UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number: | 811-04661 | |
Exact name of registrant as specified in charter: | Prudential Global Total Return Fund, Inc. | |
Address of principal executive offices: | 655 Broad Street, 17th Floor | |
Newark, New Jersey 07102 | ||
Name and address of agent for service: | Andrew R. French | |
655 Broad Street, 17th Floor | ||
Newark, New Jersey 07102 | ||
Registrant’s telephone number, including area code: | 800-225-1852 | |
Date of fiscal year end: | 10/31/2019 | |
Date of reporting period: | 4/30/2019 |
Item 1 – Reports to Stockholders
PGIM GLOBAL TOTAL RETURN FUND
SEMIANNUAL REPORT
APRIL 30, 2019
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
Objective:Total return, made up of current income and capital appreciation |
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, 2019 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.© 2019 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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PGIM Global Total Return Fund | 3 |
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Dear Shareholder:
We hope you find the semiannual report for PGIM Global Total Return Fund informative and useful. The report covers performance for thesix-month period ended April 30, 2019.
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 Total Return Fund
June 14, 2019
PGIM Global Total Return Fund | 5 |
Your Fund’s Performance(unaudited)
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 atpgiminvestments.com or by calling (800) 225-1852.
Total Returns as of 4/30/19 (without sales charges) | Average Annual Total Returns as of 4/30/19 (with sales charges) | |||||||||
Six Months* (%) | One Year (%) | Five Years (%) | Ten Years (%) | Since Inception (%) | ||||||
Class A | 6.58 | –2.83 | 1.50 | 5.78 | — | |||||
Class B | 6.19 | –3.92 | 1.51 | 5.48 | — | |||||
Class C | 6.20 | 0.01 | 1.68 | 5.57 | — | |||||
Class Z | 6.67 | 1.99 | 2.71 | 6.54 | — | |||||
Class R2 | 6.55 | 1.67 | N/A | N/A | 1.51 (12/27/17) | |||||
Class R4 | 6.52 | 1.93 | N/A | N/A | 1.77 (12/27/17) | |||||
Class R6 | 6.67 | 2.03 | 2.71 | N/A | 3.55 (2/3/12) | |||||
Bloomberg Barclays Global Aggregate Bond Index | ||||||||||
4.28 | 0.94 | 0.75 | 2.93 | — | ||||||
Lipper Global Income Funds Average** | ||||||||||
4.44 | 1.82 | 1.40 | 4.11 | — | ||||||
Lipper Custom Global Income Funds Average** | ||||||||||
4.27 | 0.49 | 0.84 | 3.87 | — |
Source: PGIM Investments LLC and Lipper Inc.
*Not annualized
**The Lipper Custom Global Income Funds Average consists only of unhedged funds within Lipper’s Global Income Funds Universe and not the entire Global Income Funds Universe, although Lipper classifies the Fund in the Global Income Funds Performance Universe. The Lipper Custom Global Income Funds Average is utilized because the Fund’s manager believes that the funds included in this universe provide a more appropriate basis for Fund performance comparisons.
Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index and the Lipper Average 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 R2 | Class R4 | Class R6 | ||||||||
Maximum initial sales charge | 4.50% of the public offering price | None | None | None | None | None | None | |||||||
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or 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 | None | None | |||||||
Annual distribution and service(12b-1) fees (shown as a percentage of average daily net assets) | 0.25% | 1.00% | 1.00% | None | 0.25% | None | None | |||||||
Shareholder service fees | None | None | None | None | 0.10% | 0.10% | 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 dividend or capital gains reinvestment.
PGIM Global Total Return Fund | 7 |
Your Fund’s Performance(continued)
Benchmark Definitions
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 euro dollar and euro-yen corporate bonds, and Canadian government, agency, and corporate securities. The average annual total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 0.51% and 1.00% for Class R6 shares.
Lipper Global Income Funds Average—The Lipper Global Income Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Global Income Funds universe for the periods noted. Funds in the Lipper Average invest primarily in US dollar and non-US dollar debt securities of issuers located in at least three countries, one of which may be the United States. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 1.14% and 1.83% for Class R6 shares.
Lipper Custom Global Income Funds Average—The Lipper Custom Global Income Funds Average (Lipper Custom Average) consists only of unhedged funds within Lipper’s Global Income Funds universe and not the entire Global Income Funds universe, although Lipper classifies the Fund in the Global Income Funds Performance universe. The average annual total return for the Lipper Custom Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares are 0.35% and 1.38% for Class R6 shares.
Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Averages reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.
Distributions and Yields as of 4/30/19 | ||||||
Total Distributions Paid for Six Months ($) | SEC 30-Day Subsidized Yield* (%) | SEC 30-Day Unsubsidized Yield** (%) | ||||
Class A | 0.12 | 2.43 | 2.29 | |||
Class B | 0.09 | 1.80 | 0.55 | |||
Class C | 0.09 | 1.80 | 1.72 | |||
Class Z | 0.12 | 2.80 | 2.75 | |||
Class R2 | 0.11 | 2.33 | –60.07 | |||
Class R4 | 0.12 | 2.60 | 0.34 | |||
Class R6 | 0.13 | 2.87 | 2.87 |
*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.
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Credit Quality expressed as a percentage of total investments as of 4/30/19 (%) | ||||
AAA | 22.4 | |||
AA | 9.0 | |||
A | 21.1 | |||
BBB | 25.6 | |||
BB | 9.2 | |||
B | 4.3 | |||
CCC | 0.5 | |||
Not Rated | 7.2 | |||
Cash/Cash Equivalents | 0.6 | |||
Total | 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. Values may not sum to 100.0% due to rounding.
PGIM Global Total Return Fund | 9 |
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, 2019. 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
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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 Total Return Fund | Beginning Account November 1, 2018 | Ending Account April 30, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period* | ||||||||||||||
Class A | Actual | $ | 1,000.00 | $ | 1,065.80 | 0.88 | % | $ | 4.51 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,020.43 | 0.88 | % | $ | 4.41 | ||||||||||
Class B | Actual | $ | 1,000.00 | $ | 1,061.90 | 1.63 | % | $ | 8.33 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,016.71 | 1.63 | % | $ | 8.15 | ||||||||||
Class C | Actual | $ | 1,000.00 | $ | 1,062.00 | 1.63 | % | $ | 8.33 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,016.71 | 1.63 | % | $ | 8.15 | ||||||||||
Class Z | Actual | $ | 1,000.00 | $ | 1,066.70 | 0.63 | % | $ | 3.23 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,021.67 | 0.63 | % | $ | 3.16 | ||||||||||
Class R2 | Actual | $ | 1,000.00 | $ | 1,065.50 | 1.08 | % | $ | 5.53 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,019.44 | 1.08 | % | $ | 5.41 | ||||||||||
Class R4 | Actual | $ | 1,000.00 | $ | 1,065.20 | 0.83 | % | $ | 4.25 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,020.68 | 0.83 | % | $ | 4.16 | ||||||||||
Class R6 | Actual | $ | 1,000.00 | $ | 1,066.70 | 0.56 | % | $ | 2.87 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,022.02 | 0.56 | % | $ | 2.81 |
*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.
PGIM Global Total Return Fund | 11 |
Schedule of Investments(unaudited)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
LONG-TERM INVESTMENTS 96.2% | ||||||||||||||||
ASSET-BACKED SECURITIES 17.1% | ||||||||||||||||
Cayman Islands 10.1% | ||||||||||||||||
ArrowMark Colorado Holdings, | 3.877 | %(c) | 07/15/29 | 500 | $ | 499,365 | ||||||||||
Atlas Senior Loan Fund Ltd., | 3.901 | (c) | 01/16/30 | 500 | 498,319 | |||||||||||
Bain Capital Credit CLO, | 3.552 | (c) | 04/23/31 | 3,500 | 3,439,768 | |||||||||||
Battalion CLO Ltd., | 3.941 | (c) | 07/18/30 | 2,000 | 1,999,161 | |||||||||||
Benefit Street Partners CLO Ltd., | ||||||||||||||||
Series2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250% | 3.847 | (c) | 07/15/29 | 1,250 | 1,250,566 | |||||||||||
Series2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% | 3.847 | (c) | 10/15/30 | 750 | 749,538 | |||||||||||
Brookside Mill CLO Ltd., | 3.938 | (c) | 01/17/28 | 4,000 | 3,902,894 | |||||||||||
Canyon Capital CLO Ltd., | 3.847 | (c) | 04/15/29 | 3,750 | 3,737,051 | |||||||||||
Carlyle Global Market Strategies CLO Ltd., | ||||||||||||||||
Series2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970% | 3.558 | (c) | 04/17/31 | 9,000 | 8,870,552 | |||||||||||
Series2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320% | 3.912 | (c) | 01/20/32 | 8,500 | 8,498,519 | |||||||||||
Carlyle US CLO Ltd., | 3.611 | (c) | 04/20/31 | 12,500 | 12,332,626 | |||||||||||
Catamaran CLO Ltd., | 3.852 | (c) | 04/22/30 | 2,500 | 2,488,854 | |||||||||||
Cent CLO Ltd., | 3.613 | (c) | 04/30/31 | 15,000 | 14,797,231 | |||||||||||
Greywolf CLO Ltd., | 3.616 | (c) | 04/26/31 | 7,000 | 6,885,302 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 13 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
Cayman Islands (cont’d.) | ||||||||||||||||
ICG US CLO Ltd., | 3.872 | %(c) | 10/23/29 | 3,500 | $ | 3,491,307 | ||||||||||
KVK CLO Ltd., | 4.294 | (c) | 05/20/29 | 5,000 | 4,959,828 | |||||||||||
Mariner CLO Ltd., | 3.690 | (c) | 04/25/31 | 6,250 | 6,165,264 | |||||||||||
MidOcean Credit CLO, | ||||||||||||||||
Series2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% | 4.294 | (c) | 02/20/31 | 2,000 | 1,963,353 | |||||||||||
Series2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% | 3.741 | (c) | 07/20/31 | 2,000 | 1,977,991 | |||||||||||
Mountain View CLO Ltd., | 4.377 | (c) | 07/15/31 | 5,750 | 5,679,937 | |||||||||||
OCP CLO Ltd., | 3.857 | (c) | 07/15/30 | 750 | 747,278 | |||||||||||
OZLM Ltd., | ||||||||||||||||
Series2014-06A, Class A1S, 144A, 3 Month LIBOR + 1.080% | 3.668 | (c) | 04/17/31 | 5,500 | 5,430,899 | |||||||||||
Series2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% | 4.338 | (c) | 04/17/31 | 2,000 | 1,975,262 | |||||||||||
Series2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% | 3.833 | (c) | 10/30/30 | 1,000 | �� | 997,112 | ||||||||||
Series2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050% | 3.642 | (c) | 04/20/31 | 5,000 | 4,932,622 | |||||||||||
Series2018-20A, Class A2, 144A, 3 Month LIBOR + 1.650% | 4.242 | (c) | 04/20/31 | 3,000 | 2,968,673 | |||||||||||
Palmer Square CLO Ltd., | ||||||||||||||||
Series2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.300% | 3.941 | (c) | 05/21/29 | 3,750 | 3,763,396 | |||||||||||
Series2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270% | 3.861 | (c) | 07/20/30 | 1,750 | 1,749,381 | |||||||||||
Regatta VIII Funding Ltd., | 3.838 | (c) | 10/17/30 | 2,000 | 1,989,999 | |||||||||||
Shackleton CLO Ltd., | ||||||||||||||||
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100% | 3.838 | (c) | 05/07/31 | 5,000 | 4,952,886 |
See Notes to Financial Statements.
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Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
Cayman Islands (cont’d.) | ||||||||||||||||
Shackleton CLO Ltd., (cont’d.) | ||||||||||||||||
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700% | 4.439 | %(c) | 05/07/31 | 6,500 | $ | 6,412,097 | ||||||||||
Silver Creek CLO Ltd., | 3.832 | (c) | 07/20/30 | 500 | 499,004 | |||||||||||
Sound Point CLO Ltd., | ||||||||||||||||
Series2016-02A, Class BR, 144A, 3 Month LIBOR + 1.800% | 4.391 | (c) | 10/20/28 | 3,000 | 2,997,308 | |||||||||||
Series2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220% | 3.812 | (c) | 10/20/30 | 500 | 498,037 | |||||||||||
TCW CLO Ltd., | 3.630 | (c) | 04/25/31 | 15,000 | 14,827,972 | |||||||||||
Telos CLO Ltd., | 3.888 | (c) | 07/17/26 | 1,000 | 1,002,751 | |||||||||||
TIAA CLO Ltd., | 3.792 | (c) | 07/20/31 | 2,000 | 1,981,024 | |||||||||||
TICP CLO Ltd., | 3.892 | (c) | 07/20/27 | 5,188 | 5,066,898 | |||||||||||
Trinitas CLO Ltd., | ||||||||||||||||
Series2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400% | 3.997 | (c) | 07/15/27 | 5,000 | 4,937,816 | |||||||||||
Series2017-06A, Class A, 144A, 3 Month LIBOR + 1.320% | 3.900 | (c) | 07/25/29 | 2,500 | 2,501,678 | |||||||||||
Tryon Park CLO Ltd., | 4.097 | (c) | 04/15/29 | 3,700 | 3,654,917 | |||||||||||
Voya CLO Ltd., | 3.550 | (c) | 04/25/31 | 4,500 | 4,423,775 | |||||||||||
Wellfleet CLO Ltd., | ||||||||||||||||
Series2017-02A, Class A1, 144A, 3 Month LIBOR + 1.250% | 3.841 | (c) | 10/20/29 | 1,500 | 1,496,253 | |||||||||||
Series2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% | 3.738 | (c) | 01/17/31 | 2,500 | 2,478,205 | |||||||||||
York CLO Ltd., | 3.741 | (c) | 01/22/31 | 5,000 | 4,969,643 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 15 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
Cayman Islands (cont’d.) | ||||||||||||||||
Zais CLO Ltd., | ||||||||||||||||
Series2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% | 4.787 | %(c) | 07/15/31 | 8,500 | $ | 8,331,050 | ||||||||||
Series2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370% | 3.967 | (c) | 07/15/29 | 4,250 | 4,261,305 | |||||||||||
Series2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% | 3.887 | (c) | 04/15/30 | 750 | 751,522 | |||||||||||
Series2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% | 3.547 | (c) | 04/15/29 | 7,250 | 7,170,053 | |||||||||||
|
| |||||||||||||||
201,956,242 | ||||||||||||||||
Ireland 0.8% | ||||||||||||||||
Arbour CLO DAC, | 1.920 | 03/15/29 | EUR | 4,000 | 4,479,934 | |||||||||||
Armada Euro CLO DAC, | 1.500 | 11/15/31 | EUR | 1,500 | 1,680,312 | |||||||||||
Hayfin Emerald CLO DAC, | ||||||||||||||||
Series 02A, Class B1, 144A, 3 Month EURIBOR + 1.850% | 1.850 | (c) | 05/27/32 | EUR | 2,750 | 3,079,413 | ||||||||||
Series 02A, Class B2, 144A | 2.650 | 05/27/32 | EUR | 4,000 | 4,486,400 | |||||||||||
OAK Hill European Credit Partners DAC, | 1.150 | 01/20/32 | EUR | 3,000 | 3,368,091 | |||||||||||
|
| |||||||||||||||
17,094,150 | ||||||||||||||||
Netherlands 0.1% | ||||||||||||||||
St. Paul’s CLO DAC, | 2.400 | 04/30/30 | EUR | 1,000 | 1,119,250 | |||||||||||
Spain 0.4% | ||||||||||||||||
TFS, | 2.900 | (c) | 03/16/23 | EUR | 7,907 | 8,850,801 | ||||||||||
United States 5.7% | ||||||||||||||||
ABFC Trust, | 3.177 | (c) | 06/25/34 | 797 | 789,130 | |||||||||||
ACE Securities Corp. Home Equity Loan Trust, | 3.437 | (c) | 04/25/35 | 436 | 437,048 |
See Notes to Financial Statements.
16 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, | ||||||||||||||||
Series2002-2, Class M3, 1 Month LIBOR + 2.655% | 5.132 | %(c) | 08/25/32 | 529 | $ | 527,103 | ||||||||||
Series2002-3, Class M3, 1 Month LIBOR + 2.850% | 5.327 | (c) | 08/25/32 | 290 | 288,816 | |||||||||||
Series2004-R08, Class M1, 1 Month LIBOR + 0.960% | 3.437 | (c) | 09/25/34 | 56 | 55,845 | |||||||||||
Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | ||||||||||||||||
Series2004-W06, Class M1, 1 Month LIBOR + 0.825% | 3.302 | (c) | 05/25/34 | 53 | 52,694 | |||||||||||
Series2005-W02, Class A2C, 1 Month LIBOR + 0.360% | 3.197 | (c) | 10/25/35 | 460 | 461,134 | |||||||||||
Battalion CLO Ltd., | 3.753 | (c) | 05/17/31 | 15,000 | 14,727,943 | |||||||||||
Bear Stearns Asset-Backed Securities Trust, | 3.377 | (c) | 03/25/34 | 161 | 161,039 | |||||||||||
Chase Funding Loan Acquisition Trust, | 3.277 | (c) | 05/25/34 | 204 | 204,908 | |||||||||||
Chase Funding Trust, | ||||||||||||||||
Series2003-4, Class 2A2, 1 Month LIBOR + 0.600% | 3.077 | (c) | 05/25/33 | 880 | 863,725 | |||||||||||
CHEC Loan Trust, | ||||||||||||||||
Series2004-1, Class A3, 144A, 1 Month LIBOR + 1.000% | 3.477 | (c) | 07/25/34 | 738 | 731,252 | |||||||||||
CIT Mortgage Loan Trust, | 3.836 | (c) | 10/25/37 | 1,221 | 1,232,561 | |||||||||||
Countrywide Asset-Backed Certificates, | 3.977 | (c) | 03/25/33 | 120 | 120,281 | |||||||||||
Credit Suisse Mortgage Trust, | ||||||||||||||||
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150% | 5.652 | (c) | 12/26/46 | 1,370 | 1,380,726 | |||||||||||
Series2018-11R, Class 1A1, 144A, 1 Month LIBOR + 1.400% | 3.886 | (c) | 08/25/37 | 3,007 | 3,001,694 | |||||||||||
Series 2018-RPL08, Class A1, 144A | 4.125 | (cc) | 07/25/58 | 3,308 | 3,322,003 | |||||||||||
EquiFirst Mortgage Loan Trust, | 2.957 | (c) | 01/25/34 | 721 | 701,035 | |||||||||||
Finance America Mortgage Loan Trust, | 3.302 | (c) | 08/25/34 | 555 | 554,367 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 17 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Ford Credit Floorplan Master Owner Trust, | 4.060 | % | 11/15/30 | 5,000 | $ | 5,181,723 | ||||||||||
Fremont Home Loan Trust, | ||||||||||||||||
Series2004-01, Class M1, 1 Month LIBOR + 0.675% | 3.152 | (c) | 02/25/34 | 336 | 333,069 | |||||||||||
Series2004-B, Class M1, 1 Month LIBOR + 0.870% | 3.347 | (c) | 05/25/34 | 627 | 624,240 | |||||||||||
Home Equity Asset Trust, | 2.817 | (c) | 04/25/36 | 60 | 59,663 | |||||||||||
Laurel Road Prime Student Loan Trust, | ||||||||||||||||
Series2018-A, Class A, 144A | 3.157 | 02/25/43 | 3,430 | 4,363,077 | ||||||||||||
Series2018-C, Class A, 144A | 3.100 | (cc) | 08/25/43 | 5,545 | 5,688,780 | |||||||||||
Legacy Mortgage Asset Trust, | ||||||||||||||||
Series 2019-GS01, Class A1, 144A | 4.000 | 01/25/59 | 1,937 | 1,952,139 | ||||||||||||
Series 2019-GS02, Class A1, 144A | 3.750 | 01/25/59 | 2,200 | 2,203,985 | ||||||||||||
Series 2019-GS03, Class A1, 144A | 3.750 | 04/25/59 | 1,100 | 1,100,717 | ||||||||||||
Series 2019-SL01, Class A, 144A | 4.000 | (cc) | 12/28/54 | 1,558 | 1,556,016 | |||||||||||
Lendmark Funding Trust, | ||||||||||||||||
Series2017-01A, Class B, 144A | 3.770 | 12/22/25 | 700 | 701,066 | ||||||||||||
Series2017-02A, Class B, 144A | 3.380 | 05/20/26 | 2,000 | 1,990,919 | ||||||||||||
Series2017-02A, Class C, 144A | 4.330 | 05/20/26 | 700 | 700,224 | ||||||||||||
Long Beach Mortgage Loan Trust, | ||||||||||||||||
Series2003-04, Class AV1, 1 Month LIBOR + 0.620% | 3.097 | (c) | 08/25/33 | 850 | 854,111 | |||||||||||
Series2004-03, Class M1, 1 Month LIBOR + 0.855% | 3.332 | (c) | 07/25/34 | 153 | 151,611 | |||||||||||
LSFVT, | 3.982 | (c) | 04/01/21 | 11,778 | 11,742,645 | |||||||||||
MASTR Asset-Backed Securities Trust, | 3.377 | (c) | 04/25/34 | 1,755 | 1,737,335 | |||||||||||
Merrill Lynch Mortgage Investors Trust, | 3.677 | (c) | 08/25/35 | 65 | 65,421 | |||||||||||
Morgan Stanley ABS Capital I, Inc. Trust, | 3.527 | (c) | 09/25/33 | 151 | 150,100 | |||||||||||
Morgan Stanley Dean Witter Capital I, Inc. Trust, | 3.457 | (c) | 02/25/33 | 215 | 215,028 | |||||||||||
New Century Home Equity Loan Trust, | ||||||||||||||||
Series2003-04, Class M1, 1 Month LIBOR + 1.125% | 3.602 | (c) | 10/25/33 | 190 | 189,981 | |||||||||||
Series2005-C, Class A2C, 1 Month LIBOR + 0.250% | 2.727 | (c) | 12/25/35 | 21 | 20,624 | |||||||||||
OneMain Direct Auto Receivables Trust, | ||||||||||||||||
Series2017-01A, Class C, 144A | 3.910 | 08/16/21 | 1,900 | 1,913,822 | ||||||||||||
Series2017-02A, Class D, 144A | 3.420 | 10/15/24 | 700 | 701,128 |
See Notes to Financial Statements.
18 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
OneMain Direct Auto Receivables Trust, (cont’d.) | ||||||||||||||||
Series2017-02A, Class E, 144A | 4.740 | % | 11/14/25 | 1,000 | $ | 1,016,993 | ||||||||||
Series2019-01A, Class A, 144A | 3.630 | 09/14/27 | 5,900 | 5,964,750 | ||||||||||||
Series2019-01A, Class B, 144A | 3.950 | 11/14/28 | 1,300 | 1,315,950 | ||||||||||||
OneMain Financial Issuance Trust, | ||||||||||||||||
Series2015-02A, Class C, 144A | 4.320 | 07/18/25 | 1,291 | 1,293,169 | ||||||||||||
Series2016-01A, Class A, 144A | 3.660 | 02/20/29 | 715 | 718,114 | ||||||||||||
Series2016-02A, Class A, 144A | 4.100 | 03/20/28 | 53 | 52,935 | ||||||||||||
Series2017-01A, Class C, 144A | 3.350 | 09/14/32 | 400 | 395,667 | ||||||||||||
Oportun Funding LLC, | ||||||||||||||||
Series2017-A, Class A, 144A | 3.230 | 06/08/23 | 1,000 | 995,317 | ||||||||||||
Series2017-B, Class A, 144A | 3.220 | 10/10/23 | 2,600 | 2,586,682 | ||||||||||||
Series2018-A, Class A, 144A | 3.610 | 03/08/24 | 1,330 | 1,333,029 | ||||||||||||
Series2018-C, Class A, 144A | 4.100 | 10/08/24 | 2,100 | 2,127,668 | ||||||||||||
Series2018-D, Class A, 144A | 4.150 | 12/09/24 | 1,500 | 1,523,688 | ||||||||||||
Option One Mortgage Acceptance Corp., Asset-Backed Certificates, | 3.137 | (c) | 11/25/33 | 770 | 764,038 | |||||||||||
PNMAC FMSR Issuer Trust, | 4.827 | (c) | 04/25/23 | 4,290 | 4,310,504 | |||||||||||
PNMAC GMSR Issuer Trust, | ||||||||||||||||
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% | 5.327 | (c) | 02/25/23 | 1,020 | 1,021,932 | |||||||||||
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% | 5.127 | (c) | 08/25/25 | 2,300 | 2,307,161 | |||||||||||
Popular ABS Mortgage Pass-Through Trust, | 5.181 | (cc) | 09/25/34 | 110 | 112,334 | |||||||||||
Santander Drive Auto Receivables Trust, | 2.760 | 12/15/22 | 400 | 400,587 | ||||||||||||
SLM Student Loan Trust, | ||||||||||||||||
Series2004-02X, Class A6, 3 Month EURIBOR + 0.550% (Cap N/A, Floor 0.000%) | 0.239 | (c) | 07/25/39 | EUR | 3,520 | 3,814,269 | ||||||||||
Series2007-02, Class B, 3 Month LIBOR + 0.170% | 2.750 | (c) | 07/25/25 | 6,600 | 6,053,550 | |||||||||||
SpringCastle America Funding LLC, | 3.050 | 04/25/29 | 917 | 916,526 | ||||||||||||
Springleaf Funding Trust, | ||||||||||||||||
Series2015-AA, Class A, 144A | 3.160 | 11/15/24 | 87 | 86,814 | ||||||||||||
Series2017-AA, Class C, 144A | 3.860 | 07/15/30 | 800 | 805,199 | ||||||||||||
Structured Asset Investment Loan Trust, | ||||||||||||||||
Series 2003-BC03, Class M1, 1 Month LIBOR + 1.425% | 3.902 | (c) | 04/25/33 | 143 | 143,008 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 19 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Structured Asset Investment Loan Trust, (cont’d.) | ||||||||||||||||
Series2004-08, Class A8, 1 Month LIBOR + 1.000% | 3.477 | %(c) | 09/25/34 | 376 | $ | 377,505 | ||||||||||
Structured Asset Securities Corp. Mortgage Loan Trust, | 2.907 | (c) | 05/25/35 | 81 | 80,544 | |||||||||||
|
| |||||||||||||||
114,328,661 | ||||||||||||||||
|
| |||||||||||||||
TOTAL ASSET-BACKED SECURITIES | 343,349,104 | |||||||||||||||
|
| |||||||||||||||
BANK LOANS 0.2% | ||||||||||||||||
United Kingdom 0.0% | ||||||||||||||||
Richmond UK Bidco Ltd., | 4.982 | (c) | 03/03/24 | GBP | 134 | 165,437 | ||||||||||
United States 0.2% | ||||||||||||||||
Aleris International, Inc., | 7.376 | (c) | 02/27/23 | 2,985 | 2,988,694 | |||||||||||
Ceva Sante Animale SA, | — | (p) | 03/27/26 | 1,575 | 1,774,248 | |||||||||||
|
| |||||||||||||||
4,762,942 | ||||||||||||||||
|
| |||||||||||||||
TOTAL BANK LOANS | 4,928,379 | |||||||||||||||
|
| |||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES 6.8% |
| |||||||||||||||
United Kingdom 0.0% | ||||||||||||||||
Salus European Loan Conduit DAC, | 2.456 | (c) | 01/23/29 | GBP | 500 | 655,880 | ||||||||||
United States 6.8% | ||||||||||||||||
20 Times Square Trust, | ||||||||||||||||
Series 2018-20TS, Class G, 144A | 3.203 | (cc) | 05/15/35 | 1,000 | 944,541 | |||||||||||
Series 2018-20TS, Class H, 144A | 3.203 | (cc) | 05/15/35 | 1,000 | 925,155 | |||||||||||
BANK, | ||||||||||||||||
Series 2017-BNK05, Class A3 | 3.020 | 06/15/60 | 3,600 | 3,603,345 | ||||||||||||
Series 2017-BNK06, Class A3 | 3.125 | 07/15/60 | 4,400 | 4,412,173 | ||||||||||||
Series 2017-BNK07, Class A4 | 3.175 | 09/15/60 | 5,000 | 5,003,648 |
See Notes to Financial Statements.
20 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
BANK, (cont’d.) | ||||||||||||||||
Series 2017-BNK09, Class A3 | 3.279 | % | 11/15/54 | 3,000 | $ | 3,020,879 | ||||||||||
Benchmark Mortgage Trust, | ||||||||||||||||
Series2018-B02, Class A3 | 3.544 | 02/15/51 | 5,000 | 5,120,201 | ||||||||||||
Series2018-B03, Class A3 | 3.746 | 04/10/51 | 7,200 | 7,452,554 | ||||||||||||
Citigroup Commercial Mortgage Trust, | ||||||||||||||||
Series 2014-GC21, Class XB, IO | 0.608 | (cc) | 05/10/47 | 27,500 | 606,353 | |||||||||||
Series 2016-GC37, Class XB, IO | 0.853 | (cc) | 04/10/49 | 33,868 | 1,502,283 | |||||||||||
Series2016-P4, Class XB, IO | 1.505 | (cc) | 07/10/49 | 9,100 | 779,277 | |||||||||||
Series2017-P8, Class A2 | 3.109 | 09/15/50 | 2,000 | 2,015,013 | ||||||||||||
Series2018-B02, Class A3 | 3.744 | 03/10/51 | 7,500 | 7,802,629 | ||||||||||||
COMM Mortgage Trust, | ||||||||||||||||
Series 2012-CR01, Class XA, IO | 2.041 | (cc) | 05/15/45 | 3,495 | 164,733 | |||||||||||
Series 2014-CR19, Class A3 | 3.530 | 08/10/47 | 1,000 | 1,009,140 | ||||||||||||
Series 2014-UBS4, Class XB, IO, 144A | 0.285 | (cc) | 08/10/47 | 50,000 | 564,325 | |||||||||||
Series 2015-CR24, Class A4 | 3.432 | 08/10/48 | 4,100 | 4,190,191 | ||||||||||||
CSAIL Commercial Mortgage Trust, | 4.095 | 04/15/51 | 2,250 | 2,358,797 | ||||||||||||
DBJPM Mortgage Trust, | ||||||||||||||||
Series2016-C3, Class A3 | 2.362 | 08/10/49 | 1,500 | 1,458,705 | ||||||||||||
Series2017-C06, Class A3 | 3.269 | 06/10/50 | 4,400 | 4,465,399 | ||||||||||||
DBWF Mortgage Trust, | 3.935 | (cc) | 12/10/36 | 3,000 | 2,837,102 | |||||||||||
Eleven Madison Mortgage Trust, | 3.673 | (cc) | 09/10/35 | 500 | 498,850 | |||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, | ||||||||||||||||
Series K006, Class AX1, IO | 1.098 | (cc) | 01/25/20 | 17,922 | 76,218 | |||||||||||
Series K007, Class X1, IO | 1.203 | (cc) | 04/25/20 | 24,451 | 166,197 | |||||||||||
Series K008, Class X1, IO | 1.662 | (cc) | 06/25/20 | 11,251 | 145,189 | |||||||||||
Series K019, Class X1, IO | 1.759 | (cc) | 03/25/22 | 9,264 | 367,205 | |||||||||||
Series K020, Class X1, IO | 1.538 | (cc) | 05/25/22 | 10,692 | 383,186 | |||||||||||
Series K025, Class X1, IO | 0.957 | (cc) | 10/25/22 | 18,640 | 463,865 | |||||||||||
Series K037, Class X1, IO | 1.143 | (cc) | 01/25/24 | 10,653 | 411,512 | |||||||||||
Series K043, Class X1, IO | 0.668 | (cc) | 12/25/24 | 12,267 | 326,142 | |||||||||||
Series K049, Class X1, IO | 0.732 | (cc) | 07/25/25 | 41,201 | 1,324,011 | |||||||||||
Series K052, Class X1, IO | 0.800 | (cc) | 11/25/25 | 12,370 | 446,369 | |||||||||||
Series K053, Class X1, IO | 1.026 | (cc) | 12/25/25 | 45,791 | 2,290,277 | |||||||||||
Series K054, Class X1, IO | 1.314 | (cc) | 01/25/26 | 31,089 | 2,068,120 | |||||||||||
Series K058, Class X1, IO | 1.057 | (cc) | 08/25/26 | 41,590 | 2,369,949 | |||||||||||
Series K090, Class X1, IO | 0.706 | (cc) | 02/25/29 | 23,000 | 1,383,770 | |||||||||||
Series K717, Class X1, IO | 0.600 | (cc) | 09/25/21 | 11,015 | 105,502 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 21 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued) |
| |||||||||||||||
United States (cont’d.) | ||||||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.) | ||||||||||||||||
Series Q001, Class XA, IO | 2.254 | %(cc) | 02/25/32 | 6,567 | $ | 917,019 | ||||||||||
GS Mortgage Securities Trust, | ||||||||||||||||
Series 2014-GC20, Class XB, IO | 0.602 | (cc) | 04/10/47 | 30,000 | 616,785 | |||||||||||
Series 2014-GC22, Class XB, IO | 0.454 | (cc) | 06/10/47 | 35,000 | 603,901 | |||||||||||
Series 2014-GC24, Class XB, IO | 0.021 | (cc) | 09/10/47 | 83,262 | 77,592 | |||||||||||
Series 2014-GC26, Class XB, IO | 0.456 | (cc) | 11/10/47 | 56,483 | 1,025,505 | |||||||||||
Series 2018-GS09, Class A3 | 3.727 | 03/10/51 | 7,000 | 7,262,028 | ||||||||||||
JPMBB Commercial Mortgage Securities Trust, | 3.515 | 03/15/49 | 1,500 | 1,522,503 | ||||||||||||
JPMCC Commercial Mortgage Securities Trust, | ||||||||||||||||
Series 2017-JP05, Class A3 | 3.342 | 03/15/50 | 1,600 | 1,613,628 | ||||||||||||
Series 2017-JP06, Class A3 | 3.108 | 07/15/50 | 4,600 | 4,598,156 | ||||||||||||
Series 2017-JP07, Class A3 | 3.378 | 09/15/50 | 5,100 | 5,185,441 | ||||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||||||||||
Series2015-C24, Class XA, IO | 0.924 | (cc) | 05/15/48 | 26,338 | 1,005,080 | |||||||||||
Series2016-C31, Class A3 | 2.731 | 11/15/49 | 2,211 | 2,185,097 | ||||||||||||
Morgan Stanley Capital I Trust, | ||||||||||||||||
Series 2016-UBS09, Class A2 | 2.982 | 03/15/49 | 1,200 | 1,206,318 | ||||||||||||
Series2017-H01, Class A3 | 3.153 | 06/15/50 | 4,500 | 4,532,215 | ||||||||||||
UBS Commercial Mortgage Trust, | ||||||||||||||||
Series2017-C04, Class A3 | 3.301 | 10/15/50 | 6,500 | 6,521,059 | ||||||||||||
Series2017-C06, Class A3 | 3.581 | 12/15/50 | 5,000 | 5,130,202 | ||||||||||||
Series2017-C07, Class A3 | 3.418 | 12/15/50 | 4,400 | 4,446,835 | ||||||||||||
UBS-Barclays Commercial Mortgage Trust, | 1.477 | (cc) | 05/10/63 | 4,437 | 156,886 | |||||||||||
Wells Fargo Commercial Mortgage Trust, | ||||||||||||||||
Series2016-C35, Class XB, IO | 1.095 | (cc) | 07/15/48 | 24,000 | 1,468,620 | |||||||||||
Series 2016-LC24, Class XB, IO | 1.161 | (cc) | 10/15/49 | 20,910 | 1,369,239 | |||||||||||
Series2017-C40, Class A3 | 3.317 | 10/15/50 | 2,600 | 2,621,017 | ||||||||||||
Series2018-C43, Class A3 | 3.746 | 03/15/51 | 8,350 | 8,668,408 | ||||||||||||
|
| |||||||||||||||
135,796,339 | ||||||||||||||||
|
| |||||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | 136,452,219 | |||||||||||||||
|
| |||||||||||||||
CONVERTIBLE BONDS 0.3% | ||||||||||||||||
United Arab Emirates | ||||||||||||||||
Aabar Investments PJSC, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 03/27/20 | EUR | 2,200 | 2,369,483 |
See Notes to Financial Statements.
22 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CONVERTIBLE BONDS (Continued) | ||||||||||||||||
United Arab Emirates (cont’d.) | ||||||||||||||||
Aabar Investments PJSC, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes, MTN | 1.000 | % | 03/27/22 | EUR | 3,700 | $ | 3,741,945 | |||||||||
|
| |||||||||||||||
TOTAL CONVERTIBLE BONDS | 6,111,428 | |||||||||||||||
|
| |||||||||||||||
CORPORATE BONDS 25.7% | ||||||||||||||||
Australia 0.1% | ||||||||||||||||
Westpac Banking Corp., | 4.350 | 01/19/21 | CNH | 8,770 | 1,323,357 | |||||||||||
Brazil 0.1% | ||||||||||||||||
Petrobras Global Finance BV, | ||||||||||||||||
Gtd. Notes | 5.375 | 10/01/29 | GBP | 500 | 665,561 | |||||||||||
Gtd. Notes | 6.625 | 01/16/34 | GBP | 850 | 1,206,099 | |||||||||||
|
| |||||||||||||||
1,871,660 | ||||||||||||||||
Canada 0.9% | ||||||||||||||||
Barrick Gold Corp., | 5.250 | 04/01/42 | 35 | 37,918 | ||||||||||||
Barrick North America Finance LLC, | 5.700 | 05/30/41 | 45 | 51,147 | ||||||||||||
Barrick PD Australia Finance Pty Ltd., | 5.950 | 10/15/39 | 50 | 57,813 | ||||||||||||
Bombardier, Inc., | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 7.500 | 12/01/24 | 4,050 | 4,117,635 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 510 | 513,187 | ||||||||||||
Canadian Natural Resources Ltd., | 3.850 | 06/01/27 | 1,650 | 1,667,275 | ||||||||||||
Cenovus Energy, Inc., | 4.250 | 04/15/27 | 3,500 | 3,521,824 | ||||||||||||
Hydro-Quebec, | ||||||||||||||||
Gov’t. Gtd. Notes | 8.400 | 01/15/22 | 72 | 82,454 | ||||||||||||
Gov’t. Gtd. Notes | 8.625 | 06/15/29 | 600 | 867,171 | ||||||||||||
Gov’t. Gtd. Notes | 9.400 | 02/01/21 | 730 | 812,855 | ||||||||||||
Gov’t. Gtd. Notes, MTN | 8.400 | 03/28/25 | 654 | 845,236 | ||||||||||||
Kinross Gold Corp., | 5.950 | 03/15/24 | 1,000 | 1,076,260 | ||||||||||||
Methanex Corp., | 4.250 | 12/01/24 | 1,500 | 1,508,867 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 23 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Canada (cont’d.) | ||||||||||||||||
Nutrien Ltd., | ||||||||||||||||
Sr. Unsec’d. Notes | 3.375 | % | 03/15/25 | 1,450 | $ | 1,443,809 | ||||||||||
Sr. Unsec’d. Notes | 4.200 | 04/01/29 | 490 | 508,318 | ||||||||||||
Sr. Unsec’d. Notes | 6.125 | 01/15/41 | 25 | 29,378 | ||||||||||||
Rogers Communications, Inc., | 3.250 | 05/01/29 | CAD | 700 | 524,752 | |||||||||||
|
| |||||||||||||||
17,665,899 | ||||||||||||||||
China 0.6% | ||||||||||||||||
Aircraft Finance Co. Ltd., | 3.955 | 03/29/23 | 4,098 | 4,093,656 | ||||||||||||
China Development Bank, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 06/01/21 | EUR | 1,000 | 1,129,014 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.350 | 08/06/24 | CNH | 2,000 | 303,902 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.350 | 09/19/24 | CNH | 1,650 | 250,842 | |||||||||||
CNAC HK Finbridge Co. Ltd., | 1.750 | 06/14/22 | EUR | 4,500 | 5,130,277 | |||||||||||
Sinopec Century Bright Capital Investment Ltd., | 4.500 | 10/31/21 | CNH | 10,000 | 1,515,412 | |||||||||||
Sinopec Group Overseas Development 2015 Ltd., | 2.500 | 04/28/20 | 500 | 497,989 | ||||||||||||
|
| |||||||||||||||
12,921,092 | ||||||||||||||||
Dominican Republic 0.0% | ||||||||||||||||
Mestenio Ltd. for Dominican Republic, | 8.500 | 01/02/20 | 562 | 573,750 | ||||||||||||
France 1.2% | ||||||||||||||||
BNP Paribas SA, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 3.375 | 01/09/25 | 4,800 | 4,747,236 | ||||||||||||
Sr. Unsec’d. Notes, EMTN^ | 6.420 | 09/11/23 | MXN | 250 | 11,763 | |||||||||||
Credit Agricole Assurances SA, | 4.250 | (ff) | — | (rr) | EUR | 2,000 | 2,419,219 | |||||||||
Dexia Credit Local SA, | ||||||||||||||||
Gov’t. Liquid Gtd. Notes, EMTN | 0.875 | 09/07/21 | GBP | 200 | 258,625 | |||||||||||
Gov’t. Liquid Gtd. Notes, EMTN | 2.000 | 01/22/21 | EUR | 1,000 | 1,165,686 | |||||||||||
Gov’t. Liquid Gtd. Notes, EMTN | 2.125 | 02/12/25 | GBP | 1,000 | 1,339,394 | |||||||||||
Horizon Parent Holdings Sarl, | 8.250 | 02/15/22 | EUR | 300 | 344,566 |
See Notes to Financial Statements.
24 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
France (cont’d.) | ||||||||||||||||
Loxam SAS, | ||||||||||||||||
Sr. Sec’d. Notes, 144A | 2.875 | % | 04/15/26 | EUR | 1,100 | $ | 1,230,676 | |||||||||
Sr. Sub. Notes, 144A | 4.500 | 04/15/27 | EUR | 1,100 | 1,239,189 | |||||||||||
SNCF Mobilites, | 5.375 | 03/18/27 | GBP | 1,622 | 2,664,584 | |||||||||||
SNCF Reseau EPIC, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.700 | 06/01/35 | CAD | 1,500 | 1,356,203 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 5.250 | 12/07/28 | GBP | 1,000 | 1,688,234 | |||||||||||
Societe Generale SA, | 3.875 | 03/28/24 | 5,055 | 5,108,526 | ||||||||||||
|
| |||||||||||||||
23,573,901 | ||||||||||||||||
Germany 0.8% | ||||||||||||||||
BMW Finance NV, | 4.250 | 10/18/20 | CNH | 5,000 | 752,254 | |||||||||||
Daimler International Finance BV, | ||||||||||||||||
Gtd. Notes | 4.800 | 04/09/21 | CNH | 5,000 | 762,272 | |||||||||||
Gtd. Notes, EMTN | 4.500 | 09/21/21 | CNH | 16,000 | 2,430,688 | |||||||||||
Deutsche Bahn Finance GmbH, | 3.800 | 09/27/27 | AUD | 900 | 680,531 | |||||||||||
Deutsche Bank AG, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.950 | 02/27/23 | 3,040 | 2,983,462 | ||||||||||||
Sr. Unsec’d. Notes | 4.250 | 02/04/21 | 2,760 | 2,768,203 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 4.300 | 05/19/20 | CNH | 10,000 | 1,484,773 | |||||||||||
Unsec’d. Notes | 4.550 | (s) | 11/07/22 | 1,814 | 1,569,763 | |||||||||||
Kreditanstalt fuer Wiederaufbau, | 4.700 | 06/02/37 | CAD | 179 | 168,559 | |||||||||||
Volkswagen International Finance NV, | ||||||||||||||||
Gtd. Notes | 2.700 | (ff) | — | (rr) | EUR | 1,000 | 1,119,992 | |||||||||
Gtd. Notes | 3.750 | (ff) | — | (rr) | EUR | 1,000 | 1,167,808 | |||||||||
|
| |||||||||||||||
15,888,305 | ||||||||||||||||
Hungary 0.0% | ||||||||||||||||
MFB Magyar Fejlesztesi Bank Zrt, | 6.250 | 10/21/20 | 400 | 417,952 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 25 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Indonesia 0.1% | ||||||||||||||||
Pertamina Persero PT, | 4.300 | % | 05/20/23 | 500 | $ | 512,985 | ||||||||||
Perusahaan Listrik Negara PT, | 2.875 | 10/25/25 | EUR | 900 | 1,071,878 | |||||||||||
|
| |||||||||||||||
1,584,863 | ||||||||||||||||
Israel 0.4% | ||||||||||||||||
Israel Electric Corp. Ltd., | ||||||||||||||||
Sr. Sec’d. Notes, 144A, GMTN | 4.250 | 08/14/28 | 3,100 | 3,129,512 | ||||||||||||
Sr. Sec’d. Notes, EMTN | 3.700 | 05/23/30 | JPY | 100,000 | 1,028,341 | |||||||||||
Sr. Sec’d. Notes, MTN | 7.750 | 12/15/27 | 2,500 | 3,106,525 | ||||||||||||
|
| |||||||||||||||
7,264,378 | ||||||||||||||||
Italy 0.7% | ||||||||||||||||
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa, | 1.375 | 07/20/22 | EUR | 1,000 | 1,097,935 | |||||||||||
Assicurazioni Generali SpA, | 5.500 | (ff) | 10/27/47 | EUR | 2,075 | 2,618,398 | ||||||||||
Intesa Sanpaolo SpA, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A(a) | 3.125 | 07/14/22 | 2,500 | 2,448,943 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 3.375 | 01/12/23 | 310 | 304,673 | ||||||||||||
Moby SpA, | 7.750 | 02/15/23 | EUR | 250 | 112,160 | |||||||||||
Nexi Capital SpA, | 4.125 | 11/01/23 | EUR | 1,155 | 1,345,906 | |||||||||||
Rossini Sarl, | 6.750 | 10/30/25 | EUR | 1,980 | 2,395,076 | |||||||||||
Telecom Italia SpA, | 5.875 | 05/19/23 | GBP | 500 | 702,876 | |||||||||||
Wind Tre SpA, | ||||||||||||||||
Sr. Sec’d. Notes, 144A | 2.625 | 01/20/23 | EUR | 640 | 700,237 | |||||||||||
Sr. Sec’d. Notes, 144A | 3.125 | 01/20/25 | EUR | 1,320 | 1,413,723 | |||||||||||
Sr. Sec’d. Notes, 144A | 5.000 | 01/20/26 | 1,000 | 914,000 | ||||||||||||
|
| |||||||||||||||
14,053,927 | ||||||||||||||||
Japan 0.3% | ||||||||||||||||
Development Bank of Japan, Inc., | 0.375 | 10/21/19 | EUR | 700 | 786,979 |
See Notes to Financial Statements.
26 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Japan (cont’d.) | ||||||||||||||||
East Japan Railway Co., | 5.250 | % | 04/22/33 | GBP | 1,500 | $ | 2,680,152 | |||||||||
Mitsubishi UFJ Financial Group, Inc., | 3.761 | 07/26/23 | 2,100 | 2,157,680 | ||||||||||||
|
| |||||||||||||||
5,624,811 | ||||||||||||||||
Kazakhstan 0.1% | ||||||||||||||||
Kazakhstan Temir Zholy National Co. JSC, | 3.638 | 06/20/22 | CHF | 1,500 | 1,548,135 | |||||||||||
Luxembourg 0.5% | ||||||||||||||||
ARD Finance SA, | 6.625 | 09/15/23 | EUR | 6,225 | 7,079,847 | |||||||||||
Swissport Financing Sarl, | 6.750 | 12/15/21 | EUR | 2,000 | 2,316,138 | |||||||||||
|
| |||||||||||||||
9,395,985 | ||||||||||||||||
Mexico 1.2% | ||||||||||||||||
Petroleos Mexicanos, | ||||||||||||||||
Gtd. Notes | 3.625 | 11/24/25 | EUR | 10,520 | 11,570,327 | |||||||||||
Gtd. Notes, EMTN | 1.875 | 04/21/22 | EUR | 1,000 | 1,115,992 | |||||||||||
Gtd. Notes, EMTN | 2.500 | 08/21/21 | EUR | 600 | 686,336 | |||||||||||
Gtd. Notes, EMTN | 3.750 | 02/21/24 | EUR | 3,300 | 3,817,056 | |||||||||||
Gtd. Notes, EMTN | 3.750 | 04/16/26 | EUR | 700 | 769,128 | |||||||||||
Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 2,700 | 3,097,911 | |||||||||||
Gtd. Notes, EMTN | 5.125 | 03/15/23 | EUR | 1,600 | 1,961,239 | |||||||||||
Gtd. Notes, EMTN | 8.250 | 06/02/22 | GBP | 528 | 770,224 | |||||||||||
|
| |||||||||||||||
23,788,213 | ||||||||||||||||
Netherlands 0.9% | ||||||||||||||||
ABN AMRO Bank NV, | 4.750 | 07/28/25 | 500 | 523,347 | ||||||||||||
BNG Bank NV, | ||||||||||||||||
Sr. Unsec’d. Notes | 5.150 | 03/07/25 | CAD | 1,000 | 862,156 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 03/03/21 | NZD | 3,000 | 1,939,075 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 03/29/21 | NZD | 2,200 | 1,419,987 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 05/12/21 | ZAR | 10,000 | 594,331 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 06/22/21 | ZAR | 6,000 | 354,472 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 06/07/22 | ZAR | 10,000 | 544,885 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 08/15/22 | ZAR | 30,000 | 1,611,311 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 27 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Netherlands (cont’d.) | ||||||||||||||||
BNG Bank NV, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 7.000 | % | 12/09/21 | AUD | 2,000 | $ | 1,582,931 | |||||||||
Sr. Unsec’d. Notes, MTN | 3.158 | (s) | 04/05/28 | CAD | 700 | 408,683 | ||||||||||
Sr. Unsec’d. Notes, MTN | 5.500 | 05/23/22 | AUD | 338 | 264,952 | |||||||||||
ING Bank NV, | 5.800 | 09/25/23 | 500 | 545,944 | ||||||||||||
ING Groep NV, | 4.050 | 04/09/29 | 2,815 | 2,833,178 | ||||||||||||
Ziggo BV, | 4.250 | 01/15/27 | EUR | 4,466 | 5,221,250 | |||||||||||
|
| |||||||||||||||
18,706,502 | ||||||||||||||||
Peru 0.1% | ||||||||||||||||
Lima Metro Line 2 Finance Ltd., | 5.875 | 07/05/34 | 200 | 213,000 | ||||||||||||
Peru Enhanced Pass-Through Finance Ltd., | 2.595 | (s) | 06/02/25 | 1,369 | 1,204,312 | |||||||||||
|
| |||||||||||||||
1,417,312 | ||||||||||||||||
Poland 0.1% | ||||||||||||||||
Bank Gospodarstwa Krajowego, | ||||||||||||||||
Gov’t. Gtd. Notes | 1.375 | 06/01/25 | EUR | 500 | 587,584 | |||||||||||
Gov’t. Gtd. Notes | 1.625 | 04/30/28 | EUR | 350 | 408,753 | |||||||||||
Gov’t. Gtd. Notes, EMTN | 1.750 | 05/06/26 | EUR | 1,500 | 1,788,391 | |||||||||||
|
| |||||||||||||||
2,784,728 | ||||||||||||||||
Portugal 0.3% | ||||||||||||||||
CP-Comboios de Portugal EPE, | 5.700 | 03/05/30 | EUR | 3,000 | 4,564,677 | |||||||||||
Infraestruturas de Portugal SA, | 4.250 | 12/13/21 | EUR | 1,000 | 1,231,674 | |||||||||||
|
| |||||||||||||||
5,796,351 | ||||||||||||||||
Qatar 0.0% | ||||||||||||||||
QNB Finance Ltd., | 5.250 | 06/21/21 | CNH | 1,440 | 218,243 |
See Notes to Financial Statements.
28 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Russia 0.4% | ||||||||||||||||
Gazprom OAO Via Gaz Capital SA, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.250 | % | 07/19/22 | CHF | 1,000 | $ | 1,004,760 | |||||||||
Sr. Unsec’d. Notes | 4.250 | 04/06/24 | GBP | 3,800 | 5,133,587 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 5.338 | 09/25/20 | GBP | 1,200 | 1,635,748 | |||||||||||
|
| |||||||||||||||
7,774,095 | ||||||||||||||||
Singapore 0.0% | ||||||||||||||||
Temasek Financial I Ltd., | 3.265 | 02/19/20 | SGD | 500 | 370,690 | |||||||||||
South Africa 0.1% | ||||||||||||||||
Eskom Holdings SOC Ltd., | ||||||||||||||||
Gov’t. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 | 1,350 | 1,402,402 | ||||||||||||
Gov’t. Gtd. Notes, MTN | 6.350 | 08/10/28 | 1,000 | 1,038,816 | ||||||||||||
|
| |||||||||||||||
2,441,218 | ||||||||||||||||
South Korea 0.1% | ||||||||||||||||
Korea Development Bank (The), | 4.500 | 11/10/20 | CNH | 16,000 | 2,416,715 | |||||||||||
Korea Hydro & Nuclear Power Co. Ltd., | 3.350 | 03/13/28 | HKD | 2,000 | 259,343 | |||||||||||
|
| |||||||||||||||
2,676,058 | ||||||||||||||||
Spain 0.3% | ||||||||||||||||
Adif-Alta Velocidad, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 1.875 | 01/28/25 | EUR | 2,000 | 2,408,811 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.500 | 05/27/24 | EUR | 400 | 517,932 | |||||||||||
Banco Santander SA, | 3.800 | 02/23/28 | 2,200 | 2,158,036 | ||||||||||||
|
| |||||||||||||||
5,084,779 | ||||||||||||||||
Supranational Bank 1.8% | ||||||||||||||||
African Development Bank, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 09/29/20 | AUD | 445 | 306,061 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 09/21/21 | NZD | 3,100 | 1,986,304 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 03/13/23 | MXN | 20,000 | 749,176 | |||||||||||
Corp. Andina de Fomento, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.750 | 01/06/23 | 1,350 | 1,332,018 | ||||||||||||
Sr. Unsec’d. Notes | 4.375 | 06/15/22 | 3,300 | 3,422,925 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 29 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Supranational Bank (cont’d.) | ||||||||||||||||
Corp. Andina de Fomento, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes, MTN | 4.000 | % | 03/31/21 | AUD | 1,636 | $ | 1,188,616 | |||||||||
EUROFIMA, | 5.150 | 12/13/19 | CAD | 540 | 410,024 | |||||||||||
European Bank for Reconstruction & Development, | ||||||||||||||||
Sr. Unsec’d. Notes, GMTN | 0.500 | 09/01/23 | AUD | 400 | 259,701 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 0.500 | 11/21/23 | AUD | 1,200 | 784,279 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 6.450 | 12/13/22 | IDR | 60,560,000 | 4,079,832 | |||||||||||
European Investment Bank, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 4.600 | 01/30/37 | CAD | 1,500 | 1,399,522 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 06/21/23 | AUD | 2,500 | 1,653,108 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 07/21/23 | AUD | 800 | 528,267 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 08/10/23 | AUD | 1,210 | 798,313 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 10/26/23 | AUD | 6,930 | 4,554,080 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 1.250 | 05/12/25 | SEK | 16,500 | 1,817,908 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.250 | 05/24/23 | NOK | 10,000 | 1,227,229 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.600 | 01/30/37 | CAD | 550 | 513,619 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.750 | 01/19/21 | MXN | 10,000 | 495,655 | |||||||||||
Inter-American Development Bank, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 05/23/23 | CAD | 744 | 524,912 | |||||||||||
Unsec’d. Notes, EMTN | 0.500 | 10/30/20 | ZAR | 2,250 | 141,063 | |||||||||||
Unsec’d. Notes, EMTN | 0.500 | 11/30/20 | ZAR | 1,840 | 114,220 | |||||||||||
International Bank for Reconstruction & Development, | ||||||||||||||||
Sr. Unsec’d. Notes, MTN | 0.500 | 03/07/22 | AUD | 1,145 | 772,841 | |||||||||||
Sr. Unsec’d. Notes, MTN | 0.500 | 03/28/22 | AUD | 200 | 134,867 | |||||||||||
Sr. Unsec’d. Notes, MTN | 0.500 | 07/29/22 | AUD | 350 | 234,253 | |||||||||||
Sr. Unsec’d. Notes, MTN | 7.612 | (s) | 09/19/22 | MXN | 12,500 | 506,501 | ||||||||||
International Finance Corp., | ||||||||||||||||
Notes, EMTN | 0.500 | 09/13/19 | AUD | 2,000 | 1,399,433 | |||||||||||
Sr. Unsec’d. Notes | 4.250 | 07/13/20 | PEN | 6,000 | 1,811,523 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 6.000 | 07/25/22 | MXN | 20,000 | 989,516 | |||||||||||
Nordic Investment Bank, | 3.875 | 09/02/25 | NZD | 2,000 | 1,450,580 | |||||||||||
North American Development Bank, | 2.400 | 10/26/22 | 750 | 739,234 | ||||||||||||
|
| |||||||||||||||
36,325,580 | ||||||||||||||||
Switzerland 0.6% | ||||||||||||||||
Credit Suisse Group AG, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 4.207 | (ff) | 06/12/24 | 2,850 | 2,935,551 |
See Notes to Financial Statements.
30 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Switzerland (cont’d.) | ||||||||||||||||
Credit Suisse Group AG, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 4.282 | % | 01/09/28 | 2,975 | $ | 3,034,272 | ||||||||||
Credit Suisse Group Funding Guernsey Ltd., | 1.000 | 04/14/23 | CHF | 1,000 | 1,011,021 | |||||||||||
UBS Group Funding Switzerland AG, | ||||||||||||||||
Gtd. Notes, 144A | 2.859 | (ff) | 08/15/23 | 990 | 978,279 | |||||||||||
Gtd. Notes, 144A | 3.491 | 05/23/23 | 1,100 | 1,106,702 | ||||||||||||
Gtd. Notes, 144A | 4.125 | 09/24/25 | 2,500 | 2,591,154 | ||||||||||||
|
| |||||||||||||||
11,656,979 | ||||||||||||||||
Tunisia 0.0% | ||||||||||||||||
Banque Centrale de Tunisie International Bond, | 4.200 | 03/17/31 | JPY | 100,000 | 719,752 | |||||||||||
United Arab Emirates 0.5% | ||||||||||||||||
Abu Dhabi National Energy Co. PJSC, | 4.375 | 04/23/25 | 1,070 | 1,102,100 | ||||||||||||
DP World PLC, | 4.250 | 09/25/30 | GBP | 1,840 | 2,552,516 | |||||||||||
Emirates Telecommunications Group Co. PJSC, | 2.750 | 06/18/26 | EUR | 4,000 | 4,987,558 | |||||||||||
First Abu Dhabi Bank PJSC, | 4.500 | 09/10/21 | CNH | 8,000 | 1,195,762 | |||||||||||
|
| |||||||||||||||
9,837,936 | ||||||||||||||||
United Kingdom 2.2% | ||||||||||||||||
B&M European Value Retail SA, | 4.125 | 02/01/22 | GBP | 400 | 529,432 | |||||||||||
Barclays PLC, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.650 | 03/16/25 | 800 | 784,875 | ||||||||||||
Sr. Unsec’d. Notes, MTN | 4.972 | (ff) | 05/16/29 | 5,520 | 5,791,202 | |||||||||||
Sub. Notes | 5.200 | 05/12/26 | 3,780 | 3,910,950 | ||||||||||||
Co-operative Group Holdings 2011 Ltd., | 7.500 | 07/08/26 | GBP | 2,400 | 3,508,282 | |||||||||||
CPUK Finance Ltd., | ||||||||||||||||
Sec’d. Notes, 144A | 4.250 | 02/28/47 | GBP | 185 | 244,245 | |||||||||||
Sec’d. Notes, 144A | 4.875 | 02/28/47 | GBP | 110 | 144,119 | |||||||||||
HSBC Bank PLC, | 3.120 | 04/04/26 | CNH | 36,800 | 5,314,011 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 31 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United Kingdom (cont’d.) | ||||||||||||||||
HSBC Holdings PLC, | 4.250 | % | 08/18/25 | 1,255 | $ | 1,288,817 | ||||||||||
Lloyds Banking Group PLC, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.907 | (ff) | 11/07/23 | 1,850 | 1,817,050 | |||||||||||
Sub. Notes | 4.582 | 12/10/25 | 2,250 | 2,308,188 | ||||||||||||
Reynolds American, Inc., | 8.125 | 06/23/19 | 30 | 30,222 | ||||||||||||
Royal Bank of Scotland Group PLC, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.875 | 09/12/23 | 1,000 | 1,009,139 | ||||||||||||
Sr. Unsec’d. Notes | 4.269 | (ff) | 03/22/25 | 5,860 | 5,974,246 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 2.000 | (ff) | 03/08/23 | EUR | 700 | 812,016 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 2.500 | 03/22/23 | EUR | 1,500 | 1,786,625 | |||||||||||
Santander UK Group Holdings PLC, | 3.571 | 01/10/23 | 3,065 | 3,075,532 | ||||||||||||
Stonegate Pub Co. Financing PLC, | ||||||||||||||||
Sr. Sec’d. Notes | 4.875 | 03/15/22 | GBP | 458 | 605,372 | |||||||||||
Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.250% | 7.095 | (c) | 03/15/22 | GBP | 2,500 | 3,276,280 | ||||||||||
Tesco Corporate Treasury Services PLC, | 2.500 | 07/01/24 | EUR | 750 | 908,226 | |||||||||||
Virgin Media Secured Finance PLC, | 5.500 | 01/15/25 | GBP | 1,512 | 2,023,897 | |||||||||||
|
| |||||||||||||||
45,142,726 | ||||||||||||||||
United States 11.3% | ||||||||||||||||
Actuant Corp., | 5.625 | 06/15/22 | 400 | 403,000 | ||||||||||||
Adient Global Holdings Ltd., | 3.500 | 08/15/24 | EUR | 1,234 | 1,193,332 | |||||||||||
Altria Group, Inc., | 3.125 | 06/15/31 | EUR | 2,900 | 3,409,707 | |||||||||||
American International Group, Inc., | 1.875 | 06/21/27 | EUR | 2,100 | 2,417,214 | |||||||||||
Amgen, Inc., | 2.600 | 08/19/26 | 600 | 569,145 | ||||||||||||
Anadarko Petroleum Corp., | 6.450 | 09/15/36 | 35 | 43,687 | ||||||||||||
Anthem, Inc., | 4.101 | 03/01/28 | 1,005 | 1,027,975 | ||||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | 7.000 | 11/01/26 | 150 | 146,250 |
See Notes to Financial Statements.
32 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., (cont’d.) | 10.000 | % | 04/01/22 | 350 | $ | 382,375 | ||||||||||
AT&T, Inc., | ||||||||||||||||
Sr. Unsec’d. Notes | 4.850 | 03/01/39 | 1,200 | 1,227,300 | ||||||||||||
Sr. Unsec’d. Notes | 4.850 | 05/25/47 | CAD | 150 | 111,972 | |||||||||||
Sr. Unsec’d. Notes | 5.100 | 11/25/48 | CAD | 4,575 | 3,575,446 | |||||||||||
Sr. Unsec’d. Notes | 5.250 | 03/01/37 | 70 | 74,972 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 7.000 | 04/30/40 | GBP | 1,550 | 3,006,400 | |||||||||||
Ball Corp., | 4.375 | 12/15/23 | EUR | 200 | 256,734 | |||||||||||
Bank of America Corp., | ||||||||||||||||
Sr. Unsec’d. Notes | 3.419 | (ff) | 12/20/28 | 4,519 | 4,437,715 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.000 | 05/31/21 | EUR | 1,100 | 1,465,116 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 0.000 | 03/31/22 | EUR | 1,143 | 1,511,465 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 5.145 | 06/27/22 | EUR | 500 | 631,964 | |||||||||||
Bausch Health Americas, Inc., | 8.500 | 01/31/27 | 550 | 599,156 | ||||||||||||
Bausch Health Cos., Inc., | 5.750 | 08/15/27 | 215 | 224,030 | ||||||||||||
Beazer Homes USA, Inc., | 8.750 | 03/15/22 | 3,500 | 3,657,500 | ||||||||||||
Brixmor Operating Partnership LP, | 3.650 | 06/15/24 | 2,000 | 1,992,889 | ||||||||||||
Broadcom, Inc., | ||||||||||||||||
Gtd. Notes, 144A | 3.125 | 04/15/21 | 3,285 | 3,283,522 | ||||||||||||
Gtd. Notes, 144A | 3.125 | �� | 10/15/22 | 2,520 | 2,506,735 | |||||||||||
Caledonia Generating LLC, | 1.950 | 02/28/22 | 110 | 108,226 | ||||||||||||
Calpine Corp., | 5.750 | 01/15/25 | 4,750 | 4,702,500 | ||||||||||||
Catalent Pharma Solutions, Inc., | 4.750 | 12/15/24 | EUR | 350 | 408,648 | |||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 5.500 | 05/01/26 | 1,000 | 1,032,000 | ||||||||||||
Sr. Unsec’d. Notes, 144A(a) | 5.875 | 05/01/27 | 675 | 701,156 | ||||||||||||
Celgene Corp., | 3.450 | 11/15/27 | 3,345 | 3,311,169 | ||||||||||||
CF Industries, Inc., | ||||||||||||||||
Gtd. Notes | 3.450 | 06/01/23 | 600 | 587,250 | ||||||||||||
Sr. Sec’d. Notes, 144A | 4.500 | 12/01/26 | 6,451 | 6,565,023 | ||||||||||||
CHS/Community Health Systems, Inc., | 8.125 | 06/30/24 | 696 | 515,040 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 33 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Citigroup, Inc., | ||||||||||||||||
Jr. Sub. Notes, Series P | 5.950 | %(ff) | — | (rr) | 700 | $ | 733,250 | |||||||||
Sr. Unsec’d. Notes | 2.750 | 04/25/22 | 600 | 597,044 | ||||||||||||
Sub. Notes | 4.400 | 06/10/25 | 3,000 | 3,128,828 | ||||||||||||
Clear Channel Worldwide Holdings, Inc., | 9.250 | 02/15/24 | 2,200 | 2,367,750 | ||||||||||||
Comcast Corp., | 3.150 | 02/15/28 | 2,000 | 1,966,865 | ||||||||||||
Continental Airlines2010-1 Class A Pass-Through Trust, | 4.750 | 07/12/22 | 44 | 44,940 | ||||||||||||
CSC Holdings LLC, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 5.125 | 12/15/21 | 800 | 802,000 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 5.125 | 12/15/21 | 700 | 701,750 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 7.500 | 04/01/28 | 1,900 | 2,073,375 | ||||||||||||
CVS Health Corp., | 4.300 | 03/25/28 | 1,630 | 1,648,054 | ||||||||||||
Dana Financing Luxembourg Sarl, | 6.500 | 06/01/26 | 2,700 | 2,824,875 | ||||||||||||
Delta Air Lines2007-1 Class A Pass-Through Trust, | 6.821 | 02/10/24 | 128 | 139,980 | ||||||||||||
Delta Air Lines2010-2 Class A Pass-Through Trust, | 4.950 | 11/23/20 | 3 | 2,831 | ||||||||||||
Discovery Communications LLC, | 3.450 | 03/15/25 | 2,500 | 2,478,514 | ||||||||||||
DISH DBS Corp., | 7.750 | 07/01/26 | 3,000 | 2,685,000 | ||||||||||||
Dow Chemical Co. (The), | 9.400 | 05/15/39 | 152 | 233,418 | ||||||||||||
DXC Technology Co., | 2.875 | 03/27/20 | 1,000 | 998,881 | ||||||||||||
Eastman Chemical Co., | 4.500 | 12/01/28 | 600 | 627,244 | ||||||||||||
Energizer Gamma Acquisition BV, | 4.625 | 07/15/26 | EUR | 2,575 | 2,971,529 | |||||||||||
Enterprise Products Operating LLC, | 4.150 | 10/16/28 | 1,665 | 1,752,974 | ||||||||||||
ERAC USA Finance LLC, | 7.000 | 10/15/37 | 190 | 247,959 | ||||||||||||
Everi Payments, Inc., | 7.500 | 12/15/25 | 2,529 | 2,630,160 |
See Notes to Financial Statements.
34 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Express Scripts Holding Co., | 3.050 | % | 11/30/22 | 3,000 | $ | 2,994,043 | ||||||||||
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., | 8.625 | 06/15/20 | 750 | 566,250 | ||||||||||||
Fidelity National Information Services, Inc., | 1.100 | 07/15/24 | EUR | 2,300 | 2,612,310 | |||||||||||
Ford Motor Co., | 7.450 | 07/16/31 | 1,255 | 1,456,604 | ||||||||||||
Ford Motor Credit Co. LLC, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.134 | 08/04/25 | 250 | 244,588 | ||||||||||||
Sr. Unsec’d. Notes | 4.687 | 06/09/25 | 2,015 | 2,024,933 | ||||||||||||
General Electric Co., | 2.125 | 05/17/37 | EUR | 1,600 | 1,635,239 | |||||||||||
General Motors Financial Co., Inc., | ||||||||||||||||
Gtd. Notes | 3.200 | 07/06/21 | 370 | 369,779 | ||||||||||||
Gtd. Notes | 3.850 | 01/05/28 | 3,100 | 2,961,819 | ||||||||||||
Gtd. Notes | 3.950 | 04/13/24 | 250 | 252,647 | ||||||||||||
Goldman Sachs Group, Inc. (The), | ||||||||||||||||
Jr. Sub. Notes, Series L | 5.700 | (ff) | — | (rr) | 2,120 | 2,125,300 | ||||||||||
Jr. Sub. Notes, Series M | 5.375 | (ff) | — | (rr) | 700 | 716,289 | ||||||||||
Sr. Unsec’d. Notes | 2.830 | 10/20/22 | 1,600 | 1,549,141 | ||||||||||||
Sr. Unsec’d. Notes | 3.500 | 01/23/25 | 1,500 | 1,507,854 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 0.000 | (cc) | 08/12/25 | EUR | 1,665 | 1,731,298 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 1.428 | (s) | �� | 12/15/23 | EUR | 200 | 210,500 | |||||||||
Sr. Unsec’d. Notes, EMTN | 2.000 | (cc) | 05/31/24 | 2,778 | 2,806,305 | |||||||||||
Sub. Notes | 4.750 | 10/12/21 | EUR | 3,000 | 3,707,858 | |||||||||||
International Lease Finance Corp., | 6.250 | 05/15/19 | 125 | 125,143 | ||||||||||||
International Paper Co., | 7.300 | 11/15/39 | 75 | 94,287 | ||||||||||||
IQVIA, Inc., | 3.500 | 10/15/24 | EUR | 920 | 1,056,946 | |||||||||||
Jabil, Inc., | 4.700 | 09/15/22 | 655 | 674,846 | ||||||||||||
JBS USA LUX SA/JBS USA Finance, Inc., | 5.750 | 06/15/25 | 545 | 557,263 | ||||||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | 6.500 | 04/15/29 | 1,250 | 1,325,000 | ||||||||||||
John Sevier Combined Cycle Generation LLC, | 4.626 | 01/15/42 | 3,707 | 4,143,497 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 35 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
JPMorgan Chase & Co., | ||||||||||||||||
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470% | 6.053 | %(c) | — | (rr) | 322 | $ | 323,472 | |||||||||
Jr. Sub. Notes, Series V | 5.000 | (ff) | — | (rr) | 1,000 | 1,002,500 | ||||||||||
Jr. Sub. Notes, Series X | 6.100 | (ff) | — | (rr) | 1,980 | 2,102,958 | ||||||||||
Jr. Sub. Notes, Series Z | 5.300 | (ff) | — | (rr) | 1,410 | 1,436,987 | ||||||||||
Sr. Unsec’d. Notes | 3.509 | (ff) | 01/23/29 | 3,200 | 3,169,995 | |||||||||||
Sr. Unsec’d. Notes | 3.702 | (ff) | 05/06/30 | 1,590 | 1,593,463 | |||||||||||
KB Home, | 7.500 | 09/15/22 | 1,000 | 1,097,500 | ||||||||||||
Kinder Morgan Energy Partners LP, | 4.150 | 02/01/24 | 2,000 | 2,071,961 | ||||||||||||
Kraft Heinz Foods Co., | 3.000 | 06/01/26 | 2,000 | 1,886,373 | ||||||||||||
Lehman Brothers Holdings, Inc., | 6.875 | 05/02/18 | 100 | 1,740 | ||||||||||||
Liberty Interactive LLC, | 8.250 | 02/01/30 | 75 | 77,625 | ||||||||||||
Liberty Mutual Group, Inc., | ||||||||||||||||
Gtd. Notes, 144A | 2.750 | 05/04/26 | EUR | 1,000 | 1,220,394 | |||||||||||
Gtd. Notes, 144A | 6.500 | 03/15/35 | 90 | 106,867 | ||||||||||||
Mars, Inc., | 3.600 | 04/01/34 | 420 | 419,757 | ||||||||||||
Marsh & McLennan Cos., Inc., | 1.979 | 03/21/30 | EUR | 4,700 | 5,454,052 | |||||||||||
Medtronic Global Holdings SCA, | ||||||||||||||||
Gtd. Notes | 1.625 | 03/07/31 | EUR | 2,500 | 2,948,336 | |||||||||||
Gtd. Notes | 2.250 | 03/07/39 | EUR | 2,410 | 2,955,089 | |||||||||||
MGM Resorts International, | ||||||||||||||||
Gtd. Notes | 6.000 | 03/15/23 | 400 | 427,000 | ||||||||||||
Gtd. Notes | 6.625 | 12/15/21 | 100 | 107,345 | ||||||||||||
Micron Technology, Inc., | 5.500 | 02/01/25 | 315 | 324,365 | ||||||||||||
Morgan Guaranty Trust Co., | 1.390 | (s) | 01/21/27 | EUR | 824 | 855,437 | ||||||||||
Morgan Stanley, | ||||||||||||||||
Jr. Sub. Notes, Series H | 5.450 | (ff) | — | (rr) | 1,415 | 1,416,769 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 0.637 | (ff) | 07/26/24 | EUR | 5,000 | 5,616,777 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 1.342 | (ff) | 10/23/26 | EUR | 600 | 687,871 | ||||||||||
Sr. Unsec’d. Notes, GMTN | 1.375 | 10/27/26 | EUR | 1,600 | 1,838,694 | |||||||||||
MPLX LP, | 4.000 | 03/15/28 | 515 | 515,603 |
See Notes to Financial Statements.
36 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
MPLX LP, (cont’d.) | 4.125 | % | 03/01/27 | 2,000 | $ | 2,021,750 | ||||||||||
MPT Operating Partnership LP/MPT Finance Corp., | 3.325 | 03/24/25 | EUR | 1,700 | 2,011,304 | |||||||||||
Nationstar Mortgage Holdings, Inc., | 8.125 | 07/15/23 | 1,540 | 1,551,550 | ||||||||||||
Newell Brands, Inc., | 4.200 | 04/01/26 | 1,300 | 1,237,118 | ||||||||||||
Norfolk Southern Corp., | ||||||||||||||||
Sr. Unsec’d. Notes | 3.942 | 11/01/47 | 232 | 225,415 | ||||||||||||
Sr. Unsec’d. Notes | 4.050 | 08/15/52 | 165 | 160,830 | ||||||||||||
NRG Energy, Inc., | 6.625 | 01/15/27 | 1,850 | 1,979,500 | ||||||||||||
ONEOK Partners LP, | 4.900 | 03/15/25 | 2,000 | 2,130,964 | ||||||||||||
Owens Corning, | 4.200 | 12/15/22 | 270 | 277,388 | ||||||||||||
PetSmart, Inc., | 5.875 | 06/01/25 | 675 | 611,719 | ||||||||||||
Phillips 66 Partners LP, | 3.605 | 02/15/25 | 2,000 | 2,014,242 | ||||||||||||
PVH Corp., | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 3.125 | 12/15/27 | EUR | 575 | 680,333 | |||||||||||
Sr. Unsec’d. Notes, 144A | 3.625 | 07/15/24 | EUR | 840 | 1,058,416 | |||||||||||
Sally Holdings LLC/Sally Capital, Inc., | 5.625 | 12/01/25 | 2,000 | 1,995,000 | ||||||||||||
Schlumberger Holdings Corp., | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 3.900 | 05/17/28 | 1,955 | 1,948,276 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 4.000 | 12/21/25 | 129 | 132,766 | ||||||||||||
Scientific Games International, Inc., | ||||||||||||||||
Gtd. Notes | 6.250 | 09/01/20 | 1,300 | 1,303,250 | ||||||||||||
Gtd. Notes | 6.625 | 05/15/21 | 1,537 | 1,552,370 | ||||||||||||
Shire Acquisitions Investments Ireland DAC, | 3.200 | 09/23/26 | 2,470 | 2,403,874 | ||||||||||||
Spectrum Brands, Inc., | 4.000 | 10/01/26 | EUR | 675 | 788,128 | |||||||||||
Sprint Capital Corp., | 8.750 | 03/15/32 | 4,500 | 4,725,000 | ||||||||||||
Sprint Corp., | 7.625 | 02/15/25 | 300 | 303,000 | ||||||||||||
Stryker Corp., | 2.625 | 11/30/30 | EUR | 2,300 | 2,946,402 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 37 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Tempur Sealy International, Inc., | 5.500 | % | 06/15/26 | 1,837 | $ | 1,827,723 | ||||||||||
Tenet Healthcare Corp., | ||||||||||||||||
Sr. Unsec’d. Notes(a) | 6.750 | 06/15/23 | 1,075 | 1,096,500 | ||||||||||||
Sr. Unsec’d. Notes | 8.125 | 04/01/22 | 2,250 | 2,400,660 | ||||||||||||
Textron, Inc., | 7.250 | 10/01/19 | 200 | 203,628 | ||||||||||||
Thermo Fisher Scientific, Inc., | 2.875 | 07/24/37 | EUR | 450 | 569,049 | |||||||||||
Tote Shipholdings, Inc., | 3.400 | 10/16/40 | 111 | 110,310 | ||||||||||||
U.S. Concrete, Inc., | 6.375 | 06/01/24 | 1,675 | 1,721,062 | ||||||||||||
United Airlines2007-1 Class A Pass-Through Trust, | 6.636 | 01/02/24 | 66 | 69,815 | ||||||||||||
United Rentals North America, Inc., | ||||||||||||||||
Gtd. Notes | 4.875 | 01/15/28 | 3,115 | 3,091,637 | ||||||||||||
Gtd. Notes | 5.250 | 01/15/30 | 740 | 743,700 | ||||||||||||
Gtd. Notes | 5.500 | 05/15/27 | 500 | 515,000 | ||||||||||||
Verizon Communications, Inc., | ||||||||||||||||
Sr. Unsec’d. Notes | 1.250 | 04/08/30 | EUR | 5,000 | 5,616,412 | |||||||||||
Sr. Unsec’d. Notes | 2.500 | 04/08/31 | GBP | 1,400 | 1,816,653 | |||||||||||
Walt Disney Co. (The), | ||||||||||||||||
Gtd. Notes, 144A | 6.150 | 03/01/37 | 415 | 537,029 | ||||||||||||
Gtd. Notes, 144A | 6.900 | 08/15/39 | 60 | 84,798 | ||||||||||||
Warner Media LLC, | 3.800 | 02/15/27 | 85 | 85,495 | ||||||||||||
WestRock MWV LLC, | 7.375 | 09/01/19 | 450 | 456,429 | ||||||||||||
William Lyon Homes, Inc., | ||||||||||||||||
Gtd. Notes | 5.875 | 01/31/25 | 900 | 873,000 | ||||||||||||
Gtd. Notes | 7.000 | 08/15/22 | 800 | 804,000 | ||||||||||||
Williams Cos., Inc. (The), | ||||||||||||||||
Sr. Unsec’d. Notes | 3.750 | 06/15/27 | 2,000 | 2,005,785 | ||||||||||||
Sr. Unsec’d. Notes | 4.000 | 09/15/25 | 1,500 | 1,541,392 | ||||||||||||
WMG Acquisition Corp., | 4.125 | 11/01/24 | EUR | 180 | 211,175 |
See Notes to Financial Statements.
38 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Xerox Corp., | 4.125 | % | 03/15/23 | 460 | $ | 455,538 | ||||||||||
XPO Logistics, Inc., | 6.750 | 08/15/24 | 530 | 547,225 | ||||||||||||
|
| |||||||||||||||
226,295,113 | ||||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS |
| 514,744,290 | ||||||||||||||
|
| |||||||||||||||
MUNICIPAL BONDS 0.0% | ||||||||||||||||
Puerto Rico | ||||||||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, | ||||||||||||||||
Revenue Bonds | 0.535 | (s) | 08/01/41 | 315 | 278,872 | |||||||||||
Revenue Bonds | 0.816 | (s) | 08/01/41 | 104 | 86,252 | |||||||||||
|
| |||||||||||||||
TOTAL MUNICIPAL BONDS | 365,124 | |||||||||||||||
|
| |||||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.7% | ||||||||||||||||
Bermuda 0.9% | ||||||||||||||||
Bellemeade Re Ltd., | ||||||||||||||||
Series2017-01, Class M1, 144A, 1 Month LIBOR + 1.700% | 4.177 | (c) | 10/25/27 | 438 | 441,958 | |||||||||||
Series2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% | 4.077 | (c) | 04/25/28 | 1,459 | 1,465,571 | |||||||||||
Series2018-02A, Class M1A, 144A, 1 Month LIBOR + 0.950% | 3.427 | (c) | 08/25/28 | 1,580 | 1,580,249 | |||||||||||
Series2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350% | 3.827 | (c) | 08/25/28 | 750 | 751,425 | |||||||||||
Series2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600% | 4.077 | (c) | 08/25/28 | 750 | 749,999 | |||||||||||
Series2018-03A, Class M1A, 144A, 1 Month LIBOR + 1.200% | 3.677 | (c) | 10/25/27 | 630 | 630,000 | |||||||||||
Series2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% | 4.327 | (c) | 10/25/27 | 950 | 955,089 | |||||||||||
Series2019-02A, Class M1A, 144A, 1 Month LIBOR + 1.000% | 3.480 | (c) | 04/25/29 | 5,400 | 5,402,550 | |||||||||||
Series2019-02A, Class M1B, 144A, 1 Month LIBOR + 1.450% | 3.930 | (c) | 04/25/29 | 1,630 | 1,631,104 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 39 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) |
| |||||||||||||||
Bermuda (cont’d.) | ||||||||||||||||
Eagle RE Ltd., | ||||||||||||||||
Series2019-01, Class M1A, 144A, 1 Month LIBOR + 1.250% | 3.734 | %(c) | 04/25/29 | 900 | $ | 900,617 | ||||||||||
Series2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% | 4.284 | (c) | 04/25/29 | 750 | 750,620 | |||||||||||
Oaktown Re Ltd., | 4.027 | (c) | 07/25/28 | 900 | 897,735 | |||||||||||
Radnor Re Ltd., | 3.877 | (c) | 03/25/28 | 1,500 | 1,504,120 | |||||||||||
|
| |||||||||||||||
17,661,037 | ||||||||||||||||
Cayman Islands 0.1% | ||||||||||||||||
LSTAR Securities Investment Ltd., | 4.152 | (c) | 11/01/22 | 699 | 701,636 | |||||||||||
United Kingdom 0.6% | ||||||||||||||||
Alba PLC, | 1.086 | (c) | 03/17/39 | GBP | 1,146 | 1,376,805 | ||||||||||
Newgate Funding PLC, | ||||||||||||||||
Series2006-2, Class M, 3 Month GBP LIBOR + 0.220% | 1.068 | (c) | 12/01/50 | GBP | 1,610 | 1,964,173 | ||||||||||
Series2007-02X, Class A3, 3 Month GBP LIBOR + 0.160% | 1.005 | (c) | 12/15/50 | GBP | 2,700 | 3,232,355 | ||||||||||
Paragon Mortgages PLC, | ||||||||||||||||
Series 11X, Class BB, 3 Month EURIBOR + 0.480% | 0.170 | (c) | 10/15/41 | EUR | 3,352 | 3,541,536 | ||||||||||
Series 12X, Class B1B, 3 Month EURIBOR + 0.480% | 0.172 | (c) | 11/15/38 | EUR | 1,275 | 1,333,391 | ||||||||||
Towd Point Mortgage Funding Vantage PLC, | 2.059 | (c) | 02/20/54 | GBP | 806 | 1,053,923 | ||||||||||
|
| |||||||||||||||
12,502,183 | ||||||||||||||||
United States 1.1% | ||||||||||||||||
APS Resecuritization Trust, | 2.652 | (c) | 07/27/57 | 1,869 | 1,848,799 |
See Notes to Financial Statements.
40 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued) |
| |||||||||||||||
United States (cont’d.) | ||||||||||||||||
Banc of America Funding Trust, | 4.177 | %(c) | 09/26/45 | 314 | $ | 322,638 | ||||||||||
Central Park Funding Trust, | 3.989 | (c) | 11/01/23 | 3,500 | 3,500,000 | |||||||||||
CIM Trust, | ||||||||||||||||
Series2017-02, Class A1, 144A, 1 Month LIBOR + 2.000% | 4.502 | (c) | 12/25/57 | 2,119 | 2,130,891 | |||||||||||
Series2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% | 4.502 | (c) | 01/25/57 | 1,916 | 1,948,878 | |||||||||||
Series2017-08, Class A1, 144A | 3.000 | (cc) | 12/25/65 | 2,396 | 2,350,584 | |||||||||||
Fannie Mae Connecticut Avenue Securities, | 3.927 | (c) | 01/25/29 | 151 | 152,021 | |||||||||||
Freddie Mac STACR Trust, | 5.127 | (c) | 01/25/49 | 470 | 484,408 | |||||||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, | ||||||||||||||||
Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300% | 5.777 | (c) | 10/25/27 | 1,000 | 1,082,689 | |||||||||||
Series 2016-HQA02, Class M2, 1 Month LIBOR + 2.250% | 4.727 | (c) | 11/25/28 | 410 | 416,073 | |||||||||||
IndyMac INDX Mortgage Loan Trust, | 4.390 | (cc) | 02/25/35 | 1,144 | 1,135,235 | |||||||||||
LSTAR Securities Investment Trust, | ||||||||||||||||
Series2018-02, Class A1, 144A, 1 Month LIBOR + 1.500% | 4.002 | (c) | 04/01/23 | 2,485 | 2,493,674 | |||||||||||
Series2019-02, Class A1, 144A, 1 Month LIBOR + 1.500% | 3.981 | (c) | 04/01/24 | 2,470 | 2,488,266 | |||||||||||
New Residential Mortgage Loan Trust, | 3.227 | (c) | 01/25/48 | 2,133 | 2,127,309 | |||||||||||
|
| |||||||||||||||
22,481,465 | ||||||||||||||||
|
| |||||||||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES |
| 53,346,321 | ||||||||||||||
|
|
See Notes to Financial Statements.
PGIM Global Total Return Fund | 41 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS 41.6% | ||||||||||||||||
Albania 0.1% | ||||||||||||||||
Albania Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.500 | % | 10/09/25 | EUR | 1,000 | $ | 1,189,309 | |||||||||
Sr. Unsec’d. Notes | 5.750 | 11/12/20 | EUR | 352 | 422,637 | |||||||||||
Sr. Unsec’d. Notes, 144A | 3.500 | 10/09/25 | EUR | 1,000 | 1,189,308 | |||||||||||
|
| |||||||||||||||
2,801,254 | ||||||||||||||||
Argentina 1.3% | ||||||||||||||||
Argentine Republic Government International Bond, | ||||||||||||||||
Bonds | 3.380 | (cc) | 12/31/38 | EUR | 1,000 | 566,771 | ||||||||||
Bonds | 4.330 | 12/31/33 | JPY | 519,215 | 2,318,861 | |||||||||||
Sr. Unsec’d. Notes | 3.375 | 10/12/20 | CHF | 3,860 | 3,276,805 | |||||||||||
Sr. Unsec’d. Notes | 5.000 | 01/15/27 | EUR | 3,000 | 2,254,416 | |||||||||||
Sr. Unsec’d. Notes | 5.250 | 01/15/28 | EUR | 2,540 | 1,875,316 | |||||||||||
Sr. Unsec’d. Notes | 7.820 | 12/31/33 | EUR | 17,202 | 14,240,067 | |||||||||||
Provincia de Buenos Aires, | 5.375 | 01/20/23 | EUR | 1,100 | 913,086 | |||||||||||
|
| |||||||||||||||
25,445,322 | ||||||||||||||||
Australia 0.1% | ||||||||||||||||
Australia Government Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.000 | 03/21/47 | AUD | 2,400 | 1,880,888 | |||||||||||
Sr. Unsec’d. Notes | 4.250 | 04/21/26 | AUD | 600 | 497,027 | |||||||||||
|
| |||||||||||||||
2,377,915 | ||||||||||||||||
Austria 0.2% | ||||||||||||||||
Republic of Austria Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A, EMTN | 5.000 | 12/20/24 | CAD | 3,500 | 2,984,105 | |||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 5.375 | 12/01/34 | CAD | 1,440 | 1,420,447 | |||||||||||
|
| |||||||||||||||
4,404,552 | ||||||||||||||||
Belgium 0.4% | ||||||||||||||||
Kingdom of Belgium Government Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 0.800 | 06/22/27 | EUR | 680 | 798,789 | |||||||||||
Sr. Unsec’d. Notes, 144A | 0.800 | 06/22/28 | EUR | 1,340 | 1,565,575 | |||||||||||
Unsec’d. Notes | 1.250 | 04/22/33 | EUR | 500 | 594,717 | |||||||||||
Kingdom of Belgium Government International Bond, Notes, 144A | 8.875 | 12/01/24 | 750 | 968,424 |
See Notes to Financial Statements.
42 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) |
| |||||||||||||||
Belgium (cont’d.) | ||||||||||||||||
Kingdom of Belgium Government International Bond, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes | 9.375 | % | 02/21/20 | GBP | 2,402 | $ | 3,335,012 | |||||||||
Unsec’d. Notes, MTN | 5.700 | 05/28/32 | GBP | 650 | 1,205,221 | |||||||||||
|
| |||||||||||||||
8,467,738 | ||||||||||||||||
Brazil 2.0% | ||||||||||||||||
Brazil Loan Trust 1, | 5.477 | 07/24/23 | 8,795 | 9,041,438 | ||||||||||||
Brazil Minas SPE via State of Minas Gerais, | 5.333 | 02/15/28 | 21,272 | 21,962,823 | ||||||||||||
Brazilian Government International Bond, | 2.875 | 04/01/21 | EUR | 7,128 | 8,344,536 | |||||||||||
|
| |||||||||||||||
39,348,797 | ||||||||||||||||
Bulgaria 0.4% | ||||||||||||||||
Bulgaria Government International Bond, | 3.125 | 03/26/35 | EUR | 6,352 | 8,262,883 | |||||||||||
Canada 0.4% | ||||||||||||||||
Canadian Government Bond, | 4.000 | 06/01/41 | CAD | 650 | 657,050 | |||||||||||
City of Toronto Canada, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.500 | 06/02/36 | CAD | 2,000 | 1,586,221 | |||||||||||
Unsec’d. Notes | 2.400 | 06/07/27 | CAD | 1,000 | 737,665 | |||||||||||
City of Vancouver, | 4.500 | 06/01/20 | CAD | 200 | 153,491 | |||||||||||
Province of British Columbia, | 7.875 | 11/30/23 | CAD | 2,122 | 1,972,361 | |||||||||||
Province of Manitoba, | 8.800 | 01/15/20 | 360 | 375,141 | ||||||||||||
Province of Nova Scotia, | 8.250 | 11/15/19 | 20 | 20,578 | ||||||||||||
Province of Quebec, | ||||||||||||||||
Debentures, Series NN | 7.125 | 02/09/24 | 1,139 | 1,362,780 | ||||||||||||
Unsec’d. Notes, MTN | 6.350 | 01/30/26 | 500 | 593,605 | ||||||||||||
Unsec’d. Notes, MTN | 7.140 | 02/27/26 | 430 | 530,457 | ||||||||||||
|
| |||||||||||||||
7,989,349 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 43 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) |
| |||||||||||||||
Cayman Islands 0.1% | ||||||||||||||||
Cayman Islands Government Bond, | 5.950 | % | 11/24/19 | 2,150 | $ | 2,182,465 | ||||||||||
Chile 0.0% | ||||||||||||||||
Chile Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 1.440 | 02/01/29 | EUR | 450 | 521,881 | |||||||||||
Sr. Unsec’d. Notes | 1.750 | 01/20/26 | EUR | 240 | 289,615 | |||||||||||
|
| |||||||||||||||
811,496 | ||||||||||||||||
China 0.2% | ||||||||||||||||
China Government Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.600 | 06/27/28 | CNH | 1,000 | 148,442 | |||||||||||
Sr. Unsec’d. Notes | 4.000 | 11/30/35 | CNH | 10,000 | 1,506,060 | |||||||||||
Sr. Unsec’d. Notes | 4.400 | 12/12/46 | CNH | 10,000 | 1,575,444 | |||||||||||
Export-Import Bank of China (The), | 4.400 | 05/14/24 | CNH | 6,000 | 912,926 | |||||||||||
|
| |||||||||||||||
4,142,872 | ||||||||||||||||
Colombia 0.9% | ||||||||||||||||
Colombia Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.000 | 02/26/24 | 1,000 | 1,029,500 | ||||||||||||
Sr. Unsec’d. Notes | 8.375 | 02/15/27 | 2,695 | 3,041,852 | ||||||||||||
Sr. Unsec’d. Notes | 10.375 | 01/28/33 | 1,300 | 2,002,000 | ||||||||||||
Sr. Unsec’d. Notes | 11.750 | 02/25/20 | 1,726 | 1,848,563 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 3.875 | 03/22/26 | EUR | 8,398 | 11,020,461 | |||||||||||
|
| |||||||||||||||
18,942,376 | ||||||||||||||||
Croatia 0.8% | ||||||||||||||||
Croatia Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.750 | 01/27/30 | EUR | 3,000 | 3,689,813 | |||||||||||
Sr. Unsec’d. Notes | 3.000 | 03/20/27 | EUR | 4,500 | 5,670,024 | |||||||||||
Sr. Unsec’d. Notes | 3.875 | 05/30/22 | EUR | 3,000 | 3,723,286 | |||||||||||
Sr. Unsec’d. Notes | 5.500 | 04/04/23 | 1,000 | 1,082,540 | ||||||||||||
Sr. Unsec’d. Notes | 6.375 | 03/24/21 | 500 | 529,400 | ||||||||||||
Sr. Unsec’d. Notes | 6.625 | 07/14/20 | 1,000 | 1,040,660 | ||||||||||||
|
| |||||||||||||||
15,735,723 |
See Notes to Financial Statements.
44 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) |
| |||||||||||||||
Cyprus 2.4% |
| |||||||||||||||
Cyprus Government International Bond, | ||||||||||||||||
Notes, EMTN | 2.750 | % | 02/26/34 | EUR | 5,000 | $ | 6,064,267 | |||||||||
Sr. Unsec’d. Notes, EMTN | 2.375 | 09/25/28 | EUR | 4,700 | 5,699,378 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.750 | 07/26/23 | EUR | 12,755 | 16,300,495 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.250 | 11/04/25 | EUR | 11,814 | 16,058,248 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.750 | 06/25/19 | EUR | 500 | 563,782 | |||||||||||
Unsec’d. Notes, EMTN | 2.750 | 06/27/24 | EUR | 2,000 | 2,485,555 | |||||||||||
|
| |||||||||||||||
47,171,725 | ||||||||||||||||
Czech Republic 0.1% |
| |||||||||||||||
Czech Republic Government Bond, | 2.400 | 09/17/25 | CZK | 30,000 | 1,358,311 | |||||||||||
Denmark 0.2% |
| |||||||||||||||
Denmark Government Bond, | ||||||||||||||||
Bonds | 0.500 | 11/15/27 | DKK | 12,110 | 1,910,841 | |||||||||||
Bonds | 1.750 | 11/15/25 | DKK | 3,520 | 599,083 | |||||||||||
Bonds | 3.000 | 11/15/21 | DKK | 3,000 | 492,088 | |||||||||||
Bonds | 4.500 | 11/15/39 | DKK | 1,800 | 486,101 | |||||||||||
|
| |||||||||||||||
3,488,113 | ||||||||||||||||
Dominican Republic 0.2% |
| |||||||||||||||
Dominican Republic International Bond, | 7.500 | 05/06/21 | 4,000 | 4,136,040 | ||||||||||||
Egypt 0.1% |
| |||||||||||||||
Egypt Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 5.577 | 02/21/23 | 1,835 | 1,816,650 | ||||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 4.750 | 04/16/26 | EUR | 700 | 768,866 | |||||||||||
|
| |||||||||||||||
2,585,516 | ||||||||||||||||
Finland 0.0% |
| |||||||||||||||
Finland Government International Bond, | 6.950 | 02/15/26 | 600 | 739,365 | ||||||||||||
Germany 0.0% |
| |||||||||||||||
Bundesrepublik Deutschland Bundesanleihe, | 4.000 | 01/04/37 | EUR | 320 | 581,777 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 45 |
Schedule of Investments (unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) |
| |||||||||||||||
Greece 2.6% |
| |||||||||||||||
Hellenic Republic Government Bond, | ||||||||||||||||
Bonds | 0.000 | %(cc) | 10/15/42 | EUR | 530,000 | $ | 2,286,247 | |||||||||
Bonds | 3.000 | (cc) | 02/24/23 | EUR | 1,320 | 1,558,781 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/24 | EUR | 3,987 | 4,718,869 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/25 | EUR | 2,196 | 2,570,779 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/26 | EUR | 1,764 | 2,047,956 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/27 | EUR | 5,029 | 5,853,039 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/28 | EUR | 1,490 | 1,720,681 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/29 | EUR | 1,480 | 1,696,456 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/30 | EUR | 150 | 170,568 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/31 | EUR | 3,490 | 3,915,194 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/32 | EUR | 1,075 | 1,200,405 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/33 | EUR | 100 | 111,721 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/34 | EUR | 493 | 542,474 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/35 | EUR | 2,068 | 2,269,765 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/36 | EUR | 541 | 588,296 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/37 | EUR | 475 | 516,747 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/38 | EUR | 313 | 338,250 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/39 | EUR | 774 | 836,054 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/40 | EUR | 512 | 551,269 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/41 | EUR | 465 | 502,847 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/42 | EUR | 330 | 356,754 | ||||||||||
Bonds | 3.900 | 01/30/33 | EUR | 2,710 | 3,064,135 | |||||||||||
Bonds | 4.200 | 01/30/42 | EUR | 2,380 | 2,622,627 | |||||||||||
Hellenic Republic Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 5.200 | 07/17/34 | EUR | 8,000 | 9,706,461 | |||||||||||
Sr. Unsec’d. Notes | 6.140 | 04/14/28 | EUR | 1,700 | 2,255,081 | |||||||||||
|
| |||||||||||||||
52,001,456 | ||||||||||||||||
Guernsey 0.1% |
| |||||||||||||||
States of Guernsey Bond, | 3.375 | 12/12/46 | GBP | 1,280 | 1,925,257 | |||||||||||
Hong Kong 0.1% |
| |||||||||||||||
Hong Kong SAR Government Bond, | 5.125 | 07/23/19 | HKD | 5,000 | 642,021 | |||||||||||
Hong Kong Sukuk 2017 Ltd., | 3.132 | 02/28/27 | 1,500 | 1,502,077 | ||||||||||||
|
| |||||||||||||||
2,144,098 |
See Notes to Financial Statements.
46 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) |
| |||||||||||||||
Hungary 1.2% |
| |||||||||||||||
Hungary Government Bond, | 3.000 | % | 10/27/27 | HUF | 300,000 | $ | 1,052,112 | |||||||||
Hungary Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 1.250 | 10/22/25 | EUR | 2,000 | 2,321,712 | |||||||||||
Sr. Unsec’d. Notes | 5.375 | 02/21/23 | 4,850 | 5,239,280 | ||||||||||||
Sr. Unsec’d. Notes | 5.750 | 11/22/23 | 3,050 | 3,381,443 | ||||||||||||
Sr. Unsec’d. Notes | 6.250 | 01/29/20 | 6,200 | 6,355,000 | ||||||||||||
Sr. Unsec’d. Notes | 6.375 | 03/29/21 | 4,530 | 4,817,746 | ||||||||||||
|
| |||||||||||||||
23,167,293 | ||||||||||||||||
Iceland 0.4% |
| |||||||||||||||
Iceland Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 5.875 | 05/11/22 | 1,000 | 1,093,406 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 0.500 | 12/20/22 | EUR | 500 | 568,912 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 2.500 | 07/15/20 | EUR | 5,006 | 5,775,468 | |||||||||||
|
| |||||||||||||||
7,437,786 | ||||||||||||||||
Indonesia 1.9% |
| |||||||||||||||
Indonesia Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 1.750 | 04/24/25 | EUR | 1,600 | 1,836,948 | |||||||||||
Sr. Unsec’d. Notes | 3.375 | 07/30/25 | EUR | 12,005 | 15,084,624 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 2.150 | 07/18/24 | EUR | 3,395 | 4,001,396 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 2.625 | 06/14/23 | EUR | 1,000 | 1,200,112 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 2.875 | 07/08/21 | EUR | 4,546 | 5,387,446 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.750 | 06/14/28 | EUR | 7,780 | 10,133,123 | |||||||||||
|
| |||||||||||||||
37,643,649 | ||||||||||||||||
Iraq 0.1% |
| |||||||||||||||
Iraq International Bond, | 6.752 | 03/09/23 | 1,700 | 1,725,942 | ||||||||||||
Ireland 0.1% |
| |||||||||||||||
Ireland Government Bond, | ||||||||||||||||
Bonds | 2.400 | 05/15/30 | EUR | 1,200 | 1,596,385 | |||||||||||
Bonds | 5.400 | 03/13/25 | EUR | 900 | 1,327,918 | |||||||||||
|
| |||||||||||||||
2,924,303 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 47 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Isle of Man 0.4% | ||||||||||||||||
Isle of Man Government International Bond, | ||||||||||||||||
Unsec’d. Notes | 5.375 | % | 08/14/34 | GBP | 1,000 | $ | 1,808,423 | |||||||||
Unsec’d. Notes | 5.625 | 03/29/30 | GBP | 4,000 | 6,913,286 | |||||||||||
|
| |||||||||||||||
8,721,709 | ||||||||||||||||
Israel 0.3% | ||||||||||||||||
Israel Government Bond, | 2.000 | 03/31/27 | ILS | 1,000 | 285,305 | |||||||||||
Israel Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN(a) | 1.500 | 01/18/27 | EUR | 1,600 | 1,901,072 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 1.500 | 01/16/29 | EUR | 1,000 | 1,178,165 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 2.875 | 01/29/24 | EUR | 1,000 | 1,258,996 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.625 | 03/18/20 | EUR | 330 | 385,264 | |||||||||||
|
| |||||||||||||||
5,008,802 | ||||||||||||||||
Italy 4.5% | ||||||||||||||||
Cassa del Trentino SpA, | 1.160 | 06/17/26 | EUR | 761 | 782,713 | |||||||||||
Italy Buoni Poliennali del Tesoro, | ||||||||||||||||
Bonds | 2.000 | 12/01/25 | EUR | 2,200 | 2,479,413 | |||||||||||
Bonds | 2.050 | 08/01/27 | EUR | 6,085 | 6,743,992 | |||||||||||
Bonds | 6.500 | 11/01/27 | EUR | 2,695 | 4,005,946 | |||||||||||
Sr. Unsec’d. Notes, 144A | 4.750 | 09/01/28 | EUR | 5,590 | 7,543,129 | |||||||||||
Unsec’d. Notes, 144A | 4.500 | 03/01/26 | EUR | 8,545 | 11,102,419 | |||||||||||
Italy Certificati di Credito del Tesoro, | 0.318 | (c) | 09/15/25 | EUR | 5,200 | 5,304,472 | ||||||||||
Region of Lazio, | 3.088 | 03/31/43 | EUR | 964 | 1,027,118 | |||||||||||
Republic of Italy Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%) | 2.000 | (c) | 06/15/20 | EUR | 1,550 | 1,766,522 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 3.444 | 12/31/24 | EUR | 3,288 | 3,820,984 | |||||||||||
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 30Y Index + 0.000% (Cap N/A, Floor 4.250%) | 4.250 | (c) | 06/28/29 | EUR | 5,892 | 7,474,110 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 5.125 | 07/31/24 | EUR | 14,455 | 18,811,628 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 5.200 | 07/31/34 | EUR | 250 | 343,215 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 5.250 | 12/07/34 | GBP | 1,090 | 1,562,584 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 6.000 | 08/04/28 | GBP | 11,339 | 16,965,639 |
See Notes to Financial Statements.
48 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Italy (cont’d.) | ||||||||||||||||
Republic of Italy Government International Bond, (cont’d.) |
| |||||||||||||||
Sr. Unsec’d. Notes, MTN | 5.375 | % | 06/15/33 | 590 | $ | 624,396 | ||||||||||
Republic of Italy Government International Bond Strips Coupon, | 3.486 | (s) | 03/27/23 | 775 | 661,928 | |||||||||||
|
| |||||||||||||||
91,020,208 | ||||||||||||||||
Japan 1.7% | ||||||||||||||||
Japan Bank for International Cooperation, | 3.375 | 10/31/23 | 1,600 | 1,650,368 | ||||||||||||
Japan Finance Organization for Municipalities, | ||||||||||||||||
Gov’t. Gtd. Notes, EMTN | 5.750 | 08/09/19 | GBP | 400 | 528,003 | |||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 2.125 | 04/13/21 | 600 | 593,676 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 2.625 | 04/20/22 | 1,000 | 998,340 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 3.060 | 12/21/20 | AUD | 2,000 | 1,438,317 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 0.875 | 09/22/21 | EUR | 2,535 | 2,909,043 | |||||||||||
Japan Government Twenty Year Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 0.200 | 06/20/36 | JPY | 450,000 | 3,993,990 | |||||||||||
Sr. Unsec’d. Notes | 0.400 | 03/20/36 | JPY | 100,000 | 918,928 | |||||||||||
Sr. Unsec’d. Notes | 0.500 | 06/20/38 | JPY | 514,000 | 4,743,455 | |||||||||||
Sr. Unsec’d. Notes | 0.600 | 12/20/36 | JPY | 665,000 | 6,288,711 | |||||||||||
Sr. Unsec’d. Notes | 0.700 | 03/20/37 | JPY | 150,000 | 1,440,684 | |||||||||||
Sr. Unsec’d. Notes(k) | 1.400 | 09/20/34 | JPY | 145,000 | 1,539,737 | |||||||||||
Sr. Unsec’d. Notes | 1.500 | 06/20/34 | JPY | 50,000 | 537,044 | |||||||||||
Sr. Unsec’d. Notes | 1.800 | 12/20/31 | JPY | 148,000 | 1,616,806 | |||||||||||
Japan International Cooperation Agency, | 1.875 | 11/13/19 | 2,000 | 1,991,038 | ||||||||||||
Japanese Government CPI Linked Bond, | 0.100 | 03/10/27 | JPY | 219,892 | 2,048,009 | |||||||||||
Tokyo Metropolitan Government, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.125 | 05/20/19 | 400 | 399,880 | ||||||||||||
Sr. Unsec’d. Notes | 2.125 | 05/19/20 | 1,000 | 994,696 | ||||||||||||
|
| |||||||||||||||
34,630,725 | ||||||||||||||||
Jersey 0.0% | ||||||||||||||||
Jersey International Bond, | 3.750 | 06/09/54 | GBP | 100 | 167,741 | |||||||||||
Kazakhstan 0.2% | ||||||||||||||||
Kazakhstan Government International Bond, | 2.375 | 11/09/28 | EUR | 3,765 | 4,404,405 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 49 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Kuwait 0.1% | ||||||||||||||||
Kuwait International Government Bond, | 2.750 | % | 03/20/22 | 2,050 | $ | 2,045,121 | ||||||||||
Latvia 0.0% | ||||||||||||||||
Latvia Government International Bond, | 2.625 | 01/21/21 | EUR | 200 | 234,818 | |||||||||||
Lithuania 0.5% | ||||||||||||||||
Lithuania Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 6.125 | 03/09/21 | 4,700 | 4,974,207 | ||||||||||||
Sr. Unsec’d. Notes | 6.625 | 02/01/22 | 4,220 | 4,630,927 | ||||||||||||
|
| |||||||||||||||
9,605,134 | ||||||||||||||||
Malaysia 0.5% | ||||||||||||||||
Malaysia Government Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, Series 0111 | 4.160 | 07/15/21 | MYR | 6,500 | 1,596,624 | |||||||||||
Sr. Unsec’d. Notes, Series 0217 | 4.059 | 09/30/24 | MYR | 10,000 | 2,454,258 | |||||||||||
Sr. Unsec’d. Notes, Series 0314 | 4.048 | 09/30/21 | MYR | 20,916 | 5,131,055 | |||||||||||
Sr. Unsec’d. Notes, Series 0416 | 3.620 | 11/30/21 | MYR | 15 | 3,645 | |||||||||||
|
| |||||||||||||||
9,185,582 | ||||||||||||||||
Mexico 1.6% | ||||||||||||||||
Mexico Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.750 | 04/22/23 | EUR | 4,375 | 5,289,746 | |||||||||||
Sr. Unsec’d. Notes | 2.875 | 04/08/39 | EUR | 2,300 | 2,581,445 | |||||||||||
Sr. Unsec’d. Notes | 4.000 | 03/15/2115 | EUR | 950 | 1,030,891 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 1.750 | 04/17/28 | EUR | 800 | 891,268 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 5.625 | 03/19/2114 | GBP | 200 | 266,653 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 1.625 | 03/06/24 | EUR | 9,670 | 11,133,288 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 5.500 | 02/17/20 | EUR | 1,400 | 1,637,446 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 6.750 | 02/06/24 | GBP | 5,663 | 8,769,155 | |||||||||||
Sr. Unsec’d. Notes, MTN | 7.500 | 04/08/33 | 875 | 1,116,135 | ||||||||||||
|
| |||||||||||||||
32,716,027 | ||||||||||||||||
Montenegro 0.1% | ||||||||||||||||
Montenegro Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.875 | 03/18/20 | EUR | 500 | 573,300 | |||||||||||
Sr. Unsec’d. Notes, 144A | 3.375 | 04/21/25 | EUR | 750 | 868,539 | |||||||||||
|
| |||||||||||||||
1,441,839 |
See Notes to Financial Statements.
50 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
New Zealand 0.3% | ||||||||||||||||
Auckland Council, | ||||||||||||||||
Sr. Sec’d. Notes | 2.900 | % | 09/16/27 | AUD | 1,000 | $ | 721,800 | |||||||||
Sr. Sec’d. Notes | 3.500 | 03/09/26 | AUD | 2,000 | 1,504,579 | |||||||||||
New Zealand Government Bond, | 4.500 | 04/15/27 | NZD | 1,500 | 1,204,337 | |||||||||||
New Zealand Local Government Funding Agency Bond, | ||||||||||||||||
Local Gov’t. Gtd. Notes | 2.750 | 04/15/25 | NZD | 1,800 | 1,222,947 | |||||||||||
Local Gov’t. Gtd. Notes | 3.500 | 04/14/33 | NZD | 500 | 343,819 | |||||||||||
Sr. Unsec’d. Notes | 4.500 | 04/15/27 | NZD | 1,800 | 1,361,129 | |||||||||||
Sr. Unsec’d. Notes | 6.000 | 05/15/21 | NZD | 500 | 361,324 | |||||||||||
|
| |||||||||||||||
6,719,935 | ||||||||||||||||
North Macedonia 0.2% | ||||||||||||||||
North Macedonia Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.975 | 07/24/21 | EUR | 2,000 | 2,381,314 | |||||||||||
Sr. Unsec’d. Notes | 5.625 | 07/26/23 | EUR | 1,000 | 1,297,099 | |||||||||||
Sr. Unsec’d. Notes, 144A | 3.975 | 07/24/21 | EUR | 500 | 595,328 | |||||||||||
|
| |||||||||||||||
4,273,741 | ||||||||||||||||
Norway 0.2% | ||||||||||||||||
City of Oslo, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.600 | 12/06/22 | NOK | 1,000 | 121,428 | |||||||||||
Sr. Unsec’d. Notes | 3.650 | 11/08/23 | NOK | 9,000 | 1,110,092 | |||||||||||
Sr. Unsec’d. Notes | 4.900 | 11/04/19 | NOK | 5,000 | 589,606 | |||||||||||
Kommunalbanken A/S, | 5.125 | 05/14/21 | NZD | 2,850 | 2,022,106 | |||||||||||
|
| |||||||||||||||
3,843,232 | ||||||||||||||||
Panama 0.4% | ||||||||||||||||
Panama Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.000 | 09/22/24 | 400 | 416,604 | ||||||||||||
Sr. Unsec’d. Notes | 8.125 | 04/28/34 | 3,673 | 5,064,149 | ||||||||||||
Sr. Unsec’d. Notes | 9.375 | 01/16/23 | 1,553 | 1,892,719 | ||||||||||||
Sr. Unsec’d. Notes | 9.375 | 04/01/29 | 800 | 1,165,000 | ||||||||||||
Sr. Unsec’d. Notes | 10.750 | 05/15/20 | 275 | 299,005 | ||||||||||||
|
| |||||||||||||||
8,837,477 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 51 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Peru 1.0% | ||||||||||||||||
Peruvian Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.750 | % | 01/30/26 | EUR | 6,551 | $ | 8,223,069 | |||||||||
Sr. Unsec’d. Notes | 3.750 | 03/01/30 | EUR | 8,375 | 11,476,856 | |||||||||||
|
| |||||||||||||||
19,699,925 | ||||||||||||||||
Poland 0.7% | ||||||||||||||||
Republic of Poland Government Bond, | ||||||||||||||||
Bonds, Series 0721 | 1.750 | 07/25/21 | PLN | 2,000 | 523,780 | |||||||||||
Bonds, Series 0725 | 3.250 | 07/25/25 | PLN | 13,550 | 3,680,514 | |||||||||||
Bonds, Series 0727 | 2.500 | 07/25/27 | PLN | 8,000 | 2,040,063 | |||||||||||
Republic of Poland Government International Bond, | 5.000 | 03/23/22 | 7,355 | 7,811,084 | ||||||||||||
|
| |||||||||||||||
14,055,441 | ||||||||||||||||
Portugal 2.6% | ||||||||||||||||
Metropolitano de Lisboa EPE, | 4.799 | 12/07/27 | EUR | 2,150 | 3,124,262 | |||||||||||
Parpublica-Participacoes Publicas SGPS SA, | 3.750 | 07/05/21 | EUR | 1,500 | 1,801,194 | |||||||||||
Portugal Government International Bond, | 5.125 | 10/15/24 | 4,971 | 5,416,630 | ||||||||||||
Portugal Obrigacoes do Tesouro OT, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 3.875 | 02/15/30 | EUR | 22,720 | 32,317,226 | |||||||||||
Sr. Unsec’d. Notes, 144A | 4.100 | 04/15/37 | EUR | 6,500 | 9,741,433 | |||||||||||
|
| |||||||||||||||
52,400,745 | ||||||||||||||||
Qatar 0.2% | ||||||||||||||||
Qatar Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 3.875 | 04/23/23 | 1,040 | 1,073,646 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 4.500 | 04/23/28 | 2,000 | 2,160,000 | ||||||||||||
|
| |||||||||||||||
3,233,646 | ||||||||||||||||
Romania 0.5% | ||||||||||||||||
Romanian Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 2.500 | 02/08/30 | EUR | 4,150 | 4,584,820 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 2.375 | 04/19/27 | EUR | 1,000 | 1,153,783 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.875 | 10/29/35 | EUR | 1,000 | 1,170,670 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.125 | 03/11/39 | EUR | 1,000 | 1,183,580 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 6.750 | 02/07/22 | 300 | 327,660 |
See Notes to Financial Statements.
52 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Romania (cont’d.) | ||||||||||||||||
Romanian Government International Bond, (cont’d.) | ||||||||||||||||
Unsec’d. Notes, 144A, MTN | 2.875 | % | 05/26/28 | EUR | 1,100 | $ | 1,289,304 | |||||||||
Unsec’d. Notes, MTN | 2.875 | 05/26/28 | EUR | 700 | 820,466 | |||||||||||
|
| |||||||||||||||
10,530,283 | ||||||||||||||||
Russia 0.1% | ||||||||||||||||
Russian Federal Bond - OFZ, | 6.900 | 05/23/29 | RUB | 61,000 | 873,909 | |||||||||||
Russian Foreign Bond-Eurobond, | 4.500 | 04/04/22 | 400 | 413,580 | ||||||||||||
|
| |||||||||||||||
1,287,489 | ||||||||||||||||
Saudi Arabia 0.4% | ||||||||||||||||
KSA Sukuk Ltd., | 2.894 | 04/20/22 | 1,000 | 997,500 | ||||||||||||
Saudi Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 2.375 | 10/26/21 | 1,200 | 1,182,468 | ||||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 2.875 | 03/04/23 | 3,335 | 3,309,054 | ||||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 4.000 | 04/17/25 | 1,135 | 1,174,725 | ||||||||||||
Sr. Unsec’d. Notes, EMTN | 2.875 | 03/04/23 | 1,300 | 1,289,886 | ||||||||||||
|
| |||||||||||||||
7,953,633 | ||||||||||||||||
Senegal 0.1% | ||||||||||||||||
Senegal Government International Bond, | 4.750 | 03/13/28 | EUR | 1,395 | 1,545,350 | |||||||||||
Serbia 0.2% | ||||||||||||||||
Serbia International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 7.250 | 09/28/21 | 4,274 | 4,647,120 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 7.250 | 09/28/21 | 200 | 217,460 | ||||||||||||
|
| |||||||||||||||
4,864,580 | ||||||||||||||||
Singapore 0.1% | ||||||||||||||||
Singapore Government Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.375 | 06/01/25 | SGD | 1,000 | 749,210 | |||||||||||
Sr. Unsec’d. Notes | 3.000 | 09/01/24 | SGD | 500 | 385,817 | |||||||||||
|
| |||||||||||||||
1,135,027 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 53 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Slovenia 0.4% | ||||||||||||||||
Slovenia Government International Bond, | 5.250 | % | 02/18/24 | 7,922 | $ | 8,793,262 | ||||||||||
South Africa 0.5% | ||||||||||||||||
Republic of South Africa Government Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, Series R186 | 10.500 | 12/21/26 | ZAR | 5,000 | 386,438 | |||||||||||
Sr. Unsec’d. Notes, Series R208 | 6.750 | 03/31/21 | ZAR | 10,000 | 697,791 | |||||||||||
Sr. Unsec’d. Notes, Series R213 | 7.000 | 02/28/31 | ZAR | 1,800 | 105,660 | |||||||||||
Republic of South Africa Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.750 | 07/24/26 | EUR | 5,415 | 6,490,832 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.800 | 09/07/21 | JPY | 100,000 | 942,933 | |||||||||||
ZAR Sovereign Capital Fund Pty Ltd., | 3.903 | 06/24/20 | 1,000 | 999,700 | ||||||||||||
|
| |||||||||||||||
9,623,354 | ||||||||||||||||
South Korea 0.3% | ||||||||||||||||
Export-Import Bank of Korea, | ||||||||||||||||
Sr. Unsec’d. Notes | 5.125 | 10/15/19 | NZD | 200 | 135,046 | |||||||||||
Sr. Unsec’d. Notes, 144A, MTN | 8.000 | 05/15/24 | IDR | 6,800,000 | 473,080 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.500 | 09/26/19 | AUD | 100 | 70,752 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 5.375 | 09/12/19 | AUD | 1,000 | 713,671 | |||||||||||
Sr. Unsec’d. Notes, MTN | 2.711 | 12/05/19 | CAD | 200 | 149,505 | |||||||||||
Sr. Unsec’d. Notes, MTN | 3.500 | 07/28/21 | NZD | 2,000 | 1,359,542 | |||||||||||
Korea International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.125 | 06/10/24 | EUR | 1,100 | 1,347,883 | |||||||||||
Sr. Unsec’d. Notes | 4.250 | 12/07/21 | EUR | 1,700 | 2,121,228 | |||||||||||
|
| |||||||||||||||
6,370,707 | ||||||||||||||||
Spain 4.4% | ||||||||||||||||
Autonomous Community of Catalonia, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.950 | 02/11/20 | EUR | 2,000 | 2,310,662 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.900 | 09/15/21 | EUR | 600 | 725,333 | |||||||||||
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 | ||||||||||||||||
Fft 10Y Index + 0.000% | 5.480 | (c) | 05/11/29 | EUR | 1,000 | 1,376,910 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 5.900 | 05/28/30 | EUR | 3,000 | 4,166,777 | |||||||||||
Instituto de Credito Oficial, | ||||||||||||||||
Gov’t. Gtd. Notes, EMTN | 3.250 | 06/28/24 | CHF | 1,300 | 1,479,827 | |||||||||||
Gov’t. Gtd. Notes, EMTN | 5.000 | 03/31/20 | CAD | 1,800 | 1,376,637 | |||||||||||
Gov’t. Gtd. Notes, GMTN | 0.963 | 09/22/22 | SEK | 20,000 | 2,136,828 |
See Notes to Financial Statements.
54 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Spain (cont’d.) | ||||||||||||||||
Spain Government Bond, | ||||||||||||||||
Bonds, 144A(k) | 3.800 | % | 04/30/24 | EUR | 1,880 | $ | 2,496,027 | |||||||||
Bonds, 144A | 5.150 | 10/31/28 | EUR | 8,120 | 12,620,113 | |||||||||||
Sr. Unsec’d. Notes, 144A(k) | 1.400 | 04/30/28 | EUR | 6,410 | 7,543,508 | |||||||||||
Sr. Unsec’d. Notes, 144A | 1.400 | 07/30/28 | EUR | 2,000 | 2,343,471 | |||||||||||
Sr. Unsec’d. Notes, 144A | 1.450 | 10/31/27 | EUR | 5,170 | 6,125,566 | |||||||||||
Sr. Unsec’d. Notes, 144A(k) | 1.950 | 07/30/30 | EUR | 1,300 | 1,581,237 | |||||||||||
Sr. Unsec’d. Notes, 144A | 2.900 | 10/31/46 | EUR | 300 | 392,874 | |||||||||||
Sr. Unsec’d. Notes, 144A | 3.450 | 07/30/66 | EUR | 2,000 | 2,833,395 | |||||||||||
Sr. Unsec’d. Notes, 144A(k) | 4.650 | 07/30/25 | EUR | 15,050 | 21,371,734 | |||||||||||
Sr. Unsec’d. Notes, 144A | 5.900 | 07/30/26 | EUR | 500 | 773,731 | |||||||||||
Spain Government International Bond, | 5.250 | 04/06/29 | GBP | 10,111 | 15,724,653 | |||||||||||
|
| |||||||||||||||
87,379,283 | ||||||||||||||||
Sweden 0.2% | ||||||||||||||||
Kommuninvest I Sverige AB, | ||||||||||||||||
Local Gov’t. Gtd. Notes, EMTN | 0.625 | 11/13/23 | SEK | 15,000 | 1,599,213 | |||||||||||
Local Gov’t. Gtd. Notes, EMTN | 1.500 | 05/12/25 | SEK | 7,000 | 777,086 | |||||||||||
Local Gov’t. Gtd. Notes, EMTN | 4.280 | 05/28/19 | MXN | 13,200 | 693,486 | |||||||||||
Local Gov’t. Gtd. Notes, MTN | 4.750 | 08/17/22 | AUD | 200 | 153,273 | |||||||||||
Svensk Exportkredit AB, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 3.760 | 05/28/19 | AUD | 787 | 555,598 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.200 | 12/16/20 | AUD | 700 | 504,183 | |||||||||||
|
| |||||||||||||||
4,282,839 | ||||||||||||||||
Thailand 0.1% | ||||||||||||||||
Thailand Government Bond, | 3.650 | 06/20/31 | THB | 45,000 | 1,540,490 | |||||||||||
Turkey 0.5% | ||||||||||||||||
Turkey Government Bond, Bonds | 8.000 | 03/12/25 | TRY | 3,450 | 346,914 | |||||||||||
Turkey Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes(a) | 4.125 | 04/11/23 | EUR | 2,965 | 3,293,073 | |||||||||||
Sr. Unsec’d. Notes | 5.200 | 02/16/26 | EUR | 300 | 327,664 | |||||||||||
Sr. Unsec’d. Notes | 5.750 | 03/22/24 | 1,000 | 935,600 | ||||||||||||
Sr. Unsec’d. Notes | 7.000 | 06/05/20 | 2,000 | 2,017,912 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 55 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Turkey (cont’d.) | ||||||||||||||||
Turkey Government International Bond, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes | 7.500 | % | 11/07/19 | 400 | $ | 403,760 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 3.250 | 06/14/25 | EUR | 3,550 | 3,573,797 | |||||||||||
|
| |||||||||||||||
10,898,720 | ||||||||||||||||
Ukraine 0.1% | ||||||||||||||||
Ukraine Government International Bond, | 7.750 | 09/01/24 | 1,875 | 1,790,663 | ||||||||||||
United Arab Emirates 0.7% | ||||||||||||||||
Abu Dhabi Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 2.500 | 10/11/22 | 498 | 493,020 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 2.500 | 10/11/22 | 2,365 | 2,341,350 | ||||||||||||
Dubai DOF Sukuk Ltd., | 6.450 | 05/02/22 | 6,423 | 6,963,174 | ||||||||||||
Sharjah Sukuk Ltd., | 3.764 | 09/17/24 | 3,800 | 3,818,240 | ||||||||||||
|
| |||||||||||||||
13,615,784 | ||||||||||||||||
United Kingdom 0.9% | ||||||||||||||||
United Kingdom Gilt, | ||||||||||||||||
Bonds | 1.625 | 10/22/28 | GBP | 145 | 196,522 | |||||||||||
Bonds | 2.000 | 09/07/25 | GBP | 100 | 138,941 | |||||||||||
Bonds | 2.750 | 09/07/24 | GBP | 180 | 257,399 | |||||||||||
Bonds(k) | 3.250 | 01/22/44 | GBP | 320 | 547,652 | |||||||||||
Bonds(k) | 3.500 | 01/22/45 | GBP | 2,310 | 4,140,083 | |||||||||||
Bonds(k) | 4.250 | 03/07/36 | GBP | 6,140 | 11,205,757 | |||||||||||
Bonds(k) | 4.250 | 09/07/39 | GBP | 600 | 1,136,167 | |||||||||||
|
| |||||||||||||||
17,622,521 | ||||||||||||||||
Uruguay 0.2% | ||||||||||||||||
Uruguay Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.375 | 10/27/27 | 394 | 410,823 | ||||||||||||
Sr. Unsec’d. Notes | 4.375 | 01/23/31 | 625 | 650,163 |
See Notes to Financial Statements.
56 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Uruguay (cont’d.) | ||||||||||||||||
Uruguay Government International Bond, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes | 6.875 | % | 09/28/25 | 2,202 | $ | 2,541,901 | ||||||||||
Sr. Unsec’d. Notes | 7.000 | 06/28/19 | EUR | 118 | 133,667 | |||||||||||
|
| |||||||||||||||
3,736,554 | ||||||||||||||||
|
| |||||||||||||||
TOTAL SOVEREIGN BONDS | 835,160,165 | |||||||||||||||
|
| |||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS 0.3% |
| |||||||||||||||
Federal National Mortgage Assoc. | 5.375 | 12/07/28 | GBP | 707 | 1,207,951 | |||||||||||
Tennessee Valley Authority | ||||||||||||||||
Sr. Unsec’d. Notes | 5.350 | 06/07/21 | GBP | 1,217 | 1,714,549 | |||||||||||
Sr. Unsec’d. Notes | 5.625 | 06/07/32 | GBP | 1,391 | 2,525,597 | |||||||||||
|
| |||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | 5,448,097 | |||||||||||||||
|
| |||||||||||||||
U.S. TREASURY OBLIGATIONS 1.5% | ||||||||||||||||
U.S. Treasury Bonds(k) | 2.500 | 05/15/46 | 454 | 417,059 | ||||||||||||
U.S. Treasury Bonds | 2.875 | 08/15/45 | 18 | 17,835 | ||||||||||||
U.S. Treasury Bonds(h) | 3.375 | 11/15/48 | 2,580 | 2,804,843 | ||||||||||||
U.S. Treasury Notes | 1.500 | 02/28/23 | 315 | 306,214 | ||||||||||||
U.S. Treasury Notes(h)(k) | 2.125 | 05/15/25 | 5,000 | 4,933,398 | ||||||||||||
U.S. Treasury Notes | 2.250 | 04/30/24 | 4,545 | 4,538,076 | ||||||||||||
U.S. Treasury Notes | 2.375 | 04/30/26 | 4,925 | 4,919,421 | ||||||||||||
U.S. Treasury Notes(h) | 2.500 | 02/28/21 | 420 | 421,542 | ||||||||||||
U.S. Treasury Notes | 2.625 | 08/31/20 | 134 | 134,476 | ||||||||||||
U.S. Treasury Notes(k) | 2.625 | 06/15/21 | 310 | 312,325 | ||||||||||||
U.S. Treasury Notes(h)(k) | 2.625 | 12/15/21 | 2,430 | 2,453,636 | ||||||||||||
U.S. Treasury Notes(h)(k) | 2.625 | 02/15/29 | 6,509 | 6,575,361 | ||||||||||||
U.S. Treasury Notes | 2.875 | 11/15/21 | 200 | 203,039 | ||||||||||||
U.S. Treasury Strips Coupon | 1.872 | (s) | 05/15/31 | 400 | 289,149 | |||||||||||
U.S. Treasury Strips Coupon | 1.888 | (s) | 08/15/29 | 400 | 305,652 | |||||||||||
U.S. Treasury Strips Coupon | 2.089 | (s) | 11/15/35 | 800 | 500,176 | |||||||||||
U.S. Treasury Strips Coupon(k) | 2.251 | (s) | 08/15/40 | 800 | 428,491 | |||||||||||
|
| |||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | 29,560,693 | |||||||||||||||
|
|
See Notes to Financial Statements.
PGIM Global Total Return Fund | 57 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Shares | Value | ||||||||||||||
COMMON STOCK 0.0% | ||||||||||||||||
Colombia | ||||||||||||||||
Frontera Energy Corp. | 2,232 | $ | 19,718 | |||||||||||||
|
| |||||||||||||||
PREFERRED STOCK 0.0% | ||||||||||||||||
United States | ||||||||||||||||
Citigroup Capital XIII, 8.953% | 4,000 | 108,280 | ||||||||||||||
|
| |||||||||||||||
TOTAL LONG-TERM INVESTMENTS | 1,929,593,818 | |||||||||||||||
|
| |||||||||||||||
SHORT-TERM INVESTMENTS 6.8% | ||||||||||||||||
AFFILIATED MUTUAL FUNDS 2.3% | ||||||||||||||||
PGIM Core Ultra Short Bond Fund(w) | 14,223,065 | 14,223,065 | ||||||||||||||
PGIM Institutional Money Market Fund | 32,177,326 | 32,186,979 | ||||||||||||||
|
| |||||||||||||||
TOTAL AFFILIATED MUTUAL FUNDS | 46,410,044 | |||||||||||||||
|
| |||||||||||||||
OPTIONS PURCHASED*~ 4.5% | 90,485,433 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 136,895,477 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 103.0% | 2,066,489,295 | |||||||||||||||
|
| |||||||||||||||
OPTIONS WRITTEN*~ (3.8)% | (76,224,461 | ) | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 99.2% | 1,990,264,834 | |||||||||||||||
Other assets in excess of liabilities(z) 0.8% | 15,190,332 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS 100.0% | $ | 2,005,455,166 | ||||||||||||||
|
|
Below is a list of the abbreviation(s) used in the semiannual report:
AED—United Arab Emirates Dirham
ARS—Argentine Peso
AUD—Australian Dollar
See Notes to Financial Statements.
58 |
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
HKD—Hong Kong Dollar
HUF—Hungarian Forint
IDR—Indonesian Rupiah
ILS—Israeli Shekel
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PEN—Peruvian Nuevo Sol
PHP—Philippine Peso
PLN—Polish Zloty
RUB—Russian Ruble
SAR—Saudi Arabian Riyal
SEK—Swedish Krona
SGD—Singapore Dollar
THB—Thai Baht
TRY—Turkish Lira
TWD—New Taiwanese Dollar
USD—US Dollar
ZAR—South African Rand
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
A—Annual payment frequency for swaps
ABS—Asset-Backed Security
BBR—New Zealand Bank Bill Rate
BBSW—Australian Bank Bill Swap Reference Rate
BIBOR—Bangkok Interbank Offered Rate
BROIS—Brazil Overnight Index Swap
BUBOR—Budapest Interbank Offered Rate
CDO—Collateralized Debt Obligation
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
EIBOR—Emirates Interbank Offered Rate
EMTN—Euro Medium Term Note
See Notes to Financial Statements.
PGIM Global Total Return Fund | 59 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
EONIA—Euro Overnight Index Average
EURIBOR—Euro Interbank Offered Rate
FHLMC—Federal Home Loan Mortgage Corporation
GMAC—General Motors Acceptance Corporation
GMTN—Global Medium Term Note
HIBOR—Hong Kong Interbank Offered Rate
HICP—Harmonised Index of Consumer Prices
ICE—Intercontinental Exchange
IO—Interest Only (Principal amount represents notional)
JIBAR—Johannesburg Interbank Agreed Rate
KLIBOR—Kuala Lumpur Interbank Offered Rate
KWCDC—Korean Won Certificate of Deposit
LIBOR—London Interbank Offered Rate
M—Monthly payment frequency for swaps
MTN—Medium Term Note
NIBOR—Norwegian Interbank Offered Rate
OAT—Obligations Assimilables du Tresor
OFZ—Obligatsyi Federal’novo Zaima (Federal Loan Obligations)
OTC—Over-the-counter
PIK—Payment-in-Kind
PJSC—Public Joint-Stock Company
PRIBOR—Prague Interbank Offered Rate
Q—Quarterly payment frequency for swaps
S—Semiannual payment frequency for swaps
SAIBOR—Saudi Arabian Interbank Offered Rate
SIBOR—Singapore Interbank Offered Rate
SONIA—Sterling Overnight Index Average
STACR—Structured Agency Credit Risk
STIBOR—Stockholm Interbank Offered Rate
Strips—Separate Trading of Registered Interest and Principal of Securities
T—Swap payment upon termination
TAIBOR—Taiwan Interbank Offered Rate
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 security. The aggregate value of Level 3 securities is $20,529,820 and 1.0% 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 $31,299,976; cash collateral of $32,102,918 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. |
(b) | Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2019. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(d) | Represents issuer in default on interest payments and/or principal repayment.Non-income producing security. Such securities may be post-maturity. |
(ff) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end. |
See Notes to Financial Statements.
60 |
(h) | Represents security, or a portion thereof, segregated as collateral for OTC derivatives. |
(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, 2019. |
(rr) | Perpetual security with no stated maturity date. |
(s) | Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date. |
(w) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Options Purchased:
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
2- Year 10 CMS Curve CAP | Call | Morgan Stanley & Co. International PLC | 11/21/19 | 0.13 | % | — | 5,000 | $ | 31,494 | |||||||||||||||||||
2- Year 10 CMS Curve CAP | Call | Barclays Bank PLC | 11/21/19 | 0.12 | % | — | 7,600 | 51,410 | ||||||||||||||||||||
2- Year 10 CMS Curve CAP | Call | Barclays Bank PLC | 07/12/21 | 0.11 | % | — | 4,495 | 43,199 | ||||||||||||||||||||
2- Year 10 CMS Curve CAP | Call | Bank of America, N.A. | 08/16/21 | 0.15 | % | — | 10,926 | 98,911 | ||||||||||||||||||||
2- Year 10 CMS Curve CAP | Call | Bank of America, N.A. | 08/20/21 | 0.15 | % | — | 21,689 | 216,160 | ||||||||||||||||||||
2- Year 10 CMS Curve CAP | Call | Bank of America, N.A. | 09/13/21 | 0.13 | % | — | 22,000 | 225,652 | ||||||||||||||||||||
2- Year 10 CMS Curve CAP | Call | Barclays Bank PLC | 11/09/21 | 0.21 | % | — | 4,370 | 46,366 | ||||||||||||||||||||
Currency Option AUD vs JPY | Call | Deutsche Bank AG | 11/25/20 | 92.00 | — | AUD | 30,400 | 67,971 | ||||||||||||||||||||
Currency Option AUD vs JPY | Call | Morgan Stanley & Co. International PLC | 10/27/23 | 85.00 | — | AUD | 57,000 | �� | 891,213 | |||||||||||||||||||
Currency Option AUD vs JPY | Call | Goldman Sachs International | 10/27/23 | 85.00 | — | AUD | 21,000 | 328,341 | ||||||||||||||||||||
Currency Option EUR vs TRY | Call | BNP Paribas S.A. | 04/28/20 | 10.00 | — | EUR | 35,500 | 2,436,214 | ||||||||||||||||||||
Currency Option EUR vs TRY | Call | Morgan Stanley & Co. International PLC | 07/28/20 | 12.00 | — | EUR | 35,500 | 2,117,077 | ||||||||||||||||||||
Currency Option EUR vs ZAR | Call | Goldman Sachs International | 07/26/19 | 29.00 | — | EUR | 35,000 | 355 | ||||||||||||||||||||
Currency Option EUR vs ZAR | Call | Morgan Stanley & Co. International PLC | 07/26/19 | 29.00 | — | EUR | 14,000 | 142 | ||||||||||||||||||||
Currency Option EUR vs ZAR | Call | Deutsche Bank AG | 11/25/19 | 27.00 | — | EUR | 14,000 | 10,680 | ||||||||||||||||||||
Currency Option EUR vs ZAR | Call | Morgan Stanley & Co. International PLC | 12/24/19 | 24.00 | — | EUR | 14,750 | 36,497 | ||||||||||||||||||||
Currency Option EUR vs ZAR | Call | Goldman Sachs International | 08/27/20 | 28.00 | — | EUR | 34,500 | 238,916 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 61 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Options Purchased (continued):
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
Currency Option EUR vs ZAR | Call | Goldman Sachs International | 12/21/20 | 21.00 | — | EUR | 35,000 | $ | 1,506,091 | |||||||||||||||||||
Currency Option EUR vs ZAR | Call | Morgan Stanley & Co. International PLC | 12/21/20 | 21.00 | — | EUR | 14,000 | 602,437 | ||||||||||||||||||||
Currency Option USD vs BRL | Call | Morgan Stanley & Co. International PLC | 06/11/19 | 5.25 | — | 80,000 | 1,453 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Morgan Stanley & Co. International PLC | 08/13/19 | 6.00 | — | 41,000 | 4,232 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Citibank, N.A. | 08/13/19 | 6.00 | — | 15,000 | 1,548 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Deutsche Bank AG | 12/20/19 | 5.00 | — | 32,500 | 169,669 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Deutsche Bank AG | 03/27/20 | 4.65 | — | 33,000 | 553,687 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Morgan Stanley & Co. International PLC | 07/27/20 | 6.50 | — | 80,000 | 317,418 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Morgan Stanley & Co. International PLC | 08/27/20 | 8.50 | — | 40,000 | 52,880 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Citibank, N.A. | 12/21/20 | 5.25 | — | 80,000 | 1,604,254 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Morgan Stanley & Co. International PLC | 01/27/21 | 4.00 | — | 41,000 | 3,731,025 | |||||||||||||||||||||
Currency Option USD vs BRL | Call | Citibank, N.A. | 01/27/21 | 4.00 | — | 15,000 | 1,365,009 | |||||||||||||||||||||
Currency Option USD vs CAD | Call | HSBC Bank USA, N.A. | 07/30/19 | 1.30 | — | 20,000 | 583,785 | |||||||||||||||||||||
Currency Option USD vs CAD | Call | Citibank, N.A. | 07/30/19 | 1.40 | — | 40,000 | 38,367 | |||||||||||||||||||||
Currency Option USD vs CHF | Call | Goldman Sachs International | 10/28/20 | 1.00 | — | 40,000 | 728,007 | |||||||||||||||||||||
Currency Option USD vs CHF | Call | Morgan Stanley & Co. International PLC | 10/28/20 | 1.00 | — | 15,500 | 282,103 | |||||||||||||||||||||
Currency Option USD vs INR | Call | HSBC Bank USA, N.A. | 05/23/19 | 90.00 | — | 40,000 | — | |||||||||||||||||||||
Currency Option USD vs INR | Call | Goldman Sachs International | 05/23/19 | 90.00 | — | 16,000 | — | |||||||||||||||||||||
Currency Option USD vs INR | Call | HSBC Bank USA, N.A. | 08/27/19 | 82.50 | — | 40,000 | 12,451 | |||||||||||||||||||||
Currency Option USD vs INR | Call | JPMorgan Chase Bank, N.A. | 09/30/19 | 90.00 | — | 56,000 | 6,048 | |||||||||||||||||||||
Currency Option USD vs INR | Call | Goldman Sachs International | 10/28/20 | 90.00 | — | 40,000 | 163,847 |
See Notes to Financial Statements.
62 |
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 | 02/24/21 | 79.00 | — | 56,000 | $ | 1,272,132 | ||||||||||||||||||||
Currency Option USD vs JPY | Call | Morgan Stanley & Co. International PLC | 01/27/21 | 110.00 | — | 22,000 | 435,739 | |||||||||||||||||||||
Currency Option USD vs JPY | Call | Deutsche Bank AG | 10/27/23 | 115.00 | — | 40,000 | 404,405 | |||||||||||||||||||||
Currency Option USD vs JPY | Call | Barclays Bank PLC | 10/27/23 | 115.00 | — | 72,000 | 727,928 | |||||||||||||||||||||
Currency Option USD vs KRW | Call | Goldman Sachs International | 05/29/19 | 1,500.00 | — | 12,000 | 1 | |||||||||||||||||||||
Currency Option USD vs KRW | Call | Morgan Stanley & Co. International PLC | 07/29/19 | 1,150.00 | — | 15,000 | 258,584 | |||||||||||||||||||||
Currency Option USD vs KRW | Call | Goldman Sachs International | 07/29/19 | 1,450.00 | — | 30,000 | 771 | |||||||||||||||||||||
Currency Option USD vs KRW | Call | Goldman Sachs International | 12/20/19 | 1,200.00 | — | 18,000 | 179,788 | |||||||||||||||||||||
Currency Option USD vs KRW | Call | BNP Paribas S.A. | 12/20/19 | 1,350.00 | — | 36,000 | 51,284 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Deutsche Bank AG | 08/27/19 | 25.00 | — | 24,500 | 10,165 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Goldman Sachs International | 09/03/19 | 31.00 | — | 83,250 | 5,607 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Morgan Stanley & Co. International PLC | 12/26/19 | 22.00 | — | 16,000 | 136,828 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Citibank, N.A. | 12/26/19 | 26.00 | — | 32,000 | 53,698 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Deutsche Bank AG | 04/28/20 | 26.00 | — | 55,500 | 264,639 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Morgan Stanley & Co. International PLC | 10/28/20 | 31.00 | — | 120,000 | 489,106 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Morgan Stanley & Co. International PLC | 01/27/21 | 22.00 | — | 61,500 | 2,462,912 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Goldman Sachs International | 01/27/21 | 22.00 | — | 21,750 | 871,030 | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Citibank, N.A. | 01/27/21 | 26.50 | — | 166,500 | 2,122,299 | |||||||||||||||||||||
Currency Option USD vs RUB | Call | BNP Paribas S.A. | 06/27/19 | 95.00 | — | 56,000 | 274 | |||||||||||||||||||||
Currency Option USD vs RUB | Call | Citibank, N.A. | 12/23/19 | 85.00 | — | 18,000 | 53,481 | |||||||||||||||||||||
Currency Option USD vs RUB | Call | BNP Paribas S.A. | 03/30/20 | 95.00 | — | 33,000 | 91,286 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 63 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Options Purchased (continued):
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 07/05/19 | 10.00 | — | 56,000 | $ | 104,269 | ||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 08/05/19 | 12.00 | — | 56,000 | 114,936 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Citibank, N.A. | 08/28/19 | 5.40 | — | 15,000 | 2,426,997 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 09/27/19 | 15.00 | — | 56,000 | 147,824 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Goldman Sachs International | 12/23/19 | 6.00 | — | 18,000 | 2,680,839 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 04/29/20 | 7.00 | — | 41,000 | 5,097,015 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Deutsche Bank AG | 06/29/20 | 9.00 | — | 40,000 | 2,747,508 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Deutsche Bank AG | 10/29/20 | 9.00 | — | 40,000 | 3,965,384 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 10/29/20 | 9.00 | — | 16,000 | 1,586,154 | |||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 02/25/21 | 10.00 | — | 56,000 | 5,673,727 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 06/26/19 | 20.00 | — | 15,000 | 914 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Goldman Sachs International | 07/26/19 | 25.00 | — | 40,000 | 1,167 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 07/26/19 | 25.00 | — | 72,000 | 2,101 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 12/24/19 | 14.00 | — | 18,000 | 1,308,693 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | BNP Paribas S.A. | 12/24/19 | 17.00 | — | 36,000 | 519,914 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Goldman Sachs International | 07/27/20 | 25.00 | — | 40,000 | 223,728 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Goldman Sachs International | 09/28/20 | 17.00 | — | 40,000 | 1,699,244 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 09/28/20 | 17.00 | — | 16,000 | 679,697 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Goldman Sachs International | 01/27/21 | 15.00 | — | 40,000 | 3,857,537 | |||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 01/27/21 | 15.00 | — | 16,000 | 1,543,015 | |||||||||||||||||||||
Currency Option AUD vs JPY | Put | Deutsche Bank AG | 06/06/19 | 52.00 | — | AUD | 252,000 | 158 |
See Notes to Financial Statements.
64 |
Options Purchased (continued):
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
Currency Option AUD vs JPY | Put | Goldman Sachs International | 06/06/19 | 52.00 | — | AUD | 58,500 | $ | 37 | |||||||||||||||||||
Currency Option AUD vs JPY | Put | BNP Paribas S.A. | 06/26/19 | 80.00 | — | AUD | 77,000 | 1,454,998 | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | Morgan Stanley & Co. International PLC | 06/26/19 | 70.00 | — | AUD | 154,000 | 54,356 | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | Morgan Stanley & Co. International PLC | 01/29/20 | 82.00 | — | AUD | 110,000 | 5,345,423 | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | Deutsche Bank AG | 01/29/20 | 73.00 | — | AUD | 220,000 | 2,338,265 | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | Deutsche Bank AG | 02/26/20 | 67.00 | — | AUD | 150,000 | 700,970 | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | BNP Paribas S.A. | 02/26/20 | 76.00 | — | AUD | 75,000 | 1,465,305 | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | Deutsche Bank AG | 12/28/20 | 68.00 | — | AUD | 252,000 | 3,686,964 | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | Goldman Sachs International | 12/28/20 | 68.00 | — | AUD | 58,500 | 855,902 | ||||||||||||||||||||
Currency Option AUD vs USD | Put | Citibank, N.A. | 01/29/20 | 0.69 | — | AUD | 23,000 | 273,548 | ||||||||||||||||||||
Currency Option EUR vs TRY | Put | Goldman Sachs International | 04/28/20 | 6.00 | — | EUR | 35,500 | 89,475 | ||||||||||||||||||||
Currency Option EUR vs TRY | Put | BNP Paribas S.A. | 07/28/20 | 7.00 | — | EUR | 35,500 | 545,346 | ||||||||||||||||||||
Currency Option GBP vs USD | Put | Goldman Sachs International | 09/03/19 | 1.00 | — | GBP | 41,600 | 3,068 | ||||||||||||||||||||
Currency Option GBP vs USD | Put | Citibank, N.A. | 11/25/19 | 1.30 | — | GBP | 12,500 | 307,154 | ||||||||||||||||||||
Currency Option GBP vs USD | Put | HSBC Bank USA, N.A. | 11/25/19 | 1.15 | — | GBP | 12,500 | 33,205 | ||||||||||||||||||||
Currency Option GBP vs USD | Put | HSBC Bank USA, N.A. | 09/28/20 | 1.28 | — | GBP | 32,000 | 1,064,058 | ||||||||||||||||||||
Currency Option GBP vs USD | Put | Goldman Sachs International | 09/28/20 | 1.28 | — | GBP | 9,600 | 319,217 | ||||||||||||||||||||
Currency Option USD vs BRL | Put | JPMorgan Chase Bank, N.A. | 03/27/20 | 3.10 | — | 33,000 | 36,714 | |||||||||||||||||||||
Currency Option USD vs BRL | Put | Deutsche Bank AG | 06/26/20 | 3.50 | — | 40,000 | 391,095 | |||||||||||||||||||||
Currency Option USD vs BRL | Put | Deutsche Bank AG | 08/27/20 | 3.50 | — | 40,000 | 444,423 | |||||||||||||||||||||
Currency Option USD vs BRL | Put | Morgan Stanley & Co. International PLC | 08/27/20 | 3.25 | — | 40,000 | 163,529 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 65 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Options Purchased (continued):
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
Currency Option USD vs BRL | Put | Citibank, N.A. | 03/29/21 | 3.75 | — | 119,000 | $ | 3,491,303 | ||||||||||||||||||||
Currency Option USD vs CNH | Put | Morgan Stanley & Co. International PLC | 06/26/19 | 6.00 | — | 39,000 | 157 | |||||||||||||||||||||
Currency Option USD vs INR | Put | Goldman Sachs International | 07/29/19 | 69.00 | — | 20,000 | 114,157 | |||||||||||||||||||||
Currency Option USD vs INR | Put | BNP Paribas S.A. | 08/27/19 | 69.50 | — | 40,000 | 336,735 | |||||||||||||||||||||
Currency Option USD vs INR | Put | BNP Paribas S.A. | 12/21/20 | 69.00 | — | 20,000 | 154,420 | |||||||||||||||||||||
Currency Option USD vs JPY | Put | Barclays Bank PLC | 07/05/19 | 91.00 | — | 112,000 | 3,520 | |||||||||||||||||||||
Currency Option USD vs KRW | Put | Deutsche Bank AG | 07/29/19 | 1,050.00 | — | 15,000 | 636 | |||||||||||||||||||||
Currency Option USD vs MXN | Put | BNP Paribas S.A. | 08/27/19 | 17.00 | — | 24,500 | 12,803 | |||||||||||||||||||||
Currency Option USD vs MXN | Put | Citibank, N.A. | 04/28/20 | 17.00 | — | 55,500 | 150,467 | |||||||||||||||||||||
Currency Option USD vs MXN | Put | Deutsche Bank AG | 10/28/20 | 18.00 | — | 40,000 | 356,950 | |||||||||||||||||||||
Currency Option USD vs RUB | Put | BNP Paribas S.A. | 12/22/20 | 66.00 | — | 56,000 | 1,912,026 | |||||||||||||||||||||
Currency Option USD vs TRY | Put | Goldman Sachs International | 04/29/20 | 4.00 | — | 41,000 | 22,567 | |||||||||||||||||||||
Currency Option USD vs TRY | Put | Morgan Stanley & Co. International PLC | 06/29/20 | 5.00 | — | 40,000 | 128,840 | |||||||||||||||||||||
Currency Option USD vs ZAR | Put | BNP Paribas S.A. | 07/27/20 | 12.00 | — | 40,000 | 166,343 | |||||||||||||||||||||
Currency Option USD vs ZAR | Put | Morgan Stanley & Co. International PLC | 01/27/21 | 12.50 | — | 56,000 | 606,967 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total OTC Traded (cost $133,177,663) | $ | 89,868,630 | ||||||||||||||||||||||||||
|
|
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||
CDX.NA.HY.32.V1, 06/20/24 | Put | Deutsche Bank AG | 07/17/19 | $ | 104.50 | CDX.NA.HY. 32.V1(Q) | 5.00%(Q) | 56,900 | $ | 205,269 | ||||||||||||||
CDX.NA.HY.32.V1, 06/20/24 | Put | Deutsche Bank AG | 05/15/19 | $ | 97.00 | CDX.NA.HY. 32.V1(Q) | 5.00%(Q) | 56,900 | 972 |
See Notes to Financial Statements.
66 |
Options Purchased (continued):
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||
iTraxx.EUR.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 0.80 | % | iTraxx.EUR. 31.V1(Q) | 1.00%(Q) | EUR | 101,600 | $ | 169,707 | |||||||||||||
iTraxx.XO.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 3.50 | % | iTraxx.XO. 31.V1(Q) | 5.00%(Q) | EUR | 50,800 | 240,855 | ||||||||||||||
|
| |||||||||||||||||||||||
Total OTC Swaptions(cost $1,938,258) |
| $ | 616,803 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Total Options Purchased(cost $135,115,921) |
| $ | 90,485,433 | |||||||||||||||||||||
|
|
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 | 30,400 | $ | (67,971 | ) | ||||||||||||||||||
Currency Option EUR vs TRY | Call | Goldman Sachs International | 04/28/20 | 10.00 | — | EUR | 35,500 | (2,436,214 | ) | |||||||||||||||||||
Currency Option EUR vs TRY | Call | BNP Paribas S.A. | 07/28/20 | 12.00 | — | EUR | 35,500 | (2,117,077 | ) | |||||||||||||||||||
Currency Option EUR vs ZAR | Call | Citibank, N.A. | 11/25/19 | 27.00 | — | EUR | 14,000 | (10,680 | ) | |||||||||||||||||||
Currency Option EUR vs ZAR | Call | Deutsche Bank AG | 12/24/19 | 24.00 | — | EUR | 14,750 | (36,497 | ) | |||||||||||||||||||
Currency Option EUR vs ZAR | Call | Morgan Stanley & Co. International PLC | 08/27/20 | 28.00 | — | EUR | 34,500 | (238,916 | ) | |||||||||||||||||||
Currency Option EUR vs ZAR | Call | Goldman Sachs International | 12/21/20 | 25.00 | — | EUR | 70,000 | (1,354,536 | ) | |||||||||||||||||||
Currency Option EUR vs ZAR | Call | Morgan Stanley & Co. International PLC | 12/21/20 | 25.00 | — | EUR | 28,000 | (541,814 | ) | |||||||||||||||||||
Currency Option USD vs BRL | Call | Citibank, N.A. | 06/11/19 | 5.25 | — | 80,000 | (1,454 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Call | JPMorgan Chase Bank, N.A. | 12/20/19 | 5.00 | — | 18,000 | (93,971 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Call | JPMorgan Chase Bank, N.A. | 12/20/19 | 5.00 | — | 14,500 | (75,699 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Call | JPMorgan Chase Bank, N.A. | 03/27/20 | 4.65 | — | 33,000 | (553,687 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Call | Deutsche Bank AG | 07/27/20 | 6.50 | — | 80,000 | (317,418 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Call | Deutsche Bank AG | 08/27/20 | 8.50 | — | 40,000 | (52,880 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 67 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Options Written (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 | 12/21/20 | 5.25 | — | 80,000 | $ | (1,604,254 | ) | |||||||||||||||||||
Currency Option USD vs BRL | Call | Morgan Stanley & Co. International PLC | 01/27/21 | 5.00 | — | 82,000 | (2,321,947 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Call | Citibank, N.A. | 01/27/21 | 5.00 | — | 30,000 | (849,493 | ) | ||||||||||||||||||||
Currency Option USD vs CAD | Call | HSBC Bank USA, N.A. | 07/30/19 | 1.40 | — | 40,000 | (38,367 | ) | ||||||||||||||||||||
Currency Option USD vs CAD | Call | Citibank, N.A. | 07/30/19 | 1.30 | — | 20,000 | (583,785 | ) | ||||||||||||||||||||
Currency Option USD vs INR | Call | BNP Paribas S.A. | 08/27/19 | 82.50 | — | 40,000 | (12,451 | ) | ||||||||||||||||||||
Currency Option USD vs INR | Call | HSBC Bank USA, N.A. | 10/28/20 | 90.00 | — | 40,000 | (163,847 | ) | ||||||||||||||||||||
Currency Option USD vs INR | Call | Goldman Sachs International | 02/24/21 | 86.00 | — | 112,000 | (1,077,148 | ) | ||||||||||||||||||||
Currency Option USD vs JPY | Call | Citibank, N.A. | 01/27/21 | 110.00 | — | 22,000 | (435,739 | ) | ||||||||||||||||||||
Currency Option USD vs KRW | Call | Morgan Stanley & Co. International PLC | 05/29/19 | 1,500.00 | — | 12,000 | (1 | ) | ||||||||||||||||||||
Currency Option USD vs KRW | Call | Morgan Stanley & Co. International PLC | 07/29/19 | 1,450.00 | — | 30,000 | (771 | ) | ||||||||||||||||||||
Currency Option USD vs KRW | Call | Goldman Sachs International | 07/29/19 | 1,150.00 | — | 15,000 | (258,584 | ) | ||||||||||||||||||||
Currency Option USD vs KRW | Call | Goldman Sachs International | 12/20/19 | 1,350.00 | — | 36,000 | (51,284 | ) | ||||||||||||||||||||
Currency Option USD vs KRW | Call | BNP Paribas S.A. | 12/20/19 | 1,200.00 | — | 18,000 | (179,788 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Call | BNP Paribas S.A. | 08/27/19 | 25.00 | — | 24,500 | (10,165 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Call | Morgan Stanley & Co. International PLC | 12/26/19 | 26.00 | — | 32,000 | (53,698 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Call | Citibank, N.A. | 12/26/19 | 22.00 | — | 16,000 | (136,828 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Call | Citibank, N.A. | 04/28/20 | 26.00 | — | 55,500 | (264,640 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Call | Deutsche Bank AG | 10/28/20 | 31.00 | — | 120,000 | (489,106 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Call | Morgan Stanley & Co. International PLC | 01/27/21 | 26.50 | — | 123,000 | (1,567,824 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Call | Goldman Sachs International | 01/27/21 | 26.50 | — | 43,500 | (554,474 | ) |
See Notes to Financial Statements.
68 |
Options Written (continued):
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
Currency Option USD vs MXN | Call | Citibank, N.A. | 01/27/21 | 22.00 | — | 83,250 | $ | (3,333,942 | ) | |||||||||||||||||||
Currency Option USD vs RUB | Call | Goldman Sachs International | 12/23/19 | 85.00 | — | 18,000 | (53,481 | ) | ||||||||||||||||||||
Currency Option USD vs RUB | Call | Citibank, N.A. | 03/30/20 | 95.00 | — | 33,000 | (91,286 | ) | ||||||||||||||||||||
Currency Option USD vs RUB | Call | BNP Paribas S.A. | 12/22/20 | 95.00 | — | 56,000 | (758,266 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Call | BNP Paribas S.A. | 08/28/19 | 5.40 | — | 15,000 | (2,426,997 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Call | BNP Paribas S.A. | 12/23/19 | 6.00 | — | 18,000 | (2,680,839 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Call | Goldman Sachs International | 04/29/20 | 7.00 | — | 41,000 | (5,097,015 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 06/29/20 | 9.00 | — | 40,000 | (2,747,508 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Call | Deutsche Bank AG | 10/29/20 | 12.00 | — | 80,000 | (4,055,956 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co. International PLC | 10/29/20 | 12.00 | — | 32,000 | (1,622,383 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Call | Morgan Stanley & Co.International PLC | 02/25/21 | 15.00 | — | 112,000 | (5,199,089 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | HSBC Bank USA, N.A. | 06/26/19 | 20.00 | — | 13,000 | (792 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | BNP Paribas S.A. | 06/26/19 | 20.00 | — | 2,000 | (122 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 12/24/19 | 17.00 | — | 36,000 | (519,914 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | BNP Paribas S.A. | 12/24/19 | 14.00 | — | 18,000 | (1,308,693 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | BNP Paribas S.A. | 07/27/20 | 25.00 | — | 40,000 | (223,728 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | Goldman Sachs International | 09/28/20 | 21.00 | — | 80,000 | (1,208,769 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 09/28/20 | 21.00 | — | 32,000 | (483,507 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | Goldman Sachs International | 01/27/21 | 20.00 | — | 80,000 | (2,196,160 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Call | Morgan Stanley & Co. International PLC | 01/27/21 | 20.00 | — | 32,000 | (878,464 | ) | ||||||||||||||||||||
Currency Option AUD vs JPY | Put | BNP Paribas S.A. | 06/26/19 | 70.00 | — | AUD | 154,000 | (54,356 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 69 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Options Written (continued):
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
Currency Option AUD vs JPY | Put | Morgan Stanley & Co. International PLC | 06/26/19 | 80.00 | — | AUD | 77,000 | $ | (1,454,998 | ) | ||||||||||||||||||
Currency Option AUD vs JPY | Put | Morgan Stanley & Co. International PLC | 01/29/20 | 73.00 | — | AUD | 220,000 | (2,338,265 | ) | |||||||||||||||||||
Currency Option AUD vs JPY | Put | Deutsche Bank AG | 01/29/20 | 82.00 | — | AUD | 110,000 | (5,345,423 | ) | |||||||||||||||||||
Currency Option AUD vs JPY | Put | Deutsche Bank AG | 02/26/20 | 76.00 | — | AUD | 75,000 | (1,465,305 | ) | |||||||||||||||||||
Currency Option AUD vs JPY | Put | BNP Paribas S.A. | 02/26/20 | 67.00 | — | AUD | 150,000 | (700,970 | ) | |||||||||||||||||||
Currency Option AUD vs JPY | Put | Deutsche Bank AG | 12/28/20 | 60.00 | — | AUD | 504,000 | (3,251,331 | ) | |||||||||||||||||||
Currency Option AUD vs JPY | Put | Goldman Sachs International | 12/28/20 | 60.00 | — | AUD | 117,000 | (754,773 | ) | |||||||||||||||||||
Currency Option AUD vs USD | Put | Morgan Stanley & Co. International PLC | 01/29/20 | 0.69 | — | AUD | 23,000 | (273,548 | ) | |||||||||||||||||||
Currency Option EUR vs TRY | Put | Morgan Stanley & Co. International PLC | 04/28/20 | 6.00 | — | EUR | 35,500 | (89,475 | ) | |||||||||||||||||||
Currency Option EUR vs TRY | Put | Morgan Stanley & Co. International PLC | 07/28/20 | 7.00 | — | EUR | 35,500 | (545,346 | ) | |||||||||||||||||||
Currency Option GBP vs USD | Put | Citibank, N.A. | 11/25/19 | 1.15 | — | GBP | 12,500 | (33,205 | ) | |||||||||||||||||||
Currency Option GBP vs USD | Put | HSBC Bank USA, N.A. | 11/25/19 | 1.30 | — | GBP | 12,500 | (307,154 | ) | |||||||||||||||||||
Currency Option GBP vs USD | Put | HSBC Bank USA, N.A. | 09/28/20 | 1.16 | — | GBP | 64,000 | (685,197 | ) | |||||||||||||||||||
Currency Option GBP vs USD | Put | Goldman Sachs International | 09/28/20 | 1.16 | — | GBP | 19,200 | (205,559 | ) | |||||||||||||||||||
Currency Option USD vs BRL | Put | Deutsche Bank AG | 03/27/20 | 3.10 | — | 33,000 | (36,714 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Put | Citibank, N.A. | 06/26/20 | 3.50 | — | 40,000 | (391,095 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Put | Morgan Stanley & Co. International PLC | 08/27/20 | 3.50 | — | 40,000 | (444,423 | ) | ||||||||||||||||||||
Currency Option USD vs BRL | Put | Citibank, N.A. | 08/27/20 | 3.25 | — | 40,000 | (163,529 | ) | ||||||||||||||||||||
Currency Option USD vs INR | Put | BNP Paribas S.A. | 07/29/19 | 69.00 | — | 20,000 | (114,157 | ) | ||||||||||||||||||||
Currency Option USD vs INR | Put | HSBC Bank USA, N.A. | 08/27/19 | 69.50 | — | 40,000 | (336,735 | ) | ||||||||||||||||||||
Currency Option USD vs INR | Put | Goldman Sachs International | 12/21/20 | 69.00 | — | 20,000 | (154,420 | ) |
See Notes to Financial Statements.
70 |
Options Written (continued):
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||||
Currency Option USD vs JPY | Put | Morgan Stanley & Co. International PLC | 01/27/21 | 91.00 | — | 40,000 | $ | (285,631 | ) | |||||||||||||||||||
Currency Option USD vs JPY | Put | Barclays Bank PLC | 01/27/21 | 91.00 | — | 72,000 | (514,135 | ) | ||||||||||||||||||||
Currency Option USD vs KRW | Put | Morgan Stanley & Co. International PLC | 07/29/19 | 1,050.00 | — | 15,000 | (636 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Put | Morgan Stanley & Co. International PLC | 08/27/19 | 17.00 | — | 24,500 | (12,803 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Put | Morgan Stanley & Co. International PLC | 04/28/20 | 17.00 | — | 55,500 | (150,467 | ) | ||||||||||||||||||||
Currency Option USD vs MXN | Put | Morgan Stanley & Co. International PLC | 10/28/20 | 18.00 | — | 40,000 | (356,950 | ) | ||||||||||||||||||||
Currency Option USD vs RUB | Put | BNP Paribas S.A. | 08/28/19 | 66.00 | — | 56,000 | (1,514,496 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Put | Deutsche Bank AG | 04/29/20 | 4.00 | — | 41,000 | (22,567 | ) | ||||||||||||||||||||
Currency Option USD vs TRY | Put | Deutsche Bank AG | 06/29/20 | 5.00 | — | 40,000 | (128,840 | ) | ||||||||||||||||||||
Currency Option USD vs ZAR | Put | Goldman Sachs International | 07/27/20 | 12.00 | — | 40,000 | (166,343 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total OTC Traded(premiums received $107,801,104) | $ | (75,738,765 | ) | |||||||||||||||||||||||||
|
|
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||
CDX.NA.HY.32.V1, 06/20/24 | Put | Deutsche Bank AG | 07/17/19 | $ | 101.00 | 5.00%(Q) | CDX.NA.HY. 32.V1(Q) | 113,800 | $ | (161,855 | ) | |||||||||||||
iTraxx.EUR.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 1.10 | % | 1.00%(Q) | iTraxx.EUR. 31.V1(Q) | EUR | 203,200 | (133,721 | ) | |||||||||||||
iTraxx.XO.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 4.50 | % | 5.00%(Q) | iTraxx.XO. 31.V1(Q) | EUR | 101,600 | (190,120 | ) | |||||||||||||
|
| |||||||||||||||||||||||
Total OTC Swaptions(premiums received $1,766,790) | $ | (485,696 | ) | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Total Options Written(premiums received $109,567,894) | $ | (76,224,461 | ) | |||||||||||||||||||||
|
|
See Notes to Financial Statements.
PGIM Global Total Return Fund | 71 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Futures contracts outstanding at April 30, 2019:
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value / Unrealized Appreciation (Depreciation) | ||||||||||||
Long Positions: | ||||||||||||||||
7,453 | 5 Year U.S. Treasury Notes | Jun. 2019 | $ | 861,869,615 | $ | 5,323,438 | ||||||||||
2 | 10 Year Canadian Government Bonds | Jun. 2019 | 206,285 | 3,133 | ||||||||||||
4,033 | 10 Year U.S. Treasury Notes | Jun. 2019 | 498,768,692 | 3,446,630 | ||||||||||||
19 | 10 Year U.S. Ultra Treasury Notes | Jun. 2019 | 2,503,844 | 27,139 | ||||||||||||
192 | 20 Year U.S. Treasury Bonds | Jun. 2019 | 28,314,000 | 414,399 | ||||||||||||
8 | 30 Year Euro Buxl | Jun. 2019 | 1,693,526 | 59,572 | ||||||||||||
920 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2019 | 151,138,750 | 1,063,876 | ||||||||||||
388 | Euro-OAT | Jun. 2019 | 70,499,290 | 1,391,817 | ||||||||||||
|
| |||||||||||||||
11,730,004 | ||||||||||||||||
|
| |||||||||||||||
Short Positions: | ||||||||||||||||
4,137 | 2 Year U.S. Treasury Notes | Jun. 2019 | 881,213,321 | (2,859,801 | ) | |||||||||||
996 | 5 Year Euro-Bobl | Jun. 2019 | 148,497,911 | (727,769 | ) | |||||||||||
1,082 | 10 Year Euro-Bund | Jun. 2019 | 200,615,455 | (1,951,451 | ) | |||||||||||
2,017 | Euro Schatz Index | Jun. 2019 | 253,192,945 | (288,911 | ) | |||||||||||
|
| |||||||||||||||
(5,827,932 | ) | |||||||||||||||
|
| |||||||||||||||
$ | 5,902,072 | |||||||||||||||
|
|
Forward foreign currency exchange contracts outstanding at April 30, 2019:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: |
| |||||||||||||||||||||
Argentine Peso, | ||||||||||||||||||||||
Expiring 05/03/19 | BNP Paribas S.A. | ARS | 284,201 | $ | 6,415,372 | $ | 6,381,748 | $ | — | $ | (33,624 | ) | ||||||||||
Expiring 05/30/19 | BNP Paribas S.A. | ARS | 110,257 | 2,358,431 | 2,381,626 | 23,195 | — | |||||||||||||||
Expiring 06/25/19 | Citibank, N.A. | ARS | 29,602 | 650,591 | 613,472 | — | (37,119 | ) | ||||||||||||||
Expiring 06/25/19 | Citibank, N.A. | ARS | 21,079 | 449,629 | 436,835 | — | (12,794 | ) | ||||||||||||||
Expiring 06/25/19 | Citibank, N.A. | ARS | 14,394 | 310,408 | 298,295 | — | (12,113 | ) | ||||||||||||||
Australian Dollar, | ||||||||||||||||||||||
Expiring 06/28/19 | Goldman Sachs International | AUD | 3,228 | 2,466,159 | 2,278,441 | — | (187,718 | ) |
See Notes to Financial Statements.
72 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Australian Dollar (cont’d.), | ||||||||||||||||||||||
Expiring 06/28/19 | Morgan Stanley & Co. International PLC | AUD | 1,390 | $ | 1,075,979 | $ | 981,145 | $ | — | $ | (94,834 | ) | ||||||||||
Expiring 07/22/19 | Barclays Bank PLC | AUD | 2,443 | 1,736,000 | 1,725,732 | — | (10,268 | ) | ||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | AUD | 5,773 | 4,148,800 | 4,077,755 | — | (71,045 | ) | ||||||||||||||
Expiring 07/22/19 | Morgan Stanley & Co. International PLC | AUD | 1,242 | 889,672 | 877,586 | — | (12,086 | ) | ||||||||||||||
Expiring 08/29/19 | Barclays Bank PLC | AUD | 13,623 | 9,701,153 | 9,632,474 | — | (68,679 | ) | ||||||||||||||
Expiring 08/29/19 | BNP Paribas S.A. | AUD | 1,696 | 1,197,000 | 1,199,209 | 2,209 | — | |||||||||||||||
Expiring 08/29/19 | Morgan Stanley & Co. International PLC | AUD | 6,367 | 4,520,846 | 4,501,737 | — | (19,109 | ) | ||||||||||||||
Expiring 08/29/19 | Morgan Stanley & Co. International PLC | AUD | 5,309 | 3,771,142 | 3,753,775 | — | (17,367 | ) | ||||||||||||||
Expiring 01/31/20 | Citibank, N.A. | AUD | 3,238 | 2,594,998 | 2,298,397 | — | (296,601 | ) | ||||||||||||||
Expiring 01/31/20 | Citibank, N.A. | AUD | 2,637 | 1,966,670 | 1,872,042 | — | (94,628 | ) | ||||||||||||||
Expiring 02/28/20 | Bank of America, N.A. | AUD | 8,916 | 6,402,013 | 6,333,231 | — | (68,782 | ) | ||||||||||||||
Expiring 11/30/20 | Morgan Stanley & Co. International PLC | AUD | 2,729 | 1,959,198 | 1,948,187 | — | (11,011 | ) | ||||||||||||||
Brazilian Real, | ||||||||||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 21,917 | 5,647,287 | 5,574,273 | — | (73,014 | ) | ||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 3,406 | �� | 863,000 | 866,285 | 3,285 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 73 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Brazilian Real (cont’d.), |
| |||||||||||||||||||||
Expiring 08/29/19 | JPMorgan Chase Bank, N.A. | BRL | 3,957 | $ | 990,000 | $ | 999,271 | $ | 9,271 | $ | — | |||||||||||
Expiring 09/30/19 | Barclays Bank PLC | BRL | 3,000 | 877,707 | 755,515 | — | (122,192 | ) | ||||||||||||||
Expiring 09/30/19 | Barclays Bank PLC | BRL | 682 | 198,290 | 171,793 | — | (26,497 | ) | ||||||||||||||
Expiring 09/30/19 | JPMorgan Chase Bank, N.A. | BRL | 5,925 | 1,689,000 | 1,492,144 | — | (196,856 | ) | ||||||||||||||
Expiring 12/24/19 | Barclays Bank PLC | BRL | 2,271 | 656,862 | 568,239 | — | (88,623 | ) | ||||||||||||||
Expiring 12/24/19 | Barclays Bank PLC | BRL | 455 | 130,617 | 113,769 | — | (16,848 | ) | ||||||||||||||
Expiring 12/24/19 | Citibank, N.A. | BRL | 3,650 | 933,553 | 913,161 | — | (20,392 | ) | ||||||||||||||
Expiring 12/24/19 | Deutsche Bank AG | BRL | 24,458 | 6,069,000 | 6,118,624 | 49,624 | — | |||||||||||||||
Expiring 03/31/20 | Deutsche Bank AG | BRL | 47,153 | 11,550,000 | 11,711,169 | 161,169 | — | |||||||||||||||
Expiring 06/30/20 | Citibank, N.A. | BRL | 31,480 | 7,893,000 | 7,741,692 | — | (151,308 | ) | ||||||||||||||
Expiring 06/30/20 | Deutsche Bank AG | BRL | 53,533 | 12,146,000 | 13,164,994 | 1,018,994 | — | |||||||||||||||
Expiring 06/30/20 | Morgan Stanley & Co. International PLC | BRL | 3,592 | 881,000 | 883,307 | 2,307 | — | |||||||||||||||
Expiring 07/29/20 | Deutsche Bank AG | BRL | 10,985 | 2,758,413 | 2,691,729 | — | (66,684 | ) | ||||||||||||||
Expiring 07/29/20 | Morgan Stanley & Co. International PLC | BRL | 9,411 | 2,413,000 | 2,305,888 | — | (107,112 | ) | ||||||||||||||
Expiring 08/31/20 | Citibank, N.A. | BRL | 15,315 | 3,813,000 | 3,737,155 | — | (75,845 | ) | ||||||||||||||
Expiring 08/31/20 | Morgan Stanley & Co. International PLC | BRL | 16,155 | 3,967,000 | 3,942,205 | — | (24,795 | ) | ||||||||||||||
Expiring 12/23/20 | Citibank, N.A. | BRL | 70,083 | 17,106,000 | 16,862,215 | — | (243,785 | ) |
See Notes to Financial Statements.
74 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Brazilian Real (cont’d.), | ||||||||||||||||||||||
Expiring 01/29/21 | Citibank, N.A. | BRL | 31,144 | $ | 7,402,000 | $ | 7,459,392 | $ | 57,392 | $ | — | |||||||||||
Expiring 01/29/21 | Citibank, N.A. | BRL | 20,672 | 4,950,547 | 4,951,226 | 679 | — | |||||||||||||||
Expiring 01/29/21 | Morgan Stanley & Co. International PLC | BRL | 11,133 | 2,780,000 | 2,666,388 | — | (113,612 | ) | ||||||||||||||
British Pound, | ||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | GBP | 2,822 | 3,711,000 | 3,695,753 | — | (15,247 | ) | ||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | GBP | 2,053 | 2,691,000 | 2,688,347 | — | (2,653 | ) | ||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | GBP | 1,126 | 1,460,000 | 1,475,024 | 15,024 | — | |||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | GBP | 1,726 | 2,255,000 | 2,259,706 | 4,706 | — | |||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | GBP | 2,507 | 3,303,000 | 3,282,240 | — | (20,760 | ) | ||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | GBP | 833 | 1,096,000 | 1,090,166 | — | (5,834 | ) | ||||||||||||||
Expiring 07/19/19 | The Toronto-Dominion Bank | GBP | 2,502 | 3,281,000 | 3,275,601 | — | (5,399 | ) | ||||||||||||||
Expiring 08/29/19 | Citibank, N.A. | GBP | 3,717 | 4,847,272 | 4,877,194 | 29,922 | — | |||||||||||||||
Expiring 11/27/19 | Citibank, N.A. | GBP | 2,666 | 3,624,960 | 3,511,980 | — | (112,980 | ) | ||||||||||||||
Canadian Dollar, | ||||||||||||||||||||||
Expiring 07/22/19 | Bank of America, N.A. | CAD | 2,237 | 1,664,000 | 1,673,026 | 9,026 | — | |||||||||||||||
Expiring 07/22/19 | Bank of America, N.A. | CAD | 2,030 | 1,508,000 | 1,518,661 | 10,661 | — | |||||||||||||||
Expiring 07/22/19 | Barclays Bank PLC | CAD | 1,450 | 1,084,000 | 1,084,780 | 780 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 75 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Canadian Dollar (cont’d.), | ||||||||||||||||||||||
Expiring 07/22/19 | Morgan Stanley & Co. International PLC | CAD | 41,898 | $ | 31,387,349 | $ | 31,338,320 | $ | — | $ | (49,029 | ) | ||||||||||
Expiring 07/31/19 | HSBC Bank USA, N.A. | CAD | 5,607 | 4,243,862 | 4,194,704 | — | (49,158 | ) | ||||||||||||||
Expiring 07/31/19 | JPMorgan Chase Bank, N.A. | CAD | 2,119 | 1,624,886 | 1,585,139 | — | (39,747 | ) | ||||||||||||||
Chilean Peso, | ||||||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 1,205,273 | 1,809,900 | 1,778,961 | — | (30,939 | ) | ||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 1,182,871 | 1,769,199 | 1,745,895 | — | (23,304 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | CLP | 539,397 | 814,000 | 796,140 | — | (17,860 | ) | ||||||||||||||
Chinese Renminbi, | ||||||||||||||||||||||
Expiring 05/06/19 | Citibank, N.A. | CNH | 10,414 | 1,545,546 | 1,545,970 | 424 | — | |||||||||||||||
Expiring 06/05/19 | BNP Paribas S.A. | CNH | 41,382 | 6,187,447 | 6,143,333 | — | (44,114 | ) | ||||||||||||||
Expiring 06/28/19 | Citibank, N.A. | CNH | 7,979 | 1,139,014 | 1,184,503 | 45,489 | — | |||||||||||||||
Expiring 07/25/19 | Barclays Bank PLC | CNH | 41,488 | 6,156,073 | 6,158,281 | 2,208 | — | |||||||||||||||
Expiring 07/25/19 | Citibank, N.A. | CNH | 20,809 | 3,102,234 | 3,088,890 | — | (13,344 | ) | ||||||||||||||
Expiring 07/25/19 | JPMorgan Chase Bank, N.A. | CNH | 17,974 | 2,689,041 | 2,667,964 | — | (21,077 | ) | ||||||||||||||
Expiring 07/25/19 | JPMorgan Chase Bank, N.A. | CNH | 5,624 | 836,000 | 834,834 | — | (1,166 | ) | ||||||||||||||
Expiring 02/28/20 | Citibank, N.A. | CNH | 9,688 | 1,375,694 | 1,434,949 | 59,255 | — | |||||||||||||||
Expiring 02/28/20 | HSBC Bank USA, N.A. | CNH | 9,677 | 1,428,763 | 1,433,336 | 4,573 | — | |||||||||||||||
Expiring 02/28/20 | Morgan Stanley & Co. International PLC | CNH | 52,452 | 8,077,000 | 7,768,841 | — | (308,159 | ) |
See Notes to Financial Statements.
76 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Colombian Peso, | ||||||||||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 9,862,053 | $ | 3,179,000 | $ | 3,046,859 | $ | — | $ | (132,141 | ) | ||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 5,487,261 | 1,781,000 | 1,695,277 | — | (85,723 | ) | ||||||||||||||
Expiring 05/20/19 | Citibank, N.A. | COP | 3,878,720 | 1,240,000 | 1,198,322 | — | (41,678 | ) | ||||||||||||||
Expiring 05/20/19 | HSBC Bank USA, N.A. | COP | 2,696,112 | 864,000 | 832,958 | — | (31,042 | ) | ||||||||||||||
Expiring 05/20/19 | JPMorgan Chase Bank, N.A. | COP | 3,550,822 | 1,133,000 | 1,097,018 | — | (35,982 | ) | ||||||||||||||
Czech Koruna, | ||||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | CZK | 92,925 | 4,099,373 | 4,074,907 | — | (24,466 | ) | ||||||||||||||
Danish Krone, | ||||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | DKK | 4,224 | 645,722 | 639,235 | — | (6,487 | ) | ||||||||||||||
Egyptian Pound, | ||||||||||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 47,211 | 2,513,874 | 2,691,363 | 177,489 | — | |||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 29,132 | 1,550,711 | 1,660,727 | 110,016 | — | |||||||||||||||
Expiring 07/29/19 | Citibank, N.A. | EGP | 22,834 | 1,233,918 | 1,296,733 | 62,815 | — | |||||||||||||||
Expiring 07/29/19 | Citibank, N.A. | EGP | 12,811 | 682,177 | 727,558 | 45,381 | — | |||||||||||||||
Expiring 09/18/19 | Citibank, N.A. | EGP | 28,597 | 1,564,390 | 1,602,709 | 38,319 | — | |||||||||||||||
Expiring 10/08/19 | Citibank, N.A. | EGP | 15,748 | 867,400 | 877,864 | 10,464 | — | |||||||||||||||
Euro, | ||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | EUR | 1,346 | 1,530,000 | 1,520,654 | — | (9,346 | ) | ||||||||||||||
Expiring 07/19/19 | Goldman Sachs International | EUR | 4,915 | 5,544,461 | 5,551,249 | 6,788 | — | |||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | EUR | 1,737 | 1,960,000 | 1,962,182 | 2,182 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 77 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Euro (cont’d.), | ||||||||||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | EUR | 1,478 | $ | 1,685,000 | $ | 1,669,533 | $ | — | $ | (15,467 | ) | ||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | EUR | 664 | 757,000 | 749,656 | — | (7,344 | ) | ||||||||||||||
Expiring 07/19/19 | The Toronto-Dominion Bank | EUR | 1,294 | 1,474,000 | 1,461,788 | — | (12,212 | ) | ||||||||||||||
Expiring 01/31/20 | Morgan Stanley & Co. International PLC | EUR | 2,685 | 3,258,784 | 3,081,655 | — | (177,129 | ) | ||||||||||||||
Expiring 02/28/20 | Bank of America, N.A. | EUR | 3,265 | 4,271,599 | 3,755,476 | — | (516,123 | ) | ||||||||||||||
Expiring 02/28/20 | BNP Paribas S.A. | EUR | 5,554 | 6,285,739 | 6,388,335 | 102,596 | — | |||||||||||||||
Expiring 02/28/20 | Morgan Stanley & Co. International PLC | EUR | 4,574 | 5,300,808 | 5,261,117 | — | (39,691 | ) | ||||||||||||||
Expiring 02/28/20 | Morgan Stanley & Co. International PLC | EUR | 3,595 | 4,373,117 | 4,134,860 | — | (238,257 | ) | ||||||||||||||
Hungarian Forint, | ||||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | HUF | 237,280 | 834,000 | 826,355 | — | (7,645 | ) | ||||||||||||||
Indian Rupee, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | INR | 460,897 | 6,502,777 | 6,584,781 | 82,004 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | INR | 90,025 | 1,288,000 | 1,286,172 | — | (1,828 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | INR | 53,652 | 760,000 | 766,522 | 6,522 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | INR | 159,159 | 2,275,000 | 2,273,884 | — | (1,116 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | INR | 70,140 | 1,005,000 | 1,002,080 | — | (2,920 | ) |
See Notes to Financial Statements.
78 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Indian Rupee (cont’d.), | ||||||||||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | INR | 151,756 | $ | 2,177,000 | $ | 2,168,125 | $ | — | $ | (8,875 | ) | ||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | INR | 104,451 | 1,487,000 | 1,492,273 | 5,273 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 311,003 | 4,456,144 | 4,443,263 | — | (12,881 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 156,599 | 2,236,494 | 2,237,314 | 820 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 121,441 | 1,733,750 | 1,735,005 | 1,255 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 92,002 | 1,313,000 | 1,314,419 | 1,419 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 91,141 | 1,302,000 | 1,302,124 | 124 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 80,855 | 1,153,000 | 1,155,161 | 2,161 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 53,989 | 778,000 | 771,338 | — | (6,662 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 563,319 | 7,949,577 | 8,048,065 | 98,488 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 197,894 | 2,838,000 | 2,827,282 | — | (10,718 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 114,096 | 1,646,000 | 1,630,072 | — | (15,928 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 106,211 | 1,521,000 | 1,517,429 | — | (3,571 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 79 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Indian Rupee (cont’d.), | ||||||||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 101,012 | $ | 1,442,000 | $ | 1,443,147 | $ | 1,147 | $ | — | |||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 88,695 | 1,275,000 | 1,267,179 | — | (7,821 | ) | ||||||||||||||
Expiring 07/31/19 | BNP Paribas S.A. | INR | 271,749 | 3,730,000 | 3,862,611 | 132,611 | — | |||||||||||||||
Expiring 07/31/19 | Morgan Stanley & Co. International PLC | INR | 195,134 | 2,760,023 | 2,773,607 | 13,584 | — | |||||||||||||||
Expiring 08/29/19 | HSBC Bank USA, N.A. | INR | 945,555 | 12,891,000 | 13,397,986 | 506,986 | — | |||||||||||||||
Expiring 10/30/20 | Goldman Sachs International | INR | 341,407 | 4,510,000 | 4,599,992 | 89,992 | — | |||||||||||||||
Expiring 12/23/20 | Goldman Sachs International | INR | 216,223 | 2,832,000 | 2,893,635 | 61,635 | — | |||||||||||||||
Indonesian Rupiah, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 29,673,750 | 2,050,000 | 2,068,960 | 18,960 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 19,689,350 | 1,390,000 | 1,372,812 | — | (17,188 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 19,309,115 | 1,368,000 | 1,346,301 | — | (21,699 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 17,584,075 | 1,219,000 | 1,226,025 | 7,025 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 17,275,144 | 1,202,000 | 1,204,485 | 2,485 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 13,950,602 | 974,000 | 972,686 | — | (1,314 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 12,477,102 | 869,000 | 869,948 | 948 | — | |||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | IDR | 17,884,425 | 1,245,000 | 1,246,966 | 1,966 | — | |||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | IDR | 12,663,805 | 889,000 | 882,966 | — | (6,034 | ) |
See Notes to Financial Statements.
80 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Indonesian Rupiah (cont’d.), | ||||||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 40,855,100 | $ | 2,857,000 | $ | 2,848,564 | $ | — | $ | (8,436 | ) | ||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 28,051,520 | 1,960,000 | 1,955,852 | — | (4,148 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 18,193,716 | 1,273,000 | 1,268,531 | — | (4,469 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 18,015,681 | 1,262,000 | 1,256,118 | — | (5,882 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 53,382,861 | 3,754,069 | 3,722,044 | — | (32,025 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 35,692,332 | 2,477,000 | 2,488,597 | 11,597 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 21,251,403 | 1,494,000 | 1,481,724 | — | (12,276 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 20,202,959 | 1,399,000 | 1,408,623 | 9,623 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 13,098,800 | 916,000 | 913,295 | — | (2,705 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 12,474,060 | 870,000 | 869,736 | — | (264 | ) | ||||||||||||||
Expiring 06/19/19 | UBS AG | IDR | 37,087,425 | 2,589,000 | 2,585,868 | — | (3,132 | ) | ||||||||||||||
Israeli Shekel, | ||||||||||||||||||||||
Expiring 11/29/19 | Citibank, N.A. | ILS | 162,159 | 44,635,000 | 45,735,486 | 1,100,486 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 81 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Japanese Yen, | ||||||||||||||||||||||
Expiring 05/31/19 | Barclays Bank PLC | JPY | 115,401 | $ | 1,034,000 | $ | 1,038,677 | $ | 4,677 | $ | — | |||||||||||
Expiring 05/31/19 | Deutsche Bank AG | JPY | 122,788 | 1,121,000 | 1,105,165 | — | (15,835 | ) | ||||||||||||||
Expiring 05/31/19 | Deutsche Bank AG | JPY | 95,626 | 869,000 | 860,697 | — | (8,303 | ) | ||||||||||||||
Expiring 05/31/19 | Deutsche Bank AG | JPY | 76,216 | 707,000 | 685,993 | — | (21,007 | ) | ||||||||||||||
Expiring 05/31/19 | The Toronto-Dominion Bank | JPY | 92,065 | 835,000 | 828,639 | — | (6,361 | ) | ||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | JPY | 32,341,843 | 290,852,543 | 292,216,750 | 1,364,207 | — | |||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | JPY | 151,602 | 1,367,000 | 1,369,764 | 2,764 | — | |||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | JPY | 94,896 | 854,000 | 857,414 | 3,414 | — | |||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | JPY | 234,550 | 2,109,905 | 2,119,216 | 9,311 | — | |||||||||||||||
Expiring 07/19/19 | The Toronto-Dominion Bank | JPY | 266,000 | 2,393,000 | 2,403,381 | 10,381 | — | |||||||||||||||
Expiring 01/29/21 | Barclays Bank PLC | JPY | 743,615 | 7,152,000 | 7,009,818 | — | (142,182 | ) | ||||||||||||||
Expiring 01/29/21 | Barclays Bank PLC | JPY | 438,351 | 4,154,000 | 4,132,192 | — | (21,808 | ) | ||||||||||||||
Expiring 01/29/21 | Citibank, N.A. | JPY | 449,088 | 4,477,000 | 4,233,407 | — | (243,593 | ) | ||||||||||||||
Expiring 01/29/21 | Morgan Stanley & Co. International PLC | JPY | 1,488,986 | 14,485,000 | 14,036,187 | — | (448,813 | ) | ||||||||||||||
Expiring 10/31/23 | Barclays Bank PLC | JPY | 525,393 | 5,512,000 | 5,352,462 | — | (159,538 | ) | ||||||||||||||
Expiring 10/31/23 | Barclays Bank PLC | JPY | 406,236 | 4,196,000 | 4,138,544 | — | (57,456 | ) | ||||||||||||||
Expiring 10/31/23 | Deutsche Bank AG | JPY | 511,039 | 5,354,000 | 5,206,235 | — | (147,765 | ) |
See Notes to Financial Statements.
82 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Mexican Peso, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | MXN | 20,985 | $ | 1,072,000 | $ | 1,097,985 | $ | 25,985 | $ | — | |||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | MXN | 18,405 | 962,000 | 962,984 | 984 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 85,999 | 4,456,144 | 4,499,744 | 43,600 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 42,759 | 2,236,494 | 2,237,289 | 795 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 26,222 | 1,377,000 | 1,372,021 | — | (4,979 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 24,968 | 1,307,000 | 1,306,409 | — | (591 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 22,569 | 1,187,000 | 1,180,861 | — | (6,139 | ) | ||||||||||||||
Expiring 06/19/19 | Deutsche Bank AG | MXN | 356,141 | 18,164,734 | 18,634,436 | 469,702 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 42,653 | 2,190,043 | 2,231,753 | 41,710 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 30,732 | 1,607,000 | 1,608,019 | 1,019 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 27,987 | 1,435,327 | 1,464,353 | 29,026 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 18,015 | 928,000 | 942,623 | 14,623 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 16,156 | 852,000 | 845,328 | — | (6,672 | ) | ||||||||||||||
Expiring 08/29/19 | Bank of America, N.A. | MXN | 27,099 | 1,383,000 | 1,401,601 | 18,601 | — | |||||||||||||||
Expiring 08/29/19 | Deutsche Bank AG | MXN | 88,614 | 4,152,000 | 4,583,213 | 431,213 | — | |||||||||||||||
Expiring 08/29/19 | Deutsche Bank AG | MXN | 26,926 | 1,356,000 | 1,392,633 | 36,633 | — | |||||||||||||||
Expiring 08/29/19 | Morgan Stanley & Co. International PLC | MXN | 28,511 | 1,405,225 | 1,474,614 | 69,389 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 83 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Mexican Peso (cont’d.), | ||||||||||||||||||||||
Expiring 08/29/19 | Morgan Stanley & Co. International PLC | MXN | 17,278 | $ | 868,000 | $ | 893,635 | $ | 25,635 | $ | — | |||||||||||
Expiring 12/30/19 | Citibank, N.A. | MXN | 22,199 | 1,083,121 | 1,126,566 | 43,445 | — | |||||||||||||||
Expiring 12/30/19 | Goldman Sachs International | MXN | 13,330 | 651,931 | 676,470 | 24,539 | — | |||||||||||||||
Expiring 04/30/20 | Citibank, N.A. | MXN | 32,853 | 1,591,718 | 1,636,455 | 44,737 | — | |||||||||||||||
Expiring 04/30/20 | Deutsche Bank AG | MXN | 274,693 | 12,385,000 | 13,682,832 | 1,297,832 | — | |||||||||||||||
Expiring 04/30/20 | JPMorgan Chase Bank, N.A. | MXN | 14,776 | 725,000 | 735,987 | 10,987 | — | |||||||||||||||
Expiring 04/30/20 | Morgan Stanley & Co. International PLC | MXN | 80,903 | 3,920,000 | 4,029,883 | 109,883 | — | |||||||||||||||
Expiring 10/30/20 | Citibank, N.A. | MXN | 39,210 | 1,822,826 | 1,901,959 | 79,133 | — | |||||||||||||||
Expiring 10/30/20 | Morgan Stanley & Co. International PLC | MXN | 313,935 | 14,803,000 | 15,227,920 | 424,920 | — | |||||||||||||||
Expiring 01/29/21 | Goldman Sachs International | MXN | 104,180 | 4,878,269 | 4,988,466 | 110,197 | — | |||||||||||||||
Expiring 01/29/21 | Goldman Sachs International | MXN | 23,874 | 1,117,000 | 1,143,142 | 26,142 | — | |||||||||||||||
Expiring 01/29/21 | Morgan Stanley & Co. International PLC | MXN | 36,698 | 1,702,000 | 1,757,195 | 55,195 | — | |||||||||||||||
New Taiwanese Dollar, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | TWD | 38,032 | 1,237,000 | 1,234,789 | — | (2,211 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | TWD | 21,192 | 689,000 | 688,059 | — | (941 | ) |
See Notes to Financial Statements.
84 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
New Taiwanese Dollar (cont’d.), | ||||||||||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | TWD | 285,493 | $ | 9,270,768 | $ | 9,269,248 | $ | — | $ | (1,520 | ) | ||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 285,493 | 9,270,467 | 9,269,248 | — | (1,219 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 55,284 | 1,801,000 | 1,794,922 | — | (6,078 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 31,616 | 1,024,000 | 1,026,492 | 2,492 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | TWD | 458,597 | 14,918,104 | 14,889,503 | — | (28,601 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | TWD | 72,035 | 2,340,000 | 2,338,781 | — | (1,219 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | TWD | 64,645 | 2,105,000 | 2,098,846 | — | (6,154 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | TWD | 36,544 | 1,189,000 | 1,186,489 | — | (2,511 | ) | ||||||||||||||
New Zealand Dollar, | ||||||||||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | NZD | 2,916 | 1,974,300 | 1,950,646 | — | (23,654 | ) | ||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | NZD | 1,406 | 931,000 | 940,273 | 9,273 | — | |||||||||||||||
Expiring 07/22/19 | Morgan Stanley & Co. International PLC | NZD | 2,051 | 1,370,000 | 1,372,067 | 2,067 | — | |||||||||||||||
Expiring 07/22/19 | The Toronto-Dominion Bank | NZD | 2,341 | 1,563,000 | 1,566,090 | 3,090 | — | |||||||||||||||
Norwegian Krone, | ||||||||||||||||||||||
Expiring 07/19/19 | BNP Paribas S.A. | NOK | 73,944 | 8,740,670 | 8,597,488 | — | (143,182 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 85 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Norwegian Krone (cont’d.), |
| |||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | NOK | 16,717 | $ | 1,974,000 | $ | 1,943,675 | $ | — | $ | (30,325 | ) | ||||||||||
Expiring 07/19/19 | Citibank, N.A. | NOK | 10,095 | 1,171,000 | 1,173,784 | 2,784 | — | |||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | NOK | 10,961 | 1,297,000 | 1,274,447 | — | (22,553 | ) | ||||||||||||||
Peruvian Nuevo Sol, |
| |||||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 12,014 | 3,620,000 | 3,625,283 | 5,283 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 6,628 | 2,006,000 | 1,999,999 | — | (6,001 | ) | ||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 5,837 | 1,764,000 | 1,761,225 | — | (2,775 | ) | ||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 5,506 | 1,668,000 | 1,661,551 | — | (6,449 | ) | ||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 4,752 | 1,437,000 | 1,434,089 | — | (2,911 | ) | ||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 4,698 | 1,412,000 | 1,417,789 | 5,789 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 4,528 | 1,367,000 | 1,366,211 | — | (789 | ) | ||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 3,643 | 1,095,000 | 1,099,258 | 4,258 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 2,930 | 883,000 | 884,116 | 1,116 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | PEN | 5,072 | 1,535,000 | 1,530,640 | — | (4,360 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PEN | 6,778 | 2,050,000 | 2,045,414 | — | (4,586 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PEN | 5,381 | 1,617,000 | 1,623,825 | 6,825 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PEN | 3,884 | 1,172,000 | 1,172,101 | 101 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PEN | 2,314 | 698,000 | 698,229 | 229 | — |
See Notes to Financial Statements.
86 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Philippine Peso, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 370,233 | $ | 7,052,050 | $ | 7,074,982 | $ | 22,932 | $ | — | |||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 203,997 | 3,837,000 | 3,898,289 | 61,289 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 159,643 | 3,059,000 | 3,050,709 | — | (8,291 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 40,424 | 771,000 | 772,476 | 1,476 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 24,012 | 461,942 | 458,854 | — | (3,088 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 188,956 | 3,553,000 | 3,610,859 | 57,859 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 177,140 | 3,373,000 | 3,385,064 | 12,064 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 147,976 | 2,789,000 | 2,827,755 | 38,755 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 119,356 | 2,292,000 | 2,280,839 | — | (11,161 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 118,119 | 2,273,058 | 2,257,211 | — | (15,847 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 114,629 | 2,187,000 | 2,190,518 | 3,518 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 107,861 | 2,059,000 | 2,061,171 | 2,171 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 100,932 | 1,891,000 | 1,928,768 | 37,768 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 85,598 | 1,632,000 | 1,635,748 | 3,748 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 50,486 | 945,081 | 964,770 | 19,689 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 87 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Polish Zloty, | ||||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | PLN | 3,640 | $ | 954,000 | $ | 954,778 | $ | 778 | $ | — | |||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | PLN | 6,106 | 1,619,000 | 1,601,596 | — | (17,404 | ) | ||||||||||||||
Russian Ruble, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | RUB | 66,001 | 1,018,000 | 1,013,398 | — | (4,602 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | RUB | 51,263 | 797,000 | 787,109 | — | (9,891 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | RUB | 58,319 | 891,000 | 895,445 | 4,445 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | RUB | 1,294,671 | 19,498,640 | 19,878,776 | 380,136 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | RUB | 96,784 | 1,484,000 | 1,486,044 | 2,044 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | RUB | 73,298 | 1,136,000 | 1,125,442 | — | (10,558 | ) | ||||||||||||||
Expiring 06/28/19 | Bank of America, N.A. | RUB | 28,497 | 480,188 | 436,972 | — | (43,216 | ) | ||||||||||||||
Expiring 06/28/19 | Barclays Bank PLC | RUB | 56,095 | 947,663 | 860,173 | — | (87,490 | ) | ||||||||||||||
Expiring 06/28/19 | Barclays Bank PLC | RUB | 27,407 | 437,176 | 420,265 | — | (16,911 | ) | ||||||||||||||
Expiring 06/28/19 | Goldman Sachs International | RUB | 36,994 | 614,000 | 567,262 | — | (46,738 | ) | ||||||||||||||
Expiring 08/29/19 | Barclays Bank PLC | RUB | 625,646 | 9,639,043 | 9,516,326 | — | (122,717 | ) | ||||||||||||||
Expiring 08/29/19 | Barclays Bank PLC | RUB | 62,703 | 966,000 | 953,738 | — | (12,262 | ) | ||||||||||||||
Expiring 08/29/19 | BNP Paribas S.A. | RUB | 1,529,770 | 22,735,000 | 23,268,406 | 533,406 | — | |||||||||||||||
Expiring 08/29/19 | Citibank, N.A. | RUB | 86,034 | 1,312,000 | 1,308,617 | — | (3,383 | ) |
See Notes to Financial Statements.
88 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Russian Ruble (cont’d.), | ||||||||||||||||||||||
Expiring 12/24/19 | Citibank, N.A. | RUB | 229,300 | $ | 3,345,000 | $ | 3,435,474 | $ | 90,474 | $ | — | |||||||||||
Expiring 03/31/20 | Barclays Bank PLC | RUB | 303,830 | 4,367,880 | 4,496,242 | 128,362 | — | |||||||||||||||
Expiring 03/31/20 | BNP Paribas S.A. | RUB | 262,176 | 3,690,000 | 3,879,832 | 189,832 | — | |||||||||||||||
Saudi Arabian Riyal, | ||||||||||||||||||||||
Expiring 11/12/19 | Goldman Sachs International | SAR | 57,150 | 15,198,255 | 15,232,635 | 34,380 | — | |||||||||||||||
Singapore Dollar, | ||||||||||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 13,320 | 9,865,202 | 9,794,472 | — | (70,730 | ) | ||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 2,361 | 1,737,000 | 1,736,476 | — | (524 | ) | ||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 1,974 | 1,464,000 | 1,451,695 | — | (12,305 | ) | ||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 1,764 | 1,309,000 | 1,296,819 | — | (12,181 | ) | ||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 1,133 | 837,000 | 833,246 | — | (3,754 | ) | ||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 3,606 | 2,668,000 | 2,651,314 | — | (16,686 | ) | ||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 2,357 | 1,743,000 | 1,732,977 | — | (10,023 | ) | ||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 2,346 | 1,730,000 | 1,725,039 | — | (4,961 | ) | ||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 1,831 | 1,349,000 | 1,346,328 | — | (2,672 | ) | ||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 1,622 | 1,196,000 | 1,192,930 | — | (3,070 | ) | ||||||||||||||
Expiring 05/10/19 | Morgan Stanley & Co. International PLC | SGD | 2,513 | 1,863,000 | 1,848,080 | — | (14,920 | ) | ||||||||||||||
Expiring 05/10/19 | UBS AG | SGD | 1,775 | 1,311,000 | 1,305,113 | — | (5,887 | ) | ||||||||||||||
Expiring 05/10/19 | UBS AG | SGD | 1,659 | 1,229,000 | 1,220,119 | — | (8,881 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 89 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Singapore Dollar (cont’d.), | ||||||||||||||||||||||
Expiring 05/10/19 | UBS AG | SGD | 1,057 | $ | 783,000 | $ | 776,999 | $ | — | $ | (6,001 | ) | ||||||||||
South African Rand, | ||||||||||||||||||||||
Expiring 06/13/19 | BNP Paribas S.A. | ZAR | 3,151 | 215,211 | 219,129 | 3,918 | — | |||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | ZAR | 33,224 | 2,289,350 | 2,310,468 | 21,118 | — | |||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | ZAR | 16,597 | 1,138,625 | 1,154,162 | 15,537 | — | |||||||||||||||
Expiring 06/13/19 | Goldman Sachs International | ZAR | 44,921 | 3,078,199 | 3,123,899 | 45,700 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 33,101 | 2,277,250 | 2,301,898 | 24,648 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 31,029 | 2,145,778 | 2,157,803 | 12,025 | — | |||||||||||||||
Expiring 06/13/19 | Morgan Stanley & Co. International PLC | ZAR | 18,925 | 1,339,000 | 1,316,106 | — | (22,894 | ) | ||||||||||||||
Expiring 06/28/19 | JPMorgan Chase Bank, N.A. | ZAR | 21,053 | 1,655,216 | 1,461,456 | — | (193,760 | ) | ||||||||||||||
Expiring 06/28/19 | Morgan Stanley & Co. International PLC | ZAR | 13,104 | 974,000 | 909,679 | — | (64,321 | ) | ||||||||||||||
Expiring 08/29/19 | Barclays Bank PLC | ZAR | 15,307 | 1,066,000 | 1,054,389 | — | (11,611 | ) | ||||||||||||||
Expiring 08/29/19 | JPMorgan Chase Bank, N.A. | ZAR | 16,897 | 1,174,000 | 1,163,931 | — | (10,069 | ) | ||||||||||||||
Expiring 08/29/19 | JPMorgan Chase Bank, N.A. | ZAR | 14,828 | 1,020,000 | 1,021,362 | 1,362 | — | |||||||||||||||
Expiring 08/29/19 | JPMorgan Chase Bank, N.A. | ZAR | 14,267 | 1,002,000 | 982,751 | — | (19,249 | ) | ||||||||||||||
Expiring 11/27/19 | JPMorgan Chase Bank, N.A. | ZAR | 24,229 | 1,867,699 | 1,650,707 | — | (216,992 | ) |
See Notes to Financial Statements.
90 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
South African Rand (cont’d.), | ||||||||||||||||||||||
Expiring 12/30/19 | Barclays Bank PLC | ZAR | 19,528 | $ | 1,517,561 | $ | 1,325,129 | $ | — | $ | (192,432 | ) | ||||||||||
Expiring 12/30/19 | BNP Paribas S.A. | ZAR | 41,262 | 2,607,000 | 2,799,923 | 192,923 | — | |||||||||||||||
Expiring 03/31/20 | Morgan Stanley & Co. International PLC | ZAR | 17,083 | 1,176,952 | 1,145,862 | — | (31,090 | ) | ||||||||||||||
Expiring 03/31/20 | UBS AG | ZAR | 28,239 | 1,831,000 | 1,894,208 | 63,208 | — | |||||||||||||||
Expiring 03/31/20 | UBS AG | ZAR | 21,550 | 1,510,704 | 1,445,515 | — | (65,189 | ) | ||||||||||||||
Expiring 07/29/20 | Goldman Sachs International | ZAR | 83,989 | 5,653,000 | 5,543,672 | — | (109,328 | ) | ||||||||||||||
Expiring 07/29/20 | Morgan Stanley & Co. International PLC | ZAR | 72,056 | 4,889,655 | 4,756,039 | — | (133,616 | ) | ||||||||||||||
Expiring 08/31/20 | BNP Paribas S.A. | ZAR | 45,248 | 3,035,140 | 2,973,253 | — | (61,887 | ) | ||||||||||||||
Expiring 09/30/20 | Barclays Bank PLC | ZAR | 60,930 | 4,051,742 | 3,987,587 | — | (64,155 | ) | ||||||||||||||
Expiring 09/30/20 | Morgan Stanley & Co. International PLC | ZAR | 11,451 | 750,000 | 749,404 | — | (596 | ) | ||||||||||||||
Expiring 01/29/21 | Goldman Sachs International | ZAR | 53,446 | 3,511,000 | 3,441,805 | — | (69,195 | ) | ||||||||||||||
South Korean Won, | ||||||||||||||||||||||
Expiring 05/31/19 | Goldman Sachs International | KRW | 330,408 | 312,000 | 283,150 | — | (28,850 | ) | ||||||||||||||
Expiring 05/31/19 | Morgan Stanley & Co. International PLC | KRW | 642,595 | 609,234 | 550,686 | — | (58,548 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | KRW | 5,090,715 | 4,480,869 | 4,365,915 | — | (114,954 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | KRW | 3,481,568 | 3,060,988 | 2,985,873 | — | (75,115 | ) | ||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | KRW | 1,546,674 | 1,354,000 | 1,326,464 | — | (27,536 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 91 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
South Korean Won (cont’d.), |
| |||||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 17,716,943 | $ | 15,622,442 | $ | 15,194,460 | $ | — | $ | (427,982 | ) | ||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 5,089,841 | 4,479,705 | 4,365,165 | — | (114,540 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 5,081,139 | 4,490,265 | 4,357,702 | — | (132,563 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 3,798,438 | 3,361,301 | 3,257,628 | — | (103,673 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 3,132,911 | 2,746,000 | 2,686,857 | — | (59,143 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 3,132,088 | 2,746,000 | 2,686,151 | — | (59,849 | ) | ||||||||||||||
Expiring 07/31/19 | BNP Paribas S.A. | KRW | 771,696 | 689,199 | 662,969 | — | (26,230 | ) | ||||||||||||||
Expiring 07/31/19 | Morgan Stanley & Co. International PLC | KRW | 7,414,697 | 6,612,000 | 6,370,014 | — | (241,986 | ) | ||||||||||||||
Swedish Krona, | ||||||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | SEK | 113,910 | 12,384,254 | 12,071,846 | — | (312,408 | ) | ||||||||||||||
Swiss Franc, | ||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | CHF | 1,842 | 1,819,000 | 1,821,752 | 2,752 | — | |||||||||||||||
Expiring 08/29/19 | JPMorgan Chase Bank, N.A. | CHF | 2,497 | 2,474,000 | 2,478,971 | 4,971 | — | |||||||||||||||
Expiring 10/30/20 | Goldman Sachs International | CHF | 8,271 | 8,946,000 | 8,523,819 | — | (422,181 | ) | ||||||||||||||
Expiring 10/30/20 | Morgan Stanley & Co. International PLC | CHF | 3,720 | 3,945,000 | 3,833,629 | — | (111,371 | ) | ||||||||||||||
Expiring 10/30/20 | UBS AG | CHF | 3,887 | 4,001,182 | 4,005,326 | 4,144 | — |
See Notes to Financial Statements.
92 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Thai Baht, | ||||||||||||||||||||||
Expiring 05/10/19 | BNP Paribas S.A. | THB | 250,546 | $ | 8,027,499 | $ | 7,849,663 | $ | — | $ | (177,836 | ) | ||||||||||
Expiring 05/10/19 | BNP Paribas S.A. | THB | 98,038 | 3,142,000 | 3,071,557 | — | (70,443 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 674,189 | 21,425,951 | 21,122,470 | — | (303,481 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 69,023 | 2,163,150 | 2,162,500 | — | (650 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 65,672 | 2,080,744 | 2,057,530 | — | (23,214 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 61,650 | 1,932,000 | 1,931,510 | — | (490 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 48,561 | 1,525,000 | 1,521,412 | — | (3,588 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 46,875 | 1,471,000 | 1,468,599 | — | (2,401 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 41,222 | 1,311,000 | 1,291,486 | — | (19,514 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 40,205 | 1,273,291 | 1,259,616 | — | (13,675 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 34,783 | 1,089,000 | 1,089,747 | 747 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 30,943 | 969,000 | 969,437 | 437 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 28,903 | 910,000 | 905,550 | — | (4,450 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 28,479 | 903,000 | 892,247 | — | (10,753 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 26,338 | 829,000 | 825,180 | — | (3,820 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 26,214 | 823,314 | 821,300 | — | (2,014 | ) | ||||||||||||||
Expiring 05/10/19 | HSBC Bank USA, N.A. | THB | 250,546 | 7,974,863 | 7,849,663 | — | (125,200 | ) | ||||||||||||||
Expiring 05/10/19 | HSBC Bank USA, N.A. | THB | 48,984 | 1,543,000 | 1,534,681 | — | (8,319 | ) | ||||||||||||||
Expiring 05/10/19 | Morgan Stanley & Co. International PLC | THB | 122,885 | 3,928,000 | 3,850,002 | — | (77,998 | ) | ||||||||||||||
Expiring 05/10/19 | UBS AG | THB | 91,145 | 2,896,000 | 2,855,597 | — | (40,403 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 93 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Turkish Lira, | ||||||||||||||||||||||
Expiring 06/13/19 | Barclays Bank PLC | TRY | 8,304 | $ | 1,463,000 | $ | 1,354,059 | $ | — | $ | (108,941 | ) | ||||||||||
Expiring 06/13/19 | Barclays Bank PLC | TRY | 6,799 | 1,141,000 | 1,108,670 | — | (32,330 | ) | ||||||||||||||
Expiring 06/13/19 | Barclays Bank PLC | TRY | 4,820 | 804,000 | 785,939 | — | (18,061 | ) | ||||||||||||||
Expiring 06/13/19 | BNP Paribas S.A. | TRY | 36,175 | 6,362,876 | 5,898,617 | — | (464,259 | ) | ||||||||||||||
Expiring 08/29/19 | Citibank, N.A. | TRY | 19,588 | 4,030,447 | 3,042,103 | — | (988,344 | ) | ||||||||||||||
Expiring 08/29/19 | Citibank, N.A. | TRY | 7,148 | 1,127,143 | 1,110,118 | — | (17,025 | ) | ||||||||||||||
Expiring 09/30/19 | Morgan Stanley & Co. International PLC | TRY | 4,580 | 710,000 | 696,670 | �� | — | (13,330 | ) | |||||||||||||
Expiring 12/24/19 | Goldman Sachs International | TRY | 33,041 | 5,976,000 | 4,764,849 | — | (1,211,151 | ) | ||||||||||||||
Expiring 04/30/20 | Citibank, N.A. | TRY | 5,178 | 881,000 | 690,960 | — | (190,040 | ) | ||||||||||||||
Expiring 04/30/20 | Deutsche Bank AG | TRY | 3,736 | 373,000 | 498,457 | 125,457 | — | |||||||||||||||
Expiring 04/30/20 | Morgan Stanley & Co. International PLC | TRY | 90,834 | 14,164,000 | 12,120,343 | — | (2,043,657 | ) | ||||||||||||||
Expiring 06/30/20 | Bank of America, N.A. | TRY | 7,742 | 1,162,000 | 997,898 | — | (164,102 | ) | ||||||||||||||
Expiring 06/30/20 | Deutsche Bank AG | TRY | 175,019 | 16,910,000 | 22,559,661 | 5,649,661 | — | |||||||||||||||
Expiring 10/30/20 | Morgan Stanley & Co. International PLC | TRY | 4,818 | 697,000 | 581,478 | — | (115,522 | ) | ||||||||||||||
Expiring 02/26/21 | Morgan Stanley & Co. International PLC | TRY | 154,606 | 18,616,000 | 17,569,060 | — | (1,046,940 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
$ | 1,419,437,050 | $ | 1,418,558,889 | 16,891,074 | (17,769,235 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
94 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: |
| |||||||||||||||||||||
Argentine Peso, | ||||||||||||||||||||||
Expiring 05/03/19 | BNP Paribas S.A. | ARS | 110,257 | $ | 2,466,592 | $ | 2,475,819 | $ | — | $ | (9,227 | ) | ||||||||||
Australian Dollar, | ||||||||||||||||||||||
Expiring 07/22/19 | Bank of America, N.A. | AUD | 1,864 | 1,315,000 | 1,316,505 | — | (1,505 | ) | ||||||||||||||
Expiring 07/22/19 | Bank of America, N.A. | AUD | 1,398 | 982,000 | 987,308 | — | (5,308 | ) | ||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | AUD | 6,457 | 4,529,550 | 4,561,303 | — | (31,753 | ) | ||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | AUD | 6,388 | 4,484,238 | 4,512,418 | — | (28,180 | ) | ||||||||||||||
Expiring 07/22/19 | The Toronto-Dominion Bank | AUD | 1,971 | 1,417,000 | 1,392,487 | 24,513 | — | |||||||||||||||
Expiring 07/22/19 | The Toronto-Dominion Bank | AUD | 1,434 | 1,013,000 | 1,012,678 | 322 | — | |||||||||||||||
Expiring 08/29/19 | Morgan Stanley & Co. International PLC | AUD | 16,238 | 11,701,915 | 11,481,220 | 220,695 | — | |||||||||||||||
Expiring 01/31/20 | Morgan Stanley & Co. International PLC | AUD | 7,980 | 5,765,949 | 5,664,364 | 101,585 | — | |||||||||||||||
Brazilian Real, | ||||||||||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 8,994 | 2,248,238 | 2,287,646 | — | (39,408 | ) | ||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 8,921 | 2,248,238 | 2,268,919 | — | (20,681 | ) | ||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 7,412 | 1,896,000 | 1,885,086 | 10,914 | — | |||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 6,555 | 1,659,989 | 1,667,271 | — | (7,282 | ) | ||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 3,309 | 833,000 | 841,637 | — | (8,637 | ) | ||||||||||||||
Expiring 06/04/19 | Goldman Sachs International | BRL | 6,909 | 1,733,750 | 1,757,239 | — | (23,489 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 95 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Brazilian Real (cont’d.), | ||||||||||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 9,134 | $ | 2,343,825 | $ | 2,323,239 | $ | 20,586 | $ | — | |||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 6,813 | 1,733,800 | 1,732,714 | 1,086 | — | |||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 4,054 | 1,025,643 | 1,031,191 | — | (5,548 | ) | ||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 3,425 | 869,000 | 871,159 | — | (2,159 | ) | ||||||||||||||
Expiring 08/29/19 | BNP Paribas S.A. | BRL | 4,057 | 1,022,000 | 1,024,512 | — | (2,512 | ) | ||||||||||||||
Expiring 09/30/19 | JPMorgan Chase Bank, N.A. | BRL | 8,232 | 2,357,000 | 2,073,087 | 283,913 | — | |||||||||||||||
Expiring 09/30/19 | JPMorgan Chase Bank, N.A. | BRL | 1,375 | 338,130 | 346,364 | — | (8,234 | ) | ||||||||||||||
Expiring 12/24/19 | BNP Paribas S.A. | BRL | 3,945 | 975,000 | 986,802 | — | (11,802 | ) | ||||||||||||||
Expiring 12/24/19 | Citibank, N.A. | BRL | 7,535 | 1,817,000 | 1,885,040 | — | (68,040 | ) | ||||||||||||||
Expiring 12/24/19 | JPMorgan Chase Bank, N.A. | BRL | 7,093 | 1,998,000 | 1,774,416 | 223,584 | — | |||||||||||||||
Expiring 12/24/19 | JPMorgan Chase Bank, N.A. | BRL | 5,126 | 1,450,000 | 1,282,298 | 167,702 | — | |||||||||||||||
Expiring 12/24/19 | UBS AG | BRL | 3,166 | 790,000 | 792,112 | — | (2,112 | ) | ||||||||||||||
Expiring 03/31/20 | JPMorgan Chase Bank, N.A. | BRL | 42,174 | 11,787,000 | 10,474,558 | 1,312,442 | — | |||||||||||||||
Expiring 03/31/20 | JPMorgan Chase Bank, N.A. | BRL | 9,484 | 2,282,267 | 2,355,493 | — | (73,226 | ) | ||||||||||||||
Expiring 06/30/20 | Deutsche Bank AG | BRL | 88,992 | 21,600,000 | 21,884,973 | — | (284,973 | ) | ||||||||||||||
Expiring 07/29/20 | Deutsche Bank AG | BRL | 29,229 | 6,610,000 | 7,162,034 | — | (552,034 | ) |
See Notes to Financial Statements.
96 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Brazilian Real (cont’d.), | ||||||||||||||||||||||
Expiring 08/31/20 | Deutsche Bank AG | BRL | 28,784 | $ | 6,280,000 | $ | 7,023,982 | $ | — | $ | (743,982 | ) | ||||||||||
Expiring 12/23/20 | Citibank, N.A. | BRL | 19,657 | 4,824,000 | 4,729,600 | 94,400 | — | |||||||||||||||
Expiring 12/23/20 | Morgan Stanley & Co. International PLC | BRL | 46,068 | 11,571,000 | 11,083,986 | 487,014 | — | |||||||||||||||
Expiring 01/29/21 | Citibank, N.A. | BRL | 43,567 | 10,642,000 | 10,434,958 | 207,042 | — | |||||||||||||||
Expiring 03/31/21 | Citibank, N.A. | BRL | 122,798 | 28,955,000 | 29,194,008 | — | (239,008 | ) | ||||||||||||||
British Pound, | ||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | GBP | 33,925 | 44,572,757 | 44,422,697 | 150,060 | — | |||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | GBP | 728 | 946,000 | 953,695 | — | (7,695 | ) | ||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | GBP | 1,514 | 1,974,000 | 1,982,846 | — | (8,846 | ) | ||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | GBP | 1,097 | 1,423,000 | 1,435,990 | — | (12,990 | ) | ||||||||||||||
Expiring 07/19/19 | UBS AG | GBP | 1,607 | 2,087,245 | 2,104,430 | — | (17,185 | ) | ||||||||||||||
Expiring 11/27/19 | HSBC Bank USA, N.A. | GBP | 1,436 | 2,110,202 | 1,891,674 | 218,528 | — | |||||||||||||||
Expiring 11/27/19 | JPMorgan Chase Bank, N.A. | GBP | 911 | 1,333,917 | 1,200,649 | 133,268 | — | |||||||||||||||
Expiring 11/27/19 | UBS AG | GBP | 292 | 419,347 | 384,931 | 34,416 | — | |||||||||||||||
Canadian Dollar, | ||||||||||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | CAD | 3,664 | 2,728,869 | 2,740,419 | — | (11,550 | ) | ||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | CAD | 1,596 | 1,196,000 | 1,193,530 | 2,470 | — | |||||||||||||||
Expiring 07/22/19 | Morgan Stanley & Co. International PLC | CAD | 1,472 | 1,107,000 | 1,100,982 | 6,018 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 97 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Canadian Dollar (cont’d.), | ||||||||||||||||||||||
Expiring 07/22/19 | The Toronto-Dominion Bank | CAD | 1,226 | $ | 920,000 | $ | 917,276 | $ | 2,724 | $ | — | |||||||||||
Expiring 07/31/19 | Citibank, N.A. | CAD | 7,185 | 5,442,000 | 5,375,191 | 66,809 | — | |||||||||||||||
Expiring 07/31/19 | HSBC Bank USA, N.A. | CAD | 541 | 434,000 | 404,652 | 29,348 | — | |||||||||||||||
Chilean Peso, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | CLP | 987,183 | 1,453,000 | 1,457,064 | — | (4,064 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | CLP | 902,825 | 1,356,000 | 1,332,553 | 23,447 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 4,772,213 | 7,132,713 | 7,043,699 | 89,014 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 1,951,896 | 2,924,408 | 2,880,963 | 43,445 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 1,030,079 | 1,511,000 | 1,520,378 | — | (9,378 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | CLP | 5,512,334 | 8,293,464 | 8,136,104 | 157,360 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | CLP | 774,520 | 1,156,000 | 1,143,177 | 12,823 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | CLP | 633,838 | 936,000 | 935,533 | 467 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | CLP | 663,676 | 984,700 | 979,574 | 5,126 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | CLP | 783,566 | 1,154,000 | 1,156,529 | — | (2,529 | ) | ||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | CLP | 657,803 | 978,000 | 970,905 | 7,095 | — | |||||||||||||||
Chinese Renminbi, | ||||||||||||||||||||||
Expiring 06/28/19 | Morgan Stanley & Co. International PLC | CNH | 7,979 | 1,192,000 | 1,184,503 | 7,497 | — | |||||||||||||||
Expiring 07/25/19 | BNP Paribas S.A. | CNH | 3,798 | 566,586 | 563,825 | 2,761 | — |
See Notes to Financial Statements.
98 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Chinese Renminbi (cont’d.), |
| |||||||||||||||||||||
Expiring 07/25/19 | Citibank, N.A. | CNH | 10,414 | $ | 1,545,448 | $ | 1,545,781 | $ | — | $ | (333 | ) | ||||||||||
Expiring 07/25/19 | HSBC Bank USA, N.A. | CNH | 21,541 | 3,197,474 | 3,197,479 | — | (5 | ) | ||||||||||||||
Expiring 07/25/19 | HSBC Bank USA, N.A. | CNH | 10,484 | 1,552,164 | 1,556,182 | — | (4,018 | ) | ||||||||||||||
Expiring 07/25/19 | JPMorgan Chase Bank, N.A. | CNH | 6,726 | 998,000 | 998,361 | — | (361 | ) | ||||||||||||||
Expiring 07/25/19 | Morgan Stanley & Co. International PLC | CNH | 140,247 | 20,964,941 | 20,817,795 | 147,146 | — | |||||||||||||||
Expiring 02/28/20 | Morgan Stanley & Co. International PLC | CNH | 71,818 | 10,657,000 | 10,637,126 | 19,874 | — | |||||||||||||||
Colombian Peso, |
| |||||||||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 11,317,755 | 3,520,516 | 3,496,594 | 23,922 | — | |||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 8,215,042 | 2,617,762 | 2,538,019 | 79,743 | — | |||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 5,204,370 | 1,675,586 | 1,607,878 | 67,708 | — | |||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 2,602,017 | 837,793 | 803,887 | 33,906 | — | |||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 2,165,824 | 688,000 | 669,126 | 18,874 | — | |||||||||||||||
Expiring 05/20/19 | Citibank, N.A. | COP | 47,138,041 | 14,994,446 | 14,563,189 | 431,257 | — | |||||||||||||||
Expiring 05/20/19 | Citibank, N.A. | COP | 6,964,516 | 2,236,494 | 2,151,671 | 84,823 | — | |||||||||||||||
Expiring 05/20/19 | Citibank, N.A. | COP | 3,023,375 | 950,000 | 934,065 | 15,935 | — | |||||||||||||||
Expiring 05/20/19 | Citibank, N.A. | COP | 2,571,030 | 795,000 | 794,314 | 686 | — | |||||||||||||||
Expiring 05/20/19 | Goldman Sachs International | COP | 4,025,639 | 1,267,000 | 1,243,712 | 23,288 | — | |||||||||||||||
Expiring 05/20/19 | JPMorgan Chase Bank, N.A. | COP | 2,922,479 | 917,000 | 902,893 | 14,107 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 99 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Colombian Peso (cont’d.), |
| |||||||||||||||||||||
Expiring 05/20/19 | JPMorgan Chase Bank, N.A. | COP | 2,781,702 | $ | 892,000 | $ | 859,400 | $ | 32,600 | $ | — | |||||||||||
Expiring 05/20/19 | UBS AG | COP | 2,369,462 | 749,000 | 732,040 | 16,960 | — | |||||||||||||||
Czech Koruna, |
| |||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | CZK | 28,699 | 1,245,000 | 1,258,485 | — | (13,485 | ) | ||||||||||||||
Expiring 07/19/19 | HSBC Bank USA, N.A. | CZK | 35,402 | 1,541,000 | 1,552,442 | — | (11,442 | ) | ||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | CZK | 22,144 | 964,000 | 971,055 | — | (7,055 | ) | ||||||||||||||
Egyptian Pound, |
| |||||||||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 22,003 | 1,259,135 | 1,254,361 | 4,774 | — | |||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 11,153 | 637,160 | 635,834 | 1,326 | — | |||||||||||||||
Euro, |
| |||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | EUR | 3,650 | 4,102,000 | 4,122,513 | — | (20,513 | ) | ||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | EUR | 2,377 | 2,667,000 | 2,684,541 | — | (17,541 | ) | ||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | EUR | 4,160 | 4,693,058 | 4,698,691 | — | (5,633 | ) | ||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | EUR | 1,088 | 1,234,724 | 1,228,989 | 5,735 | — | |||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | EUR | 1,036 | 1,169,000 | 1,169,677 | — | (677 | ) | ||||||||||||||
Expiring 07/19/19 | BNP Paribas S.A. | EUR | 1,314 | 1,477,000 | 1,484,134 | — | (7,134 | ) | ||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | EUR | 6,500 | 7,394,402 | 7,341,517 | 52,885 | — | |||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | EUR | 2,083 | 2,350,000 | 2,352,595 | — | (2,595 | ) | ||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | EUR | 1,594 | 1,811,083 | 1,800,852 | 10,231 | — | |||||||||||||||
Expiring 07/19/19 | Deutsche Bank AG | EUR | 87,328 | 99,628,375 | 98,634,324 | 994,051 | — | |||||||||||||||
Expiring 07/19/19 | HSBC Bank USA, N.A. | EUR | 3,874 | 4,376,582 | 4,375,346 | 1,236 | — |
See Notes to Financial Statements.
100 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Euro (cont’d.), |
| |||||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | EUR | 8,000 | $ | 9,104,920 | $ | 9,035,713 | $ | 69,207 | $ | — | |||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | EUR | 6,000 | 6,746,244 | 6,776,785 | — | (30,541 | ) | ||||||||||||||
Expiring 07/19/19 | UBS AG | EUR | 87,328 | 99,230,244 | 98,634,323 | 595,921 | — | |||||||||||||||
Expiring 07/19/19 | UBS AG | EUR | 1,484 | 1,669,920 | 1,676,026 | — | (6,106 | ) | ||||||||||||||
Expiring 08/29/19 | JPMorgan Chase Bank, N.A. | EUR | 2,587 | 2,931,219 | 2,931,782 | — | (563 | ) | ||||||||||||||
Expiring 11/27/19 | Citibank, N.A. | EUR | 494 | 646,795 | 564,471 | 82,324 | — | |||||||||||||||
Expiring 11/27/19 | Morgan Stanley & Co. International PLC | EUR | 654 | 788,438 | 746,092 | 42,346 | — | |||||||||||||||
Expiring 12/30/19 | Deutsche Bank AG | EUR | 727 | 937,525 | 832,202 | 105,323 | — | |||||||||||||||
Expiring 02/28/20 | Bank of America, N.A. | EUR | 6,895 | 8,400,868 | 7,930,783 | 470,085 | — | |||||||||||||||
Expiring 02/28/20 | BNP Paribas S.A. | EUR | 9,958 | 12,566,000 | 11,453,914 | 1,112,086 | — | |||||||||||||||
Expiring 07/29/20 | The Toronto-Dominion Bank | EUR | 2,015 | 2,399,318 | 2,343,334 | 55,984 | — | |||||||||||||||
Expiring 07/29/20 | UBS AG | EUR | 3,951 | 4,814,659 | 4,595,830 | 218,829 | — | |||||||||||||||
Hong Kong Dollar, | ||||||||||||||||||||||
Expiring 07/25/19 | UBS AG | HKD | 6,403 | 817,712 | 817,338 | 374 | — | |||||||||||||||
Hungarian Forint, | ||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | HUF | 4,687,581 | 16,508,474 | 16,325,044 | 183,430 | — | |||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | HUF | 227,392 | 805,000 | 791,921 | 13,079 | — | |||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | HUF | 639,113 | 2,238,027 | 2,225,786 | 12,241 | — | |||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | HUF | 549,173 | 1,905,000 | 1,912,560 | — | (7,560 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 101 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Indian Rupee, | ||||||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 60,412 | $ | 860,200 | $ | 863,096 | $ | — | $ | (2,896 | ) | ||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 182,379 | 2,585,768 | 2,605,631 | — | (19,863 | ) | ||||||||||||||
Expiring 07/31/19 | Goldman Sachs International | INR | 214,006 | 2,961,000 | 3,041,860 | — | (80,860 | ) | ||||||||||||||
Expiring 08/29/19 | BNP Paribas S.A. | INR | 931,874 | 12,562,000 | 13,204,140 | — | (642,140 | ) | ||||||||||||||
Expiring 10/30/20 | HSBC Bank USA, N.A. | INR | 450,791 | 5,890,000 | 6,073,793 | — | (183,793 | ) | ||||||||||||||
Expiring 12/23/20 | BNP Paribas S.A. | INR | 257,208 | 3,333,000 | 3,442,114 | — | (109,114 | ) | ||||||||||||||
Expiring 02/26/21 | Goldman Sachs International | INR | 96,088 | 1,250,000 | 1,275,534 | — | (25,534 | ) | ||||||||||||||
Indonesian Rupiah, |
| |||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 11,678,940 | 819,000 | 814,298 | 4,702 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | IDR | 49,301,675 | 3,427,512 | 3,437,489 | — | (9,977 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | IDR | 20,275,328 | 1,403,000 | 1,413,669 | — | (10,669 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 61,858,411 | 4,298,111 | 4,312,990 | — | (14,879 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 25,274,692 | 1,772,425 | 1,762,242 | 10,183 | — | |||||||||||||||
Expiring 06/19/19 | UBS AG | IDR | 22,303,620 | 1,545,000 | 1,555,088 | — | (10,088 | ) | ||||||||||||||
Israeli Shekel, |
| |||||||||||||||||||||
Expiring 07/25/19 | Bank of America, N.A. | ILS | 8,082 | 2,278,285 | 2,259,261 | 19,024 | — | |||||||||||||||
Expiring 11/29/19 | Goldman Sachs International | ILS | 161,802 | 44,635,000 | 45,634,775 | — | (999,775 | ) | ||||||||||||||
Japanese Yen, |
| |||||||||||||||||||||
Expiring 05/31/19 | Bank of America, N.A. | JPY | 235,624 | 2,127,000 | 2,120,762 | 6,238 | — |
See Notes to Financial Statements.
102 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Japanese Yen (cont’d.), | ||||||||||||||||||||||
Expiring 05/31/19 | Bank of America, N.A. | JPY | 113,682 | $ | 1,035,000 | $ | 1,023,212 | $ | 11,788 | $ | — | |||||||||||
Expiring 05/31/19 | Barclays Bank PLC | JPY | 163,151 | 1,470,000 | 1,468,459 | 1,541 | — | |||||||||||||||
Expiring 05/31/19 | Citibank, N.A. | JPY | 280,629 | 2,532,000 | 2,525,835 | 6,165 | — | |||||||||||||||
Expiring 05/31/19 | Citibank, N.A. | JPY | 160,131 | 1,458,000 | 1,441,279 | 16,721 | — | |||||||||||||||
Expiring 05/31/19 | Citibank, N.A. | JPY | 125,191 | 1,122,000 | 1,126,799 | — | (4,799 | ) | ||||||||||||||
Expiring 05/31/19 | Deutsche Bank AG | JPY | 123,539 | 1,133,000 | 1,111,930 | 21,070 | — | |||||||||||||||
Expiring 05/31/19 | Deutsche Bank AG | JPY | 113,381 | 1,029,000 | 1,020,500 | 8,500 | — | |||||||||||||||
Expiring 05/31/19 | Deutsche Bank AG | JPY | 79,378 | 718,000 | 714,448 | 3,552 | — | |||||||||||||||
Expiring 05/31/19 | HSBC Bank USA, N.A. | JPY | 122,717 | 1,100,000 | 1,104,532 | — | (4,532 | ) | ||||||||||||||
Expiring 05/31/19 | JPMorgan Chase Bank, N.A. | JPY | 130,346 | 1,168,000 | 1,173,193 | — | (5,193 | ) | ||||||||||||||
Expiring 05/31/19 | Morgan Stanley & Co. International PLC | JPY | 93,477 | 863,000 | 841,348 | 21,652 | — | |||||||||||||||
Expiring 05/31/19 | UBS AG | JPY | 49,174 | 443,000 | 442,596 | 404 | — | |||||||||||||||
Expiring 06/28/19 | Bank of America, N.A. | JPY | 117,369 | 1,070,710 | 1,058,738 | 11,972 | — | |||||||||||||||
Expiring 06/28/19 | JPMorgan Chase Bank, N.A. | JPY | 56,489 | 514,123 | 509,562 | 4,561 | — | |||||||||||||||
Expiring 06/28/19 | Morgan Stanley & Co. International PLC | JPY | 224,761 | 2,132,745 | 2,027,471 | 105,274 | — | |||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | JPY | 137,835 | 1,244,000 | 1,245,371 | — | (1,371 | ) | ||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | JPY | 274,062 | 2,464,850 | 2,476,217 | — | (11,367 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 103 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Japanese Yen (cont’d.), | ||||||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | JPY | 224,687 | $ | 2,021,382 | $ | 2,030,101 | $ | — | $ | (8,719 | ) | ||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | JPY | 309,194 | 2,781,000 | 2,793,644 | — | (12,644 | ) | ||||||||||||||
Expiring 02/28/20 | Citibank, N.A. | JPY | 781,856 | 7,365,508 | 7,191,257 | 174,251 | — | |||||||||||||||
Expiring 11/30/20 | JPMorgan Chase Bank, N.A. | JPY | 358,416 | 3,431,792 | 3,363,739 | 68,053 | — | |||||||||||||||
Expiring 01/29/21 | Citibank, N.A. | JPY | 1,010,155 | 9,887,000 | 9,522,404 | 364,596 | — | |||||||||||||||
Malaysian Ringgit, |
| |||||||||||||||||||||
Expiring 06/14/19 | Barclays Bank PLC | MYR | 17,450 | 4,292,823 | 4,217,017 | 75,806 | — | |||||||||||||||
Mexican Peso, | ||||||||||||||||||||||
Expiring 06/19/19 | Bank of America, N.A. | MXN | 21,922 | 1,148,000 | 1,147,012 | 988 | — | |||||||||||||||
Expiring 06/19/19 | Bank of America, N.A. | MXN | 20,684 | 1,079,000 | 1,082,239 | — | (3,239 | ) | ||||||||||||||
Expiring 06/19/19 | Bank of America, N.A. | MXN | 17,956 | 923,000 | 939,517 | — | (16,517 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 26,446 | 1,378,350 | 1,383,717 | — | (5,367 | ) | ||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | MXN | 23,197 | 1,192,000 | 1,213,740 | — | (21,740 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 74,480 | 3,893,175 | 3,897,016 | — | (3,841 | ) | ||||||||||||||
Expiring 08/29/19 | BNP Paribas S.A. | MXN | 106,687 | 5,377,000 | 5,517,976 | — | (140,976 | ) | ||||||||||||||
Expiring 08/29/19 | Deutsche Bank AG | MXN | 21,505 | 1,105,000 | 1,112,242 | — | (7,242 | ) | ||||||||||||||
Expiring 12/30/19 | Citibank, N.A. | MXN | 11,746 | 572,000 | 596,064 | — | (24,064 | ) | ||||||||||||||
Expiring 12/30/19 | Morgan Stanley & Co. International PLC | MXN | 23,784 | 1,074,000 | 1,206,972 | — | (132,972 | ) |
See Notes to Financial Statements.
104 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Mexican Peso (cont’d.), |
| |||||||||||||||||||||
Expiring 04/30/20 | Citibank, N.A. | MXN | 325,325 | $ | 15,608,000 | $ | 16,204,891 | $ | — | $ | (596,891 | ) | ||||||||||
Expiring 04/30/20 | UBS AG | MXN | 30,055 | 1,325,000 | 1,497,089 | — | (172,089 | ) | ||||||||||||||
Expiring 10/30/20 | Deutsche Bank AG | MXN | 459,398 | 20,095,000 | 22,283,855 | — | (2,188,855 | ) | ||||||||||||||
Expiring 01/29/21 | Citibank, N.A. | MXN | 173,457 | 8,253,000 | 8,305,662 | — | (52,662 | ) | ||||||||||||||
New Taiwanese Dollar, |
| |||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | TWD | 124,227 | 4,034,000 | 4,033,339 | 661 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | TWD | 71,291 | 2,312,000 | 2,314,624 | — | (2,624 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | TWD | 44,183 | 1,442,000 | 1,434,507 | 7,493 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | TWD | 32,297 | 1,051,000 | 1,048,610 | 2,390 | — | |||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | TWD | 138,070 | 4,484,234 | 4,482,771 | 1,463 | — | |||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | TWD | 93,622 | 3,049,000 | 3,039,670 | 9,330 | — | |||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | TWD | 59,030 | 1,920,000 | 1,916,568 | 3,432 | — | |||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | TWD | 35,433 | 1,155,000 | 1,150,404 | 4,596 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 79,985 | 2,602,550 | 2,596,927 | 5,623 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 63,435 | 2,070,000 | 2,059,579 | 10,421 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 58,205 | 1,895,000 | 1,889,767 | 5,233 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 37,126 | 1,208,000 | 1,205,390 | 2,610 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 35,668 | 1,158,800 | 1,158,046 | 754 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 105 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
New Taiwanese Dollar (cont’d.), |
| |||||||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | TWD | 60,325 | $ | 1,959,000 | $ | 1,958,615 | $ | 385 | $ | — | |||||||||||
New Zealand Dollar, | ||||||||||||||||||||||
Expiring 07/22/19 | Bank of America, N.A. | NZD | 29,202 | 19,760,003 | 19,534,795 | 225,208 | — | |||||||||||||||
Expiring 07/22/19 | Bank of America, N.A. | NZD | 2,303 | 1,550,000 | 1,540,370 | 9,630 | — | |||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | NZD | 3,995 | 2,689,041 | 2,672,585 | 16,456 | — | |||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | NZD | 3,350 | 2,240,868 | 2,241,310 | — | (442 | ) | ||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | NZD | 3,300 | 2,207,000 | 2,207,274 | — | (274 | ) | ||||||||||||||
Norwegian Krone, | ||||||||||||||||||||||
Expiring 07/19/19 | BNP Paribas S.A. | NOK | 9,854 | 1,140,000 | 1,145,682 | — | (5,682 | ) | ||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | NOK | 7,756 | 898,000 | 901,814 | — | (3,814 | ) | ||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | NOK | 5,929 | 692,000 | 689,405 | 2,595 | — | |||||||||||||||
Peruvian Nuevo Sol, | ||||||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 8,547 | 2,581,199 | 2,579,202 | 1,997 | — | |||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 2,517 | 759,100 | 759,578 | — | (478 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PEN | 9,091 | 2,735,993 | 2,743,330 | — | (7,337 | ) | ||||||||||||||
Philippine Peso, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 190,662 | 3,632,000 | 3,643,464 | — | (11,464 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 165,777 | 3,132,000 | 3,167,921 | — | (35,921 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 164,339 | 3,097,000 | 3,140,450 | — | (43,450 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 137,527 | 2,603,000 | 2,628,078 | — | (25,078 | ) |
See Notes to Financial Statements.
106 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Philippine Peso (cont’d.), | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 98,699 | $ | 1,885,000 | $ | 1,886,087 | $ | — | $ | (1,087) | | ||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 92,695 | 1,770,000 | 1,771,359 | — | (1,359 | ) | ||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 72,199 | 1,372,000 | 1,379,686 | — | (7,686 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 174,848 | 3,286,000 | 3,341,269 | — | (55,269 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 169,642 | 3,202,000 | 3,241,783 | — | (39,783 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 154,606 | 2,955,000 | 2,954,445 | 555 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 144,646 | 2,732,000 | 2,764,116 | — | (32,116 | ) | ||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 51,430 | 965,000 | 982,798 | — | (17,798 | ) | ||||||||||||||
Polish Zloty, | ||||||||||||||||||||||
Expiring 07/19/19 | HSBC Bank USA, N.A. | PLN | 5,300 | 1,381,000 | 1,390,164 | — | (9,164 | ) | ||||||||||||||
Expiring 07/19/19 | HSBC Bank USA, N.A. | PLN | 4,466 | 1,169,000 | 1,171,364 | — | (2,364 | ) | ||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | PLN | 42,726 | 11,331,709 | 11,207,604 | 124,105 | — | |||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | PLN | 7,894 | 2,055,000 | 2,070,658 | — | (15,658 | ) | ||||||||||||||
Russian Ruble, | ||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | RUB | 102,963 | 1,561,000 | 1,580,922 | — | (19,922 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | RUB | 312,082 | 4,741,877 | 4,791,802 | — | (49,925 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | RUB | 69,711 | 1,058,724 | 1,070,359 | — | (11,635 | ) | ||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | RUB | 19,191 | 291,438 | 294,668 | — | (3,230 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 107 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Russian Ruble (cont’d.), | ||||||||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | RUB | 64,095 | $ | 979,000 | $ | 984,129 | $ | — | $ | (5,129 | ) | ||||||||||
Expiring 06/28/19 | Morgan Stanley & Co. International PLC | RUB | 145,904 | 2,166,000 | 2,237,304 | — | (71,304 | ) | ||||||||||||||
Expiring 08/29/19 | Citibank, N.A. | RUB | 87,551 | 1,339,000 | 1,331,678 | 7,322 | — | |||||||||||||||
Expiring 08/29/19 | HSBC Bank USA, N.A. | RUB | 140,590 | 2,135,000 | 2,138,426 | — | (3,426 | ) | ||||||||||||||
Expiring 12/24/19 | Barclays Bank PLC | RUB | 48,233 | 739,309 | 722,642 | 16,667 | — | |||||||||||||||
Expiring 12/24/19 | Goldman Sachs International | RUB | 124,622 | 2,031,000 | 1,867,146 | 163,854 | — | |||||||||||||||
Expiring 12/24/19 | JPMorgan Chase Bank, N.A. | RUB | 56,445 | 757,906 | 845,686 | — | (87,780 | ) | ||||||||||||||
Expiring 03/31/20 | Citibank, N.A. | RUB | 305,303 | 4,444,000 | 4,518,041 | — | (74,041 | ) | ||||||||||||||
Expiring 03/31/20 | JPMorgan Chase Bank, N.A. | RUB | 315,168 | 4,163,386 | 4,664,037 | — | (500,651 | ) | ||||||||||||||
Expiring 12/23/20 | BNP Paribas S.A. | RUB | 1,300,164 | 17,637,000 | 18,594,695 | — | (957,695 | ) | ||||||||||||||
Expiring 12/23/20 | BNP Paribas S.A. | RUB | 511,647 | 7,179,000 | 7,317,480 | — | (138,480 | ) | ||||||||||||||
Saudi Arabian Riyal, | ||||||||||||||||||||||
Expiring 11/12/19 | Goldman Sachs International | SAR | 57,150 | 15,000,000 | 15,232,635 | — | (232,635 | ) | ||||||||||||||
Singapore Dollar, | ||||||||||||||||||||||
Expiring 05/10/19 | Bank of America, N.A. | SGD | 1,575 | 1,165,000 | 1,157,958 | 7,042 | — | |||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 4,153 | 3,066,000 | 3,054,209 | 11,791 | — | |||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 2,814 | 2,079,000 | 2,069,476 | 9,524 | — | |||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 2,565 | 1,903,000 | 1,885,816 | 17,184 | — |
See Notes to Financial Statements.
108 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Singapore Dollar (cont’d.), |
| |||||||||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 1,906 | $ | 1,406,000 | $ | 1,401,606 | $ | 4,394 | $ | — | |||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 940 | 697,000 | 691,208 | 5,792 | — | |||||||||||||||
Expiring 05/10/19 | Goldman Sachs International | SGD | 1,888 | 1,390,000 | 1,387,973 | 2,027 | — | |||||||||||||||
Expiring 05/10/19 | Goldman Sachs International | SGD | 1,859 | 1,372,000 | 1,367,124 | 4,876 | — | |||||||||||||||
Expiring 05/10/19 | Goldman Sachs International | SGD | 968 | 716,000 | 712,113 | 3,887 | — | |||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 3,163 | 2,347,000 | 2,326,150 | 20,850 | — | |||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 2,065 | 1,527,000 | 1,518,741 | 8,259 | — | |||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 1,743 | 1,288,000 | 1,281,849 | 6,151 | — | |||||||||||||||
Expiring 05/10/19 | UBS AG | SGD | 2,395 | 1,769,000 | 1,760,987 | 8,013 | — | |||||||||||||||
Expiring 05/10/19 | UBS AG | SGD | 1,871 | 1,380,000 | 1,376,012 | 3,988 | — | |||||||||||||||
South African Rand, | ||||||||||||||||||||||
Expiring 06/13/19 | Barclays Bank PLC | ZAR | 16,783 | 1,194,000 | 1,167,099 | 26,901 | — | |||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | ZAR | 154,868 | 10,745,377 | 10,769,876 | — | (24,499 | ) | ||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | ZAR | 15,140 | 1,051,000 | 1,052,897 | — | (1,897 | ) | ||||||||||||||
Expiring 06/13/19 | Goldman Sachs International | ZAR | 154,868 | 10,821,135 | 10,769,877 | 51,258 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 32,260 | 2,190,043 | 2,243,407 | — | (53,364 | ) | ||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 31,347 | 2,189,644 | 2,179,948 | 9,696 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 109 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
South African Rand (cont’d.), | ||||||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 19,268 | $ | 1,339,300 | $ | 1,339,923 | $ | — | $ | (623 | ) | ||||||||||
Expiring 06/13/19 | Morgan Stanley & Co. International PLC | ZAR | 13,083 | 903,000 | 909,820 | — | (6,820 | ) | ||||||||||||||
Expiring 06/28/19 | BNP Paribas S.A. | ZAR | 5,451 | 350,000 | 378,420 | — | (28,420 | ) | ||||||||||||||
Expiring 06/28/19 | HSBC Bank USA, N.A. | ZAR | 28,706 | 1,986,000 | 1,992,715 | — | (6,715 | ) | ||||||||||||||
Expiring 12/30/19 | Goldman Sachs International | ZAR | 27,540 | 1,738,000 | 1,868,802 | — | (130,802 | ) | ||||||||||||||
Expiring 12/30/19 | JPMorgan Chase Bank, N.A. | ZAR | 5,953 | 394,516 | 403,975 | — | (9,459 | ) | ||||||||||||||
Expiring 03/31/20 | Barclays Bank PLC | ZAR | 18,478 | 1,229,000 | 1,239,443 | — | (10,443 | ) | ||||||||||||||
Expiring 03/31/20 | Goldman Sachs International | ZAR | 18,263 | 1,154,000 | 1,224,998 | — | (70,998 | ) | ||||||||||||||
Expiring 03/31/20 | JPMorgan Chase Bank, N.A. | ZAR | 47,759 | 3,124,596 | 3,203,544 | — | (78,948 | ) | ||||||||||||||
Expiring 07/29/20 | BNP Paribas S.A. | ZAR | 145,671 | 8,926,000 | 9,614,954 | — | (688,954 | ) | ||||||||||||||
Expiring 09/30/20 | Goldman Sachs International | ZAR | 27,092 | 1,693,000 | 1,773,059 | — | (80,059 | ) | ||||||||||||||
Expiring 01/29/21 | Morgan Stanley & Co. International PLC | ZAR | 91,483 | 5,897,000 | 5,891,289 | 5,711 | — | |||||||||||||||
South Korean Won, | ||||||||||||||||||||||
Expiring 05/31/19 | Morgan Stanley & Co. International PLC | KRW | 1,326,000 | 1,200,000 | 1,136,344 | 63,656 | — | |||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | KRW | 1,150,238 | 1,018,000 | 986,471 | 31,529 | — |
See Notes to Financial Statements.
110 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
South Korean Won (cont’d.), | ||||||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | KRW | 1,351,727 | $ | 1,194,000 | $ | 1,159,273 | $ | 34,727 | $ | — | |||||||||||
Expiring 06/19/19 | Goldman Sachs International | KRW | 1,190,574 | 1,053,000 | 1,021,064 | 31,936 | — | |||||||||||||||
Expiring 06/19/19 | Goldman Sachs International | KRW | 1,094,575 | 966,000 | 938,733 | 27,267 | — | |||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | KRW | 1,616,329 | 1,397,000 | 1,386,201 | 10,799 | — | |||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | KRW | 922,890 | 819,000 | 791,492 | 27,508 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 4,841,569 | 4,155,960 | 4,152,241 | 3,719 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 2,079,239 | 1,835,000 | 1,783,203 | 51,797 | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 2,008,331 | 1,725,000 | 1,722,391 | 2,609 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | KRW | 2,222,330 | 1,958,000 | 1,905,922 | 52,078 | — | |||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | KRW | 545,065 | 482,060 | 467,461 | 14,599 | — | |||||||||||||||
Expiring 07/31/19 | Deutsche Bank AG | KRW | 5,155,997 | 4,618,000 | 4,429,551 | 188,449 | — | |||||||||||||||
Expiring 07/31/19 | Goldman Sachs International | KRW | 2,606,370 | 2,460,000 | 2,239,149 | 220,851 | — | |||||||||||||||
Expiring 12/24/19 | Goldman Sachs International | KRW | 79,350 | 75,000 | 68,525 | 6,475 | — | |||||||||||||||
Swedish Krona, | ||||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | SEK | 21,946 | 2,355,000 | 2,325,722 | 29,278 | — | |||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | SEK | 13,116 | 1,388,000 | 1,389,975 | — | (1,975 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 111 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Swedish Krona (cont’d.), |
| |||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | SEK | 12,710 | $ | 1,362,000 | $ | 1,346,997 | $ | 15,003 | $ | — | |||||||||||
Expiring 07/19/19 | Citibank, N.A. | SEK | 10,752 | 1,140,000 | 1,139,441 | 559 | — | |||||||||||||||
Swiss Franc, | ||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | CHF | 1,848 | 1,860,000 | 1,828,319 | 31,681 | — | |||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | CHF | 1,572 | 1,554,000 | 1,554,952 | — | (952 | ) | ||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | CHF | 1,012 | 1,011,000 | 1,000,640 | 10,360 | — | |||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | CHF | 1,732 | 1,710,000 | 1,713,576 | — | (3,576 | ) | ||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | CHF | 18,740 | 18,886,833 | 18,535,997 | 350,836 | — | |||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | CHF | 1,440 | 1,432,000 | 1,423,903 | 8,097 | — | |||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | CHF | 2,450 | 2,422,000 | 2,423,153 | — | (1,153 | ) | ||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | CHF | 1,373 | 1,356,000 | 1,357,594 | — | (1,594 | ) | ||||||||||||||
Expiring 07/19/19 | The Toronto-Dominion Bank | CHF | 3,426 | 3,433,000 | 3,388,303 | 44,697 | — | |||||||||||||||
Thai Baht, | ||||||||||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | THB | 38,103 | 1,190,000 | 1,193,762 | — | (3,762 | ) | ||||||||||||||
Expiring 05/10/19 | BNP Paribas S.A. | THB | 56,160 | 1,775,000 | 1,759,507 | 15,493 | — | |||||||||||||||
Expiring 05/10/19 | BNP Paribas S.A. | THB | 48,099 | 1,518,000 | 1,506,962 | 11,038 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 236,953 | 7,560,000 | 7,423,785 | 136,215 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 220,236 | 7,062,228 | 6,900,023 | 162,205 | — |
See Notes to Financial Statements.
112 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Thai Baht (cont’d.), |
| |||||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 195,794 | $ | 6,223,000 | $ | 6,134,271 | $ | 88,729 | $ | — | |||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 80,101 | 2,535,000 | 2,509,578 | 25,422 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 63,837 | 2,034,839 | 2,000,025 | 34,814 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 57,368 | 1,830,400 | 1,797,354 | 33,046 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 54,731 | 1,744,690 | 1,714,730 | 29,960 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 47,831 | 1,510,000 | 1,498,547 | 11,453 | — | |||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 40,619 | 1,279,000 | 1,272,605 | 6,395 | — | |||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | THB | 71,827 | 2,243,285 | 2,250,349 | — | (7,064 | ) | ||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | THB | 63,179 | 2,025,087 | 1,979,400 | 45,687 | — | |||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | THB | 34,071 | 1,090,431 | 1,067,436 | 22,995 | — | |||||||||||||||
Expiring 05/10/19 | Morgan Stanley & Co. International PLC | THB | 51,285 | 1,614,000 | 1,606,764 | 7,236 | — | |||||||||||||||
Turkish Lira, | ||||||||||||||||||||||
Expiring 06/13/19 | BNP Paribas S.A. | TRY | 14,930 | 2,525,000 | 2,434,475 | 90,525 | — | |||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | TRY | 10,263 | 1,750,000 | 1,673,392 | 76,608 | — | |||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | TRY | 4,683 | 793,043 | 763,590 | 29,453 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 16,533 | 2,790,000 | 2,695,920 | 94,080 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 14,784 | 2,569,468 | 2,410,627 | 158,841 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 113 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Turkish Lira (cont’d.), |
| |||||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 13,825 | $ | 2,248,238 | $ | 2,254,261 | $ | — | $ | (6,023 | ) | ||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 12,372 | 2,065,000 | 2,017,298 | 47,702 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 12,204 | 2,023,000 | 1,989,990 | 33,010 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 11,887 | 1,994,000 | 1,938,245 | 55,755 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 11,308 | 1,873,000 | 1,843,797 | 29,203 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 10,404 | 1,809,900 | 1,696,465 | 113,435 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 10,222 | 1,734,800 | 1,666,721 | 68,079 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 4,389 | 725,000 | 715,594 | 9,406 | — | |||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 4,291 | 702,000 | 699,651 | 2,349 | — | |||||||||||||||
Expiring 06/13/19 | Morgan Stanley & Co. International PLC | TRY | 6,122 | 1,068,000 | 998,299 | 69,701 | — | |||||||||||||||
Expiring 08/29/19 | BNP Paribas S.A. | TRY | 9,857 | 2,392,000 | 1,530,905 | 861,095 | — | |||||||||||||||
Expiring 08/29/19 | Morgan Stanley & Co. International PLC | TRY | 9,781 | 2,006,725 | 1,519,047 | 487,678 | — | |||||||||||||||
Expiring 12/24/19 | BNP Paribas S.A. | TRY | 13,966 | 3,000,000 | 2,014,007 | 985,993 | — | |||||||||||||||
Expiring 12/24/19 | JPMorgan Chase Bank, N.A. | TRY | 19,075 | 3,367,238 | 2,750,842 | 616,396 | — |
See Notes to Financial Statements.
114 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Turkish Lira (cont’d.), | ||||||||||||||||||||||
Expiring 01/31/20 | JPMorgan Chase Bank, N.A. | TRY | 28,531 | $ | 4,984,415 | $ | 4,020,262 | $ | 964,153 | $ | — | |||||||||||
Expiring 04/30/20 | Citibank, N.A. | TRY | 42,024 | 5,553,900 | 5,607,391 | — | (53,491 | ) | ||||||||||||||
Expiring 04/30/20 | Citibank, N.A. | TRY | 17,501 | 2,708,904 | 2,335,219 | 373,685 | — | |||||||||||||||
Expiring 04/30/20 | Citibank, N.A. | TRY | 6,043 | 841,000 | 806,289 | 34,711 | — | |||||||||||||||
Expiring 04/30/20 | Goldman Sachs International | TRY | 62,763 | 10,884,000 | 8,374,687 | 2,509,313 | — | |||||||||||||||
Expiring 04/30/20 | JPMorgan Chase Bank, N.A. | TRY | 11,919 | 1,844,000 | 1,590,418 | 253,582 | — | |||||||||||||||
Expiring 06/30/20 | Citibank, N.A. | TRY | 19,012 | 1,978,358 | 2,450,625 | — | (472,267 | ) | ||||||||||||||
Expiring 06/30/20 | Citibank, N.A. | TRY | 9,131 | 948,000 | 1,176,992 | — | (228,992 | ) | ||||||||||||||
Expiring 06/30/20 | JPMorgan Chase Bank, N.A. | TRY | 17,985 | 2,452,000 | 2,318,307 | 133,693 | — | |||||||||||||||
Expiring 06/30/20 | Morgan Stanley & Co. International PLC | TRY | 80,729 | 12,254,000 | 10,405,910 | 1,848,090 | — | |||||||||||||||
Expiring 10/30/20 | Deutsche Bank AG | TRY | 6,465 | 851,000 | 780,290 | 70,710 | — | |||||||||||||||
Expiring 02/26/21 | Citibank, N.A. | TRY | 40,469 | 4,975,000 | 4,598,821 | 376,179 | — | |||||||||||||||
Expiring 02/26/21 | Citibank, N.A. | TRY | 21,754 | 2,583,626 | 2,472,090 | 111,536 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 115 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Turkish Lira (cont’d.), |
| |||||||||||||||||||||
Expiring 02/26/21 | JPMorgan Chase Bank, N.A. | TRY | 28,291 | $ | 3,398,374 | $ | 3,214,977 | $ | 183,397 | $ | — | |||||||||||
Expiring 02/26/21 | Morgan Stanley & Co. International PLC | TRY | 97,117 | 13,447,000 | 11,036,146 | 2,410,854 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
$ | 1,322,716,147 | $ | 1,309,120,920 | 25,946,345 | (12,351,118 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
$ | 42,837,419 | $ | (30,120,353 | ) | ||||||||||||||||||
|
|
|
|
Cross currency exchange contracts outstanding at April 30, 2019:
Settlement | Type | Notional Amount (000) | In Exchange For (000) | Unrealized Appreciation | Unrealized Depreciation | Counterparty | ||||||||||||||||||
OTC Cross Currency Exchange Contracts: | ||||||||||||||||||||||||
06/28/19 | Buy | AUD | 1,120 | JPY | 94,696 | $ | — | $ | (63,562 | ) | BNP Paribas S.A. | |||||||||||||
06/28/19 | Buy | JPY | 493,315 | AUD | 5,950 | 249,650 | — | Morgan Stanley & Co. International PLC | ||||||||||||||||
07/19/19 | Buy | SEK | 45,790 | EUR | 4,385 | — | (99,975 | ) | Citibank, N.A. | |||||||||||||||
07/19/19 | Buy | NOK | 42,198 | EUR | 4,385 | — | (46,272 | ) | Citibank, N.A. | |||||||||||||||
11/27/19 | Buy | EUR | 2,122 | ZAR | 41,069 | — | (375,564 | ) | Citibank, N.A. | |||||||||||||||
11/27/19 | Buy | ZAR | 16,840 | EUR | 974 | 35,420 | — | Deutsche Bank AG | ||||||||||||||||
12/30/19 | Buy | EUR | 1,930 | ZAR | 33,514 | — | (64,940 | ) | Deutsche Bank AG | |||||||||||||||
12/30/19 | Buy | ZAR | 19,940 | EUR | 1,203 | — | (24,013 | ) | Morgan Stanley & Co. International PLC | |||||||||||||||
01/31/20 | Buy | AUD | 4,212 | JPY | 327,609 | — | (17,360 | ) | Deutsche Bank AG | |||||||||||||||
01/31/20 | Sell | TRY | 37,121 | EUR | 5,105 | — | (628,457 | ) | Goldman Sachs International | |||||||||||||||
01/31/20 | Buy | EUR | 2,420 | TRY | 14,760 | 697,741 | — | Goldman Sachs International | ||||||||||||||||
02/28/20 | Buy | AUD | 6,000 | JPY | 472,950 | — | (88,324 | ) | BNP Paribas S.A. | |||||||||||||||
02/28/20 | Buy | JPY | 1,415,148 | AUD | 18,781 | — | (323,808 | ) | Deutsche Bank AG | |||||||||||||||
03/31/20 | Buy | ZAR | 142,211 | EUR | 7,654 | 713,354 | — | Morgan Stanley & Co. International PLC | ||||||||||||||||
03/31/20 | Buy | EUR | 7,374 | ZAR | 124,584 | 146,182 | — | Morgan Stanley & Co. International PLC | ||||||||||||||||
04/30/20 | Buy | TRY | 121,707 | EUR | 13,219 | 961,688 | — | BNP Paribas S.A. | ||||||||||||||||
04/30/20 | Buy | EUR | 12,312 | TRY | 92,869 | 1,837,989 | — | Goldman Sachs International | ||||||||||||||||
07/29/20 | Buy | EUR | 14,276 | TRY | 138,149 | — | (919,344 | ) | BNP Paribas S.A. | |||||||||||||||
07/29/20 | Buy | TRY | 101,116 | EUR | 8,310 | 3,160,944 | — | Morgan Stanley & Co. International PLC |
See Notes to Financial Statements.
116 |
Cross currency exchange contracts outstanding at April 30, 2019 (continued):
Settlement | Type | Notional Amount (000) | In Exchange For (000) | Unrealized Appreciation | Unrealized Depreciation | Counterparty | ||||||||||||||||||||
OTC Cross Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||||
08/31/20 | Buy | ZAR | 41,149 | EUR | 2,332 | $ | — | $ | (14,786 | ) | Goldman Sachs International | |||||||||||||||
08/31/20 | Buy | EUR | 4,792 | ZAR | 92,438 | — | (487,441 | ) | Morgan Stanley & Co. International PLC | |||||||||||||||||
11/27/20 | Buy | AUD | 2,575 | JPY | 191,838 | 38,391 | — | Morgan Stanley & Co. International PLC | ||||||||||||||||||
11/30/20 | Buy | JPY | 382,815 | AUD | 4,906 | 89,962 | — | Deutsche Bank AG | ||||||||||||||||||
12/23/20 | Buy | EUR | 598 | ZAR | 10,827 | 2,166 | — | Goldman Sachs International | ||||||||||||||||||
12/30/20 | Buy | JPY | 167,838 | AUD | 2,277 | — | (47,925 | ) | Deutsche Bank AG | |||||||||||||||||
12/30/20 | Buy | AUD | 787 | JPY | 59,639 | 1,241 | — | Goldman Sachs International | ||||||||||||||||||
10/31/23 | Buy | JPY | 277,535 | AUD | 3,979 | — | (44,807 | ) | Goldman Sachs International | |||||||||||||||||
10/31/23 | Buy | JPY | 671,731 | AUD | 9,835 | — | (256,032 | ) | Morgan Stanley & Co. International PLC | |||||||||||||||||
|
|
|
| |||||||||||||||||||||||
$ | 7,934,728 | $ | (3,502,610 | ) | ||||||||||||||||||||||
|
|
|
|
Credit default swap agreements outstanding at April 30, 2019:
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(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)*: | ||||||||||||||||||||||||||||||
Federation of Malaysia (D01) | 12/20/22 | 1.000%(Q) | 1,500 | 0.463 | % | $ | 29,986 | $ | (1,542 | ) | $ | 31,528 | Citibank, N.A. | |||||||||||||||||
People’s Republic of China (D01) | 12/20/22 | 1.000%(Q) | 5,000 | 0.343 | % | 121,147 | (5,139 | ) | 126,286 | Citibank, N.A. | ||||||||||||||||||||
Republic of Argentina (D01) | 12/20/22 | 1.000%(Q) | 1,500 | 12.832 | % | (451,582 | ) | (1,542 | ) | (450,040 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Brazil (D01) | 12/20/22 | 1.000%(Q) | 7,500 | 1.313 | % | (71,882 | ) | (7,708 | ) | (64,174 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Chile (D01) | 12/20/22 | 1.000%(Q) | 1,500 | 0.230 | % | 42,358 | (1,542 | ) | 43,900 | Citibank, N.A. | ||||||||||||||||||||
Republic of Colombia (D01) | 12/20/22 | 1.000%(Q) | 2,000 | 0.652 | % | 26,586 | (2,056 | ) | 28,642 | Citibank, N.A. | ||||||||||||||||||||
Republic of Indonesia (D01) | 12/20/22 | 1.000%(Q) | 2,000 | 0.833 | % | 13,970 | (2,056 | ) | 16,026 | Citibank, N.A. | ||||||||||||||||||||
Republic of Panama (D01) | 12/20/22 | 1.000%(Q) | 1,500 | 0.384 | % | 34,150 | (1,542 | ) | 35,692 | Citibank, N.A. |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 117 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(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 Peru (D01) | 12/20/22 | 1.000%(Q) | 1,500 | 0.340 | % | $ | 36,518 | $ | (1,542 | ) | $ | 38,060 | Citibank, N.A. | |||||||||||||||||
Republic of Philippines (D01) | 12/20/22 | 1.000%(Q) | 1,500 | 0.438 | % | 31,307 | (1,542 | ) | 32,849 | Citibank, N.A. | ||||||||||||||||||||
Republic of South Africa (D01) | 12/20/22 | 1.000%(Q) | 4,500 | 1.476 | % | (68,212 | ) | (4,625 | ) | (63,587 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Turkey (D01) | 12/20/22 | 1.000%(Q) | 7,500 | 4.356 | % | (794,480 | ) | (7,708 | ) | (786,772 | ) | Citibank, N.A. | ||||||||||||||||||
Russian Federation (D01) | 12/20/22 | 1.000%(Q) | 4,500 | 0.991 | % | 6,724 | (4,625 | ) | 11,349 | Citibank, N.A. | ||||||||||||||||||||
United Mexican States (D01) | 12/20/22 | 1.000%(Q) | 6,500 | 0.787 | % | 55,746 | (6,681 | ) | 62,427 | Citibank, N.A. | ||||||||||||||||||||
Federation of Malaysia (D02) | 06/20/23 | 1.000%(Q) | 2,250 | 0.527 | % | 44,700 | (1,188 | ) | 45,888 | Barclays Bank PLC | ||||||||||||||||||||
People’s Republic of China (D02) | 06/20/23 | 1.000%(Q) | 8,250 | 0.389 | % | 209,419 | (4,354 | ) | 213,773 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Argentina (D02) | 06/20/23 | 1.000%(Q) | 2,250 | 12.653 | % | (730,417 | ) | (1,188 | ) | (729,229 | ) | Barclays Bank PLC | ||||||||||||||||||
Republic of Brazil (D02) | 06/20/23 | 1.000%(Q) | 11,250 | 1.411 | % | (165,585 | ) | (5,938 | ) | (159,647 | ) | Barclays Bank PLC | ||||||||||||||||||
Republic of Chile (D02) | 06/20/23 | 1.000%(Q) | 2,250 | 0.266 | % | 68,192 | (1,188 | ) | 69,380 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Colombia (D02) | 06/20/23 | 1.000%(Q) | 3,000 | 0.731 | % | 35,243 | (1,583 | ) | 36,826 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Indonesia (D02) | 06/20/23 | 1.000%(Q) | 3,000 | 0.936 | % | 11,044 | (1,583 | ) | 12,627 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Lebanon (D02) | 06/20/23 | 1.000%(Q) | 2,250 | 8.057 | % | (509,822 | ) | (1,188 | ) | (508,634 | ) | Barclays Bank PLC | ||||||||||||||||||
Republic of Panama (D02) | 06/20/23 | 1.000%(Q) | 2,250 | 0.445 | % | 52,095 | (1,188 | ) | 53,283 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Peru (D02) | 06/20/23 | 1.000%(Q) | 2,250 | 0.399 | % | 56,206 | (1,188 | ) | 57,394 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Philippines (D02) | 06/20/23 | 1.000%(Q) | 2,250 | 0.492 | % | 47,795 | (1,188 | ) | 48,983 | Barclays Bank PLC |
See Notes to Financial Statements.
118 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(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 South Africa (D02) | 06/20/23 | 1.000%(Q) | 6,750 | 1.574 | % | $ | (141,560 | ) | $ | (3,563 | ) | $ | (137,997 | ) | Barclays Bank PLC | |||||||||||||||
Republic of Turkey (D02) | 06/20/23 | 1.000%(Q) | 10,500 | 4.379 | % | (1,249,894 | ) | (5,542 | ) | (1,244,352 | ) | Barclays Bank PLC | ||||||||||||||||||
Russian Federation (D02) | 06/20/23 | 1.000%(Q) | 6,750 | 1.050 | % | (5,277 | ) | (3,563 | ) | (1,714 | ) | Barclays Bank PLC | ||||||||||||||||||
United Mexican States (D02) | 06/20/23 | 1.000%(Q) | 9,750 | 0.879 | % | 57,560 | (5,146 | ) | 62,706 | Barclays Bank PLC | ||||||||||||||||||||
Federation of Malaysia (D03) | 06/20/24 | 1.000%(Q) | 4,000 | 0.856 | % | 32,440 | (2,111 | ) | 34,551 | Citibank, N.A. | ||||||||||||||||||||
Kingdom of Saudi Arabia (D03) | 06/20/24 | 1.000%(Q) | 3,000 | 0.773 | % | 36,237 | (1,583 | ) | 37,820 | Citibank, N.A. | ||||||||||||||||||||
People’s Republic of China (D03) | 06/20/24 | 1.000%(Q) | 9,000 | 0.518 | % | 220,686 | (4,750 | ) | 225,436 | Citibank, N.A. | ||||||||||||||||||||
Republic of Argentina (D03) | 06/20/24 | 1.000%(Q) | 6,000 | 11.939 | % | (2,114,724 | ) | (3,167 | ) | (2,111,557 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Brazil (D03) | 06/20/24 | 1.000%(Q) | 13,000 | 1.720 | % | (423,819 | ) | (6,861 | ) | (416,958 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Chile (D03) | 06/20/24 | 1.000%(Q) | 3,000 | 0.389 | % | 92,601 | (1,583 | ) | 94,184 | Citibank, N.A. | ||||||||||||||||||||
Republic of Colombia (D03) | 06/20/24 | 1.000%(Q) | 4,000 | 0.976 | % | 9,357 | (2,111 | ) | 11,468 | Citibank, N.A. | ||||||||||||||||||||
Republic of Indonesia (D03) | 06/20/24 | 1.000%(Q) | 7,000 | 1.186 | % | (53,855 | ) | (3,694 | ) | (50,161 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Peru (D03) | 06/20/24 | 1.000%(Q) | 3,000 | 0.565 | % | 66,701 | (1,583 | ) | 68,284 | Citibank, N.A. | ||||||||||||||||||||
Republic of Philippines (D03) | 06/20/24 | 1.000%(Q) | 3,000 | 0.508 | % | 74,779 | (1,583 | ) | 76,362 | Citibank, N.A. | ||||||||||||||||||||
Republic of South Africa (D03) | 06/20/24 | 1.000%(Q) | 8,000 | 1.865 | % | (314,139 | ) | (4,222 | ) | (309,917 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Turkey (D03) | 06/20/24 | 1.000%(Q) | 13,000 | 4.502 | % | (1,917,813 | ) | (6,861 | ) | (1,910,952 | ) | Citibank, N.A. | ||||||||||||||||||
Russian Federation (D03) | 06/20/24 | 1.000%(Q) | 8,000 | 1.247 | % | (84,245 | ) | (4,222 | ) | (80,023 | ) | Citibank, N.A. |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 119 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(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.): | ||||||||||||||||||||||||||||||
State of Qatar (D03) | 06/20/24 | 1.000%(Q) | 3,000 | 0.651 | % | $ | 54,067 | $ | (1,583 | ) | $ | 55,650 | Citibank, N.A. | |||||||||||||||||
United Mexican States (D03) | 06/20/24 | 1.000%(Q) | 13,000 | 1.126 | % | (62,896 | ) | (6,861 | ) | (56,035 | ) | Citibank, N.A. | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | (7,592,588 | ) | $ | (142,213 | ) | $ | (7,450,375 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||||
OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)*: | ||||||||||||||||||||||||||
CDX.EM.28.V2 (D01) | 12/20/22 | 1.000%(Q) | 48,500 | $ | 890,711 | $ | (32,603 | ) | $ | 923,314 | Citibank, N.A. | |||||||||||||||
CDX.EM.29.V1 (D02) | 06/20/23 | 1.000%(Q) | 75,000 | 2,071,831 | (50,417 | ) | 2,122,248 | Barclays Bank PLC | ||||||||||||||||||
CDX.EM.31.V1 (D03) | 06/20/24 | 1.000%(Q) | 100,000 | 4,080,098 | (197,222 | ) | 4,277,320 | Citibank, N.A. | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$ | 7,042,640 | $ | (280,242 | ) | $ | 7,322,882 | ||||||||||||||||||||
|
|
|
|
|
|
* | The Fund entered into multiple credit default swap agreements in a package trade consisting of two parts. The fund brought protection on an Emerging Market CDX Index and sold protection on the countries which comprise the index. Theup-front premium is attached to the index of the trade. Each swap is priced individually. If the packaged deal is closed out early, all of the component swaps terminate. Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D03). |
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^: | ||||||||||||||||||||||||||||||
Accunia European | 05/29/19 | 1.000%(M) | 2,262 | * | $ | 70 | $ | — | $ | 70 | Goldman Sachs International | |||||||||||||||||||
Adagio CLO Ltd. | 05/29/19 | 0.500%(M) | EUR | 3,254 | * | 51 | — | 51 | Goldman Sachs International | |||||||||||||||||||||
ALM Loan Funding | 05/29/19 | 0.500%(M) | 126 | * | 2 | — | 2 | Goldman Sachs International |
See Notes to Financial Statements.
120 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): | ||||||||||||||||||||||||||||||
Anchorage Capital CLO Ltd. | 05/29/19 | 0.500%(M) | EUR | 2,068 | * | $ | 32 | $ | — | $ | 32 | Goldman Sachs International | ||||||||||||||||||
Atlas Senior Loan Fund Ltd. | 05/29/19 | 1.000%(M) | 1,024 | * | 28 | — | 28 | Goldman Sachs International | ||||||||||||||||||||||
Banc of America Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 502 | 3.766 | % | 574 | — | 574 | Goldman Sachs International | |||||||||||||||||||||
Banc of America Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 263 | 6.788 | % | 300 | — | 300 | Goldman Sachs International | |||||||||||||||||||||
Banc of America Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 200 | 6.780 | % | 228 | — | 228 | Goldman Sachs International | |||||||||||||||||||||
Bear Stearns Asset Backed Securities | 05/31/19 | 1.250%(M) | 2,358 | * | 82 | — | 82 | Goldman Sachs International | ||||||||||||||||||||||
Bear Stearns Asset Backed Securities | 05/31/19 | 1.250%(M) | 1,319 | * | 46 | — | 46 | Goldman Sachs International | ||||||||||||||||||||||
BlackRock | 05/29/19 | 0.500%(M) | EUR | 1,195 | * | 19 | — | 19 | Goldman Sachs International | |||||||||||||||||||||
Cathedral Lake Ltd. | 05/29/19 | 1.000%(M) | 1,190 | * | 33 | — | 33 | Goldman Sachs International | ||||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 570 | 4.670 | % | 652 | — | 652 | Goldman Sachs International | |||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 234 | 6.780 | % | 267 | — | 267 | Goldman Sachs International | |||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 230 | 4.180 | % | 263 | — | 263 | Goldman Sachs International | |||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 207 | 11.990 | % | 237 | — | 237 | Goldman Sachs International |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 121 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): | ||||||||||||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/31/19 | 1.250%(M) | 1,279 | * | $ | 44 | $ | — | $ | 44 | Goldman Sachs International | |||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 856 | 4.550 | % | 979 | — | 979 | Goldman Sachs International | |||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 795 | 19.740 | % | 909 | — | 909 | Goldman Sachs International | |||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 700 | 4.550 | % | 800 | — | 800 | Goldman Sachs International | |||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 448 | * | 512 | — | 512 | Goldman Sachs International | ||||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 333 | 7.460 | % | 380 | — | 380 | Goldman Sachs International | |||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 304 | 6.940 | % | 347 | — | 347 | Goldman Sachs International | |||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 297 | * | 339 | — | 339 | Goldman Sachs International | ||||||||||||||||||||||
Countrywide Alt A | 05/31/19 | 1.250%(M) | 2,246 | * | 78 | — | 78 | Goldman Sachs International | ||||||||||||||||||||||
Countrywide AltA Mortgage | 05/31/19 | 1.250%(M) | 347 | * | 12 | — | 12 | Goldman Sachs International | ||||||||||||||||||||||
CVC | 05/29/19 | 0.500%(M) | 2,276 | * | 35 | — | 35 | Goldman Sachs International | ||||||||||||||||||||||
Deutsche Bank Alta Mortgages | 05/31/19 | 1.250%(M) | 3,399 | * | 118 | — | 118 | Goldman Sachs International | ||||||||||||||||||||||
Deutsche Bank Alta Mortgages | 05/31/19 | 1.250%(M) | 2,005 | * | 70 | — | 70 | Goldman Sachs International |
See Notes to Financial Statements.
122 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): | ||||||||||||||||||||||||||||||
Equity One Home Equity | 05/31/19 | 1.250%(M) | 3,326 | * | $ | 115 | $ | — | $ | 115 | Goldman Sachs International | |||||||||||||||||||
Equity One Home Equity | 05/31/19 | 1.250%(M) | 993 | * | 34 | — | 34 | Goldman Sachs International | ||||||||||||||||||||||
Fannie Mae Connectict Avenue Securities | 05/31/19 | 1.250%(M) | 3,054 | * | 106 | — | 106 | Goldman Sachs International | ||||||||||||||||||||||
Fannie Mae Connectict Avenue Securities | 05/31/19 | 1.250%(M) | 1,586 | * | 55 | — | 55 | Goldman Sachs International | ||||||||||||||||||||||
Fannie Mae Connectict Avenue Securities | 05/31/19 | 1.250%(M) | 1,313 | * | 46 | — | 46 | Goldman Sachs International | ||||||||||||||||||||||
First Franklin Home Equity | 05/31/19 | 1.250%(M) | 1,410 | * | 49 | — | 49 | Goldman Sachs International | ||||||||||||||||||||||
First Franklin Home Equity | 05/31/19 | 1.250%(M) | 533 | * | 19 | — | 19 | Goldman Sachs International | ||||||||||||||||||||||
First Franklin Home Equity | 05/31/19 | 1.250%(M) | 530 | * | 18 | — | 18 | Goldman Sachs International | ||||||||||||||||||||||
Flagship | 05/29/19 | 1.000%(M) | 1,697 | * | 47 | — | 47 | Goldman Sachs International | ||||||||||||||||||||||
GMAC Home Equity | 05/31/19 | 1.250%(M) | 563 | * | 20 | — | 20 | Goldman Sachs International | ||||||||||||||||||||||
GMAC Home Equity | 05/31/19 | 1.250%(M) | 528 | * | 18 | — | 18 | Goldman Sachs International | ||||||||||||||||||||||
GS Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 671 | 7.000 | % | 767 | — | 767 | Goldman Sachs International | |||||||||||||||||||||
GS Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 441 | 7.460 | % | 504 | — | 504 | Goldman Sachs International |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 123 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): | ||||||||||||||||||||||||||||||
GSR Mortgage Loan Trust | 05/31/19 | 1.250%(M) | 1,017 | * | $ | 35 | $ | — | $ | 35 | Goldman Sachs International | |||||||||||||||||||
HPS Investment Partneship LLC | 05/29/19 | 0.500%(M) | EUR | 2,856 | * | 44 | — | 44 | Goldman Sachs International | |||||||||||||||||||||
ICG US CLO Ltd. | 05/29/19 | 1.000%(M) | EUR | 1,163 | * | 36 | — | 36 | Goldman Sachs International | |||||||||||||||||||||
ICG US CLO Ltd. | 05/29/19 | 0.500%(M) | EUR | 514 | * | 8 | — | 8 | Goldman Sachs International | |||||||||||||||||||||
Invesco | 05/29/19 | 0.500%(M) | 805 | * | 11 | — | 11 | Goldman Sachs International | ||||||||||||||||||||||
JPMBB Commercial Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 1,272 | 8.841 | % | 1,454 | — | 1,454 | Goldman Sachs International | |||||||||||||||||||||
JPMBB Commercial Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 899 | * | 1,028 | — | 1,028 | Goldman Sachs International | ||||||||||||||||||||||
JPMorgan Chase Commercial Mortgage Securities | 05/30/19 | 1.250%(M) | 457 | 4.550 | % | 522 | — | 522 | Goldman Sachs International | |||||||||||||||||||||
JPMorgan Chase Commercial Mortgage Securities | 05/30/19 | 1.250%(M) | 167 | * | 191 | — | 191 | Goldman Sachs International | ||||||||||||||||||||||
LCM Ltd. Partnership | 05/29/19 | 1.000%(M) | 1,282 | * | 36 | — | 36 | Goldman Sachs International | ||||||||||||||||||||||
Lehman Home Equity | 05/31/19 | 1.250%(M) | 3,869 | * | 134 | — | 134 | Goldman Sachs International | ||||||||||||||||||||||
Lehman Home Equity | 05/31/19 | 1.250%(M) | 525 | * | 18 | — | 18 | Goldman Sachs International | ||||||||||||||||||||||
Morgan Stanley BAML Trust | 05/30/19 | 1.250%(M) | 516 | 6.940 | % | 590 | — | 590 | Goldman Sachs International |
See Notes to Financial Statements.
124 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): | ||||||||||||||||||||||||||||||
Morgan Stanley BAML Trust | 05/30/19 | 1.250%(M) | 295 | * | $ | 337 | $ | — | $ | 337 | Goldman Sachs International | |||||||||||||||||||
Morgan Stanley BAML Trust | 05/30/19 | 1.250%(M) | 263 | * | 300 | — | 300 | Goldman Sachs International | ||||||||||||||||||||||
Morgan Stanley Home Equity | 05/31/19 | 1.250%(M) | 535 | * | 19 | — | 19 | Goldman Sachs International | ||||||||||||||||||||||
New Century Home Equity | 05/31/19 | 1.250%(M) | 4,260 | * | 148 | — | 148 | Goldman Sachs International | ||||||||||||||||||||||
New Century Home Equity | 05/31/19 | 1.250%(M) | 906 | * | 31 | — | 31 | Goldman Sachs International | ||||||||||||||||||||||
Oaktree CLO Ltd. | 05/29/19 | 0.500%(M) | EUR | 563 | * | 9 | — | 9 | Goldman Sachs International | |||||||||||||||||||||
Sankaty | 05/29/19 | 0.500%(M) | 205 | * | 3 | — | 3 | Goldman Sachs International | ||||||||||||||||||||||
Sprie Management Ltd. | 05/29/19 | 0.500%(M) | EUR | 3,643 | * | 57 | — | 57 | Goldman Sachs International | |||||||||||||||||||||
Steele Creek | 05/29/19 | 0.500%(M) | 1,089 | * | 15 | — | 15 | Goldman Sachs International | ||||||||||||||||||||||
Steele Creek | 05/29/19 | 0.500%(M) | 1,011 | * | 14 | — | 14 | Goldman Sachs International | ||||||||||||||||||||||
Telos CLO Ltd. | 05/29/19 | 0.500%(M) | 1,823 | * | 25 | — | 25 | Goldman Sachs International | ||||||||||||||||||||||
Venture CDO Ltd. | 05/29/19 | 0.500%(M) | 2,338 | * | 32 | — | 32 | Goldman Sachs International | ||||||||||||||||||||||
Venture CDO Ltd. | 05/29/19 | 0.500%(M) | 389 | * | 5 | — | 5 | Goldman Sachs International |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 125 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): | ||||||||||||||||||||||||||||||
Wellfleet CLO Ltd. | 05/29/19 | 0.500%(M) | 2,005 | * | $ | 28 | $ | — | $ | 28 | Goldman Sachs International | |||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 1,541 | * | 1,762 | — | 1,762 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 451 | * | 516 | — | 516 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 356 | 8.488 | % | 407 | — | 407 | Goldman Sachs International | |||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 284 | * | 325 | — | 325 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 281 | * | 321 | — | 321 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 230 | 4.670 | % | 263 | — | 263 | Goldman Sachs International | |||||||||||||||||||||
Wind River CLO Ltd. | 05/29/19 | 0.500%(M) | 505 | * | 7 | — | 7 | Goldman Sachs International | ||||||||||||||||||||||
Wind River CLO Ltd. | 05/29/19 | 1.000%(M) | 392 | * | 11 | — | 11 | Goldman Sachs International | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 18,047 | $ | — | $ | 18,047 | |||||||||||||||||||||||||
|
|
|
|
|
|
Reference | 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 | 2,000 | $ | 9,332 | $ | 132,015 | $ | (122,683 | ) | Barclays Bank PLC | ||||||||||||||
Bank of China Ltd. | 06/20/21 | 1.000%(Q) | 1,900 | (34,977 | ) | 42,740 | (77,717 | ) | Deutsche Bank AG | |||||||||||||||||
Central Bank of Tunisia | 12/20/22 | 1.000%(Q) | 700 | 55,444 | 70,893 | (15,449 | ) | Barclays Bank PLC |
See Notes to Financial Statements.
126 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed | Notional Amount (000)#(3) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1) (cont’d.): | ||||||||||||||||||||||||
China Development Bank Corp. | 06/20/21 | 1.000%(Q) | 1,900 | $ | (34,344 | ) | $ | 26,990 | $ | (61,334 | ) | Deutsche Bank AG | ||||||||||||
Eskom Holdings SOC Ltd. | 12/20/23 | 1.000%(Q) | EUR | 2,640 | 391,762 | 582,451 | (190,689 | ) | Deutsche Bank AG | |||||||||||||||
Hellenic Republic | 06/20/19 | 1.000%(Q) | 4,800 | (9,504 | ) | 25,605 | (35,109 | ) | Bank of America, N.A. | |||||||||||||||
Hellenic Republic | 06/20/23 | 1.000%(Q) | 1,400 | 77,981 | 132,290 | (54,309 | ) | Bank of America, N.A. | ||||||||||||||||
Kingdom of Spain | 06/20/19 | 1.000%(Q) | 700 | (1,750 | ) | (2,987 | ) | 1,237 | Deutsche Bank AG | |||||||||||||||
Kingdom of Spain | 06/20/23 | 1.000%(Q) | 3,200 | (94,681 | ) | (79,184 | ) | (15,497 | ) | Bank of America, N.A. | ||||||||||||||
Republic of Ireland | 06/20/19 | 1.000%(Q) | 700 | (1,764 | ) | (10,231 | ) | 8,467 | Deutsche Bank AG | |||||||||||||||
Republic of Italy | 06/20/19 | 1.000%(Q) | EUR | 8,900 | (24,229 | ) | (20,017 | ) | (4,212 | ) | Barclays Bank PLC | |||||||||||||
Republic of Italy | 06/20/19 | 1.000%(Q) | 900 | (2,149 | ) | 5,740 | (7,889 | ) | Deutsche Bank AG | |||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | EUR | 12,700 | 181,217 | 130,775 | 50,442 | Barclays Bank PLC | ||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | EUR | 10,455 | 149,183 | 148,823 | 360 | Barclays Bank PLC | ||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 14,270 | (35,058 | ) | 203,721 | (238,779 | ) | Citibank, N.A. | |||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 3,700 | (9,090 | ) | 59,330 | (68,420 | ) | Citibank, N.A. | |||||||||||||||
Republic of Italy | 06/20/28 | 1.000%(Q) | EUR | 5,145 | 384,142 | 318,815 | 65,327 | Barclays Bank PLC | ||||||||||||||||
Republic of Portugal | 06/20/19 | 1.000%(Q) | 400 | (1,004 | ) | 12,675 | (13,679 | ) | Deutsche Bank AG | |||||||||||||||
Republic of Turkey | 06/20/19 | 1.000%(Q) | 5,510 | 12,050 | 158,864 | (146,814 | ) | BNP Paribas S.A. | ||||||||||||||||
Republic of Turkey | 06/20/19 | 1.000%(Q) | 2,760 | 6,036 | 71,206 | (65,170 | ) | BNP Paribas S.A. | ||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 4,000 | (23,614 | ) | 27,839 | (51,453 | ) | Citibank, N.A. | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | 994,983 | $ | 2,038,353 | $ | (1,043,370 | ) | ||||||||||||||||||
|
|
|
|
|
|
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2): |
| |||||||||||||||||||||||||||
Arab Republic of Egypt | 06/20/19 | 1.000%(Q) | 1,300 | 1.479 | % | $ | 641 | $ | (3,738 | ) | $ | 4,379 | Citibank, N.A. | |||||||||||||||
Arab Republic of Egypt | 06/20/20 | 1.000%(Q) | 1,000 | 1.937 | % | (9,346 | ) | (24,941 | ) | 15,595 | Deutsche Bank AG | |||||||||||||||||
Eskom Holdings SOC Ltd. | 12/20/23 | 1.000%(Q) | 3,000 | 4.193 | % | (374,771 | ) | (558,010 | ) | 183,239 | Deutsche Bank AG | |||||||||||||||||
Federation of Malaysia | 12/20/19 | 1.000%(Q) | 2,000 | 0.089 | % | 14,022 | 16,516 | (2,494 | ) | Barclays Bank PLC | ||||||||||||||||||
Federation of Malaysia | 12/20/19 | 1.000%(Q) | 2,000 | 0.089 | % | 14,022 | 16,034 | (2,012 | ) | HSBC Bank USA, N.A. | ||||||||||||||||||
Generalitat de Cataluna | 12/20/22 | 1.000%(Q) | 2,960 | 2.385 | % | (131,890 | ) | (441,383 | ) | 309,493 | Citibank, N.A. |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 127 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.): | ||||||||||||||||||||||||||||||
Government of Jamaica | 12/20/19 | 1.000%(Q) | 1,000 | 2.492 | % | $ | (8,310 | ) | $ | (4,413 | ) | $ | (3,897 | ) | Credit Suisse International | |||||||||||||||
Hellenic Republic | 06/20/22 | 1.000%(Q) | 410 | 2.328 | % | (15,531 | ) | (70,771 | ) | 55,240 | Citibank, N.A. | |||||||||||||||||||
Hellenic Republic | 06/20/22 | 1.000%(Q) | 200 | 2.328 | % | (7,576 | ) | (35,500 | ) | 27,924 | Goldman Sachs International | |||||||||||||||||||
Hellenic Republic | 12/20/22 | 1.000%(Q) | 500 | 2.603 | % | (26,290 | ) | (49,578 | ) | 23,288 | Citibank, N.A. | |||||||||||||||||||
Hellenic Republic | 06/20/23 | 1.000%(Q) | 1,400 | 2.808 | % | (93,179 | ) | (149,624 | ) | 56,445 | Bank of America, N.A. | |||||||||||||||||||
Hellenic Republic | 06/20/23 | 1.000%(Q) | 300 | 2.808 | % | (19,967 | ) | (29,345 | ) | 9,378 | Citibank, N.A. | |||||||||||||||||||
Hellenic Republic | 06/20/24 | 1.000%(Q) | 1,000 | 3.188 | % | (96,850 | ) | (216,250 | ) | 119,400 | Barclays Bank PLC | |||||||||||||||||||
Kingdom of Belgium | 03/20/20 | 1.000%(Q) | 3,000 | 0.050 | % | 28,823 | (14,500 | ) | 43,323 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
Kingdom of Belgium | 12/20/24 | 1.000%(Q) | 3,500 | 0.271 | % | 139,284 | 20,902 | 118,382 | HSBC Bank USA, N.A. | |||||||||||||||||||||
Kingdom of Belgium | 06/20/26 | 1.000%(Q) | 4,000 | 0.331 | % | 180,115 | 102,239 | 77,876 | Barclays Bank PLC | |||||||||||||||||||||
Kingdom of Denmark | 06/20/26 | 0.250%(Q) | 1,000 | 0.176 | % | 5,173 | (16,628 | ) | 21,801 | Goldman Sachs International | ||||||||||||||||||||
Kingdom of Saudi Arabia | 12/20/21 | 1.000%(Q) | 1,900 | 0.404 | % | 31,347 | (38,725 | ) | 70,072 | Barclays Bank PLC | ||||||||||||||||||||
Kingdom of Saudi Arabia | 06/20/22 | 1.000%(Q) | 3,000 | 0.453 | % | 53,329 | 47,998 | 5,331 | HSBC Bank USA, N.A. | |||||||||||||||||||||
Kingdom of Spain | 09/20/20 | 1.000%(Q) | 2,500 | 0.171 | % | 31,550 | 916 | 30,634 | Barclays Bank PLC | |||||||||||||||||||||
Kingdom of Spain | 06/20/21 | 1.000%(Q) | 700 | 0.138 | % | 13,515 | (7,647 | ) | 21,162 | Deutsche Bank AG | ||||||||||||||||||||
Kingdom of Spain | 09/20/21 | 1.000%(Q) | 1,500 | 0.165 | % | 31,127 | 18,280 | 12,847 | HSBC Bank USA, N.A. | |||||||||||||||||||||
Kingdom of Spain | 06/20/23 | 1.000%(Q) | 42,665 | 0.456 | % | 964,963 | 453,981 | 510,982 | Bank of America, N.A. | |||||||||||||||||||||
Kingdom of Spain | 06/20/23 | 1.000%(Q) | 3,200 | 0.456 | % | 72,375 | 48,475 | 23,900 | Bank of America, N.A. | |||||||||||||||||||||
Kingdom of Spain | 06/20/24 | 1.000%(Q) | 700 | 0.367 | % | 22,315 | (25,398 | ) | 47,713 | Deutsche Bank AG | ||||||||||||||||||||
Kingdom of Sweden | 06/20/26 | 0.250%(Q) | 1,000 | 0.180 | % | 4,896 | (15,719 | ) | 20,615 | Goldman Sachs International | ||||||||||||||||||||
Kingdom of Thailand | 12/20/21 | 1.000%(Q) | 2,100 | 0.182 | % | 46,770 | 3,012 | 43,758 | Barclays Bank PLC | |||||||||||||||||||||
Oriental Republic of Uruguay | 06/20/20 | 1.000%(Q) | 4,250 | 1.112 | % | (407 | ) | (27,517 | ) | 27,110 | Citibank, N.A. | |||||||||||||||||||
People’s Republic of China | 06/20/19 | 1.000%(Q) | 650 | 0.064 | % | 1,615 | 603 | 1,012 | HSBC Bank USA, N.A. |
See Notes to Financial Statements.
128 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.): | ||||||||||||||||||||||||||||||
People’s Republic of China | 12/20/19 | 1.000%(Q) | 2,000 | 0.071 | % | $ | 14,260 | $ | 20,407 | $ | (6,147 | ) | Citibank, N.A. | |||||||||||||||||
People’s Republic of China | 12/20/19 | 1.000%(Q) | 1,000 | 0.071 | % | 7,130 | 10,204 | (3,074 | ) | HSBC Bank USA, N.A. | ||||||||||||||||||||
People’s Republic of China | 06/20/21 | 1.000%(Q) | 4,000 | 0.148 | % | 76,391 | (45,657 | ) | 122,048 | Deutsche Bank AG | ||||||||||||||||||||
People’s Republic of China | 12/20/21 | 1.000%(Q) | 1,500 | 0.194 | % | 32,941 | (4,230 | ) | 37,171 | Barclays Bank PLC | ||||||||||||||||||||
People’s Republic of China | 12/20/21 | 1.000%(Q) | 1,600 | 0.194 | % | 35,137 | (5,233 | ) | 40,370 | Citibank, N.A. | ||||||||||||||||||||
People’s Republic of China | 03/20/22 | 1.000%(Q) | 1,000 | 0.211 | % | 23,353 | (17,211 | ) | 40,564 | Deutsche Bank AG | ||||||||||||||||||||
People’s Republic of China | 03/20/22 | 1.000%(Q) | 2,000 | 0.211 | % | 46,706 | (21,992 | ) | 68,698 | Goldman Sachs International | ||||||||||||||||||||
Petroleos Mexicanos | 09/20/21 | 1.000%(Q) | 2,500 | 1.611 | % | (32,261 | ) | (70,059 | ) | 37,798 | Goldman Sachs International | |||||||||||||||||||
Republic of Chile | 12/20/21 | 1.000%(Q) | 2,500 | 0.157 | % | 57,328 | 2,887 | 54,441 | Deutsche Bank AG | |||||||||||||||||||||
Republic of Colombia | 12/20/21 | 1.000%(Q) | 2,000 | 0.492 | % | 28,459 | (41,036 | ) | 69,495 | HSBC Bank USA, N.A. | ||||||||||||||||||||
Republic of Colombia | 06/20/23 | 1.000%(Q) | 5,000 | 0.731 | % | 58,738 | 3,547 | 55,191 | Deutsche Bank AG | |||||||||||||||||||||
Republic of Colombia | 12/20/26 | 1.000%(Q) | 1,000 | 1.418 | % | (27,039 | ) | (91,189 | ) | 64,150 | Citibank, N.A. | |||||||||||||||||||
Republic of France | 12/20/19 | 0.250%(Q) | 2,500 | 0.041 | % | 4,080 | (15,171 | ) | 19,251 | Goldman Sachs International | ||||||||||||||||||||
Republic of France | 12/20/19 | 0.250%(Q) | 7,000 | 0.041 | % | 11,425 | (107,630 | ) | 119,055 | HSBC Bank USA, N.A. | ||||||||||||||||||||
Republic of France | 03/20/20 | 0.250%(Q) | 3,000 | 0.034 | % | 6,633 | (188,678 | ) | 195,311 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
Republic of Hungary | 06/20/22 | 1.000%(Q) | 3,550 | 0.486 | % | 59,515 | (22,288 | ) | 81,803 | Citibank, N.A. | ||||||||||||||||||||
Republic of Indonesia | 06/20/23 | 1.000%(Q) | 13,885 | 0.749 | % | 153,009 | (86,238 | ) | 239,247 | Citibank, N.A. | ||||||||||||||||||||
Republic of Ireland | 06/20/21 | 1.000%(Q) | 700 | 0.097 | % | 14,123 | 3,081 | 11,042 | Deutsche Bank AG | |||||||||||||||||||||
Republic of Ireland | 06/20/23 | 1.000%(Q) | 4,080 | 0.242 | % | 127,391 | 48,193 | 79,198 | Goldman Sachs International | |||||||||||||||||||||
Republic of Ireland | 06/20/24 | 1.000%(Q) | 700 | 0.243 | % | 26,614 | (8,907 | ) | 35,521 | Deutsche Bank AG | ||||||||||||||||||||
Republic of Ireland | 06/20/24 | 1.000%(Q) | 4,000 | 0.308 | % | 139,197 | 86,119 | 53,078 | JPMorgan Chase Bank, N.A. |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 129 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.): | ||||||||||||||||||||||||||||||
Republic of Ireland | 12/20/26 | 1.000%(Q) | 2,000 | 0.417 | % | $ | 83,335 | $ | 5,096 | $ | 78,239 | Goldman Sachs International | ||||||||||||||||||
Republic of Ireland | 12/20/26 | 1.000%(Q) | 3,100 | 0.417 | % | 129,169 | (2,638 | ) | 131,807 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
Republic of Ireland | 06/20/27 | 1.000%(Q) | 2,800 | 0.438 | % | 118,761 | 70,830 | 47,931 | Morgan Stanley & Co. International PLC | |||||||||||||||||||||
Republic of Italy | 06/20/20 | 1.000%(Q) | 6,000 | 0.525 | % | 39,297 | (14,463 | ) | 53,760 | HSBC Bank USA, N.A. | ||||||||||||||||||||
Republic of Italy | 09/20/20 | 1.000%(Q) | 1,500 | 0.713 | % | 7,674 | (13,249 | ) | 20,923 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Italy | 03/20/22 | 1.000%(Q) | 3,000 | 1.321 | % | (23,098 | ) | (108,518 | ) | 85,420 | Goldman Sachs International | |||||||||||||||||||
Republic of Italy | 03/20/22 | 1.000%(Q) | 3,000 | 1.321 | % | (23,098 | ) | (108,435 | ) | 85,337 | JPMorgan Chase Bank, N.A. | |||||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 18,300 | 1.675 | % | (451,027 | ) | (1,034,270 | ) | 583,243 | Bank of America, N.A. | |||||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 15,000 | 1.675 | % | (369,695 | ) | (336,767 | ) | (32,928 | ) | Barclays Bank PLC | ||||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 14,270 | 1.675 | % | (351,703 | ) | (743,395 | ) | 391,692 | Citibank, N.A. | |||||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 3,700 | 1.675 | % | (91,191 | ) | (198,807 | ) | 107,616 | Citibank, N.A. | |||||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 13,405 | 1.675 | % | (330,384 | ) | (544,050 | ) | 213,666 | Morgan Stanley & Co. International PLC | |||||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 4,000 | 1.675 | % | (98,585 | ) | — | (98,585 | ) | Morgan Stanley & Co. International PLC | |||||||||||||||||||
Republic of Italy | 06/20/24 | 1.000%(Q) | 900 | 1.153 | % | (5,465 | ) | (50,860 | ) | 45,395 | Deutsche Bank AG | |||||||||||||||||||
Republic of Italy | 06/20/26 | 1.000%(Q) | 5,000 | 2.164 | % | (344,347 | ) | (371,094 | ) | 26,747 | BNP Paribas S.A. | |||||||||||||||||||
Republic of Italy | 12/20/26 | 1.000%(Q) | 400 | 2.198 | % | (29,898 | ) | (36,893 | ) | 6,995 | HSBC Bank USA, N.A. | |||||||||||||||||||
Republic of Kazakhstan | 06/20/23 | 1.000%(Q) | 7,695 | 0.571 | % | 139,510 | — | 139,510 | Citibank, N.A. | |||||||||||||||||||||
Republic of Panama | 12/20/20 | 1.000%(Q) | 5,500 | 0.161 | % | 81,333 | (206,535 | ) | 287,868 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
Republic of Panama | 06/20/22 | 1.000%(Q) | 5,000 | 0.304 | % | 111,850 | 43,319 | 68,531 | Citibank, N.A. | |||||||||||||||||||||
Republic of Peru | 03/20/22 | 1.000%(Q) | 3,000 | 0.242 | % | 67,506 | (105,928 | ) | 173,434 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Philippines | 09/20/20 | 1.000%(Q) | 1,700 | 0.143 | % | 22,123 | (8,268 | ) | 30,391 | JPMorgan Chase Bank, N.A. |
See Notes to Financial Statements.
130 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.): | ||||||||||||||||||||||||||||||
Republic of Philippines | 12/20/20 | 1.000%(Q) | 750 | 0.166 | % | $ | 11,028 | $ | (42 | ) | $ | 11,070 | Deutsche Bank AG | |||||||||||||||||
Republic of Philippines | 09/20/21 | 1.000%(Q) | 1,000 | 0.228 | % | 19,241 | (15,838 | ) | 35,079 | HSBC Bank USA, N.A. | ||||||||||||||||||||
Republic of Philippines | 03/20/22 | 1.000%(Q) | 1,000 | 0.274 | % | 21,551 | (17,211 | ) | 38,762 | Deutsche Bank AG | ||||||||||||||||||||
Republic of Portugal | 09/20/20 | 1.000%(Q) | 1,500 | 0.190 | % | 18,532 | (53,625 | ) | 72,157 | Goldman Sachs International | ||||||||||||||||||||
Republic of Portugal | 06/20/21 | 1.000%(Q) | 700 | 0.183 | % | 12,844 | (44,567 | ) | 57,411 | Deutsche Bank AG | ||||||||||||||||||||
Republic of Portugal | 06/20/23 | 1.000%(Q) | 29,930 | 0.532 | % | 587,088 | (109,380 | ) | 696,468 | Goldman Sachs International | ||||||||||||||||||||
Republic of Portugal | 12/20/23 | 1.000%(Q) | 1,000 | 0.601 | % | 18,638 | — | 18,638 | BNP Paribas S.A. | |||||||||||||||||||||
Republic of Portugal | 12/20/23 | 1.000%(Q) | 4,130 | 0.601 | % | 76,977 | (1,911 | ) | 78,888 | Morgan Stanley & Co. International PLC | ||||||||||||||||||||
Republic of Portugal | 06/20/24 | 1.000%(Q) | 400 | 0.487 | % | 10,391 | (39,790 | ) | 50,181 | Deutsche Bank AG | ||||||||||||||||||||
Republic of Serbia | 06/20/19 | 1.000%(Q) | 2,000 | 0.209 | % | 4,560 | 4,963 | (403 | ) | Citibank, N.A. | ||||||||||||||||||||
Republic of Serbia | 06/20/21 | 1.000%(Q) | 2,000 | 0.472 | % | 24,495 | 29,723 | (5,228 | ) | BNP Paribas S.A. | ||||||||||||||||||||
Republic of Slovenia | 06/20/24 | 1.000%(Q) | 900 | 0.798 | % | 9,782 | (69,737 | ) | 79,519 | HSBC Bank USA, N.A. | ||||||||||||||||||||
Republic of South Africa | 06/20/23 | 1.000%(Q) | 5,000 | 1.586 | % | (107,108 | ) | (123,048 | ) | 15,940 | Deutsche Bank AG | |||||||||||||||||||
Republic of South Africa | 12/20/23 | 1.000%(Q) | 3,000 | 1.741 | % | (91,480 | ) | (165,090 | ) | 73,610 | Bank of America, N.A. | |||||||||||||||||||
Republic of Turkey | 03/20/20 | 1.000%(Q) | 2,000 | 3.739 | % | (45,346 | ) | (76,304 | ) | 30,958 | JPMorgan Chase Bank, N.A. | |||||||||||||||||||
Republic of Turkey | 06/20/23 | 1.000%(Q) | 5,510 | 4.379 | % | (655,897 | ) | (755,848 | ) | 99,951 | BNP Paribas S.A. | |||||||||||||||||||
Republic of Turkey | 06/20/23 | 1.000%(Q) | 2,760 | 4.379 | % | (328,544 | ) | (367,820 | ) | 39,276 | BNP Paribas S.A. | |||||||||||||||||||
Republic of Uruguay | 06/20/21 | 1.000%(Q) | 400 | 1.515 | % | (3,795 | ) | (5,623 | ) | 1,828 | Citibank, N.A. | |||||||||||||||||||
Republic of Uruguay | 12/20/21 | 1.000%(Q) | 1,500 | 1.635 | % | (22,314 | ) | (21,502 | ) | (812 | ) | Citibank, N.A. | ||||||||||||||||||
Russian Federation | 12/20/21 | 1.000%(Q) | 8,525 | 0.836 | % | 45,606 | (491,510 | ) | 537,116 | Barclays Bank PLC | ||||||||||||||||||||
Russian Federation | 12/20/21 | 1.000%(Q) | 3,000 | 0.836 | % | 16,049 | (178,672 | ) | 194,721 | Barclays Bank PLC | ||||||||||||||||||||
Russian Federation | 12/20/22 | 1.000%(Q) | 7,350 | 0.991 | % | 10,982 | (17,626 | ) | 28,608 | Citibank, N.A. |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 131 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.): | ||||||||||||||||||||||||||||||
Russian Federation | 06/20/23 | 1.000%(Q) | 1,640 | 1.059 | % | $ | (1,841 | ) | $ | (32,043 | ) | $ | 30,202 | BNP Paribas S.A. | ||||||||||||||||
Russian Federation | 06/20/23 | 1.000%(Q) | 7,000 | 1.059 | % | (7,859 | ) | (115,750 | ) | 107,891 | Morgan Stanley & Co. International PLC | |||||||||||||||||||
Russian Federation | 06/20/23 | 1.000%(Q) | 4,000 | 1.059 | % | (4,491 | ) | (79,215 | ) | 74,724 | Morgan Stanley & Co. International PLC | |||||||||||||||||||
Russian Federation | 12/20/26 | 1.000%(Q) | 1,200 | 1.604 | % | (46,840 | ) | (131,616 | ) | 84,776 | Barclays Bank PLC | |||||||||||||||||||
State of Illinois | 12/20/22 | 1.000%(Q) | 2,725 | 1.228 | % | (17,940 | ) | (110,628 | ) | 92,688 | Citibank, N.A. | |||||||||||||||||||
State of Illinois | 12/20/24 | 1.000%(Q) | 2,800 | 1.835 | % | (111,506 | ) | (195,658 | ) | 84,152 | Goldman Sachs International | |||||||||||||||||||
State of Illinois | 06/20/28 | 1.000%(Q) | 1,000 | 2.519 | % | (101,937 | ) | (115,737 | ) | 13,800 | Citibank, N.A. | |||||||||||||||||||
United Mexican States | 06/20/23 | 1.000%(Q) | 5,000 | 0.879 | % | 29,518 | (7,083 | ) | 36,601 | Deutsche Bank AG | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | (212,654 | ) | $ | (8,624,925 | ) | $ | 8,412,271 | |||||||||||||||||||||||
|
|
|
|
|
|
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1): |
| |||||||||||||||||||||||
CDX.NA.HY.32.V1 | 06/20/24 | 5.000%(Q) | 38,110 | $ | (2,766,786 | ) | $ | (3,118,195 | ) | $ | (351,409 | ) | ||||||||||||
|
|
|
|
|
|
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices—Sell Protection(2): |
| |||||||||||||||||||||||||
CDX.NA.HY.30.V4 | 06/20/23 | 5.000%(Q) | 4,626 | * | $ | 340,762 | $ | 424,653 | $ | 83,891 | ||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements.
132 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2): | ||||||||||||||||||||||||||||||
CDX.EM.27.V2 | 06/20/22 | 1.000%(Q) | 10,670 | 1.517 | % | $ | (150,959 | ) | $ | (459,877 | ) | $ | 308,918 | Citibank, N.A. | ||||||||||||||||
CMBX.NA.6.AA | 05/11/63 | 1.500%(M) | 5,000 | * | 92,418 | (28,411 | ) | 120,829 | JPMorgan Securities LLC | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | (58,541 | ) | $ | (488,288 | ) | $ | 429,747 | |||||||||||||||||||||||
|
|
|
|
|
|
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may includeup-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 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 133 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
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, 2019:
Notional | Fund | Notional Amount (000)# | Fund | Counterparty | Termination Date | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
OTC Currency Swap Agreement: | ||||||||||||||||||||||||||
IDR 50,000,000 | 8.220%(S) | 3,454 | 6 Month LIBOR(S) | Citibank, N.A. | 11/29/23 | $ | 249,625 | $ | — | $ | 249,625 | |||||||||||||||
|
|
|
|
|
|
Forward rate agreements outstanding at April 30, 2019:
Notional | Termination Date(4) | Fixed Rate | Floating | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||||
OTC Forward Rate Agreements^: | ||||||||||||||||||||||||||
98,900 | 05/28/19 | —(3) | —(3) | $ | (56,646 | ) | $ | — | $ | (56,646 | ) | Citigroup Global Markets, Inc. | ||||||||||||||
|
|
|
|
|
|
(1) | The Fund pays the fixed rate and receives the floating rate. |
(2) | The Fund pays the floating rate and receives the fixed rate. |
(3) | The Fund pays or receives payments based on CMM102 minus 7 Year CMS minus 1.355% upon termination. |
Inflation swap agreements outstanding at April 30, 2019:
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Inflation Swap Agreements: | ||||||||||||||||||||||||
EUR | 14,000 | 05/15/23 | 1.485%(T) | France CPI ex Tobacco Household(1)(T) | $ | — | $ | (314,738 | ) | $ | (314,738 | ) | ||||||||||||
EUR | 14,000 | 05/15/23 | 1.510%(T) | Eurostat Eurozone HICP ex Tobacco(2)(T) | — | 321,805 | 321,805 | |||||||||||||||||
GBP | 2,290 | 07/15/28 | 3.360%(T) | U.K. Retail Price Index(2)(T) | — | (44,374 | ) | (44,374 | ) | |||||||||||||||
GBP | 3,200 | 11/15/28 | 3.585%(T) | U.K. Retail Price Index(2)(T) | — | 59,950 | 59,950 | |||||||||||||||||
GBP | 1,460 | 08/15/42 | 3.520%(T) | U.K. Retail Price Index(2)(T) | (4,364 | ) | (18,303 | ) | (13,939 | ) | ||||||||||||||
GBP | 615 | 08/15/47 | 3.469%(T) | U.K. Retail Price Index(1)(T) | — | 16,832 | 16,832 | |||||||||||||||||
GBP | 724 | 11/15/48 | 3.550%(T) | U.K. Retail Price Index(1)(T) | — | (30,421 | ) | (30,421 | ) |
See Notes to Financial Statements.
134 |
Inflation swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Inflation Swap Agreements (cont’d): | ||||||||||||||||||||||||
GBP | 300 | 08/15/57 | 3.363%(T) | U.K. Retail Price Index(1)(T) | $ | — | $ | 16,555 | $ | 16,555 | ||||||||||||||
GBP | 200 | 07/15/68 | 3.243%(T) | U.K. Retail Price Index(1)(T) | — | 48,104 | 48,104 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | (4,364 | ) | $ | 55,410 | $ | 59,774 | ||||||||||||||||||
|
|
|
|
|
|
(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, 2019:
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||||||||||||
AUD | 2,240 | 10/27/21 | 2.173%(S) | 6 Month BBSW(2)(S) | $ | (230 | ) | $ | 26,423 | $ | 26,653 | |||||||||||||
AUD | 4,000 | 09/21/22 | 3.830%(S) | 6 Month BBSW(2)(S) | (72,198 | ) | 218,072 | 290,270 | ||||||||||||||||
AUD | 7,580 | 09/25/22 | 2.958%(S) | 6 Month BBSW(2)(S) | — | 145,760 | 145,760 | |||||||||||||||||
AUD | 1,000 | 05/02/26 | 2.650%(S) | 6 Month BBSW(2)(S) | 120 | 40,415 | 40,295 | |||||||||||||||||
AUD | 2,700 | 06/06/27 | 2.661%(S) | 6 Month BBSW(2)(S) | — | 110,608 | 110,608 | |||||||||||||||||
AUD | 5,835 | 07/19/32 | 3.130%(S) | 6 Month BBSW(2)(S) | — | 440,501 | 440,501 | |||||||||||||||||
AUD | 1,600 | 07/28/32 | 3.137%(S) | 6 Month BBSW(2)(S) | — | 121,306 | 121,306 | |||||||||||||||||
AUD | 2,000 | 12/19/32 | 4.423%(S) | 6 Month BBSW(2)(S) | (5,183 | ) | 376,881 | 382,064 | ||||||||||||||||
AUD | 10,000 | 07/10/33 | 2.987%(S) | 6 Month BBSW(2)(S) | 156,993 | 642,182 | 485,189 | |||||||||||||||||
BRL | 26,379 | 01/02/25 | 9.475%(T) | 1 Day BROIS(2)(T) | — | 601,862 | 601,862 | |||||||||||||||||
BRL | 25,280 | 01/02/25 | 9.560%(T) | 1 Day BROIS(2)(T) | — | 628,491 | 628,491 | |||||||||||||||||
BRL | 31,910 | 01/02/25 | 9.943%(T) | 1 Day BROIS(2)(T) | — | 1,130,189 | 1,130,189 | |||||||||||||||||
BRL | 7,002 | 01/02/25 | 9.985%(T) | 1 Day BROIS(2)(T) | — | 302,737 | 302,737 | |||||||||||||||||
BRL | 30,470 | 01/02/25 | 11.080%(T) | 1 Day BROIS(2)(T) | — | 1,548,556 | 1,548,556 | |||||||||||||||||
BRL | 6,247 | 01/02/25 | 12.090%(T) | 1 Day BROIS(2)(T) | — | 420,722 | 420,722 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 135 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
BRL | 5,804 | 01/04/27 | 12.095%(T) | 1 Day BROIS(2)(T) | $ | — | $ | 490,175 | $ | 490,175 | ||||||||||||||
CAD | 134,535 | 07/26/19 | 1.605%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (214,184 | ) | (248,998 | ) | (34,814 | ) | ||||||||||||||
CAD | 28,155 | 01/09/20 | 1.716%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (66,077 | ) | (74,783 | ) | (8,706 | ) | ||||||||||||||
CAD | 3,550 | 03/07/21 | 0.983%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | 124 | (49,443 | ) | (49,567 | ) | |||||||||||||||
CAD | 23,700 | 08/17/22 | 2.370%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (249,113 | ) | 276,545 | 525,658 | ||||||||||||||||
CAD | 32,040 | 12/10/23 | 2.480%(S) | 3 Month Canadian Banker’s Acceptance(1)(S) | (268,061 | ) | (625,563 | ) | (357,502 | ) | ||||||||||||||
CAD | 1,500 | 04/22/26 | 1.670%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | 127 | (24,897 | ) | (25,024 | ) | |||||||||||||||
CAD | 3,070 | 06/25/30 | 2.651%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | 83,226 | 101,723 | 18,497 | |||||||||||||||||
CAD | 4,325 | 03/26/33 | 2.718%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (92 | ) | 149,941 | 150,033 | ||||||||||||||||
CAD | 1,500 | 05/30/37 | 2.240%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (41 | ) | (34,132 | ) | (34,091 | ) | ||||||||||||||
CAD | 4,345 | 01/09/38 | 2.720%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (37,095 | ) | 139,640 | 176,735 |
See Notes to Financial Statements.
136 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
CAD | 2,500 | 12/03/38 | 2.800%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | $ | 109,547 | $ | 105,730 | $ | (3,817 | ) | |||||||||||||
CAD | 1,495 | 05/30/47 | 2.240%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (118,690 | ) | (50,511 | ) | 68,179 | |||||||||||||||
CAD | 1,790 | 12/03/48 | 2.800%(S) | 3 Month Canadian Banker’s Acceptance(1)(S) | (97,374 | ) | (97,075 | ) | 299 | |||||||||||||||
CHF | 2,400 | 10/21/21 | (0.522)%(A) | 6 Month CHF LIBOR(2)(S) | 162 | (862 | ) | (1,024 | ) | |||||||||||||||
CHF | 26,630 | 12/13/23 | (0.185)%(A) | 6 Month CHF LIBOR(2)(S) | 123,498 | 353,347 | 229,849 | |||||||||||||||||
CHF | 12,090 | 01/31/29 | 0.260%(A) | 6 Month CHF LIBOR(2)(S) | 8,177 | 278,217 | 270,040 | |||||||||||||||||
CHF | 800 | 10/17/31 | 0.033%(A) | 6 Month CHF LIBOR(2)(S) | 163 | (22,230 | ) | (22,393 | ) | |||||||||||||||
CHF | 700 | 04/03/33 | 0.687%(A) | 6 Month CHF LIBOR(2)(S) | — | 34,747 | 34,747 | |||||||||||||||||
CHF | 6,230 | 10/05/37 | —(3) | —(3) | — | 14,961 | 14,961 | |||||||||||||||||
CNH | 50,870 | 03/13/24 | 2.945%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | 53 | (65,059 | ) | (65,112 | ) | |||||||||||||||
CNH | 33,000 | 03/18/24 | 2.945%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | 34 | (42,344 | ) | (42,378 | ) | |||||||||||||||
CNH | 43,200 | 04/01/24 | 2.923%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | 50 | (62,723 | ) | (62,773 | ) | |||||||||||||||
COP | 25,830,000 | 07/19/28 | 6.150%(Q) | 1 Day COOIS(2)(Q) | — | 243,017 | 243,017 | |||||||||||||||||
COP | 6,310,000 | 07/27/28 | 6.200%(Q) | 1 Day COOIS(2)(Q) | 3,948 | 64,837 | 60,889 | |||||||||||||||||
COP | 13,388,000 | 11/28/28 | 6.380%(Q) | 1 Day COOIS(2)(Q) | — | 185,586 | 185,586 | |||||||||||||||||
CZK | 500,000 | 03/14/21 | 2.143%(A) | 6 Month PRIBOR(2)(S) | — | (33,088 | ) | (33,088 | ) | |||||||||||||||
CZK | 213,000 | 04/27/22 | 0.925%(A) | 6 Month PRIBOR(2)(S) | — | (351,564 | ) | (351,564 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 137 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
CZK | 193,410 | 06/29/22 | 0.895%(A) | 6 Month PRIBOR(2)(S) | $ | — | $ | (339,498 | ) | $ | (339,498 | ) | ||||||||||||
CZK | 250,000 | 11/17/22 | 1.505%(A) | 6 Month PRIBOR(2)(S) | — | (286,518 | ) | (286,518 | ) | |||||||||||||||
CZK | 427,500 | 01/31/24 | 1.930%(A) | 6 Month PRIBOR(1)(S) | — | 176,612 | 176,612 | |||||||||||||||||
CZK | 205,715 | 03/14/24 | 1.950%(A) | 6 Month PRIBOR(1)(S) | — | 73,784 | 73,784 | |||||||||||||||||
CZK | 108,675 | 04/27/27 | 1.300%(A) | 6 Month PRIBOR(1)(S) | — | 269,418 | 269,418 | |||||||||||||||||
CZK | 155,500 | 06/29/27 | 1.175%(A) | 6 Month PRIBOR(1)(S) | 139,131 | 440,475 | 301,344 | |||||||||||||||||
DKK | 15,000 | 01/27/20 | 0.385%(A) | 6 Month CIBOR(2)(S) | 30 | 12,311 | 12,281 | |||||||||||||||||
DKK | 20,900 | 10/17/21 | 0.185%(A) | 6 Month CIBOR(2)(S) | (59,047 | ) | 24,841 | 83,888 | ||||||||||||||||
DKK | 13,600 | 05/04/25 | 0.825%(A) | 6 Month CIBOR(2)(S) | 38 | 92,228 | 92,190 | |||||||||||||||||
DKK | 5,000 | 08/29/26 | 0.580%(A) | 6 Month CIBOR(2)(S) | 28 | 15,025 | 14,997 | |||||||||||||||||
DKK | 1,300 | 10/21/26 | 0.673%(A) | 6 Month CIBOR(2)(S) | 23 | 5,019 | 4,996 | |||||||||||||||||
DKK | 13,000 | 03/15/27 | 1.123%(A) | 6 Month CIBOR(2)(S) | — | 113,251 | 113,251 | |||||||||||||||||
DKK | 1,865 | 06/22/27 | 0.987%(A) | 6 Month CIBOR(2)(S) | — | 14,981 | 14,981 | |||||||||||||||||
EUR | 830 | 07/02/19 | 0.656%(A) | 6 Month EURIBOR(2)(S) | 171 | 7,218 | 7,047 | |||||||||||||||||
EUR | 26,226 | 09/08/19 | (0.195)%(A) | 6 Month EURIBOR(2)(S) | — | (22,039 | ) | (22,039 | ) | |||||||||||||||
EUR | 1,000 | 05/29/20 | 0.373%(A) | 6 Month EURIBOR(2)(S) | 171 | 12,441 | 12,270 | |||||||||||||||||
EUR | 610 | 07/02/21 | 0.994%(A) | 6 Month EURIBOR(2)(S) | 170 | 23,766 | 23,596 | |||||||||||||||||
EUR | 700 | 08/14/21 | 0.841%(A) | 3 Month EURIBOR(2)(Q) | 172 | 25,312 | 25,140 | |||||||||||||||||
EUR | 650 | 03/02/22 | 0.072%(A) | 6 Month EURIBOR(2)(S) | (63,289 | ) | 4,826 | 68,115 | ||||||||||||||||
EUR | 8,200 | 06/29/22 | 0.219%(A) | 6 Month EURIBOR(1)(S) | — | (123,433 | ) | (123,433 | ) | |||||||||||||||
EUR | 21,000 | 09/08/22 | 0.140%(A) | 6 Month EURIBOR(1)(S) | — | (224,025 | ) | (224,025 | ) |
See Notes to Financial Statements.
138 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
EUR | 6,070 | 11/23/23 | 0.320%(A) | 6 Month EURIBOR(2)(S) | $ | 95,055 | $ | 119,131 | $ | 24,076 | ||||||||||||||
EUR | 1,000 | 06/04/29 | 2.002%(A) | 6 Month EURIBOR(2)(S) | 177 | 188,969 | 188,792 | |||||||||||||||||
EUR | 1,360 | 11/11/29 | 1.453%(A) | 6 Month EURIBOR(2)(S) | 174 | 155,654 | 155,480 | |||||||||||||||||
EUR | 1,800 | 01/14/30 | 1.022%(A) | 6 Month EURIBOR(2)(S) | 180 | 104,428 | 104,248 | |||||||||||||||||
EUR | 2,000 | 03/02/31 | 0.825%(A) | 6 Month EURIBOR(2)(S) | (76,215 | ) | 47,262 | 123,477 | ||||||||||||||||
EUR | 700 | 04/07/31 | 0.819%(A) | 6 Month EURIBOR(2)(S) | 178 | 14,625 | 14,447 | |||||||||||||||||
EUR | 450 | 05/03/31 | 1.048%(A) | 6 Month EURIBOR(2)(S) | 179 | 28,428 | 28,249 | |||||||||||||||||
EUR | 1,500 | 07/04/31 | 0.672%(A) | 6 Month EURIBOR(2)(S) | 182 | 8,258 | 8,076 | |||||||||||||||||
EUR | 570 | 08/02/31 | 0.584%(A) | 6 Month EURIBOR(2)(S) | 174 | (5,040 | ) | (5,214 | ) | |||||||||||||||
EUR | 1,500 | 08/26/31 | 0.562%(A) | 6 Month EURIBOR(2)(S) | 184 | (20,067 | ) | (20,251 | ) | |||||||||||||||
EUR | 700 | 09/09/31 | 0.558%(A) | 6 Month EURIBOR(2)(S) | 176 | (10,248 | ) | (10,424 | ) | |||||||||||||||
EUR | 1,700 | 12/14/31 | 1.217%(A) | 6 Month EURIBOR(2)(S) | 176 | 129,419 | 129,243 | |||||||||||||||||
EUR | 1,850 | 12/19/31 | 1.160%(A) | 6 Month EURIBOR(2)(S) | 565 | 124,997 | 124,432 | |||||||||||||||||
EUR | 2,300 | 12/19/31 | 1.161%(A) | 6 Month EURIBOR(2)(S) | (14,197 | ) | 155,732 | 169,929 | ||||||||||||||||
EUR | 2,600 | 12/27/31 | 1.082%(A) | 6 Month EURIBOR(2)(S) | 13,245 | 145,249 | 132,004 | |||||||||||||||||
EUR | 6,400 | 02/23/32 | 1.180%(A) | 6 Month EURIBOR(2)(S) | 220 | 426,858 | 426,638 | |||||||||||||||||
EUR | 4,680 | 03/29/32 | 1.170%(A) | 6 Month EURIBOR(2)(S) | 1,893 | 296,292 | 294,399 | |||||||||||||||||
EUR | 1,400 | 04/04/32 | 1.145%(A) | 6 Month EURIBOR(2)(S) | — | 83,013 | 83,013 | |||||||||||||||||
EUR | 2,000 | 04/10/32 | 1.105%(A) | 6 Month EURIBOR(2)(S) | — | 106,546 | 106,546 | |||||||||||||||||
EUR | 4,150 | 05/11/32 | 1.100%(A) | 6 Month EURIBOR(2)(S) | (105,096 | ) | 268,201 | 373,297 | ||||||||||||||||
EUR | 7,000 | 06/28/32 | 0.785%(A) | 6 Month EURIBOR(2)(S) | (68,585 | ) | 91,604 | 160,189 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 139 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
EUR | 6,200 | 10/04/32 | 2.000%(A) | 1 Day EONIA(2)(A) | $ | — | $ | 227,174 | $ | 227,174 | ||||||||||||||
EUR | 6,200 | 10/04/32 | 2.080%(A) | 3 Month EURIBOR(1)(Q) | — | (218,979 | ) | (218,979 | ) | |||||||||||||||
EUR | 3,050 | 10/30/32 | 1.302%(A) | 6 Month EURIBOR(2)(S) | — | 262,108 | 262,108 | |||||||||||||||||
EUR | 14,225 | 05/11/33 | 1.000%(A) | 6 Month EURIBOR(2)(S) | (419,212 | ) | 603,818 | 1,023,030 | ||||||||||||||||
EUR | 3,135 | 12/28/35 | 1.559%(A) | 6 Month EURIBOR(2)(S) | 48,090 | 379,762 | 331,672 | |||||||||||||||||
EUR | 700 | 06/02/36 | 1.072%(A) | 6 Month EURIBOR(2)(S) | 180 | 25,372 | 25,192 | |||||||||||||||||
EUR | 600 | 09/26/36 | 0.749%(A) | 6 Month EURIBOR(2)(S) | 177 | (19,788 | ) | (19,965 | ) | |||||||||||||||
EUR | 600 | 09/28/36 | 0.729%(A) | 6 Month EURIBOR(2)(S) | 178 | (22,191 | ) | (22,369 | ) | |||||||||||||||
EUR | 1,000 | 11/02/36 | 0.958%(A) | 6 Month EURIBOR(2)(S) | 180 | 7,149 | 6,969 | |||||||||||||||||
EUR | 1,500 | 02/02/37 | 1.355%(A) | 6 Month EURIBOR(2)(S) | 188 | 118,347 | 118,159 | |||||||||||||||||
EUR | 23,700 | 08/24/37 | 1.960%(A) | 1 Day EONIA(2)(A) | — | 1,393,669 | 1,393,669 | |||||||||||||||||
EUR | 23,700 | 08/24/37 | 2.033%(A) | 3 Month EURIBOR(1)(Q) | (6,141 | ) | (1,325,072 | ) | (1,318,931 | ) | ||||||||||||||
EUR | 6,720 | 10/25/37 | 2.085%(A) | 3 Month EURIBOR(2)(Q) | — | 361,606 | 361,606 | |||||||||||||||||
EUR | 6,720 | 10/25/37 | 2.114%(A) | 6 Month EURIBOR(1)(S) | — | (381,578 | ) | (381,578 | ) | |||||||||||||||
EUR | 3,190 | 05/11/42 | 1.350%(A) | 6 Month EURIBOR(2)(S) | (188,099 | ) | 266,642 | 454,741 | ||||||||||||||||
EUR | 1,235 | 07/04/42 | 1.001%(A) | 6 Month EURIBOR(2)(S) | (143,527 | ) | (7,946 | ) | 135,581 | |||||||||||||||
EUR | 1,000 | 03/30/46 | 1.058%(A) | 6 Month EURIBOR(2)(S) | (5,530 | ) | (8,557 | ) | (3,027 | ) | ||||||||||||||
EUR | 7,380 | 01/26/48 | 1.853%(A) | 3 Month EURIBOR(2)(Q) | — | 439,600 | 439,600 | |||||||||||||||||
EUR | 7,380 | 01/26/48 | 1.863%(A) | 6 Month EURIBOR(1)(S) | — | (449,789 | ) | (449,789 | ) | |||||||||||||||
EUR | 5,000 | 03/19/48 | 1.650%(A) | 3 Month EURIBOR(2)(Q) | — | 148,112 | 148,112 | |||||||||||||||||
EUR | 5,000 | 03/19/48 | 1.658%(A) | 6 Month EURIBOR(1)(S) | — | (146,428 | ) | (146,428 | ) |
See Notes to Financial Statements.
140 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
EUR | 20,040 | 01/07/49 | 1.475%(A) | 3 Month EURIBOR(2)(Q) | $ | — | $ | 335,359 | $ | 335,359 | ||||||||||||||
EUR | 20,040 | 01/07/49 | 1.484%(A) | 6 Month EURIBOR(1)(S) | — | (330,470 | ) | (330,470 | ) | |||||||||||||||
EUR | 9,135 | 05/11/49 | 1.450%(A) | 6 Month EURIBOR(2)(S) | 685,553 | 1,115,578 | 430,025 | |||||||||||||||||
GBP | 690 | 06/30/19 | 2.166%(S) | 6 Month GBP LIBOR(2)(S) | 203 | 4,969 | 4,766 | |||||||||||||||||
GBP | 850 | 08/04/19 | 0.109%(A) | 1 Day SONIA(1)(A) | 199 | 6,621 | 6,422 | |||||||||||||||||
GBP | 1,500 | 03/02/20 | 0.338%(A) | 1 Day SONIA(1)(A) | — | 8,211 | 8,211 | |||||||||||||||||
GBP | 510 | 06/30/21 | 2.469%(S) | 6 Month GBP LIBOR(2)(S) | 203 | 23,107 | 22,904 | |||||||||||||||||
GBP | 41,400 | 12/18/23 | 1.334%(S) | 6 Month GBP LIBOR(2)(S) | 160,334 | 421,981 | 261,647 | |||||||||||||||||
GBP | 12,450 | 12/07/27 | 1.110%(A) | 1 Day SONIA(1)(A) | — | (49,513 | ) | (49,513 | ) | |||||||||||||||
GBP | 4,680 | 05/08/34 | 1.300%(S) | 6 Month GBP LIBOR(2)(S) | (209,403 | ) | (124,899 | ) | 84,504 | |||||||||||||||
GBP | 1,700 | 05/08/39 | 1.250%(A) | 1 Day SONIA(1)(A) | (11,323 | ) | (1,281 | ) | 10,042 | |||||||||||||||
GBP | 9,200 | 03/09/46 | 1.648%(S) | 6 Month GBP LIBOR(2)(S) | (209,582 | ) | 414,306 | 623,888 | ||||||||||||||||
GBP | 740 | 05/08/49 | 1.400%(S) | 6 Month GBP LIBOR(2)(S) | (39,399 | ) | (21,693 | ) | 17,706 | |||||||||||||||
HKD | 151,850 | 03/13/21 | 2.138%(Q) | 3 Month HIBOR(2)(Q) | — | 62,392 | 62,392 | |||||||||||||||||
HKD | 171,690 | 03/13/21 | 2.145%(Q) | 3 Month HIBOR(2)(Q) | — | 73,785 | 73,785 | |||||||||||||||||
HKD | 100,000 | 04/01/21 | 1.850%(Q) | 3 Month HIBOR(2)(Q) | (31 | ) | (32,855 | ) | (32,824 | ) | ||||||||||||||
HUF | 11,800,000 | 06/21/20 | 1.400%(A) | 3 Month BUBOR(2)(Q) | — | 376,947 | 376,947 | |||||||||||||||||
HUF | 2,698,000 | 07/02/20 | 1.065%(A) | 6 Month BUBOR(2)(S) | (4,845 | ) | 136,764 | 141,609 | ||||||||||||||||
HUF | 370,000 | 03/18/26 | 2.140%(A) | 6 Month BUBOR(2)(S) | 16,300 | 20,110 | 3,810 | |||||||||||||||||
HUF | 1,667,000 | 12/23/26 | 3.755%(A) | 6 Month BUBOR(2)(S) | 41 | 286,977 | 286,936 | |||||||||||||||||
HUF | 6,237,270 | 06/12/28 | 3.750%(A) | 6 Month BUBOR(2)(S) | — | 647,871 | 647,871 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 141 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
JPY | 19,585,210 | 12/17/20 | 0.015%(S) | 6 Month JPY LIBOR(1)(S) | $ | — | $ | (80,174 | ) | $ | (80,174 | ) | ||||||||||||
JPY | 4,887,930 | 01/29/21 | (0.014)%(S) | 6 Month JPY LIBOR(1)(S) | — | (4,080 | ) | (4,080 | ) | |||||||||||||||
JPY | 32,800 | 07/04/21 | (0.156)%(S) | 6 Month JPY LIBOR(2)(S) | (15,013 | ) | (1,006 | ) | 14,007 | |||||||||||||||
JPY | 4,595,280 | 12/03/23 | 0.050%(S) | 6 Month JPY LIBOR(1)(S) | (39,626 | ) | (140,966 | ) | (101,340 | ) | ||||||||||||||
JPY | 2,978,000 | 04/10/24 | (0.019)%(S) | 6 Month JPY LIBOR(2)(S) | — | (7,102 | ) | (7,102 | ) | |||||||||||||||
JPY | 3,276,010 | 12/20/24 | 0.126%(S) | 6 Month JPY LIBOR(2)(S) | (53,955 | ) | 223,612 | 277,567 | ||||||||||||||||
JPY | 135,000 | 02/20/29 | 1.260%(S) | 6 Month JPY LIBOR(2)(S) | 49,802 | 138,678 | 88,876 | |||||||||||||||||
JPY | 50,000 | 04/02/29 | 1.288%(S) | 6 Month JPY LIBOR(2)(S) | 5 | 52,363 | 52,358 | |||||||||||||||||
JPY | 100,000 | 08/18/29 | 1.070%(S) | 6 Month JPY LIBOR(2)(S) | 10 | 88,285 | 88,275 | |||||||||||||||||
JPY | 100,000 | 08/28/29 | 1.043%(S) | 6 Month JPY LIBOR(2)(S) | 10 | 85,522 | 85,512 | |||||||||||||||||
JPY | 200,000 | 09/09/29 | 1.061%(S) | 6 Month JPY LIBOR(2)(S) | (1,275 | ) | 174,492 | 175,767 | ||||||||||||||||
JPY | 655,000 | 09/29/29 | 1.064%(S) | 6 Month JPY LIBOR(2)(S) | 411,209 | 571,130 | 159,921 | |||||||||||||||||
JPY | 200,000 | 04/01/31 | 0.319%(S) | 6 Month JPY LIBOR(2)(S) | 26 | 26,752 | 26,726 | |||||||||||||||||
JPY | 215,000 | 05/06/31 | 0.354%(S) | 6 Month JPY LIBOR(2)(S) | 28 | 39,022 | 38,994 | |||||||||||||||||
JPY | 150,000 | 07/07/31 | 0.071%(S) | 6 Month JPY LIBOR(2)(S) | 15 | (21,750 | ) | (21,765 | ) | |||||||||||||||
JPY | 256,500 | 08/15/31 | 0.223%(S) | 6 Month JPY LIBOR(2)(S) | 25 | 4,954 | 4,929 | |||||||||||||||||
JPY | 130,000 | 08/30/31 | 0.217%(S) | 6 Month JPY LIBOR(2)(S) | 13 | 1,402 | 1,389 | |||||||||||||||||
JPY | 120,000 | 09/08/31 | 0.316%(S) | 6 Month JPY LIBOR(2)(S) | 12 | 14,450 | 14,438 | |||||||||||||||||
JPY | 190,000 | 09/21/31 | 0.328%(S) | 6 Month JPY LIBOR(2)(S) | 27 | 24,890 | 24,863 | |||||||||||||||||
JPY | 350,000 | 10/14/31 | 0.270%(S) | 6 Month JPY LIBOR(2)(S) | 47 | 21,883 | 21,836 | |||||||||||||||||
JPY | 200,000 | 04/06/32 | 0.484%(S) | 6 Month JPY LIBOR(2)(S) | — | 59,000 | 59,000 |
See Notes to Financial Statements.
142 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional Amount | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
JPY | 159,520 | 04/07/32 | 0.491%(S) | 6 Month JPY LIBOR(2)(S) | $ | — | $ | 48,376 | $ | 48,376 | ||||||||||||||
JPY | 140,000 | 06/07/32 | 0.451%(S) | 6 Month JPY LIBOR(2)(S) | — | 37,344 | 37,344 | |||||||||||||||||
JPY | 71,000 | 09/21/32 | 0.463%(S) | 6 Month JPY LIBOR(2)(S) | — | 18,550 | 18,550 | |||||||||||||||||
JPY | 160,000 | 11/14/32 | 2.390%(S) | 6 Month JPY LIBOR(2)(S) | (26,599 | ) | 291,403 | 318,002 | ||||||||||||||||
JPY | 180,000 | 11/05/34 | 1.293%(S) | 6 Month JPY LIBOR(2)(S) | 85,259 | 252,180 | 166,921 | |||||||||||||||||
JPY | 70,000 | 12/03/34 | 1.265%(S) | 6 Month JPY LIBOR(2)(S) | 9 | 94,947 | 94,938 | |||||||||||||||||
JPY | 260,000 | 01/07/35 | 1.108%(S) | 6 Month JPY LIBOR(2)(S) | 31 | 291,983 | 291,952 | |||||||||||||||||
JPY | 50,000 | 01/22/35 | 0.950%(S) | 6 Month JPY LIBOR(2)(S) | 7 | 44,767 | 44,760 | |||||||||||||||||
JPY | 120,000 | 02/12/35 | 1.161%(S) | 6 Month JPY LIBOR(2)(S) | 15 | 143,062 | 143,047 | |||||||||||||||||
JPY | 320,000 | 02/24/35 | 1.200%(S) | 6 Month JPY LIBOR(2)(S) | 40 | 398,299 | 398,259 | |||||||||||||||||
JPY | 160,000 | 03/03/35 | 1.153%(S) | 6 Month JPY LIBOR(2)(S) | 20 | 188,033 | 188,013 | |||||||||||||||||
JPY | 90,000 | 02/04/36 | 0.816%(S) | 6 Month JPY LIBOR(2)(S) | 11 | 63,107 | 63,096 | |||||||||||||||||
JPY | 65,000 | 05/16/36 | 0.446%(S) | 6 Month JPY LIBOR(2)(S) | 9 | 8,483 | 8,474 | |||||||||||||||||
JPY | 110,000 | 05/27/36 | 0.460%(S) | 6 Month JPY LIBOR(2)(S) | 18 | 16,439 | 16,421 | |||||||||||||||||
JPY | 60,000 | 07/22/36 | 0.240%(S) | 6 Month JPY LIBOR(2)(S) | 11 | (12,265 | ) | (12,276 | ) | |||||||||||||||
JPY | 300,000 | 10/04/36 | 0.363%(S) | 6 Month JPY LIBOR(2)(S) | 42 | (9,003 | ) | (9,045 | ) | |||||||||||||||
JPY | 150,000 | 11/02/36 | 0.423%(S) | 6 Month JPY LIBOR(2)(S) | 21 | 11,393 | 11,372 | |||||||||||||||||
JPY | 400,000 | 12/14/36 | 0.723%(S) | 6 Month JPY LIBOR(2)(S) | 49 | 218,909 | 218,860 | |||||||||||||||||
JPY | 150,000 | 12/22/36 | 0.641%(S) | 6 Month JPY LIBOR(2)(S) | 19 | 62,169 | 62,150 | |||||||||||||||||
JPY | 250,000 | 01/06/37 | 0.675%(S) | 6 Month JPY LIBOR(2)(S) | 30 | 116,400 | 116,370 | |||||||||||||||||
JPY | 275,500 | 02/15/37 | 0.729%(S) | 6 Month JPY LIBOR(2)(S) | 34 | 149,521 | 149,487 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 143 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
JPY | 130,000 | 02/23/37 | 0.748%(S) | 6 Month JPY LIBOR(2)(S) | $ | 17 | $ | 74,343 | $ | 74,326 | ||||||||||||||
JPY | 100,000 | 03/02/37 | 0.686%(S) | 6 Month JPY LIBOR(2)(S) | — | 47,152 | 47,152 | |||||||||||||||||
JPY | 273,000 | 03/09/37 | 0.701%(S) | 6 Month JPY LIBOR(2)(S) | 15,040 | 134,882 | 119,842 | |||||||||||||||||
JPY | 200,000 | 03/29/37 | 0.684%(S) | 6 Month JPY LIBOR(2)(S) | — | 92,397 | 92,397 | |||||||||||||||||
JPY | 94,310 | 05/08/37 | 0.623%(S) | 6 Month JPY LIBOR(2)(S) | — | 36,048 | 36,048 | |||||||||||||||||
JPY | 200,000 | 05/15/37 | 0.688%(S) | 6 Month JPY LIBOR(2)(S) | — | 97,639 | 97,639 | |||||||||||||||||
JPY | 150,000 | 06/02/37 | 0.640%(S) | 6 Month JPY LIBOR(2)(S) | — | 60,949 | 60,949 | |||||||||||||||||
JPY | 80,000 | 06/19/37 | 0.625%(S) | 6 Month JPY LIBOR(2)(S) | — | 30,246 | 30,246 | |||||||||||||||||
JPY | 82,000 | 06/21/37 | 0.628%(S) | 6 Month JPY LIBOR(2)(S) | — | 31,283 | 31,283 | |||||||||||||||||
JPY | 125,000 | 06/30/37 | 0.629%(S) | 6 Month JPY LIBOR(2)(S) | — | 47,609 | 47,609 | |||||||||||||||||
JPY | 105,000 | 07/04/37 | 0.659%(S) | 6 Month JPY LIBOR(2)(S) | — | 45,131 | 45,131 | |||||||||||||||||
JPY | 285,000 | 07/26/37 | 0.676%(S) | 6 Month JPY LIBOR(2)(S) | — | 131,959 | 131,959 | |||||||||||||||||
JPY | 117,300 | 08/02/37 | 0.683%(S) | 6 Month JPY LIBOR(2)(S) | — | 54,350 | 54,350 | |||||||||||||||||
JPY | 160,000 | 08/09/37 | 0.679%(S) | 6 Month JPY LIBOR(2)(S) | — | 72,775 | 72,775 | |||||||||||||||||
JPY | 500,000 | 09/04/37 | 0.663%(S) | 6 Month JPY LIBOR(2)(S) | — | 216,163 | 216,163 | |||||||||||||||||
JPY | 175,000 | 09/27/37 | 0.670%(S) | 6 Month JPY LIBOR(2)(S) | — | 76,893 | 76,893 | |||||||||||||||||
JPY | 300,000 | 11/02/37 | 0.734%(S) | 6 Month JPY LIBOR(2)(S) | — | 170,501 | 170,501 | |||||||||||||||||
JPY | 350,000 | 12/04/37 | 0.730%(S) | 6 Month JPY LIBOR(2)(S) | — | 194,622 | 194,622 | |||||||||||||||||
JPY | 900,000 | 01/04/38 | 0.757%(S) | 6 Month JPY LIBOR(2)(S) | 155,193 | 534,126 | 378,933 | |||||||||||||||||
JPY | 224,000 | 01/11/38 | 0.831%(S) | 6 Month JPY LIBOR(2)(S) | — | 160,709 | 160,709 | |||||||||||||||||
JPY | 800,000 | 03/28/38 | 0.656%(S) | 6 Month JPY LIBOR(2)(S) | — | 325,188 | 325,188 |
See Notes to Financial Statements.
144 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
JPY | 1,000,000 | 04/04/38 | 0.681%(S) | 6 Month JPY LIBOR(2)(S) | $ | — | $ | 436,325 | $ | 436,325 | ||||||||||||||
JPY | 675,000 | 04/06/38 | 0.655%(S) | 6 Month JPY LIBOR(2)(S) | — | 265,030 | 265,030 | |||||||||||||||||
JPY | 1,815,000 | 04/18/38 | 0.675%(S) | 6 Month JPY LIBOR(2)(S) | (49,290 | ) | 768,735 | 818,025 | ||||||||||||||||
JPY | 600,000 | 08/10/38 | 0.822%(S) | 6 Month JPY LIBOR(2)(S) | — | 409,499 | 409,499 | |||||||||||||||||
JPY | 1,830,385 | 12/03/38 | 0.600%(S) | 6 Month JPY LIBOR(2)(S) | 419,634 | 551,933 | 132,299 | |||||||||||||||||
JPY | 166,000 | 05/09/43 | 0.820%(S) | 6 Month JPY LIBOR(2)(S) | — | 109,602 | 109,602 | |||||||||||||||||
JPY | 610,000 | 07/04/43 | 0.763%(S) | 6 Month JPY LIBOR(2)(S) | — | 320,331 | 320,331 | |||||||||||||||||
JPY | 110,291 | 04/15/46 | 0.560%(S) | 6 Month JPY LIBOR(2)(S) | — | 213 | 213 | |||||||||||||||||
JPY | 26,000 | 10/04/47 | 0.942%(S) | 6 Month JPY LIBOR(2)(S) | — | 23,931 | 23,931 | |||||||||||||||||
JPY | 560,000 | 11/24/47 | 0.888%(S) | 6 Month JPY LIBOR(2)(S) | — | 456,505 | 456,505 | |||||||||||||||||
JPY | 115,000 | 12/03/48 | 0.800%(S) | 6 Month JPY LIBOR(1)(S) | (47,744 | ) | (65,378 | ) | (17,634 | ) | ||||||||||||||
KRW | 20,090,000 | 08/16/20 | 1.915%(Q) | 3 Month KWCDC(2)(Q) | — | 43,978 | 43,978 | |||||||||||||||||
KRW | 46,100,000 | 01/07/21 | 1.733%(Q) | 3 Month KWCDC(2)(Q) | — | 22,294 | 22,294 | |||||||||||||||||
KRW | 8,170,000 | 08/16/23 | 2.060%(Q) | 3 Month KWCDC(1)(Q) | — | (126,357 | ) | (126,357 | ) | |||||||||||||||
KRW | 18,716,700 | 01/07/24 | 1.685%(Q) | 3 Month KWCDC(1)(Q) | — | (37,450 | ) | (37,450 | ) | |||||||||||||||
KRW | 4,942,900 | 09/10/28 | 2.043%(Q) | 3 Month KWCDC(2)(Q) | — | 145,550 | 145,550 | |||||||||||||||||
MXN | 33,500 | 10/12/27 | 7.350%(M) | 28 Day Mexican Interbank Rate(2)(M) | — | (80,227 | ) | (80,227 | ) | |||||||||||||||
MXN | 305,790 | 02/27/29 | 8.260%(M) | 28 Day Mexican Interbank Rate(2)(M) | 93,256 | 131,850 | 38,594 | |||||||||||||||||
NOK | 29,500 | 02/23/23 | 1.350%(A) | 6 Month NIBOR(2)(S) | (3,643 | ) | (63,070 | ) | (59,427 | ) | ||||||||||||||
NOK | 944,900 | 11/28/23 | 1.915%(A) | 6 Month NIBOR(2)(S) | 412,343 | 365,267 | (47,076 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 145 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
NOK | 26,300 | 03/15/27 | 2.103%(A) | 6 Month NIBOR(2)(S) | $ | 18,690 | $ | 22,303 | $ | 3,613 | ||||||||||||||
NOK | 6,725 | 06/23/27 | 1.825%(A) | 6 Month NIBOR(2)(S) | — | (3,913 | ) | (3,913 | ) | |||||||||||||||
NOK | 20,000 | 04/18/28 | 2.215%(A) | 6 Month NIBOR(2)(S) | — | 30,412 | 30,412 | |||||||||||||||||
NOK | 36,000 | 02/07/29 | 2.083%(A) | 6 Month NIBOR(2)(S) | — | 5,020 | 5,020 | |||||||||||||||||
NZD | 8,700 | 05/01/20 | 3.628%(S) | 3 Month BBR(2)(Q) | 214,368 | 187,834 | (26,534 | ) | ||||||||||||||||
NZD | 1,235 | 10/03/22 | 2.740%(S) | 3 Month BBR(2)(Q) | — | 28,458 | 28,458 | |||||||||||||||||
NZD | 2,830 | 04/26/23 | 2.732%(S) | 3 Month BBR(2)(Q) | (67,254 | ) | 71,585 | 138,839 | ||||||||||||||||
NZD | 77,310 | 02/14/24 | 1.965%(S) | 3 Month BBR(1)(Q) | (17,052 | ) | (370,852 | ) | (353,800 | ) | ||||||||||||||
NZD | 1,750 | 03/13/24 | 5.080%(S) | 3 Month BBR(2)(Q) | 28,107 | 182,313 | 154,206 | |||||||||||||||||
NZD | 2,500 | 03/15/24 | 3.355%(S) | 3 Month BBR(2)(Q) | 2,492 | 122,622 | 120,130 | |||||||||||||||||
NZD | 1,550 | 07/04/24 | 3.100%(S) | 3 Month BBR(2)(Q) | — | 73,112 | 73,112 | |||||||||||||||||
NZD | 3,500 | 01/10/27 | 3.420%(S) | 3 Month BBR(2)(Q) | 73,670 | 248,399 | 174,729 | |||||||||||||||||
NZD | 5,000 | 04/18/28 | 3.193%(S) | 3 Month BBR(2)(Q) | — | 282,676 | 282,676 | |||||||||||||||||
NZD | 6,450 | 11/28/28 | 2.950%(S) | 3 Month BBR(2)(Q) | — | 316,156 | 316,156 | |||||||||||||||||
PLN | 73,670 | 08/24/23 | 2.390%(A) | 6 Month WIBOR(2)(S) | — | 450,622 | 450,622 | |||||||||||||||||
PLN | 11,000 | 09/09/23 | 1.900%(A) | 6 Month WIBOR(2)(S) | (435,493 | ) | (2,105 | ) | 433,388 | |||||||||||||||
PLN | 60,110 | 11/13/23 | 2.570%(A) | 6 Month WIBOR(2)(S) | — | 334,808 | 334,808 | |||||||||||||||||
PLN | 30,000 | 03/28/28 | 2.895%(A) | 6 Month WIBOR(2)(S) | — | 260,418 | 260,418 | |||||||||||||||||
PLN | 38,980 | 06/12/28 | 3.070%(A) | 6 Month WIBOR(1)(S) | — | (677,989 | ) | (677,989 | ) | |||||||||||||||
PLN | 3,540 | 07/11/28 | 2.935%(A) | 6 Month WIBOR(2)(S) | — | 49,172 | 49,172 | |||||||||||||||||
PLN | 32,652 | 11/13/28 | 2.998%(A) | 6 Month WIBOR(1)(S) | — | (386,653 | ) | (386,653 | ) |
See Notes to Financial Statements.
146 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
SEK | 20,000 | 01/20/20 | 0.485%(A) | 3 Month STIBOR(2)(Q) | $ | 28 | $ | 10,958 | $ | 10,930 | ||||||||||||||
SEK | 13,000 | 09/15/21 | (0.003)%(A) | 3 Month STIBOR(2)(Q) | 26 | (2,538 | ) | (2,564 | ) | |||||||||||||||
SEK | 27,200 | 12/15/21 | 0.203%(A) | 3 Month STIBOR(2)(Q) | (607 | ) | 10,159 | 10,766 | ||||||||||||||||
SEK | 12,700 | 04/25/23 | 0.750%(A) | 3 Month STIBOR(2)(Q) | 30 | 27,653 | 27,623 | |||||||||||||||||
SEK | 38,380 | 07/11/23 | 0.458%(A) | 3 Month STIBOR(2)(Q) | — | 48,402 | 48,402 | |||||||||||||||||
SEK | 15,550 | 03/15/24 | 0.840%(A) | 3 Month STIBOR(2)(Q) | — | 42,542 | 42,542 | |||||||||||||||||
SEK | 221,900 | 04/15/24 | 0.380%(A) | 3 Month STIBOR(2)(Q) | (4,403 | ) | 45,882 | 50,285 | ||||||||||||||||
SEK | 12,700 | 08/29/24 | 1.657%(A) | 3 Month STIBOR(2)(Q) | 22,804 | 106,069 | 83,265 | |||||||||||||||||
SEK | 3,000 | 11/16/25 | 1.485%(A) | 3 Month STIBOR(2)(Q) | 20 | 22,181 | 22,161 | |||||||||||||||||
SEK | 6,000 | 12/09/25 | 1.505%(A) | 3 Month STIBOR(2)(Q) | 23 | 44,736 | 44,713 | |||||||||||||||||
SEK | 15,000 | 06/27/26 | 1.001%(A) | 3 Month STIBOR(2)(Q) | 33 | 60,563 | 60,530 | |||||||||||||||||
SEK | 15,390 | 06/22/27 | 1.031%(A) | 3 Month STIBOR(2)(Q) | — | 60,133 | 60,133 | |||||||||||||||||
SEK | 58,000 | 03/27/28 | 1.267%(A) | 3 Month STIBOR(2)(Q) | — | 282,184 | 282,184 | |||||||||||||||||
SEK | 8,535 | 07/11/28 | 1.141%(A) | 3 Month STIBOR(2)(Q) | — | 37,397 | 37,397 | |||||||||||||||||
SEK | 33,000 | 11/28/28 | 1.188%(A) | 3 Month STIBOR(2)(Q) | 55,811 | 139,309 | 83,498 | |||||||||||||||||
SGD | 15,540 | 05/21/23 | 2.030%(S) | 6 Month SIBOR(1)(S) | — | (36,382 | ) | (36,382 | ) | |||||||||||||||
SGD | 10,240 | 03/19/24 | 2.025%(S) | 6 Month SIBOR(2)(S) | — | 15,292 | 15,292 | |||||||||||||||||
SGD | 8,330 | 05/21/28 | 2.436%(S) | 6 Month SIBOR(2)(S) | — | 130,711 | 130,711 | |||||||||||||||||
SGD | 6,000 | 04/02/29 | 2.170%(S) | 6 Month SIBOR(2)(S) | — | (32,154 | ) | (32,154 | ) | |||||||||||||||
214,220 | 03/12/20 | 2.405%(T) | 1 Day USOIS(2)(T) | 555 | 164,466 | 163,911 | ||||||||||||||||||
112,940 | 04/25/20 | 2.328%(A) | 1 Day USOIS(2)(A) | (1,830 | ) | 45,043 | 46,873 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 147 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
67,660 | 01/10/21 | 2.408%(A) | 1 Day USOIS(1)(A) | $ | (2,086 | ) | $ | (263,648 | ) | $ | (261,562 | ) | ||||||||||||
49,312 | 03/31/21 | 2.173%(A) | 1 Day USOIS(2)(A) | (17,203 | ) | 47,455 | 64,658 | |||||||||||||||||
20,575 | 05/31/22 | 2.353%(A) | 1 Day USOIS(1)(A) | — | (182,206 | ) | (182,206 | ) | ||||||||||||||||
36,820 | 06/16/22 | —(4) | —(4) | — | (8,351 | ) | (8,351 | ) | ||||||||||||||||
137,145 | 08/31/22 | 2.550%(A) | 1 Day USOIS(1)(A) | 4,472 | (2,370,374 | ) | (2,374,846 | ) | ||||||||||||||||
31,820 | 11/30/22 | 2.614%(A) | 1 Day USOIS(1)(A) | — | (645,576 | ) | (645,576 | ) | ||||||||||||||||
111,500 | 11/23/23 | 3.016%(S) | 3 Month LIBOR(1)(Q) | (965,895 | ) | (4,312,017 | ) | (3,346,122 | ) | |||||||||||||||
39,730 | 02/15/24 | 2.167%(S) | 3 Month LIBOR(1)(Q) | — | 318,872 | 318,872 | ||||||||||||||||||
41,965 | 02/15/24 | 2.183%(S) | 3 Month LIBOR(1)(Q) | (61,081 | ) | 303,900 | 364,981 | |||||||||||||||||
9,950 | 08/15/24 | 2.168%(S) | 3 Month LIBOR(1)(Q) | — | 91,530 | 91,530 | ||||||||||||||||||
79,885 | 08/15/24 | 2.170%(S) | 3 Month LIBOR(1)(Q) | 239,360 | 727,938 | 488,578 | ||||||||||||||||||
30,545 | 08/15/24 | 2.176%(S) | 3 Month LIBOR(1)(Q) | 100,339 | 269,491 | 169,152 | ||||||||||||||||||
62,410 | 11/15/24 | 2.334%(S) | 3 Month LIBOR(1)(Q) | 203,394 | (303,128 | ) | (506,522 | ) | ||||||||||||||||
27,885 | 02/28/25 | 2.454%(A) | 1 Day USOIS(1)(A) | 31,281 | (564,535 | ) | (595,816 | ) | ||||||||||||||||
22,935 | 02/28/25 | 3.019%(S) | 3 Month LIBOR(1)(Q) | — | (853,196 | ) | (853,196 | ) | ||||||||||||||||
95,077 | 05/31/25 | 2.998%(S) | 3 Month LIBOR(1)(Q) | (64,153 | ) | (4,236,637 | ) | (4,172,484 | ) | |||||||||||||||
11,910 | 07/31/25 | 2.802%(A) | 1 Day USOIS(1)(A) | — | (506,293 | ) | (506,293 | ) | ||||||||||||||||
35,410 | 07/31/25 | 3.105%(S) | 3 Month LIBOR(1)(Q) | 27,937 | (1,809,464 | ) | (1,837,401 | ) | ||||||||||||||||
69,779 | 07/31/25 | 3.109%(S) | 3 Month LIBOR(1)(Q) | 47,715 | (3,584,487 | ) | (3,632,202 | ) | ||||||||||||||||
1,170 | 01/08/26 | 2.210%(S) | 3 Month LIBOR(1)(Q) | 46,093 | 6,098 | (39,995 | ) | |||||||||||||||||
9,325 | 01/31/26 | 2.236%(S) | 3 Month LIBOR(1)(Q) | — | 75,832 | 75,832 | ||||||||||||||||||
57,311 | 01/31/26 | 2.269%(A) | 1 Day USOIS(1)(A) | (192,718 | ) | (569,824 | ) | (377,106 | ) |
See Notes to Financial Statements.
148 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
24,625 | 01/31/26 | 2.406%(S) | 3 Month LIBOR(1)(Q) | $ | (43,922 | ) | $ | (55,269 | ) | $ | (11,347 | ) | ||||||||||||
33,465 | 03/12/26 | 2.290%(A) | 1 Day USOIS(1)(A) | 1,911 | (355,885 | ) | (357,796 | ) | ||||||||||||||||
13,586 | 02/15/27 | 1.824%(A) | 1 Day USOIS(1)(A) | 138,472 | 338,838 | 200,366 | ||||||||||||||||||
4,710 | 02/15/27 | 1.899%(A) | 1 Day USOIS(1)(A) | 22,823 | 91,170 | 68,347 | ||||||||||||||||||
3,045 | 02/15/27 | 1.965%(A) | 1 Day USOIS(1)(A) | — | 44,042 | 44,042 | ||||||||||||||||||
11,425 | 02/15/27 | 2.068%(A) | 1 Day USOIS(1)(A) | (6,540 | ) | 78,188 | 84,728 | |||||||||||||||||
3,560 | 05/15/27 | 1.823%(A) | 1 Day USOIS(1)(A) | — | 102,019 | 102,019 | ||||||||||||||||||
6,645 | 05/15/27 | 2.295%(S) | 3 Month LIBOR(1)(Q) | (19,143 | ) | 30,129 | 49,272 | |||||||||||||||||
6,140 | 05/21/28 | 2.421%(S) | 3 Month LIBOR(1)(Q) | — | (15,496 | ) | (15,496 | ) | ||||||||||||||||
2,405 | 08/15/28 | 2.579%(A) | 1 Day USOIS(1)(A) | (19,477 | ) | (76,839 | ) | (57,362 | ) | |||||||||||||||
7,225 | 05/03/32 | 2.434%(S) | 3 Month LIBOR(2)(Q) | — | (76,541 | ) | (76,541 | ) | ||||||||||||||||
5,715 | 05/03/37 | 2.508%(S) | 3 Month LIBOR(1)(Q) | — | 89,524 | 89,524 | ||||||||||||||||||
1,680 | 02/15/42 | 1.369%(A) | 1 Day USOIS(1)(A) | 180 | 314,234 | 314,054 | ||||||||||||||||||
2,820 | 10/04/42 | 2.527%(S) | 3 Month LIBOR(2)(Q) | — | (82,574 | ) | (82,574 | ) | ||||||||||||||||
1,160 | 11/15/43 | 2.659%(S) | 3 Month LIBOR(1)(Q) | — | (233 | ) | (233 | ) | ||||||||||||||||
9,755 | 08/15/44 | 2.392%(A) | 1 Day USOIS(1)(A) | — | 48,391 | 48,391 | ||||||||||||||||||
845 | 09/27/46 | 1.380%(A) | 1 Day USOIS(1)(A) | 165 | 183,243 | 183,078 | ||||||||||||||||||
2,490 | 10/04/47 | 2.536%(S) | 3 Month LIBOR(1)(Q) | — | 84,496 | 84,496 | ||||||||||||||||||
790 | 04/09/48 | 2.545%(S) | 3 Month LIBOR(1)(Q) | — | 25,576 | 25,576 | ||||||||||||||||||
735 | 05/08/48 | 2.627%(S) | 3 Month LIBOR(1)(Q) | — | 6,535 | 6,535 | ||||||||||||||||||
ZAR | 755,000 | 02/28/21 | 7.150%(Q) | 3 Month JIBAR(2)(Q) | — | 23,182 | 23,182 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 149 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
ZAR | 228,000 | 06/21/21 | 7.465%(Q) | 3 Month JIBAR(2)(Q) | $ | (979 | ) | $ | 106,149 | $ | 107,128 | |||||||||||||
ZAR | 665,000 | 02/28/24 | 7.475%(Q) | 3 Month JIBAR(1)(Q) | — | (67,848 | ) | (67,848 | ) | |||||||||||||||
ZAR | 16,800 | 05/12/26 | 8.680%(Q) | 3 Month JIBAR(2)(Q) | 18 | 64,116 | 64,098 | |||||||||||||||||
ZAR | 27,500 | 06/30/27 | 8.015%(Q) | 3 Month JIBAR(2)(Q) | (155 | ) | 18,652 | 18,807 | ||||||||||||||||
ZAR | 68,200 | 11/07/27 | 8.360%(Q) | 3 Month JIBAR(2)(Q) | 53 | 148,919 | 148,866 | |||||||||||||||||
ZAR | 43,090 | 01/17/28 | 7.833%(Q) | 3 Month JIBAR(2)(Q) | — | (16,540 | ) | (16,540 | ) | |||||||||||||||
ZAR | 35,000 | 04/16/28 | 7.655%(Q) | 3 Month JIBAR(2)(Q) | (1,219 | ) | (45,735 | ) | (44,516 | ) | ||||||||||||||
ZAR | 176,800 | 07/16/28 | 8.170%(Q) | 3 Month JIBAR(2)(Q) | 696 | 168,427 | 167,731 | |||||||||||||||||
ZAR | 200,000 | 02/28/29 | 8.035%(Q) | 3 Month JIBAR(2)(Q) | — | 34,143 | 34,143 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | (335,571 | ) | $ | 10,516,880 | $ | 10,852,451 | ||||||||||||||||||
|
|
|
|
|
|
Notional | Termination Date | Fixed Rate | Floating Rate | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||||
OTC Interest Rate Swap Agreements: | ||||||||||||||||||||||||||
AED | 40,000 | 04/25/24 | 2.960%(A) | 3 Month EIBOR(2)(Q) | $ | 34,929 | $ | — | $ | 34,929 | Morgan Stanley & Co. International PLC | |||||||||||||||
AED | 35,805 | 02/25/29 | 3.750%(A) | 3 Month EIBOR(2)(Q) | 168,173 | — | 168,173 | HSBC Bank USA, N.A. | ||||||||||||||||||
CLP | 2,890,000 | 02/09/27 | 4.120%(S) | 1 Day CLOIS(2)(S) | 102,015 | — | 102,015 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
CLP | 94,000 | 12/19/27 | 4.370%(S) | 1 Day CLOIS(2)(S) | 6,186 | — | 6,186 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
CLP | 2,420,000 | 12/20/27 | 4.260%(S) | 1 Day CLOIS(2)(S) | 102,924 | — | 102,924 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
CLP | 842,800 | 01/23/28 | 4.245%(S) | 1 Day CLOIS(2)(S) | 37,743 | — | 37,743 | Morgan Stanley & Co. International PLC |
See Notes to Financial Statements.
150 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||||
OTC Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||||
CLP | 2,168,000 | 01/26/28 | 4.210%(S) | 1 Day CLOIS(2)(S) | $ | 88,980 | $ | — | $ | 88,980 | Morgan Stanley & Co. International PLC | |||||||||||||||
CLP | 1,080,000 | 02/01/28 | 4.200%(S) | 1 Day CLOIS(2)(S) | 42,762 | — | 42,762 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
CLP | 1,750,000 | 03/27/28 | 4.220%(S) | 1 Day CLOIS(2)(S) | 67,585 | — | 67,585 | Citibank, N.A. | ||||||||||||||||||
CLP | 2,092,000 | 05/17/28 | 4.270%(S) | 1 Day CLOIS(2)(S) | 107,050 | — | 107,050 | Citibank, N.A. | ||||||||||||||||||
CNH | 52,500 | 08/15/23 | 3.115%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | 7,786 | (109 | ) | 7,895 | UBS AG | |||||||||||||||||
CNH | 10,000 | 04/02/26 | 3.120%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | (13,476 | ) | 3 | (13,479 | ) | Citibank, N.A. | ||||||||||||||||
COP | 4,351,000 | 11/01/26 | 6.590%(Q) | 1 Day COOIS(2)(Q) | 88,654 | — | 88,654 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
COP | 10,220,000 | 11/04/26 | 6.770%(Q) | 1 Day COOIS(2)(Q) | 244,462 | — | 244,462 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
COP | 13,700,000 | 06/02/27 | 5.910%(Q) | 1 Day COOIS(2)(Q) | 70,161 | — | 70,161 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
COP | 5,437,000 | 01/23/28 | 6.035%(Q) | 1 Day COOIS(2)(Q) | 40,585 | — | 40,585 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
COP | 6,670,000 | 01/26/28 | 6.000%(Q) | 1 Day COOIS(2)(Q) | 43,849 | — | 43,849 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
COP | 5,607,000 | 02/01/28 | 6.020%(Q) | 1 Day COOIS(2)(Q) | 47,571 | — | 47,571 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
COP | 13,000,000 | 03/27/28 | 6.150%(Q) | 1 Day COOIS(2)(Q) | 138,117 | — | 138,117 | Citibank, N.A. | ||||||||||||||||||
COP | 7,890,000 | 05/17/28 | 5.990%(Q) | 1 Day COOIS(2)(Q) | 58,325 | — | 58,325 | Citibank, N.A. | ||||||||||||||||||
COP | 9,400,000 | 07/18/28 | 6.150%(Q) | 1 Day COOIS(2)(Q) | 88,707 | — | 88,707 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
ILS | 7,500 | 12/09/22 | 1.530%(A) | 3 Month TELBOR(2)(Q) | 64,455 | — | 64,455 | Citibank, N.A. | ||||||||||||||||||
ILS | 3,200 | 03/06/23 | 3.525%(A) | 3 Month TELBOR(2)(Q) | 94,217 | — | 94,217 | Deutsche Bank AG |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 151 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||||
OTC Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||||
ILS | 4,200 | 06/27/23 | 3.730%(A) | 3 Month TELBOR(2)(Q) | $ | 170,774 | $ | — | $ | 170,774 | Credit Suisse International | |||||||||||||||
ILS | 3,000 | 04/26/26 | 1.685%(A) | 3 Month TELBOR(2)(Q) | 17,421 | — | 17,421 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||
ILS | 5,000 | 06/24/26 | 1.660%(A) | 3 Month TELBOR(2)(Q) | 44,025 | — | 44,025 | Citibank, N.A. | ||||||||||||||||||
ILS | 4,000 | 09/19/26 | 1.600%(A) | 3 Month TELBOR(2)(Q) | 23,322 | — | 23,322 | Barclays Bank PLC | ||||||||||||||||||
ILS | 7,000 | 01/12/27 | 1.975%(A) | 3 Month TELBOR(2)(Q) | 81,094 | — | 81,094 | Citibank, N.A. | ||||||||||||||||||
ILS | 3,000 | 03/15/27 | 2.130%(A) | 3 Month TELBOR(2)(Q) | 40,621 | — | 40,621 | Citibank, N.A. | ||||||||||||||||||
ILS | 2,745 | 06/22/27 | 1.845%(A) | 3 Month TELBOR(2)(Q) | 29,093 | — | 29,093 | Citibank, N.A. | ||||||||||||||||||
ILS | 5,600 | 04/26/28 | 1.915%(A) | 3 Month TELBOR(2)(Q) | 31,780 | — | 31,780 | BNP Paribas S.A. | ||||||||||||||||||
ILS | 38,930 | 07/16/28 | 2.045%(A) | 3 Month TELBOR(2)(Q) | 489,195 | — | 489,195 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||
ILS | 8,050 | 03/13/29 | 1.840%(A) | 3 Month TELBOR(2)(Q) | 14,593 | — | 14,593 | HSBC Bank USA, N.A. | ||||||||||||||||||
JPY | 35,000 | 12/14/32 | 1.575%(S) | 6 Month JPY LIBOR(2)(S) | 58,354 | — | 58,354 | HSBC Bank USA, N.A. | ||||||||||||||||||
KRW | 1,500,000 | 08/14/21 | 2.773%(Q) | 3 Month KRW LIBOR(2)(Q) | 34,408 | — | 34,408 | HSBC Bank USA, N.A. | ||||||||||||||||||
KRW | 655,000 | 10/07/22 | 1.765%(Q) | 3 Month KRW LIBOR(2)(Q) | 2,292 | — | 2,292 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||
KRW | 3,300,000 | 04/17/23 | 2.170%(Q) | 3 Month KWCDC(2)(Q) | 57,994 | (183 | ) | 58,177 | Morgan Stanley & Co. International PLC | |||||||||||||||||
KRW | 900,000 | 11/05/24 | 2.425%(Q) | 3 Month KRW LIBOR(2)(Q) | 33,420 | — | 33,420 | Citibank, N.A. | ||||||||||||||||||
KRW | 1,485,000 | 10/28/26 | 1.520%(Q) | 3 Month KRW LIBOR(2)(Q) | (9,728 | ) | (14 | ) | (9,714 | ) | JPMorgan Chase Bank, N.A. | |||||||||||||||
KRW | 2,040,000 | 04/26/27 | 1.880%(Q) | 3 Month KRW LIBOR(2)(Q) | 32,279 | — | 32,279 | Morgan Stanley & Co. International PLC | ||||||||||||||||||
KRW | 1,280,000 | 10/17/28 | 1.450%(Q) | 3 Month KRW LIBOR(2)(Q) | (19,278 | ) | — | (19,278 | ) | Citibank, N.A. | ||||||||||||||||
KRW | 520,000 | 01/27/31 | 1.870%(Q) | 3 Month KRW LIBOR(2)(Q) | 9,123 | — | 9,123 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||
MYR | 16,000 | 08/19/23 | 3.445%(Q) | 3 Month KLIBOR(2)(Q) | (17,490 | ) | — | (17,490 | ) | Morgan Stanley & Co. International PLC |
See Notes to Financial Statements.
152 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional | Termination Date | Fixed Rate | Floating Rate | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||||
OTC Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||||
MYR | 1,700 | 04/28/25 | 4.040%(Q) | 3 Month KLIBOR(2)(Q) | $ | 9,240 | $ | — | $ | 9,240 | Citibank, N.A. | |||||||||||||||
RUB | 3,300,000 | 07/31/19 | 7.820%(A) | 3 Month MosPRIME(2)(Q) | 1,773,870 | — | 1,773,870 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||
SAR | 40,000 | 04/25/24 | 2.930%(A) | 3 Month SAIBOR(1)(Q) | (57,967 | ) | — | (57,967 | ) | Morgan Stanley & Co. International PLC | ||||||||||||||||
THB | 550,000 | 08/08/20 | 1.840%(S) | 6 Month BIBOR(2)(S) | 12,832 | — | 12,832 | Citibank, N.A. | ||||||||||||||||||
THB | 120,000 | 08/23/23 | 1.920%(S) | 6 Month BIBOR(2)(S) | (3,659 | ) | — | (3,659 | ) | Morgan Stanley & Co. International PLC | ||||||||||||||||
THB | 28,900 | 04/30/25 | 2.560%(S) | 6 Month BIBOR(2)(S) | 31,399 | — | 31,399 | Citibank, N.A. | ||||||||||||||||||
TWD | 115,500 | 03/17/21 | 0.780%(Q) | 3 Month TAIBOR(2)(Q) | 6,939 | — | 6,939 | Barclays Bank PLC | ||||||||||||||||||
21,015 | 03/25/23 | —(5) | —(5) | 854 | — | 854 | Citibank, N.A. | |||||||||||||||||||
ZAR | 40,930 | 03/22/42 | 7.800%(Q) | 3 Month JIBAR(2)(Q) | (152,859 | ) | — | (152,859 | ) | Deutsche Bank AG | ||||||||||||||||
ZAR | 89,400 | 09/22/42 | 8.020%(Q) | 3 Month JIBAR(2)(Q) | (186,466 | ) | — | (186,466 | ) | Deutsche Bank AG | ||||||||||||||||
ZAR | 38,700 | 03/22/47 | 7.650%(Q) | 3 Month JIBAR(1)(Q) | 166,057 | — | 166,057 | Deutsche Bank AG | ||||||||||||||||||
ZAR | 83,965 | 09/22/47 | 7.890%(Q) | 3 Month JIBAR(1)(Q) | 196,509 | — | 196,509 | Deutsche Bank AG | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$ | 4,651,801 | $ | (303 | ) | $ | 4,652,104 | ||||||||||||||||||||
|
|
|
|
|
|
(1) | The Fund pays the fixed rate and receives the floating rate. |
(2) | The Fund pays the floating rate and receives the fixed rate. |
(3) | The Fund pays the floating rate of 3 Month CHF LIBOR plus 1.75 bps quarterly and receives the floating rate of 6 Month CHF LIBOR semiannually. |
(4) | The Fund pays the floating rate of 3 Month LIBOR quarterly and receives the floating rate of 1 Day USOIS plus 22.38 bps quarterly. |
(5) | The Fund pays the floating rate of 1 Week MUNIPSA quarterly and receives the floating rate of 3 Month LIBOR quarterly. |
Balances Reported in the Statement of Assets and Liabilities for OTC Forward Rate and Swap Agreements:
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
OTC Forward Rate Agreements | $ | — | $ | — | $ | — | $ | (56,646 | ) | |||||||
OTC Swap Agreements | $ | 3,208,100 | $ | (10,705,718 | ) | $ | 23,458,375 | $ | (10,867,444 | ) |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 153 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
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. | $ | — | $ | 27,450,974 | ||||
JPMorgan Securities LLC | 1,716,000 | 16,711,432 | ||||||
|
|
|
| |||||
Total | $ | 1,716,000 | $ | 44,162,406 | ||||
|
|
|
|
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, 2019 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Asset-Backed Securities | ||||||||||||
Cayman Islands | $ | — | $ | 201,956,242 | $ | — | ||||||
Ireland | — | 17,094,150 | — | |||||||||
Netherlands | — | 1,119,250 | — | |||||||||
Spain | — | 8,850,801 | — | |||||||||
United States | — | 102,586,016 | 11,742,645 | |||||||||
Bank Loans | ||||||||||||
United Kingdom | — | 165,437 | — | |||||||||
United States | — | 4,762,942 | — | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
United Kingdom | — | 655,880 | — | |||||||||
United States | — | 135,796,339 | — | |||||||||
Convertible Bonds | ||||||||||||
United Arab Emirates | — | 6,111,428 | — | |||||||||
Corporate Bonds | ||||||||||||
Australia | — | 1,323,357 | — | |||||||||
Brazil | — | 1,871,660 | — | |||||||||
Canada | — | 17,665,899 | — | |||||||||
China | — | 12,921,092 | — | |||||||||
Dominican Republic | — | 573,750 | — | |||||||||
France | — | 23,562,138 | 11,763 | |||||||||
Germany | — | 15,888,305 | — | |||||||||
Hungary | — | 417,952 | — | |||||||||
Indonesia | — | 1,584,863 | — |
See Notes to Financial Statements.
154 |
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities (continued) | ||||||||||||
Corporate Bonds (continued) | ||||||||||||
Israel | $ | — | $ | 7,264,378 | $ | — | ||||||
Italy | — | 14,053,927 | — | |||||||||
Japan | — | 5,624,811 | — | |||||||||
Kazakhstan | — | 1,548,135 | — | |||||||||
Luxembourg | — | 9,395,985 | — | |||||||||
Mexico | — | 23,788,213 | — | |||||||||
Netherlands | — | 18,706,502 | — | |||||||||
Peru | — | 1,417,312 | — | |||||||||
Poland | — | 2,784,728 | — | |||||||||
Portugal | — | 5,796,351 | — | |||||||||
Qatar | — | 218,243 | — | |||||||||
Russia | — | 7,774,095 | — | |||||||||
Singapore | — | 370,690 | — | |||||||||
South Africa | — | 2,441,218 | — | |||||||||
South Korea | — | 2,676,058 | — | |||||||||
Spain | — | 5,084,779 | — | |||||||||
Supranational Bank | — | 36,325,580 | — | |||||||||
Switzerland | — | 11,656,979 | — | |||||||||
Tunisia | — | 719,752 | — | |||||||||
United Arab Emirates | — | 9,837,936 | — | |||||||||
United Kingdom | — | 39,828,715 | 5,314,011 | |||||||||
United States | — | 226,295,113 | — | |||||||||
Municipal Bonds | ||||||||||||
Puerto Rico | — | 365,124 | — | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
Bermuda | — | 17,661,037 | — | |||||||||
Cayman Islands | — | 701,636 | — | |||||||||
United Kingdom | — | 12,502,183 | — | |||||||||
United States | — | 18,981,465 | 3,500,000 | |||||||||
Sovereign Bonds | ||||||||||||
Albania | — | 2,801,254 | — | |||||||||
Argentina | — | 25,445,322 | — | |||||||||
Australia | — | 2,377,915 | — | |||||||||
Austria | — | 4,404,552 | — | |||||||||
Belgium | — | 8,467,738 | — | |||||||||
Brazil | — | 39,348,797 | — | |||||||||
Bulgaria | — | 8,262,883 | — | |||||||||
Canada | — | 7,989,349 | — | |||||||||
Cayman Islands | — | 2,182,465 | — | |||||||||
Chile | — | 811,496 | — | |||||||||
China | — | 4,142,872 | — | |||||||||
Colombia | — | 18,942,376 | — | |||||||||
Croatia | — | 15,735,723 | — | |||||||||
Cyprus | — | 47,171,725 | — | |||||||||
Czech Republic | — | 1,358,311 | — | |||||||||
Denmark | — | 3,488,113 | — | |||||||||
Dominican Republic | — | 4,136,040 | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 155 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities (continued) | ||||||||||||
Sovereign Bonds (continued) | ||||||||||||
Egypt | $ | — | $ | 2,585,516 | $ | — | ||||||
Finland | — | 739,365 | — | |||||||||
Germany | — | 581,777 | — | |||||||||
Greece | — | 52,001,456 | — | |||||||||
Guernsey | — | 1,925,257 | — | |||||||||
Hong Kong | — | 2,144,098 | — | |||||||||
Hungary | — | 23,167,293 | — | |||||||||
Iceland | — | 7,437,786 | — | |||||||||
Indonesia | — | 37,643,649 | — | |||||||||
Iraq | — | 1,725,942 | — | |||||||||
Ireland | — | 2,924,303 | — | |||||||||
Isle of Man | — | 8,721,709 | — | |||||||||
Israel | — | 5,008,802 | — | |||||||||
Italy | — | 91,020,208 | — | |||||||||
Japan | — | 34,630,725 | — | |||||||||
Jersey | — | 167,741 | — | |||||||||
Kazakhstan | — | 4,404,405 | — | |||||||||
Kuwait | — | 2,045,121 | — | |||||||||
Latvia | — | 234,818 | — | |||||||||
Lithuania | — | 9,605,134 | — | |||||||||
Malaysia | — | 9,185,582 | — | |||||||||
Mexico | — | 32,716,027 | — | |||||||||
Montenegro | — | 1,441,839 | — | |||||||||
New Zealand | — | 6,719,935 | — | |||||||||
North Macedonia | — | 4,273,741 | — | |||||||||
Norway | — | 3,843,232 | — | |||||||||
Panama | — | 8,837,477 | — | |||||||||
Peru | — | 19,699,925 | — | |||||||||
Poland | — | 14,055,441 | — | |||||||||
Portugal | — | 52,400,745 | — | |||||||||
Qatar | — | 3,233,646 | — | |||||||||
Romania | — | 10,530,283 | — | |||||||||
Russia | — | 1,287,489 | — | |||||||||
Saudi Arabia | — | 7,953,633 | — | |||||||||
Senegal | — | 1,545,350 | — | |||||||||
Serbia | — | 4,864,580 | — | |||||||||
Singapore | — | 1,135,027 | — | |||||||||
Slovenia | — | 8,793,262 | — | |||||||||
South Africa | — | 9,623,354 | — | |||||||||
South Korea | — | 6,370,707 | — | |||||||||
Spain | — | 87,379,283 | — | |||||||||
Sweden | — | 4,282,839 | — | |||||||||
Thailand | — | 1,540,490 | — | |||||||||
Turkey | — | 10,898,720 | — | |||||||||
Ukraine | — | 1,790,663 | — | |||||||||
United Arab Emirates | — | 13,615,784 | — | |||||||||
United Kingdom | — | 17,622,521 | — |
See Notes to Financial Statements.
156 |
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities (continued) | ||||||||||||
Sovereign Bonds (continued) | ||||||||||||
Uruguay | $ | — | $ | 3,736,554 | $ | — | ||||||
U.S. Government Agency Obligations | — | 5,448,097 | — | |||||||||
U.S. Treasury Obligations | — | 29,560,693 | — | |||||||||
Common Stock | 19,718 | — | — | |||||||||
Preferred Stock | 108,280 | — | — | |||||||||
Affiliated Mutual Funds | 46,410,044 | — | — | |||||||||
Options Purchased | — | 90,485,433 | — | |||||||||
Options Written | — | (76,224,461 | ) | — | ||||||||
Other Financial Instruments* | ||||||||||||
Futures Contracts | 5,902,072 | — | — | |||||||||
OTC Forward Foreign Currency Exchange Contracts | — | 12,717,066 | — | |||||||||
OTC Cross Currency Exchange Contracts | — | 4,432,118 | — | |||||||||
OTC Packaged Credit Default Swap Agreements | — | (549,948 | ) | — | ||||||||
Centrally Cleared Credit Default Swap Agreements | — | (267,518 | ) | — | ||||||||
OTC Credit Default Swap Agreements | — | 723,788 | 18,047 | |||||||||
OTC Currency Swap Agreement | — | 249,625 | — | |||||||||
OTC Forward Rate Agreement | — | — | (56,646 | ) | ||||||||
Centrally Cleared Inflation Swap Agreements | — | 59,774 | — | |||||||||
Centrally Cleared Interest Rate Swap Agreements | — | 10,852,451 | — | |||||||||
OTC Interest Rate Swap Agreements | — | 4,651,801 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 52,440,114 | $ | 1,956,027,530 | $ | 20,529,820 | ||||||
|
|
|
|
|
|
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. |
The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:
Asset-Backed Securities | Bank Loans | Corporate Bonds | Residential Mortgage-Backed Securities | |||||||||||||
Balance as of 10/31/18 | $ | 12,695,642 | $ | 262,834 | $ | 144,688 | $ | — | ||||||||
Realized gain (loss) | 2,299 | (1,362 | ) | — | — | |||||||||||
Change in unrealized appreciation (depreciation) | (7,190 | ) | (1,978 | ) | (143,709 | ) | — | |||||||||
Purchases/Exchanges/Issuances | — | — | 5,458,969 | 3,500,000 | ||||||||||||
Sales/Paydowns | (955,865 | ) | (259,592 | ) | — | — | ||||||||||
Accrued discount/premium | 7,759 | 98 | 31 | — | ||||||||||||
Transfers into of Level 3 | — | — | 10,483 | — | ||||||||||||
Transfers out of Level 3 | — | — | (144,688 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Balance as of 04/30/19 | $ | 11,742,645 | $ | — | $ | 5,325,774 | $ | 3,500,000 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
PGIM Global Total Return Fund | 157 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Asset-Backed Securities | Bank Loans | Corporate Bonds | Residential Mortgage-Backed Securities | |||||||||||||
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | (7,190 | ) | (1,979 | ) | (144,958 | ) | — | |||||||||
|
|
|
|
|
|
|
|
Options Written | Credit Default Swap Agreements | Forward Rate Agreements | ||||||||||
Balance as of 10/31/18 | $ | (4,755 | ) | $ | 8,043 | $ | (271,942 | ) | ||||
Realized gain (loss) | 21,624 | 7,744 | (239,058 | ) | ||||||||
Change in unrealized appreciation (depreciation) | (16,869 | ) | 18,047 | (56,646 | ) | |||||||
Purchases/Exchanges/Issuances | — | — | 511,000 | |||||||||
Sales/Paydowns | — | (15,787 | ) | — | ||||||||
Accrued discount/premium | — | — | — | |||||||||
Transfers into of Level 3 | — | — | — | |||||||||
Transfers out of Level 3 | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Balance as of 04/30/19 | $ | — | $ | 18,047 | $ | (56,646 | ) | |||||
|
|
|
|
|
| |||||||
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | — | 18,047 | (56,646 | ) | ||||||||
|
|
|
|
|
|
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, 2019 | Valuation Methodology | Unobservable Inputs | |||||||||
Asset-Backed Securities | $ | 11,742,645 | Market Approach | Single Broker Indicative Quote | ||||||||
Corporate Bonds | 5,325,774 | Market Approach | Single Broker Indicative Quote | |||||||||
Residential Mortgage-Backed Securities | 3,500,000 | Market Approach | Single Broker Indicative Quote | |||||||||
Credit Default Swap Agreements | 18,047 | Market Approach | Single Broker Indicative Quote | |||||||||
Forward Rate Agreements | (56,646 | ) | Model Pricing | | Forward Rate Volatility & Convexity Adjustment | | ||||||
|
| |||||||||||
$ | 20,529,820 | |||||||||||
|
|
It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels as follows:
Investments in Securities | Amount Transferred | Level Transfer | Logic | |||||||
Corporate Bonds | $ | 144,688 | L3 to L2 | Single Broker Indicative Quote to Evaluated Bid |
See Notes to Financial Statements.
158 |
Investments in Securities | Amount Transferred | Level Transfer | Logic | |||||||||
Corporate Bonds | $ | 10,483 | L2 to L3 | Evaluated Bid to Single Broker Indicative Quote |
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, 2019 were as follows:
Sovereign Bonds | 41.6 | % | ||
Collateralized Loan Obligations | 11.7 | |||
Banks | 7.3 | |||
Commercial Mortgage-Backed Securities | 6.8 | |||
Residential Mortgage-Backed Securities | 4.9 | |||
Options Purchased | 4.5 | |||
Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan) | 2.3 | |||
Oil & Gas | 2.1 | |||
Multi-National | 1.8 | |||
Telecommunications | 1.5 | |||
U.S. Treasury Obligations | 1.5 | |||
Electric | 1.3 | |||
Media | 1.0 | |||
Student Loans | 1.0 | |||
Consumer Loans | 1.0 | |||
Commercial Services | 1.0 | |||
Automobiles | 0.9 | |||
Chemicals | 0.7 | |||
Insurance | 0.7 | |||
Pipelines | 0.7 | |||
Auto Manufacturers | 0.7 | |||
Transportation | 0.6 | |||
Pharmaceuticals | 0.6 | |||
Healthcare-Products | 0.6 | |||
Diversified Financial Services | 0.5 | |||
Foods | 0.4 | |||
Packaging & Containers | 0.4 | |||
Home Builders | 0.4 | |||
Retail | 0.3 | |||
Investment Companies | 0.3 | |||
Semiconductors | 0.3 | |||
Healthcare-Services | 0.3 | |||
U.S. Government Agency Obligations | 0.3 | |||
Aerospace & Defense | 0.2 |
Other | 0.2 | % | ||
Mining | 0.2 | |||
Auto Parts & Equipment | 0.2 | |||
Real Estate Investment Trusts (REITs) | 0.2 | |||
Biotechnology | 0.2 | |||
Software | 0.2 | |||
Computers | 0.2 | |||
Entertainment | 0.2 | |||
Agriculture | 0.2 | |||
Electrical Components & Equipment | 0.2 | |||
Home Equity Loans | 0.1 | |||
Engineering & Construction | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Oil & Gas Services | 0.1 | |||
Building Materials | 0.1 | |||
Home Furnishings | 0.1 | |||
Apparel | 0.1 | |||
Housewares | 0.1 | |||
Household Products/Wares | 0.0 | * | ||
Electronics | 0.0 | * | ||
Lodging | 0.0 | * | ||
Office/Business Equipment | 0.0 | * | ||
Municipal Bonds | 0.0 | * | ||
Airlines | 0.0 | * | ||
Leisure Time | 0.0 | * | ||
Forest Products & Paper | 0.0 | * | ||
Oil, Gas & Consumable Fuels | 0.0 | * | ||
|
| |||
103.0 | ||||
Options Written | (3.8 | ) | ||
Other assets in excess of liabilities | 0.8 | |||
|
| |||
100.0 | % | |||
|
|
* | Less than +/- 0.05% |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 159 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. 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, 2019 as presented in the Statement of Assets and Liabilities:
Asset Derivatives | Liability Derivatives | |||||||||||||||
Derivatives not accounted | 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 | | $ | 83,891 | * | | Due from/to broker—variation margin swaps | | $ | 351,409 | * | ||||
Credit contracts | | Premiums paid for OTC swap agreements | | 3,208,097 | | Premiums received for OTC swap agreements | | 10,705,412 | ||||||||
Credit contracts | Unaffiliated investments | 616,803 | | Options written outstanding, at value | | 485,696 | ||||||||||
Credit contracts | | Unrealized appreciation on OTC swap agreements | | 18,095,734 | | Unrealized depreciation on OTC swap agreements | | 10,406,532 | ||||||||
Foreign exchange contracts | Unaffiliated investments | 89,155,438 | | Options written outstanding, at value | | 75,738,765 | ||||||||||
Foreign exchange contracts | | Unrealized appreciation on OTC cross currency exchange contracts | | 7,934,728 | | Unrealized depreciation on OTC cross currency exchange contracts | | 3,502,610 | ||||||||
Foreign exchange contracts | | Unrealized appreciation on OTC forward foreign currency exchange contracts | | 42,837,419 | | Unrealized depreciation on OTC forward foreign currency exchange contracts | | 30,120,353 | ||||||||
Interest rate contracts | | Due from/to broker—variation margin futures | | 11,730,004 | * | | Due from/to broker—variation margin futures | | 5,827,932 | * | ||||||
Interest rate contracts | | Due from/to broker—variation margin swaps | | 38,606,698 | * | | Due from/to broker—variation margin swaps | | 27,694,473 | * | ||||||
Interest rate contracts | | Premiums paid for OTC swap agreements | | 3 | | Premiums received for OTC swap agreements | | 306 | ||||||||
Interest rate contracts | Unaffiliated investments | 713,192 | — | — | ||||||||||||
Interest rate contracts | — | — | | Unrealized depreciation on OTC forward rate agreements | | 56,646 | ||||||||||
Interest rate contracts | | Unrealized appreciation on OTC swap agreements | | 5,362,641 | | Unrealized depreciation on OTC swap agreements | | 460,912 | ||||||||
|
|
|
| |||||||||||||
$ | 218,344,648 | $ | 165,351,046 | |||||||||||||
|
|
|
|
See Notes to Financial Statements.
160 |
* | 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, 2019 are as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||||||||||||||||||||||||
Derivatives not accounted | Options Purchased(1) | Options Written | Futures | Forward & Cross Currency Exchange Contracts | Forward Rate Agreements | Swaps | ||||||||||||||||||
Credit contracts | $ | (219,649 | ) | $ | 627,232 | $ | — | $ | — | $ | — | $ | 5,456,953 | |||||||||||
Foreign exchange contracts | (5,008,183 | ) | 4,326,669 | — | 1,234,030 | — | — | |||||||||||||||||
Interest rate contracts | (245,116 | ) | 30,882 | 17,028,059 | — | (140,250 | ) | 13,820,523 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | (5,472,948 | ) | $ | 4,984,783 | $ | 17,028,059 | $ | 1,234,030 | $ | (140,250 | ) | $ | 19,277,476 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 | Options Purchased(2) | Options Written | Futures | Forward & Cross Currency Exchange Contracts | Forward Rate Agreements | Swaps | ||||||||||||||||||
Credit contracts | $ | (1,286,618 | ) | $ | 1,102,549 | $ | — | $ | — | $ | — | $ | 3,104,377 | |||||||||||
Foreign exchange contracts | (30,783,810 | ) | 33,467,237 | — | (5,403,122 | ) | — | — | ||||||||||||||||
Interest rate contracts | 315,772 | 98,355 | 22,246,260 | — | 215,296 | (11,274,770 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | (31,754,656 | ) | $ | 34,668,141 | $ | 22,246,260 | $ | (5,403,122 | ) | $ | 215,296 | $ | (8,170,393 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(2) | Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |
For the six months ended April 30, 2019, the Fund’s average volume of derivative activities is as follows:
Options | Options Written(2) | Futures Contracts— Long Positions(2) | Futures Contracts— Short Positions(2) | Forward Foreign Currency Exchange Contracts— Purchased(3) | ||||||||||||||
$ | 104,043,590 | $ | 3,469,429,568 | $ | 1,466,405,900 | $ | 1,167,791,371 | $ | 1,307,477,281 |
Forward | Cross Currency Exchange Contracts(4) | Forward Rate Agreements(2) | Inflation Swap Agreements(2) | Interest Rate Swap Agreements(2) | ||||||||||||||
$ | 1,289,508,786 | $ | 152,581,194 | $ | 173,066,667 | $ | 65,024,016 | $ | 4,087,894,946 |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 161 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit Default | Credit Default Swap Agreements— Sell Protection(2) | Currency Swap Agreements(2) | ||||||
$280,327,975 | $ | 568,051,151 | $ | 2,302,667 |
(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 toset-off exists, is presented in the summary below.
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 | $ | 31,299,976 | $ | (31,299,976 | ) | $ | — | |||||
|
|
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. | $ | 5,022,874 | $ | (2,427,193 | ) | $ | 2,595,681 | $ | (2,326,444 | ) | $ | 269,237 | ||||||||
Barclays Bank PLC | 6,668,040 | (6,828,737 | ) | (160,697 | ) | — | (160,697 | ) | ||||||||||||
BNP Paribas S.A. | 15,253,133 | (18,981,951 | ) | (3,728,818 | ) | 3,634,852 | (93,966 | ) | ||||||||||||
Citibank, N.A. | 27,385,178 | (22,071,831 | ) | 5,313,347 | (4,010,000 | ) | 1,303,347 | |||||||||||||
Citigroup Global Markets, Inc. | — | (56,646 | ) | (56,646 | ) | — | (56,646 | ) | ||||||||||||
Credit Suisse International | 170,774 | (8,310 | ) | 162,464 | — | 162,464 | ||||||||||||||
Deutsche Bank AG | 29,065,606 | (21,528,828 | ) | 7,536,778 | (7,536,778 | ) | — | |||||||||||||
Goldman Sachs International | 22,508,423 | (20,618,373 | ) | 1,890,050 | — | 1,890,050 | ||||||||||||||
HSBC Bank USA, N.A. | 3,408,098 | (2,327,658 | ) | 1,080,440 | (826,765 | ) | 253,675 | |||||||||||||
JPMorgan Chase Bank, N.A. | 9,440,353 | (4,655,639 | ) | 4,784,714 | (4,784,714 | ) | — |
See Notes to Financial Statements.
162 |
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 | |||||||||||||||
JPMorgan Securities LLC | $ | 120,829 | $ | (28,411 | ) | $ | 92,418 | $ | — | $ | 92,418 | |||||||||
Morgan Stanley & Co. International PLC | 47,784,884 | (31,582,501 | ) | 16,202,383 | (14,613,848 | ) | 1,588,535 | |||||||||||||
The Toronto-Dominion Bank | 141,711 | (23,972 | ) | 117,739 | — | 117,739 | ||||||||||||||
UBS AG | 954,152 | (337,182 | ) | 616,970 | (616,970 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 167,924,055 | $ | (131,477,232 | ) | $ | 36,446,823 | $ | (31,080,667 | ) | $ | 5,366,156 | |||||||||
|
|
|
|
|
|
|
|
|
|
(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.
PGIM Global Total Return Fund | 163 |
Statement of Assets & Liabilities(unaudited)
as of April 30, 2019
Assets | ||||
Investments at value, including securities on loan of $31,299,976: | ||||
Unaffiliated investments (cost $2,075,187,940) | $ | 2,020,079,251 | ||
Affiliated investments (cost $46,400,645) | 46,410,044 | |||
Cash | 3,017,190 | |||
Foreign currency, at value (cost $5,028,214) | 5,038,896 | |||
Unrealized appreciation on OTC forward foreign currency exchange contracts | 42,837,419 | |||
Unrealized appreciation on OTC swap agreements | 23,458,375 | |||
Dividends and interest receivable | 19,281,391 | |||
Receivable for Fund shares sold | 13,549,291 | |||
Unrealized appreciation on OTC cross currency exchange contracts | 7,934,728 | |||
Receivable for investments sold | 7,623,209 | |||
Premiums paid for OTC swap agreements | 3,208,100 | |||
Due from broker—variation margin futures | 2,754,685 | |||
Deposit with broker for centrally cleared/exchange-traded derivatives | 1,716,000 | |||
Prepaid expenses | 4,696 | |||
|
| |||
Total Assets | 2,196,913,275 | |||
|
| |||
Liabilities | ||||
Options written outstanding, at value (proceeds received $109,567,894) | 76,224,461 | |||
Payable to broker for collateral for securities on loan | 32,102,918 | |||
Unrealized depreciation on OTC forward foreign currency exchange contracts | 30,120,353 | |||
Payable for investments purchased | 21,047,925 | |||
Unrealized depreciation on OTC swap agreements | 10,867,444 | |||
Premiums received for OTC swap agreements | 10,705,718 | |||
Payable for Fund shares reacquired | 4,134,228 | |||
Unrealized depreciation on OTC cross currency exchange contracts | 3,502,610 | |||
Due to broker—variation margin swaps | 1,017,627 | |||
Management fee payable | 745,868 | |||
Accrued expenses and other liabilities | 512,773 | |||
Dividends payable | 324,329 | |||
Distribution fee payable | 65,758 | |||
Unrealized depreciation on OTC forward rate agreements | 56,646 | |||
Affiliated transfer agent fee payable | 29,451 | |||
|
| |||
Total Liabilities | 191,458,109 | |||
|
| |||
Net Assets | $ | 2,005,455,166 | ||
|
| |||
Net assets were comprised of: | ||||
Common stock, at par | $ | 2,984,097 | ||
Paid-in capital in excess of par | 1,998,657,384 | |||
Total distributable earnings (loss) | 3,813,685 | |||
|
| |||
Net assets, April 30, 2019 | $ | 2,005,455,166 | ||
|
|
See Notes to Financial Statements.
164 |
Class A | ||||
Net asset value and redemption price per share, | ||||
($180,738,229 ÷ 27,099,072 shares of common stock issued and outstanding) | $ | 6.67 | ||
Maximum sales charge (4.50% of offering price) | 0.31 | |||
|
| |||
Maximum offering price to public | $ | 6.98 | ||
|
| |||
Class B |
| |||
Net asset value, offering price and redemption price per share, | ||||
($1,444,219 ÷ 216,673 shares of common stock issued and outstanding) | $ | 6.67 | ||
|
| |||
Class C |
| |||
Net asset value, offering price and redemption price per share, | ||||
($32,921,051 ÷ 4,945,385 shares of common stock issued and outstanding) | $ | 6.66 | ||
|
| |||
Class Z |
| |||
Net asset value, offering price and redemption price per share, | ||||
($838,926,411 ÷ 125,118,999 shares of common stock issued and outstanding) | $ | 6.71 | ||
|
| |||
Class R2 |
| |||
Net asset value, offering price and redemption price per share, | ||||
($23,251 ÷ 3,444 shares of common stock issued and outstanding) | $ | 6.75 | ||
|
| |||
Class R4 |
| |||
Net asset value, offering price and redemption price per share, | ||||
($658,333 ÷ 97,441 shares of common stock issued and outstanding) | $ | 6.76 | ||
|
| |||
Class R6 |
| |||
Net asset value, offering price and redemption price per share, | ||||
($950,743,672 ÷ 140,928,735 shares of common stock issued and outstanding) | $ | 6.75 | ||
|
|
See Notes to Financial Statements.
PGIM Global Total Return Fund | 165 |
Statement of Operations(unaudited)
Six Months Ended April 30, 2019
Net Investment Income (Loss) | ||||
Income | ||||
Interest income | $ | 28,987,293 | ||
Affiliated dividend income | 554,198 | |||
Income from securities lending, net (including affiliated income of $24,674) | 32,826 | |||
Unaffiliated dividend income (net of $125 foreign withholding tax) | 5,300 | |||
|
| |||
Total income | 29,579,617 | |||
|
| |||
Expenses | ||||
Management fee | 4,516,445 | |||
Distribution fee(a) | 403,292 | |||
Shareholder servicing fees(a) | 262 | |||
Transfer agent’s fees and expenses (including affiliated expense of $72,410)(a) | 696,416 | |||
Custodian and accounting fees | 249,332 | |||
Registration fees(a) | 132,472 | |||
Shareholders’ reports | 105,676 | |||
Audit fee | 33,716 | |||
SEC registration fees | 24,928 | |||
Directors’ fees | 22,617 | |||
Legal fees and expenses | 13,559 | |||
Miscellaneous | 20,667 | |||
|
| |||
Total expenses | 6,219,382 | |||
Less: Fee waiver and/or expense reimbursement(a) | (407,887 | ) | ||
|
| |||
Net expenses | 5,811,495 | |||
|
| |||
Net investment income (loss) | 23,768,122 | |||
|
| |||
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | ||||
Net realized gain (loss) on: | ||||
Investment transactions (including affiliated of $(572)) | (8,308,167 | ) | ||
Futures transactions | 17,028,059 | |||
Forward rate agreement transactions | (140,250 | ) | ||
Forward and cross currency contract transactions | 1,234,030 | |||
Options written transactions | 4,984,783 | |||
Swap agreement transactions | 19,277,476 | |||
Foreign currency transactions | (5,260,821 | ) | ||
|
| |||
28,815,110 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments (including affiliated of $7,718) | 20,491,895 | |||
Futures | 22,246,260 | |||
Forward rate agreements | 215,296 | |||
Forward and cross currency contracts | (5,403,122 | ) | ||
Options written | 34,668,141 | |||
Swap agreements | (8,170,393 | ) | ||
Foreign currencies | 625,370 | |||
|
| |||
64,673,447 | ||||
|
| |||
Net gain (loss) on investment and foreign currency transactions | 93,488,557 | |||
|
|
See Notes to Financial Statements.
166 |
Net Increase (Decrease) In Net Assets Resulting From Operations | $ | 117,256,679 | ||
|
|
(a) | Class specific expenses and waivers were as follows: |
Class A | Class B | Class C | Class Z | Class R2 | Class R4 | Class R6 | ||||||||||||||||||||||
Distribution fee | 225,242 | 9,146 | 168,879 | — | 25 | — | — | |||||||||||||||||||||
Shareholder servicing fees | — | — | — | — | 10 | 252 | — | |||||||||||||||||||||
Transfer agent’s fees and expenses | 188,835 | 2,904 | 19,863 | 477,594 | 77 | 129 | 7,014 | |||||||||||||||||||||
Registration fees | 12,558 | 8,154 | 8,493 | 57,869 | 7,661 | 7,662 | 30,075 | |||||||||||||||||||||
Fee waiver and/or expense reimbursement | (133,644 | ) | (10,372 | ) | (15,795 | ) | (233,010 | ) | (7,721 | ) | (7,345 | ) | — |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 167 |
Statements of Changes in Net Assets(unaudited)
Six Months Ended April 30, 2019 | Year Ended October 31, 2018 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income (loss) | $ | 23,768,122 | $ | 35,170,559 | ||||
Net realized gain (loss) on investment and foreign currency transactions | 28,815,110 | (14,370,524 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 64,673,447 | (78,618,439 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 117,256,679 | (57,818,404 | ) | |||||
|
|
|
| |||||
Dividends and Distributions | ||||||||
Distributions from distributable earnings | ||||||||
Class A | (3,222,932 | ) | (6,137,953 | ) | ||||
Class B | (25,847 | ) | (71,940 | ) | ||||
Class C | (478,442 | ) | (917,726 | ) | ||||
Class Z | (14,878,695 | ) | (22,966,009 | ) | ||||
Class R2 | (331 | ) | (255 | ) | ||||
Class R4 | (9,130 | ) | (1,015 | ) | ||||
Class R6 | (15,594,805 | ) | (22,571,586 | ) | ||||
|
|
|
| |||||
(34,210,182 | ) | (52,666,484 | ) | |||||
|
|
|
| |||||
Fund share transactions (Net of share conversions) | ||||||||
Net proceeds from shares sold | 506,212,121 | 1,290,833,238 | ||||||
Net asset value of shares issued in reinvestment of dividends and distributions | 32,231,223 | 48,731,606 | ||||||
Cost of shares reacquired | (364,928,035 | ) | (540,533,576 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets from Fund share transactions | 173,515,309 | 799,031,268 | ||||||
|
|
|
| |||||
Total increase (decrease) | 256,561,806 | 688,546,380 | ||||||
Net Assets: | ||||||||
Beginning of period | 1,748,893,360 | 1,060,346,980 | ||||||
|
|
|
| |||||
End of period | $ | 2,005,455,166 | $ | 1,748,893,360 | ||||
|
|
|
|
See Notes to Financial Statements.
168 |
Notes to Financial Statements(unaudited)
Prudential Global Total Return Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of two funds: PGIM Global Total Return (USD Hedged) Fund and PGIM Global Total Return Fund, each of which arenon-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Global Total Return Fund (the “Fund”).
The investment objective of the Fund is to seek total return, made up of current income and capital appreciation.
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 Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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 reportingperiod-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 Company’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.
PGIM Global Total Return Fund | 169 |
Notes to Financial Statements(unaudited) (continued)
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 inopen-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.
170 |
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 OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
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 Rule22e-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 and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.
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Notes to Financial Statements(unaudited) (continued)
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.
Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR):The Fund purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the Fund. These are insurance-like products that are called CAS by Fannie Mae and STACR securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Fund could lose some or all of its principal if the underlying mortgages experience credit defaults.
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.
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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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Company’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.
Forward and Cross Currency Contracts:A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation (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
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Notes to Financial Statements(unaudited) (continued)
transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.
The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.
When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.
Financial Futures Contracts:A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. 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
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since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.
Bank Loans:The Fund invests in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.
Forward Rate Agreements:Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.
Swap Agreements:The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty(“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (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. Any 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
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Notes to Financial Statements(unaudited) (continued)
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 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
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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.
Total Return Swaps:In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund’s maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.
Master Netting Arrangements:The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of 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 toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-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 Company, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC
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Notes to Financial Statements(unaudited) (continued)
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 orre-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.
As of April 30, 2019, 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.
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Payment-In-Kind:The Fund invests in the open market or receive pursuant to debt restructuring, securities thatpay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.
Securities Lending:The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. 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 on the Statement of Operations as “Income from securities lending, net”.
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 theex-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 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.
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Notes to Financial Statements(unaudited) (continued)
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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-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 Company, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments 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. PGIM Investments 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.
PGIM Investments 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. PGIM Investments pays for the
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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 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the six months ended April 30, 2019.
The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.88% of average daily net assets for Class A shares, 1.63% of average daily net assets for Class B shares, 1.63% of average daily net assets for Class C shares, 0.63% of average daily net assets for Class Z shares, 1.08% of average daily net assets for Class R2 shares, 0.83% of average daily net assets for Class R4 shares, and 0.58% 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 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 Company, 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, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C and Class R2 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, Class R4 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%, 1%, 1% and 0.25% of the average daily net assets of the Class A, Class B, Class C and Class R2 shares, respectively.
The Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or
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Notes to Financial Statements(unaudited) (continued)
third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.
For the reporting period ended April 30, 2019, PIMS received $189,835 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $538 and $2,161 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. 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 Company’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.
The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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 Rule17a-7 procedures and consistent with guidance issued by the SEC, the Company’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 such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.
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. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend
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income” and “Income from securities lending, net”, respectively.
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, 2019, were $420,808,513 and $243,513,434, respectively.
A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, 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* | ||||||||||||||||||||||||||||||
$ | 4,343,643 | $ | 293,867,621 | $ | 283,988,199 | $ | — | $ | — | $ | 14,223,065 | 14,223,065 | $ | 554,198 | ||||||||||||||||
PGIM Institutional Money Market Fund* | ||||||||||||||||||||||||||||||
28,961,591 | 73,471,417 | 70,253,175 | 7,718 | (572 | ) | 32,186,979 | 32,177,326 | 24,674 | ** | |||||||||||||||||||||
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| |||||||||||||||||
$ | 33,305,234 | $ | 367,339,038 | $ | 354,241,374 | $ | 7,718 | $ | (572 | ) | $ | 46,410,044 | $ | 578,872 | ||||||||||||||||
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* | The Fund did not have any capital gain distributions during the reporting period. |
** | This amount is included in “Income from securities lending, net” on the Statement of Operations. |
For the reporting period ended April 30, 2019, no17a-7 transactions were entered into by the Fund.
5. Tax Information
The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2019 were as follows:
Tax Basis | $ | 2,006,360,848 | ||
|
| |||
Gross Unrealized Appreciation | 207,581,118 | |||
Gross Unrealized Depreciation | (184,944,502 | ) | ||
|
| |||
Net Unrealized Appreciation | $ | 22,636,616 | ||
|
|
The book basis may differ from tax basis due to certaintax-related adjustments.
For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $28,507,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.
The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is
PGIM Global Total Return Fund | 183 |
Notes to Financial Statements(unaudited) (continued)
required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
6. Capital and Ownership
The Fund offers Class A, Class B, Class C, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 4.50%. 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. Class B shares are closed to new 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, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.
Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock.
There are 2 billion shares of common stock, at $0.01 par value per share, authorized and divided into eight classes, designated Class A, Class B, Class C, Class Z, Class R2, Class R4, Class R6 and Class T, each of which consists of 200 million, 50 million, 320 million, 650 million, 90 million, 90 million, 475 million and 125 million authorized shares, respectively. The Fund currently does not have any Class T shares outstanding.
As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,512 Class R2 shares and 1,517 Class R4 shares of the Fund. At reporting period end, five shareholders of record, each holding greater than 5% of the Fund, held 66% of the Fund’s outstanding shares.
184 |
Transactions in shares of common stock were as follows:
Class A | Shares | Amount | ||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 3,011,848 | $ | 19,682,472 | |||||
Shares issued in reinvestment of dividends and distributions | 443,416 | 2,915,212 | ||||||
Shares reacquired | (4,883,414 | ) | (31,863,624 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | (1,428,150 | ) | (9,265,940 | ) | ||||
Shares issued upon conversion from other share class(es) | 503,852 | 3,333,284 | ||||||
Shares reacquired upon conversion into other share class(es) | (899,171 | ) | (5,953,573 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | (1,823,469 | ) | $ | (11,886,229 | ) | |||
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| |||||
Year ended October 31, 2018: | ||||||||
Shares sold | 10,889,230 | $ | 73,367,027 | |||||
Shares issued in reinvestment of dividends and distributions | 834,881 | 5,561,624 | ||||||
Shares reacquired | (6,967,781 | ) | (46,330,288 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | 4,756,330 | 32,598,363 | ||||||
Shares issued upon conversion from other share class(es) | 556,745 | 3,674,264 | ||||||
Shares reacquired upon conversion into other share class(es) | (2,290,951 | ) | (15,493,924 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | 3,022,124 | $ | 20,778,703 | |||||
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| |||||
Class B | ||||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 1,690 | $ | 10,916 | |||||
Shares issued in reinvestment of dividends and distributions | 3,200 | 20,997 | ||||||
Shares reacquired | (36,241 | ) | (237,445 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | (31,351 | ) | (205,532 | ) | ||||
Shares reacquired upon conversion into other share class(es) | (92,935 | ) | (606,112 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | (124,286 | ) | $ | (811,644 | ) | |||
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| |||||
Year ended October 31, 2018: | ||||||||
Shares sold | 37,578 | $ | 257,275 | |||||
Shares issued in reinvestment of dividends and distributions | 8,772 | 58,565 | ||||||
Shares reacquired | (85,878 | ) | (571,206 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | (39,528 | ) | (255,366 | ) | ||||
Shares reacquired upon conversion into other share class(es) | (95,908 | ) | (633,247 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | (135,436 | ) | $ | (888,613 | ) | |||
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| |||||
Class C | ||||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 495,336 | $ | 3,232,642 | |||||
Shares issued in reinvestment of dividends and distributions | 65,779 | 431,704 | ||||||
Shares reacquired | (838,501 | ) | (5,446,144 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | (277,386 | ) | (1,781,798 | ) | ||||
Shares reacquired upon conversion into other share class(es) | (270,161 | ) | (1,786,587 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | (547,547 | ) | $ | (3,568,385 | ) | |||
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| |||||
Year ended October 31, 2018: | ||||||||
Shares sold | 2,294,887 | $ | 15,542,300 | |||||
Shares issued in reinvestment of dividends and distributions | 121,101 | 804,239 | ||||||
Shares reacquired | (1,378,941 | ) | (9,141,921 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | 1,037,047 | 7,204,618 | ||||||
Shares reacquired upon conversion into other share class(es) | (224,152 | ) | (1,509,290 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | 812,895 | $ | 5,695,328 | |||||
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PGIM Global Total Return Fund | 185 |
Notes to Financial Statements(unaudited) (continued)
Class Z | Shares | Amount | ||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 33,907,269 | $ | 223,063,046 | |||||
Shares issued in reinvestment of dividends and distributions | 2,006,495 | 13,276,998 | ||||||
Shares reacquired | (31,089,220 | ) | (203,493,382 | ) | ||||
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|
|
| |||||
Net increase (decrease) in shares outstanding before conversion | 4,824,544 | 32,846,662 | ||||||
Shares issued upon conversion from other share class(es) | 972,271 | 6,469,436 | ||||||
Shares reacquired upon conversion into other share class(es) | (324,492 | ) | (2,155,701 | ) | ||||
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|
|
| |||||
Net increase (decrease) in shares outstanding | 5,472,323 | $ | 37,160,397 | |||||
|
|
|
| |||||
Year ended October 31, 2018: | ||||||||
Shares sold | 103,397,910 | $ | 701,748,505 | |||||
Shares issued in reinvestment of dividends and distributions | 2,967,604 | 19,758,448 | ||||||
Shares reacquired | (45,990,012 | ) | (305,303,771 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | 60,375,502 | 416,203,182 | ||||||
Shares issued upon conversion from other share class(es) | 2,449,265 | 16,637,716 | ||||||
Shares reacquired upon conversion into other share class(es) | (736,644 | ) | (4,882,979 | ) | ||||
|
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|
| |||||
Net increase (decrease) in shares outstanding | 62,088,123 | $ | 427,957,919 | |||||
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| |||||
Class R2 | ||||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 3,454 | $ | 22,875 | |||||
Shares issued in reinvestment of dividends and distributions | 49 | 331 | ||||||
Shares reacquired | (1,668 | ) | (11,100 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | 1,835 | $ | 12,106 | |||||
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| |||||
Period ended October 31, 2018*: | ||||||||
Shares sold | 1,571 | $ | 10,785 | |||||
Shares issued in reinvestment of dividends and distributions | 38 | 255 | ||||||
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| |||||
Net increase (decrease) in shares outstanding | 1,609 | $ | 11,040 | |||||
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| |||||
Class R4 | ||||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 85,941 | $ | 562,339 | |||||
Shares issued in reinvestment of dividends and distributions | 1,362 | 9,129 | ||||||
Shares reacquired | (9,567 | ) | (63,442 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | 77,736 | $ | 508,026 | |||||
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| |||||
Period ended October 31, 2018*: | ||||||||
Shares sold | 19,550 | $ | 129,371 | |||||
Shares issued in reinvestment of dividends and distributions | 155 | 1,015 | ||||||
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| |||||
Net increase (decrease) in shares outstanding | 19,705 | $ | 130,386 | |||||
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|
186 |
Class R6 | Shares | Amount | ||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 38,961,087 | $ | 259,637,831 | |||||
Shares issued in reinvestment of dividends and distributions | 2,338,892 | 15,576,852 | ||||||
Shares reacquired | (18,775,490 | ) | (123,812,898 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | 22,524,489 | 151,401,785 | ||||||
Shares issued upon conversion from other share class(es) | 108,090 | 718,779 | ||||||
Shares reacquired upon conversion into other share class(es) | (2,905 | ) | (19,526 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding | 22,629,674 | $ | 152,101,038 | |||||
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| |||||
Year ended October 31, 2018: | ||||||||
Shares sold | 73,698,438 | $ | 499,777,975 | |||||
Shares issued in reinvestment of dividends and distributions | 3,356,092 | 22,547,460 | ||||||
Shares reacquired | (26,619,916 | ) | (179,186,390 | ) | ||||
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| |||||
Net increase (decrease) in shares outstanding before conversion | 50,434,614 | 343,139,045 | ||||||
Shares issued upon conversion from other share class(es) | 363,933 | 2,442,152 | ||||||
Shares reacquired upon conversion into other share class(es) | (34,169 | ) | (234,692 | ) | ||||
|
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| |||||
Net increase (decrease) in shares outstanding | 50,764,378 | $ | 345,346,505 | |||||
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* | Commencement of offering was December 27, 2017. |
7. Borrowings
The Company, 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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.
Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.
The Fund utilized the SCA during the reporting period ended April 30, 2019. The average daily balance for the 7 days that the Fund had loans outstanding during the period was approximately $3,913,286, borrowed at a weighted average interest rate of 3.58%. The maximum loan outstanding amount during the period was $6,039,000. At April 30, 2019, the Fund did not have an outstanding loan amount.
PGIM Global Total Return Fund | 187 |
Notes to Financial Statements(unaudited) (continued)
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.
Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility.
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
188 |
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.
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.
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.
PGIM Global Total Return Fund | 189 |
Notes to Financial Statements(unaudited) (continued)
Non-diversification Risk:Anon-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 anon-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 anon-diversified fund.
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 determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.
190 |
Financial Highlights(unaudited)
Class A Shares | ||||||||||||||||||||||||||||
Six Months 2019 | Year Ended October 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $6.36 | $6.75 | $6.64 | $6.45 | $6.88 | $6.92 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | 0.08 | 0.14 | 0.14 | 0.17 | 0.17 | 0.19 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.35 | (0.31 | ) | 0.19 | 0.25 | (0.37 | ) | 0.06 | ||||||||||||||||||||
Total from investment operations | 0.43 | (0.17 | ) | 0.33 | 0.42 | (0.20 | ) | 0.25 | ||||||||||||||||||||
Less Dividends and Distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income* | (0.12 | ) | (0.22 | ) | (0.13 | ) | (0.12 | ) | (0.04 | ) | (0.15 | ) | ||||||||||||||||
Tax return of capital distributions | - | - | (0.05 | ) | (0.03 | ) | (0.19 | ) | (0.14 | ) | ||||||||||||||||||
Distributions from net realized gains | - | - | (0.04 | ) | (0.08 | ) | - | - | ||||||||||||||||||||
Total dividends and distributions | (0.12 | ) | (0.22 | ) | (0.22 | ) | (0.23 | ) | (0.23 | ) | (0.29 | ) | ||||||||||||||||
Net asset value, end of period | $6.67 | $6.36 | $6.75 | $6.64 | $6.45 | $6.88 | ||||||||||||||||||||||
Total Return(b): | 6.58% | (2.65)% | 5.12% | 6.60% | (2.90)% | 3.67% | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $180,738 | $184,064 | $174,732 | $202,770 | $157,404 | $190,394 | ||||||||||||||||||||||
Average net assets (000) | $181,685 | $187,975 | $175,014 | $169,299 | $175,942 | $163,155 | ||||||||||||||||||||||
Ratios to average net assets(c)(d)(e): | ||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.88% | (f) | 0.88% | 0.88% | 0.97% | 1.05% | 1.25% | |||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 1.03% | (f) | 1.02% | 0.99% | 1.14% | 1.24% | 1.30% | |||||||||||||||||||||
Net investment income (loss) | 2.47% | (f) | 2.11% | 2.12% | 2.57% | 2.50% | 2.79% | |||||||||||||||||||||
Portfolio turnover rate(g) | 16% | 40% | 75% | 86% | 95% | 65% |
* | Dividends from net investment income may include other items that are ordinary income for tax purposes. |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective March 9, 2015, the contractual distribution and service(12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets and the 0.05% contractual12b-1 fee waiver was terminated. |
(e) | Effective November 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 Total Return Fund | 191 |
Financial Highlights(unaudited) (continued)
Class B Shares | ||||||||||||||||||||||||||||
Six Months 2019 | Year Ended October 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $6.36 | $6.74 | $6.64 | $6.44 | $6.88 | $6.92 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | 0.06 | 0.09 | 0.09 | 0.12 | 0.12 | 0.14 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.34 | (0.30 | ) | 0.18 | 0.26 | (0.38 | ) | 0.06 | ||||||||||||||||||||
Total from investment operations | 0.40 | (0.21 | ) | 0.27 | 0.38 | (0.26 | ) | 0.20 | ||||||||||||||||||||
Less Dividends and Distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income* | (0.09 | ) | (0.17 | ) | (0.10 | ) | (0.08 | ) | (0.03 | ) | (0.10 | ) | ||||||||||||||||
Tax return of capital distributions | - | - | (0.03 | ) | (0.02 | ) | (0.15 | ) | (0.14 | ) | ||||||||||||||||||
Distributions from net realized gains | - | - | (0.04 | ) | (0.08 | ) | - | - | ||||||||||||||||||||
Total dividends and distributions | (0.09 | ) | (0.17 | ) | (0.17 | ) | (0.18 | ) | (0.18 | ) | (0.24 | ) | ||||||||||||||||
Net asset value, end of period | $6.67 | $6.36 | $6.74 | $6.64 | $6.44 | $6.88 | ||||||||||||||||||||||
Total Return(b): | 6.19% | (3.23)% | 4.20% | 5.99% | (3.75)% | 2.90% | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $1,444 | $2,168 | $3,212 | $4,202 | $4,660 | $6,548 | ||||||||||||||||||||||
Average net assets (000) | $1,844 | $2,885 | $3,559 | $4,457 | $5,469 | $6,790 | ||||||||||||||||||||||
Ratios to average net assets(c)(d): | ||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 1.63% | (e) | 1.63% | 1.63% | 1.72% | 1.80% | 2.00% | |||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 2.76% | (e) | 2.37% | 1.74% | 1.89% | 1.97% | 2.00% | |||||||||||||||||||||
Net investment income (loss) | 1.78% | (e) | 1.34% | 1.39% | 1.85% | 1.77% | 2.05% | |||||||||||||||||||||
Portfolio turnover rate(f) | 16% | 40% | 75% | 86% | 95% | 65% |
* | Dividends from net investment income may include other items that are ordinary income for tax purposes. |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
192 |
Class C Shares | ||||||||||||||||||||||||||||
Six Months 2019 | Year Ended October 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $6.35 | $6.73 | $6.63 | $6.44 | $6.86 | $6.90 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | 0.06 | 0.09 | 0.09 | 0.12 | 0.12 | 0.14 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.34 | (0.30 | ) | 0.18 | 0.25 | (0.36 | ) | 0.06 | ||||||||||||||||||||
Total from investment operations | 0.40 | (0.21 | ) | 0.27 | 0.37 | (0.24 | ) | 0.20 | ||||||||||||||||||||
Less Dividends and Distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income* | (0.09 | ) | (0.17 | ) | (0.10 | ) | (0.08 | ) | (0.03 | ) | (0.10 | ) | ||||||||||||||||
Tax return of capital distributions | - | - | (0.03 | ) | (0.02 | ) | (0.15 | ) | (0.14 | ) | ||||||||||||||||||
Distributions from net realized gains | - | - | (0.04 | ) | (0.08 | ) | - | - | ||||||||||||||||||||
Total dividends and distributions | (0.09 | ) | (0.17 | ) | (0.17 | ) | (0.18 | ) | (0.18 | ) | (0.24 | ) | ||||||||||||||||
Net asset value, end of period | $6.66 | $6.35 | $6.73 | $6.63 | $6.44 | $6.86 | ||||||||||||||||||||||
Total Return(b): | 6.20% | (3.24)% | 4.19% | 5.82% | (3.48)% | 2.90% | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $32,921 | $34,889 | $31,509 | $35,848 | $29,427 | $34,691 | ||||||||||||||||||||||
Average net assets (000) | $34,055 | $36,335 | $31,191 | $30,873 | $33,144 | $30,378 | ||||||||||||||||||||||
Ratios to average net assets(c)(d): | ||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 1.63% | (e) | 1.63% | 1.63% | 1.72% | 1.80% | 2.00% | |||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 1.72% | (e) | 1.73% | 1.74% | 1.89% | 1.97% | 2.00% | |||||||||||||||||||||
Net investment income (loss) | 1.71% | (e) | 1.37% | 1.39% | 1.83% | 1.76% | 2.05% | |||||||||||||||||||||
Portfolio turnover rate(f) | 16% | 40% | 75% | 86% | 95% | 65% |
* | Dividends from net investment income may include other items that are ordinary income for tax purposes. |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 193 |
Financial Highlights(unaudited) (continued)
Class Z Shares | ||||||||||||||||||||||||||||
Six Months 2019 | Year Ended October 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $6.40 | $6.78 | $6.67 | $6.47 | $6.90 | $6.94 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | 0.09 | 0.16 | 0.15 | 0.18 | 0.18 | 0.21 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.34 | (0.31 | ) | 0.20 | 0.27 | (0.36 | ) | 0.06 | ||||||||||||||||||||
Total from investment operations | 0.43 | (0.15 | ) | 0.35 | 0.45 | (0.18 | ) | 0.27 | ||||||||||||||||||||
Less Dividends and Distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income* | (0.12 | ) | (0.23 | ) | (0.15 | ) | (0.14 | ) | (0.05 | ) | (0.17 | ) | ||||||||||||||||
Tax return of capital distributions | - | - | (0.05 | ) | (0.03 | ) | (0.20 | ) | (0.14 | ) | ||||||||||||||||||
Distributions from net realized gains | - | - | (0.04 | ) | (0.08 | ) | - | - | ||||||||||||||||||||
Total dividends and distributions | (0.12 | ) | (0.23 | ) | (0.24 | ) | (0.25 | ) | (0.25 | ) | (0.31 | ) | ||||||||||||||||
Net asset value, end of period | $6.71 | $6.40 | $6.78 | $6.67 | $6.47 | $6.90 | ||||||||||||||||||||||
Total Return(b): | 6.67% | (2.25)% | 5.35% | 7.00% | (2.66)% | 3.92% | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $838,926 | $765,708 | $390,194 | $303,960 | $115,119 | $119,628 | ||||||||||||||||||||||
Average net assets (000) | $788,008 | $648,173 | $340,627 | $153,146 | $129,045 | $71,247 | ||||||||||||||||||||||
Ratios to average net assets(c)(d): | ||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.63% | (e) | 0.63% | 0.63% | 0.72% | 0.80% | 1.00% | |||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.69% | (e) | 0.71% | 0.74% | 0.89% | 0.96% | 1.00% | |||||||||||||||||||||
Net investment income (loss) | 2.64% | (e) | 2.39% | 2.35% | 2.77% | 2.73% | 3.00% | |||||||||||||||||||||
Portfolio turnover rate(f) | 16% | 40% | 75% | 86% | 95% | 65% |
* | Dividends from net investment income may include other items that are ordinary income for tax purposes. |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
194 |
Class R2 Shares | ||||||||||||
Six Months Ended April 30, 2019 | December 27, 2017(a) through October 31, 2018 | |||||||||||
Per Share Operating Performance(b): | ||||||||||||
Net Asset Value, Beginning of Period | $6.44 | $6.90 | ||||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.07 | 0.09 | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.35 | (0.38 | ) | |||||||||
Total from investment operations | 0.42 | (0.29 | ) | |||||||||
Less Dividends and Distributions: | ||||||||||||
Dividends from net investment income* | (0.11 | ) | (0.17 | ) | ||||||||
Net asset value, end of period | $6.75 | $6.44 | ||||||||||
Total Return(c): | 6.55% | (4.24)% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000) | $23 | $10 | ||||||||||
Average net assets (000) | $20 | $10 | ||||||||||
Ratios to average net assets(d): | ||||||||||||
Expenses after waivers and/or expense reimbursement | 1.08% | (e) | 1.08% | (e) | ||||||||
Expenses before waivers and/or expense reimbursement | 80.37% | (e) | 236.32% | (e) | ||||||||
Net investment income (loss) | 2.18% | (e) | 1.67% | (e) | ||||||||
Portfolio turnover rate(f) | 16% | 40% |
* | Dividends from net investment income may include other items that are ordinary income for tax purposes. |
(a) | Commencement of offering. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | 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) | Annualized. |
(f) | 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 Total Return Fund | 195 |
Financial Highlights(unaudited) (continued)
Class R4 Shares | ||||||||||||
Six Months Ended April 30, 2019 | December 27, 2017(a) through October 31, 2018 | |||||||||||
Per Share Operating Performance(b): | ||||||||||||
Net Asset Value, Beginning of Period | $6.45 | $6.90 | ||||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.07 | 0.12 | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.36 | (0.38 | ) | |||||||||
Total from investment operations | 0.43 | (0.26 | ) | |||||||||
Less Dividends and Distributions: | ||||||||||||
Dividends from net investment income* | (0.12 | ) | (0.19 | ) | ||||||||
Net asset value, end of period | $6.76 | $6.45 | ||||||||||
Total Return(c): | 6.52% | (3.88)% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000) | $658 | $127 | ||||||||||
Average net assets (000) | $507 | $33 | ||||||||||
Ratios to average net assets(d): | ||||||||||||
Expenses after waivers and/or expense reimbursement | 0.83% | (e) | 0.83% | (e) | ||||||||
Expenses before waivers and/or expense reimbursement | 3.75% | (e) | 70.94% | (e) | ||||||||
Net investment income (loss) | 2.05% | (e) | 2.23% | (e) | ||||||||
Portfolio turnover rate(f) | 16% | 40% |
* | Dividends from net investment income may include other items that are ordinary income for tax purposes. |
(a) | Commencement of offering. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | 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) | Annualized. |
(f) | 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.
196 |
Class R6 Shares | ||||||||||||||||||||||||||||
Six Months 2019 | Year Ended October 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Per Share Operating Performance(a): | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $6.44 | $6.82 | $6.72 | $6.53 | $6.97 | $6.94 | ||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||
Net investment income (loss) | 0.09 | 0.16 | 0.16 | 0.19 | 0.17 | 0.23 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.35 | (0.30 | ) | 0.18 | 0.26 | (0.36 | ) | 0.12 | ||||||||||||||||||||
Total from investment operations | 0.44 | (0.14 | ) | 0.34 | 0.45 | (0.19 | ) | 0.35 | ||||||||||||||||||||
Less Dividends and Distributions: | ||||||||||||||||||||||||||||
Dividends from net investment income* | (0.13 | ) | (0.24 | ) | (0.15 | ) | (0.15 | ) | (0.05 | ) | (0.18 | ) | ||||||||||||||||
Tax return of capital distributions | - | - | (0.05 | ) | (0.03 | ) | (0.20 | ) | (0.14 | ) | ||||||||||||||||||
Distributions from net realized gains | - | - | (0.04 | ) | (0.08 | ) | - | - | ||||||||||||||||||||
Total dividends and distributions | (0.13 | ) | (0.24 | ) | (0.24 | ) | (0.26 | ) | (0.25 | ) | (0.32 | ) | ||||||||||||||||
Net asset value, end of period | $6.75 | $6.44 | $6.82 | $6.72 | $6.53 | $6.97 | ||||||||||||||||||||||
Total Return(b): | 6.67% | (2.19)% | 5.21% | 6.90% | (2.71)% | 5.09% | ||||||||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $950,744 | $761,927 | $460,700 | $61,713 | $27,141 | $869 | ||||||||||||||||||||||
Average net assets (000) | $815,400 | $636,670 | $271,620 | $40,135 | $19,157 | $295 | ||||||||||||||||||||||
Ratios to average net assets(c)(d): | ||||||||||||||||||||||||||||
Expenses after waivers and/or expense reimbursement | 0.56% | (e) | 0.58% | 0.58% | 0.59% | 0.72% | 0.87% | |||||||||||||||||||||
Expenses before waivers and/or expense reimbursement | 0.56% | (e) | 0.58% | 0.59% | 0.76% | 0.82% | 0.87% | |||||||||||||||||||||
Net investment income (loss) | 2.70% | (e) | 2.39% | 2.33% | 2.86% | 2.64% | 3.24% | |||||||||||||||||||||
Portfolio turnover rate(f) | 16% | 40% | 75% | 86% | 95% | 65% |
* | Dividends from net investment income may include other items that are ordinary income for tax purposes. |
(a) | Calculated based on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective November 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
See Notes to Financial Statements.
PGIM Global Total Return Fund | 197 |
∎ TELEPHONE | ∎ WEBSITE | |||
655 Broad Street Newark, NJ 07102 | (800) 225-1852 | pgiminvestments.com |
PROXY VOTING |
The Board of Directors 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. |
DIRECTORS |
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• Raymond A. O’Hara,Chief Legal Officer• Chad A. Earnst,Chief Compliance Officer• Dino Capasso,Deputy Chief Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary•Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Peter Parrella,Assistant Treasurer• Lana Lomuti,Assistant Treasurer• Linda McMullin, Assistant Treasurer• Kelly A. Coyne,Assistant Treasurer• Charles H. Smith,Anti-Money Laundering Compliance Officer |
MANAGER | PGIM Investments LLC | 655 Broad Street Newark, NJ 07102 | ||
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SUBADVISER | PGIM Fixed Income | 655 Broad Street Newark, NJ 07102 | ||
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DISTRIBUTOR | Prudential Investment Management Services LLC | 655 Broad Street Newark, NJ 07102 | ||
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CUSTODIAN | The Bank of New York Mellon | 240 Greenwich Street New York, NY 10286 | ||
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TRANSFER AGENT | Prudential Mutual Fund Services LLC | PO Box 9658 Providence, RI 02940 | ||
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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | KPMG LLP | 345 Park Avenue New York, NY 10154 | ||
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FUND COUNSEL | Willkie Farr & Gallagher LLP | 787 Seventh Avenue New York, NY 10019 | ||
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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 atpgiminvestments.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 topgiminvestments.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 DIRECTORS |
Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Global Total Return Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee. |
AVAILABILITY OF PORTFOLIO SCHEDULE |
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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter. |
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 TOTAL RETURN FUND
SHARE CLASS | A | B | C | Z | R2 | R4 | R6 | |||||||
NASDAQ | GTRAX | PBTRX | PCTRX | PZTRX | PGTOX | PGTSX | PGTQX | |||||||
CUSIP | 74439A103 | 74439A202 | 74439A301 | 74439A400 | 74439A863 | 74439A855 | 74439A509 |
MF169E2
PGIM GLOBAL TOTAL RETURN (USD HEDGED) FUND
SEMIANNUAL REPORT
APRIL 30, 2019
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
Objective:Total return, through a combination of current income and capital appreciation |
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, 2019 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.© 2019 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 |
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PGIM Global Total Return (USD Hedged) Fund | 3 |
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Dear Shareholder:
We hope you find the semiannual report for PGIM Global Total Return (USD Hedged) Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.
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 Total Return (USD Hedged) Fund
June 14, 2019
PGIM Global Total Return (USD Hedged) Fund | 5 |
Your Fund’s Performance(unaudited)
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 atpgiminvestments.com or by calling (800) 225-1852.
Total Returns as of 4/30/19 (without sales charges) | Average Annual Total Returns as of 4/30/19 | |||||
Six Months* (%) | One Year (%) | Since Inception (%) | ||||
Class A | 7.34 | 0.76 | –0.07 (12/12/17) | |||
Class C | 6.95 | 3.73 | 2.55 (12/12/17) | |||
Class Z | 7.47 | 5.77 | 3.57 (12/12/17) | |||
Class R6 | 7.51 | 5.83 | 3.62 (12/12/17) | |||
Bloomberg Barclays Global Aggregate (USD Hedged) Index | ||||||
5.05 | 5.39 | 3.58 | ||||
Lipper Global Income Funds Average | ||||||
4.44 | 1.82 | 1.24 |
Source: PGIM Investments LLC and Lipper Inc.
*Not annualized
Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the Fund’s inception date.
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 | 4.50% of the public offering price | None | None | None | ||||
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption) | 1.00% on sales of $1 million or more made within 12 months of purchase | 1.00% on sales made within 12 months of purchase | None | None | ||||
Annual distribution and service(12b-1) fees (shown as a percentage of average daily net assets) | 0.25% | 1.00% | None | None |
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Benchmark Definitions
Bloomberg Barclays Global Aggregate (USD Hedged) Index—The Bloomberg Barclays Global Aggregate (USD Hedged) Index is an unmanaged index of global investment-grade fixed income markets. The three major components of this index are the US Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. Returns for the index are hedged to the US Dollar.
Lipper Global Income Funds Average—The Lipper Global Income Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Global Income Funds universe. Funds in the Lipper Average invest primarily in US dollar and non-US dollar debt securities of issuers located in at least three countries, one of which may be the United States.
Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.
Distributions and Yields as of 4/30/19 | ||||||
Total Distributions Paid for Six Months ($) | SEC 30-Day Subsidized Yield* (%) | SEC 30-Day Unsubsidized Yield** (%) | ||||
Class A | 0.40 | 2.19 | –6.27 | |||
Class C | 0.36 | 1.54 | –73.01 | |||
Class Z | 0.41 | 2.54 | –2.10 | |||
Class R6 | 0.41 | 2.60 | 1.72 |
*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.
PGIM Global Total Return (USD Hedged) Fund | 7 |
Your Fund’s Performance(continued)
Credit Quality expressed as a percentage of total investments as of 4/30/19 (%) | ||||
AAA | 25.9 | |||
AA | 9.5 | |||
A | 20.5 | |||
BBB | 26.8 | |||
BB | 7.5 | |||
B | 4.3 | |||
CCC | 0.4 | |||
Not Rated | 4.0 | |||
Cash/Cash Equivalents | 1.1 | |||
Total | 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. Values may not sum to 100.0% due to rounding.
8 | Visit our website at pgiminvestments.com |
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, 2019. 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 Total Return (USD Hedged) Fund | 9 |
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 Total Return (USD Hedged) Fund | Beginning Account November 1, 2018 | Ending Account April 30, 2019 | Annualized Expense Ratio Based on the Six-Month Period | Expenses Paid During the Six-Month Period* | ||||||||||||||
Class A | Actual | $ | 1,000.00 | $ | 1,073.40 | 0.88 | % | $ | 4.52 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,020.43 | 0.88 | % | $ | 4.41 | ||||||||||
Class C | Actual | $ | 1,000.00 | $ | 1,069.50 | 1.63 | % | $ | 8.36 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,016.71 | 1.63 | % | $ | 8.15 | ||||||||||
Class Z | Actual | $ | 1,000.00 | $ | 1,074.70 | 0.63 | % | $ | 3.24 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,021.67 | 0.63 | % | $ | 3.16 | ||||||||||
Class R6 | Actual | $ | 1,000.00 | $ | 1,075.10 | 0.58 | % | $ | 2.98 | |||||||||
Hypothetical | $ | 1,000.00 | $ | 1,021.92 | 0.58 | % | $ | 2.91 |
*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.
10 | Visit our website at pgiminvestments.com |
Schedule of Investments(unaudited)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
LONG-TERM INVESTMENTS 97.7% | ||||||||||||||||
ASSET-BACKED SECURITIES 18.7% | ||||||||||||||||
Cayman Islands 12.7% | ||||||||||||||||
Bain Capital Credit CLO, | 3.552 | %(c) | 04/23/31 | 250 | $ | 245,698 | ||||||||||
Brookside Mill CLO Ltd., | 3.938 | (c) | 01/17/28 | 250 | 243,931 | |||||||||||
Carlyle Global Market Strategies CLO Ltd., | 3.558 | (c) | 04/17/31 | 250 | 246,404 | |||||||||||
Cent CLO Ltd., | 3.613 | (c) | 04/30/31 | 250 | 246,621 | |||||||||||
Greenwood Park CLO Ltd., | 3.607 | (c) | 04/15/31 | 250 | 246,251 | |||||||||||
Greywolf CLO Ltd., | 3.616 | (c) | 04/26/31 | 250 | 245,904 | |||||||||||
MidOcean Credit CLO, | 3.794 | (c) | 02/20/31 | 250 | 247,535 | |||||||||||
Series2018-08A, Class B, 144A, 3 Month LIBOR + 1.650% | 4.294 | (c) | 02/20/31 | 250 | 245,419 | |||||||||||
OZLM Ltd., | 4.338 | (c) | 04/17/31 | 250 | 246,908 | |||||||||||
Telos CLO Ltd., | 3.828 | (c) | 01/17/30 | 250 | 249,193 | |||||||||||
TICP CLO Ltd., | 3.892 | (c) | 07/20/27 | 250 | 244,188 | |||||||||||
Tryon Park CLO Ltd., | 4.097 | (c) | 04/15/29 | 250 | 246,954 |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 11 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
ASSET-BACKED SECURITIES (Continued) | ||||||||||||||||
Cayman Islands (cont’d.) | ||||||||||||||||
Venture CLO Ltd., | 4.012 | %(c) | 10/20/28 | 250 | $ | 250,394 | ||||||||||
Voya CLO Ltd., | 3.550 | (c) | 04/25/31 | 250 | 245,765 | |||||||||||
|
| |||||||||||||||
3,451,165 | ||||||||||||||||
Ireland 2.1% | ||||||||||||||||
Arbour CLO Ltd., | 1.920 | (cc) | 03/15/29 | EUR | 250 | 279,997 | ||||||||||
Armada Euro CLO, | 1.500 | (cc) | 11/15/31 | EUR | 250 | 280,053 | ||||||||||
|
| |||||||||||||||
560,050 | ||||||||||||||||
Spain 0.6% | ||||||||||||||||
TFS, | 2.900 | (c) | 03/16/23 | EUR | 133 | 148,754 | ||||||||||
United States 3.3% | ||||||||||||||||
Battalion CLO Ltd., | 3.753 | (c) | 05/17/31 | 250 | 245,466 | |||||||||||
Citibank Credit Card Issuance Trust, | 3.960 | 10/13/30 | 100 | 106,632 | ||||||||||||
OneMain Direct Auto Receivables Trust, | 3.630 | 09/14/27 | 100 | 101,098 | ||||||||||||
Oportun Funding LLC, | 3.610 | 03/08/24 | 250 | 250,569 | ||||||||||||
PNMAC GMSR Issuer Trust, | ||||||||||||||||
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% | 5.327 | (c) | 02/25/23 | 100 | 100,189 | |||||||||||
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% | 5.127 | (c) | 08/25/25 | 100 | 100,311 | |||||||||||
|
| |||||||||||||||
904,265 | ||||||||||||||||
|
| |||||||||||||||
TOTAL ASSET-BACKED SECURITIES | 5,064,234 | |||||||||||||||
|
|
See Notes to Financial Statements.
12 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES 9.1% |
| |||||||||||||||
United States | ||||||||||||||||
BANK, | 3.428 | % | 02/15/61 | 250 | $ | 254,451 | ||||||||||
Benchmark Mortgage Trust, | ||||||||||||||||
Series2018-B01, Class A3 | 3.355 | 01/15/51 | 175 | 177,402 | ||||||||||||
Series2018-B02, Class A3 | 3.544 | 02/15/51 | 200 | 204,808 | ||||||||||||
Series2018-B03, Class A3 | 3.746 | 04/10/51 | 125 | 129,385 | ||||||||||||
Citigroup Commercial Mortgage Trust, | 3.744 | 03/10/51 | 150 | 156,053 | ||||||||||||
FHLMC Multifamily Structured Pass-Through Certificates, | 0.800 | (cc) | 11/25/25 | 4,615 | 166,516 | |||||||||||
GS Mortgage Securities Trust, | 3.727 | 03/10/51 | 125 | 129,679 | ||||||||||||
UBS Commercial Mortgage Trust, | ||||||||||||||||
Series2017-C07, Class A3 | 3.418 | 12/15/50 | 750 | 757,983 | ||||||||||||
Series2018-C08, Class A3 | 3.720 | 02/15/51 | 250 | 258,024 | ||||||||||||
Wells Fargo Commercial Mortgage Trust, | 2.684 | 10/15/49 | 250 | 242,571 | ||||||||||||
|
| |||||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | 2,476,872 | |||||||||||||||
|
| |||||||||||||||
CORPORATE BONDS 27.6% | ||||||||||||||||
Canada 1.1% | ||||||||||||||||
Bombardier, Inc., | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 7.500 | 12/01/24 | 25 | 25,417 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 7.500 | 03/15/25 | 25 | 25,094 | ||||||||||||
Sr. Unsec’d. Notes, 144A | 7.875 | 04/15/27 | 15 | 15,094 | ||||||||||||
Hydro-Quebec, | 9.375 | 04/15/30 | 150 | 231,629 | ||||||||||||
|
| |||||||||||||||
297,234 | ||||||||||||||||
China 0.8% | ||||||||||||||||
CNAC HK Finbridge Co. Ltd., | 1.750 | 06/14/22 | EUR | 100 | 114,006 | |||||||||||
Sinopec Group Overseas Development 2015 Ltd., | 1.000 | 04/28/22 | EUR | 100 | 114,021 | |||||||||||
|
| |||||||||||||||
228,027 |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 13 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
France 1.4% | ||||||||||||||||
Credit Agricole Assurances SA, | 4.250 | %(ff) | — | (rr) | EUR | 100 | $ | 120,962 | ||||||||
Societe Generale SA, | 3.875 | 03/28/24 | 255 | 257,700 | ||||||||||||
|
| |||||||||||||||
378,662 | ||||||||||||||||
Germany 1.8% | ||||||||||||||||
Deutsche Bahn Finance GmbH, | 3.800 | 09/27/27 | AUD | 100 | 75,615 | |||||||||||
Deutsche Bank AG, | 4.250 | 02/04/21 | 200 | 200,594 | ||||||||||||
Takko Luxembourg SCA, | 5.375 | 11/15/23 | EUR | 100 | 93,373 | |||||||||||
Volkswagen International Finance NV, | 2.700 | (ff) | — | (rr) | EUR | 100 | 112,000 | |||||||||
|
| |||||||||||||||
481,582 | ||||||||||||||||
Italy 1.6% | ||||||||||||||||
Assicurazioni Generali SpA, | 5.500 | (ff) | 10/27/47 | EUR | 100 | 126,188 | ||||||||||
Intesa Sanpaolo SpA, | 3.375 | 01/12/23 | 200 | 196,564 | ||||||||||||
Rossini Sarl, | 6.750 | 10/30/25 | EUR | 100 | 120,964 | |||||||||||
|
| |||||||||||||||
443,716 | ||||||||||||||||
Kazakhstan 0.2% | ||||||||||||||||
Kazakhstan Temir Zholy National Co. JSC, | 3.638 | 06/20/22 | CHF | 50 | 51,604 | |||||||||||
Mexico 1.2% | ||||||||||||||||
Petroleos Mexicanos, | 3.625 | 11/24/25 | EUR | 300 | 329,954 | |||||||||||
Netherlands 0.6% | ||||||||||||||||
Nederlandse Waterschapsbank NV, | 3.400 | 07/22/25 | AUD | 200 | 151,049 |
See Notes to Financial Statements.
14 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
Peru 0.7% | ||||||||||||||||
Peru Enhanced Pass-Through Finance Ltd., | 1.963 | %(s) | 06/02/25 | 228 | $ | 200,719 | ||||||||||
Russia 0.5% | ||||||||||||||||
Gazprom OAO Via Gaz Capital SA, | 4.250 | 04/06/24 | GBP | 100 | 135,095 | |||||||||||
Spain 0.4% | ||||||||||||||||
Adif-Alta Velocidad, | 1.875 | 01/28/25 | EUR | 100 | 120,441 | |||||||||||
Supranational Bank 0.5% | ||||||||||||||||
African Development Bank, | 0.500 | 09/21/21 | NZD | 200 | 128,149 | |||||||||||
Switzerland 0.8% | ||||||||||||||||
UBS Group Funding Switzerland AG, | 4.125 | 09/24/25 | 200 | 207,292 | ||||||||||||
United Arab Emirates 0.5% | ||||||||||||||||
First Abu Dhabi Bank PJSC, | 4.800 | 06/01/21 | CNH | 1,000 | 150,373 | |||||||||||
United Kingdom 2.9% | ||||||||||||||||
Barclays PLC, | 3.932 | (cc) | 05/07/25 | 200 | 200,000 | |||||||||||
CPUK Finance Ltd., | 4.875 | 02/28/47 | GBP | 100 | 131,017 | |||||||||||
DS Smith PLC, | 1.375 | 07/26/24 | EUR | 100 | 113,944 | |||||||||||
Royal Bank of Scotland Group PLC, | 3.875 | 09/12/23 | 200 | 201,828 | ||||||||||||
Stonegate Pub Co. Financing PLC, | 7.095 | (c) | 03/15/22 | GBP | 100 | 131,051 | ||||||||||
|
| |||||||||||||||
777,840 | ||||||||||||||||
United States 12.6% | ||||||||||||||||
Altria Group, Inc., | 3.125 | 06/15/31 | EUR | 100 | 117,577 |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 15 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
American International Group, Inc., | 1.875 | % | 06/21/27 | EUR | 100 | $ | 115,106 | |||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | 7.000 | 11/01/26 | 25 | 24,375 | ||||||||||||
AT&T, Inc., | 4.850 | 03/01/39 | 100 | 102,275 | ||||||||||||
Bausch Health Americas, Inc., | 8.500 | 01/31/27 | 10 | 10,894 | ||||||||||||
Bausch Health Cos., Inc., | 5.750 | 08/15/27 | 5 | 5,210 | ||||||||||||
Beazer Homes USA, Inc., | 8.750 | 03/15/22 | 50 | 52,250 | ||||||||||||
Broadcom, Inc., | ||||||||||||||||
Gtd. Notes, 144A | 3.125 | 04/15/21 | 55 | 54,975 | ||||||||||||
Gtd. Notes, 144A | 3.125 | 10/15/22 | 45 | 44,763 | ||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., | 5.000 | 02/01/28 | 75 | 74,906 | ||||||||||||
Celgene Corp., | 3.450 | 11/15/27 | 100 | 98,989 | ||||||||||||
CHS/Community Health Systems, Inc., | 6.250 | 03/31/23 | 50 | 48,687 | ||||||||||||
Clear Channel Worldwide Holdings, Inc., | 9.250 | 02/15/24 | 25 | 26,906 | ||||||||||||
Dana Financing Luxembourg Sarl, | 6.500 | 06/01/26 | 50 | 52,312 | ||||||||||||
Discovery Communications LLC, | 4.900 | 03/11/26 | 100 | 106,361 | ||||||||||||
DISH DBS Corp., | 7.750 | 07/01/26 | 75 | 67,125 | ||||||||||||
Energizer Gamma Acquisition BV, | 4.625 | 07/15/26 | EUR | 100 | 115,400 | |||||||||||
Everi Payments, Inc., | 7.500 | 12/15/25 | 25 | 26,000 | ||||||||||||
General Motors Financial Co., Inc., | 3.850 | 01/05/28 | 100 | 95,543 | ||||||||||||
Goldman Sachs Group, Inc. (The), | 4.750 | 10/12/21 | EUR | 150 | 185,394 | |||||||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., | 6.500 | 04/15/29 | 25 | 26,500 |
See Notes to Financial Statements.
16 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
JPMorgan Chase & Co., | 3.702 | %(ff) | 05/06/30 | 65 | $ | 65,142 | ||||||||||
Kinder Morgan, Inc., | 4.300 | 03/01/28 | 200 | 206,962 | ||||||||||||
Kraft Heinz Foods Co., | 3.000 | 06/01/26 | 100 | 94,319 | ||||||||||||
Liberty Mutual Group, Inc., | 2.750 | 05/04/26 | EUR | 100 | 122,040 | |||||||||||
Marsh & McLennan Cos., Inc., | 1.349 | 09/21/26 | EUR | 100 | 114,302 | |||||||||||
Medtronic Global Holdings SCA, | 1.125 | 03/07/27 | EUR | 100 | 115,423 | |||||||||||
Morgan Stanley, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 1.342 | (ff) | 10/23/26 | EUR | 100 | 114,646 | ||||||||||
Sub. Notes, GMTN | 4.350 | 09/08/26 | 100 | 103,781 | ||||||||||||
MPLX LP, | 4.000 | 03/15/28 | 25 | 25,029 | ||||||||||||
Nationstar Mortgage Holdings, Inc., | 8.125 | 07/15/23 | 15 | 15,112 | ||||||||||||
Newell Brands, Inc., | 4.200 | 04/01/26 | 100 | 95,163 | ||||||||||||
NRG Energy, Inc., | 5.750 | 01/15/28 | 53 | 56,125 | ||||||||||||
Sally Holdings LLC/Sally Capital, Inc., | 5.500 | 11/01/23 | 50 | 50,250 | ||||||||||||
Scientific Games International, Inc., | 6.625 | 05/15/21 | 50 | 50,500 | ||||||||||||
Shire Acquisitions Investments Ireland DAC, | 3.200 | 09/23/26 | 25 | 24,331 | ||||||||||||
Sprint Capital Corp., | 8.750 | 03/15/32 | 50 | 52,500 | ||||||||||||
Stryker Corp., | 2.625 | 11/30/30 | EUR | 100 | 128,105 | |||||||||||
Tenet Healthcare Corp., | 6.250 | 02/01/27 | 25 | 26,062 | ||||||||||||
United Rentals North America, Inc., | ||||||||||||||||
Gtd. Notes | 5.250 | 01/15/30 | 10 | 10,050 | ||||||||||||
Gtd. Notes | 5.500 | 05/15/27 | 100 | 103,000 | ||||||||||||
Verizon Communications, Inc., | 1.250 | 04/08/30 | EUR | 100 | 112,329 | |||||||||||
William Lyon Homes, Inc., | 6.000 | 09/01/23 | 50 | 49,500 |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 17 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
CORPORATE BONDS (Continued) | ||||||||||||||||
United States (cont’d.) | ||||||||||||||||
Williams Cos., Inc. (The), | 3.600 | % | 03/15/22 | 100 | $ | 101,508 | ||||||||||
Zimmer Biomet Holdings, Inc., | 1.414 | 12/13/22 | EUR | 100 | 116,110 | |||||||||||
|
| |||||||||||||||
3,403,837 | ||||||||||||||||
|
| |||||||||||||||
TOTAL CORPORATE BONDS | 7,485,574 | |||||||||||||||
|
| |||||||||||||||
RESIDENTIAL MORTGAGE-BACKED SECURITIES 0.8% | ||||||||||||||||
Bermuda 0.6% | ||||||||||||||||
Bellemeade Re Ltd., | 4.077 | (c) | 04/25/28 | 167 | 167,752 | |||||||||||
United States 0.2% | ||||||||||||||||
LSTAR Securities Investment Trust, | 4.002 | (c) | 04/01/23 | 40 | 39,717 | |||||||||||
|
| |||||||||||||||
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES | 207,469 | |||||||||||||||
|
| |||||||||||||||
SOVEREIGN BONDS 37.4% | ||||||||||||||||
Argentina 1.3% | ||||||||||||||||
Argentine Republic Government International Bond, | 7.820 | 12/31/33 | EUR | 310 | 256,322 | |||||||||||
Provincia de Buenos Aires, | 5.375 | 01/20/23 | EUR | 100 | 83,008 | |||||||||||
|
| |||||||||||||||
339,330 | ||||||||||||||||
Austria 0.6% | ||||||||||||||||
Republic of Austria Government International Bond, | 5.375 | 12/01/34 | CAD | 160 | 157,827 | |||||||||||
Brazil 2.1% | ||||||||||||||||
Brazil Minas SPE via State of Minas Gerais, | 5.333 | 02/15/28 | 540 | 557,550 |
See Notes to Financial Statements.
18 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Bulgaria 0.5% | ||||||||||||||||
Bulgaria Government International Bond, | 3.125 | % | 03/26/35 | EUR | 100 | $ | 130,084 | |||||||||
Canada 0.4% | ||||||||||||||||
City of Toronto, | 3.500 | 12/06/21 | CAD | 150 | 116,433 | |||||||||||
Chile 0.5% | ||||||||||||||||
Chile Government International Bond, | 1.440 | 02/01/29 | EUR | 115 | 133,370 | |||||||||||
Colombia 1.0% | ||||||||||||||||
Colombia Government International Bond, | 3.875 | 03/22/26 | EUR | 200 | 262,455 | |||||||||||
Croatia 0.8% | ||||||||||||||||
Croatia Government International Bond, | 6.000 | 01/26/24 | 200 | 223,846 | ||||||||||||
Cyprus 2.1% | ||||||||||||||||
Cyprus Government International Bond, | ||||||||||||||||
Notes, EMTN | 2.750 | 02/26/34 | EUR | 100 | 121,286 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.250 | 11/04/25 | EUR | 50 | 67,963 | |||||||||||
Unsec’d. Notes, EMTN | 2.750 | 06/27/24 | EUR | 300 | 372,835 | |||||||||||
|
| |||||||||||||||
562,084 | ||||||||||||||||
Dominican Republic 0.4% | ||||||||||||||||
Dominican Republic International Bond, | 5.950 | 01/25/27 | 100 | 105,375 | ||||||||||||
Greece 2.2% | ||||||||||||||||
Hellenic Republic Government Bond, | ||||||||||||||||
Bonds | 0.000 | (cc) | 10/15/42 | EUR | 9,000 | 38,823 | ||||||||||
Bonds | 3.000 | (cc) | 02/24/37 | EUR | 440 | 478,673 | ||||||||||
Sr. Unsec’d. Notes, 144A | 3.375 | 02/15/25 | EUR | 20 | 23,260 | |||||||||||
Hellenic Republic Government International Bond, | 5.200 | 07/17/34 | EUR | 50 | 60,666 | |||||||||||
|
| |||||||||||||||
601,422 |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 19 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Hungary 0.6% | ||||||||||||||||
Hungary Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 1.750 | % | 10/10/27 | EUR | 100 | $ | 119,731 | |||||||||
Sr. Unsec’d. Notes | 6.375 | 03/29/21 | 50 | 53,176 | ||||||||||||
|
| |||||||||||||||
172,907 | ||||||||||||||||
Indonesia 1.2% | ||||||||||||||||
Indonesia Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 3.375 | 07/30/25 | EUR | 100 | 125,653 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 4.125 | 01/15/25 | 200 | 206,110 | ||||||||||||
|
| |||||||||||||||
331,763 | ||||||||||||||||
Israel 0.4% | ||||||||||||||||
Israel Government International Bond, | 1.500 | 01/18/27 | EUR | 100 | 118,818 | |||||||||||
Italy 5.5% | ||||||||||||||||
Italy Buoni Poliennali Del Tesoro, | ||||||||||||||||
Bonds | 2.000 | 12/01/25 | EUR | 275 | 309,928 | |||||||||||
Bonds | 2.800 | 12/01/28 | EUR | 165 | 191,278 | |||||||||||
Bonds, 144A | 2.800 | 03/01/67 | EUR | 105 | 100,369 | |||||||||||
Unsec’d. Notes, 144A | 4.500 | 03/01/26 | EUR | 250 | 324,823 | |||||||||||
Republic of Italy Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%) | 2.000 | (c) | 06/15/20 | EUR | 100 | 113,970 | ||||||||||
Sr. Unsec’d. Notes, EMTN | 5.125 | 07/31/24 | EUR | 350 | 455,489 | |||||||||||
|
| |||||||||||||||
1,495,857 | ||||||||||||||||
Kazakhstan 0.5% | ||||||||||||||||
Kazakhstan Government International Bond, | 2.375 | 11/09/28 | EUR | 115 | 134,531 | |||||||||||
Malaysia 0.4% | ||||||||||||||||
Malaysia Government Bond, | 4.048 | 09/30/21 | MYR | 457 | 112,110 | |||||||||||
Mexico 2.1% | ||||||||||||||||
Mexico Government International Bond, | 2.875 | 04/08/39 | EUR | 100 | 112,237 |
See Notes to Financial Statements.
20 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Mexico (cont’d.) | ||||||||||||||||
Mexico Government International Bond, (cont’d.) | ||||||||||||||||
Sr. Unsec’d. Notes, EMTN | 1.750 | % | 04/17/28 | EUR | 100 | $ | 111,409 | |||||||||
Sr. Unsec’d. Notes, GMTN | 5.500 | 02/17/20 | EUR | 100 | 116,961 | |||||||||||
Sr. Unsec’d. Notes, GMTN | 6.750 | 02/06/24 | GBP | 150 | 232,275 | |||||||||||
|
| |||||||||||||||
572,882 | ||||||||||||||||
New Zealand 0.6% | ||||||||||||||||
New Zealand Local Government Funding Agency Bond, | 4.500 | 04/15/27 | NZD | 200 | 151,237 | |||||||||||
Panama 0.8% | ||||||||||||||||
Panama Government International Bond, | 3.875 | 03/17/28 | 200 | 207,102 | ||||||||||||
Peru 0.5% | ||||||||||||||||
Peruvian Government International Bond, | 2.750 | 01/30/26 | EUR | 100 | 125,524 | |||||||||||
Poland 0.8% | ||||||||||||||||
Republic of Poland Government International Bond, | 5.000 | 03/23/22 | 200 | 212,402 | ||||||||||||
Portugal 2.6% | ||||||||||||||||
Portugal Obrigacoes do Tesouro OT, | ||||||||||||||||
Sr. Unsec’d. Notes, 144A | 3.875 | 02/15/30 | EUR | 435 | 618,752 | |||||||||||
Sr. Unsec’d. Notes, 144A | 4.100 | 04/15/37 | EUR | 55 | 82,428 | |||||||||||
|
| |||||||||||||||
701,180 | ||||||||||||||||
Romania 0.4% | ||||||||||||||||
Romanian Government International Bond, | 3.875 | 10/29/35 | EUR | 100 | 117,067 | |||||||||||
Saudi Arabia 0.7% | ||||||||||||||||
Saudi Government International Bond, | 2.875 | 03/04/23 | 200 | 198,444 | ||||||||||||
Senegal 0.4% | ||||||||||||||||
Senegal Government International Bond, | 4.750 | 03/13/28 | EUR | 100 | 110,778 |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 21 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
SOVEREIGN BONDS (Continued) | ||||||||||||||||
Spain 5.7% | ||||||||||||||||
Instituto de Credito Oficial, | 0.963 | % | 09/22/22 | SEK | 1,000 | $ | 106,841 | |||||||||
Spain Government Bond, | ||||||||||||||||
Bonds, 144A | 5.150 | 10/31/28 | EUR | 200 | 310,841 | |||||||||||
Sr. Unsec’d. Notes, 144A | 3.450 | 07/30/66 | EUR | 60 | 85,002 | |||||||||||
Sr. Unsec’d. Notes, 144A | 5.500 | 04/30/21 | EUR | 400 | 500,396 | |||||||||||
Sr. Unsec’d. Notes, 144A | 5.900 | 07/30/26 | EUR | 250 | 386,867 | |||||||||||
Spain Government International Bond, | 5.250 | 04/06/29 | GBP | 100 | 155,521 | |||||||||||
|
| |||||||||||||||
1,545,468 | ||||||||||||||||
Sweden 0.4% | ||||||||||||||||
Svensk Exportkredit AB, | 0.500 | 03/15/22 | ZAR | 2,000 | 111,566 | |||||||||||
Turkey 0.8% | ||||||||||||||||
Turkey Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.125 | 04/11/23 | EUR | 100 | 111,065 | |||||||||||
Sr. Unsec’d. Notes, EMTN | 3.250 | 06/14/25 | EUR | 100 | 100,671 | |||||||||||
|
| |||||||||||||||
211,736 | ||||||||||||||||
United Arab Emirates 0.7% | ||||||||||||||||
Abu Dhabi Government International Bond, | 2.500 | 10/11/22 | 200 | 198,000 | ||||||||||||
Uruguay 0.4% | ||||||||||||||||
Uruguay Government International Bond, | ||||||||||||||||
Sr. Unsec’d. Notes | 4.375 | 10/27/27 | 39 | 41,082 | ||||||||||||
Sr. Unsec’d. Notes | 4.375 | 01/23/31 | 63 | 65,016 | ||||||||||||
|
| |||||||||||||||
106,098 | ||||||||||||||||
|
| |||||||||||||||
TOTAL SOVEREIGN BONDS | 10,125,246 | |||||||||||||||
|
| |||||||||||||||
U.S. GOVERNMENT AGENCY OBLIGATION 0.4% | ||||||||||||||||
Indonesia Government USAID Bond | 9.300 | 07/01/20 | 97 | 101,023 | ||||||||||||
|
|
See Notes to Financial Statements.
22 |
Description | Interest Rate | Maturity Date | Principal Amount (000)# | Value | ||||||||||||
U.S. TREASURY OBLIGATIONS 3.7% | ||||||||||||||||
U.S. Treasury Bonds(k) | 2.750 | % | 08/15/47 | 830 | $ | 799,296 | ||||||||||
U.S. Treasury Notes | 2.625 | 02/15/29 | 190 | 191,937 | ||||||||||||
|
| |||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | 991,233 | |||||||||||||||
|
| |||||||||||||||
TOTAL LONG-TERM INVESTMENTS | 26,451,651 | |||||||||||||||
|
| |||||||||||||||
Shares | ||||||||||||||||
SHORT-TERM INVESTMENTS 1.4% | ||||||||||||||||
AFFILIATED MUTUAL FUND 1.3% | ||||||||||||||||
PGIM Core Ultra Short Bond Fund | 360,818 | 360,818 | ||||||||||||||
|
| |||||||||||||||
OPTIONS PURCHASED*~ 0.1% | 18,989 | |||||||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM INVESTMENTS | 379,807 | |||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 99.1% | 26,831,458 | |||||||||||||||
|
| |||||||||||||||
OPTIONS WRITTEN*~ (0.0)% | (6,738 | ) | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 99.1% | 26,824,720 | |||||||||||||||
Other assets in excess of liabilities(z) 0.9% | 247,140 | |||||||||||||||
|
| |||||||||||||||
NET ASSETS 100.0% | $ | 27,071,860 | ||||||||||||||
|
|
Below is a list of the abbreviation(s) used in the semiannual report:
AED—United Arab Emirates Dirham
ARS—Argentine Peso
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
CHF—Swiss Franc
CLP—Chilean Peso
CNH—Chinese Renminbi
COP—Colombian Peso
CZK—Czech Koruna
EGP—Egyptian Pound
EUR—Euro
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 23 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
GBP—British Pound
HKD—Hong Kong Dollar
HUF—Hungarian Forint
IDR—Indonesian Rupiah
ILS—Israeli Shekel
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PEN—Peruvian Nuevo Sol
PHP—Philippine Peso
PLN—Polish Zloty
RUB—Russian Ruble
SEK—Swedish Krona
SGD—Singapore Dollar
THB—Thai Baht
TRY—Turkish Lira
TWD—New Taiwanese Dollar
USD—US Dollar
ZAR—South African Rand
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
A—Annual payment frequency for swaps
BBR—New Zealand Bank Bill Rate
BBSW—Australian Bank Bill Swap Reference Rate
BIBOR—Bangkok Interbank Offered Rate
BROIS—Brazil Overnight Index Swap
BUBOR—Budapest Interbank Offered Rate
CDO—Collateralized Debt Obligation
CLO—Collateralized Loan Obligation
CLOIS—Sinacofi Chile Interbank Rate Average
CMS—Constant Maturity Swap
COOIS—Colombia Overnight Interbank Reference Rate
EIBOR—Emirates Interbank Offered Rate
EMTN—Euro Medium Term Note
EURIBOR—Euro Interbank Offered Rate
FHLMC—Federal Home Loan Mortgage Corporation
GMAC—General Motors Acceptance Corporation
GMTN—Global Medium Term Note
HIBOR—Hong Kong Interbank Offered Rate
ICE—Intercontinental Exchange
IO—Interest Only (Principal amount represents notional)
JIBAR—Johannesburg Interbank Agreed Rate
KWCDC—Korean Won Certificate of Deposit
LIBOR—London Interbank Offered Rate
M—Monthly payment frequency for swaps
MTN—Medium Term Note
NIBOR—Norwegian Interbank Offered Rate
OTC—Over-the-counter
See Notes to Financial Statements.
24 |
PJSC—Public Joint-Stock Company
PRIBOR—Prague Interbank Offered Rate
Q—Quarterly payment frequency for swaps
S—Semiannual payment frequency for swaps
SIBOR—Singapore Interbank Offered Rate
SONIA—Sterling Overnight Index Average
STIBOR—Stockholm Interbank Offered Rate
T—Swap payment upon termination
TELBOR—Tel Aviv Interbank Offered Rate
USAID—United States Agency for International Development
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 security. The aggregate value of Level 3 securities is $790 and 0.0% of net assets. |
(c) | Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2019. |
(cc) | Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. |
(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. |
(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. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
Options Purchased:
OTC Traded
Description | Call/ Put | Counterparty | Expiration Date | Strike | Contracts | Notional Amount (000)# | Value | |||||||||||||||||||
2-Year 10 CMS Curve CAP | Call | Morgan Stanley & Co. International PLC | 11/21/19 | 0.13 | % | — | 100 | $ | 630 | |||||||||||||||||
2-Year 10 CMS Curve CAP | Call | Barclays Bank PLC | 11/21/19 | 0.12 | % | — | 100 | 676 | ||||||||||||||||||
2-Year 10 CMS Curve CAP | Call | Barclays Bank PLC | 07/12/21 | 0.11 | % | — | 65 | 625 | ||||||||||||||||||
2-Year 10 CMS Curve CAP | Call | Bank of America, N.A. | 08/16/21 | 0.15 | % | — | 158 | 1,430 | ||||||||||||||||||
2-Year 10 CMS Curve CAP | Call | Bank of America, N.A. | 08/20/21 | 0.15 | % | — | 313 | 3,120 | ||||||||||||||||||
2-Year 10 CMS Curve CAP | Call | Bank of America, N.A. | 09/13/21 | 0.14 | % | — | 320 | 3,283 | ||||||||||||||||||
2-Year 10 CMS Curve CAP | Call | Barclays Bank PLC | 11/09/21 | 0.21 | % | — | 63 | 668 | ||||||||||||||||||
|
| |||||||||||||||||||||||||
Total OTC Traded(cost $915) | $ | 10,432 | ||||||||||||||||||||||||
|
|
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 25 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Options Purchased (continued):
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||||||
CDX.NA.HY.32.V1, 06/20/24 | Put | Deutsche Bank AG | 05/15/19 | $ | 97.00 | CDX.NA.HY.32.V1(Q) | 5.00%(Q) | 800 | $ | 14 | ||||||||||||||||||
CDX.NA.HY.32.V1, 06/20/24 | Put | Deutsche Bank AG | 07/17/19 | $ | 104.50 | CDX.NA.HY.32.V1(Q) | 5.00%(Q) | 800 | 2,886 | |||||||||||||||||||
iTraxx.EUR.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 0.80 | % | iTraxx.EUR.31.V1(Q) | 1.00%(Q) | EUR | 1,400 | 2,338 | ||||||||||||||||||
iTraxx.XO.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 3.50 | % | iTraxx.XO.31.V1(Q) | 5.00%(Q) | EUR | 700 | 3,319 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total OTC Swaptions(cost $26,882) |
| $ | 8,557 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total Options Purchased(cost $27,797) |
| $ | 18,989 | |||||||||||||||||||||||||
|
|
Options Written:
OTC Swaptions
Description | Call/ Put | Counterparty | Expiration Date | Strike | Receive | Pay | Notional Amount (000)# | Value | ||||||||||||||||||||
CDX.NA.HY.32.V1, 06/20/24 | Put | Deutsche Bank AG | 07/17/19 | $ | 101.00 | 5.00%(Q) | CDX.NA.HY.32.V1(Q) | 1,600 | $ | (2,275 | ) | |||||||||||||||||
iTraxx.EUR.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 1.10 | % | 1.00%(Q) | iTraxx.EUR.31.V1(Q) | EUR | 2,800 | (1,843 | ) | |||||||||||||||||
iTraxx.XO.31.V1, 06/20/24 | Put | Citibank, N.A. | 09/18/19 | 4.50 | % | 5.00%(Q) | iTraxx.XO.31.V1(Q) | EUR | 1,400 | (2,620 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||||||
Total Options Written(premiums received $24,483) |
| $ | (6,738 | ) | ||||||||||||||||||||||||
|
|
Futures contracts outstanding at April 30, 2019:
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Positions: | ||||||||||||||||
119 | 5 Year U.S. Treasury Notes | Jun. 2019 | $ | 13,761,234 | $ | 86,471 | ||||||||||
33 | 10 Year U.S. Treasury Notes | Jun. 2019 | 4,081,172 | 10,536 | ||||||||||||
1 | 10 Year U.S. Ultra Treasury Notes | Jun. 2019 | 131,781 | 1,664 | ||||||||||||
3 | 20 Year U.S. Treasury Bonds | Jun. 2019 | 442,406 | 7,211 | ||||||||||||
8 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2019 | 1,314,250 | 5,281 | ||||||||||||
6 | Euro-OAT | Jun. 2019 | 1,090,199 | 20,983 | ||||||||||||
|
| |||||||||||||||
132,146 | ||||||||||||||||
|
| |||||||||||||||
Short Positions: | ||||||||||||||||
55 | 2 Year U.S. Treasury Notes | Jun. 2019 | 11,715,430 | (39,062 | ) |
See Notes to Financial Statements.
26
Futures contracts outstanding at April 30, 2019 (continued):
Number of Contracts | Type | Expiration Date | Current Notional Amount | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Positions (cont’d): | ||||||||||||||||
19 | 5 Year Euro-Bobl | Jun. 2019 | $ | 2,832,802 | $ | (15,287 | ) | |||||||||
16 | 10 Year Euro-Bund | Jun. 2019 | 2,966,599 | (28,444 | ) | |||||||||||
28 | Euro Schatz Index | Jun. 2019 | 3,514,839 | (4,414 | ) | |||||||||||
|
| |||||||||||||||
(87,207 | ) | |||||||||||||||
|
| |||||||||||||||
$ | 44,939 | |||||||||||||||
|
|
Forward foreign currency exchange contracts outstanding at April 30, 2019:
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts: |
| |||||||||||||||||||||||||
Argentine Peso, | ||||||||||||||||||||||||||
Expiring 05/03/19 | BNP Paribas S.A. | ARS | 4,009 | $ | 90,502 | $ | 90,015 | $ | — | $ | (487 | ) | ||||||||||||||
Expiring 05/30/19 | BNP Paribas S.A. | ARS | 1,565 | 33,466 | 33,795 | 329 | — | |||||||||||||||||||
Expiring 06/25/19 | Citibank, N.A. | ARS | 425 | 9,338 | 8,791 | — | (547 | ) | ||||||||||||||||||
Expiring 06/25/19 | Citibank, N.A. | ARS | 303 | 6,454 | 6,260 | — | (194 | ) | ||||||||||||||||||
Expiring 06/25/19 | Citibank, N.A. | ARS | 207 | 4,455 | 4,274 | — | (181 | ) | ||||||||||||||||||
Australian Dollar, | ||||||||||||||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | AUD | 85 | 61,009 | 59,967 | — | (1,042 | ) | ||||||||||||||||||
Brazilian Real, | ||||||||||||||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 287 | 73,896 | 72,934 | — | (962 | ) | ||||||||||||||||||
British Pound, | ||||||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | GBP | 62 | 81,000 | 80,926 | — | (74 | ) | ||||||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | GBP | 55 | 73,000 | 72,547 | — | (453 | ) | ||||||||||||||||||
Chilean Peso, | ||||||||||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 23,778 | 35,565 | 35,096 | — | (469 | ) | ||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 16,582 | 24,900 | 24,474 | — | (426 | ) | ||||||||||||||||||
Chinese Renminbi, | ||||||||||||||||||||||||||
Expiring 07/25/19 | Citibank, N.A. | CNH | 410 | 61,111 | 60,848 | — | (263 | ) | ||||||||||||||||||
Expiring 07/25/19 | JPMorgan Chase Bank, N.A. | CNH | 245 | 36,611 | 36,324 | — | (287 | ) | ||||||||||||||||||
Czech Koruna, | ||||||||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | CZK | 1,887 | 83,249 | 82,756 | — | (493 | ) | ||||||||||||||||||
Egyptian Pound, | ||||||||||||||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 675 | 35,950 | 38,474 | 2,524 | — | |||||||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 417 | 22,176 | 23,741 | 1,565 | — | |||||||||||||||||||
Expiring 07/29/19 | Citibank, N.A. | EGP | 324 | 17,523 | 18,415 | 892 | — |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 27 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||
Egyptian Pound (cont’d.), |
| |||||||||||||||||||||||
Expiring 07/29/19 | Citibank, N.A. | EGP | 184 | $ | 9,782 | $ | 10,433 | $ | 651 | $ | — | |||||||||||||
Expiring 09/18/19 | Citibank, N.A. | EGP | 393 | 21,490 | 21,998 | 508 | — | |||||||||||||||||
Expiring 10/08/19 | Citibank, N.A. | EGP | 216 | 11,900 | 12,032 | 132 | — | |||||||||||||||||
Euro, | ||||||||||||||||||||||||
Expiring 05/03/19 | Citibank, N.A. | EUR | 3,922 | 4,371,938 | 4,400,589 | 28,651 | — | |||||||||||||||||
Expiring 05/03/19 | JPMorgan Chase Bank, N.A. | EUR | 3,922 | 4,366,678 | 4,400,589 | 33,911 | — | |||||||||||||||||
Expiring 07/19/19 | The Toronto-Dominion Bank | EUR | 58 | 66,000 | 65,463 | — | (537 | ) | ||||||||||||||||
Indian Rupee, | ||||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | INR | 7,687 | 108,460 | 109,814 | 1,354 | — | |||||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | INR | 5,856 | 84,000 | 83,647 | — | (353 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 4,628 | 66,000 | 66,116 | 116 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 4,192 | 60,066 | 59,885 | — | (181 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 2,108 | 30,105 | 30,112 | 7 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 1,573 | 22,449 | 22,463 | 14 | — | |||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 9,396 | 132,591 | 134,217 | 1,626 | — | |||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 4,609 | 66,000 | 65,837 | — | (163 | ) | ||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 4,254 | 61,000 | 60,762 | — | (238 | ) | ||||||||||||||||
Indonesian Rupiah, | ||||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | IDR | 1,086,843 | 77,000 | 75,767 | — | (1,233 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 1,043,900 | 73,000 | 72,774 | — | (226 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 901,656 | 63,000 | 62,857 | — | (143 | ) | ||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 1,066,303 | 74,000 | 74,335 | 335 | — | |||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | IDR | 747,944 | 52,598 | 52,141 | — | (457 | ) | ||||||||||||||||
Expiring 06/19/19 | UBS AG | IDR | 902,475 | 63,000 | 62,914 | — | (86 | ) | ||||||||||||||||
Israeli Shekel, | ||||||||||||||||||||||||
Expiring 11/29/19 | Citibank, N.A. | ILS | 2,289 | 630,000 | 645,677 | 15,677 | — |
See Notes to Financial Statements.
28 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||
Japanese Yen, | ||||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | JPY | 1,538 | $ | 13,835 | $ | 13,902 | $ | 67 | $ | — | |||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | JPY | 3,274 | 29,450 | 29,584 | 134 | — | |||||||||||||||||
Mexican Peso, | ||||||||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 1,159 | 60,066 | 60,644 | 578 | — | |||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 576 | 30,105 | 30,111 | 6 | — | |||||||||||||||||
Expiring 06/19/19 | Deutsche Bank AG | MXN | 3,975 | 202,723 | 207,931 | 5,208 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 1,437 | 74,000 | 75,154 | 1,154 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 584 | 29,991 | 30,557 | 566 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 386 | 19,793 | 20,190 | 397 | — | |||||||||||||||||
New Taiwanese Dollar, | ||||||||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | TWD | 2,554 | 83,000 | 82,938 | — | (62 | ) | ||||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | TWD | 3,574 | 116,073 | 116,062 | — | (11 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 3,574 | 116,070 | 116,062 | — | (8 | ) | ||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | TWD | 6,872 | 223,552 | 223,138 | — | (414 | ) | ||||||||||||||||
New Zealand Dollar, | ||||||||||||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | NZD | 36 | 24,200 | 23,911 | — | (289 | ) | ||||||||||||||||
Norwegian Krone, | ||||||||||||||||||||||||
Expiring 07/19/19 | BNP Paribas S.A. | NOK | 1,445 | 170,792 | 168,004 | — | (2,788 | ) | ||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | NOK | 319 | 37,700 | 37,123 | — | (577 | ) | ||||||||||||||||
Peruvian Nuevo Sol, | ||||||||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 232 | 70,000 | 70,099 | 99 | — | |||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 231 | 70,000 | 69,787 | — | (213 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PEN | 202 | 61,000 | 60,861 | — | (139 | ) | ||||||||||||||||
Expiring 06/19/19 | UBS AG | PEN | 203 | 60,999 | 61,302 | 303 | — | |||||||||||||||||
Philippine Peso, | ||||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 3,560 | 67,809 | 68,024 | 215 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 4,828 | 91,000 | 92,257 | 1,257 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 4,359 | 83,000 | 83,290 | 290 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 3,989 | 75,000 | 76,215 | 1,215 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 3,801 | 72,999 | 72,638 | — | (361 | ) |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 29 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||||
Philippine Peso (cont’d.), | ||||||||||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 3,771 | $ | 72,000 | $ | 72,063 | $ | 63 | $ | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 485 | 9,087 | 9,276 | 189 | — | |||||||||||||||||||
Russian Ruble, | ||||||||||||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | RUB | 19,565 | 294,658 | 300,357 | 5,699 | — | |||||||||||||||||||
Singapore Dollar, | ||||||||||||||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 88 | 65,000 | 64,397 | — | (603 | ) | ||||||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 83 | 61,171 | 60,734 | — | (437 | ) | ||||||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | SGD | 132 | 98,000 | 97,389 | — | (611 | ) | ||||||||||||||||||
Expiring 05/10/19 | UBS AG | SGD | 92 | 68,000 | 67,510 | — | (490 | ) | ||||||||||||||||||
South African Rand, | ||||||||||||||||||||||||||
Expiring 06/13/19 | BNP Paribas S.A. | ZAR | 43 | 2,956 | 3,009 | 53 | — | |||||||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | ZAR | 485 | 33,400 | 33,705 | 305 | — | |||||||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | ZAR | 238 | 16,350 | 16,571 | 221 | — | |||||||||||||||||||
Expiring 06/13/19 | Goldman Sachs International | ZAR | 641 | 43,930 | 44,577 | 647 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 494 | 34,000 | 34,364 | 364 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 429 | 29,649 | 29,812 | 163 | — | |||||||||||||||||||
South Korean Won, | ||||||||||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | KRW | 68,483 | 60,210 | 58,735 | — | (1,475 | ) | ||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | KRW | 68,482 | 60,278 | 58,734 | — | (1,544 | ) | ||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 69,037 | 61,009 | 59,210 | — | (1,799 | ) | ||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 68,470 | 60,262 | 58,724 | — | (1,538 | ) | ||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 51,716 | 45,764 | 44,354 | — | (1,410 | ) | ||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 37,650 | 33,000 | 32,291 | — | (709 | ) | ||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 37,640 | 33,000 | 32,282 | — | (718 | ) | ||||||||||||||||||
Swedish Krona, | ||||||||||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | SEK | 343 | 37,333 | 36,396 | — | (937 | ) | ||||||||||||||||||
Thai Baht, | ||||||||||||||||||||||||||
Expiring 05/10/19 | BNP Paribas S.A. | THB | 3,122 | 100,027 | 97,812 | — | (2,215 | ) | ||||||||||||||||||
Expiring 05/10/19 | BNP Paribas S.A. | THB | 2,871 | 92,000 | 89,939 | — | (2,061 | ) |
See Notes to Financial Statements.
30 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Purchase Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||||
Thai Baht (cont’d.), | ||||||||||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 8,401 | $ | 266,978 | $ | 263,200 | $ | — | $ | (3,778 | ) | ||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 1,969 | 62,000 | 61,698 | — | (302 | ) | ||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 920 | 28,836 | 28,828 | — | (8 | ) | ||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 814 | 25,781 | 25,494 | — | (287 | ) | ||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 498 | 15,777 | 15,608 | — | (169 | ) | ||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 349 | 10,975 | 10,948 | — | (27 | ) | ||||||||||||||||||
Expiring 05/10/19 | HSBC Bank USA, N.A. | THB | 3,122 | 99,371 | 97,812 | — | (1,559 | ) | ||||||||||||||||||
Expiring 05/10/19 | Morgan Stanley & Co. International PLC | THB | 3,629 | 116,000 | 113,698 | — | (2,302 | ) | ||||||||||||||||||
Turkish Lira, | ||||||||||||||||||||||||||
Expiring 06/13/19 | BNP Paribas S.A. | TRY | 726 | 127,716 | 118,327 | — | (9,389 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 15,308,937 | $ | 15,367,697 | 107,485 | (48,725 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
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 07/22/19 | Bank of America, N.A. | AUD | 315 | $ | 225,476 | $ | 222,514 | $ | 2,962 | $ | — | |||||||||||||||
Expiring 07/22/19 | Citibank, N.A. | AUD | 90 | 63,250 | 63,696 | — | (446 | ) | ||||||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | AUD | 90 | 63,063 | 63,462 | — | (399 | ) | ||||||||||||||||||
Brazilian Real, | ||||||||||||||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 123 | 30,675 | 31,210 | — | (535 | ) | ||||||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 122 | 30,675 | 30,955 | — | (280 | ) | ||||||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | BRL | 90 | 22,693 | 22,791 | — | (98 | ) | ||||||||||||||||||
Expiring 06/04/19 | Goldman Sachs International | BRL | 89 | 22,450 | 22,752 | — | (302 | ) | ||||||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 118 | 30,393 | 30,123 | 270 | — | |||||||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 94 | 23,800 | 23,783 | 17 | — | |||||||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | BRL | 55 | 14,021 | 14,096 | — | (75 | ) | ||||||||||||||||||
British Pound, | ||||||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | GBP | 733 | 962,858 | 959,689 | 3,169 | — | |||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | GBP | 29 | 37,700 | 37,872 | — | (172 | ) |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 31 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||||
Canadian Dollar, | ||||||||||||||||||||||||||
Expiring 07/22/19 | Morgan Stanley & Co. International PLC | CAD | 497 | $ | 372,169 | $ | 371,572 | $ | 597 | $ | — | |||||||||||||||
Chilean Peso, | ||||||||||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 79,875 | 119,384 | 117,894 | 1,490 | — | |||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | CLP | 32,670 | 48,947 | 48,220 | 727 | — | |||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | CLP | 92,263 | 138,813 | 136,179 | 2,634 | — | |||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | CLP | 40,640 | 61,000 | 59,983 | 1,017 | — | |||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | CLP | 39,900 | 59,200 | 58,892 | 308 | — | |||||||||||||||||||
Chinese Renminbi, | ||||||||||||||||||||||||||
Expiring 07/25/19 | Morgan Stanley & Co. International PLC | CNH | 1,265 | 189,094 | 187,766 | 1,328 | — | |||||||||||||||||||
Colombian Peso, | ||||||||||||||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 136,388 | 42,425 | 42,135 | 290 | — | |||||||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 112,617 | 35,886 | 34,792 | 1,094 | — | |||||||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 72,752 | 23,423 | 22,476 | 947 | — | |||||||||||||||||||
Expiring 05/20/19 | BNP Paribas S.A. | COP | 36,372 | 11,711 | 11,237 | 474 | — | |||||||||||||||||||
Expiring 05/20/19 | Citibank, N.A. | COP | 455,382 | 144,856 | 140,686 | 4,170 | — | |||||||||||||||||||
Expiring 05/20/19 | Citibank, N.A. | COP | 93,748 | 30,105 | 28,962 | 1,143 | — | |||||||||||||||||||
Czech Koruna, | ||||||||||||||||||||||||||
Expiring 07/19/19 | HSBC Bank USA, N.A. | CZK | 1,723 | 75,000 | 75,560 | — | (560 | ) | ||||||||||||||||||
Egyptian Pound, | ||||||||||||||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 306 | 17,525 | 17,452 | 73 | — | |||||||||||||||||||
Expiring 07/15/19 | Citibank, N.A. | EGP | 160 | 9,121 | 9,099 | 22 | — | |||||||||||||||||||
Euro, | ||||||||||||||||||||||||||
Expiring 05/03/19 | Bank of America, N.A. | EUR | 198 | 222,529 | 222,083 | 446 | — | |||||||||||||||||||
Expiring 05/03/19 | Citibank, N.A. | EUR | 3,821 | 4,314,491 | 4,286,825 | 27,666 | — | |||||||||||||||||||
Expiring 05/03/19 | JPMorgan Chase Bank, N.A. | EUR | 3,821 | 4,326,426 | 4,286,825 | 39,601 | — | |||||||||||||||||||
Expiring 05/03/19 | JPMorgan Chase Bank, N.A. | EUR | 5 | 5,462 | 5,446 | 16 | — | |||||||||||||||||||
Expiring 06/04/19 | Citibank, N.A. | EUR | 3,922 | 4,383,936 | 4,413,135 | — | (29,199 | ) | ||||||||||||||||||
Expiring 06/04/19 | JPMorgan Chase Bank, N.A. | EUR | 3,922 | 4,378,606 | 4,413,135 | — | (34,529 | ) | ||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | EUR | 76 | 85,000 | 85,572 | — | (572 | ) | ||||||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | EUR | 679 | 774,367 | 766,643 | 7,724 | — | |||||||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | EUR | 109 | 123,218 | 122,664 | 554 | — | |||||||||||||||||||
Expiring 07/19/19 | Barclays Bank PLC | EUR | 22 | 25,117 | 25,151 | — | (34 | ) | ||||||||||||||||||
Expiring 07/19/19 | BNP Paribas S.A. | EUR | 50 | 56,550 | 56,831 | — | (281 | ) | ||||||||||||||||||
Expiring 07/19/19 | Deutsche Bank AG | EUR | 679 | 771,074 | 766,642 | 4,432 | — |
See Notes to Financial Statements.
32 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||
Euro (cont’d.), |
| |||||||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | EUR | 125 | $ | 142,264 | $ | 141,203 | $ | 1,061 | $ | — | |||||||||||||
Hungarian Forint, |
| |||||||||||||||||||||||
Expiring 07/19/19 | Bank of America, N.A. | HUF | 62,651 | 220,641 | 218,215 | 2,426 | — | |||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | HUF | 8,737 | 30,595 | 30,431 | 164 | — | |||||||||||||||||
Indian Rupee, |
| |||||||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | INR | 1,931 | 27,500 | 27,589 | — | (89 | ) | ||||||||||||||||
Expiring 06/19/19 | Morgan Stanley & Co. International PLC | INR | 2,505 | 35,521 | 35,789 | — | (268 | ) | ||||||||||||||||
Indonesian Rupiah, |
| |||||||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | IDR | 774,195 | 53,823 | 53,972 | — | (149 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 1,755,109 | 121,950 | 122,354 | — | (404 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | IDR | 403,200 | 28,275 | 28,108 | 167 | — | |||||||||||||||||
Israeli Shekel, |
| |||||||||||||||||||||||
Expiring 11/29/19 | Goldman Sachs International | ILS | 2,284 | 630,000 | 644,255 | — | (14,255 | ) | ||||||||||||||||
Japanese Yen, |
| |||||||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | JPY | 3,896 | 35,046 | 35,202 | — | (156 | ) | ||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | JPY | 3,430 | 30,850 | 30,996 | — | (146 | ) | ||||||||||||||||
Malaysian Ringgit, |
| |||||||||||||||||||||||
Expiring 06/14/19 | Barclays Bank PLC | MYR | 466 | 114,623 | 112,597 | 2,026 | — | |||||||||||||||||
Mexican Peso, |
| |||||||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | MXN | 641 | 33,400 | 33,525 | — | (125 | ) | ||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | MXN | 1,067 | 55,775 | 55,821 | — | (46 | ) | ||||||||||||||||
New Taiwanese Dollar, |
| |||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | TWD | 2,683 | 87,000 | 87,104 | — | (104 | ) | ||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | TWD | 1,882 | 61,111 | 61,095 | 16 | — | |||||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | TWD | 2,429 | 79,000 | 78,864 | 136 | — | |||||||||||||||||
Expiring 06/19/19 | HSBC Bank USA, N.A. | TWD | 2,331 | 76,000 | 75,703 | 297 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 1,094 | 35,600 | 35,525 | 75 | — | |||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | TWD | 1,059 | 34,400 | 34,380 | 20 | — |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 33 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||||
New Zealand Dollar, | ||||||||||||||||||||||||||
Expiring 07/22/19 | Bank of America, N.A. | NZD | 590 | $ | 399,229 | $ | 394,693 | $ | 4,536 | $ | — | |||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | NZD | 54 | 36,611 | 36,388 | 223 | — | |||||||||||||||||||
Expiring 07/22/19 | JPMorgan Chase Bank, N.A. | NZD | 46 | 30,509 | 30,516 | — | (7 | ) | ||||||||||||||||||
Peruvian Nuevo Sol, | ||||||||||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 118 | 35,565 | 35,536 | 29 | — | |||||||||||||||||||
Expiring 06/19/19 | BNP Paribas S.A. | PEN | 26 | 7,800 | 7,805 | — | (5 | ) | ||||||||||||||||||
Philippine Peso, | ||||||||||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 4,975 | 94,000 | 95,070 | — | (1,070 | ) | ||||||||||||||||||
Expiring 06/19/19 | Barclays Bank PLC | PHP | 4,670 | 88,000 | 89,227 | — | (1,227 | ) | ||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 4,238 | 80,000 | 80,987 | — | (987 | ) | ||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | PHP | 3,976 | 76,000 | 75,979 | 21 | — | |||||||||||||||||||
Polish Zloty, | ||||||||||||||||||||||||||
Expiring 07/19/19 | HSBC Bank USA, N.A. PLN | 252 | 66,000 | 66,136 | — | (136 | ) | |||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | PLN | 339 | 89,819 | 88,839 | 980 | — | |||||||||||||||||||
Russian Ruble, | ||||||||||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | RUB | 4,727 | 71,822 | 72,568 | — | (746 | ) | ||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | RUB | 1,065 | 16,182 | 16,357 | — | (175 | ) | ||||||||||||||||||
Expiring 06/19/19 | Citibank, N.A. | RUB | 393 | 5,972 | 6,037 | — | (65 | ) | ||||||||||||||||||
Singapore Dollar, | ||||||||||||||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 138 | 102,000 | 101,610 | 390 | — | |||||||||||||||||||
Expiring 05/10/19 | Barclays Bank PLC | SGD | 99 | 73,000 | 72,667 | 333 | — | |||||||||||||||||||
Expiring 05/10/19 | UBS AG | SGD | 112 | 83,000 | 82,626 | 374 | — | |||||||||||||||||||
South African Rand, | ||||||||||||||||||||||||||
Expiring 06/13/19 | Citibank, N.A. | ZAR | 2,642 | 183,344 | 183,740 | — | (396 | ) | ||||||||||||||||||
Expiring 06/13/19 | Goldman Sachs International | ZAR | 2,642 | 184,637 | 183,741 | 896 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 442 | 29,991 | 30,718 | — | (727 | ) | ||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 430 | 30,020 | 29,884 | 136 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | ZAR | 265 | 18,400 | 18,406 | — | (6 | ) | ||||||||||||||||||
South Korean Won, | ||||||||||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 167,753 | 147,922 | 143,875 | 4,047 | — |
See Notes to Financial Statements.
34 |
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||||||
South Korean Won (cont’d.), | ||||||||||||||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 84,983 | $ | 75,000 | $ | 72,886 | $ | 2,114 | $ | — | |||||||||||||||
Expiring 06/19/19 | JPMorgan Chase Bank, N.A. | KRW | 66,683 | 57,240 | 57,191 | 49 | — | |||||||||||||||||||
Swedish Krona, | ||||||||||||||||||||||||||
Expiring 07/19/19 | Citibank, N.A. | SEK | 594 | 63,000 | 62,978 | 22 | — | |||||||||||||||||||
Swiss Franc, | ||||||||||||||||||||||||||
Expiring 07/19/19 | JPMorgan Chase Bank, N.A. | CHF | 325 | 327,057 | 321,036 | 6,021 | — | |||||||||||||||||||
Expiring 07/19/19 | Morgan Stanley & Co. International PLC | CHF | 72 | 71,000 | 71,095 | — | (95 | ) | ||||||||||||||||||
Expiring 07/19/19 | The Toronto-Dominion Bank | CHF | 91 | 91,000 | 89,830 | 1,170 | — | |||||||||||||||||||
Thai Baht, | ||||||||||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 4,556 | 146,084 | 142,730 | 3,354 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 2,737 | 87,000 | 85,761 | 1,239 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 2,727 | 87,000 | 85,434 | 1,566 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 2,407 | 76,000 | 75,425 | 575 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 1,025 | 32,565 | 32,118 | 447 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 899 | 28,659 | 28,169 | 490 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 772 | 24,608 | 24,186 | 422 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 597 | 19,069 | 18,707 | 362 | — | |||||||||||||||||||
Expiring 05/10/19 | Citibank, N.A. | THB | 581 | 18,497 | 18,204 | 293 | — | |||||||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | THB | 980 | 30,600 | 30,697 | — | (97 | ) | ||||||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | THB | 891 | 28,563 | 27,919 | 644 | — | |||||||||||||||||||
Expiring 05/10/19 | JPMorgan Chase Bank, N.A. | THB | 481 | 15,380 | 15,056 | 324 | — | |||||||||||||||||||
Turkish Lira, | ||||||||||||||||||||||||||
Expiring 06/13/19 | BNP Paribas S.A. | TRY | 64 | 10,797 | 10,390 | 407 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 521 | 88,000 | 84,982 | 3,018 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 381 | 63,000 | 62,146 | 854 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 371 | 62,000 | 60,532 | 1,468 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 203 | 35,297 | 33,095 | 2,202 | — | |||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 189 | 30,675 | 30,739 | — | (64 | ) |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 35 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):
Sale Contracts | Counterparty | Notional Amount (000) | Value at Settlement Date | Current Value | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||||||
OTC Forward Foreign Currency Exchange Contracts (cont’d.): |
| |||||||||||||||||||||
Turkish Lira (cont’d.), | ||||||||||||||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 143 | $ | 24,900 | $ | 23,325 | $ | 1,575 | $ | — | |||||||||||
Expiring 06/13/19 | JPMorgan Chase Bank, N.A. | TRY | 140 | 23,800 | 22,852 | 948 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
$ | 27,872,477 | $ | 27,810,416 | 151,088 | (89,027 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
$ | 258,573 | $ | (137,752 | ) | ||||||||||||||||||
|
|
|
|
Cross currency exchange contracts outstanding at April 30, 2019:
Settlement | Type | Notional Amount (000) | In Exchange For (000) | Unrealized Appreciation | Unrealized Depreciation | Counterparty | ||||||||||||||||
OTC Cross Currency Exchange Contracts: |
| |||||||||||||||||||||
07/19/19 | Buy | NOK | 568 | EUR | 59 | $ | — | $ | (628 | ) | Citibank, N.A. | |||||||||||
07/19/19 | Buy | SEK | 616 | EUR | 59 | — | (1,346 | ) | Citibank, N.A. | |||||||||||||
|
|
|
| |||||||||||||||||||
$ | — | $ | (1,974 | ) | ||||||||||||||||||
|
|
|
|
Credit default swap agreements outstanding at April 30, 2019:
Reference Entity/ | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(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)*: | ||||||||||||||||||||||||||||||
Federation of Malaysia | 12/20/22 | 1.000%(Q) | 120 | 0.463 | % | $ | 2,399 | $ | (160 | ) | $ | 2,559 | Citibank, N.A. | |||||||||||||||||
People’s Republic of China | 12/20/22 | 1.000%(Q) | 400 | 0.343 | % | 9,692 | (533 | ) | 10,225 | Citibank, N.A. | ||||||||||||||||||||
Republic of Argentina | 12/20/22 | 1.000%(Q) | 120 | 13.114 | % | (36,990 | ) | (160 | ) | (36,830 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Brazil | 12/20/22 | 1.000%(Q) | 600 | 1.313 | % | (5,751 | ) | (800 | ) | (4,951 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Chile | 12/20/22 | 1.000%(Q) | 120 | 0.230 | % | 3,389 | (160 | ) | 3,549 | Citibank, N.A. | ||||||||||||||||||||
Republic of Colombia | 12/20/22 | 1.000%(Q) | 160 | 0.652 | % | 2,127 | (213 | ) | 2,340 | Citibank, N.A. | ||||||||||||||||||||
Republic of Indonesia | 12/20/22 | 1.000%(Q) | 160 | 0.833 | % | 1,118 | (213 | ) | 1,331 | Citibank, N.A. | ||||||||||||||||||||
Republic of Panama | 12/20/22 | 1.000%(Q) | 120 | 0.384 | % | 2,732 | (160 | ) | 2,892 | Citibank, N.A. |
See Notes to Financial Statements.
36 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(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 Peru | 12/20/22 | 1.000%(Q) | 120 | 0.340 | % | $ | 2,921 | $ | (160 | ) | $ | 3,081 | Citibank, N.A. | |||||||||||||||||
Republic of Philippines | 12/20/22 | 1.000%(Q) | 120 | 0.438 | % | 2,505 | (160 | ) | 2,665 | Citibank, N.A. | ||||||||||||||||||||
Republic of South Africa | 12/20/22 | 1.000%(Q) | 360 | 1.465 | % | (5,323 | ) | (480 | ) | (4,843 | ) | Citibank, N.A. | ||||||||||||||||||
Republic of Turkey | 12/20/22 | 1.000%(Q) | 600 | 4.356 | % | (63,558 | ) | (800 | ) | (62,758 | ) | Citibank, N.A. | ||||||||||||||||||
Russian Federation | 12/20/22 | 1.000%(Q) | 360 | 0.982 | % | 640 | (480 | ) | 1,120 | Citibank, N.A. | ||||||||||||||||||||
United Mexican States | 12/20/22 | 1.000%(Q) | 520 | 0.787 | % | 4,460 | (693 | ) | 5,153 | Citibank, N.A. | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | (79,639 | ) | $ | (5,172 | ) | $ | (74,467 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
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) | 3,880 | $ | 71,257 | $ | (1,423 | ) | $ | 72,680 | Citibank, N.A. | |||||||||||||||
|
|
|
|
|
|
* | The Fund entered into multiple credit default swap agreements in a package trade consisting of two parts. The Fund bought protection on an Emerging Market CDX Index and sold protection on the countries which comprise the Index. Theup-front premium is attached to the index of the trade. Each swap is priced individually. If the packaged deal is closed out early, all of the component swaps terminate. |
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^: |
| |||||||||||||||||||||||||||||
Banc of America Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 25 | * | $ | 28 | $ | — | $ | 28 | Goldman Sachs International | |||||||||||||||||||
Banc of America Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 13 | 6.940 | % | 14 | — | 14 | Goldman Sachs International | |||||||||||||||||||||
Banc of America Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 10 | 6.940 | % | 11 | — | 11 | Goldman Sachs International |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 37 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): |
| |||||||||||||||||||||||||||||
Bear Stearns Asset Backed Securities Trust | 05/31/19 | 1.250%(M) | 59 | * | $ | — | $ | — | $ | — | Goldman Sachs International | |||||||||||||||||||
Bear Stearns Asset Backed Securities Trust | 05/31/19 | 1.250%(M) | 33 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 29 | * | 32 | — | 32 | Goldman Sachs International | ||||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 12 | 4.550 | % | 13 | — | 13 | Goldman Sachs International | |||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 12 | 4.550 | % | 13 | — | 13 | Goldman Sachs International | |||||||||||||||||||||
Citigroup Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 10 | * | 11 | — | 11 | Goldman Sachs International | ||||||||||||||||||||||
Citigroup Mortgage Loan Trust | 05/31/19 | 1.250%(M) | 32 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 43 | * | 49 | — | 49 | Goldman Sachs International | ||||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 40 | * | 44 | — | 44 | Goldman Sachs International | ||||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 35 | 6.940 | % | 39 | — | 39 | Goldman Sachs International | |||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 23 | * | 25 | — | 25 | Goldman Sachs International | ||||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 17 | * | 19 | — | 19 | Goldman Sachs International | ||||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 15 | 19.740 | % | 17 | — | 17 | Goldman Sachs International |
See Notes to Financial Statements.
38 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): | ||||||||||||||||||||||||||||||
COMM Mortgage Trust | 05/30/19 | 1.250%(M) | 15 | 19.740 | % | $ | 18 | $ | — | $ | 18 | Goldman Sachs International | ||||||||||||||||||
Countrywide Alternative Loan Trust | 05/31/19 | 1.250%(M) | 56 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Countrywide Alternative Loan Trust | 05/31/19 | 1.250%(M) | 9 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Deutsche Bank Alta Mortgages | 05/31/19 | 1.250%(M) | 85 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Deutsche Bank Alta Mortgages | 05/31/19 | 1.250%(M) | 50 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Equity One Home Equity | 05/31/19 | 1.250%(M) | 83 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Equity One Home Equity | 05/31/19 | 1.250%(M) | 25 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Fannie Mae Connecticut Avenue Securities | 05/31/19 | 1.250%(M) | 76 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Fannie Mae Connecticut Avenue Securities | 05/31/19 | 1.250%(M) | 39 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Fannie Mae Connecticut Avenue Securities | 05/31/19 | 1.250%(M) | 33 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
First Franklin Home Equity | 05/31/19 | 1.250%(M) | 35 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
First Franklin Home Equity | 05/31/19 | 1.250%(M) | 13 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
First Franklin Home Equity | 05/31/19 | 1.250%(M) | 13 | * | — | — | — | Goldman Sachs International |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 39 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): |
| |||||||||||||||||||||||||||||
GMAC Home Equity | 05/31/19 | 1.250%(M) | 14 | * | $ | — | $ | — | $ | — | Goldman Sachs International | |||||||||||||||||||
GMAC Home Equity | 05/31/19 | 1.250%(M) | 13 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
GS Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 34 | * | 38 | — | 38 | Goldman Sachs International | ||||||||||||||||||||||
GS Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 22 | 6.940 | % | 25 | — | 25 | Goldman Sachs International | |||||||||||||||||||||
GSR Mortgage Loan Trust | 05/31/19 | 1.250%(M) | 25 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
JPMBB Commercial Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 64 | * | 71 | — | 71 | Goldman Sachs International | ||||||||||||||||||||||
JPMBB Commercial Mortgage Securities Trust | 05/30/19 | 1.250%(M) | 46 | * | 51 | — | 51 | Goldman Sachs International | ||||||||||||||||||||||
JPMorgan Chase Commercial Mortgage Securities | 05/30/19 | 1.250%(M) | 23 | * | 26 | — | 26 | Goldman Sachs International | ||||||||||||||||||||||
JPMorgan Chase Commercial Mortgage Securities | 05/30/19 | 1.250%(M) | 8 | 6.780 | % | 9 | — | 9 | Goldman Sachs International | |||||||||||||||||||||
Lehman Home Equity | 05/31/19 | 1.250%(M) | 96 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Lehman Home Equity | 05/31/19 | 1.250%(M) | 13 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Morgan Stanley BAML Trust | 05/30/19 | 1.250%(M) | 26 | 7.460 | % | 29 | — | 29 | Goldman Sachs International | |||||||||||||||||||||
Morgan Stanley BAML Trust | 05/30/19 | 1.250%(M) | 15 | 7.460 | % | 17 | — | 17 | Goldman Sachs International |
See Notes to Financial Statements.
40 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.): |
| |||||||||||||||||||||||||||||
Morgan Stanley BAML Trust | 05/30/19 | 1.250%(M) | 13 | * | $ | 14 | $ | — | $ | 14 | Goldman Sachs International | |||||||||||||||||||
Morgan Stanley Home Equity | 05/31/19 | 1.250%(M) | 13 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
New Century Home Equity | 05/31/19 | 1.250%(M) | 106 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
New Century Home Equity | 05/31/19 | 1.250%(M) | 23 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 78 | * | 87 | — | 87 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 23 | * | 26 | — | 26 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 18 | * | 20 | — | 20 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 14 | * | 15 | — | 15 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 14 | * | 16 | — | 16 | Goldman Sachs International | ||||||||||||||||||||||
Wells Fargo Commercial Mortgage Trust | 05/30/19 | 1.250%(M) | 12 | 7.460 | % | 13 | — | 13 | Goldman Sachs International | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 790 | $ | — | $ | 790 | |||||||||||||||||||||||||
|
|
|
|
|
|
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 | $ | 466 | $ | 6,597 | $ | (6,131 | ) | Barclays Bank PLC |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 41 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | |||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1)(cont’d.): | ||||||||||||||||||||||||||
Kingdom of Spain | 06/20/23 | 1.000%(Q) | 100 | $ | (2,959 | ) | $ | (2,474 | ) | $ | (485 | ) | Bank of America, N.A. | |||||||||||||
Republic of Italy | 06/20/19 | 1.000%(Q) | EUR | 60 | (164 | ) | (127 | ) | (37 | ) | Barclays Bank PLC | |||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | EUR | 90 | 1,284 | 1,296 | (12 | ) | Barclays Bank PLC | |||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 205 | (503 | ) | 2,949 | (3,452 | ) | Citibank, N.A. | |||||||||||||||||
Republic of Italy | 06/20/28 | 1.000%(Q) | EUR | 45 | 3,360 | 2,796 | 564 | Barclays Bank PLC | ||||||||||||||||||
Republic of Turkey | 06/20/19 | 1.000%(Q) | 80 | 175 | 2,315 | (2,140 | ) | BNP Paribas S.A. | ||||||||||||||||||
Republic of Turkey | 06/20/19 | 1.000%(Q) | 40 | 87 | 1,032 | (945 | ) | BNP Paribas S.A. | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,746 | $ | 14,384 | $ | (12,638 | ) | ||||||||||||||||||||
|
|
|
|
|
|
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2): | ||||||||||||||||||||||||||||||
Accunia European | 05/29/19 | 1.000%(M) | EUR | 22 | * | $ | — | $ | — | $ | — | Goldman Sachs International | ||||||||||||||||||
Adagio CLO | 05/29/19 | 0.500%(M) | EUR | 32 | * | — | — | — | Goldman Sachs International | |||||||||||||||||||||
ALM Loan Funding | 05/29/19 | 0.500%(M) | 1 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Anchorage Capital CLO Ltd. | 05/29/19 | 0.500%(M) | EUR | 20 | * | — | — | — | Goldman Sachs International | |||||||||||||||||||||
Arab Republic of Egypt | 06/20/19 | 1.000%(Q) | 70 | 1.479 | % | 35 | (209 | ) | 244 | Citibank, N.A. | ||||||||||||||||||||
Atlas Senior Loan Fund Ltd. | 05/29/19 | 1.000%(M) | 10 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
BlackRock | 05/29/19 | 0.500%(M) | EUR | 12 | * | — | — | — | Goldman Sachs International | |||||||||||||||||||||
Cathedral Lake Ltd. | 05/29/19 | 1.000%(M) | 12 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
CVC | 05/29/19 | 0.500%(M) | EUR | 22 | * | — | — | — | Goldman Sachs International | |||||||||||||||||||||
Flagship | 05/29/19 | 1.000%(M) | 17 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
HPS Investment Partners LLC | 05/29/19 | 0.500%(M) | EUR | 28 | * | — | — | — | Goldman Sachs International | |||||||||||||||||||||
ICG U.S. CLO Ltd. | 05/29/19 | 1.000%(M) | EUR | 11 | * | — | — | — | Goldman Sachs International |
See Notes to Financial Statements.
42 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.): | ||||||||||||||||||||||||||||||
ICG U.S. CLO Ltd. | 05/29/19 | 0.500%(M) | EUR | 5 | * | $ | — | $ | — | $ | — | Goldman Sachs International | ||||||||||||||||||
Invesco | 05/29/19 | 0.500%(M) | 8 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Kingdom of Spain | 06/20/23 | 1.000%(Q) | 375 | 0.456 | % | 8,482 | 3,949 | 4,533 | Bank of America, N.A. | |||||||||||||||||||||
Kingdom of Spain | 06/20/23 | 1.000%(Q) | 100 | 0.456 | % | 2,262 | 1,515 | 747 | Bank of America, N.A. | |||||||||||||||||||||
LCM Limited Partnership | 05/29/19 | 1.000%(M) | 13 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Oaktree CLO Ltd. | 05/29/19 | 0.500%(M) | EUR | 6 | * | — | — | — | Goldman Sachs International | |||||||||||||||||||||
Republic of France | 12/20/23 | 0.250%(Q) | 100 | 0.253 | % | 14 | (330 | ) | 344 | Barclays Bank PLC | ||||||||||||||||||||
Republic of Indonesia | 06/20/23 | 1.000%(Q) | 475 | 0.749 | % | 5,234 | (3,003 | ) | 8,237 | Citibank, N.A. | ||||||||||||||||||||
Republic of Italy | 06/20/23 | 1.000%(Q) | 205 | 1.675 | % | (5,053 | ) | (10,702 | ) | 5,649 | Citibank, N.A. | |||||||||||||||||||
Republic of Kazakhstan | 06/20/23 | 1.000%(Q) | 85 | 0.571 | % | 1,541 | — | 1,541 | Citibank, N.A. | |||||||||||||||||||||
Republic of Portugal | 06/20/23 | 1.000%(Q) | 455 | 0.532 | % | 8,925 | (1,726 | ) | 10,651 | Goldman Sachs International | ||||||||||||||||||||
Republic of Portugal | 12/20/23 | 1.000%(Q) | 50 | 0.601 | % | 932 | (29 | ) | 961 | Morgan Stanley & Co. International PLC | ||||||||||||||||||||
Republic of South Africa | 12/20/23 | 1.000%(Q) | 300 | 1.741 | % | (9,148 | ) | (16,542 | ) | 7,394 | Bank of America, N.A. | |||||||||||||||||||
Republic of Turkey | 06/20/23 | 1.000%(Q) | 80 | 4.379 | % | (9,523 | ) | (10,983 | ) | 1,460 | BNP Paribas S.A. | |||||||||||||||||||
Republic of Turkey | 06/20/23 | 1.000%(Q) | 40 | 4.379 | % | (4,761 | ) | (5,331 | ) | 570 | BNP Paribas S.A. | |||||||||||||||||||
Russian Federation | 12/20/22 | 1.000%(Q) | 50 | 0.991 | % | 74 | (125 | ) | 199 | Citibank, N.A. | ||||||||||||||||||||
Russian Federation | 06/20/23 | 1.000%(Q) | 50 | 1.059 | % | (56 | ) | (980 | ) | 924 | BNP Paribas S.A. | |||||||||||||||||||
Russian Federation | 06/20/23 | 1.000%(Q) | 150 | 1.059 | % | (168 | ) | (2,987 | ) | 2,819 | Morgan Stanley & Co. International PLC | |||||||||||||||||||
Russian Federation | 06/20/23 | 1.000%(Q) | 100 | 1.059 | % | (112 | ) | (1,665 | ) | 1,553 | Morgan Stanley & Co. International PLC | |||||||||||||||||||
Sankaty | 05/29/19 | 0.500%(M) | 2 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Spire Management Limited | 05/29/19 | 0.500%(M) | EUR | 36 | * | — | — | — | Goldman Sachs International | |||||||||||||||||||||
Steele Creek | 05/29/19 | 0.500%(M) | 11 | * | — | — | — | Goldman Sachs International |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 43 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Credit default swap agreements outstanding at April 30, 2019 (continued):
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.): | ||||||||||||||||||||||||||||||
Steele Creek | 05/29/19 | 0.500%(M) | 10 | * | $ | — | $ | — | $ | — | Goldman Sachs International | |||||||||||||||||||
Telos CLO Ltd. | 05/29/19 | 0.500%(M) | 18 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Venture CDO Ltd. | 05/29/19 | 0.500%(M) | 23 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Venture CDO Ltd. | 05/29/19 | 0.500%(M) | 4 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Wellfleet CLO Ltd. | 05/29/19 | 0.500%(M) | 20 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Wind River CLO Ltd. | 05/29/19 | 0.500%(M) | 5 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
Wind River CLO Ltd. | 05/29/19 | 1.000%(M) | 4 | * | — | — | — | Goldman Sachs International | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$ | (1,322 | ) | $ | (49,148 | ) | $ | 47,826 | |||||||||||||||||||||||
|
|
|
|
|
|
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1): |
| |||||||||||||||||||||||
CDX.NA.HY.32.V1 | 06/20/24 | 5.000%(Q) | 560 | $ | (40,656 | ) | $ | (45,820 | ) | $ | (5,164 | ) | ||||||||||||
|
|
|
|
|
|
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Centrally Cleared Credit Default Swap Agreement on credit indices—Sell Protection(2): |
| |||||||||||||||||||||||||||
CDX.NA.HY.30.V3 | 06/20/23 | 5.000%(Q) | 59 | * | $ | 4,363 | $ | 5,432 | $ | 1,069 | ||||||||||||||||||
|
|
|
|
|
|
Reference Entity/ Obligation | Termination Date | Fixed Rate | Notional Amount (000)#(3) | Implied Credit Spread at April 30, 2019(4) | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Counterparty | ||||||||||||||||||||||
OTC Credit Default Swap Agreement on credit indices—Sell Protection(2): |
| |||||||||||||||||||||||||||||
CMBX.NA.6.AA | 05/11/63 | 1.500%(M) | 200 | * | $ | 3,697 | $ | (1,136 | ) | $ | 4,833 | JPMorgan Securities LLC | ||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements.
44 |
Credit default swap agreements outstanding at April 30, 2019 (continued):
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) | If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
(3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may includeup-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. |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 45 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Currency swap agreements outstanding at April 30, 2019:
Notional (000)# | Fund | Notional Amount (000)# | Fund Pays | Counterparty | Termination Date | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
OTC Currency Swap Agreement: | ||||||||||||||||||||||||||
IDR 1,400,000 | 8.22%(S) | 97 | 6 Month LIBOR(S) | Citibank, N.A. | 11/29/23 | $ | 6,979 | $ | — | $ | 6,979 | |||||||||||||||
|
|
|
|
|
|
Inflation swap agreements outstanding at April 30, 2019:
Notional | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciaton (Depreciation) | ||||||||||||||||||
Centrally Cleared Inflation Swap Agreements: | ||||||||||||||||||||||||
EUR 200 | 05/15/23 | 1.485%(T) | France CPI ex Tobacco Household(1)(T) | $ | — | $ | (4,496 | ) | $ | (4,496 | ) | |||||||||||||
EUR 200 | 05/15/23 | 1.510%(T) | Eurostat Eurozone HICP ex Tobacco(2)(T) | — | 4,597 | 4,597 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$ | — | $ | 101 | $ | 101 | |||||||||||||||||||
|
|
|
|
|
|
(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, 2019:
Notional Amount | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciaton (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements: | ||||||||||||||||||||||||
AUD | 400 | 12/18/27 | 2.696%(S) | 6 Month BBSW(2)(S) | $ | — | $ | 17,130 | $ | 17,130 | ||||||||||||||
AUD | 100 | 11/27/28 | 2.847%(S) | 6 Month BBSW(2)(S) | — | 5,336 | 5,336 | |||||||||||||||||
BRL | 306 | 01/02/25 | 8.690%(T) | 1 Day BROIS(2)(T) | — | 964 | 964 | |||||||||||||||||
BRL | 569 | 01/02/25 | 9.943%(T) | 1 Day BROIS(2)(T) | — | 20,149 | 20,149 | |||||||||||||||||
BRL | 609 | 01/02/25 | 11.080%(T) | 1 Day BROIS(2)(T) | — | 30,971 | 30,971 | |||||||||||||||||
BRL | 98 | 01/02/25 | 12.090%(T) | 1 Day BROIS(2)(T) | — | 6,574 | 6,574 | |||||||||||||||||
CAD | 2,000 | 01/09/20 | 1.716%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (5,474 | ) | (5,533 | ) | (59 | ) | ||||||||||||||
CAD | 255 | 05/08/22 | 1.367%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (8,228 | ) | (3,645 | ) | 4,583 | |||||||||||||||
CAD | 460 | 12/10/23 | 2.480%(S) | 3 Month Canadian Banker’s Acceptance(1)(S) | (3,878 | ) | (8,988 | ) | (5,110 | ) | ||||||||||||||
CAD | 80 | 12/03/28 | 2.600%(S) | 3 Month Canadian Bankers Acceptance(2)(S) | 762 | 2,562 | 1,800 |
See Notes to Financial Statements.
46 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional Amount | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciaton (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
CAD | 50 | 01/09/38 | 2.720%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | $ | — | $ | 1,603 | $ | 1,603 | ||||||||||||||
CAD | 50 | 05/30/47 | 2.240%(S) | 3 Month Canadian Banker’s Acceptance(2)(S) | (1,614 | ) | (1,901 | ) | (287 | ) | ||||||||||||||
CHF | 360 | 12/13/23 | (0.185)%(A) | 6 Month CHF LIBOR(2)(S) | (153 | ) | 4,131 | 4,284 | ||||||||||||||||
CHF | 70 | 04/03/28 | 0.410%(A) | 6 Month CHF LIBOR(2)(S) | 196 | 2,777 | 2,581 | |||||||||||||||||
CHF | 130 | 01/31/29 | 0.260%(A) | 6 Month CHF LIBOR(2)(S) | — | 2,787 | 2,787 | |||||||||||||||||
CHF | 20 | 04/03/33 | 0.687%(A) | 6 Month CHF LIBOR(2)(S) | — | 982 | 982 | |||||||||||||||||
CNH | 700 | 03/13/24 | 2.945%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | — | (798 | ) | (798 | ) | |||||||||||||||
CNH | 1,400 | 04/01/24 | 2.923%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | — | (1,982 | ) | (1,982 | ) | |||||||||||||||
CZK | 6,100 | 01/31/24 | 1.930%(A) | 6 Month PRIBOR(1)(S) | — | 2,521 | 2,521 | |||||||||||||||||
EUR | 120 | 11/23/23 | 0.320%(A) | 6 Month EURIBOR(2)(S) | 2,025 | 2,203 | 178 | |||||||||||||||||
EUR | 235 | 10/30/32 | 1.302%(A) | 6 Month EURIBOR(2)(S) | 5,922 | 20,207 | 14,285 | |||||||||||||||||
EUR | 430 | 05/11/33 | 1.000%(A) | 6 Month EURIBOR(2)(S) | (10,466 | ) | 17,739 | 28,205 | ||||||||||||||||
EUR | 150 | 01/26/48 | 1.853%(A) | 3 Month EURIBOR(2)(Q) | — | 8,935 | 8,935 | |||||||||||||||||
EUR | 150 | 01/26/48 | 1.863%(A) | 6 Month EURIBOR(1)(S) | — | (9,142 | ) | (9,142 | ) | |||||||||||||||
EUR | 100 | 03/19/48 | 1.650%(A) | 3 Month EURIBOR(2)(Q) | — | 2,962 | 2,962 | |||||||||||||||||
EUR | 100 | 03/19/48 | 1.658%(A) | 6 Month EURIBOR(1)(S) | — | (2,929 | ) | (2,929 | ) | |||||||||||||||
EUR | 290 | 01/07/49 | 1.475%(A) | 3 Month EURIBOR(2)(Q) | — | 4,853 | 4,853 | |||||||||||||||||
EUR | 290 | 01/07/49 | 1.484%(A) | 6 Month EURIBOR(1)(S) | — | (4,782 | ) | (4,782 | ) | |||||||||||||||
EUR | 120 | 05/11/49 | 1.450%(A) | 6 Month EURIBOR(2)(S) | 6,276 | 14,514 | 8,238 | |||||||||||||||||
GBP | 530 | 12/18/23 | 1.334%(S) | 6 Month GBP LIBOR(2)(S) | 1,991 | 5,434 | 3,443 | |||||||||||||||||
GBP | 110 | 12/07/27 | 1.111%(A) | 1 Day SONIA(1)(A) | — | (438 | ) | (438 | ) |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 47 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciaton (Depreciation) | ||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||
GBP | 475 | 12/21/31 | 1.534%(S) | 6 Month GBP LIBOR(2)(S) | $ | 15,273 | $ | 9,323 | $ | (5,950 | ) | |||||||||||||
GBP | 180 | 03/09/46 | 1.648%(S) | 6 Month GBP LIBOR(2)(S) | (6,048 | ) | 8,067 | 14,115 | ||||||||||||||||
HKD | 2,090 | 03/13/21 | 2.138%(Q) | 3 Month HIBOR(2)(Q) | (3 | ) | 863 | 866 | ||||||||||||||||
HKD | 2,350 | 03/13/21 | 2.145%(Q) | 3 Month HIBOR(2)(Q) | (4 | ) | 1,015 | 1,019 | ||||||||||||||||
HUF | 197,600 | 07/02/20 | 1.065%(A) | 6 Month BUBOR(2)(S) | (327 | ) | 10,167 | 10,494 | ||||||||||||||||
HUF | 43,000 | 03/18/26 | 2.140%(A) | 6 Month BUBOR(2)(S) | 9,737 | 2,341 | (7,396 | ) | ||||||||||||||||
HUF | 90,865 | 06/12/28 | 3.750%(A) | 6 Month BUBOR(2)(S) | — | 9,438 | 9,438 | |||||||||||||||||
JPY | 282,370 | 12/17/20 | 0.015%(S) | 6 Month JPY LIBOR(1)(S) | — | (1,156 | ) | (1,156 | ) | |||||||||||||||
JPY | 69,940 | 01/29/21 | (0.014)%(S) | 6 Month JPY LIBOR(1)(S) | — | (72 | ) | (72 | ) | |||||||||||||||
JPY | 71,505 | 12/03/23 | 0.050%(S) | 6 Month JPY LIBOR(1)(S) | (638 | ) | (2,178 | ) | (1,540 | ) | ||||||||||||||
JPY | 40,000 | 04/10/24 | (0.019)%(S) | 6 Month JPY LIBOR(2)(S) | — | (91 | ) | (91 | ) | |||||||||||||||
JPY | 59,000 | 12/18/27 | 0.290%(S) | 6 Month JPY LIBOR(2)(S) | — | 10,093 | 10,093 | |||||||||||||||||
JPY | 53,000 | 12/18/32 | 0.516%(S) | 6 Month JPY LIBOR(2)(S) | — | 17,988 | 17,988 | |||||||||||||||||
JPY | 176,500 | 12/18/37 | 0.715%(S) | 6 Month JPY LIBOR(2)(S) | — | 91,320 | 91,320 | |||||||||||||||||
JPY | 10,055 | 01/04/38 | 0.757%(S) | 6 Month JPY LIBOR(2)(S) | 2,747 | 5,969 | 3,222 | |||||||||||||||||
JPY | 11,780 | 12/03/38 | 0.600%(S) | 6 Month JPY LIBOR(2)(S) | 2,659 | 3,552 | 893 | |||||||||||||||||
JPY | 5,000 | 07/04/43 | 0.763%(S) | 6 Month JPY LIBOR(2)(S) | — | 2,627 | 2,627 | |||||||||||||||||
JPY | 16,700 | 12/18/47 | 0.918%(S) | 6 Month JPY LIBOR(2)(S) | — | 14,775 | 14,775 | |||||||||||||||||
KRW | 700,000 | 01/07/21 | 1.733%(Q) | 3 Month KWCDC(2)(Q) | — | 342 | 342 | |||||||||||||||||
KRW | 269,200 | 01/07/24 | 1.685%(Q) | 3 Month KWCDC(1)(Q) | — | (540 | ) | (540 | ) | |||||||||||||||
KRW | 118,000 | 02/13/29 | 1.780%(Q) | 3 Month KWCDC(2)(Q) | — | 1,159 | 1,159 | |||||||||||||||||
KRW | 33,500 | 04/17/29 | 1.740%(Q) | 3 Month KWCDC(2)(Q) | — | 223 | 223 | |||||||||||||||||
MXN | 1,150 | 12/23/27 | 7.845%(M) | 28 Day Mexican Interbank Rate(2)(M) | — | (877 | ) | (877 | ) | |||||||||||||||
MXN | 4,080 | 02/27/29 | 8.260%(M) | 28 Day Mexican Interbank Rate(2)(M) | 1,178 | 1,837 | 659 | |||||||||||||||||
NOK | 12,700 | 11/28/23 | 1.915%(A) | 6 Month NIBOR(2)(S) | 5,691 | 4,946 | (745 | ) | ||||||||||||||||
NOK | 1,680 | 03/15/27 | 2.103%(A) | 6 Month NIBOR(2)(S) | 5,750 | 1,421 | (4,329 | ) | ||||||||||||||||
NZD | 1,030 | 02/14/24 | 1.965%(S) | 3 Month BBR(1)(Q) | (224 | ) | (4,963 | ) | (4,739 | ) | ||||||||||||||
NZD | 210 | 11/28/28 | 2.950%(S) | 3 Month BBR(2)(Q) | — | 10,331 | 10,331 |
See Notes to Financial Statements.
48 |
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional Amount | Termination Date | Fixed Rate | Floating Rate | Value at Trade Date | Value at April 30, 2019 | Unrealized Appreciaton (Depreciation) | ||||||||||||||||||||
Centrally Cleared Interest Rate Swap Agreements (cont’d.): | ||||||||||||||||||||||||||
PLN | 1,030 | 08/24/23 | 2.390%(A) | 6 Month WIBOR(2)(S) | $ | — | $ | 6,409 | $ | 6,409 | ||||||||||||||||
PLN | 2,100 | 09/09/23 | 1.900%(A) | 6 Month WIBOR(2)(S) | (19,526 | ) | (275 | ) | 19,251 | |||||||||||||||||
PLN | 850 | 11/13/23 | 2.570%(A) | 6 Month WIBOR(2)(S) | — | 4,741 | 4,741 | |||||||||||||||||||
PLN | 570 | 06/12/28 | 3.070%(A) | 6 Month WIBOR(1)(S) | — | (10,036 | ) | (10,036 | ) | |||||||||||||||||
PLN | 45 | 07/11/28 | 2.935%(A) | 6 Month WIBOR(2)(S) | — | 632 | 632 | |||||||||||||||||||
PLN | 462 | 11/13/28 | 2.998%(A) | 6 Month WIBOR(1)(S) | — | (5,477 | ) | (5,477 | ) | |||||||||||||||||
SEK | 2,000 | 04/25/23 | 0.750%(A) | 3 Month STIBOR(2)(Q) | 4,078 | 4,354 | 276 | |||||||||||||||||||
SEK | 2,800 | 04/15/24 | 0.380%(A) | 3 Month STIBOR(2)(Q) | (56 | ) | 579 | 635 | ||||||||||||||||||
SEK | 2,325 | 06/22/27 | 1.031%(A) | 3 Month STIBOR(2)(Q) | (351 | ) | 9,182 | 9,533 | ||||||||||||||||||
SGD | 135 | 03/19/24 | 2.025%(S) | 6 Month SIBOR(2)(S) | — | 202 | 202 | |||||||||||||||||||
SGD | 90 | 02/14/29 | 2.285%(S) | 6 Month SIBOR(2)(S) | — | 276 | 276 | |||||||||||||||||||
3,560 | 03/12/20 | 2.405%(T) | 1 Day USOIS(2)(T) | — | 2,836 | 2,836 | ||||||||||||||||||||
1,540 | 04/25/20 | 2.328%(T) | 1 Day USOIS(2)(T) | (25 | ) | 614 | 639 | |||||||||||||||||||
890 | 01/10/21 | 2.408%(A) | 1 Day USOIS(1)(A) | (30 | ) | (3,540 | ) | (3,510 | ) | |||||||||||||||||
434 | 03/31/21 | 2.173%(A) | 1 Day USOIS(2)(A) | — | 418 | 418 | ||||||||||||||||||||
915 | 05/31/22 | 2.353%(A) | 1 Day USOIS(1)(A) | — | (8,050 | ) | (8,050 | ) | ||||||||||||||||||
5,715 | 08/31/22 | 2.550%(A) | 1 Day USOIS(1)(A) | — | (101,220 | ) | (101,220 | ) | ||||||||||||||||||
1,420 | 11/23/23 | 3.016%(S) | 3 Month LIBOR(1)(Q) | (9,766 | ) | (54,853 | ) | (45,087 | ) | |||||||||||||||||
1,595 | 11/15/24 | 2.334%(S) | 3 Month LIBOR(1)(Q) | 11,002 | (7,740 | ) | (18,742 | ) | ||||||||||||||||||
590 | 02/28/25 | 2.454%(A) | 1 Day USOIS(1)(A) | — | (11,951 | ) | (11,951 | ) | ||||||||||||||||||
600 | 02/28/25 | 3.019%(S) | 3 Month LIBOR(1)(Q) | — | (22,323 | ) | (22,323 | ) | ||||||||||||||||||
360 | 05/31/25 | 2.998%(S) | 3 Month LIBOR(1)(Q) | (215 | ) | (16,058 | ) | (15,843 | ) | |||||||||||||||||
595 | 07/31/25 | 2.802%(A) | 1 Day USOIS(1)(A) | — | (25,375 | ) | (25,375 | ) | ||||||||||||||||||
475 | 07/31/25 | 3.105%(S) | 3 Month LIBOR(1)(Q) | 375 | (24,220 | ) | (24,595 | ) | ||||||||||||||||||
592 | 07/31/25 | 3.109%(S) | 3 Month LIBOR(1)(Q) | 94 | (30,345 | ) | (30,439 | ) | ||||||||||||||||||
125 | 01/31/26 | 2.236%(S) | 3 Month LIBOR(1)(Q) | — | 1,017 | 1,017 | ||||||||||||||||||||
362 | 01/31/26 | 2.269%(A) | 1 Day USOIS(1)(A) | (2,058 | ) | (3,599 | ) | (1,541 | ) | |||||||||||||||||
1,230 | 01/31/26 | 2.406%(S) | 3 Month LIBOR(1)(Q) | (2,194 | ) | (2,761 | ) | (567 | ) | |||||||||||||||||
555 | 03/12/26 | 2.290%(A) | 1 Day USOIS(1)(A) | 25 | (5,915 | ) | (5,940 | ) | ||||||||||||||||||
145 | 11/15/43 | 2.659%(S) | 3 Month LIBOR(1)(Q) | — | (29 | ) | (29 | ) | ||||||||||||||||||
150 | 08/15/44 | 2.392%(A) | 1 Day USOIS(1)(A) | — | 744 | 744 | ||||||||||||||||||||
ZAR | 9,210 | 03/13/21 | 7.180%(Q) | 3 Month JIBAR(2)(Q) | — | 630 | 630 | |||||||||||||||||||
ZAR | 8,270 | 03/13/24 | 7.500%(Q) | 3 Month JIBAR(1)(Q) | 11 | (1,443 | ) | (1,454 | ) | |||||||||||||||||
ZAR | 3,700 | 11/07/27 | 8.360%(Q) | 3 Month JIBAR(2)(Q) | 3,468 | 8,152 | 4,684 | |||||||||||||||||||
ZAR | 3,200 | 07/16/28 | 8.170%(Q) | 3 Month JIBAR(2)(Q) | (45 | ) | 3,051 | 3,096 | ||||||||||||||||||
ZAR | 2,460 | 03/13/29 | 8.055%(Q) | 3 Month JIBAR(2)(Q) | (8 | ) | 623 | 631 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$ | 7,929 | $ | 42,366 | $ | 34,437 | |||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 49 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Interest rate swap agreements outstanding at April 30, 2019 (continued):
Notional Amount (000)# | Termination Date | Fixed Rate | Floating Rate | Fair Value | Upfront Premiums Paid (Received) | Unrealized Appreciaton (Depreciation) | Counterparty | |||||||||||||||||||||
OTC Interest Rate Swap Agreements: | ||||||||||||||||||||||||||||
AED | 505 | 02/25/29 | 3.750%(A) | 3 Month EIBOR(2)(Q) | $ | 2,384 | $ | — | $ | 2,384 | HSBC Bank USA, N.A. | |||||||||||||||||
CLP | 95,000 | 12/20/27 | 4.260%(S) | 1 Day CLOIS(2)(S) | 4,708 | — | 4,708 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
CLP | 100,000 | 05/17/28 | 4.270%(S) | 1 Day CLOIS(2)(S) | 5,117 | — | 5,117 | Citibank, N.A. | ||||||||||||||||||||
CNH | 700 | 08/15/23 | 3.115%(Q) | 7 Day China Fixing Repo Rates(2)(Q) | 296 | — | 296 | UBS AG | ||||||||||||||||||||
COP | 500,000 | 05/17/28 | 5.990%(Q) | 1 Day COOIS(2)(Q) | 3,696 | — | 3,696 | Citibank, N.A. | ||||||||||||||||||||
COP | 503,000 | 08/03/28 | 6.160%(Q) | 1 Day COOIS(2)(Q) | 5,408 | — | 5,408 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
ILS | 550 | 04/26/28 | 1.915%(A) | 3 Month TELBOR(2)(Q) | 3,121 | — | 3,121 | BNP Paribas S.A. | ||||||||||||||||||||
ILS | 510 | 07/16/28 | 2.045%(A) | 3 Month TELBOR(2)(Q) | 6,381 | — | 6,381 | JPMorgan Chase Bank, N.A. | ||||||||||||||||||||
THB | 10,000 | 08/08/20 | 1.840%(S) | 6 Month BIBOR(2)(S) | 262 | — | 262 | Citibank, N.A. | ||||||||||||||||||||
260 | 03/25/23 | —(3) | —(3) | 11 | — | 11 | Citibank, N.A. | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$ | 31,384 | $ | — | $ | 31,384 | |||||||||||||||||||||||
|
|
|
|
|
|
(1) | The Fund pays the fixed rate and receives the floating rate. |
(2) | The Fund pays the floating rate and receives the fixed rate. |
(3) | The Fund pays the floating rate of 1 week MUNISPA quarterly and receives the floating rate of 3 Month LIBOR quarterly. |
Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:
Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
OTC Swap Agreements | $ | 22,449 | $ | (64,944 | ) | $ | 199,971 | $ | (122,584 | ) | ||||||
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 | ||||||
JPMorgan Securities LLC | $ | 299,321 | $ | 640,400 | ||||
|
|
|
| |||||
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.
See Notes to Financial Statements.
50 |
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, 2019 in valuing such portfolio securities:
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities | ||||||||||||
Asset-Backed Securities | ||||||||||||
Cayman Islands | $ | — | $ | 3,451,165 | $ | — | ||||||
Ireland | — | 560,050 | — | |||||||||
Spain | — | 148,754 | — | |||||||||
United States | — | 904,265 | — | |||||||||
Commercial Mortgage-Backed Securities | ||||||||||||
United States | — | 2,476,872 | — | |||||||||
Corporate Bonds | ||||||||||||
Canada | — | 297,234 | — | |||||||||
China | — | 228,027 | — | |||||||||
France | — | 378,662 | — | |||||||||
Germany | — | 481,582 | — | |||||||||
Italy | — | 443,716 | — | |||||||||
Kazakhstan | — | 51,604 | — | |||||||||
Mexico | — | 329,954 | — | |||||||||
Netherlands | — | 151,049 | — | |||||||||
Peru | — | 200,719 | — | |||||||||
Russia | — | 135,095 | — | |||||||||
Spain | — | 120,441 | — | |||||||||
Supranational Bank | — | 128,149 | — | |||||||||
Switzerland | — | 207,292 | — | |||||||||
United Arab Emirates | — | 150,373 | — | |||||||||
United Kingdom | — | 777,840 | — | |||||||||
United States | — | 3,403,837 | — | |||||||||
Residential Mortgage-Backed Securities | ||||||||||||
Bermuda | — | 167,752 | — | |||||||||
United States | — | 39,717 | — | |||||||||
Sovereign Bonds | ||||||||||||
Argentina | — | 339,330 | — | |||||||||
Austria | — | 157,827 | — | |||||||||
Brazil | — | 557,550 | — | |||||||||
Bulgaria | — | 130,084 | — | |||||||||
Canada | — | 116,433 | — | |||||||||
Chile | — | 133,370 | — | |||||||||
Colombia | — | 262,455 | — | |||||||||
Croatia | — | 223,846 | — | |||||||||
Cyprus | — | 562,084 | — | |||||||||
Dominican Republic | — | 105,375 | — | |||||||||
Greece | — | 601,422 | — | |||||||||
Hungary | — | 172,907 | — | |||||||||
Indonesia | — | 331,763 | — | |||||||||
Israel | — | 118,818 | — |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 51 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Level 1 | Level 2 | Level 3 | ||||||||||
Investments in Securities (continued) | ||||||||||||
Sovereign Bonds (continued) | ||||||||||||
Italy | $ | — | $ | 1,495,857 | $ | — | ||||||
Kazakhstan | — | 134,531 | — | |||||||||
Malaysia | — | 112,110 | — | |||||||||
Mexico | — | 572,882 | — | |||||||||
New Zealand | — | 151,237 | — | |||||||||
Panama | — | 207,102 | — | |||||||||
Peru | — | 125,524 | — | |||||||||
Poland | — | 212,402 | — | |||||||||
Portugal | — | 701,180 | — | |||||||||
Romania | — | 117,067 | — | |||||||||
Saudi Arabia | — | 198,444 | — | |||||||||
Senegal | — | 110,778 | — | |||||||||
Spain | — | 1,545,468 | — | |||||||||
Sweden | — | 111,566 | — | |||||||||
Turkey | — | 211,736 | — | |||||||||
United Arab Emirates | — | 198,000 | — | |||||||||
Uruguay | — | 106,098 | — | |||||||||
U.S. Government Agency Obligation | — | 101,023 | — | |||||||||
U.S. Treasury Obligations | — | 991,233 | — | |||||||||
Affiliated Mutual Fund | 360,818 | — | — | |||||||||
Options Purchased | — | 18,989 | — | |||||||||
Options Written | — | (6,738 | ) | — | ||||||||
Other Financial Instruments* | ||||||||||||
Futures Contracts | 44,939 | — | — | |||||||||
OTC Forward Foreign Currency Exchange Contracts | — | 120,821 | — | |||||||||
OTC Cross Currency Exchange Contracts | — | (1,974 | ) | — | ||||||||
OTC Packaged Credit Default Swap Agreements | — | (8,382 | ) | — | ||||||||
Centrally Cleared Credit Default Swap Agreements | — | (4,095 | ) | — | ||||||||
OTC Credit Default Swap Agreements | — | 4,121 | 790 | |||||||||
OTC Currency Swap Agreement | — | 6,979 | — | |||||||||
Centrally Cleared Inflation Swap Agreements | — | 101 | — | |||||||||
Centrally Cleared Interest Rate Swap Agreements | — | 34,437 | — | |||||||||
OTC Interest Rate Swap Agreements | — | 31,384 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 405,757 | $ | 26,647,294 | $ | 790 | ||||||
|
|
|
|
|
|
* | 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. |
See Notes to Financial Statements.
52 |
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, 2019 were as follows:
Sovereign Bonds | 37.4 | % | ||
Collateralized Loan Obligations | 15.7 | |||
Commercial Mortgage-Backed Securities | 9.1 | |||
Banks | 7.5 | |||
U.S. Treasury Obligations | 3.7 | |||
Oil & Gas | 2.2 | |||
Insurance | 2.1 | |||
Consumer Loans | 1.6 | |||
Residential Mortgage-Backed Securities | 1.4 | |||
Affiliated Mutual Fund | 1.3 | |||
Healthcare-Products | 1.3 | |||
Pipelines | 1.3 | |||
Electric | 1.0 | |||
Media | 1.0 | |||
Telecommunications | 1.0 | |||
Commercial Services | 0.8 | |||
Diversified Financial Services | 0.8 | |||
Auto Manufacturers | 0.8 | |||
Entertainment | 0.7 | |||
Retail | 0.7 | |||
Pharmaceuticals | 0.5 | |||
Multi-National | 0.5 | |||
Transportation | 0.5 | |||
Foods | 0.4 | |||
Agriculture | 0.4 | % | ||
Electrical Components & Equipment | 0.4 | |||
Chemicals | 0.4 | |||
Packaging & Containers | 0.4 | |||
Credit Card | 0.4 | |||
Home Builders | 0.4 | |||
Automobiles | 0.4 | |||
U.S. Government Agency Obligation | 0.4 | |||
Semiconductors | 0.4 | |||
Biotechnology | 0.4 | |||
Housewares | 0.4 | |||
Apparel | 0.4 | |||
Healthcare-Services | 0.3 | |||
Aerospace & Defense | 0.3 | |||
Auto Parts & Equipment | 0.2 | |||
Computers | 0.1 | |||
Options Purchased | 0.1 | |||
|
| |||
99.1 | ||||
Options Written | (0.0 | )* | ||
Other assets in excess of liabilities | 0.9 | |||
|
| |||
100.0 | % | |||
|
|
* | Less than +/- 0.05% |
Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. 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, 2019 as presented in the Statement of Assets and Liabilities:
Derivatives not accounted | Asset Derivatives | Liability Derivatives | ||||||||||
Statement of | Fair Value | Statement of | Fair Value | |||||||||
Credit contracts | Due from/to broker—variation margin swaps | $ | 1,069 | * | Due from/to broker—variation margin swaps | $ | 5,164 | * |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 53 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
Derivatives not accounted | Asset Derivatives | Liability Derivatives | ||||||||||
Statement of | Fair Value | Statement of | Fair Value | |||||||||
Credit contracts | Premiums paid for OTC swap agreements | $ | 22,449 | Premiums received for OTC swap agreements | $ | 64,944 | ||||||
Credit contracts | Unaffiliated investments | 8,557 | Options written outstanding, at value | 6,738 | ||||||||
Credit contracts | Unrealized appreciation on OTC swap agreements | 161,608 | Unrealized depreciation on OTC swap agreements | 122,584 | ||||||||
Foreign exchange contracts | — | — | Unrealized depreciation on OTC cross currency exchange contracts | 1,974 | ||||||||
Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 258,573 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 137,752 | ||||||||
Interest rate contracts | Due from/to broker—variation margin futures | 132,146 | * | Due from/to broker—variation margin futures | 87,207 | * | ||||||
Interest rate contracts | Due from/to broker—variation margin swaps | 424,175 | * | Due from/to broker—variation margin swaps | 389,637 | * | ||||||
Interest rate contracts | Unaffiliated investments | 10,432 | — | — | ||||||||
Interest rate contracts | Unrealized appreciation on OTC swap agreements | 38,363 | — | — | ||||||||
|
|
|
| |||||||||
$ | 1,057,372 | $ | 816,000 | |||||||||
|
|
|
|
* | 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, 2019 are as follows:
Amount of Realized Gain (Loss) on Derivatives Recognized in Income | ||||||||||||||||||||
Derivatives not accounted | Options Purchased(1) | Options Written | Futures | Forward & Cross Currency Exchange Contracts | Swaps | |||||||||||||||
Credit contracts | $ | (3,622 | ) | $ | 10,023 | $ | — | $ | — | $ | 52,164 | |||||||||
Foreign exchange contracts | — | — | — | 240,793 | — | |||||||||||||||
Interest rate contracts | (3,557 | ) | 371 | 139,945 | — | 134,105 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | (7,179 | ) | $ | 10,394 | $ | 139,945 | $ | 240,793 | $ | 186,269 | |||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Included in net realized gain (loss) on investment transactions in the Statement of Operations. |
See Notes to Financial Statements.
54 |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ||||||||||||||||||||||||
Derivatives not accounted | Options Purchased(2) | Options Written | Futures | Forward & Cross Currency Exchange Contracts | Forward Rate Agreements | Swaps | ||||||||||||||||||
Credit contracts | $ | (17,714 | ) | $ | 14,727 | $ | — | $ | — | $ | — | $ | 22,643 | |||||||||||
Foreign exchange contracts | — | — | — | (12,542 | ) | — | — | |||||||||||||||||
Interest rate contracts | 6,686 | (289 | ) | 265,065 | — | 1,329 | (97,480 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | (11,028 | ) | $ | 14,438 | $ | 265,065 | $ | (12,542 | ) | $ | 1,329 | $ | (74,837 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(2) | Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |
For the six months ended April 30, 2019, the Fund’s average volume of derivative activities is as follows:
Options | Options Written(2) | Futures Contracts— Long Positions(2) | Futures Contracts— Short Positions(2) | Forward Foreign Currency Exchange Contracts— Purchased(3) | ||||||||||||||
$ | 12,420 | $ | 3,500,545 | $ | 19,467,491 | $ | 15,145,586 | $ | 10,438,925 |
Forward | Cross Currency Exchange Contracts(4) | Forward Rate Agreements(2) | Interest Rate Swap Agreements(2) | Credit Default Swap Agreements— Buy Protection(2) | ||||||||||||||
$ | 22,967,408 | $ | 140,809 | $ | 366,667 | $ | 57,467,463 | $ | 2,564,625 |
Credit Default | Currency Swap Agreements(2) | Inflation Swap Agreements(2) | ||||||||
$ | 4,989,197 | $ | 64,667 | $ | 566,513 |
(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 during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right toset-off exists, is presented in the summary below.
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 55 |
Schedule of Investments(unaudited) (continued)
as of April 30, 2019
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. | $ | 39,577 | $ | (20,147 | ) | $ | 19,430 | $ | — | $ | 19,430 | |||||||||
Barclays Bank PLC | 26,162 | (11,345 | ) | 14,817 | — | 14,817 | ||||||||||||||
BNP Paribas S.A. | 15,361 | (38,713 | ) | (23,352 | ) | — | (23,352 | ) | ||||||||||||
Citibank, N.A. | 245,521 | (183,529 | ) | 61,992 | — | 61,992 | ||||||||||||||
Deutsche Bank AG | 12,540 | (2,275 | ) | 10,265 | — | 10,265 | ||||||||||||||
Goldman Sachs International | 12,984 | (16,283 | ) | (3,299 | ) | — | (3,299 | ) | ||||||||||||
HSBC Bank USA, N.A. | 2,817 | (2,619 | ) | 198 | — | 198 | ||||||||||||||
JPMorgan Chase Bank, N.A. | 122,362 | (47,761 | ) | 74,601 | — | 74,601 | ||||||||||||||
JPMorgan Securities LLC | 4,833 | (1,136 | ) | 3,697 | — | 3,697 | ||||||||||||||
Morgan Stanley & Co. International PLC | 15,682 | (9,071 | ) | 6,611 | — | 6,611 | ||||||||||||||
The Toronto-Dominion Bank | 1,170 | (537 | ) | 633 | — | 633 | ||||||||||||||
UBS AG | 973 | (576 | ) | 397 | — | 397 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 499,982 | $ | (333,992 | ) | $ | 165,990 | $ | — | $ | 165,990 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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.
56 |
Statement of Assets & Liabilities(unaudited)
as of April 30, 2019
Assets | ||||
Investments at value: | ||||
Unaffiliated investments (cost $26,886,001) | $ | 26,470,640 | ||
Affiliated investments (cost $360,818) | 360,818 | |||
Foreign currency, at value (cost $108,079) | 107,699 | |||
Deposit with broker for centrally cleared/exchange-traded derivatives | 299,321 | |||
Unrealized appreciation on OTC forward foreign currency exchange contracts | 258,573 | |||
Receivable for investments sold | 251,215 | |||
Dividends and interest receivable | 248,877 | |||
Unrealized appreciation on OTC swap agreements | 199,971 | |||
Due from broker—variation margin futures | 33,922 | |||
Premiums paid for OTC swap agreements | 22,449 | |||
Due from Manager | 12,521 | |||
Prepaid expenses | 284 | |||
|
| |||
Total Assets | 28,266,290 | |||
|
| |||
Liabilities | ||||
Payable for investments purchased | 746,660 | |||
Unrealized depreciation on OTC forward foreign currency exchange contracts | 137,752 | |||
Unrealized depreciation on OTC swap agreements | 122,584 | |||
Accrued expenses and other liabilities | 83,995 | |||
Premiums received for OTC swap agreements | 64,944 | |||
Due to broker—variation margin swaps | 29,644 | |||
Options written outstanding, at value (proceeds received $24,483) | 6,738 | |||
Unrealized depreciation on OTC cross currency exchange contracts | 1,974 | |||
Affiliated transfer agent fee payable | 83 | |||
Distribution fee payable | 56 | |||
|
| |||
Total Liabilities | 1,194,430 | |||
|
| |||
Net Assets | $ | 27,071,860 | ||
|
| |||
Net assets were comprised of: | ||||
Common stock, at par | $ | 27,712 | ||
Paid-in capital in excess of par | 27,583,849 | |||
Total distributable earnings (loss) | (539,701 | ) | ||
|
| |||
Net assets, April 30, 2019 | $ | 27,071,860 | ||
|
|
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 57 |
Statement of Assets & Liabilities(unaudited)
as of April 30, 2019
Class A | ||||
Net asset value, offering price and redemption price per share, | $ | 9.77 | ||
Maximum sales charge (4.50% of offering price) | 0.46 | |||
|
| |||
Maximum offering price to public | $ | 10.23 | ||
|
| |||
Class C | ||||
Net asset value, offering price and redemption price per share, | $ | 9.77 | ||
|
| |||
Class Z | ||||
Net asset value, offering price and redemption price per share, | $ | 9.77 | ||
|
| |||
Class R6 | ||||
Net asset value, offering price and redemption price per share, | $ | 9.77 | ||
|
|
See Notes to Financial Statements.
58 |
Statement of Operations(unaudited)
Six Months Ended April 30, 2019
Net Investment Income (Loss) | ||||
Income | ||||
Interest income (net of $5,241 foreign withholding tax) | $ | 396,017 | ||
Affiliated dividend income | 6,741 | |||
|
| |||
Total income | 402,758 | |||
|
| |||
Expenses | ||||
Management fee | 63,505 | |||
Distribution fee(a) | 195 | |||
Custodian and accounting fees | 58,461 | |||
Registration fees(a) | 33,356 | |||
Audit fee | 18,844 | |||
Shareholders’ reports | 15,487 | |||
Legal fees and expenses | 9,036 | |||
Directors’ fees | 6,020 | |||
Transfer agent’s fees and expenses (including affiliated expense of $229)(a) | 265 | |||
Miscellaneous | 5,924 | |||
|
| |||
Total expenses | 211,093 | |||
Less: Fee waiver and/or expense reimbursement(a) | (137,157 | ) | ||
|
| |||
Net expenses | 73,936 | |||
|
| |||
Net investment income (loss) | 328,822 | |||
|
| |||
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | ||||
Net realized gain (loss) on: | ||||
Investment transactions | (116,522 | ) | ||
Futures transactions | 139,945 | |||
Forward and cross currency contract transactions | 240,793 | |||
Options written transactions | 10,394 | |||
Swap agreement transactions | 186,269 | |||
Foreign currency transactions | (97,245 | ) | ||
|
| |||
363,634 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 974,036 | |||
Futures | 265,065 | |||
Forward rate agreements | 1,329 | |||
Forward and cross currency contracts | (12,542 | ) | ||
Options written | 14,438 | |||
Swap agreements | (74,837 | ) | ||
Foreign currencies | 5,307 | |||
|
| |||
1,172,796 | ||||
|
| |||
Net gain (loss) on investment and foreign currency transactions | 1,536,430 | |||
|
| |||
Net Increase (Decrease) In Net Assets Resulting From Operations | $ | 1,865,252 | ||
|
|
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 59 |
Statement of Operations(unaudited)
Six Months Ended April 30, 2019
(a) | Class specific expenses and waivers were as follows: |
Class A | Class C | Class Z | Class R6 | |||||||||||||
Distribution fee | 107 | 88 | — | — | ||||||||||||
Registration fees | 8,339 | 8,339 | 8,339 | 8,339 | ||||||||||||
Transfer agent’s fees and expenses | 85 | 51 | 91 | 38 | ||||||||||||
Fee waiver and/or expense reimbursement | (8,744 | ) | (8,455 | ) | (9,196 | ) | (110,762 | ) |
See Notes to Financial Statements.
60 |
Statements of Changes in Net Assets(unaudited)
Six Months Ended April 30, 2019 | December 12, 2017* through October 31, 2018 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income (loss) | $ | 328,822 | $ | 469,585 | ||||
Net realized gain (loss) on investment and foreign currency transactions | 363,634 | 236,763 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 1,172,796 | (1,300,626 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 1,865,252 | (594,278 | ) | |||||
|
|
|
| |||||
Dividends and Distributions | ||||||||
Distributions from distributable earnings | ||||||||
Class A | (2,634 | ) | (1,243 | ) | ||||
Class C | (665 | ) | (258 | ) | ||||
Class Z | (7,766 | ) | (4,661 | ) | ||||
Class R6 | (1,079,514 | ) | (717,845 | ) | ||||
|
|
|
| |||||
(1,090,579 | ) | (724,007 | ) | |||||
|
|
|
| |||||
Fund share transactions | ||||||||
Net proceeds from shares sold | 554,413 | 25,246,480 | ||||||
Net asset value of shares issued in reinvestment of dividends and distributions | 1,090,578 | 724,012 | ||||||
Cost of shares reacquired | (11 | ) | — | |||||
|
|
|
| |||||
Net increase (decrease) in net assets from Fund share transactions | 1,644,980 | 25,970,492 | ||||||
|
|
|
| |||||
Total increase (decrease) | 2,419,653 | 24,652,207 | ||||||
Net Assets: | ||||||||
Beginning of period | 24,652,207 | — | ||||||
|
|
|
| |||||
End of period | $ | 27,071,860 | $ | 24,652,207 | ||||
|
|
|
|
* | Commencement of operations. |
See Notes to Financial Statements.
PGIM Global Total Return (USD Hedged) Fund | 61 |
Notes to Financial Statements(unaudited)
Prudential Global Total Return Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company and currently consists of two funds: PGIM Global Total Return (USD Hedged) Fund and PGIM Global Total Return Fund, each of which arenon-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Global Total Return (USD Hedged) Fund (the “Fund”). The Fund commenced operations on December 12, 2017.
The investment objective of the Fund is total return, through a combination of current income and capital appreciation.
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 Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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 reportingperiod-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 Company’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.
62 |
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 inopen-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.
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 OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future
PGIM Global Total Return (USD Hedged) Fund | 63 |
Notes to Financial Statements(unaudited) (continued)
cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.
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 Rule22e-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 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
64 |
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.
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 securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Company’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.
Forward and Cross Currency Contracts:A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation (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
PGIM Global Total Return (USD Hedged) Fund | 65 |
Notes to Financial Statements(unaudited) (continued)
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.
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
66 |
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.
Forward Rate Agreements:Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.
Swap Agreements:The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty(“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (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. Any 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.
PGIM Global Total Return (USD Hedged) Fund | 67 |
Notes to Financial Statements(unaudited) (continued)
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 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.
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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 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 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 toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-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 Company, 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
PGIM Global Total Return (USD Hedged) Fund | 69 |
Notes to Financial Statements(unaudited) (continued)
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 orre-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.
As of April 30, 2019, 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 Transactions and Net Investment Income:Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are
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calculated on the specific identification method. Dividend income is recorded on theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.
Taxes:It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.
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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-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 Company, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments 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. PGIM Investments 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
PGIM Global Total Return (USD Hedged) Fund | 71 |
Notes to Financial Statements(unaudited) (continued)
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.
PGIM Investments 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 furnish investment advisory services in connection with the management of the Fund. In connection therewith, is obligated to keep certain books and records of the Fund. PGIM Investments pays 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 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the six months ended April 30, 2019.
The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.88% of average daily net assets for Class A shares, 1.63% of average daily net assets for Class C shares, 0.63% of average daily net assets for Class Z shares, and 0.58% 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 and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expense for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recoupedby PGIM Investments 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 Company, 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.
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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.
For the reporting period ended April 30, 2019, PIMS received $71 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. 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 Company’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.
The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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 Rule17a-7 procedures and consistent with guidance issued by the SEC, the Company’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 such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.
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 fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.
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, 2019, were $5,253,129 and $2,814,459, respectively.
PGIM Global Total Return (USD Hedged) Fund | 73 |
Notes to Financial Statements(unaudited) (continued)
A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the reporting period ended April 30, 2019, is presented as follows:
Value, | 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* | ||||||||||||||||||||||||||||||
$ | 527,951 | $ | 3,308,028 | $ | 3,475,161 | $ | — | $ | — | $ | 360,818 | 360,818 | $ | 6,741 | ||||||||||||||||
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* | The Fund did not have any capital gain distributions during the reporting period. |
For the reporting period ended April 30, 2019, no17a-7 transactions were entered into by the Fund.
5. Tax Information
The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2019 were as follows:
Tax Basis | $ | 27,327,350 | ||
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Gross Unrealized Appreciation | 1,879,375 | |||
Gross Unrealized Depreciation | (2,152,884 | ) | ||
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Net Unrealized Depreciation | $ | (273,509 | ) | |
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The book basis may differ from tax basis due to certaintax-related adjustments.
For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $534,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.
The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
6. Capital and Ownership
The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 4.50%. Investors who purchase $1 million or more of
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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 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 charge and are available exclusively for sale to a limited group of investors.
Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock.
There are 1.5 billion shares of common stock, at $0.01 par value per share, authorized and divided into four classes, designated Class A, Class C, Class Z and Class R6, each of which consists of 200 million, 300 million, 600 million and 400 million authorized shares, respectively.
As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,071 Class A shares, 1,060 Class C shares, 1,074 Class Z shares and 2,688,783 Class R6 shares of the Fund. At reporting period end, one shareholders of record, holding greater thatn 5% of the Fund, held 97% of the Fund’s outstanding shares.
Transactions in shares of common stock were as follows:
Class A | Shares | Amount | ||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 20,337 | $ | 197,820 | |||||
Shares issued in reinvestment of dividends and distributions | 276 | 2,633 | ||||||
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Net increase (decrease) in shares outstanding | 20,613 | $ | 200,453 | |||||
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Period ended October 31, 2018*: | ||||||||
Shares sold | 5,077 | $ | 50,519 | |||||
Shares issued in reinvestment of dividends and distributions | 129 | 1,248 | ||||||
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Net increase (decrease) in shares outstanding | 5,206 | $ | 51,767 | |||||
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Class C | ||||||||
Six months ended April 30, 2019: | ||||||||
Shares issued in reinvestment of dividends and distributions | 70 | $ | 665 | |||||
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Net increase (decrease) in shares outstanding | 70 | $ | 665 | |||||
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Period ended October 31, 2018*: | ||||||||
Shares sold | 1,782 | $ | 17,520 | |||||
Shares issued in reinvestment of dividends and distributions | 27 | 258 | ||||||
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Net increase (decrease) in shares outstanding | 1,809 | $ | 17,778 | |||||
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PGIM Global Total Return (USD Hedged) Fund | 75 |
Notes to Financial Statements(unaudited) (continued)
Class Z | Shares | Amount | ||||||
Six months ended April 30, 2019: | ||||||||
Shares sold | 36,531 | $ | 356,593 | |||||
Shares issued in reinvestment of dividends and distributions | 817 | 7,766 | ||||||
Shares reacquired | (1 | ) | (11 | ) | ||||
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Net increase (decrease) in shares outstanding | 37,347 | $ | 364,348 | |||||
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Period ended October 31, 2018*: | ||||||||
Shares sold | 16,841 | $ | 168,445 | |||||
Shares issued in reinvestment of dividends and distributions | 481 | 4,661 | ||||||
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Net increase (decrease) in shares outstanding | 17,322 | $ | 173,106 | |||||
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Class R6 | ||||||||
Six months ended April 30, 2019: | ||||||||
Shares issued in reinvestment of dividends and distributions | 113,844 | $ | 1,079,514 | |||||
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Net increase (decrease) in shares outstanding | 113,844 | $ | 1,079,514 | |||||
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Period ended October 31, 2018*: | ||||||||
Shares sold | 2,501,000 | $ | 25,009,996 | |||||
Shares issued in reinvestment of dividends and distributions | 73,939 | 717,845 | ||||||
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Net increase (decrease) in shares outstanding | 2,574,939 | $ | 25,727,841 | |||||
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* | Commencement of operations was December 12, 2017. |
7. Borrowings
The Company, 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 SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the1-month LIBOR rate or (3) zero percent.
Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.
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The Fund did not utilize the SCA during the reporting period ended April 30, 2019.
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.
Emerging Markets Risk:The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility.
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
PGIM Global Total Return (USD Hedged) Fund | 77 |
Notes to Financial Statements(unaudited) (continued)
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.
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.
Non-diversification Risk:Anon-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 anon-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 anon-diversified fund.
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
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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 determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.
PGIM Global Total Return (USD Hedged) Fund | 79 |
Financial Highlights (unaudited)
Class A Shares | ||||||||||||
Six Months Ended April 30, | December 12, through | |||||||||||
Per Share Operating Performance(b): | ||||||||||||
Net Asset Value, Beginning of Period | $9.48 | $10.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.11 | 0.16 | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.58 | (0.42 | ) | |||||||||
Total from investment operations | 0.69 | (0.26 | ) | |||||||||
Less Dividends and Distributions: | ||||||||||||
Dividends from net investment income | (0.40 | ) | (0.26 | ) | ||||||||
Net asset value, end of period | $9.77 | $9.48 | ||||||||||
Total Return(c): | 7.34% | (2.65)% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000) | $252 | $49 | ||||||||||
Average net assets (000) | $86 | $46 | ||||||||||
Ratios to average net assets(d): | ||||||||||||
Expenses after waivers and/or expense reimbursement | 0.88% | (e) | 0.88% | (e) | ||||||||
Expenses before waivers and/or expense reimbursement | 21.27% | (e) | 80.88% | (e) | ||||||||
Net investment income (loss) | 2.23% | (e) | 1.86% | (e) | ||||||||
Portfolio turnover rate(f) | 15% | 67% |
(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) | Annualized. |
(f) | 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.
80 |
Class C Shares | ||||||||||||
Six Months Ended April 30, 2019 | December 12, 2017(a) through October 31, 2018 | |||||||||||
Per Share Operating Performance(b): | ||||||||||||
Net Asset Value, Beginning of Period | $9.48 | $10.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.07 | 0.10 | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.58 | (0.43 | ) | |||||||||
Total from investment operations | 0.65 | (0.33 | ) | |||||||||
Less Dividends and Distributions: | ||||||||||||
Dividends from net investment income | (0.36 | ) | (0.19 | ) | ||||||||
Net asset value, end of period | $9.77 | $9.48 | ||||||||||
Total Return(c): | 6.95% | (3.29)% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000) | $18 | $17 | ||||||||||
Average net assets (000) | $18 | $13 | ||||||||||
Ratios to average net assets(d): | ||||||||||||
Expenses after waivers and/or expense reimbursement | 1.63% | (e) | 1.63% | (e) | ||||||||
Expenses before waivers and/or expense reimbursement | 97.77% | (e) | 290.47% | (e) | ||||||||
Net investment income (loss) | 1.54% | (e) | 1.13% | (e) | ||||||||
Portfolio turnover rate(f) | 15% | 67% |
(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) | Annualized. |
(f) | 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 Total Return (USD Hedged) Fund | 81 |
Financial Highlights(unaudited) continued)
Class Z Shares | ||||||||||||
Six Months Ended April 30, 2019 | December 12, 2017(a) through October 31, 2018 | |||||||||||
Per Share Operating Performance(b): | ||||||||||||
Net Asset Value, Beginning of Period | $9.48 | $10.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.12 | 0.18 | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.58 | (0.42 | ) | |||||||||
Total from investment operations | 0.70 | (0.24 | ) | |||||||||
Less Dividends and Distributions: | ||||||||||||
Dividends from net investment income | (0.41 | ) | (0.28 | ) | ||||||||
Net asset value, end of period | $9.77 | $9.48 | ||||||||||
Total Return(c): | 7.47% | (2.44)% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000) | $534 | $164 | ||||||||||
Average net assets (000) | $210 | $160 | ||||||||||
Ratios to average net assets(d): | ||||||||||||
Expenses after waivers and/or expense reimbursement | 0.63% | (e) | 0.63% | (e) | ||||||||
Expenses before waivers and/or expense reimbursement | 9.45% | (e) | 24.70% | (e) | ||||||||
Net investment income (loss) | 2.44% | (e) | 2.11% | (e) | ||||||||
Portfolio turnover rate(f) | 15% | 67% |
(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) | Annualized. |
(f) | 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.
82 |
Class R6 Shares | ||||||||||||
Six Months Ended April 30, 2019 | December 12, 2017(a) through October 31, 2018 | |||||||||||
Per Share Operating Performance(b): | ||||||||||||
Net Asset Value, Beginning of Period | $9.48 | $10.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss) | 0.12 | 0.18 | ||||||||||
Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.58 | (0.42 | ) | |||||||||
Total from investment operations | 0.70 | (0.24 | ) | |||||||||
Less Dividends and Distributions: | ||||||||||||
Dividends from net investment income | (0.41 | ) | (0.28 | ) | ||||||||
Net asset value, end of period | $9.77 | $9.48 | ||||||||||
Total Return(c): | 7.51% | (2.40)% | ||||||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (000) | $26,267 | $24,421 | ||||||||||
Average net assets (000) | $25,298 | $24,571 | ||||||||||
Ratios to average net assets(d): | ||||||||||||
Expenses after waivers and/or expense reimbursement | 0.58% | (e) | 0.58% | (e) | ||||||||
Expenses before waivers and/or expense reimbursement | 1.46% | (e) | 1.67% | (e) | ||||||||
Net investment income (loss) | 2.59% | (e) | 2.14% | (e) | ||||||||
Portfolio turnover rate(f) | 15% | 67% |
(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) | Annualized. |
(f) | 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 Total Return (USD Hedged) Fund | 83 |
∎ TELEPHONE | ∎ WEBSITE | |||
655 Broad Street Newark, NJ 07102 | (800) 225-1852 | pgiminvestments.com |
PROXY VOTING |
The Board of Directors 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. |
DIRECTORS |
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• Raymond A. O’Hara,Chief Legal Officer• Chad A. Earnst,Chief Compliance Officer •Dino Capasso,Deputy ChiefCompliance Officer• Andrew R. French,Secretary • Jonathan D. Shain,Assistant Secretary•Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Peter Parrella,Assistant Treasurer• Lana Lomuti,Assistant Treasurer• Linda McMullin, Assistant Treasurer• Kelly A. Coyne,Assistant Treasurer• Charles H. Smith,Anti-Money Laundering Compliance Officer |
MANAGER | PGIM Investments LLC | 655 Broad Street Newark, NJ 07102 | ||
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SUBADVISER | PGIM Fixed Income | 655 Broad Street Newark, NJ 07102 | ||
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DISTRIBUTOR | Prudential Investment Management Services LLC | 655 Broad Street Newark, NJ 07102 | ||
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CUSTODIAN | The Bank of New York Mellon | 240 Greenwich Street New York, NY 10286 | ||
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TRANSFER AGENT | Prudential Mutual Fund Services LLC | PO Box 9658 Providence, RI 02940 | ||
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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | KPMG LLP | 345 Park Avenue New York, NY 10154 | ||
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FUND COUNSEL | Willkie Farr & Gallagher LLP | 787 Seventh Avenue New York, NY 10019 | ||
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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 atpgiminvestments.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 topgiminvestments.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 DIRECTORS |
Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Global Total Return (USD Hedged) Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee. |
AVAILABILITY OF PORTFOLIO SCHEDULE |
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 on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter. |
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 TOTAL RETURN (USD HEDGED) FUND
SHARE CLASS | A | C | Z | R6 | ||||
NASDAQ | PHEAX | PHECX | PHEZX | PHEQX | ||||
CUSIP | 74439A707 | 74439A806 | 74439A871 | 74439A889 |
MF238E2
Item 2 – | Code of Ethics – Not required, as this is not an annual filing. | |
Item 3 – | Audit Committee Financial Expert – Not required, as this is not an annual filing. | |
Item 4 – | Principal Accountant Fees and Services – Not required, as this is not an annual filing. | |
Item 5 – | Audit Committee of Listed Registrants – Not applicable. | |
Item 6 – | Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form. | |
Item 7 – | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not applicable. | |
Item 8 – | Portfolio Managers ofClosed-End Management Investment Companies – Not applicable. | |
Item 9 – | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not applicable.
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Item 10 – | Submission of Matters to a Vote of Security Holders – Not applicable. | |
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.
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(b) | There has been no significant change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12 – | 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 asExhibit EX-99.CERT. | |||||
(3) | Any written solicitation to purchase securities under Rule23c-1. – Not applicable. | |||||
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto asExhibit EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | Prudential Global Total Return Fund, Inc. | |
By: | /s/ Andrew R. French | |
Andrew R. French | ||
Secretary | ||
Date: | June 17, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Stuart S. Parker | |
Stuart S. Parker | ||
President and Principal Executive Officer | ||
Date: | June 17, 2019 | |
By: | /s/ Christian J. Kelly | |
Christian J. Kelly | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | June 17, 2019 |