UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-08915
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 16
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant's telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2020
Date of reporting period:	4/30/2020

Item 1 – Reports to Stockholders

PGIM INCOME BUILDER FUND

SEMIANNUAL REPORT

APRIL 30, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

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

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

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Letter from the President

Dear Shareholder:

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

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Income Builder Fund

June 15, 2020

PGIM Income Builder Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	–13.23	–14.67		–0.38		3.23		—
Class B	–13.52	–15.51		–0.38		2.94		—
Class C	–13.52	–12.08		–0.19		2.94		—
Class R	–13.36	–10.79		0.29		3.45		—
Class Z	–13.12	–10.34		0.81		3.97		—
Class R6	–13.13	–10.36		N/A		N/A		0.59 (12/30/16)
S&P 500 Index
	–3.15	0.88		9.12		11.69		—
Bloomberg Barclays US Aggregate Bond Index
	4.86	10.84		3.80		3.96		—

Average Annual Total Returns as of 4/30/20 Since Inception (%)
	Class R6 (12/30/16)
S&P 500 Index	10.37
Bloomberg Barclays US Aggregate Bond Index	5.14

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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

	Class A	Class B*	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	4.50% of the public offering price	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (Year 1) 4.00% (Year 2) 3.00% (Year 3) 2.00% (Year 4) 1.00% (Years 5/6) 0.00% (Year 7)	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	1.00%	0.75% (0.50% currently)	None	None

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

Benchmark Definitions

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how US stock prices in the United States have performed.

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is unmanaged and represents securities that are SEC registered, taxable, and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

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

PGIM Income Builder Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/20

Ten Largest Holdings	Line of Business	% of Net Assets
PGIM Total Return Bond Fund Class R6	Affiliated Mutual Funds	8.9%
Invesco Preferred ETF	Exchange-Traded Funds	8.0%
SPDR Bloomberg Barclays Convertible Securities ETF	Exchange-Traded Funds	7.0%
PGIM QMA International Equity Fund Class R6	Affiliated Mutual Funds	4.4%
PGIM Short Duration High Yield Income Fund Class R6	Affiliated Mutual Funds	2.8%
PGIM QMA Strategic Alpha International Equity ETF	Exchange-Traded Funds	2.7%
Energy Select Sector SPDR Fund	Exchange-Traded Funds	1.7%
iShares Core MSCI Emerging Markets ETF	Exchange-Traded Funds	0.9%
Williams Cos., Inc. (The)	Oil, Gas & Consumable Fuels	0.9%
AstraZeneca PLC (United Kingdom), ADR	Pharmaceuticals	0.7%

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

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Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Income Builder Fund 7

Fees and Expenses (continued)

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

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

PGIM Income Builder Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month  Period			Expenses Paid During the Six-Month  Period*
Class A	Actual	$	1,000.00	$	867.70		0.95	%	$	4.41
	Hypothetical	$	1,000.00	$	1,020.14		0.95	%	$	4.77
Class B	Actual	$	1,000.00	$	864.80		1.70	%	$	7.88
	Hypothetical	$	1,000.00	$	1,016.41		1.70	%	$	8.52
Class C	Actual	$	1,000.00	$	864.80		1.70	%	$	7.88
	Hypothetical	$	1,000.00	$	1,016.41		1.70	%	$	8.52
Class R	Actual	$	1,000.00	$	866.40		1.20	%	$	5.57
	Hypothetical	$	1,000.00	$	1,018.90		1.20	%	$	6.02
Class Z	Actual	$	1,000.00	$	868.80		0.70	%	$	3.25
	Hypothetical	$	1,000.00	$	1,021.38		0.70	%	$	3.52
Class R6	Actual	$	1,000.00	$	868.70		0.70	%	$	3.25
	Hypothetical	$	1,000.00	$	1,021.38		0.70	%	$	3.52

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

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Schedule of Investments (unaudited)

as of April 30, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    98.6%
AFFILIATED MUTUAL FUNDS    16.1%
PGIM QMA International Equity Fund (Class R6)		2,411,338	$	14,636,821
PGIM Short Duration High Yield Income Fund (Class R6)		1,119,664		9,102,872
PGIM Total Return Bond Fund (Class R6)		2,054,708		29,300,135
TOTAL AFFILIATED MUTUAL FUNDS (cost $56,410,622)(w)				53,039,828
COMMON STOCKS    29.4%
Aerospace & Defense    0.7%
Lockheed Martin Corp.		5,347		2,080,304
Raytheon Technologies Corp.		5,268		341,419
				2,421,723
Banks    0.8%
BNP Paribas SA (France)		18,942		599,184
JPMorgan Chase & Co.		15,999		1,532,064
Truist Financial Corp.		9,803		365,848
				2,497,096
Biotechnology    0.5%
AbbVie, Inc.		20,185		1,659,207
Capital Markets    0.7%
CME Group, Inc.		4,049		721,572
Goldman Sachs Group, Inc. (The)		8,573		1,572,460
				2,294,032
Chemicals    0.7%
Akzo Nobel NV (Netherlands)		10,333		780,979
Hexion Holdings Corp. (Class B Stock)*		3,950		33,377
Linde PLC (United Kingdom)		7,222		1,328,776
				2,143,132
Commercial Services & Supplies    0.3%
Republic Services, Inc.		13,242		1,037,378
Consumer Finance    0.3%
American Express Co.		12,111		1,105,129

See Notes to Financial Statements.

PGIM Income Builder Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services    0.2%
Telefonica Deutschland Holding AG (Germany)		235,493	$	670,515
Electric Utilities    0.7%
Edison International		17,083		1,002,943
GenOn Energy Holdings, Inc. (Class A Stock)*^		1,853		426,190
Keycon Power Holdings LLC^		350		86,800
SSE PLC (United Kingdom)		49,460		778,858
				2,294,791
Entertainment    0.3%
Walt Disney Co. (The)		10,379		1,122,489
Equity Real Estate Investment Trusts (REITs)    8.2%
Activia Properties, Inc. (Japan)		100		294,122
Alexandria Real Estate Equities, Inc.		2,384		374,503
American Assets Trust, Inc.		18,712		529,924
American Campus Communities, Inc.		57,713		2,036,692
American Tower Corp.		3,673		874,174
Boston Properties, Inc.		5,812		564,810
Brandywine Realty Trust(a)		158,758		1,771,739
Corporate Office Properties Trust		19,898		525,705
Cousins Properties, Inc.		8,414		253,850
Dexus (Australia)		47,931		285,704
Digital Realty Trust, Inc.		4,796		716,954
Four Corners Property Trust, Inc.		60,345		1,351,125
Frasers Centrepoint Trust (Singapore)		442,241		664,218
Global Medical REIT, Inc.		139,213		1,450,599
Healthpeak Properties, Inc.(a)		43,784		1,144,514
Keppel REIT (Singapore)		1,090,992		815,774
Life Storage, Inc.		5,474		479,468
Link REIT (Hong Kong)		76,244		685,634
Mapletree Logistics Trust (Singapore)		532,946		675,945
Medical Properties Trust, Inc.(a)		49,929		855,783
MGM Growth Properties LLC (Class A Stock)		65,777		1,655,607
Nomura Real Estate Master Fund, Inc. (Japan)		288		330,904
NSI NV (Netherlands)		16,759		672,919
Omega Healthcare Investors, Inc.		53,706		1,565,530
Physicians Realty Trust		68,903		1,062,484
Prologis, Inc.		23,197		2,069,868
Realty Income Corp.		13,008		714,399
Stockland (Australia)		821,070		1,536,526

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Summit Industrial Income REIT (Canada)		66,716	$	497,512
Supermarket Income REIT PLC (United Kingdom)		354,000		475,883
				26,932,869
Food & Staples Retailing    0.3%
Walmart, Inc.		7,282		885,127
Health Care Equipment & Supplies    0.9%
Abbott Laboratories		18,396		1,694,088
Zimmer Biomet Holdings, Inc.		11,877		1,421,677
				3,115,765
Hotels, Restaurants & Leisure    0.6%
McDonald’s Corp.		4,087		766,558
Six Flags Entertainment Corp.		63,162		1,263,871
				2,030,429
Household Products    0.5%
Procter & Gamble Co. (The)		14,989		1,766,753
Independent Power & Renewable Electricity Producers    0.6%
Atlantica Yield PLC (Spain)		7,761		185,799
Brookfield Renewable Partners LP (Canada)		7,862		368,649
Clearway Energy, Inc. (Class C Stock)(a)		31,443		629,803
NextEra Energy Partners LP		12,945		651,004
				1,835,255
Insurance    0.6%
Marsh & McLennan Cos., Inc.		5,691		553,905
MetLife, Inc.		39,169		1,413,218
				1,967,123
Mortgage Real Estate Investment Trusts (REITs)    0.2%
Starwood Property Trust, Inc.		57,313		741,630
Multi-Utilities    0.4%
Dominion Energy, Inc.		12,966		1,000,067

See Notes to Financial Statements.

PGIM Income Builder Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Multi-Utilities (cont’d.)
DTE Energy Co.		1,404	$	145,651
Sempra Energy		796		98,585
				1,244,303
Oil, Gas & Consumable Fuels    4.0%
BP PLC (United Kingdom), ADR(a)		51,985		1,237,243
Cheniere Energy Partners LP, MLP		10,343		348,869
Cheniere Energy, Inc.*		7,488		349,615
Enbridge, Inc. (Canada)		24,421		748,271
Energy Transfer LP, MLP		55,194		463,630
Enterprise Products Partners LP, MLP		46,647		819,121
EQM Midstream Partners LP, MLP		10,157		204,562
Equitrans Midstream Corp.(a)		4,250		35,615
Frontera Energy Corp. (Colombia)		2,232		7,212
Gibson Energy, Inc. (Canada)		28,114		400,518
Keyera Corp. (Canada)		6,109		90,629
Kinder Morgan, Inc.		57,245		871,841
Magellan Midstream Partners LP, MLP		11,063		455,021
MPLX LP, MLP		38,907		704,217
ONEOK, Inc.		10,597		317,168
Pembina Pipeline Corp. (Canada)		18,104		415,306
Phillips 66 Partners LP, MLP		14,851		631,910
Plains All American Pipeline LP, MLP		29,582		261,209
Plains GP Holdings LP (Class A Stock)*		3,691		33,920
Royal Dutch Shell PLC (Netherlands) (Class A Stock), ADR(a)		26,969		893,483
Targa Resources Corp.		24,545		318,103
TC Energy Corp. (Canada)		10,374		477,430
TC PipeLines LP, MLP		3,278		109,813
Williams Cos., Inc. (The)(a)		153,672		2,976,627
				13,171,333
Pharmaceuticals    1.3%
AstraZeneca PLC (United Kingdom), ADR		43,009		2,248,510
Bristol-Myers Squibb Co.		28,420		1,728,220
Merck & Co., Inc.		4,158		329,896
				4,306,626
Real Estate Management & Development    0.6%
New World Development Co. Ltd. (Hong Kong)		950,758		1,119,304

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Management & Development (cont’d.)
Sun Hung Kai Properties Ltd. (Hong Kong)		38,619	$	528,018
Swire Properties Ltd. (Hong Kong)		161,181		453,647
				2,100,969
Road & Rail    0.3%
Union Pacific Corp.		6,486		1,036,398
Semiconductors & Semiconductor Equipment    2.3%
Advanced Micro Devices, Inc.*		31,235		1,636,402
Intel Corp.		22,778		1,366,224
Lam Research Corp.		6,779		1,730,543
QUALCOMM, Inc.		16,467		1,295,459
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR		12,799		680,011
Texas Instruments, Inc.		6,221		722,071
				7,430,710
Software    0.6%
Microsoft Corp.		10,365		1,857,512
Specialty Retail    0.3%
Lowe’s Cos., Inc.		8,601		900,955
Technology Hardware, Storage & Peripherals    1.1%
Apple, Inc.		7,354		2,160,605
Western Digital Corp.		30,425		1,401,984
				3,562,589
Tobacco    0.8%
Altria Group, Inc.		41,697		1,636,607
Philip Morris International, Inc.		11,230		837,758
				2,474,365
Wireless Telecommunication Services    0.6%
Tele2 AB (Sweden) (Class B Stock)		87,643		1,136,855
Vodafone Group PLC (United Kingdom), ADR		60,754		859,061
				1,995,916
TOTAL COMMON STOCKS (cost $95,690,279)				96,602,119

See Notes to Financial Statements.

PGIM Income Builder Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
EXCHANGE-TRADED FUNDS     20.3%
Energy Select Sector SPDR Fund		145,700	$	5,536,600
Invesco Preferred ETF		1,839,488		26,139,124
iShares Core MSCI Emerging Markets ETF		71,900		3,139,154
PGIM QMA Strategic Alpha International Equity ETF(g)		200,000		8,948,500
SPDR Bloomberg Barclays Convertible Securities ETF		429,742		22,875,167
TOTAL EXCHANGE-TRADED FUNDS (cost $65,177,308)				66,638,545
PREFERRED STOCKS     3.6%
Electric Utilities     0.3%
American Electric Power Co., Inc., CVT, 6.125%(a)		19,252		978,002
Equity Real Estate Investment Trusts (REITs)     2.4%
American Homes 4 Rent		46,059		1,077,320
EPR Properties		29,313		547,860
Gladstone Commercial Corp.		33,487		703,227
Investors Real Estate Trust		29,730		746,223
Monmouth Real Estate Investment Corp.		35,232		861,070
Office Properties Income Trust		34,464		787,158
PS Business Parks, Inc.		26,949		680,462
Rexford Industrial Realty, Inc.		31,506		779,458
UMH Properties, Inc.		31,575		745,802
Vornado Realty Trust		40,265		899,117
				7,827,697
Health Care Equipment & Supplies     0.5%
Danaher Corp., Series A, CVT, 4.750%		1,497		1,780,113
Multi-Utilities     0.4%
Sempra Energy, Series A, CVT, 6.000%		11,346		1,160,809
TOTAL PREFERRED STOCKS (cost $12,109,674)				11,746,621

	Interest Rate			Maturity Date		Principal Amount (000)#
ASSET-BACKED SECURITY     0.1%
Collateralized Loan Obligations
Zais CLO Ltd. (Cayman Islands), Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%) (cost $495,330)		2.335	%(c)		07/20/31		495	455,956

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS     0.3%
Computers     0.0%
Everi Payments, Inc., Term Loan, 2 Month LIBOR + 10.500%^		11.500	%(c)		05/09/24		25	$	24,875
Electric     0.1%
Heritage Power LLC, Term Loan B, 3 Month LIBOR + 6.000%		7.771	(c)		07/30/26		273		224,373
Engineering & Construction     0.0%
Landry’s Finance Acquisition Co., Term Loan, ^		—	(p)		10/04/23		75		76,500
Entertainment     0.1%
Playtika Holding Corp., Term B Loan, 3 Month LIBOR + 6.000%		7.072	(c)		12/10/24		247		243,943
Twin River Worldwide Holdings, Inc., Term B Loan,		—	(p)		05/10/26		50		48,500
									292,443
Oil & Gas     0.1%
Chesapeake Energy Corp., Class A Loan, 2 Month LIBOR + 8.000%		9.000	(c)		05/23/24		400		138,000
CITGO Petroleum Corp., 2019 Incremental Term B Loan, 6 Month LIBOR + 5.000%^		6.000	(c)		03/28/24		99		87,120
Term B Loan, 1 Month LIBOR + 4.500%^		5.500	(c)		07/29/21		99		93,760
									318,880
Software     0.0%
Informatica LLC, Second Lien Initial Loan, 1 Month LIBOR + 7.125%		7.125	(c)		02/25/25		50		47,250
TIBCO Software, Inc., Second Lien Term Loan, 1 Month LIBOR + 7.250%		7.660	(c)		03/03/28		100		92,000
									139,250
TOTAL BANK LOANS (cost $1,393,140)									1,076,321

See Notes to Financial Statements.

PGIM Income Builder Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CONVERTIBLE BOND    0.2%
Insurance
AXA SA (France), Sr. Unsec’d. Notes, 144A (cost $630,427)		7.250	%		05/15/21		623	$	546,535
CORPORATE BONDS    16.3%
Advertising    0.1%
National CineMedia LLC, Sr. Unsec’d. Notes		5.750			08/15/26		225		108,939
Terrier Media Buyer, Inc., Gtd. Notes, 144A		8.875			12/15/27		235		193,869
									302,808
Aerospace & Defense    0.4%
Boeing Co. (The),
Sr. Unsec’d. Notes		5.150			05/01/30		175		175,000
Sr. Unsec’d. Notes		5.805			05/01/50		225		225,000
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		750		499,338
Sr. Unsec’d. Notes, 144A		7.500			03/15/25		50		32,446
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		450		296,424
Howmet Aerospace, Inc., Sr. Unsec’d. Notes		6.875			05/01/25		25		25,572
Spirit AeroSystems, Inc., Sec’d. Notes, 144A		7.500			04/15/25		50		49,259
SSL Robotics LLC, Sr. Sec’d. Notes, 144A		9.750			12/31/23		125		132,727
									1,435,766
Agriculture    0.1%
Vector Group Ltd.,
Gtd. Notes, 144A		10.500			11/01/26		50		46,830
Sr. Sec’d. Notes, 144A		6.125			02/01/25		225		218,253
									265,083
Apparel    0.0%
Hanesbrands, Inc., Gtd. Notes, 144A		5.375			05/15/25		15		15,000

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers    0.2%
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750	%		01/15/43		75	$	48,728
Sr. Unsec’d. Notes		5.291			12/08/46		450		301,122
Sr. Unsec’d. Notes		9.000			04/22/25		75		72,957
Sr. Unsec’d. Notes		9.625			04/22/30		40		39,308
General Motors Financial Co., Inc., Sr. Unsec’d. Notes		4.200			11/06/21		25		24,660
Navistar International Corp.,
Gtd. Notes, 144A		6.625			11/01/25		250		214,208
Sr. Sec’d. Notes, 144A		9.500			05/01/25		50		52,403
									753,386
Auto Parts & Equipment    0.2%
Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875			08/15/26		200		149,014
Adient U.S. LLC, Sr. Sec’d. Notes, 144A		9.000			04/15/25		25		26,069
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.250			03/15/26		75		55,811
Gtd. Notes(a)		6.500			04/01/27		225		169,568
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A(a)		5.625			11/15/26		100		67,072
Dana Financing Luxembourg Sarl, Gtd. Notes, 144A		6.500			06/01/26		200		184,854
Dana, Inc., Sr. Unsec’d. Notes		5.375			11/15/27		75		66,415
Titan International, Inc., Sr. Sec’d. Notes		6.500			11/30/23		150		69,616
									788,419
Banks    0.3%
Banque Centrale de Tunisie International Bond (Tunisia),
Sr. Unsec’d. Notes		5.750			01/30/25		200		168,266
Sr. Unsec’d. Notes		6.750			10/31/23	EUR	200		188,279
Sr. Unsec’d. Notes, 144A		6.375			07/15/26	EUR	100		89,777
Grupo Aval Ltd. (Colombia), Gtd. Notes, 144A		4.375			02/04/30		200		167,696
State Savings Bank of Ukraine Via SSB #1 PLC (Ukraine), Sr. Unsec’d. Notes		9.625			03/20/25		100		93,539

See Notes to Financial Statements.

PGIM Income Builder Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
TC Ziraat Bankasi A/S (Turkey), Sr. Unsec’d. Notes, 144A, MTN		5.125	%		09/29/23		200	$	190,056
Turkiye Sinai Kalkinma Bankasi A/S (Turkey), Sr. Unsec’d. Notes, 144A		6.000			01/23/25		200		184,206
									1,081,819
Building Materials    0.2%
Cornerstone Building Brands, Inc., Gtd. Notes, 144A		8.000			04/15/26		100		85,020
Griffon Corp., Gtd. Notes		5.750			03/01/28		100		95,782
JELD-WEN, Inc., Gtd. Notes, 144A		4.625			12/15/25		25		22,485
Masonite International Corp., Gtd. Notes, 144A		5.375			02/01/28		45		43,155
Patrick Industries, Inc., Gtd. Notes, 144A		7.500			10/15/27		100		93,995
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		4.750			01/15/28		150		147,934
Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A		6.500			03/15/27		100		98,704
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		225		212,351
									799,426
Chemicals    0.9%
Ashland LLC, Gtd. Notes		6.875			05/15/43		50		53,282
Atotech Alpha 2 BV (Germany), Sr. Unsec’d. Notes, 144A, Cash coupon 8.750% or PIK 9.500%		8.750			06/01/23		425		402,084
Blue Cube Spinco LLC, Gtd. Notes		10.000			10/15/25		150		158,875
Braskem America Finance Co. (Brazil), Gtd. Notes, 144A		7.125			07/22/41		200		181,000
Chemours Co. (The),
Gtd. Notes		5.375			05/15/27		200		169,478
Gtd. Notes(a)		7.000			05/15/25		245		230,385
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.875			06/19/29		400		406,581

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A		6.750	%		08/15/24		85	$	68,784
Hexion, Inc., Gtd. Notes, 144A		7.875			07/15/27		160		147,163
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250			06/01/27		100		79,984
Orbia Advance Corp. SAB de CV (Mexico), Gtd. Notes, 144A		5.500			01/15/48		225		209,152
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250			04/01/25		125		108,356
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes, 144A(a)		8.000			10/01/26		200		187,353
TPC Group, Inc., Sr. Sec’d. Notes, 144A		10.500			08/01/24		125		102,305
Tronox Finance PLC, Gtd. Notes, 144A		5.750			10/01/25		115		104,989
Tronox, Inc.,
Gtd. Notes, 144A(a)		6.500			04/15/26		120		108,619
Sr. Sec’d. Notes, 144A		6.500			05/01/25		50		50,453
Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A		5.750			07/15/25		160		111,371
									2,880,214
Commercial Services    0.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp., Sr. Unsec’d. Notes, 144A		9.750			07/15/27		225		230,986
DP World PLC (United Arab Emirates), Sr. Unsec’d. Notes, EMTN		6.850			07/02/37		100		109,577
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		100		102,172
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28		600		601,861
Gtd. Notes		5.250			01/15/30		225		225,553
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A		9.750			08/15/26		180		187,490
									1,457,639

See Notes to Financial Statements.

PGIM Income Builder Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers    0.2%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750	%		09/01/26		428	$	383,817
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		154		126,306
NCR Corp.,
Gtd. Notes, 144A		5.750			09/01/27		50		50,069
Gtd. Notes, 144A		8.125			04/15/25		25		26,507
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Sec’d. Notes, 144A		5.750			06/01/25		25		25,000
									611,699
Distribution/Wholesale    0.0%
Anixter, Inc., Gtd. Notes		6.000			12/01/25		100		101,208
Diversified Financial Services    0.5%
Alliance Data Systems Corp., Gtd. Notes, 144A		4.750			12/15/24		100		74,307
Fairstone Financial, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.875			07/15/24		110		103,929
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		6.000			01/15/27		75		64,497
Gtd. Notes, 144A		9.125			07/15/26		660		632,797
Power Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, 144A, MTN		6.150			12/06/28		200		208,877
Springleaf Finance Corp.,
Gtd. Notes		6.625			01/15/28		175		154,400
Gtd. Notes		7.125			03/15/26		425		396,426
									1,635,233
Electric    1.3%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), Sr. Unsec’d. Notes, 144A		4.000			10/03/49		200		199,757
Calpine Corp.,
Sr. Unsec’d. Notes		5.750			01/15/25		725		726,442
Sr. Unsec’d. Notes, 144A		5.125			03/15/28		500		487,396
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes		5.750			02/14/42		200		191,271

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Engie Energia Chile SA (Chile), Sr. Unsec’d. Notes, 144A		3.400	%		01/28/30		200	$	194,240
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, MTN		6.350			08/10/28		600		536,279
Sr. Unsec’d. Notes		7.125			02/11/25		200		146,100
Sr. Unsec’d. Notes, EMTN		6.750			08/06/23		200		149,218
Sr. Unsec’d. Notes, MTN		8.450			08/10/28		460		324,271
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders,
Gtd. Notes, 144A		9.000			12/01/23		32		32,143
Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A		13.000			06/01/24		89		89,034
Listrindo Capital BV (Indonesia), Gtd. Notes, 144A		4.950			09/14/26		200		188,796
Perusahaan Listrik Negara PT (Indonesia), Sr. Unsec’d. Notes, 144A, MTN		5.450			05/21/28		420		452,649
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.000			07/31/27		110		112,301
Gtd. Notes, 144A		5.625			02/15/27		275		289,784
									4,119,681
Energy-Alternate Sources    0.1%
Azure Power Solar Energy Private Ltd. (India), Sr. Sec’d. Notes, 144A, MTN		5.650			12/24/24		200		185,462
Enviva Partners LP/Enviva Partners Finance Corp., Gtd. Notes, 144A		6.500			01/15/26		50		52,391
									237,853
Engineering & Construction    0.2%
AECOM, Gtd. Notes		5.125			03/15/27		275		279,984
GMR Hyderabad International Airport Ltd. (India), Sr. Sec’d. Notes		4.250			10/27/27		200		160,050
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes		5.500			07/31/47		200		165,397
TopBuild Corp., Gtd. Notes, 144A		5.625			05/01/26		125		123,662
									729,093

See Notes to Financial Statements.

PGIM Income Builder Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment    0.6%
AMC Entertainment Holdings, Inc.,
Gtd. Notes		5.750	%		06/15/25		125	$	28,487
Gtd. Notes		5.875			11/15/26		400		89,129
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25		400		314,542
Eldorado Resorts, Inc.,
Gtd. Notes		6.000			04/01/25		25		24,055
Gtd. Notes		7.000			08/01/23		75		72,363
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A		7.625			04/15/26		225		170,570
International Game Technology PLC, Sr. Sec’d. Notes, 144A		6.500			02/15/25		150		147,165
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		175		132,562
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		200		166,505
Scientific Games International, Inc.,
Gtd. Notes		6.625			05/15/21		150		134,151
Gtd. Notes, 144A		7.000			05/15/28		75		54,100
Gtd. Notes, 144A		7.250			11/15/29		50		35,744
Gtd. Notes, 144A		8.250			03/15/26		350		265,427
Six Flags Entertainment Corp., Gtd. Notes, 144A		4.875			07/31/24		50		43,994
Six Flags Theme Parks, Inc., Sr. Sec’d. Notes, 144A		7.000			07/01/25		25		26,055
Twin River Worldwide Holdings, Inc., Sr. Unsec’d. Notes, 144A		6.750			06/01/27		125		98,307
Vail Resorts, Inc., Gtd. Notes, 144A		6.250			05/15/25		20		20,613
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A		5.125			10/01/29		60		56,406
Sr. Unsec’d. Notes, 144A		7.750			04/15/25		25		25,589
									1,905,764
Food Service    0.0%
Aramark Services, Inc., Gtd. Notes, 144A		6.375			05/01/25		50		51,997
Foods    0.3%
B&G Foods, Inc., Gtd. Notes		5.250			09/15/27		180		182,220

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.750	%		06/15/25		274	$	278,762
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Gtd. Notes, 144A		6.500			04/15/29		120		127,201
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.750			03/15/25		25		25,250
Post Holdings, Inc., Gtd. Notes, 144A		5.500			12/15/29		175		176,194
US Foods, Inc., Gtd. Notes, 144A		5.875			06/15/24		25		23,833
									813,460
Gas    0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.750			05/20/27		225		229,123
Sr. Unsec’d. Notes		5.875			08/20/26		225		230,418
									459,541
Healthcare-Services    0.5%
Acadia Healthcare Co., Inc., Gtd. Notes		6.500			03/01/24		25		23,924
Hadrian Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			05/01/26		25		21,749
HCA, Inc.,
Gtd. Notes		3.500			09/01/30		25		23,949
Gtd. Notes		5.875			02/01/29		175		200,818
MEDNAX, Inc., Gtd. Notes, 144A		6.250			01/15/27		75		67,884
Polaris Intermediate Corp., Sr. Unsec’d. Notes, 144A, Cash coupon 8.500% or PIK 9.250%		8.500			12/01/22		300		251,618
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A		9.750			12/01/26		375		400,510
Surgery Center Holdings, Inc., Gtd. Notes, 144A		10.000			04/15/27		150		140,605
Tenet Healthcare Corp., Sec’d. Notes, 144A		6.250			02/01/27		75		73,878

See Notes to Financial Statements.

PGIM Income Builder Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Tenet Healthcare Corp., (cont’d.)
Sr. Unsec’d. Notes(a)		6.750	%		06/15/23		475	$	474,287
Sr. Unsec’d. Notes		6.875			11/15/31		25		21,416
									1,700,638
Home Builders    0.8%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.750			08/01/25		225		187,654
Sr. Unsec’d. Notes, 144A		9.875			04/01/27		75		72,150
Beazer Homes USA, Inc.,
Gtd. Notes		5.875			10/15/27		175		135,417
Gtd. Notes		6.750			03/15/25		100		86,616
Gtd. Notes		7.250			10/15/29		125		97,023
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada),
Gtd. Notes, 144A		4.875			02/15/30		100		82,453
Gtd. Notes, 144A		6.250			09/15/27		125		115,000
Gtd. Notes, 144A		6.375			05/15/25		200		199,677
Century Communities, Inc., Gtd. Notes		6.750			06/01/27		200		175,637
Forestar Group, Inc.,
Gtd. Notes, 144A		5.000			03/01/28		50		43,725
Gtd. Notes, 144A		8.000			04/15/24		100		98,584
KB Home,
Gtd. Notes		4.800			11/15/29		50		46,442
Gtd. Notes		6.875			06/15/27		200		210,841
M/I Homes, Inc., Gtd. Notes, 144A		4.950			02/01/28		175		153,840
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		4.625			03/01/30		100		89,675
Sr. Unsec’d. Notes, 144A		5.250			12/15/27		75		70,343
Meritage Homes Corp., Gtd. Notes		5.125			06/06/27		75		72,979
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		79		68,305
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A		5.875			01/31/25		250		236,294
Gtd. Notes, 144A		5.875			06/15/27		350		321,446
Gtd. Notes, 144A		6.625			07/15/27		175		160,186
									2,724,287

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Household Products/Wares    0.0%
Spectrum Brands, Inc., Gtd. Notes, 144A		5.000	%		10/01/29		50	$	47,749
Housewares    0.0%
Scotts Miracle-Gro Co. (The), Gtd. Notes		4.500			10/15/29		75		73,300
Iron/Steel    0.1%
Cleveland-Cliffs, Inc.,
Sr. Sec’d. Notes, 144A		6.750			03/15/26		25		21,808
Sr. Sec’d. Notes, 144A		9.875			10/17/25		200		196,828
									218,636
Leisure Time    0.1%
NCL Corp. Ltd., Sr. Unsec’d. Notes, 144A		3.625			12/15/24		100		64,221
Royal Caribbean Cruises Ltd., Sr. Unsec’d. Notes		2.650			11/28/20		25		22,931
Viking Cruises Ltd., Gtd. Notes, 144A		5.875			09/15/27		100		67,214
									154,366
Lodging    0.1%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes		5.125			05/01/26		100		98,801
Gtd. Notes, 144A		5.375			05/01/25		25		25,059
Gtd. Notes, 144A		5.750			05/01/28		25		25,302
Marriott International, Inc., Sr. Unsec’d. Notes, Series EE		5.750			05/01/25		25		26,119
MGM Resorts International, Gtd. Notes		6.750			05/01/25		75		73,199
Station Casinos LLC,
Gtd. Notes, 144A		4.500			02/15/28		125		99,990
Gtd. Notes, 144A		5.000			10/01/25		25		20,829
Wyndham Destinations, Inc., Sr. Sec’d. Notes, 144A		4.625			03/01/30		50		42,483
									411,782

See Notes to Financial Statements.

PGIM Income Builder Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Machinery-Diversified    0.1%
Maxim Crane Works Holdings Capital LLC, Sec’d. Notes, 144A		10.125	%		08/01/24		275	$	259,238
Media    1.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.500			08/15/30		125		125,936
Sr. Unsec’d. Notes, 144A		4.750			03/01/30		225		229,058
Sr. Unsec’d. Notes, 144A		5.375			06/01/29		200		210,946
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24		833		692,844
CSC Holdings LLC, Gtd. Notes, 144A		5.375			07/15/23		200		202,262
Cumulus Media New Holdings, Inc., Sr. Sec’d. Notes, 144A		6.750			07/01/26		75		61,203
Diamond Sports Group LLC/Diamond Sports Finance Co.,
Gtd. Notes, 144A(a)		6.625			08/15/27		490		268,797
Sr. Sec’d. Notes, 144A		5.375			08/15/26		460		349,926
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26		305		300,425
Entercom Media Corp.,
Gtd. Notes, 144A		7.250			11/01/24		100		63,005
Sec’d. Notes, 144A		6.500			05/01/27		90		66,164
Gray Television, Inc.,
Gtd. Notes, 144A		5.875			07/15/26		75		72,585
Gtd. Notes, 144A		7.000			05/15/27		45		45,292
iHeartCommunications, Inc., Gtd. Notes		8.375			05/01/27		175		146,013
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A		6.625			02/15/25		150		149,381
Sr. Unsec’d. Notes, 144A		6.875			02/15/23		215		212,857
Scripps Escrow, Inc., Gtd. Notes, 144A		5.875			07/15/27		50		42,576
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		5.125			02/15/25		235		208,029
									3,447,299
Mining    0.7%
Constellium SE, Gtd. Notes, 144A		5.875			02/15/26		250		239,610
Corp. Nacional del Cobre de Chile (Chile), Sr. Unsec’d. Notes		4.875			11/04/44		400		427,384

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining (cont’d.)
Eldorado Gold Corp. (Canada), Sec’d. Notes, 144A		9.500	%		06/01/24			200	$	213,423
First Quantum Minerals Ltd. (Zambia), Gtd. Notes, 144A		6.500			03/01/24			250		220,307
Hecla Mining Co., Gtd. Notes		7.250			02/15/28			75		74,051
IAMGOLD Corp. (Canada), Gtd. Notes, 144A		7.000			04/15/25			215		216,638
Indonesia Asahan Aluminium Persero PT (Indonesia), Sr. Unsec’d. Notes		6.530			11/15/28			220		238,337
New Gold, Inc. (Canada),
Gtd. Notes, 144A		6.250			11/15/22			100		100,040
Gtd. Notes, 144A		6.375			05/15/25			150		144,439
Nexa Resources SA (Peru), Gtd. Notes, 144A		5.375			05/04/27			210		192,661
Novelis Corp., Gtd. Notes, 144A		5.875			09/30/26			150		145,963
										2,212,853
Miscellaneous Manufacturing    0.1%
Amsted Industries, Inc., Sr. Unsec’d. Notes, 144A		4.625			05/15/30			190		176,309
Oil & Gas    3.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24	(d)		775		1,460
Antero Resources Corp.,
Gtd. Notes		5.000			03/01/25			475		261,105
Gtd. Notes		5.125			12/01/22			50		34,936
Gtd. Notes		5.375			11/01/21			100		89,522
Gtd. Notes		5.625			06/01/23			50		29,323
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26			275		156,370
Sr. Unsec’d. Notes, 144A		10.000			04/01/22			201		156,138
Chesapeake Energy Corp., Gtd. Notes(original cost $17,813; purchased 11/22/19)(f)		4.875			04/15/22			25		708
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250			08/01/24			225		202,355

See Notes to Financial Statements.

PGIM Income Builder Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
CNX Resources Corp.,
Gtd. Notes		5.875	%		04/15/22			30	$	29,823
Gtd. Notes, 144A		7.250			03/14/27			275		243,695
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A		5.625			10/15/25			50		40,455
Denbury Resources, Inc., Sec’d. Notes, 144A		9.000			05/15/21			50		8,849
Diamond Offshore Drilling, Inc., Sr. Unsec’d. Notes		7.875			08/15/25	(d)		125		13,043
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750			01/30/28			145		126,171
Extraction Oil & Gas, Inc.,
Gtd. Notes, 144A		5.625			02/01/26			325		53,496
Gtd. Notes, 144A		7.375			05/15/24			130		20,330
Gazprom PJSC Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, EMTN		7.288			08/16/37			100		137,476
Sr. Unsec’d. Notes, EMTN		8.625			04/28/34			400		590,288
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.750			10/01/25			125		69,738
Sr. Unsec’d. Notes, 144A		6.250			11/01/28			150		77,803
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes		5.750			04/19/47			200		199,475
Sr. Unsec’d. Notes		6.375			10/24/48			200		209,073
MEG Energy Corp. (Canada), Gtd. Notes, 144A		7.000			03/31/24			135		94,311
Nabors Industries Ltd.,
Gtd. Notes, 144A		7.250			01/15/26			50		20,475
Gtd. Notes, 144A		7.500			01/15/28			100		39,937
Nabors Industries, Inc., Gtd. Notes		5.750			02/01/25			250		57,019
NAK Naftogaz Ukraine via Kondor Finance PLC (Ukraine), Sr. Unsec’d. Notes		7.125			07/19/24		EUR	200		191,045
Oil & Gas Holding Co. BSCC (The) (Bahrain), Sr. Unsec’d. Notes		8.375			11/07/28			400		389,738
Pertamina Persero PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN		4.700			07/30/49			200		185,634
Sr. Unsec’d. Notes, EMTN		6.500			11/07/48			200		225,104
Petrobras Global Finance BV (Brazil),
Gtd. Notes		6.900			03/19/49			170		164,558
Gtd. Notes		7.375			01/17/27			643		678,184
Gtd. Notes		8.750			05/23/26			330		367,024

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petroleos de Venezuela SA (Venezuela), First Lien, 144A		8.500	%		10/27/20			385	$	49,088
Sr. Unsec’d. Notes		5.375			04/12/27	(d)		625		23,438
Sr. Unsec’d. Notes		6.000			05/16/24	(d)		115		4,313
Sr. Unsec’d. Notes		6.000			11/15/26	(d)		670		25,125
Sr. Unsec’d. Notes		9.000			11/17/21	(d)		150		5,625
Sr. Unsec’d. Notes		9.750			05/17/35	(d)		200		7,500
Petroleos Mexicanos (Mexico),
Gtd. Notes		6.350			02/12/48			554		371,440
Gtd. Notes		6.500			03/13/27			470		381,118
Gtd. Notes		6.500			01/23/29			430		336,218
Gtd. Notes		6.500			06/02/41			730		492,678
Gtd. Notes, 144A		5.950			01/28/31			175		127,354
Gtd. Notes, 144A		6.490			01/23/27			295		239,792
Gtd. Notes, 144A		7.690			01/23/50			245		179,732
Gtd. Notes, MTN		6.875			08/04/26			255		211,182
Petronas Capital Ltd. (Malaysia), Gtd. Notes, 144A, MTN		4.550			04/21/50			400		434,997
Precision Drilling Corp. (Canada), Gtd. Notes, 144A(a)		7.125			01/15/26			225		90,117
Range Resources Corp.,
Gtd. Notes		4.875			05/15/25			250		193,476
Gtd. Notes		5.000			03/15/23			50		44,674
Gtd. Notes, 144A		9.250			02/01/26			100		81,842
Saka Energi Indonesia PT (Indonesia), Sr. Unsec’d. Notes, 144A		4.450			05/05/24			200		173,000
Sinopec Group Overseas Development 2012 Ltd. (China), Gtd. Notes		4.875			05/17/42			200		248,486
Sinopec Group Overseas Development 2017 Ltd. (China), Gtd. Notes		4.000			09/13/47			200		225,420
Sinopec Group Overseas Development 2018 Ltd. (China), Gtd. Notes, 144A		3.680			08/08/49			200		214,222
Sunoco LP/Sunoco Finance Corp., Gtd. Notes		5.500			02/15/26			100		96,000
Transocean, Inc.,
Gtd. Notes, 144A		7.250			11/01/25			375		144,623
Gtd. Notes, 144A		8.000			02/01/27			75		29,118
Trinidad Petroleum Holdings Ltd. (Trinidad & Tobago), Sr. Sec’d. Notes, 144A		9.750			06/15/26			75		67,335

See Notes to Financial Statements.

PGIM Income Builder Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Valaris PLC (Saudi Arabia),
Sr. Unsec’d. Notes		5.750	%		10/01/44			50	$	3,972
Sr. Unsec’d. Notes		7.750			02/01/26			225		17,946
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250			09/15/24			125		112,316
Sr. Unsec’d. Notes		5.250			10/15/27			150		130,548
										9,927,356
Pharmaceuticals    0.2%
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500			01/31/27			185		203,851
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000			01/30/28			75		72,254
Gtd. Notes, 144A		5.250			01/30/30			75		74,198
Gtd. Notes, 144A		7.000			01/15/28			100		103,875
Gtd. Notes, 144A		7.250			05/30/29			110		117,580
										571,758
Pipelines    0.4%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), Sr. Sec’d. Notes		4.600			11/02/47			200		214,128
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes, 144A		5.750			01/15/28			250		184,038
Energy Transfer Operating LP, Jr. Sub. Notes, Series G		7.125	(ff)		—	(rr)		100		79,662
Global Partners LP/GLP Finance Corp., Gtd. Notes		7.000			08/01/27			40		32,173
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		6.875			04/15/40			225		197,877
Southern Gas Corridor CJSC (Azerbaijan),
Gov’t. Gtd. Notes		6.875			03/24/26			200		209,046
Gov’t. Gtd. Notes, 144A		6.875			03/24/26			250		261,308
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28			275		186,336
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Gtd. Notes		6.500			07/15/27			100		89,791
										1,454,359

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate    0.2%
Country Garden Holdings Co. Ltd. (China), Sr. Sec’d. Notes		8.000	%		01/27/24		200	$	211,720
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		175		169,227
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		200		181,781
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		225		191,000
									753,728
Real Estate Investment Trusts (REITs)    0.1%
ESH Hospitality, Inc., Gtd. Notes, 144A		5.250			05/01/25		125		117,443
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., Gtd. Notes		4.500			01/15/28		150		141,536
RHP Hotel Properties LP/RHP Finance Corp., Gtd. Notes		5.000			04/15/23		25		23,337
VICI Properties LP/VICI Note Co., Inc., Gtd. Notes, 144A		4.250			12/01/26		95		88,930
									371,246
Retail    0.7%
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		150		126,234
CEC Entertainment, Inc., Gtd. Notes		8.000			02/15/22		275		19,207
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		8.500			10/30/25		200		192,181
Ferrellgas LP/Ferrellgas Finance Corp., Sr. Unsec’d. Notes(original cost $180,962; purchased 06/12/18)(f)		6.750			01/15/22		200		159,488
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20		450		179,519
Sr. Unsec’d. Notes		8.625			06/15/20		225		106,570
Golden Nugget, Inc., Gtd. Notes, 144A		8.750			10/01/25		425		245,220
L Brands, Inc., Gtd. Notes		5.625			10/15/23		50		40,682

See Notes to Financial Statements.

PGIM Income Builder Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Michaels Stores, Inc., Gtd. Notes, 144A(a)		8.000	%		07/15/27		175	$	122,014
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25		234		235,652
Rite Aid Corp.,
Gtd. Notes, 144A		6.125			04/01/23		190		173,568
Sr. Sec’d. Notes, 144A		7.500			07/01/25		85		83,631
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.625			12/01/25		350		289,043
Sec’d. Notes, 144A		8.750			04/30/25		50		50,742
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.750			03/01/25		25		24,497
Sr. Unsec’d. Notes		5.875			03/01/27		150		144,595
Superior Plus LP/Superior General Partner, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.000			07/15/26		100		100,177
									2,293,020
Software    0.4%
Dun & Bradstreet Corp. (The), Sr. Sec’d. Notes, 144A		6.875			08/15/26		65		68,641
Infor US, Inc., Gtd. Notes		6.500			05/15/22		1,105		1,106,077
RP Crown Parent LLC, Gtd. Notes, 144A		7.375			10/15/24		130		128,302
									1,303,020
Telecommunications    1.2%
CenturyLink, Inc.,
Sr. Unsec’d. Notes		5.625			04/01/25		100		100,563
Sr. Unsec’d. Notes, Series P		7.600			09/15/39		180		184,347
CommScope Technologies LLC, Gtd. Notes, 144A		6.000			06/15/25		200		178,113
CommScope, Inc., Sr. Sec’d. Notes, 144A		6.000			03/01/26		100		100,008
Digicel Group One Ltd. (Jamaica), Sr. Sec’d. Notes, 144A		8.250			12/30/22		157		93,892
Digicel Group Two Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A		8.250			09/30/22		98		3,031

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A		6.750	%		03/01/23			800	$	311,798
Sr. Unsec’d. Notes		6.000			04/15/21	(d)		200		120,575
Sr. Unsec’d. Notes, 144A		6.000			04/15/21			200		120,575
Embarq Corp., Sr. Unsec’d. Notes		7.995			06/01/36			590		616,576
Intelsat Jackson Holdings SA (Luxembourg),
Gtd. Notes(original cost $80,437; purchased 01/31/20)(f)		5.500			08/01/23			95		51,705
Gtd. Notes, 144A(original cost $643,344; purchased 01/03/18)(f)		9.750			07/15/25	(d)		635		367,570
Intelsat Luxembourg SA (Luxembourg), Gtd. Notes(original cost $58,475; purchased 11/14/19)(f)		8.125			06/01/23			95		7,723
Intrado Corp., Gtd. Notes, 144A(a)		8.500			10/15/25			360		251,388
MTN Mauritius Investments Ltd. (South Africa), Gtd. Notes, 144A		6.500			10/13/26			200		193,043
ORBCOMM, Inc., Sr. Sec’d. Notes, 144A		8.000			04/01/24			200		184,106
Sprint Capital Corp.,
Gtd. Notes		6.875			11/15/28			96		115,947
Gtd. Notes		8.750			03/15/32			165		231,913
T-Mobile USA, Inc., Gtd. Notes		6.500			01/15/26			200		211,027
Xplornet Communications, Inc. (Canada), Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625		9.625			06/01/22			452		455,768
Zayo Group Holdings, Inc., Sr. Unsec’d. Notes, 144A		6.125			03/01/28			75		70,671
										3,970,339
Transportation    0.3%
Kazakhstan Temir Zholy Finance BV (Kazakhstan), Gtd. Notes		6.950			07/10/42			400		462,851
Pelabuhan Indonesia III Persero PT (Indonesia), Sr. Unsec’d. Notes		4.875			10/01/24			200		203,457

See Notes to Financial Statements.

PGIM Income Builder Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation (cont’d.)
XPO Logistics, Inc.,
Gtd. Notes, 144A		6.125	%		09/01/23		175	$	177,130
Gtd. Notes, 144A		6.750			08/15/24		100		103,116
									946,554
TOTAL CORPORATE BONDS (cost $63,072,187)									53,462,926
SOVEREIGN BONDS    12.3%
1MDB Global Investments Ltd. (Malaysia), Sr. Unsec’d. Notes		4.400			03/09/23		1,000		890,595
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A		3.125			09/30/49		200		190,965
Sr. Unsec’d. Notes, 144A, MTN		3.875			04/16/50		200		212,293
Angolan Government International Bond (Angola),
Sr. Unsec’d. Notes		8.250			05/09/28		200		87,507
Sr. Unsec’d. Notes		9.375			05/08/48		400		171,383
Sr. Unsec’d. Notes		9.500			11/12/25		600		284,845
Sr. Unsec’d. Notes, 144A, MTN		8.000			11/26/29		200		87,350
Argentina Bonar Bonds (Argentina), Unsec’d. Notes		8.750			05/07/24		167		40,043
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		3.375			01/15/23	EUR	390		107,323
Sr. Unsec’d. Notes		3.380	(cc)		12/31/38	EUR	200		57,666
Sr. Unsec’d. Notes		3.750	(cc)		12/31/38		180		56,752
Sr. Unsec’d. Notes		5.625			01/26/22		900		251,994
Sr. Unsec’d. Notes		6.875			04/22/21		210		60,504
Sr. Unsec’d. Notes		6.875			01/11/48		75		17,605
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	825		294,022
Sr. Unsec’d. Notes		8.280			12/31/33		561		196,674
Bahrain Government International Bond (Bahrain),
Sr. Unsec’d. Notes		7.000			01/26/26		200		199,850
Sr. Unsec’d. Notes		7.000			10/12/28		200		199,136
Sr. Unsec’d. Notes		7.500			09/20/47		400		379,804
Brazilian Government International Bond (Brazil),
Sr. Unsec’d. Notes		5.625			01/07/41		150		149,263
Sr. Unsec’d. Notes		7.125			01/20/37		235		265,572
Sr. Unsec’d. Notes		8.250			01/20/34		683		835,003
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		6.125			01/18/41		225		250,787
Sr. Unsec’d. Notes		7.375			09/18/37		440		542,123

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Colombia Government International Bond (Colombia), (cont’d.) Sr. Unsec’d. Notes		10.375	%		01/28/33		200	$	281,544
Congolese International Bond (Congo (Republic)), Sr. Unsec’d. Notes		6.000			06/30/29		191		149,813
Costa Rica Government International Bond (Costa Rica),
Sr. Unsec’d. Notes		4.250			01/26/23		400		358,267
Sr. Unsec’d. Notes		4.375			04/30/25		200		165,829
Sr. Unsec’d. Notes		7.000			04/04/44		200		152,750
Sr. Unsec’d. Notes		7.158			03/12/45		200		155,045
Croatia Government International Bond (Croatia), Sr. Unsec’d. Notes		2.750			01/27/30	EUR	100		116,198
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes		5.875			04/18/24		350		338,253
Sr. Unsec’d. Notes		7.450			04/30/44		760		686,803
Sr. Unsec’d. Notes, 144A		5.875			01/30/60		150		118,091
Sr. Unsec’d. Notes, 144A		6.000			07/19/28		320		288,321
Ecuador Government International Bond (Ecuador),
Sr. Unsec’d. Notes		7.950			06/20/24		200		63,192
Sr. Unsec’d. Notes		8.875			10/23/27		220		62,700
Sr. Unsec’d. Notes		9.650			12/13/26		200		56,664
Sr. Unsec’d. Notes		10.750			03/28/22		400		127,718
Sr. Unsec’d. Notes, 144A		7.875			01/23/28		200		56,910
Sr. Unsec’d. Notes, 144A		8.750			06/02/23		265		82,410
Sr. Unsec’d. Notes, 144A		8.875			10/23/27		200		57,000
Sr. Unsec’d. Notes, 144A		9.650			12/13/26		420		118,994
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes		7.903			02/21/48		200		172,761
Sr. Unsec’d. Notes, 144A		8.700			03/01/49		210		188,344
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/11/25	EUR	100		96,405
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	200		186,290
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/11/31	EUR	220		202,555
Sr. Unsec’d. Notes, 144A, MTN		7.600			03/01/29		200		189,773
Sr. Unsec’d. Notes, 144A, MTN		8.500			01/31/47		255		227,987
Sr. Unsec’d. Notes, EMTN		5.625			04/16/30	EUR	100		90,104
El Salvador Government International Bond (El Salvador),
Sr. Unsec’d. Notes		5.875			01/30/25		355		283,371
Sr. Unsec’d. Notes		7.625			02/01/41		300		230,087
Sr. Unsec’d. Notes		8.250			04/10/32		280		228,213
Emirate of Dubai Government International Bonds (United Arab Emirates), Sr. Unsec’d. Notes, EMTN		5.250			01/30/43		200		197,466

See Notes to Financial Statements.

PGIM Income Builder Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ethiopia International Bond (Ethiopia), Sr. Unsec’d. Notes		6.625	%		12/11/24		200	$	172,376
Export-Import Bank of India (India), Sr. Unsec’d. Notes, 144A, MTN		3.250			01/15/30		200		183,201
Gabon Government International Bond (Gabon), Bonds		6.375			12/12/24		200		144,080
Sr. Unsec’d. Notes		6.950			06/16/25		200		142,774
Sr. Unsec’d. Notes, 144A		6.625			02/06/31		215		151,646
Ghana Government International Bond (Ghana),
Bank Gtd. Notes		10.750			10/14/30		400		415,683
Sr. Unsec’d. Notes		7.875			03/26/27		200		159,594
Sr. Unsec’d. Notes		8.125			01/18/26		200		164,740
Sr. Unsec’d. Notes		8.125			03/26/32		200		153,321
Sr. Unsec’d. Notes, 144A		8.750			03/11/61		200		150,923
Sr. Unsec’d. Notes, 144A		8.950			03/26/51		205		154,734
Guatemala Government Bond (Guatemala), Sr. Unsec’d. Notes		4.875			02/13/28		200		200,768
Hellenic Republic Government Bond (Greece),
Bonds		3.650	(cc)		02/24/38	EUR	240		315,001
Bonds		3.650	(cc)		02/24/40	EUR	115		151,639
Honduras Government International Bond (Honduras), Sr. Unsec’d. Notes		7.500			03/15/24		200		192,104
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes		7.625			03/29/41		262		420,073
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		7.750			01/17/38		200		280,640
Sr. Unsec’d. Notes		8.500			10/12/35		420		607,320
Sr. Unsec’d. Notes, EMTN		5.125			01/15/45		200		225,193
Sr. Unsec’d. Notes, EMTN		5.250			01/17/42		200		226,580
Iraq International Bond (Iraq),
Sr. Unsec’d. Notes		5.800			01/15/28		500		363,995
Sr. Unsec’d. Notes		6.752			03/09/23		400		302,802
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes		3.875			07/03/50		200		220,816
Sr. Unsec’d. Notes		4.500			04/03/20		200		233,836
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes		5.125			06/15/25	EUR	100		100,863
Sr. Unsec’d. Notes		5.250			03/22/30	EUR	100		89,955
Sr. Unsec’d. Notes		6.375			03/03/28		200		179,862
Sr. Unsec’d. Notes		6.625			03/22/48	EUR	240		210,197
Sr. Unsec’d. Notes		6.875			10/17/40	EUR	100		90,003

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Jamaica Government International Bond (Jamaica),
Sr. Unsec’d. Notes		7.875	%		07/28/45			200	$	209,965
Sr. Unsec’d. Notes		9.250			10/17/25			200		214,592
Jordan Government International Bond (Jordan), Sr. Unsec’d. Notes		7.375			10/10/47			200		184,672
Kazakhstan Government International Bond (Kazakhstan), Sr. Unsec’d. Notes, EMTN		6.500			07/21/45			200		264,206
Kenya Government International Bond (Kenya),
Sr. Unsec’d. Notes		6.875			06/24/24			200		183,904
Sr. Unsec’d. Notes		7.000			05/22/27			200		181,437
Sr. Unsec’d. Notes, 144A		8.000			05/22/32			200		181,202
Sr. Unsec’d. Notes, 144A		8.250			02/28/48			200		179,791
Lebanon Government International Bond (Lebanon),
Sr. Unsec’d. Notes		6.000			01/27/23	(d)		89		14,335
Sr. Unsec’d. Notes		6.650			04/22/24	(d)		120		19,349
Sr. Unsec’d. Notes		6.750			11/29/27	(d)		150		24,000
Sr. Unsec’d. Notes		7.000			04/22/31	(d)		80		12,800
Sr. Unsec’d. Notes, EMTN		6.100			10/04/22	(d)		10		1,638
Sr. Unsec’d. Notes, EMTN		6.850			05/25/29	(d)		195		31,294
Sr. Unsec’d. Notes, GMTN		6.250			05/27/22	(d)		130		21,229
Sr. Unsec’d. Notes, GMTN		6.250			11/04/24	(d)		320		51,528
Sr. Unsec’d. Notes, GMTN		6.375			03/09/20	(d)		220		36,266
Sr. Unsec’d. Notes, GMTN		6.400			05/26/23	(d)		100		16,416
Sr. Unsec’d. Notes, GMTN		6.600			11/27/26	(d)		30		4,800
Sr. Unsec’d. Notes, GMTN		6.650			02/26/30	(d)		315		50,400
Malaysia Sukuk Global Bhd (Malaysia), Sr. Unsec’d. Notes, 144A		4.080			04/27/46			250		289,709
Mexican Bonos (Mexico), Bonds, Series M30		10.000			11/20/36		MXN	1,800		93,921
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes, MTN		6.050			01/11/40			236		256,116
Sr. Unsec’d. Notes, MTN		6.750			09/27/34			203		243,998
Mozambique International Bond (Mozambique),
Unsec’d. Notes		5.000			09/15/31			200		138,074
Unsec’d. Notes, 144A		5.000			09/15/31			200		138,074
Namibia International Bonds (Namibia), Sr. Unsec’d. Notes		5.250			10/29/25			200		182,158
Nigeria Government International Bond (Nigeria),
Sr. Unsec’d. Notes		7.143			02/23/30			200		151,768
Sr. Unsec’d. Notes		7.875			02/16/32			640		485,136
Sr. Unsec’d. Notes		8.747			01/21/31			400		321,106
Sr. Unsec’d. Notes, EMTN		6.500			11/28/27			200		150,829
Oman Government International Bond (Oman), Sr. Unsec’d. Notes		4.750			06/15/26			230		176,035

See Notes to Financial Statements.

PGIM Income Builder Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Oman Government International Bond (Oman), (cont’d.)
Sr. Unsec’d. Notes		6.500	%		03/08/47			600	$	422,100
Sr. Unsec’d. Notes		6.750			01/17/48			200		141,554
Pakistan Government International Bond (Pakistan),
Sr. Unsec’d. Notes		6.875			12/05/27			200		174,811
Sr. Unsec’d. Notes		8.250			09/30/25			400		371,940
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes		3.870			07/23/60			200		208,614
Sr. Unsec’d. Notes		4.500			04/01/56			200		225,569
Sr. Unsec’d. Notes		6.700			01/26/36			445		584,615
Sr. Unsec’d. Notes		9.375			04/01/29			80		112,119
Papua New Guinea Government International Bond (Papua New Guinea), Sr. Unsec’d. Notes, 144A		8.375			10/04/28			200		176,674
Paraguay Government International Bond (Paraguay), Sr. Unsec’d. Notes		6.100			08/11/44			200		218,714
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes		2.783			01/23/31			55		56,731
Sr. Unsec’d. Notes		5.625			11/18/50			150		222,904
Sr. Unsec’d. Notes		6.550			03/14/37			200		287,330
Sr. Unsec’d. Notes		8.750			11/21/33			335		529,058
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes		2.950			05/05/45			200		205,633
Sr. Unsec’d. Notes		3.950			01/20/40			300		350,023
Sr. Unsec’d. Notes		7.750			01/14/31			320		470,019
Provincia de Buenos Aires (Argentina), Sr. Unsec’d. Notes		4.000			05/01/20	(d)	EUR	15		7,209
Provincia de Buenos Aires/Government Bonds (Argentina),
Sr. Unsec’d. Notes		9.125			03/16/24			300		82,590
Sr. Unsec’d. Notes		9.950			06/09/21			620		168,200
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes		5.103			04/23/48			400		497,321
Sr. Unsec’d. Notes, 144A		4.400			04/16/50			200		226,397
Sr. Unsec’d. Notes, 144A		4.817			03/14/49			355		425,829
Sr. Unsec’d. Notes, 144A		5.103			04/23/48			400		497,321
Republic of Belarus International Bond (Belarus), Sr. Unsec’d. Notes		7.625			06/29/27			425		418,562
Republic of Cameroon International Bond (Cameroon), Sr. Unsec’d. Notes		9.500			11/19/25			200		172,958
Republic of South Africa Government International Bond (South Africa), Sr. Unsec’d. Notes		5.000			10/12/46			200		148,697

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Republic of South Africa Government International Bond (South Africa), (cont’d.)
Sr. Unsec’d. Notes		5.650	%		09/27/47		200	$	155,497
Sr. Unsec’d. Notes		6.300			06/22/48		200		166,006
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes		5.125			06/15/48		354		373,480
Sr. Unsec’d. Notes, 144A, MTN		3.375			01/28/50	EUR	31		28,950
Sr. Unsec’d. Notes, 144A, MTN		4.625			04/03/49	EUR	48		53,040
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	102		109,527
Sr. Unsec’d. Notes, EMTN		4.625			04/03/49	EUR	20		22,100
Sr. Unsec’d. Notes, EMTN		6.125			01/22/44		264		312,513
Russian Foreign Bond - Eurobond (Russia),
Sr. Unsec’d. Notes		5.100			03/28/35		600		701,799
Sr. Unsec’d. Notes		5.625			04/04/42		200		253,007
Sr. Unsec’d. Notes		12.750			06/24/28		35		58,829
Sr. Unsec’d. Notes, 144A		5.100			03/28/35		200		233,933
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes		5.250			01/16/50		200		225,553
Sr. Unsec’d. Notes, EMTN		4.500			10/26/46		800		825,975
Sr. Unsec’d. Notes, EMTN		4.625			10/04/47		200		208,515
Sr. Unsec’d. Notes, EMTN		5.000			04/17/49		200		219,612
Senegal Government International Bond (Senegal),
Sr. Unsec’d. Notes		4.750			03/13/28	EUR	100		95,040
Sr. Unsec’d. Notes, 144A		6.750			03/13/48		200		166,361
Sri Lanka Government International Bond (Sri Lanka),
Sr. Unsec’d. Notes		5.750			04/18/23		600		353,881
Sr. Unsec’d. Notes		5.875			07/25/22		200		125,700
Sr. Unsec’d. Notes		6.850			11/03/25		200		115,355
Sr. Unsec’d. Notes, 144A		5.750			04/18/23		200		117,960
Sr. Unsec’d. Notes, 144A		6.750			04/18/28		200		113,073
Sr. Unsec’d. Notes, 144A		6.850			03/14/24		265		159,777
Sr. Unsec’d. Notes, 144A		7.850			03/14/29		400		227,475
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes		4.875			10/09/26		300		263,847
Sr. Unsec’d. Notes		6.000			03/25/27		280		257,663
Sr. Unsec’d. Notes		6.000			01/14/41		400		320,734
Sr. Unsec’d. Notes		6.875			03/17/36		99		89,082
Sr. Unsec’d. Notes		7.375			02/05/25		125		127,257
Sr. Unsec’d. Notes		7.625			04/26/29		200		197,279
Turkiye Ihracat Kredi Bankasi A/S (Turkey),
Sr. Unsec’d. Notes		6.125			05/03/24		200		190,814
Sr. Unsec’d. Notes		8.250			01/24/24		200		204,985
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		—	(p)		05/31/40		111		81,669
Sr. Unsec’d. Notes		7.750			09/01/23		165		156,871

See Notes to Financial Statements.

PGIM Income Builder Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine Government International Bond (Ukraine), (cont’d.)
Sr. Unsec’d. Notes		7.750	%		09/01/24			100	$	94,311
Sr. Unsec’d. Notes		7.750			09/01/25			260		242,873
Sr. Unsec’d. Notes		7.750			09/01/26			250		231,289
Sr. Unsec’d. Notes		7.750			09/01/27			200		183,774
Sr. Unsec’d. Notes		8.994			02/01/24			200		195,477
Sr. Unsec’d. Notes		9.750			11/01/28			535		525,546
Sr. Unsec’d. Notes, 144A		—	(p)		05/31/40			35		25,752
Sr. Unsec’d. Notes, 144A		4.375			01/27/30		EUR	100		84,474
Ukreximbank Via Biz Finance PLC (Ukraine),
Sr. Unsec’d. Notes		9.625			04/27/22			67		65,386
Sr. Unsec’d. Notes		9.750			01/22/25			200		194,281
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		4.125			11/20/45			80		82,079
Sr. Unsec’d. Notes		4.975			04/20/55			100		113,009
Sr. Unsec’d. Notes		5.100			06/18/50			290		328,952
Sr. Unsec’d. Notes		7.625			03/21/36			325		451,778
Venezuela Government International Bond (Venezuela),
Sr. Unsec’d. Notes		7.000			03/31/38	(d)		220		20,339
Sr. Unsec’d. Notes		7.750			10/13/19	(d)		110		8,800
Sr. Unsec’d. Notes		9.000			05/07/23	(d)		100		9,177
Sr. Unsec’d. Notes		11.950			08/05/31	(d)		300		26,277
Zambia Government International Bond (Zambia),
Sr. Unsec’d. Notes		8.500			04/14/24			400		131,069
Unsec’d. Notes		5.375			09/20/22			400		130,484
TOTAL SOVEREIGN BONDS (cost $49,475,707)										40,336,162
TOTAL LONG-TERM INVESTMENTS (cost $344,454,674)										323,905,013
							Shares
SHORT-TERM INVESTMENTS    4.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)								5,066,004		5,066,004

See Notes to Financial Statements.

40

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $10,609,532; includes $10,603,987 of cash collateral for securities on loan)(b)(w)		10,627,567	$	10,625,441
TOTAL SHORT-TERM INVESTMENTS (cost $15,675,536)				15,691,445
TOTAL INVESTMENTS    103.4% (cost $360,130,210)				339,596,458
Liabilities in excess of other assets(z)    (3.4)%				(11,163,973	)
NET ASSETS    100.0%			$	328,432,485

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

KZT—Kazakhstani Tenge

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

ADR—American Depositary Receipt

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CVT—Convertible Security

See Notes to Financial Statements.

PGIM Income Builder Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MLP—Master Limited Partnership

MSCI—Morgan Stanley Capital International

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

REITs—Real Estate Investment Trust

SPDR—Standard & Poor’s Depositary Receipts

Q—Quarterly payment frequency for swaps

* Non-income producing security.

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $795,245 and 0.2% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $10,095,681; cash collateral of $10,603,987 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

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

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

(f) Indicates a restricted security; the aggregate original cost of such securities is $981,031. The aggregate value of $587,194 is 0.2% of net assets.

(g) An affiliated security.

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

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

(rr) Perpetual security with no stated maturity date.

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

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

Futures contracts outstanding at April 30, 2020:    

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	11	2 Year U.S. Treasury Notes		Jun. 2020	$	2,424,727	$	11,854
	6	5 Year U.S. Treasury Notes		Jun. 2020		752,906		30,024

See Notes to Financial Statements.

42

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

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions (cont’d):
	15	10 Year U.S. Treasury Notes		Jun. 2020	$	2,085,938	$	54,217
	4	20 Year U.S. Treasury Bonds		Jun. 2020		724,125		65,900
								161,995
		Short Positions:
	9	10 Year Euro-Bund		Jun. 2020		1,720,342		(28,478	)
	11	20 Year U.S. Treasury Bonds		Jun. 2020		1,991,344		(22,191	)
	6	30 Year U.S. Ultra Treasury Bonds		Jun. 2020		1,348,687		(11,185	)
								(61,854	)
							$	100,141

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International	BRL	1,098	$	197,023	$	201,880	$	4,857	$	—
Expiring 05/05/20	HSBC Bank USA, N.A.	BRL	1,433		253,102		263,389		10,287		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC	BRL	1,477		261,611		271,499		9,888		—
Chinese Renminbi,
Expiring 05/11/20	Citibank, N.A.	CNH	3,312		472,739		467,765		—		(4,974	)
Expiring 05/11/20	Citibank, N.A.	CNH	1,445		204,000		204,077		77		—
Expiring 05/11/20	Citibank, N.A.	CNH	942		133,000		133,100		100		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	1,463		211,000		206,640		—		(4,360	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	1,463		206,000		206,675		675		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	1,239		178,000		174,963		—		(3,037	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	CNH	1,436		203,000		202,800		—		(200	)
Expiring 05/14/21	Citibank, N.A.	CNH	2,567		367,933		358,920		—		(9,013	)
Czech Koruna,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	CZK	2,914		115,913		117,926		2,013		—
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.	EGP	353		21,636		22,241		605		—
Expiring 06/17/20	Citibank, N.A.	EGP	1,249		76,395		77,793		1,398		—
Expiring 06/17/20	Citibank, N.A.	EGP	361		22,091		22,464		373		—
Expiring 06/17/20	Citibank, N.A.	EGP	126		7,622		7,865		243		—

See Notes to Financial Statements.

PGIM Income Builder Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Egyptian Pound (cont’d.),
Expiring 06/17/20	Goldman Sachs International	EGP	1,209	$	74,887	$	75,265	$	378	$	—
Hungarian Forint,
Expiring 07/17/20	BNP Paribas S.A.	HUF	24,438		74,000		75,892		1,892		—
Expiring 07/17/20	Citibank, N.A.	HUF	37,078		115,000		115,147		147		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	HUF	50,277		151,575		156,138		4,563		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC	HUF	31,620		98,000		98,198		198		—
Indian Rupee,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	16,626		217,000		218,975		1,975		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	15,948		212,000		210,055		—		(1,945	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	13,399		172,000		176,479		4,479		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	9,999		128,000		131,693		3,693		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	8,461		109,000		111,441		2,441		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	7,959		102,000		104,828		2,828		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	7,095		92,000		93,442		1,442		—
Expiring 06/17/20	The Toronto-Dominion Bank	INR	7,622		104,484		100,385		—		(4,099	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.	IDR	2,127,244		147,994		139,067		—		(8,927	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	1,385,251		97,409		90,559		—		(6,850	)
Expiring 06/17/20	Credit Suisse International	IDR	5,336,769		369,967		348,886		—		(21,081	)
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	2,043,390		131,000		133,584		2,584		—
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	1,417,147		95,980		92,644		—		(3,336	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	IDR	1,265,688		80,000		82,743		2,743		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	IDR	2,547,444		178,205		166,536		—		(11,669	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC	ILS	706		197,000		202,706		5,706		—
Expiring 06/17/20	Barclays Bank PLC	ILS	526		145,000		151,040		6,040		—
Expiring 06/17/20	Barclays Bank PLC	ILS	182		51,300		52,373		1,073		—
Expiring 06/17/20	BNP Paribas S.A.	ILS	83		23,745		23,909		164		—
Expiring 06/17/20	Citibank, N.A.	ILS	354		101,000		101,763		763		—

See Notes to Financial Statements.

44

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ILS	644	$	185,000	$	185,139	$	139	$	—
Japanese Yen,
Expiring 05/15/20	Citibank, N.A.	JPY	10,354		97,207		96,500		—		(707	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	20,324		189,594		189,619		25		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC	JPY	1,844		17,200		17,204		4		—
Kazakhstani Tenge,
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	KZT	26,650		69,129		62,471		—		(6,658	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	KZT	12,409		32,260		29,087		—		(3,173	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC	KZT	14,068		29,711		32,419		2,708		—
Mexican Peso,
Expiring 06/17/20	BNP Paribas S.A.	MXN	1,155		48,000		47,542		—		(458	)
Expiring 06/17/20	Citibank, N.A.	MXN	2,925		139,752		120,450		—		(19,302	)
Expiring 06/17/20	Goldman Sachs International	MXN	1,680		70,458		69,176		—		(1,282	)
New Taiwanese Dollar,
Expiring 06/17/20	BNP Paribas S.A.	TWD	2,904		98,118		98,502		384		—
Expiring 06/17/20	Credit Suisse International	TWD	5,667		190,000		192,186		2,186		—
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.	PEN	525		155,000		154,931		—		(69	)
Expiring 06/17/20	Goldman Sachs International	PEN	356		100,860		105,257		4,397		—
Expiring 06/17/20	HSBC Bank USA, N.A.	PEN	498		146,000		147,188		1,188		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PEN	408		120,000		120,461		461		—
Philippine Peso,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	11,247		221,000		222,243		1,243		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	8,487		162,000		167,694		5,694		—
Polish Zloty,
Expiring 07/17/20	UBS AG	PLN	1,059		253,395		255,156		1,761		—
Russian Ruble,
Expiring 06/17/20	Barclays Bank PLC	RUB	19,375		290,592		258,280		—		(32,312	)
Expiring 06/17/20	Citibank, N.A.	RUB	13,687		189,440		182,459		—		(6,981	)
Expiring 06/17/20	Citibank, N.A.	RUB	4,091		55,000		54,533		—		(467	)

See Notes to Financial Statements.

PGIM Income Builder Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 06/17/20	Morgan Stanley & Co. International PLC	RUB	3,787	$	47,900	$	50,485	$	2,585	$	—
Singapore Dollar,
Expiring 06/17/20	Barclays Bank PLC	SGD	220		154,000		156,102		2,102		—
Expiring 06/17/20	BNP Paribas S.A.	SGD	264		186,000		187,545		1,545		—
Expiring 06/17/20	Credit Suisse International	SGD	380		269,000		269,786		786		—
Expiring 06/17/20	Credit Suisse International	SGD	285		202,000		202,401		401		—
Expiring 06/17/20	Credit Suisse International	SGD	162		114,000		114,936		936		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	381		275,073		270,289		—		(4,784	)
South African Rand,
Expiring 06/17/20	BNP Paribas S.A.	ZAR	1,073		68,000		57,600		—		(10,400	)
Expiring 06/17/20	Citibank, N.A.	ZAR	1,144		65,000		61,401		—		(3,599	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	620		32,785		33,273		488		—
South Korean Won,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	110,240		90,780		90,815		35		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	102,791		85,000		84,678		—		(322	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	51,005		41,940		42,018		78		—
Thai Baht,
Expiring 06/17/20	Credit Suisse International	THB	3,862		118,000		119,380		1,380		—
Expiring 06/17/20	Credit Suisse International	THB	3,607		110,000		111,494		1,494		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	4,473		137,000		138,249		1,249		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	THB	4,020		123,000		124,235		1,235		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	THB	3,872		117,000		119,682		2,682		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC	TRY	570		82,000		80,498		—		(1,502	)
Expiring 06/17/20	Barclays Bank PLC	TRY	357		51,000		50,441		—		(559	)
				$	11,428,805	$	11,367,550		110,811		(172,066	)

See Notes to Financial Statements.

46

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/20/20	HSBC Bank USA, N.A.	AUD	644	$	412,062	$	419,677	$	—	$	(7,615	)
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International	BRL	812		159,087		149,340		9,747		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	BRL	368		69,288		67,681		1,607		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC	BRL	2,827		554,397		519,747		34,650		—
Expiring 06/02/20	Goldman Sachs International	BRL	1,098		196,544		201,390		—		(4,846	)
Expiring 06/02/20	HSBC Bank USA, N.A.	BRL	1,433		252,539		262,749		—		(10,210	)
Expiring 06/02/20	Morgan Stanley & Co. International PLC	BRL	1,477		261,029		270,840		—		(9,811	)
Canadian Dollar,
Expiring 07/20/20	Morgan Stanley & Co. International PLC	CAD	102		71,979		72,936		—		(957	)
Chilean Peso,
Expiring 06/17/20	Citibank, N.A.	CLP	25,640		29,790		30,749		—		(959	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	262,688		314,578		315,033		—		(455	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	59,744		71,985		71,649		336		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	371,671		444,529		445,731		—		(1,202	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	107,410		127,000		128,813		—		(1,813	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	76,817		90,779		92,123		—		(1,344	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	57,897		71,000		69,434		1,566		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	35,883		41,940		43,034		—		(1,094	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	75,276		90,000		90,276		—		(276	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	66,481		78,000		79,728		—		(1,728	)
Expiring 06/17/20	The Toronto-Dominion Bank	CLP	145,239		172,288		174,180		—		(1,892	)
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC	CNH	1,201		169,000		169,690		—		(690	)
Expiring 05/11/20	Citibank, N.A.	CNH	1,318		187,000		186,093		907		—
Expiring 05/11/20	Credit Suisse International	CNH	1,840		259,000		259,864		—		(864	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	1,418		202,000		200,266		1,734		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	1,200		171,000		169,545		1,455		—

See Notes to Financial Statements.

PGIM Income Builder Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	1,108	$	156,000	$	156,524	$	—	$	(524	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	878		125,550		123,959		1,591		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	871		124,400		123,063		1,337		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	590		84,000		83,312		688		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	359		50,300		50,652		—		(352	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	2,567		368,530		358,921		9,609		—
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.	COP	402,320		105,888		101,185		4,703		—
Expiring 06/17/20	Citibank, N.A.	COP	361,450		92,000		90,906		1,094		—
Expiring 06/17/20	Citibank, N.A.	COP	92,238		26,700		23,198		3,502		—
Expiring 06/17/20	Goldman Sachs
	International	COP	338,077		97,409		85,027		12,382		—
Expiring 06/17/20	Goldman Sachs International	COP	291,078		71,603		73,207		—		(1,604	)
Expiring 06/17/20	Goldman Sachs International	COP	290,858		75,000		73,151		1,849		—
Expiring 06/17/20	HSBC Bank USA, N.A.	COP	120,312		34,437		30,259		4,178		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	312,200		80,000		78,519		1,481		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	235,753		58,000		59,292		—		(1,292	)
Expiring 06/17/20	UBS AG	COP	231,856		57,000		58,312		—		(1,312	)
Czech Koruna,
Expiring 07/17/20	Morgan Stanley & Co. International PLC	CZK	2,858		114,000		115,666		—		(1,666	)
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.	EGP	262		16,407		16,517		—		(110	)
Expiring 05/18/20	Citibank, N.A.	EGP	91		5,703		5,725		—		(22	)
Expiring 06/17/20	Citibank, N.A.	EGP	1,309		81,072		81,531		—		(459	)
Expiring 06/17/20	Citibank, N.A.	EGP	1,043		64,249		64,933		—		(684	)
Expiring 06/17/20	Citibank, N.A.	EGP	593		36,623		36,922		—		(299	)
Euro,
Expiring 07/17/20	Barclays Bank PLC	EUR	440		476,971		482,934		—		(5,963	)
Expiring 07/17/20	Barclays Bank PLC	EUR	292		319,657		320,647		—		(990	)
Expiring 07/17/20	Goldman Sachs International	EUR	36		39,200		39,234		—		(34	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	285		310,611		312,609		—		(1,998	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	285		310,496		312,608		—		(2,112	)

See Notes to Financial Statements.

48

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 11/03/20	Morgan Stanley & Co. International PLC	EUR	1,912	$	2,162,540	$	2,104,243	$	58,297	$	—
Hungarian Forint,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	HUF	35,685		108,000		110,821		—		(2,821	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	HUF	28,048		85,000		87,103		—		(2,103	)
Indian Rupee,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	8,249		106,029		108,653		—		(2,624	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	7,608		97,400		100,203		—		(2,803	)
Indonesian Rupiah,
Expiring 06/17/20	Barclays Bank PLC	IDR	1,568,196		98,000		102,519		—		(4,519	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	2,193,446		134,000		143,394		—		(9,394	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	1,514,722		88,000		99,023		—		(11,023	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	881,814		53,000		57,648		—		(4,648	)
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	832,364		52,000		54,415		—		(2,415	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC	ILS	525		137,000		150,795		—		(13,795	)
Expiring 06/17/20	Citibank, N.A.	ILS	842		240,000		241,842		—		(1,842	)
Expiring 06/17/20	Citibank, N.A.	ILS	438		120,000		125,809		—		(5,809	)
Expiring 06/17/20	Citibank, N.A.	ILS	128		36,520		36,870		—		(350	)
Expiring 06/17/20	Goldman Sachs International	ILS	457		129,480		131,167		—		(1,687	)
Japanese Yen,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	10,876		100,181		101,471		—		(1,290	)
Mexican Peso,
Expiring 06/17/20	Citibank, N.A.	MXN	1,408		62,000		57,952		4,048		—
Expiring 06/17/20	HSBC Bank USA, N.A.	MXN	1,610		67,000		66,274		726		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	2,092		98,604		86,152		12,452		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	1,837		78,300		75,628		2,672		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	1,239		50,000		51,024		—		(1,024	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	988		40,100		40,675		—		(575	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	MXN	1,050		43,200		43,221		—		(21	)
Expiring 06/17/20	UBS AG	MXN	2,852		134,000		117,432		16,568		—

See Notes to Financial Statements.

PGIM Income Builder Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar,
Expiring 06/17/20	Credit Suisse International	TWD	5,804	$	195,000	$	196,840	$	—	$	(1,840	)
Expiring 06/17/20	Goldman Sachs International	TWD	4,962		167,000		168,293		—		(1,293	)
Expiring 06/17/20	HSBC Bank USA, N.A.	TWD	8,618		291,000		292,295		—		(1,295	)
Expiring 06/17/20	UBS AG	TWD	7,703		260,000		261,237		—		(1,237	)
Expiring 06/17/20	UBS AG	TWD	4,349		146,000		147,512		—		(1,512	)
New Zealand Dollar,
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	411		246,599		252,109		—		(5,510	)
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.	PEN	734		213,547		216,682		—		(3,135	)
Philippine Peso,
Expiring 06/17/20	HSBC Bank USA, N.A.	PHP	7,265		143,000		143,557		—		(557	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	3,586		70,204		70,866		—		(662	)
Polish Zloty,
Expiring 07/17/20	Barclays Bank PLC	PLN	410		98,000		98,899		—		(899	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	395		94,000		95,113		—		(1,113	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	387		93,000		93,313		—		(313	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	72		17,200		17,339		—		(139	)
Expiring 07/17/20	UBS AG	PLN	414		99,000		99,686		—		(686	)
Russian Ruble,
Expiring 06/17/20	Barclays Bank PLC	RUB	7,982		104,750		106,399		—		(1,649	)
Expiring 06/17/20	Barclays Bank PLC	RUB	2,753		36,410		36,696		—		(286	)
Expiring 06/17/20	Barclays Bank PLC	RUB	2,311		29,790		30,807		—		(1,017	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	RUB	6,813		92,994		90,814		2,180		—
Singapore Dollar,
Expiring 06/17/20	BNP Paribas S.A.	SGD	193		134,000		137,233		—		(3,233	)
Expiring 06/17/20	Citibank, N.A.	SGD	208		150,000		147,789		2,211		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	211		150,300		149,614		686		—
South African Rand,
Expiring 06/17/20	Bank of America, N.A.	ZAR	1,358		74,000		72,914		1,086		—
Expiring 06/17/20	Barclays Bank PLC	ZAR	1,057		55,000		56,744		—		(1,744	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	849		46,000		45,572		428		—
Expiring 06/17/20	BNP Paribas S.A.	ZAR	1,079		66,000		57,922		8,078		—
Expiring 06/17/20	Citibank, N.A.	ZAR	1,262		69,000		67,742		1,258		—
Expiring 06/17/20	HSBC Bank USA, N.A.	ZAR	1,298		71,438		69,700		1,738		—

See Notes to Financial Statements.

50

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/17/20	HSBC Bank USA, N.A.	ZAR	495	$	31,820	$	26,562	$	5,258	$	—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	5,582		347,434		299,669		47,765		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	1,123		61,000		60,314		686		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	1,506		97,724		80,871		16,853		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	830		44,000		44,549		—		(549	)
South Korean Won,
Expiring 06/17/20	Credit Suisse International	KRW	826,919		699,599		681,212		18,387		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	114,174		96,423		94,056		2,367		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	155,745		126,000		128,302		—		(2,302	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	114,464		96,423		94,295		2,128		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	113,157		95,596		93,218		2,378		—
Expiring 06/17/20	UBS AG	KRW	114,358		96,423		94,207		2,216		—
Thai Baht,
Expiring 06/17/20	Goldman Sachs International	THB	4,012		128,000		123,988		4,012		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	4,403		139,925		136,090		3,835		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	3,656		115,000		112,985		2,015		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	THB	6,085		193,000		188,077		4,923		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC	TRY	829		131,000		117,186		13,814		—
Expiring 06/17/20	Barclays Bank PLC	TRY	630		100,143		88,996		11,147		—
Expiring 06/17/20	Barclays Bank PLC	TRY	534		83,871		75,477		8,394		—
Expiring 06/17/20	Barclays Bank PLC	TRY	488		69,928		69,012		916		—
Expiring 06/17/20	Barclays Bank PLC	TRY	481		71,438		67,998		3,440		—
Expiring 06/17/20	Citibank, N.A.	TRY	434		68,829		61,278		7,551		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TRY	510		78,000		72,123		5,877		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TRY	500		76,762		70,630		6,132		—
				$	18,460,544	$	18,248,497		376,938		(164,891	)
								$	487,749	$	(336,957	)

See Notes to Financial Statements.

PGIM Income Builder Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Cross currency exchange contracts outstanding at April 30, 2020:

Settlement

Type

Notional Amount (000)

In Exchange For (000)

Unrealized Appreciation

Unrealized Depreciation

Counterparty

OTC Cross Currency Exchange Contracts:

07/17/20

Buy

EUR

171

CZK

4,623

$

113

$

—

Citibank, N.A.

Credit default swap agreements outstanding at April 30, 2020:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Value at Trade Date

Value at April 30, 2020

Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1):

CDX.NA.HY.34.V1

06/20/25

5.000%(Q)

8,290

$

364,463

$

377,349

$

12,886

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

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

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

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

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may 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

See Notes to Financial Statements.

52

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.	$1,120,000	$  —

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 April 30, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Affiliated Mutual Funds	$	68,731,273	$	—	$	—
Common Stocks		83,584,140		12,504,989		512,990
Exchange-Traded Funds		66,638,545		—		—
Preferred Stocks		11,746,621		—		—
Asset-Backed Security
Collateralized Loan Obligation		—		455,956		—
Bank Loans		—		794,066		282,255
Convertible Bond		—		546,535		—
Corporate Bonds		—		53,462,926		—
Sovereign Bonds		—		40,336,162		—
Total	$	230,700,579	$	108,100,634	$	795,245
Other Financial Instruments*
Assets
Futures Contracts	$	161,995	$	—	$	—
OTC Forward Foreign Currency Exchange Contracts		—		487,749		—
OTC Cross Currency Exchange Contracts		—		113		—
Centrally Cleared Credit Default Swap Agreement		—		12,886		—
Total	$	161,995	$	500,748	$	—

See Notes to Financial Statements.

PGIM Income Builder Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities
Futures Contracts	$	(61,854	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(336,957	)		—
Total	$	(61,854	)	$	(336,957	)	$	—

* 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.

Industry Classification:

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

Affiliated Mutual Funds (3.2% represents investments purchased with collateral from securities on loan)	20.9	%
Exchange-Traded Funds	20.3
Sovereign Bonds	12.3
Equity Real Estate Investment Trusts (REITs)	10.6
Oil, Gas & Consumable Fuels	4.0
Oil & Gas	3.1
Semiconductors & Semiconductor Equipment	2.3
Chemicals	1.6
Pharmaceuticals	1.5
Health Care Equipment & Supplies	1.4
Electric	1.4
Telecommunications	1.2
Aerospace & Defense	1.1
Banks	1.1
Technology Hardware, Storage & Peripherals	1.1
Media	1.1
Entertainment	1.0
Software	1.0
Electric Utilities	1.0
Home Builders	0.8
Insurance	0.8
Tobacco	0.8
Multi-Utilities	0.8
Capital Markets	0.7
Retail	0.7
Mining	0.7
Real Estate Management & Development	0.6
Hotels, Restaurants & Leisure	0.6

Wireless Telecommunication Services	0.6	%
Independent Power & Renewable Electricity Producers	0.6
Household Products	0.5
Healthcare-Services	0.5
Biotechnology	0.5
Diversified Financial Services	0.5
Commercial Services	0.5
Pipelines	0.4
Consumer Finance	0.3
Commercial Services & Supplies	0.3
Road & Rail	0.3
Transportation	0.3
Specialty Retail	0.3
Food & Staples Retailing	0.3
Foods	0.3
Engineering & Construction	0.2
Building Materials	0.2
Auto Parts & Equipment	0.2
Real Estate	0.2
Auto Manufacturers	0.2
Mortgage Real Estate Investment Trusts (REITs)	0.2
Diversified Telecommunication Services	0.2
Computers	0.2
Gas	0.1
Collateralized Loan Obligation	0.1
Lodging	0.1
Real Estate Investment Trusts (REITs)	0.1
Advertising	0.1
Agriculture	0.1

See Notes to Financial Statements.

54

Industry Classification (continued):

Machinery-Diversified	0.1	%
Energy-Alternate Sources	0.1
Iron/Steel	0.1
Miscellaneous Manufacturing	0.1
Leisure Time	0.1
Distribution/Wholesale	0.0	*
Housewares	0.0	*
Food Service	0.0	*
Household Products/Wares	0.0	*

Apparel	0.0	*%
	103.4
Liabilities in excess of other assets	(3.4	)
	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, equity contracts risk, foreign exchange contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

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

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker—variation margin swaps	$	12,886	*	—	$	—
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		113		—		—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		487,749		Unrealized depreciation on OTC forward foreign currency exchange contracts		336,957
Interest rate contracts	Due from/to broker—variation margin futures		161,995	*	Due from/to broker—variation margin futures		61,854	*
		$	662,743			$	398,811

* 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.

See Notes to Financial Statements.

PGIM Income Builder Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	—	$	—	$	560,661
Foreign exchange contracts		—		32,930		—
Interest rate contracts		122,491		—		—
Total	$	122,491	$	32,930	$	560,661

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)			Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	—		$	—	$	—	$	65,284
Equity contracts		(4,763	)		—		—		—
Foreign exchange contracts		—			—		178,637		—
Interest rate contracts		—			110,687		—		—
Total	$	(4,763	)	$	110,687	$	178,637	$	65,284

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

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

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)		Forward Foreign Currency Exchange Contracts— Purchased(2)
$	7,681,818	$	1,942,416	$	15,013,708

Forward Foreign Currency Exchange Contracts— Sold(2)		Cross Currency Exchange Contracts(3)		Credit Default Swap Agreements— Buy Protection(1)
$	18,992,511	$	120,280	$	5,945,667

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

See Notes to Financial Statements.

56

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount
Securities on Loan	$	10,095,681	$	(10,095,681	)	$	—

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.	$	1,086	$	—		$	1,086		$	—	$	1,086
Barclays Bank PLC		53,060		(65,925	)		(12,865	)		—		(12,865	)
BNP Paribas S.A.		16,766		(54,933	)		(38,167	)		—		(38,167	)
Citibank, N.A.		24,390		(58,781	)		(34,391	)		—		(34,391	)
Credit Suisse International		25,570		(23,785	)		1,785			—		1,785
Goldman Sachs International		37,622		(10,746	)		26,876			—		26,876
HSBC Bank USA, N.A.		40,874		(33,804	)		7,070			—		7,070
JPMorgan Chase Bank, N.A.		138,260		(43,134	)		95,126			—		95,126
Morgan Stanley & Co. International PLC		129,689		(35,111	)		94,578			—		94,578
The Toronto-Dominion Bank		—		(5,991	)		(5,991	)		—		(5,991	)
UBS AG		20,545		(4,747	)		15,798			—		15,798
	$	487,862	$	(336,957	)	$	150,905		$	—	$	150,905

(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 Income Builder Fund 57

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value, including securities on loan of $10,095,681:
Unaffiliated investments (cost $277,820,052)	$	261,916,685
Affiliated investments (cost $82,310,158)		77,679,773
Cash		480
Foreign currency, at value (cost $190,174)		191,717
Receivable for investments sold		2,419,256
Dividends and interest receivable		2,168,363
Deposit with broker for centrally cleared/exchange-traded derivatives		1,120,000
Receivable for Fund shares sold		532,466
Unrealized appreciation on OTC forward foreign currency exchange contracts		487,749
Tax reclaim receivable		16,638
Unrealized appreciation on OTC cross currency exchange contracts		113
Prepaid expenses and other assets		9,948
Total Assets		346,543,188
Liabilities
Payable to broker for collateral for securities on loan		10,603,987
Payable for Fund shares reacquired		4,106,109
Payable for investments purchased		2,570,879
Unrealized depreciation on OTC forward foreign currency exchange contracts		336,957
Accrued expenses and other liabilities		266,167
Distribution fee payable		91,155
Dividends payable		53,802
Management fee payable		49,460
Affiliated transfer agent fee payable		18,824
Due to broker—variation margin swaps		9,218
Due to broker—variation margin futures		4,145
Total Liabilities		18,110,703
Net Assets	$	328,432,485
Net assets were comprised of:
Shares of beneficial interest, at par	$	39,998
Paid-in capital in excess of par		393,200,252
Total distributable earnings (loss)		(64,807,765	)
Net assets, April 30, 2020	$	328,432,485

See Notes to Financial Statements.

58

Class A
Net asset value and redemption price per share, ($128,682,229 ÷ 15,629,138 shares of beneficial interest issued and outstanding)	$	8.23
Maximum sales charge (4.50% of offering price)		0.39
Maximum offering price to public	$	8.62
Class B
Net asset value, offering price and redemption price per share, ($605,023 ÷ 75,066 shares of beneficial interest issued and outstanding)	$	8.06
Class C
Net asset value, offering price and redemption price per share, ($80,756,883 ÷ 10,022,281 shares of beneficial interest issued and outstanding)	$	8.06
Class R
Net asset value, offering price and redemption price per share, ($1,415,832 ÷ 172,232 shares of beneficial interest issued and outstanding)	$	8.22
Class Z
Net asset value, offering price and redemption price per share, ($112,610,174 ÷ 13,573,240 shares of beneficial interest issued and outstanding)	$	8.30
Class R6
Net asset value, offering price and redemption price per share, ($4,362,344 ÷ 526,097 shares of beneficial interest issued and outstanding)	$	8.29

See Notes to Financial Statements.

PGIM Income Builder Fund 59

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $62,810 foreign withholding tax)	$	4,370,006
Interest income		4,191,069
Affiliated dividend income		764,444
Income from securities lending, net (including affiliated income of $16,508)		21,215
Total income		9,346,734
Expenses
Management fee		1,370,528
Distribution fee(a)		707,744
Transfer agent’s fees and expenses (including affiliated expense of $45,440)(a)		211,115
Custodian and accounting fees		149,292
Shareholders’ reports		90,948
Registration fees(a)		46,288
Audit fee		26,104
Legal fees and expenses		11,387
Trustees’ fees		8,513
Miscellaneous		17,703
Total expenses		2,639,622
Less: Fee waiver and/or expense reimbursement(a)		(827,048	)
Distribution fee waiver(a)		(39,164	)
Net expenses		1,773,410
Net investment income (loss)		7,573,324
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(283,945))		(21,614,582	)
Affiliated net capital gain distributions received		699,078
Futures transactions		122,491
Forward and cross currency contract transactions		32,930
Swap agreement transactions		560,661
Foreign currency transactions		(7,476	)
		(20,206,898	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(6,804,384))		(43,305,331	)
Futures		110,687
Forward and cross currency contracts		178,637
Swap agreements		65,284
Foreign currencies		(767	)
		(42,951,490	)
Net gain (loss) on investment and foreign currency transactions		(63,158,388	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(55,585,064	)

See Notes to Financial Statements.

60

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

	Class A			Class B			Class C			Class R			Class Z			Class R6
Distribution fee		222,978			4,586			474,177			6,003			—			—
Transfer agent’s fees and expenses		88,233			3,794			43,694			1,182			74,143			69
Registration fees		8,056			4,267			8,682			7,638			9,830			7,815
Fee waiver and/or expense reimbursement		(312,740	)		(9,382	)		(190,359	)		(11,150	)		(288,353	)		(15,064	)
Distribution fee waiver		(37,163	)		—			—			(2,001	)		—			—

See Notes to Financial Statements.

PGIM Income Builder Fund 61

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	7,573,324		$	14,806,651
Net realized gain (loss) on investment and foreign currency transactions		(20,905,976	)		7,936,642
Affiliated net capital gain distributions received		699,078			—
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(42,951,490	)		17,595,518
Net increase (decrease) in net assets resulting from operations		(55,585,064	)		40,338,811
Dividends and Distributions
Distributions from distributable earnings
Class A		(3,124,788	)		(6,442,235	)
Class B		(15,880	)		(50,955	)
Class C		(1,684,672	)		(3,718,035	)
Class R		(31,710	)		(71,291	)
Class Z		(3,105,263	)		(5,983,556	)
Class R6		(109,594	)		(184,335	)
		(8,071,907	)		(16,450,407	)
Tax return of capital distributions
Class A		—			(234,063	)
Class B		—			(1,851	)
Class C		—			(135,086	)
Class R		—			(2,590	)
Class Z		—			(217,398	)
Class R6		—			(6,697	)
		—			(597,685	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		36,811,135			73,837,097
Net asset value of shares issued in reinvestment of dividends and distributions		7,402,087			15,652,104
Cost of shares reacquired		(65,042,091	)		(103,251,012	)
Net increase (decrease) in net assets from Fund share transactions		(20,828,869	)		(13,761,811	)
Total increase (decrease)		(84,485,840	)		9,528,908
Net Assets:
Beginning of period		412,918,325			403,389,417
End of period	$	328,432,485		$	412,918,325

See Notes to Financial Statements.

62

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 16 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of one fund: PGIM Income Builder Fund (the “Fund”) is a diversified fund for the purposes of the 1940 Act.

The investment objective of the Fund is seek income and long-term capital growth.

1. Accounting Policies

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

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

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

PGIM Income Builder Fund 63

Notes to Financial Statements (unaudited) (continued)

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Fund is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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.

64

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.

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

PGIM Income Builder Fund 65

Notes to Financial Statements (unaudited) (continued)

assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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

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

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

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

66

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

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

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

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since

PGIM Income Builder Fund 67

Notes to Financial Statements (unaudited) (continued)

futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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 acquired 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. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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.

68

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 Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating

PGIM Income Builder Fund 69

Notes to Financial Statements (unaudited) (continued)

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

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

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

70

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

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

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

Rights: The Fund held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Fund until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

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

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

PGIM Income Builder Fund 71

Notes to Financial Statements (unaudited) (continued)

collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs): The Fund invested in equity REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from equity REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the equity REITs.

Master Limited Partnerships (MLPs): The Fund invested in MLPs. Distributions received from the Fund’s investment in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their respective tax reporting periods have concluded.

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

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

72

Tax reform legislation commonly referred to as the Tax Cuts and Jobs Act permits a direct REIT shareholder to claim a 20% “qualified business income” deduction for ordinary REIT dividends. The tax legislation did not expressly permit regulated investment companies (“RICs”) paying dividends attributable to such income to pass through this special treatment to its shareholders. On January 18, 2019, the Internal Revenue Service issued final regulations that permit RICs to pass through “qualified REIT dividends” to their shareholders.

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

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

2. Agreements

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

The Manager has entered into subadvisory agreements with QMA LLC (“QMA”), Jennison Associates LLC, PGIM, Inc., PGIM Limited (on behalf of its PGIM Fixed Income unit), PGIM Real Estate and PGIM Real Estate (UK) Limited, (each a “Subadviser” and together, the “Subadvisers”). The subadvisory agreements provide that the Subadvisers furnish investment advisory services in connection with the management of the Fund. In connection therewith, the Subadvisers are obligated to keep certain books and records of the Fund. The Manager pays for the services of the Subadvisers, the cost of compensation of officers of the Fund, occupancy and certain clerical and accounting costs of the Fund. The Fund bears all other costs and expenses.

PGIM Income Builder Fund 73

Notes to Financial Statements (unaudited) (continued)

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.70% of the Fund’s average daily net assets up to $1 billion and 0.65% of such assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.70% for the reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.95% of average daily net assets for Class A shares, 1.70% of average daily net assets for Class B shares, 1.70% of average daily net assets for Class C shares, 1.20% of average daily net assets for Class R shares, 0.70% of average daily net assets for Class Z shares and 0.70% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, Class B, Class C and Class R shares, respectively. PIMS has contractually agreed through February 28, 2021 to limit such fees to 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares.

74

For the reporting period ended April 30, 2020, PIMS received $151,368 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $112 and $3,160 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

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

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

PGIM Income Builder Fund 75

Notes to Financial Statements (unaudited) (continued)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $180,030,856 and $191,743,951, respectively.

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

Affiliated mutual funds	Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)
PGIM Core Ultra Short Bond Fund*	$	10,599,251	$	173,000,646	$	178,533,893	$	—
PGIM Institutional Money Market Fund*		17,284,425		57,347,660		64,003,686		12,645
PGIM QMA International Equity Fund (Class R6)*		3,176,536		14,527,167		—		(3,066,882	)
PGIM QMA Strategic Alpha International Equity ETF*		10,697,380		—		—		(1,748,880	)
PGIM Short Duration High Yield Income Fund (Class R6)*		20,563,438		673,975		10,875,000		(991,199	)
PGIM Total Return Bond Fund (Class R6)		20,792,080		9,518,123		—		(1,010,068	)
	$	83,113,110	$	255,067,571	$	253,412,579	$	(6,804,384	)

Affiliated mutual funds	Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income			Capital Gain Distrib.
PGIM Core Ultra Short Bond Fund*	$	—		$	5,066,004		5,066,004	$	90,729		$	—
PGIM Institutional Money Market Fund*		(15,603	)		10,625,441		10,627,567		16,508	**		—
PGIM QMA International Equity Fund (Class R6)*		—			14,636,821		2,411,338		477,167			—
PGIM QMA Strategic Alpha International Equity ETF*		—			8,948,500		200,000		130,778			—
PGIM Short Duration High Yield Income Fund (Class R6)*		(268,342	)		9,102,872		1,119,664		11,685			—
PGIM Total Return Bond Fund (Class R6)		—			29,300,135		2,054,708		54,085			699,078
	$	(283,945	)	$	77,679,773			$	780,952		$	699,078

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

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

5. Tax Information

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

Tax Basis	$	370,424,118
Gross Unrealized Appreciation		15,890,866
Gross Unrealized Depreciation		(46,454,594	)
Net Unrealized Depreciation	$	(30,563,728	)

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

76

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2019 of approximately $13,483,000 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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are subject to a CDSC of 5%, which decreases by 1% annually to 1% in the fifth and sixth years and 0% in the seventh year. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

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

	Number of Shares		Percentage of Outstanding Shares
Class A		10,100		—	%*
Class B		61		—	%*

PGIM Income Builder Fund 77

Notes to Financial Statements (unaudited)(continued)

* Amount represents less than 1% of outstanding shares.

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	10	81%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		1,161,034		$	10,991,115
Shares issued in reinvestment of dividends and distributions		333,779			3,042,265
Shares reacquired		(2,162,322	)		(19,150,888	)
Net increase (decrease) in shares outstanding before conversion		(667,509	)		(5,117,508	)
Shares issued upon conversion from other share class(es)		231,841			2,188,865
Shares reacquired upon conversion into other share class(es)		(103,973	)		(989,745	)
Net increase (decrease) in shares outstanding		(539,641	)	$	(3,918,388	)
Year ended October 31, 2019:
Shares sold		1,672,862		$	15,764,279
Shares issued in reinvestment of dividends and distributions		690,793			6,490,092
Shares reacquired		(3,641,941	)		(33,864,753	)
Net increase (decrease) in shares outstanding before conversion		(1,278,286	)		(11,610,382	)
Shares issued upon conversion from other share class(es)		945,183			9,070,452
Shares reacquired upon conversion into other share class(es)		(363,702	)		(3,467,673	)
Net increase (decrease) in shares outstanding		(696,805	)	$	(6,007,603	)
Class B
Six months ended April 30, 2020:
Shares sold		1,731		$	16,873
Shares issued in reinvestment of dividends and distributions		1,762			15,875
Shares reacquired		(14,169	)		(133,781	)
Net increase (decrease) in shares outstanding before conversion		(10,676	)		(101,033	)
Shares reacquired upon conversion into other share class(es)		(34,895	)		(313,732	)
Net increase (decrease) in shares outstanding		(45,571	)	$	(414,765	)
Year ended October 31, 2019:
Shares sold		3,072		$	29,368
Shares issued in reinvestment of dividends and distributions		5,767			52,806
Shares reacquired		(29,198	)		(270,915	)
Net increase (decrease) in shares outstanding before conversion		(20,359	)		(188,741	)
Shares reacquired upon conversion into other share class(es)		(51,415	)		(476,949	)
Net increase (decrease) in shares outstanding		(71,774	)	$	(665,690	)

78

Class C	Shares			Amount
Six months ended April 30, 2020:
Shares sold		779,236		$	7,285,882
Shares issued in reinvestment of dividends and distributions		178,282			1,590,598
Shares reacquired		(1,376,180	)		(12,001,652	)
Net increase (decrease) in shares outstanding before conversion		(418,662	)		(3,125,172	)
Shares reacquired upon conversion into other share class(es)		(168,330	)		(1,505,809	)
Net increase (decrease) in shares outstanding		(586,992	)	$	(4,630,981	)
Year ended October 31, 2019:
Shares sold		1,704,279		$	15,708,834
Shares issued in reinvestment of dividends and distributions		396,872			3,645,078
Shares reacquired		(2,597,954	)		(23,643,831	)
Net increase (decrease) in shares outstanding before conversion		(496,803	)		(4,289,919	)
Shares reacquired upon conversion into other share class(es)		(1,178,598	)		(11,051,858	)
Net increase (decrease) in shares outstanding		(1,675,401	)	$	(15,341,777	)
Class R
Six months ended April 30, 2020:
Shares sold		12,471		$	113,676
Shares issued in reinvestment of dividends and distributions		3,464			31,519
Shares reacquired		(24,136	)		(235,232	)
Net increase (decrease) in shares outstanding before conversion		(8,201	)		(90,037	)
Shares reacquired upon conversion into other share class(es)		(1,734	)		(14,030	)
Net increase (decrease) in shares outstanding		(9,935	)	$	(104,067	)
Year ended October 31, 2019:
Shares sold		32,714		$	309,924
Shares issued in reinvestment of dividends and distributions		7,829			73,372
Shares reacquired		(52,589	)		(500,289	)
Net increase (decrease) in shares outstanding		(12,046	)	$	(116,993	)
Class Z
Six months ended April 30, 2020:
Shares sold		1,868,009		$	17,685,756
Shares issued in reinvestment of dividends and distributions		283,794			2,612,234
Shares reacquired		(3,793,182	)		(32,999,624	)
Net increase (decrease) in shares outstanding before conversion		(1,641,379	)		(12,701,634	)
Shares issued upon conversion from other share class(es)		229,148			2,152,687
Shares reacquired upon conversion into other share class(es)		(157,559	)		(1,523,707	)
Net increase (decrease) in shares outstanding		(1,569,790	)	$	(12,072,654	)
Year ended October 31, 2019:
Shares sold		4,239,459		$	40,355,685
Shares issued in reinvestment of dividends and distributions		548,948			5,199,630
Shares reacquired		(4,734,303	)		(44,177,541	)
Net increase (decrease) in shares outstanding before conversion		54,104			1,377,774
Shares issued upon conversion from other share class(es)		672,125			6,434,135
Shares reacquired upon conversion into other share class(es)		(71,462	)		(683,130	)
Net increase (decrease) in shares outstanding		654,767		$	7,128,779

PGIM Income Builder Fund 79

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares			Amount
Six months ended April 30, 2020:
Shares sold		76,097		$	717,833
Shares issued in reinvestment of dividends and distributions		11,944			109,596
Shares reacquired		(58,630	)		(520,914	)
Net increase (decrease) in shares outstanding before conversion		29,411			306,515
Shares issued upon conversion from other share class(es)		591			5,471
Net increase (decrease) in shares outstanding		30,002		$	311,986
Year ended October 31, 2019:
Shares sold		176,297		$	1,669,007
Shares issued in reinvestment of dividends and distributions		20,151			191,126
Shares reacquired		(83,060	)		(793,683	)
Net increase (decrease) in shares outstanding before conversion		113,388			1,066,450
Shares issued upon conversion from other share class(es)		18,454			175,023
Net increase (decrease) in shares outstanding		131,842		$	1,241,473

7. Borrowings

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

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

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

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

80

to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended April 30, 2020.

8. Risks of Investing in the Fund

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

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

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

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. The Fund’s holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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.

PGIM Income Builder Fund 81

Notes to Financial Statements (unaudited) (continued)

When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk”. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

82

Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

Risks of Investing in equity REITs: Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of payments that occur earlier or later than expected, and such loans may also include so-called “subprime” mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

In addition, investing in equity REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the equity REITs, while mortgage REITs may be affected by the quality of any credit extended. Equity REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Since equity REITs are relatively smaller in size when compared to the broader market, and smaller companies tend to be more volatile than larger companies, they may be more volatile and/or more illiquid than other types of equity securities. Equity REITs are subject to interest rate risks. Equity REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each equity REIT in which it invests, in addition to the expenses of the Fund. Since the Fund concentrates in the real estate industry, its holdings can vary significantly from broad market indexes. As a result, the Fund’s performance can deviate from the performance of such indexes.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the

PGIM Income Builder Fund 83

Notes to Financial Statements (unaudited) (continued)

amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

84

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.69			$9.12			$9.62			$9.36			$9.39			$11.90
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.36			0.35			0.35			0.37			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.45	)		0.62			(0.46	)		0.32			0.06			(0.70	)
Total from investment operations		(1.27	)		0.98			(0.11	)		0.67			0.43			(0.31	)
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.40	)		(0.33	)		(0.36	)		(0.40	)		(0.44	)
Tax return of capital distributions		-			(0.01	)		(0.06	)		(0.05	)		(0.06	)		-
Distributions from net realized gains		-			-			-			-			-			(1.76	)
Total dividends and distributions		(0.19	)		(0.41	)		(0.39	)		(0.41	)		(0.46	)		(2.20	)
Net asset value, end of period		$8.23			$9.69			$9.12			$9.62			$9.36			$9.39
Total Return(b):		(13.23)%			11.01%			(1.22)%			7.34%			4.76%			(2.59)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$128,682			$156,683			$153,762			$171,047			$165,090			$141,432
Average net assets (000)		$149,469			$153,066			$169,651			$167,079			$143,159			$109,965
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.81%	(e)		0.85%			0.85%			0.85%			0.83%			0.78%
Expenses before waivers and/or expense reimbursement		1.28%	(e)		1.28%			1.25%			1.27%			1.30%			1.37%
Net investment income (loss)		3.96%	(e)		3.82%			3.63%			3.69%			4.05%			3.96%
Portfolio turnover rate(f)		48%			110%			114%			102%			90%			93%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Income Builder Fund 85

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.49			$8.94			$9.45			$9.19			$9.23			$11.74
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.29			0.27			0.28			0.30			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.42	)		0.60			(0.46	)		0.33			0.05			(0.70	)
Total from investment operations		(1.27	)		0.89			(0.19	)		0.61			0.35			(0.38	)
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.33	)		(0.27	)		(0.31	)		(0.34	)		(0.37	)
Tax return of capital distributions		-			(0.01	)		(0.05	)		(0.04	)		(0.05	)		-
Distributions from net realized gains		-			-			-			-			-			(1.76	)
Total dividends and distributions		(0.16	)		(0.34	)		(0.32	)		(0.35	)		(0.39	)		(2.13	)
Net asset value, end of period		$8.06			$9.49			$8.94			$9.45			$9.19			$9.23
Total Return(b):		(13.52)%			10.20%			(2.08)%			6.69%			3.97%			(3.35)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$605			$1,145			$1,720			$2,332			$2,575			$3,083
Average net assets (000)		$922			$1,417			$2,080			$2,532			$2,762			$3,824
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.57%	(e)		1.60%			1.60%			1.60%			1.58%			1.51%
Expenses before waivers and/or expense reimbursement		3.62%	(e)		3.36%			2.96%			1.97%			2.00%			2.09%
Net investment income (loss)		3.27%	(e)		3.12%			2.88%			2.95%			3.34%			3.24%
Portfolio turnover rate(f)		48%			110%			114%			102%			90%			93%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

86

Class C Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.49			$8.94			$9.44			$9.18			$9.23			$11.74
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.28			0.27			0.27			0.30			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.42	)		0.61			(0.45	)		0.34			0.04			(0.69	)
Total from investment operations		(1.27	)		0.89			(0.18	)		0.61			0.34			(0.38	)
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.33	)		(0.27	)		(0.31	)		(0.34	)		(0.37	)
Tax return of capital distributions		-			(0.01	)		(0.05	)		(0.04	)		(0.05	)		-
Distributions from net realized gains		-			-			-			-			-			(1.76	)
Total dividends and distributions		(0.16	)		(0.34	)		(0.32	)		(0.35	)		(0.39	)		(2.13	)
Net asset value, end of period		$8.06			$9.49			$8.94			$9.44			$9.18			$9.23
Total Return(b):		(13.52)%			10.32%			(1.98)%			6.69%			3.86%			(3.35)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$80,757			$100,653			$109,767			$129,397			$108,543			$75,622
Average net assets (000)		$95,356			$103,441			$123,584			$122,174			$88,099			$44,389
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.56%	(e)		1.60%			1.60%			1.60%			1.58%			1.55%
Expenses before waivers and/or expense reimbursement		1.96%	(e)		1.96%			1.94%			1.98%			2.00%			2.05%
Net investment income (loss)		3.21%	(e)		3.09%			2.88%			2.93%			3.27%			3.19%
Portfolio turnover rate(f)		48%			110%			114%			102%			90%			93%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Income Builder Fund 87

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.68			$9.10			$9.61			$9.34			$9.38			$11.89
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.34			0.31			0.33			0.35			0.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.45	)		0.63			(0.45	)		0.33			0.05			(0.69	)
Total from investment operations		(1.28	)		0.97			(0.14	)		0.66			0.40			(0.33	)
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.38	)		(0.31	)		(0.34	)		(0.38	)		(0.42	)
Tax return of capital distributions		-			(0.01	)		(0.06	)		(0.05	)		(0.06	)		-
Distributions from net realized gains		-			-			-			-			-			(1.76	)
Total dividends and distributions		(0.18	)		(0.39	)		(0.37	)		(0.39	)		(0.44	)		(2.18	)
Net asset value, end of period		$8.22			$9.68			$9.10			$9.61			$9.34			$9.38
Total Return(b):		(13.36)%			10.88%			(1.58)%			7.20%			4.40%			(2.83)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,416			$1,762			$1,768			$610			$561			$359
Average net assets (000)		$1,610			$1,787			$1,196			$579			$404			$427
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.06%	(e)		1.10%			1.10%			1.10%			1.08%			1.03%
Expenses before waivers and/or expense reimbursement		2.70%	(e)		2.48%			3.02%			1.73%			1.75%			1.82%
Net investment income (loss)		3.71%	(e)		3.57%			3.25%			3.41%			3.76%			3.69%
Portfolio turnover rate(f)		48%			110%			114%			102%			90%			93%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

88

Class Z Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.76			$9.18			$9.69			$9.42			$9.45			$11.96
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.39			0.37			0.38			0.40			0.41
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.45	)		0.63			(0.46	)		0.33			0.05			(0.69	)
Total from investment operations		(1.25	)		1.02			(0.09	)		0.71			0.45			(0.28	)
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.42	)		(0.36	)		(0.39	)		(0.42	)		(0.47	)
Tax return of capital distributions		-			(0.02	)		(0.06	)		(0.05	)		(0.06	)		-
Distributions from net realized gains		-			-			-			-			-			(1.76	)
Total dividends and distributions		(0.21	)		(0.44	)		(0.42	)		(0.44	)		(0.48	)		(2.23	)
Net asset value, end of period		$8.30			$9.76			$9.18			$9.69			$9.42			$9.45
Total Return(b):		(13.12)%			11.44%			(1.08)%			7.67%			4.98%			(2.33)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$112,610			$147,834			$133,029			$142,478			$84,046			$74,114
Average net assets (000)		$141,421			$135,434			$141,463			$119,795			$64,595			$45,082
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.56%	(e)		0.60%			0.60%			0.60%			0.58%			0.56%
Expenses before waivers and/or expense reimbursement		0.97%	(e)		0.97%			0.96%			0.98%			1.00%			1.03%
Net investment income (loss)		4.21%	(e)		4.06%			3.87%			3.90%			4.35%			4.15%
Portfolio turnover rate(f)		48%			110%			114%			102%			90%			93%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Income Builder Fund 89

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,						December 30, 2016(a) through October 31,
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.76			$9.18			$9.69			$9.44
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.38			0.37			0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.46	)		0.64			(0.46	)		0.31
Total from investment operations		(1.26	)		1.02			(0.09	)		0.61
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.42	)		(0.36	)		(0.31	)
Tax return of capital distributions		-			(0.02	)		(0.06	)		(0.05	)
Total dividends and distributions		(0.21	)		(0.44	)		(0.42	)		(0.36	)
Net asset value, end of period		$8.29			$9.76			$9.18			$9.69
Total Return(c):		(13.13)%			11.33%			(1.07)%			6.58%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,362			$4,840			$3,343			$2,622
Average net assets (000)		$4,953			$4,163			$3,088			$1,384
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.56%	(f)		0.60%			0.60%			0.60%	(f)
Expenses before waivers and/or expense reimbursement		1.17%	(f)		1.05%			1.32%			0.90%	(f)
Net investment income (loss)		4.20%	(f)		4.04%			3.85%			3.74%	(f)
Portfolio turnover rate(g)		48%			110%			114%			102%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

90

Fund Liquidity Risk Management Program (unaudited)

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

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

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

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

PGIM Income Builder Fund 91

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

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

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

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

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
	PGIM Fixed Income PGIM Limited	655 Broad Street Newark, NJ 07102 Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
	PGIM Real Estate PGIM Real Estate (UK) Limited	7 Giralda Farms Madison, NJ 07940 Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission

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

Mutual Funds:

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

PGIM INCOME BUILDER FUND

SHARE CLASS	A	B	C	R	Z	R6
NASDAQ	PCGAX	PBCFX	PCCFX	PCLRX	PDCZX	PCGQX
CUSIP	74442X108	74442X207	74442X306	74442X405	74442X504	74442X769

MFSP504E2

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

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

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

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

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

Item 13 – Exhibits

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

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

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

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

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

SIGNATURES

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

Registrant:	Prudential Investment Portfolios 16
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2020

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

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