N-CSR 1 d786260dncsr.htm PGIM GLOBAL HIGH YIELD FUND, INC.

PGIM Global High Yield Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number:		811-22724
Exact name of registrant as specified in charter:		PGIM Global High Yield 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:		7/31/2019
Date of reporting period:		7/31/2019

Item 1 – Reports to Stockholders

PGIM GLOBAL HIGH YIELD FUND, INC.

(Formerly known as the PGIM Global Short Duration High Yield Fund, Inc.)

ANNUAL REPORT

JULY 31, 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).

You may elect to receive all future reports in paper free of charge. You should contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.

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

Objective: High level of current income

Highlights (unaudited)

• Very strong issue selection was the largest contributor to the Fund’s performance for the reporting period. Industry selection and beta positioning also added value.

• Security selection was highlighted by positioning in emerging markets, electric utilities, retailers & restaurants, and metals & mining. A few of the largest single name contributors included an underweight to Venezuela and overweights to Dish DBS (cable & satellite), Sprint (telecom) and Refinitiv (technology).

• Although overall security selection was a significant contributor to the Fund’s performance, positioning in the midstream energy, chemicals, and aerospace & defense sectors hurt performance. A few of the largest single name detractors over the period included overweights to Alta Mesa Holdings (upstream energy), Digicel Group (telecom), Diamond BC BV (consumer non-cyclical), and Ferrellgas (midstream energy).

• In industry selection, a modest underweight to upstream energy was negative. An underweight to the banking sector and an overweight to the chemicals sector also limited results.

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

PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM is a Prudential Financial company. ^© 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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Table of Contents

Letter from the President			5
Your Fund’s Performance			6
Strategy and Performance Overview			8
Holdings and Financial Statements			13
Approval of Advisory Agreements

PGIM Global High Yield Fund, Inc. 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Global High Yield Fund, Inc. informative and useful. The report covers performance for the 12-month period that ended July 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates on the last day of the period for the first time since the Great Recession more than a decade ago. After nine rate increases in recent years, the cut was a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many other regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiated an exit from the European Union.

Despite the growing US economy, volatility returned to the equity markets during the period. After corporate tax cuts and regulatory reforms helped boost US stocks early in the period, equities declined significantly at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year. For the period overall, large-cap US equities rose while small-cap US stocks fell. Stocks also declined in developed foreign and emerging markets.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from around 3% to 2%. Investment grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a high single-digit return. Globally, bonds in developed markets delivered solid returns, while emerging markets debt also posted positive results. A continuing trend during the period was the inversion of a portion of the US Treasury yield curve, as the yield on certain shorter maturities exceeded the yield on the 10-year bond.

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 scale and investment expertise allow 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 High Yield Fund, Inc.

September 16, 2019

*On March 7, 2019, this Fund was renamed from the PGIM Global Short Duration High Yield Fund, Inc. to the PGIM Global High Yield Fund, Inc.

PGIM Global High Yield Fund, Inc. 5

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance and assume the reinvestment of all dividends. Past performance does not guarantee future results. An investor may obtain more recent performance data by visiting our website at pgiminvestments.com.

Investment Objective

The Fund seeks to provide a high level of current income by investing primarily in below-investment-grade fixed income instruments of issuers located around the world, including emerging markets.*

*On March 7, 2019, the Board of Directors approved a change to a non-fundamental investment policy to permit the Fund to invest, under normal market conditions, in instruments of any duration or maturity and to remove the limit on investments in high yield instruments rated in the lower rating categories (Caa1 or lower by Moody’s Investors Service, Inc. (Moody’s), CCC+ or lower by S&P Global Ratings (S&P) or Fitch, Inc. (Fitch), or comparably rated by another nationally recognized statistical rating organization (NRSRO)).

Performance Snapshot as of 7/31/19
Price Per Share		Total Return for 12 Months Ended 7/31/19
$16.64 (NAV)		10.05%
$14.52 (Market Price)		15.12%

Total returns are based on changes in net asset value (NAV) or market price, respectively. NAV total return assumes the reinvestment of all distributions, including returns of capital, if any, at NAV. Market Price total return assumes the reinvestment of all distributions, including returns of capital, if any, in additional shares in accordance with the Fund’s Dividend Reinvestment Plan.

Source: PGIM Investments LLC.

Key Fund Statistics as of 7/31/19
Duration		5.2 years		Average Maturity		6.1 years

Duration shown includes the impact of leverage. Duration measures investment risk that takes into account both a bond’s interest payments and its value to maturity. Average Maturity is the average number of years to maturity of the Fund’s bonds.

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Credit Quality expressed as a percentage of total investments as of 7/31/19 (%)
BBB			5.5
BB			32.5
B			51.6
CCC			8.7
CC			0.4
Not Rated			0.3
Cash/Cash Equivalents			1.0
Total Investments			100.0

Credit ratings reflect the highest rating assigned by an NRSRO such as Moody’s, S&P, or Fitch. Credit ratings reflect the common nomenclature used by both S&P and Fitch. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

Yield and Dividends as of 7/31/19
Total Monthly Dividends Paid per Share for Period		Current Monthly Dividend Paid per Share		Yield at Market Price as of 7/31/19
$1.08		$0.100		8.26%

Yield at Market Price is the annualized rate determined by dividing the current monthly dividend paid per share by the market price per share as of July 31, 2019.

PGIM Global High Yield Fund, Inc. 7

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Global High Yield Fund Inc.’s shares returned 15.12% based on market price and 10.05% based on net asset value (NAV) in the 12-month reporting period that ended July 31, 2019. For the same period, the Bloomberg Barclays Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) returned 8.02%, and the Lipper Closed End High Yield Leveraged Funds Average returned 5.51%. All Fund returns reflect reinvestment of dividends.

As discussed below, in March 2019, the Board of Directors approved a change to the Fund’s investment policies and the Fund’s benchmark. While Fund management believes that the new Index is more relevant due to the change in the Fund’s investment policies, it does not provide a good comparison to the Fund’s investment strategy over the full reporting period because that strategy was not in place for the full period.

What were market conditions?

• While the momentum that closed the third quarter of 2018 carried into the fourth quarter for both the US and European high yield markets, the positive sentiment soon abated in the face of several concerns that the markets could not ignore. As a result, spreads widened and quarterly total returns declined into negative territory. On the back of the continued strength from the third quarter, US high yield spreads hit their post-crisis tights of 316 basis points (bps) early in the fourth quarter. (One basis point equals 0.01%.) However, the momentum was short lived as spreads reached their year-to-date (YTD) wides less than a month later amid an escalating US-China trade war, several corporate profit warnings, prospects for political gridlock, and concerns over further Federal Reserve (Fed) policy tightening. European high yield spreads began the fourth quarter with a positive tone—32 bps tighter than the YTD wides reached at the start of the third quarter, as negative noise around Italian political developments faded and meaningful high yield bond supply was digested. Spreads remained relatively stable in October 2018 but sold off sharply in November and December on intensifying trade war rhetoric, concerns around a broader deceleration in global growth, and continued Brexit uncertainty. This sent spreads 155 bps wider over the fourth quarter.

• Apart from intermittent weakness, the US and European high yield markets rebounded strongly in the first quarter of 2019. Although weaker-than-expected European data late in the first quarter prompted a swift sentiment change, the sector ended the quarter firmly in positive territory. By quality, while CCC-rated bonds led the way in the first quarter, they only partially recouped their significant underperformance from the fourth quarter of 2018. Meanwhile, B- and BB-rated bonds generated strong first-quarter 2019 excess returns versus swaps as well. Energy was the top-performing sector in the first quarter, helped by a 29% bounce in oil prices amid pledged production cuts. The airline sector was the weakest performer on margin pressure associated with higher oil prices.

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European high yield got off to a strong start in 2019, with the European high yield index snapping back sharply from weakness in the fourth quarter of 2018. Concerns around decelerating global growth were largely shrugged off due to accommodative central bank policies, a lack of new issue supply, and a stabilization/reversal of fund flows, all of which helped drive spreads tighter by 110 bps to 405 bps.

• In a volatile second quarter of 2019, US high yield spreads approached YTD tights in April, widened by almost 100 bps in May, and subsequently recovered in June. Energy was the only sector in negative territory, following a 24% peak-to-trough decline in crude oil prices, and the retail sectors generally outperformed. European high yield continued its strong start to 2019, with higher-rated credits faring the best in the second quarter. However, lower-quality credits still outperformed YTD. Gross high yield issuance totaled €20 billion in the second quarter, which is more than double the €9.4 billion issued in the first quarter. Despite the jump in supply during the second quarter, 2019 gross issuance was down more than 40% by the end of the reporting period.

• In the first half of July 2019, the US high yield market was flat to slightly negative, despite dovish commentary from the Fed. The lackluster performance was primarily driven by weakness in the energy sector. During the second half of the month, amid a backdrop of rising stocks from expected Fed rate cuts and solid earnings, the market remained well bid until the end of the month when trade fears resurfaced and added to concerns regarding a weakening global economy. European high yield continued its strong YTD performance in July with a 0.78% return, taking total YTD returns to 8.52% by the end of the period. Dovish actions and rhetoric from central banks and a lack of net new supply continued to support the market, despite on-going concerns regarding decelerating global growth.

What worked?

• Very strong issue selection was the largest contributor to the Fund’s performance for the reporting period. Industry selection and beta positioning also added value.

• Security selection was highlighted by positioning in emerging markets, electric utilities, retailers & restaurants, and metals & mining. A few of the largest single name contributors included an underweight to Venezuela and overweights to Dish DBS Corp. (cable & satellite), Sprint Corp. (telecom) and Refinitiv (technology).

• Looking at industry selection, overweights to the emerging markets, cable & satellite, technology and telecom sectors added to performance.

• Having more beta in the Fund relative to the Index, on average, over the period was also a significant contributor to returns.

PGIM Global High Yield Fund, Inc. 9

Strategy and Performance Overview (continued)

What didn’t work?

• Although overall security selection was a significant contributor to the Fund’s performance, positioning in the midstream energy, chemicals, and aerospace & defense sectors hurt performance. A few of the largest single name detractors over the period included overweights to Alta Mesa Holdings (upstream energy), Digicel Group (telecom), Diamond BC BV (consumer non-cyclical), and Ferrellgas (midstream energy).

• In industry selection, a modest underweight to upstream energy was negative. An underweight to the banking sector and an overweight to the chemicals sector also limited results.

How did the Fund’s borrowing (leverage) strategy affect its performance and distributions?

• The Fund’s use of leverage contributed positively to NAV performance and shareholder distributions, as both the returns and income earned on the securities purchased exceeded the cost of borrowing.

• As of July 31, 2019, the Fund had borrowed $284 million and was about 29.4% leveraged. During the reporting period, the average amount of leverage utilized by the Fund was about 28.7%.

Did the Fund use derivatives and, if so, how did they affect performance?

• Derivatives in the form of forward currency exchange contracts were used to hedge against the Fund’s positions that were not denominated in US dollars. The derivatives helped immunize any impact from fluctuating currencies outside the US dollar.

• Also, the Fund used derivatives, specifically credit default swap indices, to gain exposure to the market and more efficiently transition the Fund to the new investment strategy in March 2019.

Current outlook

• Looking ahead in US high yield, Moody’s expects the global default rate to reach 2.4% by mid-2020. With current spreads adequately compensating for recession risk, strong credit fundamentals, and low default expectations, PGIM Fixed Income remains constructive on US high yield. The relatively better insulation of US high yield credits from the protracted trade war with China, combined with the technical support provided by stimulative central bank policies in an already supply-limited asset class, supports this favorable view.

• PGIM Fixed Income remains constructive on European high yield given benign default expectations, favorable supply technicals, dovish central banks, and PGIM Fixed Income’s expectation of a resolution of the US-China trade dispute in the near to medium term. In terms of positioning, PGIM Fixed Income continues to believe selected B-rated issuers offer better risk/reward vs. BB-rated issuers; and, if the market remains

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constructive, compression of the lower-rated (but performing) credits will likely be a theme during the second half of 2019.

• In emerging markets, PGIM Fixed Income is conditionally constructive for spreads, assuming a reasonable outcome to trade negotiations and clearer evidence of growth in China. With the caveat that a supportive backdrop could fail to materialize, there is scope for attractive spread tightening in investment grade and high yield countries and corporates.

Were there any material changes to the Fund’s management?

• On March 7, 2019, the Board of Directors approved a change to the Fund’s investment policies to permit the Fund to invest, under normal market conditions, in instruments of any duration or maturity and to remove the limit on investments in high yield instruments rated in the lower rating categories (Caa1 or lower by Moody’s, CCC+ or lower by S&P or Fitch, or comparably rated by another nationally recognized statistical rating organization).

• The Board of Directors also approved changing the name of the Fund to “PGIM Global High Yield Fund, Inc.” and changing the Fund’s benchmark to the Bloomberg Barclays Global High Yield 2% Issuer Constrained (USD Hedged) Index. Fund management believes that the Index is more relevant due to the change in the Fund’s investment policy. As a result of the policy change, the Fund increased its monthly shareholder distribution to $0.1000 from $0.0825 beginning in March 2019.

Benchmark Definitions

Bloomberg Barclays Global High Yield 2% Issuer Constrained (USD Hedged) Index—The Bloomberg Barclays Global High Yield 2% Issuer Constrained (USD Hedged) Index (the Index) is an unmanaged index which covers the universe of non-investment-grade debt in the United States, developed markets and emerging markets. Issuers are capped at 2% of the Index.

Lipper Closed End High Yield Leveraged Funds Average—The Lipper Closed End High Yield Funds (Leveraged) Average (Lipper Average) represents returns based on an average return of 35 funds in the Lipper Closed-End High Yield Funds (Leveraged) universe.

Investors cannot invest directly in an index or average.

Looking for additional information?

The Fund is traded under the symbol “GHY,” and its closing market price is available on most financial websites under the NYSE listings. The daily NAV is available online under the symbol “XGHYX” on most financial websites. Barron’s and the Wall Street Journal’s Monday edition both carry closed-end fund tables that provide additional information. In addition, the Fund issues press releases that can be found on most major financial websites as well as on pgiminvestments.com.

PGIM Global High Yield Fund, Inc. 11

Schedule of Investments

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
LONG-TERM INVESTMENTS    138.4%
BANK LOANS    5.0%
Canada    0.6%
Xplornet Communications, Inc., New Term B Loan, 3 Month LIBOR + 4.000%			6.330	%(c)			09/09/21				3,979			$	3,979,276
Luxembourg    0.5%
Intelsat Jackson Holdings SA, Tranche B-5 Term Loan			6.625				01/02/24				3,695				3,734,721
United Kingdom    0.8%
EG Finco Ltd., Second Lien Term Loan, 3 Month EURIBOR + 7.750%^			8.750	(c)			04/20/26			EUR	1,669				1,856,336
Richmond UK Bidco Ltd., Facility B, 1 Month GBP LIBOR + 4.250%			4.963	(c)			03/03/24			GBP	224				263,369
Tilney Group Ltd., Facility B Loan, 3 Month GBP LIBOR + 5.000%			5.774	(c)			12/17/25			GBP	3,025				3,574,088
															5,693,793
United States    3.1%
Asurion LLC, Second Lien Replacement B-2 Term Loan, 1 Month LIBOR + 6.500%			8.734	(c)			08/04/25				1,805				1,834,680
CEC Entertainment, Inc., First Lien Term B Loan, 1 Month LIBOR + 3.250%			5.484	(c)			02/12/21				3,653				3,629,297
Citgo Petroleum Corp.,
2019 Incremental Term B Loan, 3 Month LIBOR + 5.000%			7.319	(c)			03/27/24				873				873,358
Term B Loan, 3 Month LIBOR + 4.500%			6.819	(c)			07/29/21				920				920,170
Diamond BV, Initial USD Term Loan, 2 - 3 Month LIBOR + 3.000%			5.257	(c)			09/06/24				3,681				3,331,588
Finastra USA, Inc., Dollar Term Loan (Second Lien), 6 Month LIBOR + 7.250%			9.446	(c)			06/13/25				1,450				1,435,500
Heritage Power LLC, Term Loan^			—	(p)			07/31/26				2,650				2,597,000
McAfee LLC, Second Lien Initial Loan, 1 Month LIBOR + 8.500%			10.741	(c)			09/29/25				1,947				1,964,722

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 13

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
BANK LOANS (Continued)
United States (cont’d.)
Navistar, Inc., Tranche B Term Loan, 1 Month LIBOR + 3.500%			5.830	%(c)			11/06/24				2,828			$	2,826,342
Sally Holdings LLC, Term B-2 Loan^			4.500				07/05/24				1,655				1,580,525
															20,993,182
TOTAL BANK LOANS (cost $34,728,543)															34,400,972
CORPORATE BONDS    113.0%
Argentina    0.6%
Rio Energy SA/UGEN SA/UENSA SA, Sr. Sec’d. Notes			6.875				02/01/25				1,000				746,250
YPF Energia Electrica SA, Sr. Unsec’d. Notes, 144A			10.000				07/25/26				2,052				2,046,870
YPF SA, Sr. Unsec’d. Notes			8.500				03/23/21				1,500				1,535,625
															4,328,745
Bahrain    0.4%
Oil & Gas Holding Co. BSCC (The),
Sr. Unsec’d. Notes			7.500				10/25/27				1,000				1,105,280
Sr. Unsec’d. Notes			8.375				11/07/28				780				912,608
Sr. Unsec’d. Notes, 144A			7.625				11/07/24				380				424,982
															2,442,870
Belarus    0.1%
Development Bank of the Republic of Belarus JSC, Sr. Unsec’d. Notes, 144A			6.750				05/02/24				850				890,375
Belgium    0.2%
House of Finance NV (The), Sr. Sec’d. Notes, 144A			4.375				07/15/26			EUR	1,400				1,583,741
Brazil    3.6%
Banco do Brasil SA, Gtd. Notes(aa)			3.875				10/10/22				2,000				2,034,400
Caixa Economica Federal, Sr. Unsec’d. Notes, 144A(aa)			3.500				11/07/22				1,000				1,006,260

See Notes to Financial Statements.

14

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
Brazil (cont’d.)
Klabin Austria GmbH, Gtd. Notes, 144A(aa)			5.750	%			04/03/29				2,000			$	2,107,520
MARB BondCo PLC, Gtd. Notes(aa)			6.875				01/19/25				2,000				2,050,000
NBM US Holdings, Inc., Gtd. Notes, 144A(aa)			7.000				05/14/26				1,000				1,031,500
Petrobras Global Finance BV,
Gtd. Notes(aa)			5.999				01/27/28				2,000				2,184,000
Gtd. Notes(aa)			6.900				03/19/49				1,640				1,840,408
Gtd. Notes(aa)			7.375				01/17/27				2,890				3,415,113
Gtd. Notes(aa)			8.750				05/23/26				6,490				8,151,440
Usiminas International Sarl, Gtd. Notes, 144A			5.875				07/18/26				1,000				1,018,500
															24,839,141
Canada    6.4%
Bombardier, Inc.,
Sr. Unsec’d. Notes, 144A(aa)			7.500				12/01/24				4,150				4,278,442
Sr. Unsec’d. Notes, 144A(aa)			7.500				03/15/25				475				483,016
Sr. Unsec’d. Notes, 144A(aa)			7.875				04/15/27				2,650				2,683,125
Sr. Unsec’d. Notes, 144A(aa)			8.750				12/01/21				5,825				6,349,250
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., Gtd. Notes, 144A(aa)			6.125				07/01/22				3,125				3,156,625
Eldorado Gold Corp., Sec’d. Notes, 144A(aa)			9.500				06/01/24				2,125				2,188,750
Entertainment One Ltd., Sr. Sec’d. Notes, 144A(aa)			4.625				07/15/26			GBP	4,500				5,609,261
IAMGOLD Corp., Gtd. Notes, 144A(aa)			7.000				04/15/25				975				1,023,750
Mattamy Group Corp., Sr. Unsec’d. Notes, 144A(aa)			6.875				12/15/23				2,925				3,034,687
MEG Energy Corp.,
Gtd. Notes, 144A(aa)			6.375				01/30/23				6,350				6,064,250
Gtd. Notes, 144A(aa)			7.000				03/31/24				25				23,870
New Gold, Inc., Gtd. Notes, 144A(aa)			6.250				11/15/22				610				582,550
NOVA Chemicals Corp., Sr. Unsec’d. Notes, 144A(aa)			5.250				06/01/27				4,100				4,275,357

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 15

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
Canada (cont’d.)
Precision Drilling Corp., Gtd. Notes, 144A(aa)			7.125	%			01/15/26				3,475			$	3,301,250
Xplornet Communications, Inc., Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625%			9.625				06/01/22				685				698,222
															43,752,405
Chile    0.5%
VTR Finance BV, Sr. Sec’d. Notes, 144A(aa)			6.875				01/15/24				3,233				3,338,072
China    0.3%
Country Garden Holdings Co. Ltd., Sr. Sec’d. Notes			8.000				01/27/24				1,000				1,086,679
Sunac China Holdings Ltd., Sr. Sec’d. Notes			7.875				02/15/22				1,000				1,016,864
															2,103,543
Colombia    0.4%
Millicom International Cellular SA, Sr. Unsec’d. Notes			6.000				03/15/25				2,610				2,707,875
France    1.3%
Loxam SAS,
Sr. Sub. Notes(aa)			4.500				04/15/27			EUR	4,230				4,593,594
Sr. Sub. Notes, 144A(aa)			4.500				04/15/27			EUR	2,400				2,606,294
Paprec Holding SA, Sr. Sec’d. Notes(aa)			4.000				03/31/25			EUR	1,290				1,403,039
															8,602,927
Germany    2.1%
Alpha 2 BV, Sr. Unsec’d. Notes, 144A, Cash coupon 8.750% or PIK 9.500%(aa)			8.750				06/01/23				3,575				3,512,437
CeramTec BondCo GmbH, Sr. Sec’d. Notes(aa)			5.250				12/15/25			EUR	2,800				3,165,467
Nidda BondCo GmbH, Gtd. Notes(aa)			5.000				09/30/25			EUR	2,400				2,674,648

See Notes to Financial Statements.

16

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
Germany (cont’d.)
Takko Luxembourg 2 SCA, Sr. Sec’d. Notes, EMTN			5.375	%			11/15/23			EUR	1,500			$	1,432,181
Techem Verwaltungsgesellschaft 674 mbH, Sr. Sec’d. Notes(aa)			6.000				07/30/26			EUR	3,250				3,841,102
															14,625,835
Guatemala    0.2%
Comunicaciones Celulares SA Via Comcel Trust, Sr. Unsec’d. Notes			6.875				02/06/24				1,000				1,035,000
India    0.7%
ABJA Investment Co. Pte Ltd., Gtd. Notes(aa)			5.950				07/31/24				651				684,976
Delhi International Airport Ltd., Sr. Sec’d. Notes, 144A(aa)			6.450				06/04/29				905				951,607
GMR Hyderabad International Airport Ltd., Sr. Sec’d. Notes(aa)			4.250				10/27/27				1,460				1,346,934
Greenko Dutch BV, Sr. Sec’d. Notes(aa)			5.250				07/24/24				1,000				1,002,340
Greenko Investment Co., Sr. Sec’d. Notes			4.875				08/16/23				1,000				985,500
															4,971,357
Indonesia    0.2%
Saka Energi Indonesia PT, Sr. Unsec’d. Notes			4.450				05/05/24				1,660				1,668,248
Ireland    0.8%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.,
Gtd. Notes			6.750				05/15/24			EUR	4,140				4,847,602
Gtd. Notes, 144A			6.750				05/15/24			EUR	400				468,367
															5,315,969
Israel    0.2%
Teva Pharmaceutical Finance Netherlands II BV, Gtd. Notes, 144A(aa)			3.250				04/15/22			EUR	1,425				1,514,376

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 17

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
Italy    2.7%
Fire BC SpA, Sr. Sec’d. Notes, 3 Month EURIBOR + 4.750%(aa)			4.750	%(c)			09/30/24			EUR	3,000			$	3,341,756
Rossini Sarl, Sr. Sec’d. Notes			6.750				10/30/25			EUR	3,800				4,542,657
Wind Tre SpA, Sr. Sec’d. Notes, 144A(aa)			5.000				01/20/26				10,600				10,496,650
															18,381,063
Jamaica    0.6%
Digicel Group One Ltd.,
Sr. Sec’d. Notes			8.250				12/30/22				488				297,985
Sr. Sec’d. Notes, 144A			8.250				12/30/22				557				340,118
Digicel Group Two Ltd.,
Sr. Unsec’d. Notes			8.250				09/30/22				462				92,400
Sr. Unsec’d. Notes, 144A			8.250				09/30/22				243				48,600
Digicel Ltd.,
Gtd. Notes, 144A			6.750				03/01/23				5,020				2,403,375
Sr. Unsec’d. Notes			6.000				04/15/21				500				343,750
Sr. Unsec’d. Notes, 144A			6.000				04/15/21				400				275,000
															3,801,228
Luxembourg    3.7%
ARD Finance SA,
Sr. Sec’d. Notes, Cash coupon 6.625% or PIK 7.375%			6.625				09/15/23			EUR	4,550				5,213,140
Sr. Sec’d. Notes, Cash coupon 7.125% or PIK 7.875%			7.125				09/15/23				3,110				3,203,300
Galapagos SA, Sr. Sec’d. Notes, 3 Month EURIBOR + 4.750%			4.432	(c)			06/15/21	(d)		EUR	3,146				3,412,970
Intelsat Jackson Holdings SA,
Gtd. Notes			5.500				08/01/23				750				690,937
Gtd. Notes, 144A			9.750				07/15/25				2,355				2,434,481
Picard Bondco SA, Gtd. Notes			5.500				11/30/24			EUR	5,310				5,568,273
Swissport Financing Sarl,
Gtd. Notes			9.750				12/15/22			EUR	1,900				2,248,848
Sr. Sec’d. Notes			6.750				12/15/21			EUR	2,000				2,282,147
															25,054,096

See Notes to Financial Statements.

18

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
Macau    0.2%
MGM China Holdings Ltd., Sr. Unsec’d. Notes, 144A			5.375	%			05/15/24				1,000			$	1,035,000
Mexico    2.0%
Mexico City Airport Trust, Sr. Sec’d. Notes(aa)			3.875				04/30/28				1,470				1,416,727
Nemak SAB de CV, Sr. Unsec’d. Notes(aa)			4.750				01/23/25				1,370				1,387,125
Petroleos Mexicanos,
Gtd. Notes(aa)			4.875				01/24/22				1,290				1,300,062
Gtd. Notes(aa)			5.350				02/12/28				2,500				2,297,500
Gtd. Notes(aa)			5.500				06/27/44				2,950				2,404,250
Gtd. Notes(aa)			6.500				03/13/27				3,670				3,639,539
Gtd. Notes(aa)			6.500				06/02/41				1,080				970,899
															13,416,102
Netherlands    3.4%
GTH Finance BV, Gtd. Notes(aa)			7.250				04/26/23				1,250				1,385,525
InterXion Holding NV, Gtd. Notes(aa)			4.750				06/15/25			EUR	2,450				2,950,060
Starfruit Finco BV/Starfruit US Holdco LLC,
Sr. Unsec’d. Notes(aa)			6.500				10/01/26			EUR	5,500				6,065,668
Sr. Unsec’d. Notes, 144A(aa)			8.000				10/01/26				2,745				2,717,550
Trivium Packaging Finance BV, Bonds, 144A			3.750				08/15/26			EUR	1,220				1,398,660
UPC Holding BV, Sr. Sec’d. Notes(aa)			3.875				06/15/29			EUR	1,900				2,229,456
Ziggo Bond Co. BV, Sr. Unsec’d. Notes, 144A(aa)			4.625				01/15/25			EUR	3,400				3,878,272
Ziggo BV, Sr. Sec’d. Notes(aa)			4.250				01/15/27			EUR	2,225				2,639,924
															23,265,115
Puerto Rico    0.5%
Popular, Inc., Sr. Unsec’d. Notes			6.125				09/14/23				3,475				3,735,625

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 19

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
Russia    0.8%
Gazprom OAO Via Gaz Capital SA,
Sr. Unsec’d. Notes			6.510	%			03/07/22				1,470			$	1,593,186
Sr. Unsec’d. Notes, EMTN			3.600				02/26/21			EUR	2,000				2,331,342
Sr. Unsec’d. Notes, EMTN			8.625				04/28/34				740				1,022,269
VTB Bank OJSC Via VTB Capital SA, Sr. Unsec’d. Notes			6.551				10/13/20				650				676,984
															5,623,781
Saint Lucia    0.5%
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., Sr. Sec’d. Notes, 144A			8.750				05/25/24				3,300				3,102,000
Singapore    0.2%
Mulhacen Pte Ltd., Sr. Sec’d. Notes, Cash coupon 6.500% or PIK 7.250%(aa)			6.500				08/01/23			EUR	1,500				1,544,265
South Africa    1.2%
Eskom Holdings SOC Ltd.,
Gov’t. Gtd. Notes, MTN			6.350				08/10/28				970				1,037,087
Sr. Unsec’d. Notes			5.750				01/26/21				1,905				1,909,762
Sr. Unsec’d. Notes			7.125				02/11/25				630				653,625
Sr. Unsec’d. Notes, EMTN			6.750				08/06/23				1,320				1,361,435
Sr. Unsec’d. Notes, MTN			8.450				08/10/28				1,240				1,367,787
Sasol Financing USA LLC, Gtd. Notes(aa)			5.875				03/27/24				1,930				2,068,072
															8,397,768
Spain    1.2%
Codere Finance 2 Luxembourg SA, Sr. Sec’d. Notes			6.750				11/01/21			EUR	2,930				3,284,054
Tasty Bondco 1 SA,
Sr. Sec’d. Notes(aa)			6.250				05/15/26			EUR	2,775				3,254,704
Sr. Sec’d. Notes, 144A(aa)			6.250				05/15/26			EUR	1,500				1,759,300
															8,298,058

See Notes to Financial Statements.

20

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
Switzerland    0.1%
Walnut Bidco PLC, Sr. Sec’d. Notes, 144A			6.750	%			08/01/24			EUR	425			$	480,821
Tunisia    0.5%
Banque Centrale de Tunisie International Bond,
Sr. Unsec’d. Notes			5.625				02/17/24			EUR	1,355				1,485,225
Sr. Unsec’d. Notes			6.750				10/31/23			EUR	1,385				1,579,344
															3,064,569
Turkey    0.9%
KOC Holding A/S, Sr. Unsec’d. Notes, 144A			6.500				03/11/25				2,000				2,021,444
Turkiye Garanti Bankasi A/S, Sr. Unsec’d. Notes			6.250				04/20/21				1,000				1,017,700
Turkiye Is Bankasi A/S,
Sr. Unsec’d. Notes			5.000				04/30/20				1,375				1,374,857
Sr. Unsec’d. Notes, 144A, MTN			5.375				10/06/21				1,000				980,000
Sr. Unsec’d. Notes, EMTN			5.375				10/06/21				625				612,500
															6,006,501
United Kingdom    5.4%
Alpha 3 BV/Alpha US Bidco, Inc., Gtd. Notes, 144A(aa)			6.250				02/01/25				2,070				2,044,125
Bracken MidCo1 PLC, Sr. Unsec’d. Notes, Cash coupon 8.875% or PIK 10.375%(aa)			8.875				10/15/23			GBP	1,000				1,143,134
Co-operative Group Holdings 2011 Ltd., Gtd. Notes(aa)			7.500				07/08/26			GBP	2,125				2,920,561
CPUK Finance Ltd.,
Sec’d. Notes			4.875				02/28/47			GBP	1,100				1,362,959
Sec’d. Notes, 144A			4.250				02/28/47			GBP	2,575				3,164,511
eG Global Finance PLC, Sr. Sec’d. Notes, 144A(aa)			4.375				02/07/25			EUR	3,900				4,306,507
Jerrold Finco PLC,
Sr. Sec’d. Notes(aa)			6.125				01/15/24			GBP	1,000				1,222,180
Sr. Sec’d. Notes, 144A, MTN(aa)			6.250				09/15/21			GBP	1,850				2,266,658
Newday Bondco PLC,
Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.500%(aa)			7.273	(c)			02/01/23			GBP	1,250				1,425,117
Sr. Sec’d. Notes, 144A(aa)			7.375				02/01/24			GBP	1,000				1,143,134

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 21

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Pinnacle Bidco PLC, Sr. Sec’d. Notes(aa)			6.375	%			02/15/25			GBP	847			$	1,085,525
Stonegate Pub Co. Financing PLC,
Sr. Sec’d. Notes(aa)			4.875				03/15/22			GBP	1,000				1,241,346
Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 4.375%(aa)			5.163	(c)			03/15/22			GBP	925				1,125,261
Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.250%(aa)			7.036	(c)			03/15/22			GBP	800				977,453
TalkTalk Telecom Group PLC, Gtd. Notes(aa)			5.375				01/15/22			GBP	1,500				1,865,675
TVL Finance PLC, Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 5.375%			6.137	(c)			07/15/25			GBP	3,325				3,962,662
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes(aa)			5.000				04/15/27			GBP	2,450				3,083,726
Voyage Care BondCo PLC,
Sr. Sec’d. Notes(aa)			5.875				05/01/23			GBP	300				353,022
Sr. Sec’d. Notes, 144A(aa)			5.875				05/01/23			GBP	1,600				1,882,781
															36,576,337
United States    70.3%
Acadia Healthcare Co., Inc., Gtd. Notes(aa)			5.625				02/15/23				850				856,681
Adient Global Holdings Ltd., Gtd. Notes			3.500				08/15/24			EUR	2,000				1,776,735
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
Sr. Sec’d. Notes, 144A(aa)			6.625				07/15/26				1,525				1,593,625
Sr. Unsec’d. Notes, 144A(aa)			9.750				07/15/27				3,150				3,287,812
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A(aa)			5.875				06/01/29				850				903,125
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes			7.875				12/15/24				6,450				2,257,500
AMC Entertainment Holdings, Inc., Gtd. Notes(aa)			6.375				11/15/24			GBP	4,500				5,318,302
American Axle & Manufacturing, Inc.,
Gtd. Notes(aa)			6.250				03/15/26				2,250				2,241,562
Gtd. Notes(aa)			6.500				04/01/27				1,400				1,400,000
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes(aa)			5.500				05/20/25				725				761,250

See Notes to Financial Statements.

22

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
AmeriGas Partners LP/AmeriGas Finance Corp., (cont’d.)
Sr. Unsec’d. Notes(aa)			5.625	%			05/20/24				275			$	291,844
Sr. Unsec’d. Notes(aa)			5.750				05/20/27				2,225				2,336,250
Sr. Unsec’d. Notes(aa)			5.875				08/20/26				2,100				2,226,000
Anixter, Inc., Gtd. Notes(aa)			6.000				12/01/25				325				354,250
Antero Midstream Partners LP/Antero Midstream Finance Corp., Sr. Unsec’d. Notes, 144A(aa)			5.750				01/15/28				2,750				2,567,812
Antero Resources Corp.,
Gtd. Notes(aa)			5.000				03/01/25				1,300				1,163,266
Gtd. Notes(aa)			5.625				06/01/23				1,500				1,417,500
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A(aa)			10.000				04/01/22				5,343				5,276,212
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A(aa)			9.875				04/01/27				1,925				2,040,500
Avantor, Inc., Sr. Sec’d. Notes(aa)			4.750				10/01/24			EUR	1,322				1,565,896
Banff Merger Sub, Inc., Sr. Unsec’d. Notes(aa)			8.375				09/01/26			EUR	5,050				4,838,627
Bausch Health Cos., Inc.,
Gtd. Notes, 144A(aa)			6.125				04/15/25				3,975				4,089,281
Gtd. Notes, 144A(aa)			7.000				01/15/28				1,000				1,036,250
Gtd. Notes, 144A(aa)			7.250				05/30/29				1,340				1,392,769
Beacon Roofing Supply, Inc., Gtd. Notes(aa)			6.375				10/01/23				1,045				1,078,963
Beazer Homes USA, Inc.,
Gtd. Notes(aa)			5.875				10/15/27				1,650				1,509,750
Gtd. Notes(aa)			8.750				03/15/22				6,700				6,939,994
Brinker International, Inc., Gtd. Notes, 144A(aa)			5.000				10/01/24				800				816,000
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A(aa)			5.250				10/15/25				5,150				5,138,670
Calpine Corp.,
Sr. Sec’d. Notes, 144A(aa)			5.875				01/15/24				650				664,625
Sr. Unsec’d. Notes(aa)			5.375				01/15/23				2,100				2,093,385
Sr. Unsec’d. Notes(aa)			5.500				02/01/24				2,925				2,925,000
Sr. Unsec’d. Notes(aa)			5.750				01/15/25				5,525				5,495,717
Carvana Co., Gtd. Notes, 144A(aa)			8.875				10/01/23				4,400				4,419,800

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 23

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
CCM Merger, Inc., Sr. Unsec’d. Notes, 144A(aa)			6.000	%			03/15/22				4,775			$	4,894,375
CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec’d. Notes, 144A(aa)			5.375				06/01/29				2,500				2,590,625
CEC Entertainment, Inc., Gtd. Notes(aa)			8.000				02/15/22				1,650				1,563,375
Century Communities, Inc., Sr. Unsec’d. Notes, 144A(aa)			6.750				06/01/27				2,125				2,196,719
CenturyLink, Inc.,
Sr. Unsec’d. Notes(aa)			5.625				04/01/25				1,726				1,748,438
Sr. Unsec’d. Notes, Series U(aa)			7.650				03/15/42				1,725				1,608,563
Chemours Co. (The),
Gtd. Notes(aa)			4.000				05/15/26			EUR	3,000				3,140,172
Gtd. Notes(aa)			6.625				05/15/23				3,360				3,374,717
Gtd. Notes(aa)			7.000				05/15/25				2,960				2,903,368
Chesapeake Energy Corp., Gtd. Notes(aa)			8.000				06/15/27				2,680				2,144,000
CHS/Community Health Systems, Inc.,
Sec’d. Notes, 144A			8.125				06/30/24				837				636,120
Sr. Sec’d. Notes(aa)			6.250				03/31/23				1,075				1,029,313
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A			9.250				08/01/24				2,125				2,212,656
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, 144A(aa)			9.250				02/15/24				6,450				6,998,250
Gtd. Notes, Series B(aa)			6.500				11/15/22				210				214,410
Cleveland-Cliffs, Inc.,
Gtd. Notes(aa)			5.750				03/01/25				889				902,780
Sr. Unsec’d. Notes, 144A(aa)			5.875				06/01/27				4,000				4,020,000
Cloud Crane LLC, Sec’d. Notes, 144A(aa)			10.125				08/01/24				2,425				2,594,750
CNX Resources Corp.,
Gtd. Notes(aa)			5.875				04/15/22				2,292				2,183,932
Gtd. Notes, 144A(aa)			7.250				03/14/27				800				686,000
CommScope Technologies LLC, Gtd. Notes, 144A(aa)			6.000				06/15/25				1,475				1,342,250
CommScope, Inc.,
Gtd. Notes, 144A(aa)			5.500				06/15/24				3,770				3,477,825
Gtd. Notes, 144A(aa)			8.250				03/01/27				500				492,500
Constellium SE, Gtd. Notes, 144A(aa)			6.625				03/01/25				1,695				1,775,513
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A(aa)			5.625				11/15/26				1,220				1,107,150

See Notes to Financial Statements.

24

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Cornerstone Building Brands, Inc., Gtd. Notes, 144A(aa)			8.000	%			04/15/26				1,400			$	1,365,000
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A(aa)			6.750				08/15/24				2,745				2,532,262
Coty, Inc., Gtd. Notes, 144A(aa)			4.000				04/15/23			EUR	2,375				2,600,205
Crown European Holdings SA, Gtd. Notes(aa)			2.875				02/01/26			EUR	5,000				6,004,567
CSC Holdings LLC,
Sr. Unsec’d. Notes, 144A(aa)			5.125				12/15/21				1,345				1,345,000
Sr. Unsec’d. Notes, 144A(aa)			5.125				12/15/21				5,975				5,975,000
Cumulus Media New Holdings, Inc., Sr. Sec’d. Notes, 144A(aa)			6.750				07/01/26				750				765,938
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A			5.750				04/15/25				1,125				1,139,063
DCP Midstream Operating LP, Gtd. Notes(aa)			5.125				05/15/29				1,050				1,081,500
Dell International LLC/EMC Corp., Gtd. Notes, 144A(aa)			7.125				06/15/24				3,180				3,362,861
Denbury Resources, Inc., Sec’d. Notes, 144A(aa)			9.000				05/15/21				300				282,750
Diamond BC BV, Sr. Unsec’d. Notes(aa)			5.625				08/15/25			EUR	3,000				2,589,503
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Sr. Sec’d. Notes, 144A			5.375				08/15/26				1,150				1,168,688
Sr. Unsec’d. Notes, 144A			6.625				08/15/27				1,210				1,236,469
DISH DBS Corp.,
Gtd. Notes(aa)			5.875				11/15/24				1,925				1,790,289
Gtd. Notes(aa)			7.750				07/01/26				9,950				9,751,000
Embarq Corp., Sr. Unsec’d. Notes(aa)			7.995				06/01/36				2,285				2,222,162
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A(aa)			5.500				01/30/26				2,325				2,406,375
Energizer Gamma Acquisition BV, Gtd. Notes(aa)			4.625				07/15/26			EUR	3,650				4,211,869
Entercom Media Corp., Sec’d. Notes, 144A(aa)			6.500				05/01/27				1,060				1,120,950
Everi Payments, Inc., Gtd. Notes, 144A(aa)			7.500				12/15/25				1,200				1,263,000
Extraction Oil & Gas, Inc., Gtd. Notes, 144A(aa)			5.625				02/01/26				2,600				1,918,852

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 25

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Extraction Oil & Gas, Inc., (cont’d.) Gtd. Notes, 144A(aa)			7.375	%			05/15/24				1,595			$	1,295,938
Ferrellgas LP/Ferrellgas Finance Corp.,
Gtd. Notes(aa)			6.750				06/15/23				900				778,500
Sr. Unsec’d. Notes(aa)			6.500				05/01/21				475				418,000
Sr. Unsec’d. Notes(aa)			6.750				01/15/22				800				696,000
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes			8.625				06/15/20				1,100				797,500
Sr. Unsec’d. Notes			8.625				06/15/20				3,975				2,881,875
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A(aa)			7.875				11/15/25				1,500				1,500,030
Ford Motor Co.,
Sr. Unsec’d. Notes(aa)			4.750				01/15/43				175				152,141
Sr. Unsec’d. Notes(aa)			5.291				12/08/46				3,950				3,656,849
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes(aa)			5.584				03/18/24				1,050				1,123,125
Forestar Group, Inc., Gtd. Notes, 144A(aa)			8.000				04/15/24				1,225				1,304,625
Freeport-McMoRan, Inc., Gtd. Notes(aa)			3.875				03/15/23				938				940,064
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A(aa)			7.875				11/01/24				250				225,000
General Motors Co., Sr. Unsec’d. Notes(aa)			5.000				10/01/28				1,350				1,427,010
Global Partners LP/GLP Finance Corp.,
Gtd. Notes(aa)			7.000				06/15/23				1,450				1,486,250
Sr. Unsec’d. Notes, 144A			7.000				08/01/27				790				791,975
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A(aa)			7.625				04/15/26				850				873,375
Golden Nugget, Inc.,
Gtd. Notes, 144A(aa)			8.750				10/01/25				1,500				1,571,250
Sr. Unsec’d. Notes, 144A(aa)			6.750				10/15/24				2,850				2,933,733
Gray Television, Inc.,
Gtd. Notes, 144A(aa)			5.125				10/15/24				150				153,938
Gtd. Notes, 144A(aa)			5.875				07/15/26				318				329,925
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A(aa)			5.750				12/01/25				2,250				2,300,625
Griffon Corp., Gtd. Notes(aa)			5.250				03/01/22				4,675				4,657,469
H&E Equipment Services, Inc., Gtd. Notes(aa)			5.625				09/01/25				1,550				1,592,625

See Notes to Financial Statements.

26

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
HCA, Inc., Gtd. Notes(aa)			5.625	%			09/01/28				2,200			$	2,425,940
Hexion, Inc., Gtd. Notes, 144A(aa)			7.875				07/15/27				1,260				1,247,400
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A(aa)			5.750				10/01/25				1,625				1,580,313
Sr. Unsec’d. Notes, 144A(aa)			6.250				11/01/28				1,400				1,358,000
Howard Hughes Corp. (The), Sr. Unsec’d. Notes, 144A(aa)			5.375				03/15/25				575				589,375
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A(aa)			6.250				02/15/26				847				800,415
Infor US, Inc.,
Gtd. Notes(aa)			5.750				05/15/22			EUR	1,550				1,732,459
Gtd. Notes(aa)			6.500				05/15/22				2,805				2,854,087
International Game Technology PLC, Sr. Sec’d. Notes, 144A(aa)			6.250				01/15/27				1,500				1,627,500
IQVIA, Inc.,
Gtd. Notes, 144A(aa)			5.000				05/15/27				1,150				1,198,737
Sr. Unsec’d. Notes, 144A			2.250				01/15/28			EUR	1,800				1,992,600
Iridium Communications, Inc., Sr. Unsec’d. Notes, 144A(aa)			10.250				04/15/23				200				217,000
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.,
Sec’d. Notes, 144A(aa)			10.250				11/15/22				2,050				2,183,250
Sr. Sec’d. Notes, 144A(aa)			6.750				11/15/21				4,000				4,088,080
Jacobs Entertainment, Inc.,
Sec’d. Notes, 144A(aa)			7.875				02/01/24				3,025				3,214,062
JBS Investments II GmbH, Gtd. Notes, 144A			5.750				01/15/28				755				767,005
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A(aa)			6.500				04/15/29				2,862				3,073,072
Sr. Unsec’d. Notes, 144A			5.500				01/15/30				200				200,000
KB Home,
Gtd. Notes(aa)			6.875				06/15/27				1,400				1,531,250
Gtd. Notes(aa)			8.000				03/15/20				350				359,625
L Brands, Inc.,
Gtd. Notes(aa)			5.625				10/15/23				1,575				1,634,063
Gtd. Notes(aa)			6.750				07/01/36				725				636,188
Lions Gate Capital Holdings LLC, Gtd. Notes, 144A(aa)			6.375				02/01/24				2,925				3,085,875
M/I Homes, Inc., Gtd. Notes(aa)			6.750				01/15/21				3,125				3,148,437

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 27

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Masonite International Corp., Gtd. Notes, 144A(aa)			5.375	%			02/01/28				830			$	851,406
MEDNAX, Inc., Gtd. Notes, 144A(aa)			6.250				01/15/27				2,850				2,824,400
Meritage Homes Corp., Gtd. Notes(aa)			5.125				06/06/27				1,350				1,400,625
Michaels Stores, Inc., Gtd. Notes, 144A(aa)			8.000				07/15/27				1,350				1,306,125
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A			5.375				08/15/27				700				717,500
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes(aa)			5.000				10/15/27				1,000				1,035,000
Nabors Industries, Inc., Gtd. Notes(aa)			5.750				02/01/25				2,775				2,428,125
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A(aa)			8.125				07/15/23				6,025				6,258,469
Navient Corp., Sr. Unsec’d. Notes(aa)			6.500				06/15/22				1,025				1,091,318
Netflix, Inc., Sr. Unsec’d. Notes(aa)			4.625				05/15/29			EUR	3,700				4,636,600
New Home Co., Inc. (The), Gtd. Notes(aa)			7.250				04/01/22				3,500				3,342,500
Nexstar Broadcasting, Inc., Gtd. Notes, 144A(aa)			6.125				02/15/22				1,260				1,278,900
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A(aa)			7.768				12/15/37				1,650				2,167,687
Nine Energy Service, Inc., Sr. Unsec’d. Notes, 144A(aa)			8.750				11/01/23				500				488,750
Novelis Corp.,
Gtd. Notes, 144A(aa)			5.875				09/30/26				1,925				1,994,781
Gtd. Notes, 144A(aa)			6.250				08/15/24				2,265				2,372,633
NRG Energy, Inc., Gtd. Notes(aa)			5.750				01/15/28				1,340				1,427,100
NVA Holdings, Inc., Gtd. Notes, 144A(aa)			6.875				04/01/26				2,194				2,347,580
ORBCOMM, Inc., Sr. Sec’d. Notes, 144A(aa)			8.000				04/01/24				2,820				2,925,750
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A(aa)			5.625				01/15/27				2,000				2,031,000
PetSmart, Inc., Gtd. Notes, 144A(aa)			7.125				03/15/23				2,125				1,981,562

See Notes to Financial Statements.

28

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Pilgrim’s Pride Corp., Gtd. Notes, 144A(aa)			5.875	%			09/30/27				4,750			$	4,987,500
Post Holdings, Inc.,
Gtd. Notes, 144A(aa)			5.500				12/15/29				1,075				1,087,094
Gtd. Notes, 144A(aa)			5.750				03/01/27				1,650				1,709,813
PulteGroup, Inc., Gtd. Notes(aa)			5.000				01/15/27				775				815,688
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A(aa)			6.625				02/15/25				2,235				2,207,062
Sr. Unsec’d. Notes, 144A(aa)			6.875				02/15/23				1,240				1,258,600
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A(aa)			7.250				04/01/25				2,225				2,108,187
Range Resources Corp.,
Gtd. Notes(aa)			4.875				05/15/25				600				504,000
Gtd. Notes(aa)			5.000				03/15/23				2,825				2,486,000
Gtd. Notes(aa)			5.875				07/01/22				575				540,500
Refinitiv US Holdings, Inc.,
Gtd. Notes, 144A(aa)			8.250				11/15/26				6,000				6,639,000
Sr. Sec’d. Notes(aa)			4.500				05/15/26			EUR	1,500				1,781,550
Sr. Unsec’d. Notes(aa)			6.875				11/15/26			EUR	3,150				3,885,969
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(aa)			9.750				12/01/26				4,025				4,271,531
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr. Sec’d. Notes(aa)			5.750				10/15/20				2,092				2,099,899
Rite Aid Corp., Gtd. Notes, 144A			6.125				04/01/23				3,825				3,227,344
RP Crown Parent LLC, Gtd. Notes, 144A(aa)			7.375				10/15/24				1,520				1,580,800
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes(aa)			5.500				11/01/23				225				228,938
Gtd. Notes(aa)			5.625				12/01/25				575				570,688
Scientific Games International, Inc.,
Gtd. Notes(aa)			6.250				09/01/20				225				225,281
Gtd. Notes(aa)			6.625				05/15/21				4,905				4,966,312
Gtd. Notes(aa)			10.000				12/01/22				2,318				2,416,561
Gtd. Notes, 144A(aa)			8.250				03/15/26				1,475				1,578,663
Scripps Escrow, Inc., Sr. Unsec’d. Notes, 144A			5.875				07/15/27				600				606,114
Sinclair Television Group, Inc., Gtd. Notes, 144A(aa)			5.625				08/01/24				2,735				2,812,811

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 29

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Springleaf Finance Corp.,
Gtd. Notes(aa)			6.875	%			03/15/25				392			$	438,483
Gtd. Notes(aa)			7.125				03/15/26				3,050				3,425,531
Sprint Capital Corp.,
Gtd. Notes(aa)			6.875				11/15/28				2,825				3,107,500
Gtd. Notes(aa)			8.750				03/15/32				7,210				8,949,412
Sprint Communications, Inc., Sr. Unsec’d. Notes(aa)			6.000				11/15/22				1,735				1,843,437
Sprint Corp., Gtd. Notes(aa)			7.250				09/15/21				1,405				1,508,619
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A(aa)			4.750				01/15/28				1,350				1,334,367
Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes(aa)			5.750				03/01/25				1,700				1,721,250
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A(aa)			6.500				03/15/27				1,500				1,586,250
Surgery Center Holdings, Inc., Gtd. Notes, 144A(aa)			10.000				04/15/27				1,450				1,431,875
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A(aa)			5.500				01/15/28				3,575				3,547,115
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes(aa)			5.375				02/01/27				1,125				1,170,000
Taylor Morrison Communities, Inc., Gtd. Notes(aa)			6.625				05/15/22				2,475				2,560,387
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A(aa)			5.625				03/01/24				2,553				2,661,502
Gtd. Notes, 144A(aa)			5.875				04/15/23				425				446,250
Tenet Healthcare Corp.,
Sr. Unsec’d. Notes(aa)			6.750				06/15/23				5,150				5,285,187
Sr. Unsec’d. Notes(aa)			7.000				08/01/25				1,500				1,496,250
TIBCO Software, Inc., Sr. Unsec’d. Notes, 144A(aa)			11.375				12/01/21				5,710				6,031,187
TopBuild Corp., Gtd. Notes, 144A(aa)			5.625				05/01/26				1,400				1,433,250
TPC Group, Inc., Sr. Sec’d. Notes, 144A			10.500				08/01/24				1,200				1,266,468

See Notes to Financial Statements.

30

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Transocean, Inc., Gtd. Notes, 144A			7.500	%			01/15/26				1,925			$	1,823,937
Tronox, Inc., Gtd. Notes, 144A(aa)			6.500				04/15/26				2,625				2,513,700
Twin River Worldwide Holdings, Inc., Sr. Unsec’d. Notes, 144A(aa)			6.750				06/01/27				825				860,063
U.S. Concrete, Inc., Gtd. Notes(aa)			6.375				06/01/24				4,800				4,992,000
UGI International LLC, Sr. Unsec’d. Notes(aa)			3.250				11/01/25			EUR	2,270				2,657,381
United Rentals North America, Inc.,
Gtd. Notes(aa)			4.875				01/15/28				4,875				4,971,964
Gtd. Notes(aa)			5.250				01/15/30				1,475				1,508,822
Gtd. Notes(aa)			6.500				12/15/26				2,300				2,500,560
Univision Communications, Inc., Sr. Sec’d. Notes, 144A(aa)			5.125				05/15/23				4,740				4,705,872
Valaris PLC,
Sr. Unsec’d. Notes			5.750				10/01/44				100				57,000
Sr. Unsec’d. Notes			7.750				02/01/26				2,391				1,745,430
Vector Group Ltd., Sr. Sec’d. Notes, 144A(aa)			6.125				02/01/25				1,150				1,089,706
Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A(aa)			5.750				07/15/25				1,604				1,415,530
VFH Parent LLC/Orchestra Co-Issuer, Inc., Sec’d. Notes, 144A			6.750				06/15/22				400				412,000
VICI Properties 1 LLC/VICI FC, Inc., Sec’d. Notes(aa)			8.000				10/15/23				878				959,502
Vistra Operations Co. LLC,
Gtd. Notes, 144A(aa)			5.000				07/31/27				1,330				1,361,588
Sr. Unsec’d. Notes, 144A(aa)			5.625				02/15/27				1,000				1,055,000
West Corp., Gtd. Notes, 144A(aa)			8.500				10/15/25				5,630				4,743,275
William Lyon Homes, Inc.,
Gtd. Notes(aa)			5.875				01/31/25				1,600				1,600,000
Gtd. Notes(aa)			6.000				09/01/23				650				654,875
Gtd. Notes(aa)			7.000				08/15/22				1,900				1,902,850
Gtd. Notes, 144A(aa)			6.625				07/15/27				1,725				1,716,375
WPX Energy, Inc., Sr. Unsec’d. Notes(aa)			6.000				01/15/22				275				284,969
XPO Logistics, Inc.,
Gtd. Notes, 144A(aa)			6.125				09/01/23				250				257,500
Gtd. Notes, 144A(aa)			6.750				08/15/24				2,550				2,718,172

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 31

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Zayo Group LLC/Zayo Capital, Inc., Gtd. Notes(aa)			6.000	%			04/01/23				4,735			$	4,865,212
Zekelman Industries, Inc., Sr. Sec’d. Notes, 144A(aa)			9.875				06/15/23				4,605				4,852,519
															478,452,450
Vietnam    0.1%
Mong Duong Finance Holdings BV, Sr. Sec’d. Notes, 144A			5.125				05/07/29				530				534,959
Zambia    0.7%
First Quantum Minerals Ltd.,
Gtd. Notes, 144A(aa)			6.875				03/01/26				1,500				1,417,500
Gtd. Notes, 144A(aa)			7.250				05/15/22				1,850				1,862,117
Gtd. Notes, 144A(aa)			7.500				04/01/25				1,645				1,610,044
															4,889,661
TOTAL CORPORATE BONDS (cost $765,100,786)															769,379,878
SOVEREIGN BONDS    19.9%
Angola    0.3%
Angolan Government International Bond,
Sr. Unsec’d. Notes			9.375				05/08/48				490				540,593
Sr. Unsec’d. Notes			9.500				11/12/25				1,540				1,782,550
															2,323,143
Argentina    4.1%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes			4.625				01/11/23				3,225				2,684,813
Sr. Unsec’d. Notes			5.625				01/26/22				10,550				9,083,550
Sr. Unsec’d. Notes			6.875				04/22/21				770				691,075
Sr. Unsec’d. Notes			7.500				04/22/26				2,970				2,539,350
Sr. Unsec’d. Notes			7.820				12/31/33			EUR	7,114				6,683,952
Sr. Unsec’d. Notes			8.280				12/31/33				1,935				1,672,645

See Notes to Financial Statements.

32

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
SOVEREIGN BONDS (Continued)
Argentina (cont’d.)
Provincia de Buenos Aires,
Sr. Unsec’d. Notes			9.125	%			03/16/24				1,910			$	1,604,419
Sr. Unsec’d. Notes			9.950				06/09/21				3,585				3,188,857
															28,148,661
Bahrain    0.6%
Bahrain Government International Bond,
Sr. Unsec’d. Notes			6.750				09/20/29				1,240				1,378,198
Sr. Unsec’d. Notes			7.000				01/26/26				920				1,032,533
Sr. Unsec’d. Notes			7.500				09/20/47				1,740				1,977,075
															4,387,806
Belarus    0.1%
Republic of Belarus International Bond, Sr. Unsec’d. Notes			6.875				02/28/23				490				521,095
Brazil    0.2%
Brazilian Government International Bond, Sr. Unsec’d. Notes(aa)			2.875				04/01/21			EUR	1,400				1,618,593
Costa Rica    0.5%
Costa Rica Government International Bond, Sr. Unsec’d. Notes			7.158				03/12/45				3,000				3,101,280
Dominican Republic    0.7%
Dominican Republic International Bond,
Sr. Unsec’d. Notes			6.850				01/27/45				1,840				2,053,918
Sr. Unsec’d. Notes			7.450				04/30/44				2,300				2,711,148
															4,765,066
Ecuador    0.9%
Ecuador Government International Bond,
Sr. Unsec’d. Notes			8.875				10/23/27				1,100				1,134,375
Sr. Unsec’d. Notes			10.750				03/28/22				3,270				3,617,470
Sr. Unsec’d. Notes			10.750				01/31/29				1,200				1,344,000
															6,095,845

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 33

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
SOVEREIGN BONDS (Continued)
Egypt    1.3%
Egypt Government International Bond,
Sr. Unsec’d. Notes			5.577	%			02/21/23				595			$	615,825
Sr. Unsec’d. Notes			8.700				03/01/49				940				1,026,950
Sr. Unsec’d. Notes, 144A, MTN			4.750				04/11/25			EUR	900				1,040,456
Sr. Unsec’d. Notes, 144A, MTN			6.375				04/11/31			EUR	1,575				1,847,613
Sr. Unsec’d. Notes, 144A, MTN			7.600				03/01/29				640				685,197
Sr. Unsec’d. Notes, EMTN			4.750				04/11/25			EUR	590				682,077
Sr. Unsec’d. Notes, EMTN			4.750				04/16/26			EUR	850				975,133
Sr. Unsec’d. Notes, EMTN			5.625				04/16/30			EUR	1,480				1,668,240
															8,541,491
El Salvador    0.4%
El Salvador Government International Bond,
Sr. Unsec’d. Notes			7.750				01/24/23				1,530				1,681,103
Sr. Unsec’d. Notes			8.250				04/10/32				1,000				1,140,000
															2,821,103
Gabon    0.2%
Gabon Government International Bond, Bonds			6.375				12/12/24				1,710				1,697,175
Ghana    0.6%
Ghana Government International Bond,
Sr. Unsec’d. Notes			7.875				08/07/23				1,550				1,694,993
Sr. Unsec’d. Notes			8.125				01/18/26				2,240				2,414,769
															4,109,762
Iraq    0.4%
Iraq International Bond, Sr. Unsec’d. Notes			6.752				03/09/23				2,845				2,944,916
Ivory Coast    0.6%
Ivory Coast Government International Bond,
Sr. Unsec’d. Notes			5.125				06/15/25			EUR	1,520				1,788,983
Sr. Unsec’d. Notes			5.750				12/31/32				510				499,656
Sr. Unsec’d. Notes			6.625				03/22/48			EUR	1,480				1,659,298
															3,947,937

See Notes to Financial Statements.

34

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
SOVEREIGN BONDS (Continued)
Kenya    0.2%
Kenya Government International Bond, Sr. Unsec’d. Notes			6.875	%			06/24/24				950			$	1,020,680
Lebanon    0.7%
Lebanon Government International Bond,
Sr. Unsec’d. Notes, EMTN			6.100				10/04/22				2,000				1,692,500
Sr. Unsec’d. Notes, EMTN			6.250				05/27/22				2,550				2,181,194
Sr. Unsec’d. Notes, GMTN			5.450				11/28/19				805				796,789
															4,670,483
Mongolia    0.4%
Mongolia Government International Bond,
Sr. Unsec’d. Notes			5.625				05/01/23				1,135				1,157,688
Sr. Unsec’d. Notes, EMTN			8.750				03/09/24				270				306,105
Sr. Unsec’d. Notes, EMTN			10.875				04/06/21				1,085				1,201,637
															2,665,430
Nigeria    0.7%
Nigeria Government International Bond,
Sr. Unsec’d. Notes			7.625				11/21/25				895				995,526
Sr. Unsec’d. Notes			7.696				02/23/38				1,010				1,042,169
Sr. Unsec’d. Notes			7.875				02/16/32				940				998,186
Sr. Unsec’d. Notes			8.747				01/21/31				1,470				1,658,866
															4,694,747
Oman    0.4%
Oman Government International Bond,
Sr. Unsec’d. Notes			5.375				03/08/27				1,420				1,388,448
Sr. Unsec’d. Notes			6.500				03/08/47				1,120				1,034,071
															2,422,519
Pakistan    0.5%
Pakistan Government International Bond, Sr. Unsec’d. Notes			8.250				04/15/24				1,840				2,058,868
Third Pakistan International Sukuk Co. Ltd. (The),
Sr. Unsec’d. Notes			5.500				10/13/21				775				787,363
Sr. Unsec’d. Notes			5.625				12/05/22				870				886,486
															3,732,717

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 35

Schedule of Investments (continued)

as of July 31, 2019

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
SOVEREIGN BONDS (Continued)
Senegal    0.2%
Senegal Government International Bond, Sr. Unsec’d. Notes			4.750	%			03/13/28			EUR	890			$	1,028,115
South Africa    0.3%
Republic of South Africa Government International Bond,
Sr. Unsec’d. Notes			5.875				09/16/25				1,000				1,083,160
Sr. Unsec’d. Notes			5.875				06/22/30				640				680,832
															1,763,992
Sri Lanka    0.6%
Sri Lanka Government International Bond,
Sr. Unsec’d. Notes			5.875				07/25/22				3,300				3,332,415
Sr. Unsec’d. Notes			6.825				07/18/26				660				669,428
															4,001,843
Turkey    3.1%
Export Credit Bank of Turkey,
Sr. Unsec’d. Notes			4.250				09/18/22				1,500				1,410,120
Sr. Unsec’d. Notes			5.000				09/23/21				1,140				1,113,816
Sr. Unsec’d. Notes			6.125				05/03/24				1,750				1,695,348
Turkey Government International Bond,
Sr. Unsec’d. Notes			4.875				10/09/26				3,000				2,737,500
Sr. Unsec’d. Notes			5.750				05/11/47				2,010				1,695,938
Sr. Unsec’d. Notes			6.000				03/25/27				3,000				2,902,500
Sr. Unsec’d. Notes			6.000				01/14/41				1,220				1,070,526
Sr. Unsec’d. Notes			6.875				03/17/36				3,270				3,199,989
Sr. Unsec’d. Notes			7.250				12/23/23				2,960				3,107,988
Sr. Unsec’d. Notes			7.625				04/26/29				2,220				2,328,780
															21,262,505
Ukraine    1.9%
Ukraine Government International Bond,
Sr. Unsec’d. Notes			7.750				09/01/20				1,800				1,856,124
Sr. Unsec’d. Notes			7.750				09/01/21				2,155				2,255,250
Sr. Unsec’d. Notes			7.750				09/01/22				1,310				1,388,600
Sr. Unsec’d. Notes			7.750				09/01/23				1,025				1,095,725
Sr. Unsec’d. Notes			7.750				09/01/25				2,350				2,483,245
Sr. Unsec’d. Notes			7.750				09/01/26				660				696,960

See Notes to Financial Statements.

36

Description		Interest Rate				Maturity Date				Principal Amount (000)#				Value
SOVEREIGN BONDS (Continued)
Ukraine (cont’d.)
Ukraine Government International Bond, (cont’d.)
Sr. Unsec’d. Notes			8.994	%			02/01/24				960			$	1,065,174
Sr. Unsec’d. Notes			9.750				11/01/28				1,840				2,148,200
															12,989,278
TOTAL SOVEREIGN BONDS (cost $132,494,761)															135,276,182
										Shares
COMMON STOCKS    0.5%
Colombia    0.1%
Frontera Energy Corp.											44,076				451,030
United States    0.4%
GenOn Energy Holdings, Inc. (Class A Stock)*^											14,398				2,692,338
TOTAL COMMON STOCKS (cost $2,582,191)															3,143,368
TOTAL LONG-TERM INVESTMENTS (cost $934,906,281)															942,200,400
SHORT-TERM INVESTMENT    1.1%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $7,364,470)(w)											7,364,470				7,364,470
TOTAL INVESTMENTS    139.5% (cost $942,270,751)															949,564,870
Liabilities in excess of other assets(z)    (39.5)%															(268,660,754	)
NET ASSETS    100.0%														$	680,904,116

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 37

Schedule of Investments (continued)

as of July 31, 2019

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

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.

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OJSC—Open Joint-Stock Company

OTC—Over-the-counter

PIK—Payment-in-Kind

EUR—Euro

GBP—British Pound

* Non-income producing security.

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $8,726,199 and 1.3% of net assets.

(aa) Represents security, or a portion thereof, with aggregate value of $639,869,328 segregated as collateral for amount of $284,000,000 borrowed and outstanding as of July 31, 2019.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2019.

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

(p) Interest rate not available as of July 31, 2019.

(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:

Forward foreign currency exchange contracts outstanding at July 31, 2019:

Purchase Contracts		Counterparty		Notional Amount (000)				Value at Settlement Date				Current Value				Unrealized Appreciation				Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 08/02/19		Barclays Bank PLC		GBP	1,118			$	1,400,000			$	1,359,707			$	—			$	(40,293	)
Expiring 08/02/19		Morgan Stanley & Co. International PLC		GBP	41,950				52,123,165				51,020,472				—				(1,102,693	)
Euro,
Expiring 08/02/19		JPMorgan Chase Bank, N.A.		EUR	138,232				153,853,717				153,047,420				—				(806,297	)
								$	207,376,882			$	205,427,599				—				(1,949,283	)
Sale Contracts		Counterparty		Notional Amount (000)				Value at Settlement Date				Current Value				Unrealized Appreciation				Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 08/02/19		Citibank, N.A.		GBP	738			$	932,087			$	897,740			$	34,347			$	—

See Notes to Financial Statements.

38

Forward foreign currency exchange contracts outstanding at July 31, 2019 (continued):

Sale Contracts		Counterparty				Notional Amount (000)				Value at Settlement Date				Current Value				Unrealized Appreciation				Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
British Pound (cont’d.),
Expiring 08/02/19			JPMorgan Chase Bank, N.A.			GBP	43,585			$	55,689,419			$	53,008,277			$	2,681,142			$	—
Expiring 08/02/19			JPMorgan Chase Bank, N.A.			GBP	691				880,976				840,600				40,376				—
Expiring 09/04/19			Morgan Stanley & Co. International PLC			GBP	41,950				52,202,451				51,105,272				1,097,179				—
Euro,
Expiring 08/02/19			Bank of America, N.A.			EUR	1,158				1,307,568				1,282,415				25,153				—
Expiring 08/02/19			Barclays Bank PLC			EUR	2,742				3,080,000				3,035,630				44,370				—
Expiring 08/02/19			HSBC Bank USA, N.A.			EUR	4,751				5,294,822				5,260,376				34,446				—
Expiring 08/02/19			JPMorgan Chase Bank, N.A.			EUR	113,256				129,302,742				125,394,181				3,908,561				—
Expiring 08/02/19			JPMorgan Chase Bank, N.A.			EUR	305				342,321				337,598				4,723				—
Expiring 08/02/19			Morgan Stanley & Co. International PLC			EUR	1,246				1,423,115				1,380,095				43,020				—
Expiring 08/02/19			UBS AG			EUR	8,173				9,168,341				9,049,241				119,100				—
Expiring 08/02/19			UBS AG			EUR	3,936				4,424,137				4,358,254				65,883				—
Expiring 08/02/19			UBS AG			EUR	500				565,938				553,589				12,349				—
Expiring 09/04/19			Goldman Sachs International			EUR	1,484				1,646,537				1,647,288				—				(751	)
Expiring 09/04/19			JPMorgan Chase Bank, N.A.			EUR	138,232				154,249,752				153,461,865				787,887				—
Expiring 09/04/19			The Toronto-Dominion Bank			EUR	2,318				2,587,718				2,573,599				14,119				—
										$	423,097,924			$	414,186,020				8,912,655				(751	)
																		$	8,912,655			$	(1,950,034	)

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 39

Schedule of Investments (continued)

as of July 31, 2019

Cross currency exchange contracts outstanding at July 31, 2019:

Settlement		Type		Notional Amount (000)				In Exchange For (000)				Unrealized Appreciation				Unrealized Depreciation				Counterparty
OTC Cross Currency Exchange Contracts:
08/02/19		Buy		GBP	386			EUR	427			$	—			$	(3,517	)		JPMorgan Chase Bank, N.A.
08/02/19		Buy		GBP	1,560			EUR	1,737				—				(26,086	)		Bank of America, N.A.
												$	—			$	(29,603	)

Credit default swap agreement outstanding at July 31, 2019:

Reference Entity/ Obligation		Termination Date				Fixed Rate				Notional Amount (000)#(3)				Value at Trade Date				Value at July 31, 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)				24,057			$	(1,941,934	)		$	(1,939,128	)		$	2,806

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

See Notes to Financial Statements.

40

credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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.		$	900,000			$	—

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 July 31, 2019 in valuing such portfolio securities:

		Level 1				Level 2				Level 3
Investments in Securities
Bank Loans
Canada		$	—			$	3,979,276			$	—
Luxembourg			—				3,734,721				—
United Kingdom			—				3,837,457				1,856,336
United States			—				16,815,657				4,177,525
Corporate Bonds
Argentina			—				4,328,745				—
Bahrain			—				2,442,870				—
Belarus			—				890,375				—
Belgium			—				1,583,741				—
Brazil			—				24,839,141				—
Canada			—				43,752,405				—
Chile			—				3,338,072				—
China			—				2,103,543				—
Colombia			—				2,707,875				—
France			—				8,602,927				—
Germany			—				14,625,835				—
Guatemala			—				1,035,000				—
India			—				4,971,357				—
Indonesia			—				1,668,248				—
Ireland			—				5,315,969				—

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 41

Schedule of Investments (continued)

as of July 31, 2019

		Level 1				Level 2				Level 3
Investments in Securities (continued)
Corporate Bonds (continued)
Israel		$	—			$	1,514,376			$	—
Italy			—				18,381,063				—
Jamaica			—				3,801,228				—
Luxembourg			—				25,054,096				—
Macau			—				1,035,000				—
Mexico			—				13,416,102				—
Netherlands			—				23,265,115				—
Puerto Rico			—				3,735,625				—
Russia			—				5,623,781				—
Saint Lucia			—				3,102,000				—
Singapore			—				1,544,265				—
South Africa			—				8,397,768				—
Spain			—				8,298,058				—
Switzerland			—				480,821				—
Tunisia			—				3,064,569				—
Turkey			—				6,006,501				—
United Kingdom			—				36,576,337				—
United States			—				478,452,450				—
Vietnam			—				534,959				—
Zambia			—				4,889,661				—
Sovereign Bonds
Angola			—				2,323,143				—
Argentina			—				28,148,661				—
Bahrain			—				4,387,806				—
Belarus			—				521,095				—
Brazil			—				1,618,593				—
Costa Rica			—				3,101,280				—
Dominican Republic			—				4,765,066				—
Ecuador			—				6,095,845				—
Egypt			—				8,541,491				—
El Salvador			—				2,821,103				—
Gabon			—				1,697,175				—
Ghana			—				4,109,762				—
Iraq			—				2,944,916				—
Ivory Coast			—				3,947,937				—
Kenya			—				1,020,680				—
Lebanon			—				4,670,483				—
Mongolia			—				2,665,430				—
Nigeria			—				4,694,747				—
Oman			—				2,422,519				—
Pakistan			—				3,732,717				—
Senegal			—				1,028,115				—
South Africa			—				1,763,992				—
Sri Lanka			—				4,001,843				—
Turkey			—				21,262,505				—
Ukraine			—				12,989,278				—

See Notes to Financial Statements.

42

		Level 1				Level 2				Level 3
Investments in Securities (continued)
Common Stocks
Colombia		$	451,030			$	—			$	—
United States			—				—				2,692,338
Affiliated Mutual Fund			7,364,470				—				—
Other Financial Instruments*
OTC Forward Foreign Currency Exchange Contracts			—				6,962,621				—
OTC Cross Currency Exchange Contracts.			—				(29,603	)			—
Centrally Cleared Credit Default Swap Agreement			—				2,806				—
Total		$	7,815,500			$	939,958,995			$	8,726,199

* 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:

		Bank Loans				Common Stocks
Balance as of 07/31/18		$	10,245,216			$	—
Realized gain (loss)			(174,154	)			—
Change in unrealized appreciation (depreciation)			114,592				1,147,038
Purchases/Exchanges/Issuances			3,656,188				1,545,300
Sales/Paydowns			(3,760,476	)			—
Accrued discount/premium			2,563				—
Transfers into of Level 3			3,094,761				—
Transfers out of Level 3			(7,144,829	)			—
Balance as of 07/31/19		$	6,033,861			$	2,692,338
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	114,592			$	1,147,038

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 July 31, 2019

Valuation Methodology

Unobservable Inputs

Bank Loans

$

6,033,861

Market Approach

Single Broker Indicative Quote

Common Stocks

2,692,338

Market Approach

Single Broker Indicative Quote

$

8,726,199

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 43

Schedule of Investments (continued)

as of July 31, 2019

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
Bank Loans		$	7,144,829				L3 to L2			Single Broker Indicative Quote to Multiple Broker Quotes
Bank Loans		$	3,094,761				L2 to L3			Multiple Broker Quotes to Single Broker Indicative Quote

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2019 were as follows (unaudited):

Sovereign Bonds			19.9	%
Oil & Gas			12.9
Telecommunications			10.4
Media			9.1
Entertainment			7.3
Chemicals			7.1
Retail			7.0
Home Builders			6.1
Commercial Services			5.0
Diversified Financial Services			4.3
Packaging & Containers			3.8
Electric			3.7
Foods			3.3
Healthcare-Services			3.3
Software			2.9
Pharmaceuticals			2.6
Mining			2.3
Banks			2.2
Building Materials			2.1
Aerospace & Defense			2.0
Pipelines			1.9
Computers			1.7
Lodging			1.7
Auto Manufacturers			1.4
Internet			1.4
Auto Parts & Equipment			1.4
Engineering & Construction			1.3
Real Estate			1.2
Affiliated Mutual Fund			1.1
Iron/Steel			0.9
Machinery-Diversified			0.9	%
Household Products/Wares			0.9
Gas			0.7
Metal Fabricate/Hardware			0.7
Electrical Components & Equipment			0.6
Energy-Alternate Sources			0.6
Cosmetics/Personal Care			0.5
Transportation			0.4
Electric Utilities			0.4
Holding Companies-Diversified			0.3
Real Estate Investment Trusts (REITs)			0.3
Distribution/Wholesale			0.3
Agriculture			0.3
Insurance			0.3
Healthcare-Products			0.2
Apparel			0.2
Environmental Control			0.2
Leisure Time			0.2
Oil & Gas Services			0.1
Oil, Gas & Consumable Fuels			0.1
Miscellaneous Manufacturing			0.0	*
			139.5
Liabilities in excess of other assets			(39.5	)
			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 and foreign exchange contracts risk. See the Notes to Financial Statements

See Notes to Financial Statements.

44

for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of July 31, 2019 as presented in the Statement of Assets and Liabilities:

		Asset Derivatives						Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair  value		Statement of Assets and Liabilities Location		Fair Value				Statement of Assets and Liabilities Location		Fair Value
Credit contracts		Due from/to broker—variation margin swaps		$	2,806	*		—		$	—
Foreign exchange contracts		—			—			Unrealized depreciation on OTC cross currency exchange contracts			29,603
Foreign exchange contracts		Unrealized appreciation on OTC forward foreign currency exchange contracts			8,912,655			Unrealized depreciation on OTC forward foreign currency exchange contracts			1,950,034
				$	8,915,461					$	1,979,637

* 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 year ended July 31, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value		Forward &  Cross Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	(17,286	)
Foreign exchange contracts			8,687,968				—
Total		$	8,687,968			$	(17,286	)

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 45

Schedule of Investments (continued)

as of July 31, 2019

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value		Forward & Cross Currency Exchange Contracts				Swaps
Credit contracts		$	—			$	2,806
Foreign exchange contracts			6,226,049				—
Total		$	6,226,049			$	2,806

For the year ended July 31, 2019, the Fund’s average volume of derivative activities is as follows:

				Forward Foreign Currency Exchange Contracts—Purchased(1)
				$	180,065,912

Forward Foreign Currency Exchange Contracts—Sold(1)				Cross Currency Exchange Contracts(2)				Credit Default Swap Agreements— Buy Protection(3)
$	355,512,222			$	1,061,280			$	4,811,400

				Credit Default Swap Agreements— Sell Protection(3)
				$	11,216,043

(1) Value at Settlement Date.

(2) Value at Trade Date.

(3) Notional Amount in USD.

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 to set-off exists, is presented in the summary below.

See Notes to Financial Statements.

46

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.		$	25,153			$	(26,086	)		$	(933	)		$	—			$	(933	)
Barclays Bank PLC			44,370				(40,293	)			4,077				—				4,077
Citibank, N.A.			34,347				—				34,347				—				34,347
Goldman Sachs International			—				(751	)			(751	)			—				(751	)
HSBC Bank USA, N.A.			34,446				—				34,446				—				34,446
JPMorgan Chase Bank, N.A.			7,422,689				(809,814	)			6,612,875				(5,890,000	)			722,875
Morgan Stanley & Co. International PLC			1,140,199				(1,102,693	)			37,506				—				37,506
The Toronto-Dominion Bank			14,119				—				14,119				—				14,119
UBS AG			197,332				—				197,332				—				197,332
		$	8,912,655			$	(1,979,637	)		$	6,933,018			$	(5,890,000	)		$	1,043,018

(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 High Yield Fund, Inc. 47

Statement of Assets & Liabilities

as of July 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $934,906,281)		$	942,200,400
Affiliated investments (cost $7,364,470)			7,364,470
Cash			120,047
Foreign currency, at value (cost $2,198,735)			2,165,232
Dividends and interest receivable			14,636,500
Unrealized appreciation on OTC forward foreign currency exchange contracts			8,912,655
Receivable for investments sold			7,947,358
Deposit with broker for centrally cleared/exchange-traded derivatives			900,000
Total Assets			984,246,662
Liabilities
Loan payable			284,000,000
Payable for investments purchased			15,515,052
Unrealized depreciation on OTC forward foreign currency exchange contracts			1,950,034
Loan interest payable			748,555
Management fee payable			695,372
Accrued expenses and other liabilities			153,451
Dividends payable			138,264
Due to broker—variation margin swaps			61,551
Deferred directors’ fees			50,664
Unrealized depreciation on OTC cross currency exchange contracts			29,603
Total Liabilities			303,342,546
Net Assets		$	680,904,116
Net assets were comprised of:
Common stock, at par		$	40,924
Paid-in capital in excess of par			775,136,431
Total distributable earnings (loss)			(94,273,239	)
Net assets, July 31, 2019		$	680,904,116
Net asset value and redemption price per share ($680,904,116 ÷ 40,923,879 shares of common stock issued and outstanding)		$	16.64

See Notes to Financial Statements.

48

Statement of Operations

Year Ended July 31, 2019

Net Investment Income (Loss)
Income
Interest income		$	54,003,817
Affiliated dividend income			213,377
Unaffiliated dividend income (net of $3,464 foreign withholding tax)			19,814
Total income			54,237,008
Expenses
Management fee			7,850,335
Loan interest and commitment expense			8,431,910
Custodian and accounting fees			194,517
Excise tax expense			86,768
Shareholders’ reports			69,824
Legal fees and expenses			62,420
Audit fee			47,826
Registration fees			41,947
Transfer agent’s fees and expenses			23,879
Directors’ fees			23,380
Miscellaneous			22,576
Total expenses			16,855,382
Net investment income (loss)			37,381,626
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions			(959,176	)
Forward and cross currency contract transactions			8,687,968
Swap agreement transactions			(17,286	)
Foreign currency transactions			3,456
			7,714,962
Net change in unrealized appreciation (depreciation) on:
Investments			12,299,880
Forward and cross currency contracts			6,226,049
Swap agreements			2,806
Foreign currencies			(304,859	)
Unfunded loan commitments			107,143
			18,331,019
Net gain (loss) on investment and foreign currency transactions			26,045,981
Net Increase (Decrease) In Net Assets Resulting From Operations		$	63,427,607

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 49

Statements of Changes in Net Assets

		Year Ended July 31,
		2019				2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	37,381,626			$	35,368,292
Net realized gain (loss) on investment and foreign currency transactions			7,714,962				1,557,920
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			18,331,019				(10,910,291	)
Net increase (decrease) in net assets resulting from operations			63,427,607				26,015,921
Dividends and Distributions
Distributions from distributable earnings*			(44,095,480	)			—
Tax return of capital distributions			—				(4,620,599	)
Dividends from net investment income*			*				(38,042,545	)
Total increase (decrease)			19,332,127				(16,647,223	)
Net Assets:
Beginning of year			661,571,989				678,219,212
End of year(a)		$	680,904,116			$	661,571,989
(a) Includes undistributed/(distributions in excess of) net investment income of:		$	*			$	(1,269,899	)

* For the year ended July 31, 2019, the disclosures have been revised to reflect revisions to Regulation S-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

50

Statement of Cash Flows

For Year Ended July 31, 2019

Cash Flows Provided by / (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations		$	63,427,607
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used for) operating activities:
Proceeds from disposition of long-term portfolio investments			877,772,281
Purchases of long-term portfolio investments			(897,479,638	)
Net proceeds (purchases) of short-term portfolio investments			(3,145,360	)
Net premiums (paid) received for swap agreements			(14,480	)
Net realized (gain) loss on investment transactions			959,176
Net realized (gain) loss on forward and cross currency contract transactions			(8,687,968	)
Net realized (gain) loss on swap agreement transactions			17,286
Net realized (gain) loss on foreign currency transactions			(3,456	)
Net change in unrealized (appreciation) depreciation of investments			(12,299,880	)
Net change in unrealized (appreciation) depreciation of forward and cross currency contracts			(6,226,049	)
Net change in unrealized (appreciation) depreciation on swap agreements			(2,806	)
Net change in unrealized (appreciation) depreciation on foreign currencies			304,859
Net change in unrealized (appreciation) depreciation on unfunded loan commitments			(107,143	)
(Increase) Decrease in Assets:
Dividends and interest receivable			(1,960,365	)
Receivable for investments sold			(4,057,418	)
Deposit with broker for centrally cleared/exchange-traded derivatives			(900,000	)
Prepaid expenses			53
Increase (Decrease) in Liabilities:
Payable for investments purchased			419,187
Management fee payable			40,606
Loan interest payable			140,401
Accrued expenses and other liabilities			18,118
Due to broker—variation margin swaps			61,551
Deferred directors’ fees			1,450
Total adjustments			(55,149,595	)
Cash provided by (used for) operating activities			8,278,012
Cash provided by (used for) financing activities:
Increase in borrowing			26,000,000
Cash dividends paid, net of change in dividends payable			(44,107,595	)
Cash provided by (used for) financing activities			(18,107,595	)
Effect of exchange rate changes			8,386,565
Net increase (decrease) in cash and foreign currency			(1,443,018	)
Cash at beginning of year, including foreign currency			3,728,297
Cash at end of year, including foreign currency		$	2,285,279
Supplemental disclosure of Cash Flow information
Cash paid during the year for interest expense		$	8,291,509

See Notes to Financial Statements.

PGIM Global High Yield Fund, Inc. 51

Notes to Financial Statements

PGIM Global High Yield Fund, Inc. (the “Fund”), formerly PGIM Global Short Duration High Yield Fund, Inc., is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, closed-end management investment company.

The investment objective of the Fund is to provide a high level of current income.

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

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.

52

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

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

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

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

PGIM Global High Yield Fund, Inc. 53

Notes to Financial Statements (continued)

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

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

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

54

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

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

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

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

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

PGIM Global High Yield Fund, Inc. 55

Notes to Financial Statements (continued)

contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Bank Loans: The Fund invested 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.

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.

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.

56

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 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.

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 all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily

PGIM Global High Yield Fund, Inc. 57

Notes to Financial Statements (continued)

enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

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

58

election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

As of July 31, 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.

Payment-In-Kind: The Fund invested in the open market or receive pursuant to debt restructuring, securities that pay-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 Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

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. However, due to the timing of when distributions are made by the Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income for the calendar year and 98.2% of its net capital gains for a one-year period ending on October 31 exceed the distributions from such taxable income and net capital gains for the calendar year. The Fund paid approximately $87,000 of Federal excise taxes attributable to calendar year 2018 in March 2019. 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 intends to make a level dividend distribution each month to the holders of common stock. The level dividend rate may be modified by the Board from time to time, and will be based upon the past and projected performance and expenses of the Fund. The Fund intends to also make a distribution during or with respect to

PGIM Global High Yield Fund, Inc. 59

Notes to Financial Statements (continued)

each calendar year (which may be combined with a regular monthly distribution), which will generally include any net investment income and net realized capital gain for the year not otherwise distributed.

PGIM Investments has received an order from the Securities and Exchange Commission (the “SEC”) granting the Fund an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder to permit certain closed-end funds managed by PGIM Investments to include realized long-term capital gains as a part of their respective regular distributions to the holders of Common Stock more frequently than would otherwise be permitted by the 1940 Act (generally once per taxable year). The Fund intends to rely on this exemptive order. The Board may, at the request of PGIM Investments, adopt a managed distribution policy.

Dividends and distributions to stockholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

The 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. 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 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 0.85% of the average daily value of the Fund’s investable assets. “Investable assets” refers to the net assets attributable to the outstanding common stock of the Fund

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plus the liquidation preference of any outstanding preferred stock issued by the Fund, the principal amount of any borrowings and the principal on any debt securities issued by the Fund.

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

3. Other Transactions with Affiliates

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”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Fund’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the year ended July 31, 2019, no 17a-7 transactions were entered into by the Fund.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended July 31, 2019, were $897,479,638 and $870,805,874, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the year ended July 31, 2019, is presented as follows:

Value, Beginning of Year				Cost of Purchases				Proceeds from Sales				Change in Unrealized Gain (Loss)				Realized Gain (Loss)				Value, End of Year				Shares, End of Year				Income
	PGIM Core Ultra Short Bond Fund*
$	4,219,110			$	364,517,603			$	361,372,243			$	—			$	—			$	7,364,470				7,364,470			$	213,377

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

PGIM Global High Yield Fund, Inc. 61

Notes to Financial Statements (continued)

5. Distributions and Tax Information

In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par. For the year ended July 31, 2019, the adjustments were to decrease total distributable loss and decrease paid-in capital in excess of par by $86,768 due to non-deductible excise tax paid. Net investment income, net realized gain (loss) on investment and foreign currency transactions and net assets were not affected by this change.

For the year ended July 31, 2019, the tax character of dividends paid by the Fund was $44,095,480 of ordinary income. For the year ended July 31, 2018, the tax character of dividends paid by the Fund were $38,042,545 of ordinary income and $4,620,599 of tax return of capital.

As of July 31, 2019, the accumulated undistributed earnings on a tax basis was $12,568,881 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2019 were as follows:

Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation
$952,328,478		$24,269,790		$(20,097,574)		$4,172,216

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales, differences in the treatment of premium amortization for book and tax purposes, securities in default and mark-to-market of receivables and payables.

For federal income tax purposes, the Fund had a capital loss carryforward as of July 31, 2019 of approximately $110,808,000 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.

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6. Capital and Ownership

There are 1 billion shares of $0.001 par value common stock authorized. As of July 31, 2019, Prudential owned 9,055 shares of the Fund.

For the year ended July 31, 2019, the Fund did not issue any shares of common stock in connection with the Fund’s dividend reinvestment plan.

7. Borrowings and Re-hypothecation

The Fund currently is a party to a committed credit facility (the “credit facility”) with a financial institution. The credit facility provides for a maximum commitment of $300 million or 50% of the net asset value based on the most recent fiscal year end. Interest on any borrowings under the credit facility is payable at the negotiated rates. The Fund’s obligations under the credit facility are secured by the assets of the Fund segregated for the purpose of securing the amount borrowed. The purpose of the credit facility is to provide the Fund with portfolio leverage and to meet its general cash flow requirements. The Fund utilized the credit facility during the year ended July 31, 2019. The average daily outstanding loan balance for the 365 days that the Fund utilized the facility during the period was $265,745,205, borrowed at a weighted average interest rate of 3.13%. The maximum loan balance outstanding during the period was $284,000,000. At July 31, 2019, the Fund had an outstanding loan balance of $284,000,000.

Re-hypothecation: The credit facility agreement permits, subject to certain conditions, the financial institution to re-hypothecate, up to the amount outstanding under the facility, portfolio securities segregated by the Fund as collateral. The Fund continues to receive interest on re-hypothecated securities. The Fund also has the right under the agreement to recall the re-hypothecated securities from the financial institution on demand. If the financial institution fails to deliver the recalled security in a timely manner, the Fund will be compensated by the financial institution for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by the financial institution, the Fund, upon notice to the financial institution, may reduce the loan balance outstanding by the value of the recalled security failed to be returned plus accrued interest. The Fund will receive a portion of the fees earned by the financial institution in connection with the rehypothecation of portfolio securities. Such earnings are disclosed in the Statement of Operations under Other income. As of July 31, 2019, there were no earnings to be disclosed.

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

PGIM Global High Yield Fund, Inc. 63

Notes to Financial Statements (continued)

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 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.

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Leverage Risk: The Fund may seek to enhance the level of its current distributions to holders of common stock through the use of leverage. The Fund may use leverage through borrowings, including loans from certain financial institutions. The Fund may borrow in amounts up to 33 1/3% (as determined immediately after borrowing) of the Fund’s investable assets. The use of leverage can create special risks. There can be no assurance that any leveraging strategy the Fund employs will be successful during any period in which it is employed.

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.

Risks of Investments in Bank Loans: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund’s scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws.

PGIM Global High Yield Fund, Inc. 65

Notes to Financial Statements (continued)

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Fund’s financial statements.

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. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

10. Subsequent Event

Dividends to Shareholders: On August 26, 2019, the Fund declared monthly dividends of $0.105 per share payable on September 30, 2019, October 31, 2019 and November 29, 2019, respectively, to shareholders of record on September 13, 2019, October 11, 2019 and November 15, 2019, respectively. The ex-dates are September 12, 2019, October 10, 2019 and November 14, 2019, respectively.

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Financial Highlights

		Year Ended July 31,
		2019(a)				2018(a)				2017(a)				2016				2015
Per Share Operating Performance:
Net Asset Value, Beginning of Year			$16.17				$16.57				$16.58				$17.07				$18.45
Income (loss) from investment operations:
Net investment income (loss)			0.91				0.86				0.97				1.03				1.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions			0.64				(0.22	)			0.21				(0.18	)			(0.78	)
Total from investment operations			1.55				0.64				1.18				0.85				0.37
Less Dividends and Distributions:
Dividends from net investment income			(1.08	)			(0.93	)			(1.19	)			(1.34	)			(1.75	)
Tax return of capital distributions			-				(0.11	)			-				-				-
Total dividends and distributions			(1.08	)			(1.04	)			(1.19	)			(1.34	)			(1.75	)
Net asset value, end of year			$16.64				$16.17				$16.57				$16.58				$17.07
Market price, end of year			$14.52				$13.63				$15.11				$15.38				$14.70
Total Return(b):			15.12%				(2.96)%				6.31%				14.69%				(3.28)%
Ratios/Supplemental Data:
Net assets, end of year (000)			$680,904				$661,572				$678,219				$678,556				$698,589
Average net assets (000)			$657,922				$666,960				$678,323				$669,729				$720,504
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement(d)			2.56%				2.15%				1.94%				1.74%				1.61%
Expenses before waivers and/or expense reimbursement(d)			2.56%				2.15%				1.94%				1.74%				1.61%
Net investment income (loss)			5.68%				5.30%				5.86%				6.27%				6.53%
Portfolio turnover rate(e)			96%				67%				66%				59%				62%
Asset coverage			340%				356%				368%				342%				354%
Total debt outstanding at year-end (000)			$284,000				$258,000				$253,000				$280,000				$275,000

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of common stock at the current market price on the first day and a sale at the closing market price on the last day for the year reported. Dividends are assumed, for the purpose of this calculation, to be reinvested at prices obtainable under the Fund’s dividend reinvestment plan. This amount does not reflect brokerage commissions or sales load.

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

(d) Includes interest expense of 1.28% and a tax expense of 0.01% for the year ended July 31, 2019, interest expense of 0.91% for the year ended July 31, 2018, interest expense of 0.64% and a tax expense of 0.04% for the year ended July 31, 2017, interest expense of 0.45% and a tax expense of 0.02% for the year ended July 31, 2016 and interest expense of 0.36% for the year ended July 31, 2015.

(e) 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 High Yield Fund, Inc. 67

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of PGIM Global High Yield Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Global High Yield Fund, Inc. (formerly PGIM Global Short Duration High Yield Fund, Inc.) (the Fund), including the schedule of investments, as of July 31, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2019, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

September 19, 2019

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Tax Information (unaudited)

For the year ended July 31, 2019, the Fund reports the maximum amount allowable but not less than 50.91% as interest related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2020, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of dividends received by you in calendar year 2019.

PGIM Global High Yield Fund, Inc. 69

Other Information (unaudited)

Dividend Reinvestment Plan. Unless a holder of common stock elects to receive cash by contacting Computershare Trust Company, N.A. (the “Plan Administrator”), all dividends declared on common stock will be automatically reinvested by the Plan Administrator pursuant to the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”), in additional common stock. The holders of common stock who elect not to participate in the Plan will receive all dividends and other distributions (together, a “Dividend”) in cash paid by check mailed directly to the stockholder of record (or, if the common stock is held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the Dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared Dividend. Such notice will be effective with respect to a particular Dividend. Some brokers may automatically elect to receive cash on behalf of the holders of common stock and may re-invest that cash in additional common stock.

The Plan Administrator will open an account for each common stockholder under the Plan in the same name in which such common stockholder’s common stock is registered. Whenever the Fund declares a Dividend payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in common stock. The common stock will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common stock from the Fund (“Newly Issued common stock”) or (ii) by purchase of outstanding common stock on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. If, on the payment date for any Dividend, the closing market price of the common stock plus per share fees (as defined below) is equal to or greater than the NAV per share of common stock (such condition being referred to as “market premium”), the Plan Administrator will invest the Dividend amount in Newly Issued common stock on behalf of the participants. The number of Newly Issued common stock to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the NAV per share of common stock on the payment date, provided that, if the NAV per share of common stock is less than or equal to 95% of the closing market price per share of common stock on the payment date, the dollar amount of the Dividend will be divided by 95% of the closing market price per common stock on the payment date. If, on the payment date for any Dividend, the NAV per share of common stock is greater than the closing market value per share of common stock plus per share fees (such condition being referred to as “market discount”), the Plan Administrator will invest the Dividend amount in shares of common stock acquired on behalf of the participants in Open-Market Purchases.

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“Per share fees” include any applicable brokerage commissions the Plan Administrator is required to pay.

In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the common stock trades on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in common stock acquired in Open-Market Purchases on behalf of participants. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per share of common stock exceeds the NAV per share of common stock, the average per share purchase price paid by the Plan Administrator for common stock may exceed the NAV per share of the common stock, resulting in the acquisition of fewer shares of common stock than if the Dividend had been paid in Newly Issued common stock on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued common stock at the NAV per share of common stock at the close of business on the Last Purchase Date, provided that, if the NAV is less than or equal to 95% of the then current market price per share of common stock, the dollar amount of the Dividend will be divided by 95% of the market price on the payment date for purposes of determining the number of shares issuable under the Plan.

The Plan Administrator maintains all stockholder accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by stockholders for tax records. Common stock in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each stockholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

In the case of the holders of common stock such as banks, brokers or nominees that hold shares of common stock for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of shares of common stock certified from time to time by the record stockholder’s name and held for the account of beneficial owners who participate in the Plan.

The Plan Administrator’s service fee, if any, and expenses for administering the plan will be paid for by the Fund. If a participant elects by written, Internet or telephonic notice to the

PGIM Global High Yield Fund, Inc. 71

Other Information (continued)

Plan Administrator to have the Plan Administrator sell part or all of the shares held by the Plan Administrator in the participant’s account and remit the proceeds to the participant, the Plan Administrator is authorized to deduct a $15.00 transaction fee plus a $0.12 per share fee. If a participant elects to sell his or her shares of common stock, the Plan Administrator will process all sale instructions received no later than five business days after the date on which the order is received by the Plan Administrator, assuming the relevant markets are open and sufficient market liquidity exists (and except where deferral is required under applicable federal or state laws or regulations). Such sale will be made through the Plan Administrator’s broker on the relevant market and the sale price will not be determined until such time as the broker completes the sale. In every case the price to the participant shall be the weighted average sale price obtained by the Plan Administrator’s broker net of fees for each aggregate order placed by the participant and executed by the broker. To maximize cost savings, the Plan Administrator will seek to sell shares in round lot transactions. For this purpose the Plan Administrator may combine a participant’s shares with those of other selling participants.

There will be no brokerage charges with respect to shares of common stock issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. Each participant will be charged a per share fee (currently $0.05 per share) on all Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. See “Tax Matters.” Participants that request a sale of common stock through the Plan Administrator are subject to brokerage commissions.

Each participant may terminate the participant’s account under the Plan by so notifying the Plan Administrator via the Plan Administrator’s website at www.computershare.com/investor, by filling out the transaction request form located at the bottom of the participant’s Statement and sending it to the Plan Administrator or by calling the Plan Administrator. Such termination will be effective immediately if the participant’s notice is received by the Plan Administrator prior to any dividend or distribution record date. Upon any withdrawal or termination, the Plan Administrator will cause to be delivered to each terminating participant a statement of holdings for the appropriate number of the Fund’s whole book-entry shares of common stock and a check for the cash adjustment of any fractional share at the market value of the Fund’s shares of common stock as of the close of business on the date the termination is effective less any applicable fees. In the event a participant’s notice of termination is on or after a record date (but before payment date) for an account whose dividends are reinvested, the Plan Administrator, in its sole discretion, may either distribute such dividends in cash or reinvest them in shares of common stock on behalf of the terminating participant. In the event reinvestment is made, the Plan Administrator will

72

process the termination as soon as practicable, but in no event later than five business days after the reinvestment is completed. The Plan may be terminated by the Fund upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078 or by calling (toll free) 800-451-6788.

PGIM Global High Yield Fund, Inc. 73

Management of the Fund (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen		Principal Occupation(s) During Past Five Years		Other Directorships Held During Past Five Years		Length of Board Service
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96		President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).		None.		Since September 2013
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96		Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.		Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).		Since July 2008

PGIM Global High Yield Fund, Inc.

Management of the Fund (continued)

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen		Principal Occupation(s) During Past Five Years		Other Directorships Held During Past Five Years		Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96		President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).		Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).		Since March 2005
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95		Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.		Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).		Since September 2017
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96		Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).		None.		Since September 2013

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Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen		Principal Occupation(s) During Past Five Years		Other Directorships Held During Past Five Years		Length of Board Service
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95		A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).		Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).		Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96		Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).		None.		Since July 2008
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95		Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).		None.		Since March 2018

PGIM Global High Yield Fund, Inc.

Management of the Fund (continued)

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen		Principal Occupation(s) During Past Five Years		Other Directorships Held During Past Five Years		Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95		Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.		Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.		Since November 2014

Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen		Principal Occupation(s) During Past Five Years		Other Directorships Held During Past Five Years		Length of Board Service
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96		President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).		None.		Since January 2012

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Interested Board Members
Name Date of Birth Position(s) Portfolios Overseen		Principal Occupation(s) During Past Five Years		Other Directorships Held During Past Five Years		Length of Board Service
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen: 96		Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).		None.		Since March 2010

Fund Officers(a)
Name Date of Birth Fund Position		Principal Occupation(s) During Past Five Years		Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 Chief Legal Officer		Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988-August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).		Since June 2012

PGIM Global High Yield Fund, Inc.

Management of the Fund (continued)

Fund Officers(a)
Name Date of Birth Fund Position		Principal Occupation(s) During Past Five Years		Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer		Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.		Since March 2018
Andrew R. French 12/22/62 Secretary		Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.		Since October 2006
Jonathan D. Shain 8/9/58 Assistant Secretary		Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.		Since May 2005
Claudia DiGiacomo 10/14/74 Assistant Secretary		Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).		Since December 2005
Diana N. Huffman 4/14/82 Assistant Secretary		Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).		Since March 2019
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer		Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).		Since January 2019
Peter Parrella 8/21/58 Assistant Treasurer		Vice President (since 2007) and Director (2004-2007) within PGIM Investments Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).		Since June 2007

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Fund Officers(a)
Name Date of Birth Fund Position		Principal Occupation(s) During Past Five Years		Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer		Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.		Since April 2014
Linda McMullin 7/10/61 Assistant Treasurer		Vice President (since 2011) and Director (2008-2011) within PGIM Investments Fund Administration.		Since April 2014
Kelly A. Coyne 8/8/68 Assistant Treasurer		Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).		Since March 2015
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer		Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).		Since January 2017

^(a)  Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

• Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

• Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

• There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

• “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

• “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Global High Yield Fund, Inc.

Approval of Advisory Agreements

The Fund’s Board of Directors

The Board of Directors (the Board) of PGIM Global High Yield Fund, Inc. (the Fund) consists of eleven individuals, nine¹ of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Directors). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the Directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, two Investment Committees and the Nominating and Governance Committee. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (PGIM) on behalf of its PGIM Fixed Income unit, and the Fund’s sub-subadvisory agreement with PGIM Limited (PGIML). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on May 30, 2019 and on June 11-13, 2019 and approved the renewal of the agreements through July 31, 2020, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM and where appropriate, affiliates of PGIM. Also, the Board considered comparisons with other funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its

PGIM Global High Yield Fund, Inc.

¹  Grace C. Torres was an Interested Director of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Director of the Fund.

Approval of Advisory Agreements (continued)

deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 30, 2019 and on June 11-13, 2019.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund’s sub-subadviser pursuant to the terms of a sub-subadvisory agreement, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as the administrator for the Fund’s liquidity risk management program. With respect to PGIM Investment’ oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser and sub-subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory agreement and sub-subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed

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Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Fixed Income’s and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income and PGIML.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Fixed Income and the sub-subadvisory services provided to the Fund by PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income and PGIML under the management, subadvisory and sub-subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that, while the Fund does not have breakpoints in its management fees, economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board considered that, as a closed-end fund, the Fund would not be expected to have inflows of capital that might produce increasing economies of scale.

PGIM Global High Yield Fund, Inc.

Approval of Advisory Agreements (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to any individual funds, but rather are incurred across a variety of products and services. In light of the Fund’s current size, performance and expense structure, the Board concluded that the absence of breakpoints in the Fund’s fee schedule is acceptable at this time.

Other Benefits to PGIM Investments, PGIM Fixed Income and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included benefits to its reputation or other intangible benefits resulting from PGIM Investments association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one- and three- and five-year periods ended December 31, 2018.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of fund data. In certain circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the funds (for performance, the best performing funds and, for expenses, the lowest cost funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance		1 Year		3 Years		5 Years		10 Years
		1st Quartile		4th Quartile		2nd Quartile		N/A
Actual Management Fees: 3rd Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that Fund outperformed its benchmark index over the one-year period, though it underperformed over the three- and five-year periods.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory and sub-subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Global High Yield Fund, Inc.

Privacy Notice

Prudential values your business and your trust. We respect the privacy of your personal information and take our responsibility to protect it seriously. This privacy notice is provided on behalf of the Prudential companies listed at the end of this notice (Prudential), and applies to our current and former customers. This notice describes how we treat the information we receive about you, including the ways in which we will share your personal information within Prudential and your right to opt out of such sharing.

Protecting Your Personal Information

We maintain physical, electronic and procedural safeguards to protect your personal information. The people who are authorized to have access to your personal information need it to do their jobs, and we require them to keep that information secure and confidential.

Personal Information We Collect

We collect your personal information when you fill out applications and other forms, when you enter personal details on our websites, when you respond to our emails, and when you provide us information over the telephone. We also collect personal information that others give us about you. This information includes, for example:

• name

• address, email address, telephone number, and other contact information

• income and financial information

• Social Security number

• transaction history

• medical information for insurance applications

• consumer reports from consumer reporting agencies

• participant information from organizations that purchase products or services from us for the benefit of their members or employees

Using Your Information

We use your personal information for various business purposes, including:

• normal everyday business purposes, such as providing services to you and administrating your account or policy

• business research and analysis

• marketing products and services of Prudential and other companies in which you may be interested

• as required by law

Sharing Your Information

We may share your personal information, including information about your transactions and experiences, among Prudential companies and with other non-Prudential companies who perform services for us or on our behalf, for our everyday business purposes, such as providing services to you and administering your account or policy. We may also share your personal information with another financial institution if you agree that your account or policy can be transferred to that financial company.

We may share your personal information among Prudential companies so that the Prudential companies can market their products and services to you. We may also share consumer report information among Prudential companies which may include information about you from credit reports and certain information that we receive from you and from consumer reporting agencies or other third parties. You can limit this sharing by following the instructions described in this notice. For those customers who have one of our products through a plan sponsored by an employer or other organization, we will share your personal information in a manner consistent with the terms of the plan agreement or consistent with our agreement with you.

We may also share your personal information as permitted or required by law, including, for example, to law enforcement officials and regulators, in response to subpoenas, and to prevent fraud.

Unless you agree otherwise, we do not share your personal information with non-Prudential companies for them to market their products or services to you. We may tell you about a product or service that other companies offer and, if you respond, that company will know that we selected you to receive the information.

Limiting Our Sharing—Opt Out/Privacy Choice

You may tell us not to share your personal information among Prudential companies for marketing purposes, and not to share consumer report information among Prudential companies, by “opting out” of such sharing. To limit our sharing for these purposes:

• visit us online at: www.prudential.com/privacyoptout

• call us at: 1-877-248-4019

If you previously told us since 2016 not to share your personal information among Prudential companies for marketing purposes, or not to share your consumer report information among Prudential companies, you do not need to tell us not to share your information again.

You are not able to limit our ability to share your personal information among Prudential companies and with other non-Prudential companies for servicing and administration purposes.

Questions

If you have any questions about how we protect, use, and share your personal information or about this privacy notice, please call us. The toll-free number is 1-877-248-4019.

We reserve the right to modify this notice at any time. This notice is also available anytime at www.prudential.com.

This notice is being provided to customers and former customers of the Prudential companies listed below.

Insurance Companies and Insurance Company Separate Accounts

The Prudential Insurance Company of America; Prudential Annuities Life Assurance Corporation; Pruco Life Insurance Company; Pruco Life Insurance Company of New Jersey, Prudential Retirement Insurance and Annuity Company (PRIAC); CG Variable Annuity

Separate Account; Prudential Legacy Insurance Company of New Jersey; All insurance company separate accounts that include the following names or are otherwise identified as maintained by an entity that includes the following names: Prudential, Pruco, or PRIAC

Insurance Agencies

Prudential Insurance Agency, LLC; Mullin TBG Insurance Agency Services, LLC;

Broker-Dealers and Registered Investment Advisers

AST Investment Services, Inc.; Prudential Annuities Distributors, Inc.; Global Portfolio Strategies, Inc.; Pruco Securities, LLC; PGIM, Inc.; Prudential Investment Management Services LLC; PGIM Investments LLC; Prudential Private Placement Investors, L.P., Prudential Customer Solutions LLC; Quantitative Management Associates LLC

Bank and Trust Companies

Prudential Bank & Trust, FSB; Prudential Trust Company

Investment Companies and Other Investment Vehicles

Prudential Mutual Funds; Prudential Capital Partners, L.P.; The Target Portfolio Trust; Advanced Series Trust; Prudential Private Placement Investors, Inc.; All funds that include the following names: Prudential, PCP, PGIM, or PCEP

Other Companies

Prudential Workplace Solutions Group Services, LLC; Prudential Mutual Fund Services LLC

Vermont Residents: We will not share information about your creditworthiness among Prudential companies, other than as permitted by Vermont law, unless you authorize us to make those disclosures.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

D6021 Privacy Ed 1/2019

∎  MAIL		∎  MAIL (OVERNIGHT)		∎  TELEPHONE
Computershare P.O. Box 30170 College Station, TX 77842-3170		Computershare 211 Quality Circle Suite 210 College Station, TX 77845		(800) 451-6788
				∎  WEBSITE
				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) 451-6788 or by visiting the Securities and Exchange Commission’s website at sec.gov. 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 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 • Dino Capasso, 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 Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER		PGIM Investments LLC		655 Broad Street Newark, NJ 07102
SUBADVISER		PGIM Fixed Income		655 Broad Street Newark, NJ 07102
CUSTODIAN		The Bank of New York Mellon		240 Greenwich Street New York, NY 10286
TRANSFER AGENT		Computershare Trust Company, N.A.		PO Box 30170 College Station, TX 77842-3170
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		KPMG LLP		345 Park Avenue New York, NY 10154
FUND COUNSEL		Sidley Austin LLP		787 Seventh Avenue New York, NY 10019

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Global High Yield Fund, Inc., 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.

CERTIFICATIONS

The Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the required annual certifications and the Fund has also included the certifications of the Fund’s Chief Executive Officer and Chief Financial Officer as required by Section 302 of the Sarbanes-Oxley Act, on the Fund’s Form N-CSR filed with the Commission, for the period of this report.

This report is transmitted to shareholders of the Fund for their information. This is not a prospectus, circular, or representation intended for use in the purchase or sale of shares of the Fund or any securities mentioned in this report.

An investor should consider the investment objective, risks, charges, and expenses of the Fund carefully before investing.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase, from time to time, shares of its common stock at market prices.

PGIM GLOBAL HIGH YIELD FUND, INC.

NYSE		GHY
CUSIP		69346J106

PICE1001E    

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Kevin J. Bannon, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services – (a) Audit Fees

For the fiscal years ended July 31, 2019 and July 31, 2018, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $47,827 and $47,353 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended July 31, 2019 and July 31, 2018: none.

(c) Tax Fees

For the fiscal years ended July 31, 2019 and July 31, 2018: none.

(d) All Other Fees

For the fiscal years ended July 31, 2019 and July 31, 2018: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the

Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this

paragraph

will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit 

committee – For the fiscal years ended July 31, 2019 and July 31, 2018: none.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2019 and July 31, 2018 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

Item 5 – Audit Committee of Listed Registrants –

The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Kevin J. Bannon (chair), Ellen S. Alberding, Linda W. Bynoe, and Richard A. Redeker (ex-officio).

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies –

PROXY VOTING POLICIES OF THE SUBADVISER

PGIM FIXED INCOME

PGIM Fixed Income is a business unit of PGIM. PGIM Fixed Income’s policy is to vote proxies in the best economic interest of its clients. In the case of pooled accounts, the policy is to vote proxies in the best economic interest of the pooled account. The proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect PGIM Fixed Income’s judgment of how to further the best economic interest of its clients through the shareholder or debt-holder voting process.

PGIM Fixed Income invests primarily in debt securities, thus there are few traditional proxies voted by it. PGIM Fixed Income generally votes with management on routine matters such as the appointment of accountants or the election of directors. From time to time, ballot issues arise that are not addressed by the policy or circumstances may suggest a vote not in accordance with the established guidelines. In these cases, voting decisions are made on a case-by-case basis by the applicable portfolio manager taking into consideration the potential economic impact of the proposal. Not all ballots are received by PGIM Fixed Income in advance of voting deadlines, but when ballots are received in a timely fashion, PGIM Fixed Income strives to meet its voting obligations. It cannot, however, guarantee that every proxy will be voted prior to its deadline.

With respect to non-U.S. holdings, PGIM Fixed Income takes into account additional restrictions in some countries that might impair its ability to trade those securities or have other potentially adverse economic consequences. PGIM Fixed Income generally votes non-U.S. securities on a best efforts basis if it determines that voting is in the best economic interest of its clients.

Occasionally, a conflict of interest may arise in connection with proxy voting. For example, the issuer of the securities being voted may also be a client of PGIM Fixed Income. When PGIM Fixed Income identifies an actual or potential material conflict of interest between the firm and its clients with respect to proxy voting, the matter is presented to senior management who will resolve such issue in consultation with the compliance and legal departments. Proxy voting is reviewed by the trade management oversight committee.

Any client may obtain a copy of PGIM Fixed Income’s proxy voting policy, guidelines and procedures, as well as the proxy voting records for that client’s securities, by contacting the account management representative responsible for the client’s account.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

Portfolio Managers

The following individuals have primary responsibility for the day-to-day implementation of the Fund’s investment strategy.

Robert Cignarella, CFA, is a Managing Director and Head of U.S. High Yield for PGIM Fixed Income. Mr. Cignarella is also the co-Head of the Global High Yield Strategy. Prior to joining the firm in 2014, Mr. Cignarella was a managing director and co-head of high yield and bank loans at Goldman Sachs Asset Management. He also held positions as a high yield portfolio manager and a high yield and investment grade credit analyst. Earlier, he was a financial analyst in the investment banking division of Salomon Brothers. Mr. Cignarella received an MBA from the University of Chicago, and a bachelor’s degree in operations research and industrial engineering from Cornell University. He holds the Chartered Financial Analyst (CFA) designation.

Daniel Thorogood, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income’s High Yield Team. Mr. Thorogood is also responsible for portfolio strategy and managing high yield bond allocations in multi-sector portfolios. Prior to joining the High Yield Team, Mr. Thorogood was a member of PGIM Fixed Income’s Quantitative Research and Risk Management Group. Mr. Thorogood was the head of a team of portfolio analysts who support the Firm’s credit-related strategies, including investment grade corporate, high yield corporate, and emerging market debt sectors. The team was primarily responsible for performing detailed portfolio analysis relative to benchmarks, monitoring portfolio risk exposures, and analyzing performance through proprietary return attribution models. Prior to joining the Quantitative Research and Risk Management Group in 1996, Mr. Thorogood was Associate Manager in PGIM Fixed Income’s Trade Support and Operations Unit. He received a BS in Finance from Florida State University and an MBA in Finance from Rutgers University. Mr. Thorogood holds the Chartered Financial Analyst (CFA) designation.

Brian Clapp, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income’s High Yield Team. Mr. Clapp was previously a senior high yield credit analyst on PGIM Fixed Income’s Credit Research team. He joined the Firm in 2006 from Muzinich & Co. While there, Mr. Clapp held several positions, including portfolio manager for a high yield bond based hedge fund, hedge fund credit analyst, and credit analyst covering the chemical, industrial, and transportation sectors. Earlier at Triton Partners, an institutional high yield fund manager, Mr. Clapp was a credit analyst covering the metals and mining, healthcare, homebuilding, building products and transportation sectors. He received a BS in Finance from Bryant College, and an MS in Computational Finance, and an MBA from Carnegie Mellon. Mr. Clapp holds the Chartered Financial Analyst (CFA) designation.

Robert Spano, CFA, CPA, is a Principal and a high yield portfolio manager for PGIM Fixed Income’s High Yield Bond Team. Prior to assuming his current position in 2007, Mr. Spano was a high yield credit analyst for 10 years in PGIM Fixed Income’s Credit Research Group, covering the health, lodging, consumer, gaming, restaurants, and chemical industries. Earlier, he worked as an investment analyst in the Project Finance Unit of the Firm’s private placement group. Mr. Spano also held positions in the internal audit and risk management units of Prudential Securities. He received a BS in Accounting from the University of Delaware and an MBA from New York University. Mr. Spano holds the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations.

Ryan Kelly, CFA, is a Principal and a high yield portfolio manager for PGIM Fixed Income’s High Yield Team. Prior to his current position, Mr. Kelly was a senior high yield credit analyst in PGIM Fixed Income’s Credit Research Group, covering the automotive, energy, technology and finance sectors. Previously, Mr. Kelly was a senior high yield bond analyst at Muzinich &

Company. Earlier, he was an investment banker at PNC Capital Markets/PNC Bank where he worked in the high yield bond, mergers and acquisition (M&A) and loan syndication groups. Mr. Kelly began his career in investment banking at Chase Manhattan Bank, working on project finance transactions and M&A advisory mandates for the electric power sector. He received a BA in Economics from Michigan State University and holds the Chartered Financial Analyst (CFA) designation.

Other Accounts Managed by the Portfolio Managers. The following tables set forth certain information with respect to the portfolio managers for the Fund. Unless noted otherwise, all information is provided as of July 31, 2019.

The table below identifies, for each portfolio manager, the number of accounts (other than the Fund) for which the portfolio manager has day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts. For each category, the number of accounts and total assets in the accounts whose fees are based on performance is indicated in italic typeface. In addition is information about portfolio manager ownership of Fund securities. The Ownership of Fund Securities column shows the dollar range of equity securities of the Fund beneficially owned by the portfolio manager.

Portfolio Managers

Registered Investment Companies/ Total Assets

Other Pooled Investment Vehicles

Other Accounts/ Total Assets

Fund Ownership

Robert Spano, CFA, CPA

31 / $16,387,088,948

19 / $6,569,587,133

118 / $11,629,181,859

$10,001-$50,000

Daniel Thorogood, CFA

31 / $16,387,088,948

19 / $6,569,587,133

118 / $11,629,181,859

$0

Ryan Kelly, CFA

31 / $16,387,088,948

19 / $6,569,587,133

118 / $11,629,181,859

$0

Brian Clapp, CFA

31 / $16,387,088,948

19 / $6,569,587,133

118 / $11,629,181,859

$0

Robert Cignarella, CFA

31 / $16,387,088,948

19 / $6,569,587,133

118 / $11,629,181,859

$0

Compensation and Conflicts Disclosure: 

COMPENSATION

The base salary of an investment professional in the PGIM Fixed Income unit of PGIM is based on market data relative to similar positions as well as the past performance, years of experience and scope of responsibility of the individual. Incentive compensation, including the annual cash bonus, the long-term equity grant and grants under PGIM Fixed Income’s long-term incentive plans, is primarily based on such person’s contribution to PGIM Fixed Income’s goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters and market-based data such as compensation trends and levels of overall compensation for similar positions in the asset management industry. In addition, an

investment professional’s qualitative contributions to the organization and its commercial success are considered in determining incentive compensation. Incentive compensation is not solely based on the performance of, or value of assets in, any single account or group of client accounts.

An investment professional’s annual cash bonus is paid from an annual incentive pool. The pool is developed as a percentage of PGIM Fixed Income’s operating income and the percentage used to calculate the pool may be refined by factors such as:

- business initiatives;

- the number of investment professionals receiving a bonus and related peer group compensation;

- financial metrics of the business relative to those of appropriate peer groups; and

- investment performance of portfolios: (i) relative to appropriate peer groups; and/or (ii) as measured against relevant investment indices.

Long-term compensation consists of Prudential Financial, Inc. restricted stock and grants under the long-term incentive plan and targeted long-term incentive plan. Grants under the long-term incentive plan and targeted long-term incentive plan are participation interests in notional accounts with a beginning value of a specified dollar amount. For the long-term incentive plan, the value attributed to these notional accounts increases or decreases over a defined period of time based, in whole or in part (depending on the date of the grant), on the performance of investment composites representing a number of PGIM Fixed Income’s investment strategies. With respect to targeted long-term incentive awards, the value attributed to the notional accounts increases or decreases over a defined period of time based on the performance of either (i) a long/short investment composite or (ii) a commingled investment vehicle. An investment composite is an aggregation of accounts with similar investment strategies. The long-term incentive plan is designed to more closely align compensation with investment performance. The targeted long-term incentive plan is designed to align the interests of certain of PGIM Fixed Income’s investment professionals with the performance of a particular long/short composite or commingled investment vehicle. The chief investment officer/head of PGIM Fixed Income also receives (i) performance shares which represent the right to receive shares of Prudential Financial, Inc. common stock conditioned upon, and subject to, the achievement of specified financial performance goals by Prudential Financial, Inc.; (ii) book value units which track the book value per share of Prudential Financial, Inc.; and (iii) Prudential Financial, Inc. stock options. Each of the restricted stock, grants under the long-term incentive plans, performance shares, book value units and stock options is subject to vesting requirements.

CONFLICTS OF INTEREST. Like other investment advisers, PGIM Fixed Income is subject to various conflicts of interest in the ordinary course of its business. PGIM Fixed Income strives to identify potential risks, including conflicts of interest, that are inherent in its business, and PGIM Fixed Income conducts annual conflict of interest reviews. When actual or potential conflicts of interest are identified, PGIM Fixed Income seeks to address such conflicts through one or more of the following methods:

• elimination of the conflict;

• disclosure of the conflict; or

• management of the conflict through the adoption of appropriate policies, procedures or other mitigants.

PGIM Fixed Income follows the policies of Prudential Financial, Inc. on business ethics, personal securities trading by investment personnel, and information barriers. PGIM Fixed Income has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PGIM Fixed Income cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict may arise.

Side-by-Side Management of Accounts and Related Conflicts of Interest. PGIM Fixed Income’s side-by-side management of multiple accounts can create conflicts of interest. Examples are detailed below, followed by a discussion of how PGIM Fixed Income addresses these conflicts.

Performance Fees - PGIM Fixed Income manages accounts with asset-based fees alongside accounts with performance-based fees. This side-by-side management may be deemed to create an incentive for PGIM Fixed Income and its investment professionals to favor one account over another. Specifically, PGIM Fixed Income or its affiliates could be considered to have the incentive to favor accounts for which PGIM Fixed Income or an affiliate receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees.

Affiliated accounts - PGIM Fixed Income manages accounts on behalf of its affiliates as well as unaffiliated accounts. PGIM Fixed Income could be considered to have an incentive to favor accounts of affiliates over others.

Large accounts/higher fee strategies - large accounts and clients typically generate more revenue than do smaller accounts or clients and certain of PGIM Fixed Income’s strategies have higher fees than others. As a result, a portfolio manager could be considered to have an incentive when allocating scarce investment opportunities to favor accounts that pay a higher fee or generate more income for PGIM Fixed Income.

Long only and long/short accounts - PGIM Fixed Income manages accounts that only allow it to hold securities long as well as accounts that permit short selling. PGIM Fixed Income may, therefore, sell a security short in some client accounts while holding the same security long in other client accounts. These short sales could reduce the value of the securities held in the long only accounts. In addition, purchases for long only accounts could have a negative impact on the short positions.

Securities of the same kind or class - PGIM Fixed Income sometimes buys or sells, or direct or recommend that a client buy or sell, securities of the same kind or class that are purchased or sold for another client at prices that may be different. Although such pricing differences could appear as preferences for one client over another, PGIM Fixed Income’s trade execution in each case is driven by its consideration of a variety of factors as PGIM Fixed Income seeks the most advantageous terms reasonably attainable in the circumstances. PGIM Fixed Income may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, or not trade such securities in any other account. While such trades (or a decision not to trade) could appear as inconsistencies in how PGIM Fixed Income views a security for one client versus another, opposite way trades are generally due to differences in investment strategy, portfolio composition or client direction.

Investment at different levels of an issuer’s capital structure - PGIM Fixed Income may invest client assets in the same issuer, but at different levels in the issuer’s capital structure. For instance, PGIM Fixed Income may invest client assets in private securities or loans of an issuer and invest the assets of other clients in publicly traded securities of the same issuer. In addition, PGIM Fixed Income may invest client assets in a class or tranche of securities of a structured finance vehicle (such as a collateralized loan obligation, asset-backed security or mortgage-backed security) where PGIM Fixed Income also, at the same or different time, invests the assets of another client (including affiliated clients) in a different class or tranche of securities of the same vehicle. These different securities may have different voting rights, dividend or repayment priorities, rights in bankruptcy or other features that conflict with one another. For some of these securities (particularly private structured product investments for which clients own all or a significant portion of the outstanding securities or obligations), PGIM Fixed Income may have input regarding the characteristics and the relative rights and priorities of the various classes or tranches.

When PGIM Fixed Income invests client assets in different levels of an issuer’s capital structure, it may take actions with respect to the assets held by one client (including affiliated clients) that are potentially adverse to other clients, for example, by foreclosing on loans or by putting an issuer into default. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, PGIM Fixed Income may find that the interests of a client and the interests of one or more other clients (including affiliated clients) could conflict. In these situations, decisions over proxy voting, corporate reorganizations, how to exit an investment, bankruptcy matters (including, for example, whether to trigger an event of default or the terms of any workout) or other actions or inactions may result in conflicts of interest. Similarly, if an issuer in which a client and one or more other clients directly or indirectly hold different classes of securities encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including potential conflicts over proposed waivers and amendments to debt covenants). For example, a senior bond holder may prefer a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders or junior bond holders. In some cases, PGIM Fixed Income may refrain from taking certain actions or making investments on behalf of certain clients or PGIM Fixed Income may sell investments for certain clients, in each case in order to mitigate conflicts of interest or legal, regulatory or other risks to PGIM Fixed Income. This could potentially disadvantage the clients on whose behalf the actions are not taken, investments are not made, or investments are sold. Conversely, in other cases, PGIM Fixed Income will not refrain from taking actions or making investments on behalf of some clients (including affiliated clients), which could potentially disadvantage other clients. Any of the foregoing conflicts of interest will be resolved on a case-by-case basis. Any such resolution will take into consideration the interests of the relevant clients, the circumstances giving rise to the conflict and applicable laws.

Financial interests of investment professionals - PGIM Fixed Income investment professionals may invest in certain investment vehicles that it manages, including ETFs, mutual funds and private funds. Also, certain of these investment vehicles are options under the 401(k) and deferred compensation plans offered by Prudential Financial, Inc. In addition, the value of grants under PGIM Fixed Income’s long-term incentive plan and targeted long-term incentive plan is affected by the performance of certain client accounts. As a result, PGIM Fixed Income investment professionals may have financial interests in accounts managed by PGIM Fixed Income or that are related to the performance of certain client accounts.

Non-discretionary accounts - PGIM Fixed Income provides non-discretionary investment advice to some clients and manages others on a discretionary basis. Trades in non-discretionary accounts or accounts where discretion is limited could occur before, in concert with, or after PGIM Fixed Income executes similar trades in its discretionary accounts. The non-discretionary/limited discretion clients may be disadvantaged if PGIM Fixed Income delivers investment advice to them after it initiates trading for the discretionary clients, or vice versa.

How PGIM Fixed Income Addresses These Conflicts of Interest. PGIM Fixed Income has developed policies and procedures designed to address the conflicts of interest with respect to its different types of side-by-side management described above.

Each quarter, the chief investment officer/ head of PGIM Fixed Income holds a series of meetings with the senior portfolio manager and team responsible for the management of each of PGIM Fixed Income’s investment strategies. At each of these quarterly investment strategy review meetings, the chief investment officer/head of PGIM Fixed Income and the strategy team review and discuss the investment performance and performance attribution for each client account managed in the strategy. These meetings are also attended by the head of investment risk management or his designee and a member of the compliance group.

In keeping with PGIM Fixed Income’s fiduciary obligations, its policy with respect to trade aggregation and allocation is to treat all of its client accounts fairly and equitably over time. PGIM Fixed Income’s trade management oversight committee, which generally meets quarterly, is responsible for providing oversight with respect to trade aggregation and allocation. Its compliance group periodically reviews a sampling of new issue allocations and related documentation to confirm compliance with the trade aggregation and allocation procedures. In addition, the compliance and investment risk management groups review forensic reports regarding new issue and secondary trade activity on a quarterly basis. This forensic analysis includes such data as the: (i) number of new issues allocated in the strategy; (ii) size of new issue allocations to each portfolio in the strategy; (iii) profitability of new issue transactions; (iv) portfolio turnover; (v) and metrics related to large and block trade activity. The results of these analyses are reviewed and discussed at PGIM Fixed Income’s trade management oversight committee meetings. The procedures above are designed to detect patterns and anomalies in PGIM Fixed Income’s side-by-side management and trading so that it may assess and improve its processes.

PGIM Fixed Income has procedures that specifically address its side-by-side management of certain long/short and long only portfolios. These procedures address potential conflicts that could arise from differing positions between long/short and long only portfolios. In addition, lending opportunities with respect to securities for which the market is demanding a slight premium rate over normal market rates are allocated to long only accounts prior to allocating the opportunities to long/short accounts.

Conflicts Related to PGIM Fixed Income’s Affiliations. As an indirect wholly-owned subsidiary of Prudential Financial, Inc., PGIM Fixed Income is part of a diversified, global financial services organization. PGIM Fixed Income is affiliated with many types

of U.S. and non-U.S. financial service providers, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. Some of its employees are officers of and/or provide services to some of these affiliates.

● Conflicts Related to Outside Business Activity. From time to time, certain of PGIM Fixed Income employees or officers may engage in outside business activity, including outside directorships. Any outside business activity is subject to prior approval pursuant to PGIM Fixed Income’s personal conflicts of interest and outside business activities policy. Actual and potential conflicts of interest are analyzed during such approval process. PGIM Fixed Income could be restricted in trading the securities of certain issuers in client portfolios in the unlikely event that an employee or officer, as a result of outside business activity, obtains material, non-public information regarding an issuer.

● Conflicts Related to Investment of Client Assets in Affiliated Funds. PGIM Fixed Income may invest client assets in funds that it manages, or subadvises for an affiliate. PGIM Fixed Income may also invest cash collateral from securities lending transactions in these funds. These investments benefit both PGIM Fixed Income and its affiliate.

● PICA General Account. Because of the substantial size of the general accounts of PGIM Fixed Income’s affiliated insurance companies, trading by these general accounts, including PGIM Fixed Income’s trades on behalf of the accounts, may affect the market prices or limit the availability of the securities or instruments transacted. Although PGIM Fixed Income does not expect that the general accounts of affiliate insurers will execute transactions that will move a market frequently, and generally only in response to unusual market or issuer events, the execution of these transactions could have an adverse effect on transactions for or positions held by other clients.

● Conflicts Related to Co-investment by Affiliates. PGIM Fixed Income affiliates may provide initial funding or otherwise invest in vehicles it manages. When an affiliate provides “seed capital” or other capital for a fund, it may do so with the intention of redeeming all or part of its interest at a future point in time or when it deems that sufficient additional capital has been invested in that fund.

– The timing of a redemption by an affiliate could benefit the affiliate. For example, the fund may be more liquid at the time of the affiliate’s redemption than it is at times when other investors may wish to withdraw all or part of their interests.

– In addition, a consequence of any withdrawal of a significant amount, including by an affiliate, is that investors remaining in the fund will bear a proportionately higher share of fund expenses following the redemption.

– PGIM Fixed Income could also face a conflict if the interests of an affiliated investor in a fund it manages diverge from those of the fund or other investors. For example, PGIM Fixed Income affiliates, from time to time, hedge some or all of the risks associated with their investments in certain funds PGIM Fixed Income manages. PGIM Fixed Income may provide assistance in connection with this hedging activity.

PGIM Fixed Income believes that these conflicts are mitigated by its allocation policies and procedures, its supervisory review of accounts and its procedures with respect to side-by-side management of long only and long/short accounts.

Conflicts Arising Out of Legal Restrictions.

● PGIM Fixed Income may be restricted by law, regulation, contract or other constraints as to how much, if any, of a particular security it may purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes these restrictions apply as a result of its relationship with Prudential Financial and other affiliates. For example, PGIM Fixed Income does not purchase securities issued by Prudential Financial or other affiliates for client accounts.

● PGIM Fixed Income’s holdings of a security on behalf of its clients are required, under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. Prudential Financial tracks these aggregated holdings and PGIM Fixed Income may restrict purchases, sell existing positions, or otherwise restrict, forgo, or limit the exercise of rights to avoid crossing such thresholds because of the potential consequences to PGIM Fixed Income or Prudential Financial if such thresholds are exceeded.

● In addition, PGIM Fixed Income could receive material, non-public information with respect to a particular issuer and, as a result, be unable to execute transactions in securities of that issuer for its clients. This information can be received voluntarily or involuntarily and under varying circumstances, including, upon execution of a non-disclosure agreement, as a result of serving on the board of directors of a company, or serving on an ad hoc or official creditors’ committee. In some instances, PGIM Fixed Income may create an isolated information barrier around a small number of its employees so that material, non-public information received by such employees is not attributed to the rest of PGIM Fixed Income. PGIM Fixed Income faces conflicts of interest in determining whether to accept material, non-public information. For example, PGIM Fixed Income may, with respect to the management of investments in certain loans for clients, seek to retain the ability to purchase and sell other securities in the borrower’s capital structure by remaining “public” on the loan. In such cases, PGIM Fixed Income will seek to avoid receiving material, non-public information about the borrowers to which an account may lend (through assignments, participations or otherwise), which may place an account at an information disadvantage relative to other lenders. Conversely, PGIM Fixed Income may choose to receive material, non-public information about borrowers for its clients that invest in bank loans, which will restrict its ability to trade in other securities of the borrowers for its clients that invest in corporate bonds.

Conflicts Related to Investment Consultants.

Many of PGIM Fixed Income’s clients and prospective clients retain investment consultants (including discretionary investment managers and OCIO providers) to advise them on the selection and review of investment managers (including with respect to the selection of investment funds). PGIM Fixed Income has dealings with these investment consultants in their roles as discretionary managers or non-discretionary advisers to their clients. PGIM Fixed Income also has independent business relationships with investment consultants.

PGIM Fixed Income provides investment consultants with information about accounts that it manages for the consultant’s clients (and similarly, PGIM Fixed Income provides information about funds in which such clients are invested), in each case pursuant to authorization from the clients. PGIM Fixed Income also provides information regarding its investment strategies to investment consultants, who use that information in connection with searches that they conduct for their clients. PGIM Fixed Income often responds to requests for proposals in connection with those searches.

Other interactions PGIM Fixed Income has with investment consultants include the following:

● it serves as investment adviser for the proprietary accounts of investment consultants and/or their affiliates, and as adviser or subadviser to funds offered by investment consultants and/or their affiliates;

● it invites investment consultants to events or other entertainment hosted by PGIM Fixed Income;

● it purchases software applications, market data, access to databases, technology services and other products or services from certain investment consultants; and

● it may pay for the opportunity to participate in conferences organized by investment consultants.

PGIM Fixed Income will provide clients with information about its relationship with the client’s investment consultant upon request. In general, PGIM Fixed Income relies on the investment consultant to make the appropriate disclosure to its clients of any conflict that the investment consultant believes to exist due to its business relationships with PGIM Fixed Income.

A client’s relationship with an investment consultant may result in restrictions in the eligible securities or trading counterparties for the client’s account. For example, accounts of certain clients (including clients that are subject to ERISA) may be restricted from investing in securities issued by the client’s consultant or its affiliates and from trading with, or participating in transactions involving, counterparties that are affiliated with the investment consultant. In some cases, these restrictions could have a material impact on account performance.

Conflicts Related to Service Providers.

PGIM Fixed Income retains third party advisors and other service providers to provide various services for PGIM Fixed Income as well as for funds that PGIM Fixed Income manages or subadvises. A service provider may provide services to PGIM Fixed Income or one of PGIM Fixed Income’s funds while also providing services to other PGIM units, other PGIM-advised funds, or affiliates of PGIM, and may negotiate rates in the context of the overall relationship. PGIM Fixed Income may benefit from negotiated fee rates offered to its funds and vice versa. There is no assurance, however, that PGIM Fixed Income will be able to obtain advantageous fee rates from a given service provider negotiated by its affiliates based on their relationship with the service provider, or that PGIM Fixed Income will know of such negotiated fee rates.

Conflicts Related to Securities Holdings and Other Financial Interests.

Prudential Financial, PICA, PGIM Fixed Income and other affiliates of PGIM at times have financial interests in, or relationships with, companies whose securities or related instruments PGIM Fixed Income holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PGIM Fixed Income or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PGIM Fixed Income on behalf of PGIM Fixed Income’s client accounts. For example:

– PGIM Fixed Income invests in the securities of one or more clients for the accounts of other clients.

– PGIM Fixed Income’s affiliates sell various products and/or services to certain companies whose securities PGIM Fixed Income purchases and sells for PGIM Fixed Income clients.

– PGIM Fixed Income invests in the debt securities of companies whose equity is held by its affiliates.

– PGIM Fixed Income’s affiliates hold public and private debt and equity securities of a large number of issuers and may invest in some of the same issuers for other client accounts but at different levels in the capital structure. For example:

– Affiliated accounts can hold the senior debt of an issuer whose subordinated debt is held by PGIM Fixed Income’s clients or hold secured debt of an issuer whose public unsecured debt is held in client accounts. See “Investment at different levels of an issuer’s capital structure” above for additional information regarding conflicts of interest resulting from investment at different levels of an issuer’s capital structure.

– To the extent permitted by applicable law, PGIM Fixed Income may also invest client assets in offerings of securities the proceeds of which are used to repay debt obligations held in affiliated accounts or other client accounts. PGIM Fixed Income’s interest in having the debt repaid creates a conflict of interest. PGIM Fixed Income has adopted a refinancing policy to address this conflict.

– Certain of PGIM Fixed Income’s affiliates (as well as directors or officers of its affiliates) are officers or directors of issuers in which PGIM Fixed Income invests from time to time. These issuers may also be service providers to PGIM Fixed Income or its affiliates.

– In addition, PGIM Fixed Income may invest client assets in securities backed by commercial mortgage loans that were originated or are serviced by an affiliate.

In general, conflicts related to the financial interests described above are addressed by the fact that PGIM Fixed Income makes investment decisions for each client independently considering the best economic interests of such client.

Conflicts Related to the Offer and Sale of Securities. Certain of PGIM Fixed Income’s employees may offer and sell securities of, and interests in, commingled funds that it manages, or subadvises. There is an incentive for PGIM Fixed Income’s employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to it. In addition, such sales could result in increased compensation to the employee.

Conflicts Related to Long-Term Compensation. The performance of some client accounts is not reflected in the calculation of changes in the value of participation interests under PGIM Fixed Income’s long-term incentive plan. This may be because the composite representing the strategy in which the account is managed is not one of the composites included in the calculation or because the account is excluded from a specified composite due to guideline restrictions or other factors. In addition, the performance of only a small number of its investment strategies is covered under PGIM Fixed Income’s targeted long-term incentive plan. As a result of the long-term incentive plan and targeted long-term incentive plan, PGIM Fixed Income’s portfolio managers from time to time have financial interests related to the investment performance of some, but not all, of the accounts they manage. To address potential conflicts related to these financial interests, PGIM Fixed Income has procedures, including trade allocation and supervisory review procedures, designed to confirm that each of its client accounts is managed in a manner that is consistent with PGIM Fixed Income’s fiduciary obligations, as well as with the account’s investment objectives, investment strategies and restrictions. For example, PGIM Fixed Income’s chief investment officer/head reviews performance among similarly managed accounts on a quarterly basis during a series of meetings with the senior portfolio manager and team responsible for the management of each investment strategy. These quarterly investment strategy review meetings are also attended by the head of investment risk management or his designee and a member of the compliance group.

Conflicts Related to Trading – Personal Trading by Employees. Personal trading by PGIM Fixed Income employees creates a conflict when they are trading the same securities or types of securities as PGIM Fixed Income trades on behalf of its clients. This conflict is mitigated by PGIM Fixed Income’s personal trading standards and procedures.

In general, conflicts related to the securities holdings and financial interests described above are addressed by the fact that PGIM Fixed Income makes investment decisions for each client independently considering the best economic interests of such client.

Conflicts Related to Valuation and Fees.

When client accounts hold illiquid or difficult to value investments, PGIM Fixed Income faces a conflict of interest when making recommendations regarding the value of such investments since its fees are generally based on the value of assets under management. PGIM Fixed Income believes that its valuation policies and procedures mitigate this conflict effectively and enable it to value client assets fairly and in a manner that is consistent with the client’s best interests. In addition, single client account clients often calculate fees based on the valuation of assets provided by their custodian or administrator.

Conflicts Related to Securities Lending Fees.

When PGIM Fixed Income manages a client account and also serves as securities lending agent for the account, it could be considered to have the incentive to invest in securities that would generate higher securities lending returns but may not otherwise be in the best interest of the client account.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – There have been no purchases of equity securities by the registrant or any affiliated purchasers during the period covered by this report.

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

Item 11 – Controls and Procedures

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

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

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – None.

Item 13 – Exhibits

(a) (1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH

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

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

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

SIGNATURES

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

Registrant:				PGIM Global High Yield Fund, Inc.
By:				/s/ Andrew R. French
				Andrew R. French
				Secretary
Date:				September 19, 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:				September 19, 2019
By:				/s/ Christian J. Kelly
				Christian J. Kelly
				Treasurer and Principal Financial and Accounting Officer
Date:				September 19, 2019