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-09805
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 3

This Form N-CSR relates solely to the Registrant's PGIM Real Assets Fund and PGIM Global Dynamic Bond Fund (the "Funds")

Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant's telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2020
Date of reporting period:	4/30/2020

Item 1 – Reports to Stockholders

PGIM REAL ASSETS FUND

SEMIANNUAL REPORT

APRIL 30, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

This report presents the consolidated results of the PGIM Real Assets Fund and the PGIM Real Assets Subsidiary, Ltd.

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Real Assets Fund informative and useful. The report covers performance for the six-month period ended April 30, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Real Assets Fund

June 15, 2020

PGIM Real Assets Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)		Since Inception (%)
Class A	–8.24	–9.53		–2.28		0.04 (12/30/10)
Class B	–8.42	–9.71		–2.15		–0.13 (12/30/10)
Class C	–8.56	–5.94		–1.91		–0.10 (12/30/10)
Class Z	–8.07	–4.01		–0.89		0.92 (12/30/10)
Class R6	–8.02	–3.81		–0.80		–0.61 (1/23/15)
Customized Blend Index
	–11.88	–8.43		–1.22		—
Bloomberg Barclays US TIPS Index
	5.08	9.46		3.08		—

Average Annual Total Returns as of 4/30/20 Since Inception (%)
	Class A, B, C, Z (12/30/10)	Class R6 (1/23/15)
Customized Blend Index	–0.18	–1.09
Bloomberg Barclays US TIPS Index	3.42	2.75

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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

	Class A	Class B*	Class C	Class Z	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5/6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	1.00%	None	None

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

Benchmark Definitions

Customized Blend Index—The Customized Blend Index (Customized Blend) is a model portfolio consisting of the Bloomberg Commodity Index (33.3%), Morgan Stanley Capital International World Real Estate Net Dividend Index (33.3%), and Bloomberg Barclays US TIPS Index (33.3%). Each component of the Customized Blend is an unmanaged index generally considered as representing the performance of the Fund’s asset classes. The Customized Blend is intended to provide a theoretical comparison of the Fund’s performance, based on the amounts allocated to each asset class rather than on amounts allocated to various Fund segments. The Bloomberg Commodity Index is a diversified benchmark for the commodity futures market. It is composed of futures contracts on 19 physical commodities traded on US exchanges, with the exception of aluminum, nickel, and zinc, which trade on the London Metal Exchange (LME). The MSCI World Real Estate Net Dividend Index is a sub-index of the MSCI World Index and represents only securities in the GICS Real Estate Industry Group. The Net Dividend version of the MSCI World Real Estate Index reflects the impact of the maximum withholding taxes on reinvested dividends.

Bloomberg Barclays US TIPS Index—The Bloomberg Barclays US Treasury Inflation-Protected Securities Index (TIPS Index) is an unmanaged index that consists of inflation-protected securities issued by the US Treasury.

PGIM Real Assets Fund 5

Your Fund’s Performance (continued)

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

Presentation of Fund Holdings as of 4/30/20

Ten Largest Holdings	Asset Class	% of Net Assets
PGIM QMA Commodity Strategies Fund (Class R6)	Commodity	17.1%
PGIM Jennison Global Infrastructure Fund (Class R6)	Utilities/Infrastructure	9.5%
U.S. Treasury Inflation Indexed Bonds, TIPS, 0.125%, 01/15/23	U.S. Treasury Obligations	8.4%
PGIM Global Real Estate Fund (Class R6)	Real Estate	6.4%
PGIM Select Real Estate Fund (Class R6)	Global Real Estate	6.4%
U.S. Treasury Inflation Indexed Bonds, TIPS, 0.875%, 01/15/29	U.S. Treasury Obligations	5.0%
U.S. Treasury Inflation Indexed Bonds, TIPS, 0.625%, 01/15/26	U.S. Treasury Obligations	4.9%
PGIM Jennison Natural Resources Fund (Class R6)	Natural Resources	4.3%
U.S. Treasury Inflation Indexed Bonds, TIPS, 0.250%, 01/15/25	U.S. Treasury Obligations	4.1%
PGIM Short-Term Corporate Bond Fund (Class R6)	Short-Term Debt	3.9%

Holdings reflect only long-term investments and are subject to change.

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Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Real Assets Fund 7

Fees and Expenses (continued)

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

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

PGIM Real Assets Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	917.60		1.34	%	$	6.39
	Hypothetical	$	1,000.00	$	1,018.20		1.34	%	$	6.72
Class B	Actual	$	1,000.00	$	915.80		2.20	%	$	10.48
	Hypothetical	$	1,000.00	$	1,013.92		2.20	%	$	11.02
Class C	Actual	$	1,000.00	$	914.40		2.02	%	$	9.61
	Hypothetical	$	1,000.00	$	1,014.82		2.02	%	$	10.12
Class Z	Actual	$	1,000.00	$	919.30		0.98	%	$	4.68
	Hypothetical	$	1,000.00	$	1,019.99		0.98	%	$	4.92
Class R6	Actual	$	1,000.00	$	919.80		0.85	%	$	4.06
	Hypothetical	$	1,000.00	$	1,020.64		0.85	%	$	4.27

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2020, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Consolidated Schedule of Investments (unaudited)

as of April 30, 2020

Description						Shares		Value
LONG-TERM INVESTMENTS    83.7%
AFFILIATED MUTUAL FUNDS    49.3%
PGIM Global Real Estate Fund (Class R6)							285,955	$	5,536,090
PGIM Jennison Global Infrastructure Fund (Class R6)							629,993		8,227,707
PGIM Jennison MLP Fund (Class R6)							346,565		1,490,229
PGIM Jennison Natural Resources Fund (Class R6)							157,862		3,735,023
PGIM QMA Commodity Strategies Fund (Class R6)							2,018,824		14,919,106
PGIM Select Real Estate Fund (Class R6)							528,635		5,534,808
PGIM Short-Term Corporate Bond Fund (Class R6)							310,532		3,412,742
TOTAL AFFILIATED MUTUAL FUNDS (cost $45,875,102)(w)									42,855,705
	Interest Rate			Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATIONS    34.4%
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125	%		04/15/21		480		473,166
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			01/15/22		1,011		1,002,157
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			01/15/23		7,290		7,282,653
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			01/15/30		342		360,605
U.S. Treasury Inflation Indexed Bonds, TIPS		0.250			01/15/25		3,506		3,591,397
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375			01/15/27		1,157		1,212,519
U.S. Treasury Inflation Indexed Bonds, TIPS		0.500			01/15/28		288		307,501
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625			01/15/26		4,061		4,276,502
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625			02/15/43		141		162,581
U.S. Treasury Inflation Indexed Bonds, TIPS		0.750			02/15/45		461		557,334
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875			01/15/29		3,883		4,309,870
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875			02/15/47		788		995,427
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000			02/15/46		551		707,068
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000			02/15/48		839		1,096,829
U.S. Treasury Inflation Indexed Bonds, TIPS		1.125			01/15/21		248		246,295
U.S. Treasury Inflation Indexed Bonds, TIPS		1.375			02/15/44		294		396,330
U.S. Treasury Inflation Indexed Bonds, TIPS		1.750			01/15/28		1,420		1,649,669
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125			02/15/40		568		821,767
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125			02/15/41		272		396,777
U.S. Treasury Inflation Indexed Bonds, TIPS		3.375			04/15/32		73		105,438
TOTAL U.S. TREASURY OBLIGATIONS (cost $28,536,062)									29,951,885
TOTAL LONG-TERM INVESTMENTS (cost $74,411,164)									72,807,590

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 9

Consolidated Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description						Shares		Value
SHORT-TERM INVESTMENTS    17.1%
AFFILIATED MUTUAL FUND    1.3%
PGIM Core Ultra Short Bond Fund (cost $1,097,826)(w)							1,097,826	$	1,097,826
UNAFFILIATED FUND    14.8%
Dreyfus Treasury Securities Cash Management (cost $12,908,272)(bb)							12,908,272		12,908,272
	Interest Rate			Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATIONS(bb)(k)(n)    1.0%
U.S. Treasury Bills		0.010	%		09/17/20		150		149,940
U.S. Treasury Bills		0.060			06/18/20		500		499,937
U.S. Treasury Bills		0.100			06/18/20		100		99,987
U.S. Treasury Bills		1.230			06/18/20		100		99,988
TOTAL U.S. TREASURY OBLIGATIONS (cost $849,778)									849,852
TOTAL SHORT-TERM INVESTMENTS (cost $14,855,876)									14,855,950
TOTAL INVESTMENTS    100.8% (cost $89,267,040)									87,663,540
Liabilities in excess of other assets(z)    (0.8)%									(698,623	)
NET ASSETS    100.0%								$	86,964,917

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

LIBOR—London Interbank Offered Rate

MLP—Master Limited Partnership

OTC—Over-the-counter

TIPS—Treasury Inflation-Protected Securities

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

(bb) Represents security, or a portion thereof, held in the Cayman Subsidiary.

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

(n) Rate shown is the effective yield at purchase date.

(w) PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

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

See Notes to Consolidated Financial Statements.

10

Commodity Futures contracts outstanding at April 30, 2020(1):

Number of Contracts		Type		Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
	Long Position:
	80		Gold 100 OZ		Jun. 2020	$	13,553,600	$	266,318

(1) Represents positions held in the Cayman Subsidiary.

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Morgan Stanley & Co. LLC	$	—	$	849,852

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Affiliated Mutual Funds	$	43,953,531	$	—	$	—
U.S. Treasury Obligations		—		30,801,737		—
Unaffiliated Fund		12,908,272		—		—
Total	$	56,861,803	$	30,801,737	$	—
Other Financial Instruments*
Assets
Commodity Futures Contracts	$	266,318	$	—	$	—

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 11

Consolidated Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Fund Composition:

The fund composition of investments (excluding derivatives) and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2020 were as follows:

U.S. Treasury Obligations	35.4	%
Commodity	17.1
Unaffiliated Fund	14.8
Utilities/Infrastructure	9.5
Real Estate	6.4
Global Real Estate	6.4
Natural Resources	4.3
Short-Term Debt	3.9
Master Limited Partnerships (MLPs)	1.7	%
Core Ultra Short Bond	1.3
	100.8
Liabilities in excess of other assets	(0.8	)
	100.0	%

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

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

Fair values of derivative instruments as of April 30, 2020 as presented in the Consolidated Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Consolidated Statement of Assets and Liabilities Location	Fair Value			Consolidated Statement of Assets and Liabilities Location	Fair Value
Commodity contracts	Due from/to broker—variation margin futures	$	266,318	*	—	$	—

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

See Notes to Consolidated Financial Statements.

12

The effects of derivative instruments on the Consolidated Statement of Operations for the six months ended April 30, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$	455,891

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$	(373,350	)

For the six months ended April 30, 2020, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)
$	21,106,807	$	251,858

(1) Notional Amount in USD.

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 13

Consolidated Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value:
Affiliated investments (cost $46,972,928)	$	43,953,531
Unaffiliated investments (cost $42,294,112)		43,710,009
Receivable for investments sold		1,384,220
Receivable for Fund shares sold		61,895
Dividends and interest receivable		52,403
Prepaid expenses		275
Total Assets		89,162,333
Liabilities
Payable for investments purchased		1,918,597
Due to broker—variation margin futures		153,600
Accrued expenses and other liabilities		84,966
Payable for Fund shares reacquired		27,540
Affiliated transfer agent fee payable		5,921
Management fee payable		4,884
Distribution fee payable		1,908
Total Liabilities		2,197,416
Net Assets	$	86,964,917
Net assets were comprised of:
Shares of beneficial interest, at par	$	9,916
Paid-in capital in excess of par		102,486,639
Total distributable earnings (loss)		(15,531,638	)
Net assets, April 30, 2020	$	86,964,917

See Notes to Consolidated Financial Statements.

14

Class A
Net asset value and redemption price per share,
($3,835,277 ÷ 437,864 shares of beneficial interest issued and outstanding)	$	8.76
Maximum sales charge (5.50% of offering price)		0.51
Maximum offering price to public	$	9.27
Class B
Net asset value, offering price and redemption price per share,
($80,090 ÷ 9,186 shares of beneficial interest issued and outstanding)	$	8.72
Class C
Net asset value, offering price and redemption price per share,
($1,304,567 ÷ 149,871 shares of beneficial interest issued and outstanding)	$	8.70
Class Z
Net asset value, offering price and redemption price per share,
($55,249,871 ÷ 6,297,552 shares of beneficial interest issued and outstanding)	$	8.77
Class R6
Net asset value, offering price and redemption price per share,
($26,495,112 ÷ 3,021,296 shares of beneficial interest issued and outstanding)	$	8.77

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 15

Consolidated Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Affiliated dividend income	$	903,721
Interest income (net of inflationary and deflationary adjustments)		456,503
Unaffiliated dividend income		3,524
Total income		1,363,748
Expenses
Management fee		334,536
Distribution fee(a)		14,130
Custodian and accounting fees		72,371
Transfer agent’s fees and expenses (including affiliated expense of $18,242)(a)		46,935
Registration fees(a)		32,868
Audit fee		25,482
Shareholders’ reports		22,319
Legal fees and expenses		10,636
Trustees’ fees		6,155
Miscellaneous		7,971
Total expenses		573,403
Less: Fee waiver and/or expense reimbursement(a)		(311,278	)
Distribution fee waiver(a)		(1,101	)
Net expenses		261,024
Net investment income (loss)		1,102,724
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(2,656,734))		(1,706,323	)
Affiliated net capital gain distributions received		1,087,111
Futures transactions		455,891
		(163,321	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(8,726,315))		(8,294,241	)
Futures		(373,350	)
Foreign currencies		(10	)
		(8,667,601	)
Net gain (loss) on investment and foreign currency transactions		(8,830,922	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(7,728,198	)

See Notes to Consolidated Financial Statements.

16

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		6,609			610			6,911			—			—
Transfer agent’s fees and expenses		5,197			492			1,194			39,928			124
Registration fees		10,082			4,102			6,317			6,317			6,050
Fee waiver and/or expense reimbursement		(23,205	)		(4,744	)		(10,434	)		(183,658	)		(89,237	)
Distribution fee waiver		(1,101	)		—			—			—			—

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 17

Consolidated Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,102,724		$	2,081,744
Net realized gain (loss) on investment transactions		(1,250,432	)		49,142
Affiliated net capital gain distributions received		1,087,111			636,664
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(8,667,601	)		9,830,060
Net increase (decrease) in net assets resulting from operations		(7,728,198	)		12,597,610
Dividends and Distributions
Distributions from distributable earnings
Class A		(90,799	)		(99,493	)
Class B		(2,494	)		(2,229	)
Class C		(24,363	)		(19,384	)
Class Z		(1,329,088	)		(1,542,321	)
Class R6		(647,448	)		(850,613	)
		(2,094,192	)		(2,514,040	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		13,645,475			30,131,344
Net asset value of shares issued in reinvestment of dividends and distributions		2,093,924			2,513,485
Cost of shares reacquired		(17,343,543	)		(76,098,722	)
Net increase (decrease) in net assets from Fund share transactions		(1,604,144	)		(43,453,893	)
Total increase (decrease)		(11,426,534	)		(33,370,323	)
Net Assets:
Beginning of period		98,391,451			131,761,774
End of period	$	86,964,917		$	98,391,451

See Notes to Consolidated Financial Statements.

18

Notes to Consolidated Financial Statements (unaudited)

Prudential Investment Portfolios 3 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of six funds: PGIM Global Dynamic Bond Fund, PGIM Jennison Focused Growth Fund, PGIM QMA Large-Cap Value Fund and PGIM Strategic Bond Fund, each of which are diversified funds and PGIM QMA Global Tactical Allocation Fund and PGIM Real Assets Fund, each of which are non-diversified funds for purposes of the 1940 Act. These consolidated financial statements relate only to the PGIM Real Assets Fund (the “Fund”).

The investment objective of the Fund is to seek long-term real return.

The Fund wholly owns and controls the PGIM Real Assets Subsidiary, Ltd. (the “Subsidiary”), a company organized under the laws of the Cayman Islands. The Subsidiary is not registered as an investment company under the 1940 Act. The Trust’s Board of Trustees has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations (except as discussed below), and follows the same compliance policies and procedures as the Fund. The consolidated financial statements of the Fund include the financial results of the Subsidiary.

In accordance with the accounting rules relating to reporting of a wholly-owned subsidiary, the Consolidated Schedule of Investments includes positions of the Fund and the Subsidiary. These consolidated financial statements include the accounts of the Fund and the Subsidiary. All significant inter-company balances and transactions between the Fund and the Subsidiary have been eliminated in consolidation. The Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Subsidiary. The Subsidiary participates in the same investment objective as the Fund. The Subsidiary pursues its investment objective by investing in commodities, commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund. The portion of the Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial.

To the extent of the Fund’s investment through the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the

PGIM Real Assets Fund 19

Notes to Consolidated Financial Statements (unaudited) (continued)

Subsidiary are generally similar to those that are permitted to be held by the Fund’s commodity and gold/defensive asset classes and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Fund’s disclosures and operations are subject to compliance with applicable regulations governing commodity pools in accordance with Commodity Futures Trading Commission rule amendments.

As of April 30, 2020, the Subsidiary had net assets of $13,602,440 representing 15.6% of the Fund’s net assets.

1. Accounting Policies

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

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

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

20

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

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

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed

PGIM Real Assets Fund 21

Notes to Consolidated Financial Statements (unaudited) (continued)

reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

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

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

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

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held

22

at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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

Commodities: The Fund gains exposure to commodity markets through direct investment of the Fund’s assets or through the Subsidiary. The Fund gains exposure to the commodity markets primarily through exchange-traded futures on commodities held by the Subsidiary. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary may invest in commodity investments without limit. The Fund invests in the Subsidiary in order to gain exposure to commodities within the limitations of the federal tax law requirements applicable to regulated investment companies such as the Fund. The Fund may invest directly in commodity-linked structured notes (CLNs). The Fund may also gain direct exposure to commodities through direct investment in certain exchange-traded funds (ETFs) whose returns are linked to commodities or commodity indices within the limit of applicable tax law. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Fund’s investments to greater volatility than investments in traditional securities.

Inflation-Protected Securities: The Fund invests in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to

PGIM Real Assets Fund 23

Notes to Consolidated Financial Statements (unaudited) (continued)

inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

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

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

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

24

distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

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

2. Agreements

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

The Manager has entered into a subadvisory agreement with QMA LLC (“QMA”) and PGIM, Inc. (on behalf of its PGIM Fixed Income unit). The subadvisory agreement provides that the Subadvisers furnish investment advisory services in connection with the management of the Fund. In connection therewith, the Subadvisers are obligated to keep certain books and records of the Fund. Pursuant to the advisory agreement, The Manager pays the cost of

PGIM Real Assets Fund 25

Notes to Consolidated Financial Statements (unaudited) (continued)

compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.60% of the Fund’s average daily net assets up to and including $3 billion, 0.58% on the next $2 billion of average daily net assets, 0.57% on the next $5 billion of average daily net assets and 0.56% of the average daily net assets in excess of $10 billion (including the Subsidiary). The effective consolidated management fee rate before any waivers and/or expense reimbursements was 0.72% for the reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit net annual operating expenses and acquired fund fees and expenses (exclusive of distribution and service (12b-1) fees, interest, dividend and interest expense on short sales (including acquired fund dividend and interest expense on short sales), brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses (including acquired fund taxes), transfer agency expenses (including sub-transfer agency and networking fees), and extraordinary expenses) of each class of shares to 0.85% of the Fund’s average daily net assets. Separately, the Manager has contractually agreed, through February 28, 2021 to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the total annual operating expenses to exceed 2.20% of average daily net assets for Class B shares. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses) extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

The Subsidiary has entered into a separate management agreement with the Manager whereby the Manager provides advisory and other services to the Subsidiary substantially similar to the services provided by the Manager to the Fund as discussed above. In consideration for these services, the Subsidiary pays the Manager a monthly fee at the annual rate of 0.60% of the Subsidiary’s average daily net assets up to and including

26

$3 billion, 0.58% on the next $2 billion of average daily net assets, 0.57% on the next $5 billion of average daily net assets and 0.56% of the average daily net assets in excess of $10 billion. The Manager has contractually agreed to waive any management fee it receives from the Fund in an amount equal to the management fees paid by the Subsidiary. This waiver will remain in effect for so long as the Fund remains invested or intends to invest in the Subsidiary. The Manager also has entered into a Subadvisory Agreement with QMA, relating to the Subsidiary.

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 1% of the average daily net assets of the Class A, Class B and Class C shares, respectively. PIMS has contractually agreed through February 28, 2021 to limit such fees to 0.25% of the average daily net assets of Class A shares.

For the reporting period ended April 30, 2020, PIMS received $3,622 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $48 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in

PGIM Real Assets Fund 27

Notes to Consolidated Financial Statements (unaudited) (continued)

the Core Fund, earnings from such investments are disclosed on the Consolidated Statement of Operations as “Affiliated dividend income”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the reporting period ended April 30, 2020, no 17a-7 transactions were entered into by the Fund.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $35,934,568 and $21,307,111, respectively. The aggregate cost of purchases and proceeds from sale of U.S. government securities represent $16,902,996 and $21,250,037, respectively.

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

Affiliated mutual funds	Value, Beginning of Period		Cost of Purchases		Proceeds from Sales			Change in Unrealized Gain (Loss)
PGIM Core Ultra Short Bond Fund *	$	3,370,267	$	21,463,532	$	23,735,973		$	—
PGIM Global Real Estate Fund (Class R6)		15,564,844		3,203,505		8,734,700			(3,496,122	)
PGIM Jennison Global Infrastructure Fund (Class R6) *		11,915,113		1,944,155		4,625,870	**		(1,535,685	)
PGIM Jennison MLP Fund (Class R6) *		2,171,035		2,480,500		1,836,736	**		(283,321	)
PGIM Jennison Natural Resources Fund (Class R6) *		1,920,024		4,867,660		2,490,200			116,244
PGIM QMA Commodity Strategies Fund (Class R6) *		—		17,625,000		—			(2,705,894	)
PGIM Select Real Estate Fund (Class R6)		6,500,276		2,500,188		2,079,600			(920,719	)
PGIM Short-Term Corporate Bond Fund (Class R6) *		—		3,313,560		—			99,182
	$	41,441,559	$	57,398,100	$	43,503,079		$	(8,726,315	)

Affiliated mutual funds	Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income		Capital Gain Distrib.
PGIM Core Ultra Short Bond Fund *	$	—	$	1,097,826		1,097,826	$	18,668	$	—

28

Affiliated mutual funds	Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income		Capital Gain Distrib.
PGIM Global Real Estate Fund (Class R6)	$	(1,001,437	)	$	5,536,090		285,955	$	496,725	$	954,450
PGIM Jennison Global Infrastructure Fund (Class R6) *		529,994			8,227,707		629,993		56,786		—
PGIM Jennison MLP Fund (Class R6) *		(1,041,249	)		1,490,229		346,565		42,279		—
PGIM Jennison Natural Resources Fund (Class R6) *		(678,705	)		3,735,023		157,862		98,559		—
PGIM QMA Commodity Strategies Fund (Class R6) *		—			14,919,106		2,018,824		—		—
PGIM Select Real Estate Fund (Class R6)		(465,337	)		5,534,808		528,635		184,226		132,661
PGIM Short-Term Corporate Bond Fund (Class R6) *		—			3,412,742		310,532		6,478		—
	$	(2,656,734	)	$	43,953,531			$	903,721	$	1,087,111

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

** Amount includes return of capital distribution.

5. Tax Information

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

Tax Basis	$	102,891,251
Gross Unrealized Appreciation		3,060,732
Gross Unrealized Depreciation		(18,022,125	)
Net Unrealized Depreciation	$	(14,961,393	)

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s consolidated financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. Class B shares are closed to new

PGIM Real Assets Fund 29

Notes to Consolidated Financial Statements (unaudited) (continued)

purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Trust has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, divided into five classes, designated Class A, Class B, Class C, Class Z and Class R6.

As of April 30, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of Outstanding Shares
Class Z		4,818,218		77	%
Class R6		2,469,118		82	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
3	73%	—	—%

30

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		39,880		$	361,245
Shares issued in reinvestment of dividends and distributions		9,530			90,799
Shares reacquired		(98,781	)		(884,507	)
Net increase (decrease) in shares outstanding before conversion		(49,371	)		(432,463	)
Shares issued upon conversion from other share class(es)		2,729			26,320
Shares reacquired upon conversion into other share class(es)		(226	)		(1,972	)
Net increase (decrease) in shares outstanding		(46,868	)	$	(408,115	)
Year ended October 31, 2019:
Shares sold		65,539		$	614,772
Shares issued in reinvestment of dividends and distributions		10,744			99,493
Shares reacquired		(209,889	)		(1,990,315	)
Net increase (decrease) in shares outstanding before conversion		(133,606	)		(1,276,050	)
Shares issued upon conversion from other share class(es)		22,582			211,672
Shares reacquired upon conversion into other share class(es)		(15,541	)		(142,434	)
Net increase (decrease) in shares outstanding		(126,565	)	$	(1,206,812	)
Class B
Six months ended April 30, 2020:
Shares issued in reinvestment of dividends and distributions		260		$	2,494
Shares reacquired		(5,641	)		(54,552	)
Net increase (decrease) in shares outstanding before conversion		(5,381	)		(52,058	)
Shares reacquired upon conversion into other share class(es)		(2,021	)		(19,317	)
Net increase (decrease) in shares outstanding		(7,402	)	$	(71,375	)
Year ended October 31, 2019:
Shares issued in reinvestment of dividends and distributions		246		$	2,229
Shares reacquired		(4,827	)		(44,837	)
Net increase (decrease) in shares outstanding before conversion		(4,581	)		(42,608	)
Shares reacquired upon conversion into other share class(es)		(14,880	)		(137,276	)
Net increase (decrease) in shares outstanding		(19,461	)	$	(179,884	)
Class C
Six months ended April 30, 2020:
Shares sold		9,043		$	79,589
Shares issued in reinvestment of dividends and distributions		2,558			24,362
Shares reacquired		(14,524	)		(138,702	)
Net increase (decrease) in shares outstanding before conversion		(2,923	)		(34,751	)
Shares reacquired upon conversion into other share class(es)		(723	)		(7,003	)
Net increase (decrease) in shares outstanding		(3,646	)	$	(41,754	)
Year ended October 31, 2019:
Shares sold		5,695		$	49,825
Shares issued in reinvestment of dividends and distributions		2,121			19,384
Shares reacquired		(43,562	)		(400,273	)
Net increase (decrease) in shares outstanding before conversion		(35,746	)		(331,064	)
Shares reacquired upon conversion into other share class(es)		(10,437	)		(98,896	)
Net increase (decrease) in shares outstanding		(46,183	)	$	(429,960	)

PGIM Real Assets Fund 31

Notes to Consolidated Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended April 30, 2020:
Shares sold		599,817		$	5,395,499
Shares issued in reinvestment of dividends and distributions		139,782			1,328,821
Shares reacquired		(1,056,453	)		(9,835,492	)
Net increase (decrease) in shares outstanding before conversion		(316,854	)		(3,111,172	)
Shares issued upon conversion from other share class(es)		225			1,972
Net increase (decrease) in shares outstanding		(316,629	)	$	(3,109,200	)
Year ended October 31, 2019:
Shares sold		533,310		$	4,967,319
Shares issued in reinvestment of dividends and distributions		166,518			1,541,766
Shares reacquired		(2,929,292	)		(26,655,264	)
Net increase (decrease) in shares outstanding before conversion		(2,229,464	)		(20,146,179	)
Shares issued upon conversion from other share class(es)		18,076			166,934
Net increase (decrease) in shares outstanding		(2,211,388	)	$	(19,979,245	)
Class R6
Six months ended April 30, 2020:
Shares sold		814,499		$	7,809,142
Shares issued in reinvestment of dividends and distributions		68,182			647,448
Shares reacquired		(686,201	)		(6,430,290	)
Net increase (decrease) in shares outstanding		196,480		$	2,026,300
Year ended October 31, 2019:
Shares sold		2,692,983		$	24,499,428
Shares issued in reinvestment of dividends and distributions		92,281			850,613
Shares reacquired		(4,950,846	)		(47,008,033	)
Net increase (decrease) in shares outstanding		(2,165,582	)	$	(21,657,992	)

7. Borrowings

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

	SCA
Term of Commitment	10/3/2019 –10/1/2020
Total Commitment	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%

32

	SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

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

The Fund utilized the SCA during the reporting period ended April 30, 2020. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $207,000, borrowed at a weighted average interest rate of 2.15%. The maximum loan outstanding amount during the period was $207,000. At April 30, 2020, the Fund did not have an outstanding loan amount.

8. Risks of Investing in the Fund

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

Subsidiary Risk: By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The Subsidiary is not registered as an investment company under the 1940 Act, and, unless otherwise noted in Fund’s Prospectus, is not subject to all the investor protections of the 1940 Act. The IRS has proposed regulations that if finalized in current form would require the Subsidiary to distribute its income on an annual basis in order for such income to be considered qualifying Regulated Investment Company (“RIC”) income for tax purposes. Changes in the laws of the Cayman Islands, under which the Subsidiary is incorporated, could result in the inability of the Fund to effect its desired commodity investment strategy.

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

PGIM Real Assets Fund 33

Notes to Consolidated Financial Statements (unaudited) (continued)

derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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

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

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

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no

34

willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

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

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

Risks of Investing in Treasury Inflation Protected Securities (TIPS): The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable. Although the principal value of TIPS declines in periods of deflation, holders at maturity receive no less than the par value of the bond. However, if a Fund purchases TIPS in the secondary market, where principal values have been adjusted upward due to inflation since issuance, it may experience a loss if there is a subsequent period of deflation. If inflation is lower than expected during the period a Fund holds TIPS, a Fund may earn less on the security than on a conventional bond.

PGIM Real Assets Fund 35

Notes to Consolidated Financial Statements (unaudited) (continued)

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

9. Recent Accounting Pronouncements and Reporting Updates

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

36

Consolidated Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,												Eight Months Ended October 31,			Year Ended February 28,
	2020			2019			2018			2017			2016			2015(a)			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.74			$8.98			$9.44			$9.36			$9.36			$10.15			$10.64
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.13			0.14			0.12			0.07			0.05			0.11
Net realized and unrealized gain (loss) on investment transactions		(0.88	)		0.81			(0.44	)		0.12			0.04			(0.75	)		0.12
Total from investment operations		(0.79	)		0.94			(0.30	)		0.24			0.11			(0.70	)		0.23
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.18	)		(0.16	)		(0.12	)		(0.08	)		(0.06	)		(0.13	)
Tax return of capital distributions		-			-			-	(c)		(0.04	)		-			-	(c)		-
Distributions from net realized gains		(0.06	)		-			-			-	(c)		(0.03	)		(0.03	)		(0.59	)
Total dividends and distributions		(0.19	)		(0.18	)		(0.16	)		(0.16	)		(0.11	)		(0.09	)		(0.72	)
Net asset value, end of period		$8.76			$9.74			$8.98			$9.44			$9.36			$9.36			$10.15
Total Return(d):		(8.24	)%		10.55%			(3.25	)%		2.60%			1.17%			(6.89	)%		2.15%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,835			$4,719			$5,487			$6,702			$8,260			$9,875			$11,396
Average net assets (000)		$4,430			$5,438			$6,032			$7,589			$9,456			$11,060			$12,020
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.92%	(g)		0.85%			0.77%			0.66%			0.65%			0.49%	(g)		0.47%
Expenses before waivers and/or expense reimbursement		2.02%	(g)		1.57%			1.77%			1.28%			1.29%			1.33%	(g)		1.37%
Net investment income (loss)		1.99%	(g)		1.43%			1.50%			1.33%			0.80%			0.82%	(g)		1.00%
Portfolio turnover rate(h)		58%			60%			77%			96%			99%			48%			67%

(a) For the eight month period ended October 31, 2015. The Fund changed its fiscal year end from February 28 to October 31, effective October 31, 2015.

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

(c) Less than $0.005 per share.

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

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

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 37

Consolidated Financial Highlights (unaudited)(continued)

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

(g) Annualized.

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

See Notes to Consolidated Financial Statements.

38

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,												Eight Months Ended October 31,			Year Ended February 28,
	2020			2019			2018			2017			2016			2015(a)			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.70			$8.93			$9.40			$9.32			$9.34			$10.14			$10.62
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.05			0.05			0.05			-	(c)		-	(c)		0.02
Net realized and unrealized gain (loss) on investment transactions		(0.94	)		0.81			(0.44	)		0.12			0.04			(0.76	)		0.15
Total from investment operations		(0.82	)		0.86			(0.39	)		0.17			0.04			(0.76	)		0.17
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.09	)		(0.08	)		(0.07	)		(0.03	)		(0.01	)		(0.06	)
Tax return of capital distributions		-			-			-	(c)		(0.02	)		-			-	(c)		-
Distributions from net realized gains		(0.06	)		-			-			-	(c)		(0.03	)		(0.03	)		(0.59	)
Total dividends and distributions		(0.16	)		(0.09	)		(0.08	)		(0.09	)		(0.06	)		(0.04	)		(0.65	)
Net asset value, end of period		$8.72			$9.70			$8.93			$9.40			$9.32			$9.34			$10.14
Total Return(d):		(8.61	)%		9.68%			(4.22	)%		1.85%			0.44%			(7.45	)%		1.48%
Ratios/Supplemental Data:
Net assets, end of period (000)		$80			$161			$322			$500			$783			$1,175			$1,440
Average net assets (000)		$123			$241			$430			$598			$945			$1,296			$1,548
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		1.79%	(g)		1.74%			1.70%			1.41%			1.40%			1.24%	(g)		1.22%
Expenses before waivers and/or expense reimbursement		9.57%	(g)		4.61%			5.58%			1.97%			1.99%			2.03%	(g)		2.07%
Net investment income (loss)		2.51%	(g)		0.56%			0.56%			0.59%			0.04%			0.05%	(g)		0.23%
Portfolio turnover rate(h)		58%			60%			77%			96%			99%			48%			67%

(a) For the eight month period ended October 31, 2015. The Fund changed its fiscal year end from February 28 to October 31, effective October 31, 2015.

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

(c) Less than $0.005 per share.

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

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

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

(g) Annualized.

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 39

Consolidated Financial Highlights (unaudited)(continued)

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

See Notes to Consolidated Financial Statements.

40

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,												Eight Months Ended October 31,			Year Ended February 28,
	2020			2019			2018			2017			2016			2015(a)			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.68			$8.93			$9.39			$9.32			$9.34			$10.13			$10.62
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.07			0.07			0.05			-	(c)		-	(c)		0.01
Net realized and unrealized gain (loss) on investment transactions		(0.87	)		0.79			(0.43	)		0.11			0.04			(0.75	)		0.15
Total from investment operations		(0.81	)		0.86			(0.36	)		0.16			0.04			(0.75	)		0.16
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.11	)		(0.10	)		(0.07	)		(0.03	)		(0.01	)		(0.06	)
Tax return of capital distributions		-			-			-	(c)		(0.02	)		-			-	(c)		-
Distributions from net realized gains		(0.06	)		-			-			-	(c)		(0.03	)		(0.03	)		(0.59	)
Total dividends and distributions		(0.17	)		(0.11	)		(0.10	)		(0.09	)		(0.06	)		(0.04	)		(0.65	)
Net asset value, end of period		$8.70			$9.68			$8.93			$9.39			$9.32			$9.34			$10.13
Total Return(d):		(8.56	)%		9.75%			(3.93	)%		1.74%			0.44%			(7.36	)%		1.38%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,305			$1,486			$1,783			$2,607			$3,072			$3,817			$4,663
Average net assets (000)		$1,390			$1,620			$2,178			$2,932			$3,291			$4,291			$4,320
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		1.60%	(g)		1.56%			1.49%			1.41%			1.40%			1.24%	(g)		1.22%
Expenses before waivers and/or expense reimbursement		3.11%	(g)		2.45%			2.70%			1.98%			1.99%			2.03%	(g)		2.07%
Net investment income (loss)		1.29%	(g)		0.72%			0.78%			0.56%			0.02%			0.07%	(g)		0.14%
Portfolio turnover rate(h)		58%			60%			77%			96%			99%			48%			67%

(a) For the eight month period ended October 31, 2015. The Fund changed its fiscal year end from February 28 to October 31, effective October 31, 2015.

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

(c) Less than $0.005 per share.

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

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

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 41

Consolidated Financial Highlights (unaudited)(continued)

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

(g) Annualized.

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

See Notes to Consolidated Financial Statements.

42

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,												Eight Months Ended October 31,			Year Ended February 28,
	2020			2019			2018			2017			2016			2015(a)			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.75			$8.99			$9.45			$9.38			$9.37			$10.17			$10.65
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.16			0.17			0.15			0.09			0.07			0.11
Net realized and unrealized gain (loss) on investment transactions		(0.89	)		0.81			(0.44	)		0.10			0.05			(0.76	)		0.16
Total from investment operations		(0.77	)		0.97			(0.27	)		0.25			0.14			(0.69	)		0.27
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.21	)		(0.19	)		(0.14	)		(0.10	)		(0.06	)		(0.16	)
Tax return of capital distributions		-			-			-	(c)		(0.04	)		-			(0.02	)		-
Distributions from net realized gains		(0.06	)		-			-			-	(c)		(0.03	)		(0.03	)		(0.59	)
Total dividends and distributions		(0.21	)		(0.21	)		(0.19	)		(0.18	)		(0.13	)		(0.11	)		(0.75	)
Net asset value, end of period		$8.77			$9.75			$8.99			$9.45			$9.38			$9.37			$10.17
Total Return(d):		(8.07	)%		10.94%			(2.91	)%		2.74%			1.50%			(6.83	)%		2.51%
Ratios/Supplemental Data:
Net assets, end of period (000)		$55,250			$64,495			$79,349			$84,752			$94,614			$88,784			$99,800
Average net assets (000)		$59,865			$67,444			$85,493			$94,426			$91,393			$94,841			$83,675
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.57%	(g)		0.49%			0.42%			0.41%			0.40%			0.24%	(g)		0.22%
Expenses before waivers and/or expense reimbursement		1.19%	(g)		1.07%			0.99%			0.98%			0.99%			1.03%	(g)		1.07%
Net investment income (loss)		2.50%	(g)		1.76%			1.83%			1.57%			0.99%			1.06%	(g)		1.07%
Portfolio turnover rate(h)		58%			60%			77%			96%			99%			48%			67%

(a) For the eight month period ended October 31, 2015. The Fund changed its fiscal year end from February 28 to October 31, effective October 31, 2015.

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

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 43

Consolidated Financial Highlights (unaudited)(continued)

(c) Less than $0.005 per share.

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

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

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

(g) Annualized.

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

See Notes to Consolidated Financial Statements.

44

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,												Eight Months Ended October 31,			January 23, 2015(a) through February 28,
	2020			2019			2018			2017			2016			2015(b)			2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.75			$8.98			$9.44			$9.37			$9.36			$10.16			$10.15
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.17			0.18			0.15			0.10			0.08			(0.04	)
Net realized and unrealized gain (loss) on investment transactions		(0.87	)		0.82			(0.44	)		0.11			0.05			(0.77	)		0.05
Total from investment operations		(0.77	)		0.99			(0.26	)		0.26			0.15			(0.69	)		0.01
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.22	)		(0.20	)		(0.15	)		(0.11	)		(0.07	)		-
Tax return of capital distributions		-			-			-	(d)		(0.04	)		-			(0.01	)		-
Distributions from net realized gains		(0.06	)		-			-			-	(d)		(0.03	)		(0.03	)		-
Total dividends and distributions		(0.21	)		(0.22	)		(0.20	)		(0.19	)		(0.14	)		(0.11	)		-
Net asset value, end of period		$8.77			$9.75			$8.98			$9.44			$9.37			$9.36			$10.16
Total Return(e):		(8.02	)%		11.15%			(2.85	)%		2.83%			1.58%			(6.78	)%		0.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$26,495			$27,530			$44,822			$69,957			$65,833			$53,463			$10
Average net assets (000)		$28,079			$42,776			$64,112			$71,614			$60,978			$29,985			$10
Ratios to average net assets(f)(g):
Expenses after waivers and/or expense reimbursement		0.43%	(h)		0.40%			0.36%			0.32%			0.32%			0.15%	(h)		0.15%	(h)

See Notes to Consolidated Financial Statements.

PGIM Real Assets Fund 45

Consolidated Financial Highlights (unaudited)(continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,								Eight Months Ended October 31,			January 23, 2015(a) through February 28,
	2020			2019		2018		2017		2016		2015(b)			2015
Expenses before waivers and/or expense reimbursement		1.07%	(h)		0.98%		0.92%		0.89%		0.91%		0.94%	(h)		1.06%	(h)
Net investment income (loss)		2.17%	(h)		1.88%		1.93%		1.58%		1.08%		1.33%	(h)		(3.50	)%(h)
Portfolio turnover rate(i)		58%			60%		77%		96%		99%		48%			67%

(a) Commencement of offering.

(b) For the eight month period ended October 31, 2015. The Fund changed its fiscal year end from February 28 to October 31, effective October 31, 2015.

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

(d) Less than $0.005 per share.

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

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

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

(h) Annualized.

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

See Notes to Consolidated Financial Statements.

46

Fund Liquidity Risk Management Program (unaudited)

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

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

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

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

PGIM Real Assets Fund 47

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

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

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

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

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

Mutual Funds:

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

PGIM REAL ASSETS FUND

SHARE CLASS	A	B	C	Z	R6
NASDAQ	PUDAX	PUDBX	PUDCX	PUDZX	PUDQX
CUSIP	74440K819	74440K793	74440K785	74440K777	74440K744

MF207E2

PGIM GLOBAL DYNAMIC BOND FUND

SEMIANNUAL REPORT

APRIL 30, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

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

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

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Global Dynamic Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Global Dynamic Bond Fund

June 15, 2020

PGIM Global Dynamic Bond Fund 3

Your Fund’s Performance

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

		Average Annual Total Returns as of 4/30/20
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	–12.88	–10.23	2.54 (11/3/15)
Class C	–13.24	–8.80	2.48 (11/3/15)
Class Z	–12.73	–6.89	3.61 (11/3/15)
Class R6	–12.72	–6.85	3.61 (11/3/15)
ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index
	1.14	2.48	1.62
Bloomberg Barclays Global Aggregate Bond Index
	1.45	6.56	3.41

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

4 Visit our website at pgiminvestments.com

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price.	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 1.00% on sales of $1 million or more made within 12 months of purchase.	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index—The ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index is an unmanaged index that tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

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

PGIM Global Dynamic Bond Fund 5

Your Fund’s Performance (continued)

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

Distributions and Yields as of 4/30/20
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.59	5.02	3.66
Class C	0.55	4.46	3.02
Class Z	0.60	5.47	4.65
Class R6	0.61	5.57	4.93

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

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

Credit Quality expressed as a percentage of total investments as of 4/30/20 (%)
AAA	1.9
AA	1.7
A	7.2
BBB	14.9
BB	29.2
B	17.2
CCC	6.3
C	0.7
D	0.2
Not Rated	11.2
Cash/Cash Equivalents	9.5
Total Investments	100.0

Source: PGIM Fixed Income

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

6 Visit our website at pgiminvestments.com

Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Global Dynamic Bond Fund 7

Fees and Expenses (continued)

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

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

PGIM Global Dynamic Bond Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	871.20		1.21	%	$	5.63
	Hypothetical	$	1,000.00	$	1,018.85		1.21	%	$	6.07
Class C	Actual	$	1,000.00	$	867.60		1.96	%	$	9.10
	Hypothetical	$	1,000.00	$	1,015.12		1.96	%	$	9.82
Class Z	Actual	$	1,000.00	$	872.70		0.86	%	$	4.00
	Hypothetical	$	1,000.00	$	1,020.59		0.86	%	$	4.32
Class R6	Actual	$	1,000.00	$	872.80		0.81	%	$	3.77
	Hypothetical	$	1,000.00	$	1,020.84		0.81	%	$	4.07

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended April 30, 2020, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    88.2%
ASSET-BACKED SECURITIES    4.0%
Cayman Islands    0.8%
MidOcean Credit CLO, Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.345	%(c)		02/20/31		250	$	230,073
Zais CLO Ltd., Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		2.169	(c)		04/15/29		247		232,116
									462,189
Spain    0.9%
TFS, Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		04/16/23	EUR	532		522,102
United States    2.3%
Laurel Road Prime Student Loan Trust, Series 2019-A, Class R, 144A		—	(p)		10/25/48		2,232		156,210
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A		4.000			01/25/59		78		74,215
Series 2019-GS02, Class A1, 144A		3.750			01/25/59		168		156,736
Series 2019-SL01, Class A, 144A		4.000	(cc)		12/28/54		66		63,062
Oportun Funding LLC, Series 2019-A, Class B, 144A		3.870			08/08/25		100		73,480
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		3.337	(c)		02/25/23		100		83,697
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		08/25/25		100		82,810
TH MSR Issuer Trust, Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		3.287	(c)		06/25/24		820		668,466
									1,358,676
TOTAL ASSET-BACKED SECURITIES (cost $2,690,460)									2,342,967

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOAN    0.1%
United States
Chesapeake Energy Corp., Class A Loan, 2 Month LIBOR + 8.000% (cost $171,715)		9.000	%(c)		05/23/24		175	$	60,375
COMMERCIAL MORTGAGE-BACKED SECURITIES    4.4%
Canada    0.1%
Real Estate Asset Liquidity Trust, Series 2020-01A, Class A1, 144A		2.381	(cc)		02/12/55	CAD	75		54,368
United States    4.3%
BX Commercial Mortgage Trust,
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		3.464	(c)		10/15/36		382		347,712
Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)		3.314	(c)		12/15/36		750		672,362
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.964	(c)		05/15/36		125		115,436
Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		3.464	(c)		05/15/36		250		229,827
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A		3.808	(cc)		12/10/36		250		207,797
MKT Mortgage Trust, Series 2020-525M, Class F, 144A		2.941	(cc)		02/12/40		550		450,163
Morgan Stanley Capital I Trust, Series 2019-MEAD, Class E, 144A		3.177			11/10/36		650		484,319
									2,507,616
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,914,765)									2,561,984
CORPORATE BONDS    48.0%
Brazil    1.2%
Petrobras Global Finance BV,
Gtd. Notes		5.375			10/01/29	GBP	415		466,388
Gtd. Notes, EMTN		6.250			12/14/26	GBP	200		241,710
									708,098

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Canada    1.7%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A		7.500	%		12/01/24			180	$	119,841
Sr. Unsec’d. Notes, 144A		7.875			04/15/27			480		316,186
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., Gtd. Notes, 144A		4.875			02/15/30			85		70,086
Cenovus Energy, Inc., Sr. Unsec’d. Notes		4.250			04/15/27			200		157,270
MEG Energy Corp., Sr. Unsec’d. Notes, 144A		7.125			02/01/27			45		30,382
NOVA Chemicals Corp., Sr. Unsec’d. Notes, 144A		5.250			06/01/27			100		79,984
Xplornet Communications, Inc., Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625		9.625			06/01/22			237		238,781
										1,012,530
China    0.9%
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750			06/14/22		EUR	200		214,401
Sinopec Group Overseas Development 2015 Ltd., Gtd. Notes		1.000			04/28/22		EUR	200		219,591
State Grid Europe Development 2014 PLC, Gtd. Notes, Series A		1.500			01/26/22		EUR	100		111,018
										545,010
France    1.4%
Altice France SA, Sr. Sec’d. Notes		3.375			01/15/28		EUR	400		412,450
Credit Agricole Assurances SA, Sub. Notes		4.250	(ff)		—	(rr)	EUR	100		117,854
Loxam SAS,
Sr. Sub. Notes		4.500			04/15/27		EUR	100		76,811
Sr. Sub. Notes		5.750			07/15/27		EUR	280		214,865
										821,980
Germany    0.7%
Atotech Alpha 2 BV, Sr. Unsec’d. Notes, 144A, Cash coupon 8.750% or PIK 9.500%		8.750			06/01/23			200		189,216

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Germany (cont’d.)
Nidda BondCo GmbH, Gtd. Notes, 144A		5.000	%		09/30/25		EUR	100	$	104,390
Volkswagen International Finance NV, Gtd. Notes		2.700	(ff)		—	(rr)	EUR	100		105,063
										398,669
Indonesia    1.5%
Perusahaan Listrik Negara PT,
Sr. Unsec’d. Notes		2.875			10/25/25		EUR	500		540,549
Sr. Unsec’d. Notes		5.500			11/22/21			250		254,548
Sr. Unsec’d. Notes, 144A		1.875			11/05/31		EUR	100		94,954
										890,051
Italy    0.7%
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa, Sr. Unsec’d. Notes		1.375			07/20/22		EUR	100		109,793
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500	(ff)		10/27/47		EUR	100		122,748
Intesa Sanpaolo SpA, Sr. Unsec’d. Notes, 144A		3.125			07/14/22			200		199,639
										432,180
Jamaica    0.1%
Digicel Ltd., Gtd. Notes, 144A		6.750			03/01/23			200		77,950
Kazakhstan    0.3%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250			12/05/23		CHF	50		51,615
Gtd. Notes		3.638			06/20/22		CHF	100		102,950
										154,565
Luxembourg    1.6%
ARD Finance SA,
Sr. Sec’d. Notes, Cash coupon 5.000% or PIK 5.750%		5.000			06/30/27		EUR	100		99,186
Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000			06/30/27		EUR	300		297,556

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Luxembourg (cont’d.)
Intelsat Jackson Holdings SA, Gtd. Notes(original cost $ 381,925; purchased 05/01/19)(f)		5.500	%		08/01/23		440	$	239,475
Intelsat Luxembourg SA, Gtd. Notes(original cost $ 83,275; purchased 11/18/19)(f)		8.125			06/01/23		150		12,194
Matterhorn Telecom SA, Sr. Sec’d. Notes		3.125			09/15/26	EUR	100		107,460
Picard Bondco SA, Gtd. Notes		5.500			11/30/24	EUR	200		207,141
									963,012
Mexico    1.4%
Petroleos Mexicanos,
Gtd. Notes		3.625			11/24/25	EUR	200		173,187
Gtd. Notes		6.500			01/23/29		40		31,276
Gtd. Notes		6.840			01/23/30		70		54,768
Gtd. Notes, EMTN		1.875			04/21/22	EUR	100		97,257
Gtd. Notes, EMTN		3.750			02/21/24	EUR	200		187,381
Gtd. Notes, EMTN		3.750			04/16/26	EUR	100		86,328
Gtd. Notes, EMTN		4.875			02/21/28	EUR	200		168,694
									798,891
Netherlands    1.9%
OCI NV, Sr. Sec’d. Notes		3.125			11/01/24	EUR	350		373,749
United Group BV, Sr. Sec’d. Notes, 144A		3.125			02/15/26	EUR	400		412,387
Ziggo Bond Co. BV, Gtd. Notes, 144A		3.375			02/28/30	EUR	300		310,623
									1,096,759
Peru    0.3%
Peru Enhanced Pass-Through Finance Ltd., Pass-Through Certificates		1.962	(s)		06/02/25		184		168,605
Russia    0.7%
Gazprom PJSC Via Gaz Capital SA,
Sr. Unsec’d. Notes		2.500			03/21/26	EUR	100		109,613
Sr. Unsec’d. Notes		4.250			04/06/24	GBP	100		127,979

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Russia (cont’d.)
Russian Railways Via RZD Capital PLC,
Sr. Unsec’d. Notes		0.898	%		10/03/25	CHF	100	$	99,132
Sr. Unsec’d. Notes		1.195			04/03/28	CHF	50		49,850
									386,574
South Africa    0.9%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, 144A, MTN		6.350			08/10/28		200		178,760
Gov’t. Gtd. Notes, MTN		6.350			08/10/28		400		357,519
									536,279
Spain    0.2%
Codere Finance 2 Luxembourg SA, Sr. Sec’d. Notes		6.750			11/01/21	EUR	250		106,428
Ukraine    0.2%
NAK Naftogaz Ukraine via Kondor Finance PLC, Sr. Unsec’d. Notes		7.125			07/19/24	EUR	100		95,523
United Arab Emirates    0.4%
DP World PLC,
Sr. Unsec’d. Notes		2.375			09/25/26	EUR	100		101,294
Sr. Unsec’d. Notes		4.250			09/25/30	GBP	100		111,213
									212,507
United Kingdom    3.0%
eG Global Finance PLC,
Sr. Sec’d. Notes		4.375			02/07/25	EUR	450		421,884
Sr. Sec’d. Notes, 144A		4.375			02/07/25	EUR	100		93,752
Ladbrokes Group Finance PLC, Sr. Sec’d. Notes		5.125			09/08/23	GBP	300		373,634
Lloyds Banking Group PLC, Sub. Notes		4.582			12/10/25		200		216,059
Merlin Entertainments Ltd., Gtd. Notes, 144A		5.750			06/15/26		200		189,433
Royal Bank of Scotland Group PLC, Sr. Unsec’d. Notes, EMTN		2.000	(ff)		03/08/23	EUR	100		110,084

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Virgin Media Finance PLC, Gtd. Notes, EMTN		4.500	%		01/15/25		EUR	200	$	222,522
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes		4.875			01/15/27		GBP	100		125,388
										1,752,756
United States    28.9%
Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875			08/15/26			200		149,013
Air Products and Chemicals, Inc., Sr. Unsec’d. Notes, EMTN		0.500			05/05/28		EUR	150		165,449
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24	(d)		400		754
Altria Group, Inc., Gtd. Notes		3.125			06/15/31		EUR	100		118,249
AMC Entertainment Holdings, Inc.,
Gtd. Notes		5.875			11/15/26			225		50,135
Gtd. Notes		6.375			11/15/24		GBP	240		89,511
American Axle & Manufacturing, Inc., Gtd. Notes		6.250			03/15/26			300		223,242
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27		EUR	100		111,879
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes		5.875			08/20/26			275		281,622
Antero Resources Corp.,
Gtd. Notes		5.000			03/01/25			100		54,969
Gtd. Notes		5.125			12/01/22			50		34,936
Gtd. Notes		5.625			06/01/23			175		102,630
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26			50		28,431
Sr. Unsec’d. Notes, 144A		10.000			04/01/22			264		205,076
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A		9.875			04/01/27			325		312,652
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750			09/01/26			250		224,192
Bank of America Corp., Jr. Sub. Notes, Series X		6.250	(ff)		—	(rr)		250		260,057
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500			01/31/27			15		16,528

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000	%		01/30/28			50	$	48,170
Gtd. Notes, 144A		5.250			01/30/30			50		49,466
Gtd. Notes, 144A		7.250			05/30/29			30		32,067
Beazer Homes USA, Inc.,
Gtd. Notes		5.875			10/15/27			100		77,381
Gtd. Notes		6.750			03/15/25			175		151,578
Gtd. Notes		7.250			10/15/29			75		58,214
Boeing Co. (The), Sr. Unsec’d. Notes		5.805			05/01/50			80		80,000
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes		4.125			05/15/29			65		65,070
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25			175		137,612
Calpine Corp., Sr. Unsec’d. Notes		5.750			01/15/25			325		325,646
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.750			03/01/30			169		172,048
Sr. Unsec’d. Notes, 144A		5.375			06/01/29			50		52,736
CEC Entertainment, Inc., Gtd. Notes		8.000			02/15/22			150		10,477
CenturyLink, Inc., Sr. Unsec’d. Notes, Series P		7.600			09/15/39			80		81,932
Chemours Co. (The),
Gtd. Notes		5.375			05/15/27			125		105,924
Gtd. Notes		6.625			05/15/23			75		71,148
Gtd. Notes		7.000			05/15/25	(a)		250		235,087
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250			08/01/24			25		22,484
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24			355		295,270
CNX Resources Corp.,
Gtd. Notes		5.875			04/15/22			82		81,515
Gtd. Notes, 144A		7.250			03/14/27			125		110,771
Comcast Corp., Gtd. Notes		0.750			02/20/32		EUR	300		324,770
CommScope Technologies LLC, Gtd. Notes, 144A		6.000			06/15/25			75		66,793
Coty, Inc.,
Gtd. Notes		4.000			04/15/23		EUR	100		92,092
Gtd. Notes		4.750			04/15/26		EUR	100		90,852

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Crown European Holdings SA, Gtd. Notes, 144A		2.875	%		02/01/26		EUR	125	$	138,252
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A		6.500			06/01/26			100		92,427
Dana, Inc., Sr. Unsec’d. Notes		5.375			11/15/27			165		146,114
DH Europe Finance II Sarl,
Gtd. Notes		0.200			03/18/26		EUR	100		106,971
Gtd. Notes		0.450			03/18/28		EUR	100		106,327
Diamond BC BV, Sr. Unsec’d. Notes		5.625			08/15/25		EUR	200		163,320
Diamond Sports Group LLC/Diamond Sports Finance Co., Gtd. Notes, 144A		6.625			08/15/27	(a)		510		279,769
DISH DBS Corp., Gtd. Notes		7.750			07/01/26			75		73,875
Eli Lilly & Co., Sr. Unsec’d. Notes		0.625			11/01/31		EUR	100		109,221
Embarq Corp., Sr. Unsec’d. Notes		7.995			06/01/36			625		653,153
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26		EUR	300		327,111
Energy Transfer Operating LP, Jr. Sub. Notes, Series G		7.125	(ff)		—	(rr)		200		159,323
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25			78		63,973
Extraction Oil & Gas, Inc., Gtd. Notes, 144A		5.625			02/01/26			106		17,448
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsec’d. Notes(original cost $21,063; purchased 09/12/19)(f)		6.750			01/15/22			25		19,936
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20			50		19,947
Sr. Unsec’d. Notes		8.625			06/15/20			150		71,047
Fidelity National Information Services, Inc., Gtd. Notes		1.100			07/15/24		EUR	100		111,709
Fiserv, Inc., Sr. Unsec’d. Notes		0.375			07/01/23		EUR	100		108,274
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			11/01/23			125		121,819

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A		7.625	%		04/15/26			275	$	208,474
Golden Nugget, Inc., Gtd. Notes, 144A		8.750			10/01/25			225		129,822
Goldman Sachs Group, Inc. (The), Sub. Notes		4.750			10/12/21		EUR	100		114,266
Griffon Corp., Gtd. Notes		5.750			03/01/28			100		95,782
HCA, Inc., Gtd. Notes		5.625			09/01/28			100		110,918
Hexion, Inc., Gtd. Notes, 144A		7.875			07/15/27			100		91,977
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A		6.250			11/01/28			150		77,803
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26			300		254,667
iHeartCommunications, Inc., Gtd. Notes		8.375			05/01/27			150		125,154
Infor US, Inc., Gtd. Notes		5.750			05/15/22		EUR	300		327,546
Intrado Corp., Gtd. Notes, 144A		8.500			10/15/25			75		52,373
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Gtd. Notes, 144A		6.500			04/15/29			80		84,801
JPMorgan Chase & Co., Jr. Sub. Notes, Series R		6.000	(ff)		—	(rr)		250		251,534
KB Home, Gtd. Notes		4.800			11/15/29			150		139,326
Kraft Heinz Foods Co.,
Gtd. Notes		3.000			06/01/26			150		149,604
Gtd. Notes, 144A		3.750			04/01/30			75		76,484
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25			155		158,366
Medtronic Global Holdings SCA,
Gtd. Notes		1.125			03/07/27		EUR	100		114,991
Gtd. Notes		1.500			07/02/39		EUR	100		115,124
Michaels Stores, Inc., Gtd. Notes, 144A		8.000			07/15/27	(a)		300		209,166
Morgan Stanley, Jr. Sub. Notes, Series J		5.550	(ff)		—	(rr)		250		229,943

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		3.325	%		03/24/25	EUR	100	$	110,784
Gtd. Notes		3.692			06/05/28	GBP	155		189,353
Nabors Industries, Inc., Gtd. Notes		5.750			02/01/25		75		17,106
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		6.000			01/15/27		55		47,298
Gtd. Notes, 144A		8.125			07/15/23		300		288,037
Gtd. Notes, 144A		9.125			07/15/26		125		119,848
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.600			08/13/21		25		23,400
Sr. Unsec’d. Notes		2.700			08/15/22		35		30,429
ONEOK, Inc., Gtd. Notes		3.100			03/15/30		265		213,614
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		125		104,066
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25		21		21,148
Polaris Intermediate Corp., Sr. Unsec’d. Notes, 144A, Cash coupon 8.500% or PIK 9.250%		8.500			12/01/22		150		125,809
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A		6.625			02/15/25		125		124,484
Range Resources Corp.,
Gtd. Notes		5.875			07/01/22		38		31,490
Gtd. Notes, 144A		9.250			02/01/26		350		286,448
Rite Aid Corp., Gtd. Notes, 144A		6.125			04/01/23		169		154,384
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		6.875			04/15/40		75		65,959
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625			12/01/25		350		289,043
Scientific Games International, Inc.,
Gtd. Notes		6.625			05/15/21		100		89,434
Gtd. Notes, 144A		7.000			05/15/28		45		32,460
Gtd. Notes, 144A		7.250			11/15/29		45		32,170
Service Properties Trust, Sr. Unsec’d. Notes		4.350			10/01/24		200		167,726
Springleaf Finance Corp., Gtd. Notes		7.125			03/15/26		200		186,554
Station Casinos LLC, Gtd. Notes, 144A		5.000			10/01/25		75		62,487

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.750	%		03/01/25		75	$	73,490
Sr. Unsec’d. Notes		5.875			03/01/27		275		265,091
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28		150		101,638
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.750			01/15/28		200		181,281
Gtd. Notes, 144A		5.875			01/31/25		25		23,629
Gtd. Notes, 144A		6.000			09/01/23		25		24,200
Gtd. Notes, 144A		6.625			07/15/27		420		384,446
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.625			03/01/24		125		117,579
Tenet Healthcare Corp., Sr. Unsec’d. Notes		6.750			06/15/23		100		99,850
TPC Group, Inc., Sr. Sec’d. Notes, 144A		10.500			08/01/24		50		40,922
Transocean, Inc.,
Gtd. Notes, 144A		7.250			11/01/25		150		57,849
Gtd. Notes, 144A		8.000			02/01/27		75		29,118
Tronox Finance PLC, Gtd. Notes, 144A		5.750			10/01/25		25		22,824
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		275		259,540
United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.700			11/01/33		70		59,236
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28		320		320,993
Gtd. Notes		5.250			01/15/30		35		35,086
Valvoline, Inc., Gtd. Notes, 144A		4.250			02/15/30		65		63,237
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		250		242,504
VICI Properties LP/VICI Note Co., Inc.,
Gtd. Notes, 144A		4.250			12/01/26		75		70,208
Gtd. Notes, 144A		4.625			12/01/29		50		46,177

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Viking Cruises Ltd., Gtd. Notes, 144A		5.875	%		09/15/27		100	$	67,213
Vistra Operations Co. LLC, Gtd. Notes, 144A		5.000			07/31/27		255		260,335
									16,936,542
TOTAL CORPORATE BONDS (cost $33,004,986)									28,094,909
RESIDENTIAL MORTGAGE-BACKED SECURITIES    8.2%
Bermuda    2.0%
Bellemeade Re Ltd.,
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		2.087	(c)		07/25/29		450		391,393
Series 2019-04A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		1.887	(c)		10/25/29		358		348,027
Series 2019-04A, Class M1B, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.487	(c)		10/25/29		500		456,025
									1,195,445
United States    6.2%
CIM Trust, Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		2.985	(c)		01/25/57		55		53,448
Connecticut Avenue Securities Trust,
Series 2019-R07, Class 1M2, 144A, 1 Month LIBOR + 2.100% (Cap N/A, Floor 0.000%)		2.587	(c)		10/25/39		200		172,903
Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 0.000%)		2.537	(c)		01/25/40		200		150,855
Credit Suisse Mortgage Trust, Series 2020-WL01, Class A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		2.347	(c)		12/25/59^		849		848,682
Fannie Mae Connecticut Avenue Securities, Series 2018-C03, Class 1M2, 1 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		2.637	(c)		10/25/30		100		89,711
Freddie Mac Structured Agency Credit Risk Trust,
Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		01/25/49		40		35,497
Series 2020-DNA02, Class M2, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		2.337	(c)		02/25/50		320		236,952

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States (cont’d.)
GCAT LLC, Series 2019-04, Class A1, 144A		3.228	%		11/26/49		557	$	501,750
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A		3.858			09/25/59		380		361,884
Series 2020-GS01, Class A1, 144A		2.882			10/25/59		686		646,842
LSTAR Securities Investment Trust, Series 2019-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		2.485	(c)		04/01/24		86		81,937
Mortgage Insurance-Linked Notes, Series 2020-01, Class M1B, 144A, 1 Month LIBOR + 1.450% (Cap N/A, Floor 1.450%)		1.937	(c)		02/25/30		500		444,487
									3,624,948
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $5,279,105)									4,820,393
SOVEREIGN BONDS 21.8%
Argentina    0.4%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		3.380	(cc)		12/31/38	EUR	250		72,083
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	482		166,847
									238,930
Brazil    2.8%
Brazil Loan Trust 1, Gov’t. Gtd. Notes		5.477			07/24/23		377		381,342
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		1,240		1,239,521
									1,620,863
Dominican Republic    0.3%
Dominican Republic International Bond, Sr. Unsec’d. Notes		7.500			05/06/21		153		152,779
Egypt    0.3%
Egypt Government International Bond, Sr. Unsec’d. Notes, 144A		5.577			02/21/23		200		193,723

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Greece    4.9%
Hellenic Republic Government Bond,
Bonds		3.650	%(cc)		02/24/23	EUR	313	$	361,395
Bonds		3.650	(cc)		02/24/24	EUR	90		105,347
Bonds		3.650	(cc)		02/24/27	EUR	190		230,468
Bonds		3.650	(cc)		02/24/28	EUR	280		342,775
Bonds		3.650	(cc)		02/24/29	EUR	392		480,446
Bonds		3.650	(cc)		02/24/30	EUR	100		123,499
Bonds		3.650	(cc)		02/24/31	EUR	64		79,421
Bonds		3.650	(cc)		02/24/32	EUR	418		525,227
Bonds		3.650	(cc)		02/24/35	EUR	23		29,792
Bonds		3.650	(cc)		02/24/37	EUR	41		53,838
Bonds		3.650	(cc)		02/24/38	EUR	38		49,875
Bonds		3.650	(cc)		02/24/39	EUR	18		23,806
Hellenic Republic Government International Bond,
Sr. Unsec’d. Notes		5.200			07/17/34	EUR	120		167,825
Sr. Unsec’d. Notes		6.140			04/14/28	EUR	200		273,878
									2,847,592
Indonesia    1.7%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.400			10/30/31	EUR	440		419,491
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	500		586,280
									1,005,771
Iraq    0.3%
Iraq International Bond, Sr. Unsec’d. Notes		6.752			03/09/23		200		151,401
Italy    2.0%
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes, EMTN		5.345			01/27/48	EUR	100		161,752
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28	GBP	500		771,418
Sr. Unsec’d. Notes, MTN		5.375			06/15/33		215		245,855
									1,179,025
Peru    0.5%
Peruvian Government International Bond, Sr. Unsec’d. Notes		2.392			01/23/26		275		279,944

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Qatar    0.4%
Qatar Government International Bond, Sr. Unsec’d. Notes, 144A		3.400	%		04/16/25		200	$	212,808
Romania    1.1%
Romanian Government International Bond,
Sr. Unsec’d. Notes, EMTN		3.375			02/08/38	EUR	103		105,727
Sr. Unsec’d. Notes, EMTN		3.500			04/03/34	EUR	100		106,025
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	100		108,994
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	300		322,138
									642,884
Senegal    0.2%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100		95,040
Serbia    0.6%
Serbia International Bond, Sr. Unsec’d. Notes, 144A		1.500			06/26/29	EUR	400		379,037
Spain    3.0%
Spain Government Bond,
Sr. Unsec’d. Notes, 144A(k)		1.450			10/31/27	EUR	600		704,248
Sr. Unsec’d. Notes, 144A(k)		1.450			04/30/29	EUR	405		475,276
Sr. Unsec’d. Notes, 144A(k)		1.850			07/30/35	EUR	485		591,529
									1,771,053
Turkey    1.2%
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.625			03/31/25	EUR	500		521,749
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	100		104,762
Sr. Unsec’d. Notes		7.000			06/05/20		100		100,194
									726,705
Ukraine    2.1%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		6.750			06/20/26	EUR	200		194,227
Sr. Unsec’d. Notes		7.375			09/25/32		500		442,479

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine (cont’d.)
Ukraine Government International Bond, (cont’d.)
Sr. Unsec’d. Notes		7.750	%		09/01/20		100	$	97,204
Sr. Unsec’d. Notes, 144A		4.375			01/27/30	EUR	600		506,846
									1,240,756
TOTAL SOVEREIGN BONDS (cost $13,612,767)									12,738,311
U.S. TREASURY OBLIGATION(k)    1.4%
U.S. Treasury Notes (cost $795,829)		1.375			01/31/25		795		832,949
						Shares
COMMON STOCKS    0.3%
United States
GenOn Energy Holdings, Inc. (Class A Stock)*^							610		140,300
Hexion Holdings Corp. (Class B Stock)*							1,179		9,963
TOTAL COMMON STOCKS (cost $50,087)									150,263
TOTAL LONG-TERM INVESTMENTS (cost $58,519,714)									51,602,151
SHORT-TERM INVESTMENTS    38.3%
AFFILIATED MUTUAL FUNDS    8.5%
PGIM Core Ultra Short Bond Fund(w)							4,250,454		4,250,454
PGIM Institutional Money Market Fund (cost $739,361; includes $738,829 of cash collateral for securities on loan)(b)(w)							740,027		739,879
TOTAL AFFILIATED MUTUAL FUNDS (cost $4,989,815)									4,990,333
OPTIONS PURCHASED*~    29.8% (cost $11,405,603)									17,453,257
TOTAL SHORT-TERM INVESTMENTS (cost $16,395,418)									22,443,590

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Value
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    126.5% (cost $74,915,132)	$	74,045,741
OPTIONS WRITTEN*~    (30.4)% (premiums received $11,188,989)		(17,774,141	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    96.1% (cost $63,726,143)		56,271,600
Other assets in excess of liabilities(z)    3.9%		2,253,341
NET ASSETS    100.0%	$	58,524,941

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

KZT—Kazakhstani Tenge

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

UAH—Ukraine Hryvna

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

See Notes to Financial Statements.

26

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CIBOR—Copenhagen Interbank Offered Rate

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

HIBOR—Hong Kong Interbank Offered Rate

HICP—Harmonised Index of Consumer Prices

JIBAR—Johannesburg Interbank Agreed Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MTN—Medium Term Note

NASDAQ—National Association of Securities Dealers Automated Quotations

NIBOR—Norwegian Interbank Offered Rate

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

S—Semiannual payment frequency for swaps

S&P—Standard & Poor’s

SIBOR—Singapore Interbank Offered Rate

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

STOXX—Stock Index of the Eurozone

T—Swap payment upon termination

TELBOR—Tel Aviv Interbank Offered Rate

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

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

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $988,744 and 1.7% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $723,756; cash collateral of $738,829 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

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

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

(f) Indicates a restricted security; the aggregate original cost of such securities is $486,263. The aggregate value of $271,605 is 0.5% of net assets.

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

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

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

(rr) Perpetual security with no stated maturity date.

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

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—		184	$	3,189
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—		448		7,254
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—		889		14,615
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.14	%		—		900		15,260
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21	%		—		179		2,673
Currency Option AUD vs JPY	Call	Citibank, N.A.		05/22/20		85.00			—	AUD	8,250		27
Currency Option AUD vs JPY	Call	Deutsche Bank AG		11/25/20		92.00			—	AUD	3,800		490
Currency Option EUR vs GBP	Call	Bank of America, N.A.		10/28/20		0.95			—	EUR	3,700		20,006
Currency Option EUR vs TRY	Call	Morgan Stanley & Co. International PLC		07/28/20		12.00			—	EUR	1,500		4,759
Currency Option EUR vs ZAR	Call	Goldman Sachs International		08/27/20		28.00			—	EUR	1,500		5,806
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		21.00			—	EUR	1,500		87,514
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		25.00			—	EUR	3,000		53,528
Currency Option GBP vs USD	Call	Morgan Stanley & Co. International PLC		11/25/20		1.38			—	GBP	1,700		8,765
Currency Option GBP vs USD	Call	Morgan Stanley & Co. International PLC		11/25/20		1.38			—	GBP	1,700		8,765
Currency Option USD vs BRL	Call	Citibank, N.A.		05/15/20		6.70			—		3,800		1,540

See Notes to Financial Statements.

28

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		05/29/20		6.00		—		6,000	$	33,521
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		07/27/20		6.50		—		3,600		28,635
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		9.80		—		2,100		1,041
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		08/27/20		8.50		—		1,800		4,538
Currency Option USD vs BRL	Call	Citibank, N.A.		12/21/20		5.25		—		3,600		294,543
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		4.00		—		500		137,285
Currency Option USD vs BRL	Call	Bank of America, N.A.		01/27/21		4.00		—		2,250		617,781
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		4.70		—		15,000		2,344,119
Currency Option USD vs BRL	Call	Bank of America, N.A.		01/27/21		5.00		—		4,500		514,149
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		5.10		—		12,000		1,227,042
Currency Option USD vs BRL	Call	Citibank, N.A.		02/24/21		5.10		—		3,800		398,683
Currency Option USD vs BRL	Call	Deutsche Bank AG		02/24/21		5.90		—		7,600		347,319
Currency Option USD vs BRL	Call	Deutsche Bank AG		04/27/21		6.10		—		2,100		90,549
Currency Option USD vs BRL	Call	Bank of America, N.A.		09/28/21		6.00		—		3,800		249,663
Currency Option USD vs CHF	Call	Goldman Sachs International		10/28/20		1.00		—		1,750		7,569
Currency Option USD vs CHF	Call	Morgan Stanley & Co. International PLC		10/28/20		1.00		—		500		2,163
Currency Option USD vs ILS	Call	Deutsche Bank AG		06/26/20		3.55		—		4,600		29,659
Currency Option USD vs ILS	Call	Bank of America, N.A.		06/28/21		3.60		—		3,200		52,495
Currency Option USD vs ILS	Call	Citibank, N.A.		06/28/21		3.95		—		3,200		18,348
Currency Option USD vs INR	Call	Citibank, N.A.		07/03/20		99.00		—		3,300		436
Currency Option USD vs INR	Call	Citibank, N.A.		10/26/20		76.50		—		2,750		76,660

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs INR	Call	Goldman Sachs International		10/28/20		90.00		—		1,750	$	4,515
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		79.00		—		2,250		58,408
Currency Option USD vs INR	Call	Citibank, N.A.		02/24/21		81.00		—		3,300		61,654
Currency Option USD vs INR	Call	Bank of America, N.A.		02/24/21		86.00		—		4,500		41,415
Currency Option USD vs INR	Call	Goldman Sachs International		09/28/21		88.00		—		3,800		58,798
Currency Option USD vs KRW	Call	Citibank, N.A.		05/11/20		1,400.00		—		5,300		287
Currency Option USD vs KRW	Call	Citibank, N.A.		05/27/20		1,250.00		—		3,500		12,524
Currency Option USD vs KRW	Call	Goldman Sachs International		07/20/20		1,800.00		—		1,750		342
Currency Option USD vs KRW	Call	BNP Paribas S.A.		10/28/20		1,165.00		—		1,250		60,978
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		10/28/20		1,240.00		—		3,300		68,117
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		04/27/21		1,240.00		—		3,300		104,492
Currency Option USD vs KRW	Call	Goldman Sachs International		04/27/21		1,240.00		—		1,750		55,412
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		07/28/21		1,275.00		—		3,500		101,516
Currency Option USD vs KRW	Call	Deutsche Bank AG		07/28/21		1,500.00		—		3,500		36,344
Currency Option USD vs MXN	Call	Citibank, N.A.		05/28/20		23.50		—		3,000		111,305
Currency Option USD vs MXN	Call	Citibank, N.A.		06/18/20		44.00		—		1,900		182
Currency Option USD vs MXN	Call	Deutsche Bank AG		07/23/20		50.00		—		1,750		273
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		10/28/20		31.00		—		5,250		52,263
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		22.00		—		2,625		335,213
Currency Option USD vs MXN	Call	Goldman Sachs International		01/27/21		22.00		—		750		95,775
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		26.50		—		6,750		270,619

See Notes to Financial Statements.

30

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		20.50		—		3,000	$	550,733
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		22.00		—		6,000		790,550
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		22.25		—		2,800		347,338
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		25.00		—		5,600		349,351
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		22.00		—		2,500		351,942
Currency Option USD vs MXN	Call	Citibank, N.A.		04/27/21		26.00		—		5,000		290,234
Currency Option USD vs MXN	Call	Citibank, N.A.		02/23/22		28.00		—		1,900		135,460
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC		05/12/20		81.00		—		5,300		5,801
Currency Option USD vs RUB	Call	Goldman Sachs International		07/14/20		130.00		—		3,300		1,541
Currency Option USD vs RUB	Call	Deutsche Bank AG		10/29/20		68.00		—		4,400		504,738
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC		10/29/20		75.00		—		8,800		458,912
Currency Option USD vs RUB	Call	Goldman Sachs International		12/22/20		95.00		—		2,250		28,207
Currency Option USD vs RUB	Call	Goldman Sachs International		04/28/21		75.00		—		2,500		192,848
Currency Option USD vs RUB	Call	Deutsche Bank AG		04/28/21		90.00		—		5,000		133,347
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		9.00		—		1,750		39,679
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		10/29/20		9.00		—		500		11,337
Currency Option USD vs TRY	Call	Goldman Sachs International		10/29/20		12.00		—		4,500		36,343
Currency Option USD vs TRY	Call	Goldman Sachs International		12/22/20		6.50		—		2,500		367,610
Currency Option USD vs TRY	Call	Deutsche Bank AG		12/22/20		7.50		—		5,000		359,260
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		10.00		—		2,250		69,935
Currency Option USD vs TRY	Call	Goldman Sachs International		02/25/21		15.00		—		4,500		49,657

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs TWD	Call	BNP Paribas S.A.		11/25/20		31.00		—		4,400	$	10,860
Currency Option USD vs TWD	Call	Morgan Stanley & Co. International PLC		11/25/20		32.00		—		4,400		5,903
Currency Option USD vs ZAR	Call	Deutsche Bank AG		05/12/20		21.00		—		2,650		1,644
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/07/20		33.00		—		1,650		512
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/27/20		25.00		—		1,750		4,275
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		17.00		—		1,700		181,182
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		21.00		—		200		3,838
Currency Option USD vs ZAR	Call	Citibank, N.A.		09/28/20		21.00		—		3,200		61,407
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		15.00		—		1,750		373,752
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		01/27/21		15.00		—		500		106,786
Currency Option USD vs ZAR	Call	Deutsche Bank AG		01/27/21		20.00		—		4,500		194,182
Currency Option USD vs ZAR	Call	Deutsche Bank AG		02/24/21		15.50		—		2,650		507,491
Currency Option USD vs ZAR	Call	Bank of America, N.A.		02/24/21		18.00		—		5,300		476,986
Currency Option USD vs ZAR	Call	Goldman Sachs International		04/27/21		20.00		—		1,650		90,274
Currency Option AUD vs JPY	Put	Deutsche Bank AG		12/28/20		60.00		—	AUD	5,600		42,555
Currency Option AUD vs JPY	Put	Goldman Sachs International		12/28/20		68.00		—	AUD	2,800		58,384
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/27/21		67.00		—	AUD	7,800		153,359
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/27/21		72.00		—	AUD	3,900		150,639
Currency Option AUD vs JPY	Put	Citibank, N.A.		05/26/21		62.00		—	AUD	32,400		501,349
Currency Option AUD vs JPY	Put	Deutsche Bank AG		05/26/21		70.00		—	AUD	16,000		568,858
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		05/26/21		70.00		—	AUD	200		7,111

See Notes to Financial Statements.

32

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option EUR vs GBP	Put	Morgan Stanley & Co. International PLC		10/28/20		0.80		—	EUR	3,700	$	7,723
Currency Option EUR vs TRY	Put	BNP Paribas S.A.		07/28/20		7.00		—	EUR	1,500		3,946
Currency Option GBP vs JPY	Put	Bank of America, N.A.		06/29/20		70.00		—	GBP	1,300		2
Currency Option GBP vs USD	Put	Citibank, N.A.		07/16/20		1.00		—	GBP	2,800		800
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		07/27/20		1.23		—	GBP	2,700		34,109
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		09/28/20		1.16		—	GBP	3,400		26,257
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.28		—	GBP	1,300		53,032
Currency Option GBP vs USD	Put	Goldman Sachs International		09/28/20		1.28		—	GBP	400		16,318
Currency Option GBP vs USD	Put	Citibank, N.A.		04/27/21		1.21		—	GBP	2,800		91,755
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—		1,800		2
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.25		—		1,800		19
Currency Option USD vs BRL	Put	Deutsche Bank AG		08/27/20		3.50		—		1,800		44
Currency Option USD vs BRL	Put	Citibank, N.A.		03/29/21		3.75		—		5,000		3,015
Currency Option USD vs BRL	Put	Deutsche Bank AG		09/28/21		3.85		—		500		611
Currency Option USD vs BRL	Put	Deutsche Bank AG		01/26/22		4.15		—		6,000		27,788
Currency Option USD vs BRL	Put	Citibank, N.A.		01/26/22		4.70		—		3,800		73,121
Currency Option USD vs INR	Put	BNP Paribas S.A.		12/21/20		69.00		—		800		801
Currency Option USD vs JPY	Put	Bank of America, N.A.		01/26/22		101.00		—		7,425		209,392
Currency Option USD vs MXN	Put	Citibank, N.A.		06/18/20		19.00		—		1,900		57
Currency Option USD vs MXN	Put	Deutsche Bank AG		10/28/20		18.00		—		1,750		368
Currency Option USD vs MXN	Put	Deutsche Bank AG		02/24/21		24.00		—		1,900		76,378

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs RUB	Put	BNP Paribas S.A.		12/22/20		66.00		—		2,250	$	10,685
Currency Option USD vs ZAR	Put	Goldman Sachs International		05/22/20		13.00		—		3,300		11
Currency Option USD vs ZAR	Put	BNP Paribas S.A.		07/27/20		12.00		—		1,750		32
Total Options Purchased (cost $ 11,405,603)											$	17,453,257

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option AUD vs JPY	Call	Morgan Stanley & Co. International PLC		11/25/20		92.00		—	AUD	3,800	$	(490	)
Currency Option AUD vs JPY	Call	Citibank, N.A.		05/26/21		70.00		—	AUD	8,250		(241,338	)
Currency Option EUR vs GBP	Call	Morgan Stanley & Co. International PLC		10/28/20		0.95		—	EUR	3,700		(20,006	)
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		07/28/20		12.00		—	EUR	1,500		(4,759	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		08/27/20		28.00		—	EUR	1,500		(5,806	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		21.00		—	EUR	1,500		(87,514	)
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		25.00		—	EUR	3,000		(53,528	)
Currency Option GBP vs USD	Call	Bank of America, N.A.		11/25/20		1.38		—	GBP	3,400		(17,530	)
Currency Option USD vs BRL	Call	Citibank, N.A.		05/29/20		6.00		—		6,000		(33,521	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		6.50		—		3,600		(28,635	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		08/27/20		8.50		—		1,800		(4,538	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		12/21/20		5.25		—		3,600		(294,543	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		4.00		—		2,750		(755,066	)
Currency Option USD vs BRL	Call	Bank of America, N.A.		01/27/21		4.70		—		9,000		(1,406,471	)

See Notes to Financial Statements.

34

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		4.70		—		6,000	$	(937,647	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		5.00		—		3,500		(399,894	)
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		5.00		—		1,000		(114,255	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		5.10		—		12,000		(1,227,042	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		02/24/21		5.10		—		3,800		(398,683	)
Currency Option USD vs BRL	Call	Citibank, N.A.		02/24/21		5.90		—		7,600		(347,319	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		04/27/21		7.20		—		4,200		(83,968	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		09/28/21		6.00		—		3,800		(249,663	)
Currency Option USD vs CHF	Call	Bank of America, N.A.		10/28/20		1.00		—		2,250		(9,732	)
Currency Option USD vs CLP	Call	Bank of America, N.A.		10/27/21		1,000.00		—		2,200		(48,309	)
Currency Option USD vs ILS	Call	Citibank, N.A.		06/26/20		3.55		—		4,600		(29,659	)
Currency Option USD vs ILS	Call	Citibank, N.A.		06/28/21		3.60		—		3,200		(52,495	)
Currency Option USD vs ILS	Call	Bank of America, N.A.		06/28/21		3.95		—		3,200		(18,348	)
Currency Option USD vs INR	Call	Goldman Sachs International		10/26/20		76.50		—		2,750		(76,660	)
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		10/28/20		90.00		—		1,750		(4,515	)
Currency Option USD vs INR	Call	Bank of America, N.A.		02/24/21		79.00		—		2,250		(58,408	)
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		86.00		—		4,500		(41,415	)
Currency Option USD vs INR	Call	Citibank, N.A.		02/24/21		87.00		—		6,600		(53,687	)
Currency Option USD vs INR	Call	Bank of America, N.A.		09/28/21		88.00		—		3,800		(58,798	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		05/27/20		1,250.00		—		3,500		(12,524	)
Currency Option USD vs KRW	Call	Deutsche Bank AG		10/28/20		1,165.00		—		1,250		(60,978	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs KRW	Call	Citibank, N.A.		10/28/20		1,240.00		—		3,300	$	(68,117	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		04/27/21		1,370.00		—		6,600		(91,571	)
Currency Option USD vs KRW	Call	Goldman Sachs International		04/27/21		1,370.00		—		3,500		(48,560	)
Currency Option USD vs KRW	Call	Deutsche Bank AG		07/28/21		1,275.00		—		3,500		(101,516	)
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		07/28/21		1,500.00		—		3,500		(36,344	)
Currency Option USD vs MXN	Call	Bank of America, N.A.		05/28/20		23.50		—		3,000		(111,305	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		10/28/20		31.00		—		5,250		(52,263	)
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		22.00		—		3,375		(430,988	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		26.50		—		5,250		(210,481	)
Currency Option USD vs MXN	Call	Goldman Sachs International		01/27/21		26.50		—		1,500		(60,138	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		20.50		—		3,000		(550,733	)
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		22.00		—		6,000		(790,550	)
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		22.25		—		2,800		(347,338	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		25.00		—		5,600		(349,351	)
Currency Option USD vs MXN	Call	Citibank, N.A.		04/27/21		22.00		—		2,500		(351,942	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		26.00		—		2,500		(145,117	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		26.00		—		2,500		(145,117	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		04/27/21		30.50		—		1,750		(44,898	)
Currency Option USD vs MXN	Call	Citibank, N.A.		02/23/22		36.00		—		3,800		(111,024	)
Currency Option USD vs RUB	Call	Deutsche Bank AG		05/12/20		81.00		—		5,300		(5,801	)
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC		10/29/20		68.00		—		4,400		(504,738	)

See Notes to Financial Statements.

36

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs RUB	Call	Deutsche Bank AG		10/29/20		75.00		—		8,800	$	(458,912	)
Currency Option USD vs RUB	Call	BNP Paribas S.A.		12/22/20		95.00		—		2,250		(28,207	)
Currency Option USD vs RUB	Call	Goldman Sachs International		04/27/21		89.00		—		3,300		(92,916	)
Currency Option USD vs RUB	Call	Deutsche Bank AG		04/28/21		75.00		—		2,500		(192,848	)
Currency Option USD vs RUB	Call	Goldman Sachs International		04/28/21		90.00		—		5,000		(133,347	)
Currency Option USD vs TRY	Call	Goldman Sachs International		10/29/20		9.00		—		2,250		(51,016	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		12.00		—		3,500		(28,267	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		10/29/20		12.00		—		1,000		(8,076	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		12/22/20		6.50		—		2,500		(367,611	)
Currency Option USD vs TRY	Call	Goldman Sachs International		12/22/20		7.50		—		5,000		(359,260	)
Currency Option USD vs TRY	Call	Goldman Sachs International		02/25/21		10.00		—		2,250		(69,935	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		15.00		—		4,500		(49,657	)
Currency Option USD vs TWD	Call	Morgan Stanley & Co. International PLC		11/25/20		31.00		—		4,400		(10,860	)
Currency Option USD vs TWD	Call	BNP Paribas S.A.		11/25/20		32.00		—		4,400		(5,903	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		05/12/20		21.00		—		2,650		(1,644	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		07/27/20		25.00		—		1,750		(4,275	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		17.00		—		1,700		(181,182	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		21.00		—		3,400		(65,245	)
Currency Option USD vs ZAR	Call	Deutsche Bank AG		01/27/21		15.00		—		2,250		(480,538	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		20.00		—		3,500		(151,030	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		01/27/21		20.00		—		1,000		(43,151	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs ZAR	Call	Bank of America, N.A.		02/24/21		15.50		—		2,650	$	(507,491	)
Currency Option USD vs ZAR	Call	Deutsche Bank AG		02/24/21		18.00		—		5,300		(476,986	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		04/27/21		23.75		—		3,300		(73,546	)
Currency Option AUD vs JPY	Put	Goldman Sachs International		12/28/20		60.00		—	AUD	5,600		(42,555	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		12/28/20		68.00		—	AUD	2,800		(58,384	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/27/21		67.00		—	AUD	7,800		(153,359	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/27/21		72.00		—	AUD	3,900		(150,639	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		05/26/21		62.00		—	AUD	32,000		(495,160	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		05/26/21		62.00		—	AUD	400		(6,190	)
Currency Option AUD vs JPY	Put	Citibank, N.A.		05/26/21		70.00		—	AUD	16,200		(575,969	)
Currency Option EUR vs GBP	Put	Bank of America, N.A.		10/28/20		0.80		—	EUR	3,700		(7,723	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		07/28/20		7.00		—	EUR	1,500		(3,947	)
Currency Option GBP vs JPY	Put	Bank of America, N.A.		09/28/20		115.00		—	GBP	1,300		(4,960	)
Currency Option GBP vs USD	Put	Bank of America, N.A.		07/27/20		1.23		—	GBP	2,700		(34,109	)
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.16		—	GBP	2,600		(20,079	)
Currency Option GBP vs USD	Put	Goldman Sachs International		09/28/20		1.16		—	GBP	800		(6,178	)
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		09/28/20		1.28		—	GBP	1,700		(69,350	)
Currency Option GBP vs USD	Put	Citibank, N.A.		04/27/21		1.11		—	GBP	5,600		(78,332	)
Currency Option USD vs BRL	Put	Citibank, N.A.		06/26/20		3.50		—		1,800		(2	)
Currency Option USD vs BRL	Put	Citibank, N.A.		08/27/20		3.25		—		1,800		(19	)
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.50		—		1,800		(44	)

See Notes to Financial Statements.

38

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs BRL	Put	Deutsche Bank AG		03/29/21		3.75		—		5,000		$	(3,015	)
Currency Option USD vs BRL	Put	Bank of America, N.A.		09/28/21		3.85		—		500			(611	)
Currency Option USD vs BRL	Put	Citibank, N.A.		01/26/22		4.15		—		2,200			(10,189	)
Currency Option USD vs BRL	Put	Citibank, N.A.		01/26/22		4.15		—		3,800			(17,599	)
Currency Option USD vs BRL	Put	Deutsche Bank AG		01/26/22		4.70		—		3,800			(73,121	)
Currency Option USD vs INR	Put	Goldman Sachs International		12/21/20		69.00		—		800			(801	)
Currency Option USD vs JPY	Put	Bank of America, N.A.		01/26/22		93.00		—		14,850			(218,511	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		10/28/20		18.00		—		1,750			(368	)
Currency Option USD vs MXN	Put	Citibank, N.A.		02/24/21		24.00		—		1,900			(76,378	)
Currency Option USD vs RUB	Put	Goldman Sachs International		12/22/20		66.00		—		2,250			(10,685	)
Currency Option USD vs ZAR	Put	Goldman Sachs International		07/27/20		12.00		—		1,750	(32)
Currency Option USD vs ZAR	Put	Goldman Sachs International		02/24/21		16.50		—		1,650			(18,293	)
Total Options Written (premiums received $11,188,989)												$	(17,774,141	)

Futures contracts outstanding at April 30, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	2	10 Year Australian Treasury Bonds		Jun. 2020	$	193,995	$	(203)
	35	10 Year U.S. Treasury Notes		Jun. 2020		4,867,187		28,283
	41	30 Year U.S. Ultra Treasury Bonds		Jun. 2020		9,216,031		503,114
	7	NASDAQ 100 E-Mini Index		Jun. 2020		1,258,390		22,224
	17	Russell 2000 E-Mini Index		Jun. 2020		1,110,695		(23,023)
								530,395
	Short Positions:
	284	2 Year U.S. Treasury Notes		Jun. 2020		62,602,031		(835,029)
	90	5 Year Euro-Bobl		Jun. 2020		13,408,273		(29,804)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Short Positions (cont’d):
	28	5 Year U.S. Treasury Notes		Jun. 2020	$	3,513,563	$	(6,806	)
	4	10 Year Euro-Bund		Jun. 2020		764,596		(13,669	)
	1	10 Year U.K. Gilt		Jun. 2020		173,433		515
	27	10 Year U.S. Ultra Treasury Notes		Jun. 2020		4,239,844		(17,849	)
	18	20 Year U.S. Treasury Bonds		Jun. 2020		3,258,562		(51,858	)
	123	Euro Schatz Index		Jun. 2020		15,136,193		16,565
	24	Euro STOXX 50 Index		Jun. 2020		759,293		1,678
	3	S&P 500 E-Mini Index		Jun. 2020		435,360		2,560
								(933,697	)
							$	(403,302	)

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/29/20	Bank of America, N.A.		AUD	391	$	250,000	$	254,780	$	4,780	$	—
Expiring 05/29/20	Bank of America, N.A.		AUD	329		213,000		214,735		1,735		—
Expiring 05/29/20	Citibank, N.A.		AUD	204		129,000		133,158		4,158		—
Expiring 05/29/20	HSBC Bank USA, N.A.		AUD	110		72,000		71,787		—		(213	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC		AUD	323		226,784		210,208		—		(16,576	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC		AUD	290		208,553		189,300		—		(19,253	)
Expiring 12/30/20	JPMorgan Chase Bank, N.A.		AUD	166		114,004		108,183		—		(5,821	)
Expiring 12/30/20	Morgan Stanley & Co. International PLC		AUD	464		326,340		302,390		—		(23,950	)
Expiring 05/28/21	HSBC Bank USA, N.A.		AUD	789		522,060		513,976		—		(8,084	)
Expiring 05/28/21	JPMorgan Chase Bank, N.A.		AUD	487		334,790		317,003		—		(17,787	)
Expiring 07/30/21	HSBC Bank USA, N.A.		AUD	158		104,612		102,908		—		(1,704	)
Expiring 10/31/23	JPMorgan Chase Bank, N.A.		AUD	197		136,791		127,417		—		(9,374	)
Brazilian Real,
Expiring 05/05/20	Citibank, N.A.		BRL	409		80,561		75,247		—		(5,314	)
Expiring 05/05/20	Goldman Sachs
	International		BRL	2,272		407,549		417,596		10,047		—
Expiring 05/05/20	HSBC Bank USA, N.A.		BRL	2,964		523,549		544,828		21,279		—

See Notes to Financial Statements.

40

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	3,055	$	541,152	$	561,605	$	20,453	$	—
Expiring 05/29/20	BNP Paribas S.A.		BRL	1,111		211,000		203,857		—		(7,143	)
Expiring 05/29/20	Citibank, N.A.		BRL	840		159,000		154,057		—		(4,943	)
Expiring 05/29/20	Citibank, N.A.		BRL	712		140,000		130,586		—		(9,414	)
Expiring 05/29/20	Citibank, N.A.		BRL	531		103,000		97,397		—		(5,603	)
Expiring 05/29/20	Citibank, N.A.		BRL	364		72,000		66,829		—		(5,171	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		BRL	1,199		230,000		220,019		—		(9,981	)
Expiring 06/02/20	JPMorgan Chase Bank, N.A.		BRL	1,142		202,080		209,449		7,369		—
Expiring 06/30/20	Citibank, N.A.		BRL	1,416		355,000		259,250		—		(95,750	)
Expiring 06/30/20	Deutsche Bank AG		BRL	2,411		547,000		441,440		—		(105,560	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC		BRL	163		40,000		29,860		—		(10,140	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC		BRL	15		3,674		2,706		—		(968	)
Expiring 07/29/20	Citibank, N.A.		BRL	121		30,123		22,207		—		(7,916	)
Expiring 07/29/20	Deutsche Bank AG		BRL	771		193,640		140,969		—		(52,671	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		BRL	425		109,000		77,708		—		(31,292	)
Expiring 08/31/20	Citibank, N.A.		BRL	691		172,000		126,151		—		(45,849	)
Expiring 08/31/20	Morgan Stanley & Co. International PLC		BRL	729		179,000		133,112		—		(45,888	)
Expiring 12/23/20	Citibank, N.A.		BRL	2,815		687,000		512,372		—		(174,628	)
Expiring 01/29/21	Citibank, N.A.		BRL	9,444		1,842,000		1,717,989		—		(124,011	)
Expiring 01/29/21	Citibank, N.A.		BRL	1,250		297,000		227,325		—		(69,675	)
Expiring 01/29/21	Citibank, N.A.		BRL	858		205,475		156,083		—		(49,392	)
Expiring 01/29/21	Citibank, N.A.		BRL	516		124,000		93,873		—		(30,127	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		BRL	2,277		500,000		414,238		—		(85,762	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		BRL	477		119,000		86,689		—		(32,311	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		BRL	81		19,556		14,810		—		(4,746	)
Expiring 02/26/21	Deutsche Bank AG		BRL	1,593		279,000		289,515		10,515		—
Expiring 03/31/21	Citibank, N.A.		BRL	1,412		341,831		256,204		—		(85,627	)
Expiring 03/31/21	Deutsche Bank AG		BRL	2,565		582,000		465,495		—		(116,505	)
Expiring 03/31/21	Morgan Stanley & Co. International PLC		BRL	2,209		528,021		400,861		—		(127,160	)
Expiring 09/30/21	Bank of America, N.A.		BRL	7,086		1,605,000		1,266,845		—		(338,155	)
Expiring 09/30/21	Bank of America, N.A.		BRL	494		116,000		88,394		—		(27,606	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 09/30/21	Deutsche Bank AG		BRL	2,038	$	448,000	$	364,408	$	—	$	(83,592	)
Expiring 09/30/21	Morgan Stanley & Co. International PLC		BRL	582		109,386		104,004		—		(5,382	)
Expiring 01/28/22	Citibank, N.A.		BRL	1,303		246,000		230,509		—		(15,491	)
Expiring 01/28/22	Deutsche Bank AG		BRL	3,289		562,000		581,786		19,786		—
Expiring 01/28/22	Morgan Stanley & Co. International PLC		BRL	3,199		587,605		565,830		—		(21,775	)
British Pound,
Expiring 05/29/20	Bank of America, N.A.		GBP	49		60,000		62,204		2,204		—
Expiring 05/29/20	BNP Paribas S.A.		GBP	93		109,000		116,685		7,685		—
Expiring 05/29/20	HSBC Bank USA, N.A.		GBP	131		169,000		165,062		—		(3,938	)
Expiring 05/29/20	HSBC Bank USA, N.A.		GBP	46		57,000		57,725		725		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		GBP	354		457,766		446,105		—		(11,661	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		GBP	52		66,000		65,903		—		(97	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	113		140,000		141,758		1,758		—
Expiring 07/29/20	HSBC Bank USA, N.A.		GBP	185		241,271		233,092		—		(8,179	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		GBP	1,040		1,319,011		1,310,358		—		(8,653	)
Expiring 11/27/20	Bank of America, N.A.		GBP	950		1,259,225		1,197,447		—		(61,778	)
Expiring 04/29/21	Citibank, N.A.		GBP	54		67,301		68,091		790		—
Canadian Dollar,
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		CAD	215		154,000		154,825		825		—
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		CAD	177		126,000		127,133		1,133		—
Expiring 07/20/20	The Toronto-Dominion Bank		CAD	220		157,000		158,216		1,216		—
Chilean Peso,
Expiring 05/29/20	Citibank, N.A.		CLP	84,476		101,000		101,251		251		—
Expiring 05/29/20	Citibank, N.A.		CLP	79,303		94,000		95,051		1,051		—
Expiring 05/29/20	Citibank, N.A.		CLP	62,794		75,000		75,263		263		—
Expiring 05/29/20	Citibank, N.A.		CLP	55,770		66,000		66,845		845		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		CLP	37,104		45,815		44,471		—		(1,344	)
Expiring 06/17/20	Barclays Bank PLC		CLP	72,522		86,567		86,972		405		—
Expiring 06/17/20	BNP Paribas S.A.		CLP	68,641		80,479		82,318		1,839		—
Expiring 06/17/20	Citibank, N.A.		CLP	84,326		100,245		101,129		884		—
Expiring 06/17/20	Citibank, N.A.		CLP	41,907		49,588		50,257		669		—

See Notes to Financial Statements.

42

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	138,792	$	165,950	$	166,449	$	499	$	—
Chinese Renminbi,
Expiring 05/11/20	Citibank, N.A.		CNH	3,734		532,982		527,374		—		(5,608	)
Expiring 05/11/20	Citibank, N.A.		CNH	1,856		262,000		262,099		99		—
Expiring 05/11/20	Citibank, N.A.		CNH	1,240		175,000		175,132		132		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	2,032		292,000		287,018		—		(4,982	)
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,882		265,000		265,869		869		—
Expiring 05/11/20	JPMorgan Chase Bank, N.A.		CNH	1,415		200,000		199,802		—		(198	)
Expiring 05/14/21	Citibank, N.A.		CNH	2,087		299,020		291,695		—		(7,325	)
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.		COP	313,203		76,973		78,771		1,798		—
Expiring 06/17/20	BNP Paribas S.A.		COP	188,895		45,521		47,508		1,987		—
Expiring 06/17/20	Citibank, N.A.		COP	160,678		42,206		40,411		—		(1,795	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		COP	241,225		60,777		60,668		—		(109	)
Czech Koruna,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		CZK	1,127		44,839		45,618		779		—
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.		EGP	893		54,780		56,313		1,533		—
Expiring 06/17/20	Citibank, N.A.		EGP	1,198		73,276		74,617		1,341		—
Expiring 06/17/20	Citibank, N.A.		EGP	913		55,933		56,877		944		—
Expiring 06/17/20	Citibank, N.A.		EGP	320		19,297		19,911		614		—
Euro,
Expiring 05/29/20	Morgan Stanley & Co. International PLC		EUR	158		171,437		172,860		1,423		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	109		119,000		120,148		1,148		—
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC		HUF	43,818		136,000		136,078		78		—
Expiring 07/17/20	Citibank, N.A.		HUF	50,942		158,000		158,202		202		—
Expiring 07/17/20	Goldman Sachs International		HUF	15,453		48,000		47,990		—		(10	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		HUF	28,800		86,826		89,440		2,614		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		HUF	5,128		16,000		15,927		—		(73	)
Indian Rupee,
Expiring 05/29/20	Barclays Bank PLC		INR	7,143		93,000		94,376		1,376		—
Expiring 05/29/20	BNP Paribas S.A.		INR	13,921		181,000		183,917		2,917		—

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 05/29/20	Citibank, N.A.		INR	10,377	$	135,000	$	137,095	$	2,095	$	—
Expiring 05/29/20	Citibank, N.A.		INR	9,797		130,000		129,433		—		(567	)
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	6,573		86,000		86,841		841		—
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	6,446		83,000		85,160		2,160		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		INR	21,042		289,150		278,004		—		(11,146	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		INR	5,252		68,000		69,385		1,385		—
Expiring 06/17/20	HSBC Bank USA, N.A.		INR	15,396		198,000		202,783		4,783		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	12,642		165,000		166,502		1,502		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	10,402		134,000		137,001		3,001		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	9,754		125,000		128,466		3,466		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	9,002		117,000		118,559		1,559		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	8,647		111,000		113,891		2,891		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	8,637		112,000		113,756		1,756		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	8,284		107,000		109,102		2,102		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	7,812		100,000		102,885		2,885		—
Expiring 06/17/20	The Toronto-Dominion Bank		INR	26,468		362,849		348,614		—		(14,235	)
Expiring 10/28/20	Citibank, N.A.		INR	108,048		1,387,000		1,398,301		11,301		—
Expiring 10/28/20	Citibank, N.A.		INR	7,706		99,000		99,729		729		—
Expiring 10/30/20	Goldman Sachs International		INR	14,913		197,000		192,955		—		(4,045	)
Expiring 12/23/20	Goldman Sachs International		INR	8,628		113,000		111,006		—		(1,994	)
Expiring 02/26/21	Citibank, N.A.		INR	6,863		87,000		87,700		700		—
Expiring 02/26/21	Morgan Stanley & Co. International PLC		INR	15,047		202,816		192,283		—		(10,533	)
Expiring 09/30/21	Goldman Sachs International		INR	25,977		341,000		324,053		—		(16,947	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.		IDR	3,220,507		224,052		210,537		—		(13,515	)
Expiring 06/17/20	BNP Paribas S.A.		IDR	2,354,184		165,543		153,902		—		(11,641	)
Expiring 06/17/20	Credit Suisse International		IDR	8,079,516		560,105		528,189		—		(31,916	)

See Notes to Financial Statements.

44

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	2,651,728	$	170,000	$	173,354	$	3,354	$	—
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	2,145,467		145,308		140,257		—		(5,051	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		IDR	1,613,752		102,000		105,497		3,497		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		IDR	3,856,663		269,791		252,125		—		(17,666	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC		ILS	784		219,000		225,343		6,343		—
Expiring 06/17/20	Barclays Bank PLC		ILS	638		176,000		183,332		7,332		—
Expiring 06/17/20	Barclays Bank PLC		ILS	246		69,300		70,750		1,450		—
Expiring 06/17/20	Citibank, N.A.		ILS	498		142,000		143,073		1,073		—
Expiring 06/17/20	Citibank, N.A.		ILS	401		109,989		115,104		5,115		—
Expiring 06/17/20	Citibank, N.A.		ILS	280		80,000		80,458		458		—
Expiring 06/17/20	HSBC Bank USA, N.A.		ILS	190		50,810		54,696		3,886		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ILS	463		133,000		133,100		100		—
Expiring 06/30/20	Barclays Bank PLC		ILS	664		194,574		190,901		—		(3,673	)
Expiring 06/30/20	Deutsche Bank AG		ILS	2,742		796,000		788,016		—		(7,984	)
Expiring 06/30/21	Bank of America, N.A.		ILS	2,295		664,000		667,590		3,590		—
Japanese Yen,
Expiring 05/15/20	Citibank, N.A.		JPY	16,999		159,594		158,434		—		(1,160	)
Expiring 05/29/20	Bank of America, N.A.		JPY	123,950		1,213,000		1,155,456		—		(57,544	)
Expiring 05/29/20	Bank of America, N.A.		JPY	70,286		655,000		655,201		201		—
Expiring 05/29/20	Bank of America, N.A.		JPY	57,669		550,000		537,586		—		(12,414	)
Expiring 05/29/20	BNP Paribas S.A.		JPY	52,838		477,000		492,553		15,553		—
Expiring 05/29/20	Citibank, N.A.		JPY	36,832		341,000		343,350		2,350		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	79,135		737,000		737,690		690		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	57,746		550,000		538,310		—		(11,690	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	54,218		516,000		505,422		—		(10,578	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	41,165		383,000		383,741		741		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	29,820		271,000		277,985		6,985		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	29,452		269,000		274,551		5,551		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	27,147		254,000		253,066		—		(934	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	10,523		98,000		98,094		94		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	25,172		234,000		234,654		654		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	8,507		79,000		79,301		301		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	76,338		749,500		711,622		—		(37,878	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	49,323		458,000		459,783		1,783		—

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	46,800	$	438,000	$	436,264	$	—	$	(1,736	)
Expiring 05/29/20	The Toronto-Dominion Bank		JPY	92,064		874,500		858,221		—		(16,279	)
Expiring 07/17/20	BNP Paribas S.A.		JPY	9,755		90,000		91,013		1,013		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		JPY	28,202		263,094		263,128		34		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		JPY	8,694		81,100		81,120		20		—
Expiring 07/17/20	The Toronto-Dominion Bank		JPY	68,918		643,362		643,002		—		(360	)
Expiring 07/29/20	Deutsche Bank AG		JPY	20,380		194,000		190,189		—		(3,811	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		JPY	2,003		18,294		18,692		398		—
Expiring 10/30/20	Bank of America, N.A.		JPY	151,845		1,426,000		1,419,589		—		(6,411	)
Expiring 10/30/20	Citibank, N.A.		JPY	89,650		861,940		838,137		—		(23,803	)
Expiring 11/27/20	Bank of America, N.A.		JPY	26,929		252,000		251,942		—		(58	)
Expiring 11/27/20	Citibank, N.A.		JPY	32,326		311,070		302,443		—		(8,627	)
Expiring 01/29/21	Barclays Bank PLC		JPY	14,562		138,000		136,475		—		(1,525	)
Expiring 01/29/21	Barclays Bank PLC		JPY	8,838		85,000		82,824		—		(2,176	)
Expiring 01/29/21	Citibank, N.A.		JPY	74,831		746,000		701,295		—		(44,705	)
Expiring 01/29/21	Citibank, N.A.		JPY	55,182		532,288		517,151		—		(15,137	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		JPY	64,144		624,000		601,138		—		(22,862	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		JPY	16,826		155,050		157,685		2,635		—
Expiring 05/28/21	Citibank, N.A.		JPY	100,462		972,482		943,972		—		(28,510	)
Expiring 01/28/22	Citibank, N.A.		JPY	89,317		872,064		844,363		—		(27,701	)
Expiring 10/31/23	Bank of America, N.A.		JPY	105,610		1,058,000		1,019,534		—		(38,466	)
Expiring 10/31/23	Barclays Bank PLC		JPY	21,923		230,000		211,642		—		(18,358	)
Expiring 10/31/23	Barclays Bank PLC		JPY	13,554		140,000		130,849		—		(9,151	)
Expiring 10/31/23	Deutsche Bank AG		JPY	22,335		234,000		215,621		—		(18,379	)
Expiring 10/31/23	Goldman Sachs International		JPY	50,469		518,000		487,215		—		(30,785	)
Expiring 10/31/23	Morgan Stanley & Co. International PLC		JPY	78,211		755,589		755,032		—		(557	)
Kazakhstani Tenge,
Expiring 05/11/20	JPMorgan Chase Bank, N.A.		KZT	41,167		106,784		96,499		—		(10,285	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.		KZT	19,168		49,832		44,931		—		(4,901	)

See Notes to Financial Statements.

46

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Kazakhstani Tenge (cont’d.),
Expiring 06/30/20	Morgan Stanley & Co. International PLC		KZT	21,731	$	45,895	$	50,078	$	4,183	$	—
Mexican Peso,
Expiring 05/29/20	Bank of America, N.A.		MXN	1,856		77,000		76,656		—		(344	)
Expiring 05/29/20	Citibank, N.A.		MXN	2,228		114,909		91,995		—		(22,914	)
Expiring 05/29/20	Goldman Sachs International		MXN	4,874		194,000		201,276		7,276		—
Expiring 05/29/20	Goldman Sachs International		MXN	2,066		97,000		85,310		—		(11,690	)
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	22,540		930,236		930,707		471		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	4,130		168,000		170,554		2,554		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	3,378		143,000		139,502		—		(3,498	)
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	1,646		68,000		67,976		—		(24	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	4,691		193,000		193,697		697		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	4,399		186,000		181,625		—		(4,375	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	2,668		137,000		110,165		—		(26,835	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	11,615		580,000		479,599		—		(100,401	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	4,312		185,000		178,043		—		(6,957	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	2,767		114,000		114,261		261		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	2,657		112,000		109,697		—		(2,303	)
Expiring 06/17/20	BNP Paribas S.A.		MXN	1,852		77,000		76,265		—		(735	)
Expiring 06/17/20	Citibank, N.A.		MXN	10,227		488,535		421,060		—		(67,475	)
Expiring 06/17/20	Goldman Sachs International		MXN	2,188		91,757		90,088		—		(1,669	)
Expiring 10/30/20	Citibank, N.A.		MXN	3,892		180,910		157,390		—		(23,520	)
Expiring 10/30/20	Citibank, N.A.		MXN	2,461		121,889		99,539		—		(22,350	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		MXN	13,742		648,000		555,809		—		(92,191	)
Expiring 01/29/21	Citibank, N.A.		MXN	1,730		84,676		69,228		—		(15,448	)
Expiring 01/29/21	Goldman Sachs International		MXN	2,904		135,965		116,215		—		(19,750	)
Expiring 01/29/21	Goldman Sachs International		MXN	834		39,000		33,362		—		(5,638	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		MXN	1,574		73,000		62,997		—		(10,003	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 02/26/21	Citibank, N.A.		MXN	38,014	$	1,508,000	$	1,516,547	$	8,547	$	—
Expiring 02/26/21	Deutsche Bank AG		MXN	13,991		655,000		558,160		—		(96,840	)
Expiring 04/29/21	HSBC Bank USA, N.A.		MXN	2,467		96,821		97,739		918		—
Expiring 04/29/21	JPMorgan Chase Bank, N.A.		MXN	4,243		193,360		168,068		—		(25,292	)
Expiring 04/29/21	Morgan Stanley & Co. International PLC		MXN	20,279		955,000		803,293		—		(151,707	)
Expiring 04/28/23	JPMorgan Chase Bank, N.A.		MXN	4,649		192,329		169,419		—		(22,910	)
Expiring 04/28/23	Morgan Stanley & Co. International PLC		MXN	14,804		624,000		539,493		—		(84,507	)
New Taiwanese Dollar,
Expiring 06/17/20	Barclays Bank PLC		TWD	1,475		49,792		50,036		244		—
Expiring 06/17/20	BNP Paribas S.A.		TWD	2,159		72,095		73,233		1,138		—
Expiring 06/17/20	BNP Paribas S.A.		TWD	1,516		51,218		51,418		200		—
Expiring 06/17/20	Citibank, N.A.		TWD	2,072		69,872		70,264		392		—
Expiring 06/17/20	Credit Suisse International		TWD	4,951		166,000		167,910		1,910		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TWD	2,861		96,373		97,034		661		—
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.		PEN	574		171,000		169,545		—		(1,455	)
Expiring 06/17/20	Citibank, N.A.		PEN	348		97,498		102,854		5,356		—
Expiring 06/17/20	Citibank, N.A.		PEN	151		42,135		44,680		2,545		—
Expiring 06/17/20	Goldman Sachs International		PEN	400		113,160		118,093		4,933		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PEN	483		142,000		142,545		545		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PEN	433		126,000		128,028		2,028		—
Philippine Peso,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	15,013		295,000		296,660		1,660		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	10,687		204,000		211,170		7,170		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	7,815		152,000		154,414		2,414		—
Polish Zloty,
Expiring 07/17/20	Morgan Stanley & Co. International PLC		PLN	453		109,000		109,110		110		—
Expiring 07/17/20	UBS AG		PLN	430		102,852		103,567		715		—
Russian Ruble,
Expiring 05/29/20	Barclays Bank PLC		RUB	4,773		64,000		63,812		—		(188	)

See Notes to Financial Statements.

48

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 05/29/20	Barclays Bank PLC		RUB	4,121	$	56,000	$	55,086	$	—	$	(914	)
Expiring 05/29/20	HSBC Bank USA, N.A.		RUB	11,366		152,000		151,943		—		(57	)
Expiring 06/17/20	Barclays Bank PLC		RUB	31,878		478,112		424,949		—		(53,163	)
Expiring 06/17/20	Barclays Bank PLC		RUB	4,651		60,000		62,000		2,000		—
Expiring 06/17/20	Citibank, N.A.		RUB	24,455		338,465		325,993		—		(12,472	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		RUB	6,246		79,000		83,264		4,264		—
Expiring 10/30/20	Deutsche Bank AG		RUB	6,052		91,000		79,308		—		(11,692	)
Expiring 10/30/20	JPMorgan Chase Bank, N.A.		RUB	19,204		232,090		251,682		19,592		—
Expiring 12/23/20	Goldman Sachs International		RUB	69,304		993,000		902,725		—		(90,275	)
Expiring 12/23/20	JPMorgan Chase Bank, N.A.		RUB	3,571		42,795		46,512		3,717		—
Expiring 02/26/21	Deutsche Bank AG		RUB	25,391		321,000		328,388		7,388		—
Expiring 02/26/21	Goldman Sachs International		RUB	35,332		510,000		456,950		—		(53,050	)
Expiring 04/29/21	Goldman Sachs International		RUB	5,676		80,000		72,941		—		(7,059	)
Expiring 04/29/21	JPMorgan Chase Bank, N.A.		RUB	7,343		86,251		94,351		8,100		—
Singapore Dollar,
Expiring 06/17/20	BNP Paribas S.A.		SGD	311		219,000		220,517		1,517		—
Expiring 06/17/20	Credit Suisse International		SGD	427		302,000		302,882		882		—
Expiring 06/17/20	Credit Suisse International		SGD	374		265,000		265,526		526		—
Expiring 06/17/20	Credit Suisse International		SGD	330		232,000		233,905		1,905		—
Expiring 06/17/20	Credit Suisse International		SGD	195		137,000		138,524		1,524		—
Expiring 06/17/20	HSBC Bank USA, N.A.		SGD	126		87,130		89,236		2,106		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		SGD	456		328,884		323,164		—		(5,720	)
South African Rand,
Expiring 05/29/20	Bank of America, N.A.		ZAR	10,842		573,335		583,082		9,747		—
Expiring 05/29/20	Bank of America, N.A.		ZAR	1,650		93,000		88,734		—		(4,266	)
Expiring 05/29/20	Barclays Bank PLC		ZAR	8,955		522,606		481,615		—		(40,991	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	2,244		145,000		120,667		—		(24,333	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	2,174		118,000		116,935		—		(1,065	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	1,466		80,000		78,869		—		(1,131	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	1,224		68,000		65,804		—		(2,196	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/17/20	BNP Paribas S.A.		ZAR	941	$	58,095	$	50,522	$	—	$	(7,573	)
Expiring 06/17/20	Citibank, N.A.		ZAR	1,199		72,331		64,384		—		(7,947	)
Expiring 06/17/20	Citibank, N.A.		ZAR	834		51,027		44,781		—		(6,246	)
Expiring 06/17/20	HSBC Bank USA, N.A.		ZAR	2,023		116,759		108,581		—		(8,178	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,972		113,000		105,873		—		(7,127	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	553		29,261		29,697		436		—
Expiring 07/29/20	Barclays Bank PLC		ZAR	2,695		175,392		144,107		—		(31,285	)
Expiring 07/29/20	Goldman Sachs International		ZAR	3,670		247,000		196,234		—		(50,766	)
Expiring 08/31/20	Barclays Bank PLC		ZAR	594		38,509		31,695		—		(6,814	)
Expiring 08/31/20	BNP Paribas S.A.		ZAR	1,636		109,721		87,222		—		(22,499	)
Expiring 09/30/20	Barclays Bank PLC		ZAR	2,610		173,574		138,811		—		(34,763	)
Expiring 09/30/20	Citibank, N.A.		ZAR	6,835		421,000		363,470		—		(57,530	)
Expiring 09/30/20	Morgan Stanley & Co. International PLC		ZAR	397		26,000		21,110		—		(4,890	)
Expiring 12/23/20	Barclays Bank PLC		ZAR	1,690		107,855		89,219		—		(18,636	)
Expiring 01/29/21	Barclays Bank PLC		ZAR	3,332		205,374		175,308		—		(30,066	)
Expiring 01/29/21	Barclays Bank PLC		ZAR	2,102		133,426		110,563		—		(22,863	)
Expiring 01/29/21	Goldman Sachs International		ZAR	2,344		154,000		123,329		—		(30,671	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC		ZAR	4,849		325,000		255,100		—		(69,900	)
Expiring 02/26/21	Bank of America, N.A.		ZAR	526		32,000		27,633		—		(4,367	)
Expiring 02/26/21	Deutsche Bank AG		ZAR	2,591		166,000		136,017		—		(29,983	)
Expiring 02/26/21	Goldman Sachs International		ZAR	17,895		984,000		939,392		—		(44,608	)
Expiring 04/29/21	Goldman Sachs International		ZAR	991		52,000		51,787		—		(213	)
Expiring 12/23/21	Goldman Sachs International		ZAR	10,613		562,000		538,875		—		(23,125	)
South Korean Won,
Expiring 05/29/20	Barclays Bank PLC		KRW	64,199		53,000		52,867		—		(133	)
Expiring 05/29/20	BNP Paribas S.A.		KRW	89,206		73,000		73,460		460		—
Expiring 05/29/20	Citibank, N.A.		KRW	457,388		388,000		376,653		—		(11,347	)
Expiring 05/29/20	Citibank, N.A.		KRW	448,546		364,000		369,372		5,372		—
Expiring 05/29/20	Citibank, N.A.		KRW	212,715		174,000		175,168		1,168		—
Expiring 05/29/20	Citibank, N.A.		KRW	181,838		150,000		149,741		—		(259	)
Expiring 05/29/20	Citibank, N.A.		KRW	123,344		104,000		101,572		—		(2,428	)
Expiring 05/29/20	Citibank, N.A.		KRW	26,968		22,000		22,207		207		—

See Notes to Financial Statements.

50

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 05/29/20	Goldman Sachs International		KRW	153,010	$	130,000	$	126,002	$	—	$	(3,998	)
Expiring 05/29/20	HSBC Bank USA, N.A.		KRW	136,282		112,000		112,226		226		—
Expiring 05/29/20	HSBC Bank USA, N.A.		KRW	124,342		103,000		102,394		—		(606	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	178,171		143,000		146,721		3,721		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	161,874		136,000		133,301		—		(2,699	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	120,146		99,000		98,939		—		(61	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	335,740		282,000		276,477		—		(5,523	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	78,598		65,000		64,724		—		(276	)
Expiring 06/17/20	Barclays Bank PLC		KRW	139,263		116,954		114,724		—		(2,230	)
Expiring 06/17/20	BNP Paribas S.A.		KRW	163,203		130,016		134,446		4,430		—
Expiring 06/17/20	Citibank, N.A.		KRW	148,596		122,791		122,412		—		(379	)
Expiring 06/17/20	Citibank, N.A.		KRW	127,886		106,823		105,352		—		(1,471	)
Expiring 06/17/20	Citibank, N.A.		KRW	101,488		82,544		83,605		1,061		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	136,090		113,096		112,110		—		(986	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	126,977		105,000		104,603		—		(397	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	74,308		61,191		61,215		24		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	34,379		28,269		28,321		52		—
Expiring 10/30/20	BNP Paribas S.A.		KRW	425,612		374,000		351,691		—		(22,309	)
Expiring 10/30/20	Citibank, N.A.		KRW	937,638		764,000		774,787		10,787		—
Expiring 10/30/20	Citibank, N.A.		KRW	267,784		220,000		221,275		1,275		—
Expiring 10/30/20	JPMorgan Chase Bank, N.A.		KRW	130,905		109,857		108,170		—		(1,687	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		KRW	1,146,514		941,000		947,385		6,385		—
Expiring 04/29/21	Goldman Sachs International		KRW	25,337		21,000		21,052		52		—
Expiring 04/29/21	Morgan Stanley & Co. International PLC		KRW	236,106		195,000		196,183		1,183		—
Expiring 07/30/21	HSBC Bank USA, N.A.		KRW	763,668		648,000		637,060		—		(10,940	)
Swedish Krona,
Expiring 07/15/20	Citibank, N.A.		SEK	2,085		211,000		213,834		2,834		—
Expiring 07/15/20	Credit Suisse International		SEK	927		95,000		95,111		111		—

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swedish Krona (cont’d.),
Expiring 07/15/20	JPMorgan Chase Bank, N.A.		SEK	1,369	$	137,000	$	140,442	$	3,442	$	—
Swiss Franc,
Expiring 07/15/20	BNP Paribas S.A.		CHF	221		229,000		229,523		523		—
Expiring 07/15/20	Morgan Stanley & Co. International PLC		CHF	155		159,333		161,187		1,854		—
Expiring 10/30/20	Goldman Sachs International		CHF	362		391,000		376,595		—		(14,405	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		CHF	120		127,000		124,755		—		(2,245	)
Expiring 10/30/20	UBS AG		CHF	162		167,121		169,111		1,990		—
Thai Baht,
Expiring 06/17/20	Credit Suisse International		THB	4,493		137,000		138,860		1,860		—
Expiring 06/17/20	Credit Suisse International		THB	3,764		115,000		116,345		1,345		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	5,583		171,000		172,559		1,559		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	4,715		144,000		145,717		1,717		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	4,341		133,493		134,187		694		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	4,062		125,000		125,556		556		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	1,427		45,302		44,101		—		(1,201	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		THB	5,196		159,000		160,596		1,596		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC		TRY	611		88,000		86,388		—		(1,612	)
Expiring 06/17/20	Barclays Bank PLC		TRY	434		62,000		61,320		—		(680	)
Expiring 06/17/20	HSBC Bank USA, N.A.		TRY	1,073		161,156		151,605		—		(9,551	)
Expiring 06/30/20	Bank of America, N.A.		TRY	333		50,000		46,865		—		(3,135	)
Expiring 06/30/20	Deutsche Bank AG		TRY	7,876		761,000		1,108,078		347,078		—
Expiring 07/29/20	Barclays Bank PLC		TRY	1,564		217,894		217,986		92		—
Expiring 07/29/20	Citibank, N.A.		TRY	4,722		695,000		658,007		—		(36,993	)
Expiring 10/30/20	Barclays Bank PLC		TRY	343		49,342		46,406		—		(2,936	)
Expiring 10/30/20	Barclays Bank PLC		TRY	70		11,208		9,489		—		(1,719	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		TRY	152		22,000		20,556		—		(1,444	)
Expiring 12/23/20	Barclays Bank PLC		TRY	705		89,949		93,637		3,688		—
Expiring 12/23/20	Goldman Sachs International		TRY	288		45,000		38,206		—		(6,794	)
Expiring 02/26/21	Barclays Bank PLC		TRY	1,097		138,987		142,661		3,674		—
Expiring 02/26/21	Barclays Bank PLC		TRY	564		77,317		73,299		—		(4,018	)
Expiring 02/26/21	Barclays Bank PLC		TRY	419		64,966		54,492		—		(10,474	)
Expiring 02/26/21	Barclays Bank PLC		TRY	412		57,000		53,606		—		(3,394	)
Expiring 02/26/21	Morgan Stanley & Co. International PLC		TRY	6,212		748,000		808,056		60,056		—

See Notes to Financial Statements.

52

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 05/28/21	BNP Paribas S.A.		TRY	420	$	54,000	$	53,055	$	—	$	(945	)
Expiring 05/28/21	Goldman Sachs International		TRY	147		21,181		18,506		—		(2,675	)
Ukraine Hryvna,
Expiring 05/26/20	Citibank, N.A.		UAH	1,896		75,600		69,484		—		(6,116	)
Expiring 05/26/20	Citibank, N.A.		UAH	1,055		41,941		38,656		—		(3,285	)
Expiring 05/27/20	Citibank, N.A.		UAH	1,725		68,704		63,183		—		(5,521	)
					$	89,940,355	$	86,285,355		853,079		(4,508,079	)

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/29/20	HSBC Bank USA, N.A.		AUD	212	$	135,000	$	137,963	$	—	$	(2,963	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		AUD	380		239,000		247,487		—		(8,487	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		AUD	82		54,000		53,751		249		—
Expiring 07/20/20	HSBC Bank USA, N.A.		AUD	2,480		1,587,105		1,616,436		—		(29,331	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		AUD	148		97,000		96,562		438		—
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		AUD	124		79,000		80,929		—		(1,929	)
Expiring 11/27/20	JPMorgan Chase Bank, N.A.		AUD	322		220,927		209,856		11,071		—
Expiring 01/29/21	Barclays Bank PLC		AUD	935		608,694		609,322		—		(628	)
Expiring 05/28/21	Barclays Bank PLC		AUD	2,130		1,385,087		1,388,023		—		(2,936	)
Expiring 05/28/21	Citibank, N.A.		AUD	1,220		767,050		794,934		—		(27,884	)
Brazilian Real,
Expiring 05/05/20	BNP Paribas S.A.		BRL	5,233		1,025,496		962,042		63,454		—
Expiring 05/05/20	Citibank, N.A.		BRL	226		43,034		41,620		1,414		—
Expiring 05/05/20	Goldman Sachs International		BRL	1,504		294,468		276,426		18,042		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.		BRL	628		115,000		115,485		—		(485	)
Expiring 05/05/20	JPMorgan Chase Bank, N.A.		BRL	488		91,763		89,635		2,128		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC		BRL	621		115,000		114,068		932		—

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 05/29/20	Bank of America, N.A.		BRL	1,024	$	202,000	$	187,788	$	14,212	$	—
Expiring 05/29/20	Barclays Bank PLC		BRL	469		90,000		86,020		3,980		—
Expiring 05/29/20	Citibank, N.A.		BRL	778		148,000		142,704		5,296		—
Expiring 05/29/20	Citibank, N.A.		BRL	539		95,000		98,841		—		(3,841	)
Expiring 05/29/20	Citibank, N.A.		BRL	352		67,000		64,646		2,354		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		BRL	622		110,000		114,165		—		(4,165	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		BRL	460		86,000		84,425		1,575		—
Expiring 06/02/20	Goldman Sachs
	International		BRL	2,272		406,557		416,581		—		(10,024	)
Expiring 06/02/20	HSBC Bank USA, N.A.		BRL	2,964		522,386		543,505		—		(21,119	)
Expiring 06/02/20	Morgan Stanley & Co.
	International PLC		BRL	3,055		539,947		560,241		—		(20,294	)
Expiring 06/30/20	Deutsche Bank AG		BRL	4,005		972,000		733,256		238,744		—
Expiring 07/29/20	Deutsche Bank AG		BRL	1,318		298,000		240,884		57,116		—
Expiring 08/31/20	Citibank, N.A.		BRL	123		30,319		22,400		7,919		—
Expiring 08/31/20	Deutsche Bank AG		BRL	1,297		283,000		236,863		46,137		—
Expiring 12/23/20	Citibank, N.A.		BRL	554		136,000		100,883		35,117		—
Expiring 12/23/20	Citibank, N.A.		BRL	186		45,518		33,895		11,623		—
Expiring 12/23/20	Morgan Stanley & Co.
	International PLC		BRL	2,074		521,000		377,594		143,406		—
Expiring 01/29/21	Citibank, N.A.		BRL	1,785		436,000		324,707		111,293		—
Expiring 01/29/21	Morgan Stanley & Co.
	International PLC		BRL	8,649		1,665,375		1,573,402		91,973		—
Expiring 01/29/21	Morgan Stanley & Co.
	International PLC		BRL	3,953		916,000		719,025		196,975		—
Expiring 02/26/21	Citibank, N.A.		BRL	596		116,000		108,252		7,748		—
Expiring 03/31/21	Citibank, N.A.		BRL	5,161		1,217,000		936,504		280,496		—
Expiring 03/31/21	Morgan Stanley & Co.
	International PLC		BRL	1,025		252,935		186,056		66,879		—
Expiring 04/29/21	Deutsche Bank AG		BRL	109		19,000		19,679		—		(679	)
Expiring 09/30/21	Bank of America, N.A.		BRL	5,108		1,180,000		913,204		266,796		—
Expiring 09/30/21	Deutsche Bank AG		BRL	5,093		1,134,000		910,446		223,554		—
Expiring 01/28/22	Citibank, N.A.		BRL	3,063		546,000		541,823		4,177		—
Expiring 01/28/22	Deutsche Bank AG		BRL	6,392		1,390,141		1,130,708		259,433		—
British Pound,
Expiring 05/29/20	BNP Paribas S.A.		GBP	96		111,000		121,523		—		(10,523	)
Expiring 05/29/20	Citibank, N.A.		GBP	188		243,000		236,420		6,580		—
Expiring 05/29/20	Citibank, N.A.		GBP	83		98,000		104,756		—		(6,756	)
Expiring 05/29/20	Citibank, N.A.		GBP	15		19,179		19,459		—		(280	)
Expiring 05/29/20	HSBC Bank USA, N.A.		GBP	72		92,000		90,537		1,463		—

See Notes to Financial Statements.

54

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
British Pound (cont’d.),
Expiring 05/29/20	Morgan Stanley & Co. International PLC		GBP	87	$	109,000	$	109,311	$	—	$	(311	)
Expiring 05/29/20	UBS AG		GBP	12		15,379		15,593		—		(214	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	2,596		3,211,903		3,270,453		—		(58,550	)
Expiring 07/29/20	Bank of America, N.A.		GBP	1,225		1,527,906		1,543,451		—		(15,545	)
Expiring 11/27/20	Morgan Stanley & Co. International PLC		GBP	446		582,632		562,170		20,462		—
Expiring 11/27/20	Morgan Stanley & Co. International PLC		GBP	446		582,632		562,170		20,462		—
Canadian Dollar,
Expiring 07/20/20	BNP Paribas S.A.		CAD	173		125,000		124,590		410		—
Expiring 07/20/20	HSBC Bank USA, N.A.		CAD	112		79,857		80,647		—		(790	)
Expiring 07/20/20	Morgan Stanley & Co. International PLC		CAD	1,333		960,239		958,096		2,143		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC		CAD	140		99,183		100,502		—		(1,319	)
Chilean Peso,
Expiring 05/29/20	BNP Paribas S.A.		CLP	94,545		110,000		113,319		—		(3,319	)
Expiring 05/29/20	Citibank, N.A.		CLP	140,138		164,000		167,966		—		(3,966	)
Expiring 05/29/20	Citibank, N.A.		CLP	83,581		101,000		100,178		822		—
Expiring 05/29/20	HSBC Bank USA, N.A.		CLP	66,659		77,000		79,896		—		(2,896	)
Expiring 06/17/20	Citibank, N.A.		CLP	86,719		101,840		103,999		—		(2,159	)
Expiring 06/17/20	Citibank, N.A.		CLP	57,136		66,625		68,521		—		(1,896	)
Expiring 06/17/20	Citibank, N.A.		CLP	30,423		35,347		36,485		—		(1,138	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	429,266		514,061		514,804		—		(743	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	88,588		103,800		106,241		—		(2,441	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	83,615		97,750		100,277		—		(2,527	)
Expiring 06/17/20	HSBC Bank USA, N.A.		CLP	76,403		92,057		91,627		430		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	607,359		726,419		728,384		—		(1,965	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	134,474		159,000		161,270		—		(2,270	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	51,779		61,191		62,097		—		(906	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		CLP	24,187		28,269		29,006		—		(737	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		CLP	85,232		100,000		102,216		—		(2,216	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		CLP	62,730		75,000		75,230		—		(230	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 06/17/20	The Toronto-Dominion Bank		CLP	237,340	$	281,542	$	284,633	$	—	$	(3,091	)
Expiring 10/29/21	Bank of America, N.A.		CLP	245,918		312,000		296,343		15,657		—
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC		CNH	1,464		206,000		206,841		—		(841	)
Expiring 05/11/20	Citibank, N.A.		CNH	1,109		156,000		156,658		—		(658	)
Expiring 05/11/20	Credit Suisse International		CNH	1,201		169,000		169,564		—		(564	)
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	2,737		390,000		386,653		3,347		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,591		227,100		224,659		2,441		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,514		216,650		213,905		2,745		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	1,414		199,000		199,668		—		(668	)
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	818		116,500		115,546		954		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC		CNH	659		92,400		93,046		—		(646	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.		CNH	2,087		299,505		291,695		7,810		—
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.		COP	1,266,958		333,454		318,644		14,810		—
Expiring 06/17/20	Citibank, N.A.		COP	165,653		41,960		41,662		298		—
Expiring 06/17/20	Citibank, N.A.		COP	152,832		44,240		38,438		5,802		—
Expiring 06/17/20	Goldman Sachs International		COP	574,550		165,543		144,501		21,042		—
Expiring 06/17/20	Goldman Sachs International		COP	401,273		98,710		100,921		—		(2,211	)
Expiring 06/17/20	Goldman Sachs International		COP	360,663		93,000		90,708		2,292		—
Expiring 06/17/20	HSBC Bank USA, N.A.		COP	198,825		56,910		50,005		6,905		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		COP	589,278		151,000		148,205		2,795		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		COP	308,917		76,000		77,694		—		(1,694	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		COP	232,050		58,000		58,361		—		(361	)
Expiring 06/17/20	UBS AG		COP	301,006		74,000		75,704		—		(1,704	)
Czech Koruna,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		CZK	2,209		87,000		89,397		—		(2,397	)
Danish Krone,
Expiring 07/15/20	Barclays Bank PLC		DKK	438		63,581		64,491		—		(910	)
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.		EGP	663		41,540		41,819		—		(279	)

See Notes to Financial Statements.

56

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Egyptian Pound (cont’d.),
Expiring 05/18/20	Citibank, N.A.		EGP	230	$	14,439	$	14,495	$	—	$	(56	)
Expiring 06/17/20	Citibank, N.A.		EGP	1,674		103,625		104,212		—		(587	)
Expiring 06/17/20	Citibank, N.A.		EGP	758		46,811		47,193		—		(382	)
Euro,
Expiring 05/29/20	Morgan Stanley & Co. International PLC		EUR	158		171,618		172,860		—		(1,242	)
Expiring 07/17/20	Barclays Bank PLC		EUR	1,104		1,197,280		1,212,248		—		(14,968	)
Expiring 07/17/20	Barclays Bank PLC		EUR	733		802,397		804,883		—		(2,486	)
Expiring 07/17/20	BNP Paribas S.A.		EUR	129		140,000		141,084		—		(1,084	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	715		779,685		784,700		—		(5,015	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	124		135,000		135,895		—		(895	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC		EUR	715		779,399		784,700		—		(5,301	)
Expiring 07/17/20	Morgan Stanley & Co.
	International PLC		EUR	152		166,900		167,032		—		(132	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC		EUR	97		105,000		106,236		—		(1,236	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		EUR	1		1,427		1,439		—		(12	)
Expiring 07/29/20	The Toronto-Dominion Bank		EUR	103		122,771		113,189		9,582		—
Expiring 07/29/20	UBS AG		EUR	148		179,851		162,059		17,792		—
Expiring 08/31/20	HSBC Bank USA, N.A.		EUR	107		119,729		117,564		2,165		—
Expiring 10/30/20	HSBC Bank USA, N.A.		EUR	67		74,756		73,248		1,508		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC		EUR	152		166,368		167,698		—		(1,330	)
Expiring 12/02/20	Citibank, N.A.		EUR	5,102		5,785,046		5,618,648		166,398		—
Expiring 12/23/20	Morgan Stanley & Co. International PLC		EUR	97		106,001		106,880		—		(879	)
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC		HUF	47,628		145,000		147,910		—		(2,910	)
Expiring 07/17/20	Barclays Bank PLC		HUF	39,159		118,000		121,609		—		(3,609	)
Expiring 07/17/20	Barclays Bank PLC		HUF	31,126		95,000		96,662		—		(1,662	)
Indian Rupee,
Expiring 05/29/20	Barclays Bank PLC		INR	9,315		122,000		123,063		—		(1,063	)
Expiring 05/29/20	Citibank, N.A.		INR	13,870		184,000		183,246		754		—
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	18,772		255,000		248,009		6,991		—
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	12,480		164,000		164,888		—		(888	)
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	8,579		112,000		113,346		—		(1,346	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 05/29/20	Morgan Stanley & Co. International PLC		INR	25,136	$	320,000	$	332,090	$	—	$	(12,090	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		INR	11,855		159,000		156,626		2,374		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		INR	9,301		126,000		122,883		3,117		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		INR	7,398		95,000		97,736		—		(2,736	)
Expiring 06/17/20	Citibank, N.A.		INR	5,742		75,325		75,628		—		(303	)
Expiring 06/17/20	Citibank, N.A.		INR	3,659		47,809		48,190		—		(381	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	9,674		124,344		127,422		—		(3,078	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	7,916		101,350		104,267		—		(2,917	)
Expiring 10/28/20	Goldman Sachs International		INR	45,134		614,821		584,101		30,720		—
Expiring 10/30/20	HSBC Bank USA, N.A.		INR	19,746		258,000		255,490		2,510		—
Expiring 12/23/20	BNP Paribas S.A.		INR	10,264		133,000		132,057		943		—
Expiring 02/26/21	Bank of America, N.A.		INR	10,391		138,000		132,790		5,210		—
Expiring 02/26/21	Citibank, N.A.		INR	10,881		138,000		139,051		—		(1,051	)
Expiring 02/26/21	Goldman Sachs International		INR	3,844		50,000		49,116		884		—
Expiring 09/30/21	Bank of America, N.A.		INR	45,446		587,000		566,906		20,094		—
Indonesian Rupiah,
Expiring 06/17/20	Barclays Bank PLC		IDR	1,984,248		124,000		129,718		—		(5,718	)
Expiring 06/17/20	Barclays Bank PLC		IDR	1,272,510		87,089		83,189		3,900		—
Expiring 06/17/20	BNP Paribas S.A.		IDR	2,063,112		124,000		134,874		—		(10,874	)
Expiring 06/17/20	BNP Paribas S.A.		IDR	1,841,764		107,000		120,403		—		(13,403	)
Expiring 06/17/20	BNP Paribas S.A.		IDR	1,467,592		92,915		95,942		—		(3,027	)
Expiring 06/17/20	Citibank, N.A.		IDR	2,091,211		140,444		136,711		3,733		—
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	1,024,448		64,000		66,972		—		(2,972	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		IDR	1,324,840		88,000		86,610		1,390		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		IDR	1,196,379		78,616		78,212		404		—
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC		ILS	625		163,000		179,413		—		(16,413	)
Expiring 06/17/20	BNP Paribas S.A.		ILS	688		196,341		197,701		—		(1,360	)
Expiring 06/17/20	Citibank, N.A.		ILS	845		241,000		242,849		—		(1,849	)
Expiring 06/17/20	Citibank, N.A.		ILS	738		196,000		212,132		—		(16,132	)
Expiring 06/17/20	Citibank, N.A.		ILS	170		48,400		48,864		—		(464	)

See Notes to Financial Statements.

58

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel (cont’d.),
Expiring 06/17/20	Goldman Sachs International		ILS	605	$	171,600	$	173,836	$	—	$	(2,236	)
Expiring 06/30/20	Citibank, N.A.		ILS	3,406		993,000		978,916		14,084		—
Expiring 06/30/21	Barclays Bank PLC		ILS	663		196,908		192,733		4,175		—
Expiring 06/30/21	Citibank, N.A.		ILS	1,633		485,000		474,857		10,143		—
Japanese Yen,
Expiring 05/29/20	Bank of America, N.A.		JPY	31,755		297,000		296,020		980		—
Expiring 05/29/20	Bank of America, N.A.		JPY	26,891		250,000		250,681		—		(681	)
Expiring 05/29/20	Bank of America, N.A.		JPY	20,953		195,000		195,324		—		(324	)
Expiring 05/29/20	Bank of America, N.A.		JPY	19,500		182,000		181,780		220		—
Expiring 05/29/20	Bank of America, N.A.		JPY	7,856		72,000		73,232		—		(1,232	)
Expiring 05/29/20	Citibank, N.A.		JPY	372,561		3,566,198		3,472,998		93,200		—
Expiring 05/29/20	Citibank, N.A.		JPY	15,415		149,000		143,697		5,303		—
Expiring 05/29/20	Citibank, N.A.		JPY	12,046		112,000		112,297		—		(297	)
Expiring 05/29/20	Citibank, N.A.		JPY	9,482		88,000		88,387		—		(387	)
Expiring 05/29/20	Citibank, N.A.		JPY	8,716		81,000		81,246		—		(246	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	36,596		350,000		341,143		8,857		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	31,858		294,000		296,978		—		(2,978	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	21,996		203,000		205,048		—		(2,048	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	14,811		139,000		138,070		930		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	12,319		111,000		114,837		—		(3,837	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	40,651		373,000		378,951		—		(5,951	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	36,116		337,000		336,672		328		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	35,507		321,000		330,997		—		(9,997	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	33,193		305,000		309,425		—		(4,425	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	21,548		200,000		200,874		—		(874	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	127,050		1,217,000		1,184,355		32,645		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	8,232		77,000		76,738		262		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	7,711		72,000		71,882		118		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		JPY	52,402		482,698		488,915		—		(6,217	)
Expiring 07/29/20	Deutsche Bank AG		JPY	22,383		215,000		208,880		6,120		—
Expiring 09/30/20	Morgan Stanley & Co. International PLC		JPY	32,899		301,337		307,387		—		(6,050	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 10/30/20	Bank of America, N.A.		JPY	148,702	$	1,390,000	$	1,390,209	$	—	$	(209	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC		JPY	92,793		851,162		867,517		—		(16,355	)
Expiring 11/27/20	Bank of America, N.A.		JPY	35,266		330,000		329,946		54		—
Expiring 11/30/20	JPMorgan Chase Bank, N.A.		JPY	33,066		316,603		309,387		7,216		—
Expiring 11/30/20	Morgan Stanley & Co. International PLC		JPY	14,766		135,631		138,163		—		(2,532	)
Expiring 12/30/20	Bank of America, N.A.		JPY	30,753		296,616		287,976		8,640		—
Expiring 12/30/20	Morgan Stanley & Co. International PLC		JPY	15,571		143,215		145,807		—		(2,592	)
Expiring 01/29/21	Bank of America, N.A.		JPY	37,389		353,000		350,398		2,602		—
Expiring 01/29/21	Citibank, N.A.		JPY	75,708		741,000		709,511		31,489		—
Expiring 01/29/21	Deutsche Bank AG		JPY	57,595		548,135		539,765		8,370		—
Expiring 05/28/21	Morgan Stanley & Co. International PLC		JPY	69,191		640,741		650,134		—		(9,393	)
Expiring 07/30/21	Morgan Stanley & Co. International PLC		JPY	13,271		123,227		124,888		—		(1,661	)
Expiring 10/31/23	Bank of America, N.A.		JPY	165,745		1,624,000		1,600,074		23,926		—
Expiring 10/31/23	Bank of America, N.A.		JPY	107,140		1,062,000		1,034,307		27,693		—
Expiring 10/31/23	Citibank, N.A.		JPY	27,641		286,831		266,836		19,995		—
Malaysian Ringgit,
Expiring 06/17/20	Barclays Bank PLC		MYR	814		194,318		188,531		5,787		—
Mexican Peso,
Expiring 05/29/20	Bank of America, N.A.		MXN	6,941		324,570		286,592		37,978		—
Expiring 05/29/20	Bank of America, N.A.		MXN	4,020		166,000		166,007		—		(7	)
Expiring 05/29/20	Citibank, N.A.		MXN	6,683		263,000		275,948		—		(12,948	)
Expiring 05/29/20	Citibank, N.A.		MXN	5,542		231,000		228,856		2,144		—
Expiring 05/29/20	Citibank, N.A.		MXN	3,893		196,858		160,747		36,111		—
Expiring 05/29/20	Citibank, N.A.		MXN	1,749		73,000		72,237		763		—
Expiring 05/29/20	Goldman Sachs International		MXN	3,197		131,000		132,003		—		(1,003	)
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	5,770		255,000		238,237		16,763		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	4,640		228,000		191,607		36,393		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	4,540		185,000		187,471		—		(2,471	)
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	3,151		157,000		130,093		26,907		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	2,728		110,000		112,641		—		(2,641	)
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	2,382		119,000		98,340		20,660		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	2,263		113,000		93,463		19,537		—
Expiring 05/29/20	HSBC Bank USA, N.A.		MXN	2,086		106,000		86,151		19,849		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	5,693		233,000		235,058		—		(2,058	)

See Notes to Financial Statements.

60

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		MXN	2,990	$	122,000	$	123,455	$	—	$	(1,455	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	7,722		391,000		318,851		72,149		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	2,269		97,000		93,693		3,307		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		MXN	2,170		89,000		89,607		—		(607	)
Expiring 06/17/20	BNP Paribas S.A.		MXN	1,596		68,000		65,710		2,290		—
Expiring 06/17/20	HSBC Bank USA, N.A.		MXN	2,453		102,100		100,994		1,106		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	6,716		316,461		276,496		39,965		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	2,346		100,000		96,587		3,413		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	1,712		69,500		70,497		—		(997	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		MXN	1,661		67,000		68,372		—		(1,372	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC		MXN	3,045		149,000		125,377		23,623		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		MXN	1,838		75,650		75,687		—		(37	)
Expiring 10/30/20	Deutsche Bank AG		MXN	20,095		879,000		812,739		66,261		—
Expiring 01/29/21	Citibank, N.A.		MXN	7,041		335,000		281,801		53,199		—
Expiring 02/26/21	Deutsche Bank AG		MXN	18,153		714,000		724,228		—		(10,228	)
Expiring 02/26/21	HSBC Bank USA, N.A.		MXN	26,498		1,050,014		1,057,138		—		(7,124	)
Expiring 04/29/21	Citibank, N.A.		MXN	7,304		359,000		289,324		69,676		—
Expiring 04/29/21	Citibank, N.A.		MXN	3,848		185,928		152,410		33,518		—
Expiring 04/29/21	Deutsche Bank AG		MXN	8,437		329,000		334,219		—		(5,219	)
Expiring 04/29/21	Morgan Stanley & Co. International PLC		MXN	10,026		463,000		397,166		65,834		—
Expiring 04/29/21	Morgan Stanley & Co. International PLC		MXN	5,811		272,000		230,199		41,801		—
Expiring 04/28/23	Morgan Stanley & Co. International PLC		MXN	19,453		844,701		708,912		135,789		—
New Taiwanese Dollar,
Expiring 06/17/20	Credit Suisse International		TWD	12,798		430,000		434,058		—		(4,058	)
Expiring 06/17/20	Goldman Sachs International		TWD	6,983		235,000		236,819		—		(1,819	)
Expiring 06/17/20	HSBC Bank USA, N.A.		TWD	9,744		329,000		330,465		—		(1,465	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TWD	10,078	$	339,000	$	341,820	$	—	$	(2,820	)
New Zealand Dollar,
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		NZD	1,497		897,824		917,884		—		(20,060	)
Norwegian Krone,
Expiring 07/15/20	Citibank, N.A.		NOK	617		60,000		60,232		—		(232	)
Expiring 07/15/20	Morgan Stanley & Co. International PLC		NOK	1,335		127,270		130,398		—		(3,128	)
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.		PEN	1,388		403,951		409,881		—		(5,930	)
Philippine Peso,
Expiring 06/17/20	Barclays Bank PLC		PHP	7,180		141,000		141,870		—		(870	)
Expiring 06/17/20	Citibank, N.A.		PHP	7,671		151,000		151,577		—		(577	)
Expiring 06/17/20	HSBC Bank USA, N.A.		PHP	6,880		133,000		135,940		—		(2,940	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		PHP	2,603		50,946		51,426		—		(480	)
Polish Zloty,
Expiring 07/17/20	Barclays Bank PLC		PLN	536		128,000		129,175		—		(1,175	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC		PLN	516		123,000		124,456		—		(1,456	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC		PLN	479		115,000		115,387		—		(387	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC		PLN	339		81,100		81,757		—		(657	)
Expiring 07/17/20	UBS AG		PLN	531		127,000		127,880		—		(880	)
Russian Ruble,
Expiring 05/29/20	BNP Paribas S.A.		RUB	10,032		133,000		134,113		—		(1,113	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		RUB	11,002		142,000		147,083		—		(5,083	)
Expiring 06/17/20	Barclays Bank PLC		RUB	10,290		135,050		137,176		—		(2,126	)
Expiring 06/17/20	Barclays Bank PLC		RUB	5,815		72,000		77,522		—		(5,522	)
Expiring 06/17/20	Barclays Bank PLC		RUB	4,323		59,119		57,630		1,489		—
Expiring 06/17/20	Barclays Bank PLC		RUB	3,266		43,203		43,542		—		(339	)
Expiring 06/17/20	Barclays Bank PLC		RUB	2,742		35,347		36,554		—		(1,207	)
Expiring 06/17/20	BNP Paribas S.A.		RUB	3,072		37,689		40,955		—		(3,266	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		RUB	9,530		130,086		127,037		3,049		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		RUB	3,963		53,010		52,826		184		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC		RUB	25,256		389,000		330,990		58,010		—

See Notes to Financial Statements.

62

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 12/23/20	BNP Paribas S.A.		RUB	56,910	$	772,000	$	741,290	$	30,710	$	—
Expiring 12/23/20	BNP Paribas S.A.		RUB	15,964		224,000		207,947		16,053		—
Expiring 02/26/21	JPMorgan Chase Bank, N.A.		RUB	60,723		716,829		785,338		—		(68,509	)
Expiring 04/28/21	Goldman Sachs International		RUB	52,023		678,000		668,562		9,438		—
Expiring 04/29/21	Deutsche Bank AG		RUB	13,019		192,000		167,292		24,708		—
Singapore Dollar,
Expiring 06/17/20	Citibank, N.A.		SGD	358		251,000		254,182		—		(3,182	)
Expiring 06/17/20	HSBC Bank USA, N.A.		SGD	114		80,859		80,788		71		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		SGD	381		271,500		270,260		1,240		—
South African Rand,
Expiring 05/29/20	Bank of America, N.A.		ZAR	1,833		106,000		98,594		7,406		—
Expiring 05/29/20	Bank of America, N.A.		ZAR	1,809		108,000		97,264		10,736		—
Expiring 05/29/20	Bank of America, N.A.		ZAR	1,487		92,000		79,963		12,037		—
Expiring 05/29/20	Bank of America, N.A.		ZAR	1,478		84,000		79,494		4,506		—
Expiring 05/29/20	Bank of America, N.A.		ZAR	1,126		60,000		60,575		—		(575	)
Expiring 05/29/20	Barclays Bank PLC		ZAR	2,440		131,000		131,212		—		(212	)
Expiring 05/29/20	Citibank, N.A.		ZAR	2,998		167,000		161,217		5,783		—
Expiring 05/29/20	HSBC Bank USA, N.A.		ZAR	4,311		272,000		231,831		40,169		—
Expiring 05/29/20	HSBC Bank USA, N.A.		ZAR	2,111		135,000		113,540		21,460		—
Expiring 05/29/20	HSBC Bank USA, N.A.		ZAR	1,482		93,000		79,685		13,315		—
Expiring 05/29/20	HSBC Bank USA, N.A.		ZAR	1,087		60,000		58,473		1,527		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		ZAR	3,879		214,000		208,630		5,370		—
Expiring 06/17/20	Bank of America, N.A.		ZAR	2,166		118,000		116,269		1,731		—
Expiring 06/17/20	Barclays Bank PLC		ZAR	1,345		70,000		72,219		—		(2,219	)
Expiring 06/17/20	Citibank, N.A.		ZAR	1,554		85,000		83,450		1,550		—
Expiring 06/17/20	HSBC Bank USA, N.A.		ZAR	818		52,585		43,896		8,689		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	9,567		595,481		513,615		81,866		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	3,516		184,000		188,759		—		(4,759	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ZAR	1,381		75,000		74,157		843		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		ZAR	2,557		165,876		137,270		28,606		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		ZAR	1,113		59,000		59,737		—		(737	)
Expiring 07/29/20	BNP Paribas S.A.		ZAR	6,365		390,000		340,341		49,659		—
Expiring 09/30/20	Barclays Bank PLC		ZAR	2,529		163,086		134,489		28,597		—

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 09/30/20	Goldman Sachs International		ZAR	1,152	$	72,000	$	61,273	$	10,727	$	—
Expiring 09/30/20	Morgan Stanley & Co. International PLC		ZAR	6,161		419,000		327,629		91,371		—
Expiring 01/29/21	Deutsche Bank AG		ZAR	8,749		557,000		460,264		96,736		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC		ZAR	3,878		250,000		204,037		45,963		—
Expiring 02/26/21	Bank of America, N.A.		ZAR	10,890		556,832		571,658		—		(14,826	)
Expiring 02/26/21	Barclays Bank PLC		ZAR	3,117		175,521		163,650		11,871		—
Expiring 02/26/21	Goldman Sachs International		ZAR	5,962		315,000		312,957		2,043		—
Expiring 12/23/21	Barclays Bank PLC		ZAR	6,463		348,622		328,131		20,491		—
Expiring 12/23/21	Goldman Sachs International		ZAR	1,126		71,000		57,145		13,855		—
South Korean Won,
Expiring 05/29/20	Bank of America, N.A.		KRW	276,373		227,000		227,589		—		(589	)
Expiring 05/29/20	Barclays Bank PLC		KRW	561,208		464,000		462,147		1,853		—
Expiring 05/29/20	Barclays Bank PLC		KRW	277,666		227,000		228,654		—		(1,654	)
Expiring 05/29/20	Citibank, N.A.		KRW	126,108		106,000		103,848		2,152		—
Expiring 05/29/20	HSBC Bank USA, N.A.		KRW	227,587		185,000		187,415		—		(2,415	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	571,016		469,076		470,223		—		(1,147	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		KRW	342,485		286,000		282,032		3,968		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	608,287		522,000		500,915		21,085		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	418,581		333,000		344,696		—		(11,696	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	198,947		161,000		163,830		—		(2,830	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		KRW	64,952		53,000		53,487		—		(487	)
Expiring 06/17/20	Citibank, N.A.		KRW	118,594		97,046		97,697		—		(651	)
Expiring 06/17/20	Credit Suisse International		KRW	1,230,698		1,041,208		1,013,843		27,365		—
Expiring 06/17/20	HSBC Bank USA, N.A.		KRW	115,603		94,000		95,234		—		(1,234	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		KRW	188,684		159,348		155,437		3,911		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		KRW	189,162		159,348		155,831		3,517		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC		KRW	187,493		158,396		154,456		3,940		—

See Notes to Financial Statements.

64

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

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/17/20	Morgan Stanley & Co. International PLC		KRW	128,551	$	104,000	$	105,900	$	—	$	(1,900	)
Expiring 06/17/20	UBS AG		KRW	188,987		159,348		155,686		3,662		—
Expiring 10/30/20	Citibank, N.A.		KRW	1,357,653		1,156,000		1,121,852		34,148		—
Expiring 10/30/20	Deutsche Bank AG		KRW	556,517		481,000		459,860		21,140		—
Expiring 04/29/21	Citibank, N.A.		KRW	371,654		307,000		308,811		—		(1,811	)
Expiring 07/30/21	Deutsche Bank AG		KRW	744,855		635,000		621,366		13,634		—
Swedish Krona,
Expiring 07/15/20	Barclays Bank PLC		SEK	2,315		228,298		237,451		—		(9,153	)
Swiss Franc,
Expiring 07/15/20	JPMorgan Chase Bank, N.A.		CHF	216		222,000		223,946		—		(1,946	)
Expiring 07/15/20	UBS AG		CHF	207		215,000		215,050		—		(50	)
Expiring 07/17/20	HSBC Bank USA, N.A.		CHF	120		125,000		124,713		287		—
Expiring 10/30/20	Bank of America, N.A.		CHF	475		503,000		495,105		7,895		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC		CHF	168		177,435		175,356		2,079		—
Thai Baht,
Expiring 06/17/20	Credit Suisse International		THB	10,132		321,000		313,163		7,837		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	8,104		257,549		250,491		7,058		—
Expiring 06/17/20	HSBC Bank USA, N.A.		THB	6,879		216,416		212,624		3,792		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC		TRY	1,089		172,000		153,863		18,137		—
Expiring 06/17/20	Barclays Bank PLC		TRY	856		134,393		120,943		13,450		—
Expiring 06/17/20	Barclays Bank PLC		TRY	854		135,779		120,665		15,114		—
Expiring 06/17/20	Barclays Bank PLC		TRY	647		92,647		91,433		1,214		—
Expiring 06/17/20	Barclays Bank PLC		TRY	620		92,057		87,625		4,432		—
Expiring 06/17/20	Citibank, N.A.		TRY	718		114,045		101,534		12,511		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	786		120,740		111,095		9,645		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		TRY	707		108,000		99,863		8,137		—
Expiring 06/30/20	Barclays Bank PLC		TRY	2,011		283,348		282,905		443		—
Expiring 06/30/20	Citibank, N.A.		TRY	1,570		163,000		220,876		—		(57,876	)
Expiring 06/30/20	Citibank, N.A.		TRY	228		23,764		32,128		—		(8,364	)
Expiring 06/30/20	JPMorgan Chase Bank, N.A.		TRY	770		105,000		108,352		—		(3,352	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC		TRY	3,630		551,000		510,682		40,318		—
Expiring 07/29/20	Barclays Bank PLC		TRY	2,961		401,186		412,566		—		(11,380	)
Expiring 07/29/20	Citibank, N.A.		TRY	1,761		287,000		245,441		41,559		—

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 10/30/20	Deutsche Bank AG	TRY	281	$	37,000	$	37,997	$	—	$	(997	)
Expiring 10/30/20	Goldman Sachs International	TRY	284		41,000		38,455		2,545		—
Expiring 12/23/20	Deutsche Bank AG	TRY	992		151,000		131,843		19,157		—
Expiring 02/26/21	Citibank, N.A.	TRY	1,635		201,000		212,680		—		(11,680	)
Expiring 02/26/21	Citibank, N.A.	TRY	876		104,088		114,002		—		(9,914	)
Expiring 02/26/21	Goldman Sachs International	TRY	1,152		173,000		149,872		23,128		—
Expiring 02/26/21	JPMorgan Chase Bank, N.A.	TRY	1,140		136,912		148,261		—		(11,349	)
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	3,900		540,000		507,298		32,702		—
Expiring 05/28/21	Goldman Sachs International	TRY	567		76,000		71,562		4,438		—
				$	111,185,478	$	107,130,633		4,914,955		(860,110	)
								$	5,768,034	$	(5,368,189	)

Cross currency exchange contracts outstanding at April 30, 2020:

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
07/17/20	Buy	EUR	188	CZK	5,083	$	124	$	—		Citibank, N.A.
07/29/20	Buy	EUR	603	TRY	5,835		—		(151,094	)	BNP Paribas S.A.
07/29/20	Buy	TRY	4,271	EUR	351		209,793		—		Morgan Stanley & Co. International PLC
08/31/20	Buy	EUR	208	ZAR	4,012		14,584		—		Morgan Stanley & Co. International PLC
08/31/20	Buy	ZAR	1,782	EUR	101		—		(15,938	)	Goldman Sachs International
09/30/20	Buy	GBP	168	JPY	22,332		3,054		—		Bank of America, N.A.
09/30/20	Buy	JPY	4,712	GBP	36		—		(1,339	)	Bank of America, N.A.
09/30/20	Buy	JPY	28,186	GBP	198		13,838		—		Bank of America, N.A.
10/30/20	Buy	EUR	1,080	GBP	948		—		(6,592	)	Morgan Stanley & Co. International PLC
10/30/20	Buy	GBP	740	EUR	861		—		(15,189	)	Bank of America, N.A.
11/27/20	Buy	AUD	322	JPY	23,989		—		(14,582	)	Morgan Stanley & Co. International PLC
11/30/20	Buy	JPY	47,832	AUD	613		48,042		—		Deutsche Bank AG

See Notes to Financial Statements.

66

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

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
12/23/20	Buy	EUR	26	ZAR	471	$	3,801	$	—		Goldman Sachs International
12/23/20	Buy	EUR	71	ZAR	1,220		13,859		—		Morgan Stanley & Co. International PLC
12/30/20	Buy	AUD	38	JPY	2,880		—		(2,200	)	Goldman Sachs International
12/30/20	Buy	JPY	6,634	AUD	90		3,467		—		Deutsche Bank AG
12/30/20	Buy	JPY	42,570	AUD	578		21,942		—		Deutsche Bank AG
01/29/21	Buy	AUD	117	JPY	8,509		—		(3,495	)	Morgan Stanley & Co. International PLC
01/29/21	Buy	AUD	818	JPY	55,182		15,925		—		Deutsche Bank AG
05/28/21	Buy	AUD	278	JPY	20,286		—		(9,489	)	Deutsche Bank AG
05/28/21	Buy	AUD	993	JPY	71,988		—		(29,463	)	Morgan Stanley & Co. International PLC
05/28/21	Buy	AUD	4,745	JPY	303,158		242,872		—		Citibank, N.A.
05/28/21	Buy	JPY	28,854	AUD	416		89		—		Morgan Stanley & Co. International PLC
07/30/21	Buy	AUD	564	JPY	38,930		974		—		Morgan Stanley & Co. International PLC
07/30/21	Buy	JPY	52,201	AUD	722		21,006		—		Morgan Stanley & Co. International PLC
10/31/23	Buy	AUD	367	JPY	24,589		—		(6	)	Deutsche Bank AG
10/31/23	Buy	JPY	9,277	AUD	133		3,533		—		Goldman Sachs International
10/31/23	Buy	JPY	29,437	AUD	431		5,416		—		Morgan Stanley & Co. International PLC
						$	622,319	$	(249,387	)

Credit default swap agreements outstanding at April 30, 2020:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)**:
Federal Republic of Brazil		12/20/22		1.000%(Q)		750		2.350	%	$	(25,162	)	$	—	$	(25,162	)	Citibank, N.A.
Government of Malaysia		12/20/22		1.000%(Q)		150		0.527	%		2,046			—		2,046		Citibank, N.A.
People’s Republic of China		12/20/22		1.000%(Q)		500		0.183	%		11,423			—		11,423		Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 67

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)**(cont’d.):
Republic of Argentina		12/20/22		1.000%(Q)		150		305.010	%	$	(113,660	)	$	—	$	(113,660	)	Citibank, N.A.
Republic of Chile		12/20/22		1.000%(Q)		150		0.604	%		1,744			—		1,744		Citibank, N.A.
Republic of Colombia		12/20/22		1.000%(Q)		200		1.690	%		(3,349	)		—		(3,349	)	Citibank, N.A.
Republic of Indonesia		12/20/22		1.000%(Q)		200		1.192	%		(767	)		—		(767	)	Citibank, N.A.
Republic of Panama		12/20/22		1.000%(Q)		150		0.968	%		302			—		302		Citibank, N.A.
Republic of Peru		12/20/22		1.000%(Q)		150		0.597	%		1,772			—		1,772		Citibank, N.A.
Republic of Philippines		12/20/22		1.000%(Q)		150		0.407	%		2,528			—		2,528		Citibank, N.A.
Republic of South Africa		12/20/22		1.000%(Q)		450		3.655	%		(29,457	)		—		(29,457	)	Citibank, N.A.
Republic of Turkey		12/20/22		1.000%(Q)		750		5.767	%		(85,262	)		—		(85,262	)	Citibank, N.A.
Russian Federation		12/20/22		1.000%(Q)		450		1.121	%		(899	)		—		(899	)	Citibank, N.A.
United Mexican States		12/20/22		1.000%(Q)		650		1.863	%		(13,772	)		—		(13,772	)	Citibank, N.A.
										$	(252,513	)	$	—	$	(252,513	)

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

CDX.EM.28.V2

12/20/22

1.000%(Q)

4,850

$

243,708

$

(1,212

)

$

244,920

Citibank, N.A.

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

See Notes to Financial Statements.

68

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

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Assicurazioni Generali SpA		06/20/23		1.000%(Q)	EUR	100	$	4,037		$	4,227		$	(190	)	Barclays Bank PLC
Hellenic Republic		06/20/23		1.000%(Q)		300		5,442			18,234			(12,792	)	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		100		(1,237	)		(1,596	)		359		Bank of America, N.A.
Republic of Argentina		06/20/24		5.000%(Q)		395		294,524			213,037			81,487		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		575		4,811			5,207			(396	)	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)	EUR	250		3,930			2,283			1,647		Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		100		837			1,016			(179	)	Citibank, N.A.
Republic of Italy		06/20/28		1.000%(Q)	EUR	125		9,453			6,337			3,116		Barclays Bank PLC
							$	321,797		$	248,745		$	73,052

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Banco do Brasil SA		12/20/20		1.000%(Q)		200		2.125	%	$	(1,211	)	$	—		$	(1,211	)	Bank of America, N.A.
Barclays Bank PLC		06/20/20		1.000%(Q)	EUR	100		0.351	%		228			132			96		Citibank, N.A.
Citigroup, Inc.		06/20/20		1.000%(Q)		475		0.268	%		1,046			512			534		Morgan Stanley & Co. International PLC
Federal Republic of Brazil		12/20/20		1.000%(Q)		500		1.084	%		312			(8,036	)		8,348		Goldman Sachs International
Generalitat de Cataluna		12/20/22		1.000%(Q)		230		2.623	%		(9,123	)		(17,433	)		8,310		Citibank, N.A.
Hellenic Republic		06/20/23		1.000%(Q)		300		2.099	%		(9,583	)		(20,688	)		11,105		Bank of America, N.A.
Hellenic Republic		12/20/24		1.000%(Q)		1,650		2.447	%		(100,812	)		(80,934	)		(19,878	)	Citibank, N.A.
Hellenic Republic		06/20/29		1.000%(Q)		250		2.833	%		(34,045	)		(32,261	)		(1,784	)	Citibank, N.A.
Kingdom of Belgium		12/20/25		1.000%(Q)		1,000		0.431	%		32,877			13,707			19,170		JPMorgan Chase Bank, N.A.
Kingdom of Belgium		12/20/25		1.000%(Q)		500		0.431	%		16,439			8,151			8,288		JPMorgan Chase Bank, N.A.
Kingdom of Saudi Arabia		12/20/21		1.000%(Q)		250		1.062	%		37			(1,616	)		1,653		Barclays Bank PLC
Kingdom of Spain		12/20/20		1.000%(Q)		250		0.391	%		1,276			269			1,007		JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 69

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Kingdom of Spain		06/20/22		1.000%(Q)		700		0.684	%	$	5,541		$	2,706		$	2,835		JPMorgan Chase Bank, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		1,050		0.893	%		4,721			6,912			(2,191	)	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		100		0.893	%		449			977			(528	)	Bank of America, N.A.
Kingdom of Spain		06/20/25		1.000%(Q)		180		1.189	%		(1,481	)		(1,781	)		300		Bank of America, N.A.
Kingdom of Spain		12/20/25		1.000%(Q)		750		1.239	%		(8,788	)		(9,271	)		483		JPMorgan Chase Bank, N.A.
Oriental Republic of Uruguay		06/20/20		1.000%(Q)		250		1.577	%		88			(66	)		154		Citibank, N.A.
People’s Republic of China		12/20/20		1.000%(Q)		750		0.082	%		5,336			(50	)		5,386		JPMorgan Chase Bank, N.A.
Republic of Argentina		06/20/29		5.000%(Q)		395		173.902	%		(295,048	)		(231,232	)		(63,816	)	Citibank, N.A.
Republic of Chile		12/20/20		1.000%(Q)		500		0.273	%		2,936			(647	)		3,583		Goldman Sachs International
Republic of Colombia		12/20/20		1.000%(Q)		500		0.811	%		1,194			(2,792	)		3,986		Goldman Sachs International
Republic of Hungary		12/20/20		1.000%(Q)		750		0.246	%		4,532			(2,730	)		7,262		Barclays Bank PLC
Republic of Indonesia		06/20/23		1.000%(Q)		545		1.324	%		(4,791	)		(2,200	)		(2,591	)	Citibank, N.A.
Republic of Indonesia		06/20/25		1.000%(Q)		600		2.078	%		(30,600	)		(28,468	)		(2,132	)	Morgan Stanley & Co. International PLC
Republic of Ireland		12/20/25		1.000%(Q)		500		0.454	%		15,798			5,626			10,172		Barclays Bank PLC
Republic of Ireland		12/20/25		1.000%(Q)		500		0.454	%		15,798			4,855			10,943		JPMorgan Chase Bank, N.A.
Republic of Ireland		12/20/26		1.000%(Q)		200		0.503	%		6,706			(127	)		6,833		JPMorgan Chase Bank, N.A.
Republic of Israel		12/20/20		1.000%(Q)		250		0.280	%		1,456			380			1,076		JPMorgan Chase Bank, N.A.
Republic of Italy		12/20/20		1.000%(Q)		250		1.180	%		3			12			(9	)	JPMorgan Chase Bank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		575		1.869	%		(14,443	)		(12,397	)		(2,046	)	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		100		1.869	%		(2,512	)		(3,389	)		877		Citibank, N.A.
Republic of Italy		12/20/25		1.000%(Q)		750		2.227	%		(46,614	)		(16,112	)		(30,502	)	JPMorgan Chase Bank, N.A.

See Notes to Financial Statements.

70

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

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Republic of Italy		12/20/25		1.000%(Q)		500		2.227	%	$	(31,076	)	$	(11,033	)	$	(20,043	)	JPMorgan Chase Bank, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q)		230		0.982	%		398			—			398		Citibank, N.A.
Republic of Panama		06/20/22		1.000%(Q)		100		0.833	%		474			380			94		Citibank, N.A.
Republic of Peru		12/20/20		1.000%(Q)		500		0.240	%		3,043			(1,815	)		4,858		Goldman Sachs International
Republic of South Africa		12/20/20		1.000%(Q)		375		2.702	%		(3,653	)		(3,204	)		(449	)	JPMorgan Chase Bank, N.A.
Republic of South Africa		12/20/23		1.000%(Q)		250		3.870	%		(23,854	)		(9,795	)		(14,059	)	Bank of America, N.A.
Republic of Turkey		12/20/20		1.000%(Q)		625		5.240	%		(16,072	)		(4,927	)		(11,145	)	Goldman Sachs International
Republic of Turkey		06/20/23		1.000%(Q)		500		5.784	%		(66,594	)		(46,429	)		(20,165	)	BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		200		5.784	%		(26,638	)		(18,110	)		(8,528	)	BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		100		5.784	%		(13,319	)		(8,640	)		(4,679	)	BNP Paribas S.A.
Republic of Ukraine		12/20/23		5.000%(Q)		200		7.117	%		(11,980	)		10,420			(22,400	)	Deutsche Bank AG
Republic of Ukraine		12/20/24		5.000%(Q)		400		7.198	%		(30,851	)		29,439			(60,290	)	HSBC Bank USA, N.A.
Royal Caribbean Cruises Ltd.		06/20/20		5.000%(Q)		235		19.456	%		(3,329	)		1,281			(4,610	)	Morgan Stanley & Co. International PLC
Russian Federation		12/20/20		1.000%(Q)		375		0.597	%		1,415			(3,286	)		4,701		JPMorgan Chase Bank, N.A.
Russian Federation		12/20/21		1.000%(Q)		475		0.931	%		1,095			(8,739	)		9,834		Barclays Bank PLC
Russian Federation		06/20/23		1.000%(Q)		350		1.195	%		(1,702	)		(3,541	)		1,839		Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		50		1.195	%		(244	)		(604	)		360		Morgan Stanley & Co. International PLC
Russian Federation		12/20/26		1.000%(Q)		350		1.923	%		(19,676	)		(22,849	)		3,173		Citibank, N.A.
State of Illinois		12/20/22		1.000%(Q)		210		3.522	%		(12,452	)		(4,402	)		(8,050	)	Citibank, N.A.
State of Illinois		12/20/24		1.000%(Q)		200		3.816	%		(21,254	)		(9,216	)		(12,038	)	Goldman Sachs International
										$	(718,547	)	$	(543,061	)	$	(175,486	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 71

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.NA.HY.34.V1		06/20/25		5.000%(Q)		5,000		6.251	%	$	(285,000	)	$	(227,593	)	$	57,407
iTraxx.XO.33.V1		06/20/25		5.000%(Q)	EUR	5,500		4.912	%		(67,683	)		57,892			125,575
										$	(352,683	)	$	(169,701	)	$	182,982

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.BEIJING 1Y 30% - 100%^		12/20/20		0.000%		400		*		$	(238	)	$	(149	)	$	(89	)	Citibank, N.A.
CDX.EM.27.V2		06/20/22		1.000%(Q)		485		3.138	%		(20,808	)		(8,913	)		(11,895	)	Citibank, N.A.
										$	(21,046	)	$	(9,062	)	$	(11,984	)

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

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

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

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

See Notes to Financial Statements.

72

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

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

Currency swap agreements outstanding at April 30, 2020:

Notional Amount (000)#		Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	OTC Currency Swap Agreements:
	1,095	3 Month LIBOR(Q)	EUR	1,000	(0.214)%(Q)	JPMorgan Chase Bank, N.A.		11/05/20	$	3,464		$	—	$	3,464
	698	3 Month LIBOR(Q)	EUR	650	(0.274)%(Q)	JPMorgan Chase Bank, N.A.		11/17/20		(9,985	)		—		(9,985	)
	428	3 Month LIBOR(Q)	EUR	400	(0.279)%(Q)	JPMorgan Chase Bank, N.A.		11/18/20		(7,456	)		—		(7,456	)
	247	3 Month LIBOR(Q)	EUR	220	(0.443)%(Q)	JPMorgan Chase Bank, N.A.		08/22/21		7,346			—		7,346
	438	3 Month LIBOR(Q)	EUR	400	(0.108)%(Q)	JPMorgan Chase Bank, N.A.		11/06/21		(1,822	)		—		(1,822	)
	537	3 Month LIBOR(Q)	EUR	500	(0.007)%(Q)	JPMorgan Chase Bank, N.A.		05/17/22		(13,814	)		—		(13,814	)
	376	3 Month LIBOR(Q)	EUR	350	0.015%(Q)	JPMorgan Chase Bank, N.A.		11/17/22		(11,966	)		—		(11,966	)
	1,095	3 Month LIBOR(Q)	EUR	1,000	0.339%(Q)	JPMorgan Chase Bank, N.A.		11/05/24		(47,817	)		—		(47,817	)
	107	3 Month LIBOR(Q)	EUR	100	0.355%(Q)	JPMorgan Chase Bank, N.A.		05/17/25		(7,560	)		—		(7,560	)
	107	3 Month LIBOR(Q)	EUR	100	0.425%(Q)	JPMorgan Chase Bank, N.A.		11/12/25		(8,894	)		—		(8,894	)
									$	(98,504	)	$	—	$	(98,504	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 73

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Inflation swap agreements outstanding at April 30, 2020:

Notional Amount (000)#			Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2020			Unrealized Appreciation (Depreciation)
	Centrally Cleared Inflation Swap Agreements:
	EUR	600		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—	$	(33,003	)	$	(33,003	)
	EUR	600		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		31,267			31,267
								$	—	$	(1,736	)	$	(1,736	)

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

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

Interest rate swap agreements outstanding at April 30, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	650		03/14/27		3.170	%(S)	6 Month BBSW(2)(S)	$	—		$	72,494		$	72,494
AUD	420		12/03/29		2.700	%(S)	6 Month BBSW(2)(S)		35,442			48,361			12,919
AUD	470		07/19/32		3.130	%(S)	6 Month BBSW(2)(S)		190			77,126			76,936
BRL	1,005		01/02/25		6.540	%(T)	1 Day BROIS(2)(T)		—			3,933			3,933
BRL	1,569		01/02/25		6.640	%(T)	1 Day BROIS(2)(T)		—			7,850			7,850
BRL	1,707		01/02/25		6.670	%(T)	1 Day BROIS(2)(T)		—			9,136			9,136
BRL	4,844		01/02/25		6.670	%(T)	1 Day BROIS(2)(T)		—			25,670			25,670
BRL	1,587		01/02/25		9.475	%(T)	1 Day BROIS(2)(T)		—			78,980			78,980
BRL	3,103		01/02/25		9.943	%(T)	1 Day BROIS(2)(T)		—			190,121			190,121
BRL	888		01/02/25		9.985	%(T)	1 Day BROIS(2)(T)		—			59,317			59,317
BRL	244		01/02/25		12.090	%(T)	1 Day BROIS(2)(T)		—			21,399			21,399
BRL	2,824		01/04/27		6.490	%(T)	1 Day BROIS(2)(T)		—			(21,204	)		(21,204	)
BRL	3,081		01/04/27		6.493	%(T)	1 Day BROIS(2)(T)		—			(21,619	)		(21,619	)
BRL	2,688		01/04/27		6.540	%(T)	1 Day BROIS(2)(T)		—			(17,166	)		(17,166	)
CAD	1,535		04/03/25		0.970	%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(1,287	)		10,178			11,465
CAD	190		05/30/37		2.240	%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		—			20,755			20,755
CAD	170		01/09/38		2.720	%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(4	)		28,869			28,873
CAD	140		05/30/47		2.240	%(S)	3 Month Canadian Banker’s Acceptance(1)(S)		—			(19,966	)		(19,966	)

See Notes to Financial Statements.

74

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

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD	136		01/09/48		2.640	%(S)	3 Month Canadian Banker’s Acceptance(1)(S)	$	3		$	(29,528	)	$	(29,531	)
CHF	350		01/31/29		0.260	%(A)	6 Month CHF LIBOR(2)(S)		—			23,367			23,367
CHF	100		04/03/33		0.687	%(A)	6 Month CHF LIBOR(2)(S)		8,346			13,639			5,293
CLP	250,000		04/05/29		3.885	%(S)	1 Day CLOIS(2)(S)		24,286			36,518			12,232
CLP	410,000		10/24/29		2.790	%(S)	1 Day CLOIS(2)(S)		—			12,106			12,106
CLP	91,000		11/22/29		3.203	%(S)	1 Day CLOIS(2)(S)		—			6,583			6,583
CLP	400,000		02/10/30		3.010	%(S)	1 Day CLOIS(2)(S)		—			20,307			20,307
CLP	270,000		02/28/30		3.110	%(S)	1 Day CLOIS(2)(S)		—			16,555			16,555
CNH	2,000		08/15/23		3.115	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(26	)		14,030			14,056
CNH	2,030		03/13/24		2.945	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			13,738			13,738
CNH	2,900		04/01/24		2.922	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			19,220			19,220
CNH	1,250		06/03/24		2.975	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			9,023			9,023
CNH	8,180		06/20/24		2.900	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		10			55,487			55,477
CNH	1,700		09/03/24		2.860	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(3	)		11,540			11,543
CNH	1,700		09/19/24		2.940	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2	)		12,392			12,394
CNH	2,000		10/10/24		2.860	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(1	)		13,527			13,528
CNH	2,910		11/01/24		3.120	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(11	)		25,314			25,325
CNH	1,200		02/04/25		2.600	%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			6,578			6,578
COP	3,204,860		07/27/28		6.200	%(Q)	1 Day COOIS(2)(Q)		51,253			98,851			47,598
COP	860,000		12/16/29		5.480	%(Q)	1 Day COOIS(2)(Q)		—			14,718			14,718
CZK	64,710		05/31/20		2.138	%(A)	3 Month PRIBOR(1)(Q)		—			(40,599	)		(40,599	)
CZK	14,000		04/27/22		0.925	%(A)	6 Month PRIBOR(2)(S)		—			4,802			4,802
CZK	13,010		06/29/22		0.895	%(A)	6 Month PRIBOR(2)(S)		—			3,365			3,365
CZK	20,000		01/27/24		1.923	%(A)	6 Month PRIBOR(2)(S)		—			37,689			37,689

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 75

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date				Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CZK	39,580		01/28/24		1.938	%(A)	6 Month PRIBOR(2)(S)	$	—			$	75,519		$	75,519
CZK	16,700		01/31/24		1.930	%(A)	6 Month PRIBOR(1)(S)		—				(31,653	)		(31,653	)
CZK	12,100		03/31/24		0.710	%(A)	6 Month PRIBOR(1)(S)		—				(1,267	)		(1,267	)
CZK	7,145		04/27/27		1.300	%(A)	6 Month PRIBOR(1)(S)		—				(12,121	)		(12,121	)
CZK	6,640		06/29/27		1.175	%(A)	6 Month PRIBOR(1)(S)		—				(9,038	)		(9,038	)
CZK	8,340		01/27/30		1.573	%(A)	6 Month PRIBOR(1)(S)		—				(24,869	)		(24,869	)
CZK	16,480		01/28/30		1.587	%(A)	6 Month PRIBOR(1)(S)		—				(50,159	)		(50,159	)
CZK	4,895		03/31/30		0.710	%(A)	6 Month PRIBOR(2)(S)		—		��		(1,949	)		(1,949	)
DKK	2,300		03/15/27		1.123	%(A)	6 Month CIBOR(2)(S)		—				29,495			29,495
GBP	295		05/15/24		0.963	%(S)	6 Month GBP LIBOR(1)(S)		—				(8,277	)		(8,277	)
GBP	410		05/08/28		1.100	%(S)	6 Month GBP LIBOR(2)(S)		(19,489	)			26,848			46,337
GBP	855		10/22/28		0.680	%(A)	1 Day SONIA(1)(A)		—				(45,802	)		(45,802	)
GBP	100		05/08/29		1.100	%(A)	1 Day SONIA(1)(A)		(1,001	)			(10,932	)		(9,931	)
HKD	6,080		03/13/21		2.138	%(Q)	3 Month HIBOR(2)(Q)		—				8,919			8,919
HKD	6,850		03/13/21		2.145	%(Q)	3 Month HIBOR(2)(Q)		—				10,116			10,116
HKD	4,660		09/03/26		1.538	%(Q)	3 Month HIBOR(1)(Q)		(26	)			(22,796	)		(22,770	)
HUF	202,800		07/02/20		1.065	%(A)	6 Month BUBOR(2)(S)		(349	)			6,070			6,419
HUF	113,000		01/23/25		1.095	%(A)	6 Month BUBOR(2)(S)		—				(306	)		(306	)
HUF	100,000		03/18/26		2.140	%(A)	6 Month BUBOR(2)(S)		(19,200	)			16,772			35,972
HUF	257,045		06/12/28		3.750	%(A)	6 Month BUBOR(2)(S)		—				83,153			83,153
HUF	101,100		07/15/29		1.650	%(A)	6 Month BUBOR(2)(S)		—				8,920			8,920
HUF	168,000		12/09/29		1.245	%(A)	6 Month BUBOR(2)(S)		—				(10,829	)		(10,829	)

See Notes to Financial Statements.

76

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

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
HUF	55,000		01/23/30		1.740	%(A)	6 Month BUBOR(2)(S)	$	—		$	4,418		$	4,418
JPY	756,490		12/17/20		0.015	%(S)	6 Month JPY LIBOR(1)(S)		—			(999	)		(999	)
JPY	191,720		01/29/21		(0.014	)%(S)	6 Month JPY LIBOR(1)(S)		—			206			206
JPY	115,675		12/03/23		0.050	%(S)	6 Month JPY LIBOR(1)(S)		(1,027	)		(4,828	)		(3,801	)
JPY	90,000		04/06/32		0.484	%(S)	6 Month JPY LIBOR(2)(S)		—			43,179			43,179
JPY	14,600		09/21/32		0.463	%(S)	6 Month JPY LIBOR(2)(S)		—			6,798			6,798
JPY	26,000		02/28/37		0.681	%(S)	6 Month JPY LIBOR(2)(S)		—			21,758			21,758
JPY	20,000		01/04/38		0.757	%(S)	6 Month JPY LIBOR(2)(S)		3,295			19,855			16,560
JPY	24,660		12/03/38		0.600	%(S)	6 Month JPY LIBOR(2)(S)		5,567			18,367			12,800
JPY	10,000		10/04/39		0.203	%(S)	6 Month JPY LIBOR(2)(S)		—			159			159
JPY	40,000		12/03/39		0.650	%(S)	6 Month JPY LIBOR(2)(S)		27,638			34,141			6,503
JPY	80,000		02/20/40		0.175	%(S)	6 Month JPY LIBOR(2)(S)		—			(3,145	)		(3,145	)
KRW	1,800,000		01/07/21		1.732	%(Q)	3 Month KWCDC(2)(Q)		—			8,653			8,653
KRW	50,000		09/10/28		2.043	%(Q)	3 Month KWCDC(2)(Q)		2,461			3,410			949
MXN	13,380		02/27/29		8.260	%(M)	28 Day Mexican Interbank Rate(2)(M)		4,126			83,911			79,785
NOK	39,700		01/24/22		1.880	%(A)	6 Month NIBOR(2)(S)		18			74,233			74,215
NOK	16,300		01/24/25		1.823	%(A)	6 Month NIBOR(1)(S)		(16	)		(83,232	)		(83,216	)
NOK	3,400		03/15/27		2.103	%(A)	6 Month NIBOR(2)(S)		—			29,626			29,626
NOK	2,690		02/07/29		2.083	%(A)	6 Month NIBOR(2)(S)		3,478			27,945			24,467
NOK	2,000		10/07/29		1.660	%(A)	6 Month NIBOR(2)(S)		—			16,185			16,185
NZD	250		05/01/20		3.628	%(S)	3 Month BBR(2)(Q)		7,044			2,307			(4,737	)
NZD	100		10/03/22		2.740	%(S)	3 Month BBR(2)(Q)		—			3,851			3,851

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 77

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
NZD	1,260		03/15/24		3.355	%(S)	3 Month BBR(2)(Q)	$	—		$	93,790		$	93,790
NZD	100		01/10/27		3.420	%(S)	3 Month BBR(2)(Q)		2,105			12,477			10,372
NZD	910		11/28/28		2.950	%(S)	3 Month BBR(2)(Q)		50,865			113,319			62,454
NZD	1,000		10/07/29		1.130	%(S)	3 Month BBR(2)(Q)		—			22,241			22,241
PLN	2,000		05/24/23		2.520	%(A)	6 Month WIBOR(2)(S)		—			38,369			38,369
PLN	2,890		08/24/23		2.390	%(A)	6 Month WIBOR(2)(S)		—			52,064			52,064
PLN	2,325		11/13/23		2.570	%(A)	6 Month WIBOR(2)(S)		—			44,072			44,072
PLN	700		04/11/24		2.020	%(A)	6 Month WIBOR(2)(S)		—			10,482			10,482
PLN	3,820		06/21/24		1.750	%(A)	6 Month WIBOR(2)(S)		—			55,348			55,348
PLN	550		01/21/26		2.500	%(A)	6 Month WIBOR(2)(S)		1,944			14,421			12,477
PLN	550		07/11/28		2.935	%(A)	6 Month WIBOR(2)(S)		—			25,888			25,888
SEK	3,000		06/20/29		0.550	%(A)	3 Month STIBOR(2)(Q)		—			8,021			8,021
SEK	4,000		10/07/29		0.180	%(A)	3 Month STIBOR(2)(Q)		—			(5,451	)		(5,451	)
SEK	3,800		01/24/30		0.605	%(A)	3 Month STIBOR(2)(Q)		—			10,685			10,685
SGD	920		05/21/23		2.030	%(S)	6 Month SIBOR(1)(S)		—			(29,531	)		(29,531	)
SGD	410		03/19/24		2.025	%(S)	6 Month SIBOR(2)(S)		—			15,780			15,780
SGD	490		05/21/28		2.436	%(S)	6 Month SIBOR(2)(S)		—			44,395			44,395
	34,485		05/11/20		1.763	%(S)	3 Month LIBOR(1)(Q)		532,637			(153,288	)		(685,925	)
	3,900		03/16/21		0.109	%(A)	1 Day USOIS(1)(A)		—			(1,540	)		(1,540	)
	4,828		06/09/21		0.395	%(A)	1 Day USOIS(1)(A)		—			(20,210	)		(20,210	)
	6,400		09/12/21		0.260	%(A)	1 Day USOIS(1)(A)		—			(19,818	)		(19,818	)
	1,370		11/22/21		1.792	%(S)	3 Month LIBOR(2)(Q)		—			37,073			37,073
	4,665		03/10/22		0.330	%(A)	1 Day USOIS(1)(A)		—			(25,551	)		(25,551	)
	5,900		04/25/23		—	(3)	—(3)		—			57			57
	2,956		05/31/24		1.350	%(A)	1 Day USOIS(1)(A)		—			(155,182	)		(155,182	)
	768		08/15/28		2.579	%(A)	1 Day USOIS(1)(A)		(9,291	)		(150,769	)		(141,478	)
	2,658		08/15/29		1.611	%(A)	1 Day USOIS(1)(A)		920			(312,201	)		(313,121	)
	115		05/11/45		2.500	%(A)	1 Day USOIS(2)(A)		19,578			54,225			34,647

See Notes to Financial Statements.

78

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

Notional Amount (000)#		Termination Date		Fixed Rate			Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	551		11/15/45		0.508	%(A)	1 Day USOIS(1)(A)	$	5,058		$	8,716		$	3,658
	689		11/15/45		0.553	%(A)	1 Day USOIS(1)(A)		—			3,401			3,401
ZAR	28,120		03/13/21		7.180	%(Q)	3 Month JIBAR(2)(Q)		—			39,832			39,832
ZAR	25,240		03/13/24		7.500	%(Q)	3 Month JIBAR(1)(Q)		—			(106,021	)		(106,021	)
ZAR	5,200		05/05/25		7.940	%(Q)	3 Month JIBAR(2)(Q)		(13,294	)		26,042			39,336
ZAR	4,100		11/07/27		8.360	%(Q)	3 Month JIBAR(2)(Q)		(81	)		17,640			17,721
ZAR	6,760		01/17/28		7.833	%(Q)	3 Month JIBAR(2)(Q)		(24	)		14,855			14,879
ZAR	4,500		07/16/28		8.170	%(Q)	3 Month JIBAR(2)(Q)		(35	)		12,854			12,889
ZAR	7,500		03/13/29		8.055	%(Q)	3 Month JIBAR(2)(Q)		—			12,767			12,767
ZAR	5,700		06/21/29		7.685	%(Q)	3 Month JIBAR(2)(Q)		(28	)		418			446
ZAR	8,000		10/03/29		7.580	%(Q)	3 Month JIBAR(2)(Q)		—			(5,649	)		(5,649	)
ZAR	5,000		11/01/29		7.820	%(Q)	3 Month JIBAR(2)(Q)		(37	)		1,642			1,679
								$	721,032		$	1,121,731		$	400,699

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid(Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Interest Rate Swap Agreements:
CLP	220,000		02/09/27		4.120%(S)	1 Day CLOIS(2)(S)	$	36,417	$	—	$	36,417	Morgan Stanley & Co. International PLC
CLP	140,000		12/20/27		4.260%(S)	1 Day CLOIS(2)(S)		25,401		—		25,401	Morgan Stanley & Co. International PLC
CLP	62,800		01/23/28		4.245%(S)	1 Day CLOIS(2)(S)		11,348		—		11,348	Morgan Stanley & Co. International PLC
CLP	101,000		01/26/28		4.210%(S)	1 Day CLOIS(2)(S)		18,167		—		18,167	Morgan Stanley & Co. International PLC
CLP	56,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		10,800		—		10,800	Citibank, N.A.

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 79

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value				Upfront Premiums Paid(Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
COP	1,600,000		06/02/27		5.910%(Q)	1 Day COOIS(2)(Q)	$	43,321			$	—		$	43,321		Morgan Stanley & Co. International PLC
COP	405,000		01/23/28		6.035%(Q)	1 Day COOIS(2)(Q)		11,371				—			11,371		Morgan Stanley & Co. International PLC
COP	509,000		01/26/28		6.000%(Q)	1 Day COOIS(2)(Q)		13,752				—			13,752		Morgan Stanley & Co. International PLC
COP	768,900		07/12/29		5.165%(Q)	1 Day COOIS(2)(Q)		8,362				—			8,362		Morgan Stanley & Co. International PLC
ILS	700		12/09/22		1.530%(A)	3 Month TELBOR(2)(Q)		8,254				—			8,254		Citibank, N.A.
ILS	350		09/19/26		1.600%(A)	3 Month TELBOR(2)(Q)		8,164				—			8,164		Barclays Bank PLC
ILS	1,340		03/15/27		2.130%(A)	3 Month TELBOR(2)(Q)		43,348		��		—			43,348		Citibank, N.A.
ILS	950		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)		36,141				—			36,141		JPMorgan Chase Bank, N.A.
ILS	700		03/13/29		1.840%(A)	3 Month TELBOR(2)(Q)		21,314				—			21,314		HSBC Bank USA, N.A.
ILS	960		07/12/29		1.411%(A)	3 Month TELBOR(2)(Q)		21,928				(252	)	��	22,180		Citibank, N.A.
ILS	1,000		10/07/29		0.885%(A)	3 Month TELBOR(2)(Q)		6,788				—			6,788		Goldman Sachs International
ILS	490		04/24/30		0.710%(A)	3 Month TELBOR(2)(Q)		(15	)			(5	)		(10	)	Goldman Sachs International
ZAR	1,060		03/22/42		7.800%(Q)	3 Month JIBAR(2)(Q)		(4,662	)			(35	)		(4,627	)	Deutsche Bank AG
ZAR	7,000		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)		(21,613	)			(63	)		(21,550	)	Deutsche Bank AG
ZAR	1,000		03/22/47		7.650%(Q)	3 Month JIBAR(1)(Q)		5,484				34			5,450		Deutsche Bank AG
ZAR	6,575		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)		25,876				54			25,822		Deutsche Bank AG
							$	329,946			$	(267	)	$	330,213

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

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

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

See Notes to Financial Statements.

80

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	336,188	$	(641,045	)	$	856,212	$	(746,514	)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	540,000	$	2,116,805
J.P. Morgan Securities LLC		954,000		209,547
Total	$	1,494,000	$	2,326,352

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Cayman Islands	$	—	$	462,189	$	—
Spain		—		522,102		—
United States		—		1,358,676		—
Bank Loan
United States		—		60,375		—
Commercial Mortgage-Backed Securities
Canada		—		54,368		—
United States		—		2,507,616		—
Corporate Bonds
Brazil.		—		708,098		—
Canada		—		1,012,530		—
China		—		545,010		—
France		—		821,980		—
Germany		—		398,669		—
Indonesia		—		890,051		—

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 81

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Corporate Bonds (continued)
Italy	$	—	$	432,180		$	—
Jamaica		—		77,950			—
Kazakhstan		—		154,565			—
Luxembourg		—		963,012			—
Mexico		—		798,891			—
Netherlands		—		1,096,759			—
Peru		—		168,605			—
Russia		—		386,574			—
South Africa		—		536,279			—
Spain		—		106,428			—
Ukraine		—		95,523			—
United Arab Emirates		—		212,507			—
United Kingdom		—		1,752,756			—
United States		—		16,936,542			—
Residential Mortgage-Backed Securities
Bermuda		—		1,195,445			—
United States		—		2,776,266			848,682
Sovereign Bonds
Argentina		—		238,930			—
Brazil		—		1,620,863			—
Dominican Republic		—		152,779			—
Egypt		—		193,723			—
Greece		—		2,847,592			—
Indonesia		—		1,005,771			—
Iraq		—		151,401			—
Italy		—		1,179,025			—
Peru		—		279,944			—
Qatar		—		212,808			—
Romania		—		642,884			—
Senegal		—		95,040			—
Serbia		—		379,037			—
Spain		—		1,771,053			—
Turkey		—		726,705			—
Ukraine		—		1,240,756			—
U.S. Treasury Obligation		—		832,949			—
Common Stocks
United States		9,963		—			140,300
Affiliated Mutual Funds		4,990,333		—			—
Options Purchased		—		17,453,257			—
Total	$	5,000,296	$	68,056,463		$	988,982
Liabilities
Options Written	$	—	$	(17,774,141	)	$	—

See Notes to Financial Statements.

82

	Level 1			Level 2			Level 3
Other Financial Instruments*
Assets
Futures Contracts	$	574,939		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			5,768,034			—
OTC Cross Currency Exchange Contracts		—			622,319			—
OTC Packaged Credit Default Swap Agreements		—			263,523			—
Centrally Cleared Credit Default Swap Agreements		—			182,982			—
OTC Credit Default Swap Agreements		—			446,232			—
OTC Currency Swap Agreements		—			10,810			—
Centrally Cleared Inflation Swap Agreement		—			31,267			—
Centrally Cleared Interest Rate Swap Agreements		—			2,385,130			—
OTC Interest Rate Swap Agreements		—			356,236			—
Total	$	574,939		$	10,066,533		$	—
Liabilities
Futures Contracts	$	(978,241	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(5,368,189	)		—
OTC Cross Currency Exchange Contracts		—			(249,387	)		—
OTC Packaged Credit Default Swap Agreements		—			(272,328	)		—
OTC Credit Default Swap Agreements		—			(863,790	)		(238	)
OTC Currency Swap Agreements		—			(109,314	)		—
Centrally Cleared Inflation Swap Agreement		—			(33,003	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(1,984,431	)		—
OTC Interest Rate Swap Agreements		—			(26,290	)		—
Total	$	(978,241	)	$	(8,906,732	)	$	(238	)

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

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

	Residential Mortgage-Backed Securities			Common Stocks			OTC Credit Default Swap Agreements
Balance as of 10/31/19	$	—		$	141,825		$	—
Realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)		—			(1,525	)		(238	)
Purchases/Exchanges/Issuances		1,000,000			—			—
Sales/Paydowns		(151,318	)		—			—
Accrued discount/premium		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of 04/30/20	$	848,682		$	140,300		$	(238	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 83

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Residential Mortgage-Backed Securities		Common Stocks			OTC Credit Default Swap Agreements
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—	$	(1,525	)	$	(238	)

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

Level 3 Securities	Fair Value as of April 30, 2020			Valuation Methodology		Unobservable Inputs
Residential Mortgage-Backed Securities	$	848,682			Market Approach		Single Broker Indicative Quote
Common Stocks		140,300			Market Approach		Single Broker Indicative Quote
OTC Credit Default Swap Agreements		(238	)		Market Approach		Single Broker Indicative Quote
	$	988,744

Industry Classification:

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

Options Purchased	29.8	%
Sovereign Bonds	21.8
Residential Mortgage-Backed Securities	9.6
Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan)	8.5
Oil & Gas	5.9
Commercial Mortgage-Backed Securities	4.4
Electric	3.6
Media	3.6
Telecommunications	3.2
Chemicals	3.1
Retail	3.0
Home Builders	2.5
Entertainment	2.5
Banks	2.3
Commercial Services	1.8
Diversified Financial Services	1.6
U.S. Treasury Obligation	1.4
Real Estate Investment Trusts (REITs)	1.3
Other	1.1
Auto Parts & Equipment	1.1	%
Software	1.0
Pipelines	1.0
Packaging & Containers	0.9
Foods	0.8
Aerospace & Defense	0.8
Collateralized Loan Obligations	0.8
Healthcare-Products	0.8
Internet	0.7
Pharmaceuticals	0.7
Agriculture	0.6
Building Materials	0.6
Insurance	0.6
Healthcare-Services	0.6
Electrical Components & Equipment	0.6
Transportation	0.6
Computers	0.5
Gas	0.5
Real Estate	0.4
Consumer Loans	0.4
Cosmetics/Personal Care	0.4

See Notes to Financial Statements.

84

Industry Classification (continued):

Student Loan	0.3	%
Electric Utilities	0.3
Auto Manufacturers	0.2
Leisure Time	0.1
Lodging	0.1
Airlines	0.1
	126.5
Options Written	(30.4	)
Other assets in excess of liabilities	3.9
	100.0	%

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

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

Fair values of derivative instruments as of April 30, 2020 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker—variation margin swaps	$	182,982	*	—	$	—
Credit contracts	Premiums paid for OTC swap agreements		336,100		Premiums received for OTC swap agreements		640,690
Credit contracts	Unrealized appreciation on OTC swap agreements		489,002		Unrealized depreciation on OTC swap agreements		611,013
Equity contracts	Due from/to broker—variation margin futures		26,462	*	Due from/to broker—variation margin futures		23,023	*
Foreign exchange contracts	Unaffiliated investments		17,410,266		Options written outstanding, at value		17,774,141
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		622,319		Unrealized depreciation on OTC cross currency exchange contracts		249,387
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		5,768,034		Unrealized depreciation on OTC forward foreign currency exchange contracts		5,368,189

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 85

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker—variation margin futures	$	548,477	*	Due from/to broker—variation margin futures	$	955,218	*
Interest rate contracts	Due from/to broker—variation margin swaps		2,416,397	*	Due from/to broker—variation margin swaps		2,017,434	*
Interest rate contracts	Premiums paid for OTC swap agreements		88		Premiums received for OTC swap agreements		355
Interest rate contracts	Unaffiliated investments		42,991		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		367,210		Unrealized depreciation on OTC swap agreements		135,501
		$	28,210,328			$	27,774,951

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	—		$	—	$	—	$	—	$	(3,727,299	)
Equity contracts		(7,120	)		6,668		32,957		—		—
Foreign exchange contracts		(5,346,356	)		4,851,461		—		1,533,960		—
Interest rate contracts		(11,089	)		11,932		2,681,436		—		(3,930,099	)
Total	$	(5,364,565	)	$	4,870,061	$	2,714,393	$	1,533,960	$	(7,657,398	)

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)		Options Written			Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	1,653	$	3,547		$	—	$	—	$	(386,965	)
Equity contracts		1,303		(1,192	)		3,313		—		—

See Notes to Financial Statements.

86

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)		Options Written			Futures			Forward & Cross Currency Exchange Contracts		Swaps
Foreign exchange contracts	$	10,431,482	$	(10,730,345	)	$	—		$	235,016	$	—
Interest rate contracts		15,749		—			(511,892	)		—		1,102,651
Total	$	10,450,187	$	(10,727,990	)	$	(508,579	)	$	235,016	$	715,686

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

For the six months ended April 30, 2020, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	8,943,160	$	343,420,735	$	44,380,882	$	129,543,757	$	76,681,202

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	97,449,071	$	12,502,931	$	189,618,984	$	13,538,243

Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Inflation Swap Agreements(2)
$	40,168,433	$	9,286,617	$	1,328,080

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 87

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	723,756	$	(723,756	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)			Net Amount
Bank of America, N.A.	$	2,764,427	$	(3,172,007	)	$	(407,580	)	$	407,580		$	—
Barclays Bank PLC		227,798		(405,038	)		(177,240	)		—			(177,240	)
BNP Paribas S.A.		306,691		(435,118	)		(128,427	)		—			(128,427	)
Citibank, N.A.		6,771,384		(6,852,271	)		(80,887	)		—			(80,887	)
Credit Suisse International		45,265		(36,538	)		8,727			—			8,727
Deutsche Bank AG		5,850,900		(5,318,818	)		532,082			(532,082	)		—
Goldman Sachs International		1,971,412		(1,863,013	)		108,399			(108,399	)		—
HSBC Bank USA, N.A.		546,889		(308,473	)		238,416			(238,416	)		—
JPMorgan Chase Bank, N.A.		428,652		(642,294	)		(213,642	)		—			(213,642	)
Morgan Stanley & Co. International PLC		6,087,635		(5,708,893	)		378,742			(90,000	)		288,742
The Toronto-Dominion Bank		10,798		(33,965	)		(23,167	)		—			(23,167	)
UBS AG		24,159		(2,848	)		21,311			—			21,311
	$	25,036,010	$	(24,779,276	)	$	256,734		$	(561,317	)	$	(304,583	)

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

88

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value, including securities on loan of $723,756:
Unaffiliated investments (cost $69,925,317)	$	69,055,408
Affiliated investments (cost $4,989,815)		4,990,333
Cash		246,209
Foreign currency, at value (cost $970,454)		981,418
Cash segregated for counterparty—OTC		420,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		5,768,034
Deposit with broker for centrally cleared/exchange-traded derivatives		1,494,000
Unrealized appreciation on OTC swap agreements		856,212
Dividends and interest receivable		716,851
Unrealized appreciation on OTC cross currency exchange contracts		622,319
Premiums paid for OTC swap agreements		336,188
Receivable for Fund shares sold		169,030
Due from Manager		3,954
Prepaid expenses		277
Total Assets		85,660,233
Liabilities
Options written outstanding, at value (proceeds received $11,188,989)		17,774,141
Unrealized depreciation on OTC forward foreign currency exchange contracts		5,368,189
Payable for investments purchased		863,523
Unrealized depreciation on OTC swap agreements		746,514
Payable to broker for collateral for securities on loan		738,829
Premiums received for OTC swap agreements		641,045
Due to broker—variation margin swaps		282,490
Unrealized depreciation on OTC cross currency exchange contracts		249,387
Payable for Fund shares reacquired		193,303
Due to broker—variation margin futures		137,520
Accrued expenses and other liabilities		136,838
Distribution fee payable		1,782
Dividends payable		1,225
Affiliated transfer agent fee payable		506
Total Liabilities		27,135,292
Net Assets	$	58,524,941
Net assets were comprised of:
Shares of beneficial interest, at par	$	6,795
Paid-in capital in excess of par		72,182,783
Total distributable earnings (loss)		(13,664,637	)
Net assets, April 30, 2020	$	58,524,941

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 89

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Class A
Net asset value and redemption price per share, ($2,691,380 ÷ 312,386 shares of beneficial interest issued and outstanding)	$	8.62
Maximum sales charge (3.25% of offering price)		0.29
Maximum offering price to public	$	8.91
Class C
Net asset value, offering price and redemption price per share, ($1,464,079 ÷ 170,209 shares of beneficial interest issued and outstanding)	$	8.60
Class Z
Net asset value, offering price and redemption price per share, ($25,116,133 ÷ 2,915,086 shares of beneficial interest issued and outstanding)	$	8.62
Class R6
Net asset value, offering price and redemption price per share, ($29,253,349 ÷ 3,397,532 shares of beneficial interest issued and outstanding)	$	8.61

See Notes to Financial Statements.

90

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Interest income	$	1,484,639
Affiliated dividend income		33,284
Income from securities lending, net (including affiliated income of $1,606)		4,447
Total income		1,522,370
Expenses
Management fee		261,675
Distribution fee(a)		13,550
Custodian and accounting fees		118,165
Audit fee		31,325
Registration fees(a)		30,064
Shareholders’ reports		25,547
Transfer agent’s fees and expenses (including affiliated expense of $1,437)(a)		21,636
Legal fees and expenses		8,440
Trustees’ fees		6,037
Miscellaneous		12,341
Total expenses		528,780
Less: Fee waiver and/or expense reimbursement(a)		(197,858	)
Net expenses		330,922
Net investment income (loss)		1,191,448
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(1,357))		(6,705,364	)
Futures transactions		2,714,393
Forward and cross currency contract transactions		1,533,960
Options written transactions		4,870,061
Swap agreement transactions		(7,657,398	)
Foreign currency transactions		(34,006	)
		(5,278,354	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $492)		2,475,306
Futures		(508,579	)
Forward and cross currency contracts		235,016
Options written		(10,727,990	)
Swap agreements		715,686
Foreign currencies		4,028
		(7,806,533	)
Net gain (loss) on investment and foreign currency transactions		(13,084,887	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(11,893,439	)

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 91

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

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

	Class A			Class C			Class Z			Class R6
Distribution fee		5,814			7,736			—			—
Registration fees		7,432			6,936			8,761			6,935
Transfer agent’s fees and expenses		4,330			676			16,552			78
Fee waiver and/or expense reimbursement		(18,261	)		(9,838	)		(92,178	)		(77,581	)

See Notes to Financial Statements.

92

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,191,448		$	1,384,944
Net realized gain (loss) on investment and foreign currency transactions		(5,278,354	)		4,156,295
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(7,806,533	)		274,716
Net increase (decrease) in net assets resulting from operations		(11,893,439	)		5,815,955
Dividends and Distributions
Distributions from distributable earnings
Class A		(258,251	)		(133,757	)
Class C		(84,490	)		(26,454	)
Class Z		(2,149,439	)		(752,084	)
Class R6		(1,985,203	)		(2,607,572	)
		(4,477,383	)		(3,519,867	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		39,219,369			42,096,780
Net asset value of shares issued in reinvestment of dividends and distributions		4,290,789			3,482,164
Cost of shares reacquired		(43,799,907	)		(6,217,471	)
Net increase (decrease) in net assets from Fund share transactions		(289,749	)		39,361,473
Total increase (decrease)		(16,660,571	)		41,657,561
Net Assets:
Beginning of period		75,185,512			33,527,951
End of period	$	58,524,941		$	75,185,512

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 93

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 3 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of six funds: PGIM Global Dynamic Bond Fund, PGIM Jennison Focused Growth Fund, PGIM QMA Large-Cap Value Fund and PGIM Strategic Bond Fund, each of which are diversified funds and PGIM QMA Global Tactical Allocation Fund and PGIM Real Assets Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM Global Dynamic Bond Fund (the “Fund”).

The investment objective of the Fund is to seek positive returns over the long term, regardless of market conditions.

1. Accounting Policies

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

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

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur

94

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

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

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

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

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

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

PGIM Global Dynamic Bond Fund 95

Notes to Financial Statements (unaudited) (continued)

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the

96

sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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

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

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

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

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

PGIM Global Dynamic Bond Fund 97

Notes to Financial Statements (unaudited) (continued)

currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

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

98

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

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

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

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

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty

PGIM Global Dynamic Bond Fund 99

Notes to Financial Statements (unaudited) (continued)

(“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

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

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

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

100

counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

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

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

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

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

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

PGIM Global Dynamic Bond Fund 101

Notes to Financial Statements (unaudited) (continued)

amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Trust, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

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

102

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

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

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

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

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

PGIM Global Dynamic Bond Fund 103

Notes to Financial Statements (unaudited) (continued)

distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

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

2. Agreements

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

104

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.70% of the Fund’s average daily net assets up to and including $2.5 billion, 0.675% of the next $2.5 billion and 0.65% of the average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.70% for the reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.20% of average daily net assets for Class A shares, 1.95% of average daily net assets for Class C shares, 0.85% of average daily net assets for Class Z shares and 0.80% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

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

PGIM Global Dynamic Bond Fund 105

Notes to Financial Statements (unaudited) (continued)

For the reporting period ended April 30, 2020, PIMS received $8,123 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $726 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures.

106

For the reporting period ended April 30, 2020, the Fund’s purchase and sales transactions under Rule 17a-7 and realized loss as a result of 17a-7 sales transactions were as follows:

	Purchases		Sales		Realized Loss
Global Dynamic Bond	$	—	$	320,000	$	(265,230	)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $32,400,101 and $31,975,586, respectively.

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

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	4,350,562	$	35,472,526	$	35,572,634	$	—	$	—		$	4,250,454		4,250,454	$	33,284
	PGIM Institutional Money Market Fund*
	423,161		3,353,298		3,035,715		492		(1,357	)		739,879		740,027		1,606	**
$	4,773,723	$	38,825,824	$	38,608,349	$	492	$	(1,357	)	$	4,990,333			$	34,890

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

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

5. Tax Information

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

Tax Basis	$	64,005,150
Gross Unrealized Appreciation		22,913,021
Gross Unrealized Depreciation		(29,890,310	)
Net Unrealized Depreciation	$	(6,977,289	)

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

PGIM Global Dynamic Bond Fund 107

Notes to Financial Statements (unaudited) (continued)

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more prior to July 15, 2019 ($500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Trust has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of April 30, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of Outstanding Shares
Class R6		3,393,313		99.9	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	50%	3	44%

108

Transactions in shares of beneficial interest were as follows:    

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		310,479		$	3,226,084
Shares issued in reinvestment of dividends and distributions		17,993			179,138
Shares reacquired		(845,605	)		(8,657,662	)
Net increase (decrease) in shares outstanding before conversion		(517,133	)		(5,252,440	)
Shares issued upon conversion from other share class(es)		819			7,056
Shares reacquired upon conversion into other share class(es)		(355	)		(3,644	)
Net increase (decrease) in shares outstanding		(516,669	)	$	(5,249,028	)
Year ended October 31, 2019:
Shares sold		969,644		$	10,068,803
Shares issued in reinvestment of dividends and distributions		9,758			99,889
Shares reacquired		(208,645	)		(2,163,631	)
Net increase (decrease) in shares outstanding		770,757		$	8,005,061
Class C
Six months ended April 30, 2020:
Shares sold		55,946		$	555,395
Shares issued in reinvestment of dividends and distributions		8,513			84,480
Shares reacquired		(21,821	)		(191,465	)
Net increase (decrease) in shares outstanding		42,638		$	448,410
Year ended October 31, 2019:
Shares sold		112,022		$	1,158,686
Shares issued in reinvestment of dividends and distributions		2,610			26,490
Shares reacquired		(9,747	)		(100,967	)
Net increase (decrease) in shares outstanding		104,885		$	1,084,209
Class Z
Six months ended April 30, 2020:
Shares sold		3,457,917		$	34,906,266
Shares issued in reinvestment of dividends and distributions		215,281			2,145,014
Shares reacquired		(3,744,068	)		(34,321,174	)
Net increase (decrease) in shares outstanding before conversion		(70,870	)		2,730,106
Shares issued upon conversion from other share class(es)		355			3,644
Shares reacquired upon conversion into other share class(es)		(819	)		(7,056	)
Net increase (decrease) in shares outstanding		(71,334	)	$	2,726,694
Year ended October 31, 2019:
Shares sold		2,979,561		$	30,661,450
Shares issued in reinvestment of dividends and distributions		73,041			748,213
Shares reacquired		(383,901	)		(3,939,214	)
Net increase (decrease) in shares outstanding		2,668,701		$	27,470,449

PGIM Global Dynamic Bond Fund 109

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares			Amount
Six months ended April 30, 2020:
Shares sold		52,483		$	531,624
Shares issued in reinvestment of dividends and distributions		189,518			1,882,157
Shares reacquired		(70,107	)		(629,606	)
Net increase (decrease) in shares outstanding		171,894		$	1,784,175
Year ended October 31, 2019:
Shares sold		21,168		$	207,841
Shares issued in reinvestment of dividends and distributions		259,401			2,607,572
Shares reacquired		(1,337	)		(13,659	)
Net increase (decrease) in shares outstanding		279,232		$	2,801,754

7. Borrowings

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

	SCA
Term of Commitment	10/3/2019 – 10/1/2020
Total Commitment	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

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

110

The Fund utilized the SCA during the reporting period ended April 30, 2020. The average daily balance for the 21 days that the Fund had loans outstanding during the period was approximately $3,651,048, borrowed at a weighted average interest rate of 2.17%. The maximum loan outstanding amount during the period was $7,251,000. At April 30, 2020, the Fund did not have an outstanding loan amount.

8. Risks of Investing in the Fund

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

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

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

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

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk”. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may

PGIM Global Dynamic Bond Fund 111

Notes to Financial Statements (unaudited) (continued)

lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern

112

Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

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

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Global Dynamic Bond Fund 113

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,									November 3, 2015(a) through October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.49			$10.03			$10.56			$9.93			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.24			0.25			0.27			0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.42	)		1.03			(0.14	)		0.86			0.08
Total from investment operations		(1.28	)		1.27			0.11			1.13			0.37
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.81	)		(0.57	)		(0.50	)		(0.19	)
Tax return of capital distributions		-			-			-			-			(0.25	)
Distributions from net realized gains		(0.31	)		-			(0.07	)		-			-
Total dividends and distributions		(0.59	)		(0.81	)		(0.64	)		(0.50	)		(0.44	)
Net asset value, end of period		$8.62			$10.49			$10.03			$10.56			$9.93
Total Return(c):		(12.88)%			13.32%			1.00%			11.69%			3.86%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,691			$8,693			$585			$397			$18
Average net assets (000)		$4,677			$2,311			$1,984			$122			$13
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.21%	(f)		1.20%			1.20%			1.20%			1.20%	(f)
Expenses before waivers and/or expense reimbursement		2.00%	(f)		2.52%			2.77%			5.51%			3.93%	(f)
Net investment income (loss)		2.83%	(f)		2.26%			2.43%			2.60%			2.99%	(f)
Portfolio turnover rate(g)		49%			33%			106%			63%			34%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

114

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,									November 3, 2015(a) through October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.47			$10.01			$10.54			$9.93			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.17			0.19			0.21			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.43	)		1.02			(0.16	)		0.82			0.08
Total from investment operations		(1.32	)		1.19			0.03			1.03			0.30
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.73	)		(0.49	)		(0.42	)		(0.17	)
Tax return of capital distributions		-			-			-			-			(0.20	)
Distributions from net realized gains		(0.31	)		-			(0.07	)		-			-
Total dividends and distributions		(0.55	)		(0.73	)		(0.56	)		(0.42	)		(0.37	)
Net asset value, end of period		$8.60			$10.47			$10.01			$10.54			$9.93
Total Return(c):		(13.24)%			12.48%			0.26%			10.65%			3.13%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,464			$1,335			$227			$71			$20
Average net assets (000)		$1,556			$465			$162			$60			$12
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.96%	(f)		1.95%			1.95%			1.95%			1.95%	(f)
Expenses before waivers and/or expense reimbursement		3.23%	(f)		5.71%			12.20%			9.28%			4.92%	(f)
Net investment income (loss)		2.17%	(f)		1.67%			1.81%			2.05%			2.22%	(f)
Portfolio turnover rate(g)		49%			33%			106%			63%			34%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 115

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,									November 3, 2015(a) through October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.49			$10.03			$10.56			$9.94			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.22			0.29			0.29			0.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.43	)		1.09			(0.15	)		0.86			0.07
Total from investment operations		(1.27	)		1.31			0.14			1.15			0.40
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.85	)		(0.60	)		(0.53	)		(0.19	)
Tax return of capital distributions		-			-			-			-			(0.27	)
Distributions from net realized gains		(0.31	)		-			(0.07	)		-			-
Total dividends and distributions		(0.60	)		(0.85	)		(0.67	)		(0.53	)		(0.46	)
Net asset value, end of period		$8.62			$10.49			$10.03			$10.56			$9.94
Total Return(c):		(12.73)%			13.73%			1.33%			11.85%			4.22%
Ratios/Supplemental Data:
Net assets, end of period (000)		$25,116			$31,323			$3,186			$2,578			$135
Average net assets (000)		$36,387			$11,946			$4,160			$784			$52
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.86%	(f)		0.85%			0.87%			0.95%			0.95%	(f)
Expenses before waivers and/or expense reimbursement		1.37%	(f)		1.79%			2.14%			2.75%			3.26%	(f)
Net investment income (loss)		3.18%	(f)		2.16%			2.84%			2.78%			3.37%	(f)
Portfolio turnover rate(g)		49%			33%			106%			63%			34%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

116

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,									November 3, 2015(a) through October 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.49			$10.02			$10.55			$9.93			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.34			0.30			0.32			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.43	)		0.98			(0.16	)		0.82			0.08
Total from investment operations		(1.27	)		1.32			0.14			1.14			0.39
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.85	)		(0.60	)		(0.52	)		(0.21	)
Tax return of capital distributions		-			-			-			-			(0.25	)
Distributions from net realized gains		(0.31	)		-			(0.07	)		-			-
Total dividends and distributions		(0.61	)		(0.85	)		(0.67	)		(0.52	)		(0.46	)
Net asset value, end of period		$8.61			$10.49			$10.02			$10.55			$9.93
Total Return(c):		(12.72)%			13.79%			1.37%			11.86%			4.12%
Ratios/Supplemental Data:
Net assets, end of period (000)		$29,253			$33,833			$29,530			$29,120			$26,049
Average net assets (000)		$32,556			$31,497			$29,353			$27,313			$24,926
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.81%	(f)		0.80%			0.83%			0.95%			0.95%	(f)
Expenses before waivers and/or expense reimbursement		1.29%	(f)		1.66%			1.76%			2.33%			2.61%	(f)
Net investment income (loss)		3.30%	(f)		3.39%			2.89%			3.15%			3.19%	(f)
Portfolio turnover rate(g)		49%			33%			106%			63%			34%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Global Dynamic Bond Fund 117

Fund Liquidity Risk Management Program (unaudited)

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

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

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

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

118

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

Mutual Funds:

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

PGIM GLOBAL DYNAMIC BOND FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PAJAX	PAJCX	PAJZX	PAJQX
CUSIP	74440K645	74440K637	74440K611	74440K629

MF233E2    

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

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

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

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

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a)It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)There has been no significant change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant's internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

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

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

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

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

SIGNATURES

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

Registrant:	Prudential Investment Portfolios 3
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2020

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

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