N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-09101
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 9
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2016
Date of reporting period:	4/30/2016

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential International Real Estate Fund

SEMIANNUAL REPORT APRIL 30, 2016

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

Objective: To seek capital appreciation and income

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

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

The accompanying financial statements as of April 30, 2016, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2016 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol 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:

The Prudential International Real Estate Fund semiannual report covers performance for the six-month period that ended April 30, 2016.

The Board of Directors (the “Board”) of the Fund recently approved the liquidation of all outstanding shares of the Fund. The liquidation is

scheduled to take place at the close of business on or about Monday, August 22, 2016 (the “liquidation date”).

In anticipation of the liquidation, the Board also approved closing the Fund to most purchases and exchanges into the Fund after the close of business on or about June 20, 2016.

As always, we at Prudential Investments remain committed to helping investors like you reach your financial objectives by offering a wide range of investment choices for purchase and exchange. For more information about our family of funds, visit www.prudentialfunds.com.

If you have any questions, please contact your financial advisor, or call the Prudential Mutual Funds Service Center at (800) 225-1852, Monday through Friday, 8 a.m. to 6 p.m. Eastern Time.

Thank you for choosing Prudential Investments.

Sincerely,

Stuart S. Parker, President

Prudential International Real Estate Fund

June 15, 2016

Prudential International Real Estate Fund 3

Your Fund’s Performance (unaudited)

Performance data quoted represent 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 www.prudentialfunds.com or by calling (800) 225-1852.

Cumulative Total Returns (Without Sales Charges) as of 4/30/16
	Six Months (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	0.46	–6.15	13.82	19.51 (12/21/10)
Class B	0.05	–6.95	8.96	14.19 (12/21/10)
Class C	0.37	–6.28	12.85	18.27 (12/21/10)
Class Z	0.55	–5.93	14.62	20.47 (12/21/10)
FTSE EPRA/NAREIT Developed ex-US Net Index	3.35	–2.87	25.10	31.69
MSCI EAFE ND Index	–3.07	–9.32	8.75	19.13
Lipper Equity International Real Estate Funds Average	0.80	–4.96	21.98	28.68
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		One Year (%)	Five Years (%)	Since Inception  (%)
Class A		–9.67	1.93	2.00 (12/21/10)
Class B		–9.91	2.02	2.06 (12/21/10)
Class C		–5.47	2.90	2.90 (12/21/10)
Class Z		–4.17	3.23	3.26 (12/21/10)
FTSE EPRA/NAREIT Developed ex-US Net Index		–2.27	4.91	4.82
MSCI EAFE ND Index		–8.27	2.29	2.83
Lipper Equity International Real Estate Funds Average		–3.00	4.57	4.47

Source: Prudential Investments LLC and Lipper Inc.

Inception returns are provided for any share class with less than 10 calendar years of returns.

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

	Class A	Class B*	Class C	Class Z
Maximum initial sales charge	5.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5/6) 0% (Yr. 7)	1% on sales made within 12 months of purchase	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	1%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

Benchmark Definitions

FTSE EPRA/NAREIT Developed ex-US Net Index—The Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/NAREIT) Developed ex-US Net Total Return Index is an unmanaged index that tracks the performance of listed real estate investment trusts (REITs) and real estate companies globally, excluding the US.

Morgan Stanley Capital International Europe, Australasia, and Far East Net Dividend Index—The Morgan Stanley Capital International Europe, Australasia, and Far East Net Dividend Index (MSCI EAFE ND Index) is an unmanaged, weighted index of performance that reflects stock price movements of developed-country markets in Europe, Australasia, and the Far East. It gives an indication of how foreign stocks have performed. The MSCI EAFE ND Index reflects the impact of the maximum withholding taxes on reinvested dividends.

Lipper Equity International Real Estate Funds Average—The Lipper Equity International Real Estate Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Equity International Real Estate Funds category for the periods noted. Funds in the Lipper Average invest at least 75% of their equity portfolios in shares of companies engaged in the real estate industry that are strictly outside of the US or whose securities are principally traded outside of the US.

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

Prudential International Real Estate Fund 5

Your Fund’s Performance (continued)

Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes. The Since Inception returns for the Indexes and the Lipper Average are measured from the closest month-end to the inception date for the indicated share class.

Five Largest Holdings expressed as a percentage of net assets as of 4/30/16 (%)
Mitsui Fudosan Co. Ltd., Diversified Real Estate Activities	4.9
Sun Hung Kai Properties Ltd., Diversified Real Estate Activities	4.8
Unibail-Rodamco SE, REIT, Retail REITs	4.7
Mitsubishi Estate Co. Ltd., Diversified Real Estate Activities	4.2
Vonovia SE, Real Estate Operating Companies	3.6

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/16 (%)
Retail REITs	30.2
Diversified Real Estate Activities	17.8
Real Estate Operating Companies	13.7
Office REITs	12.2
Diversified REITs	8.6

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

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Fees and Expenses (unaudited)

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 invested on November 1, 2015, at the beginning of the period, and held through the six-month period ended April 30, 2016. 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 Prudential Investments 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 and the impact of these fees on your ending account value, as these

Prudential International Real Estate Fund 7

Fees and Expenses (continued)

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.

Prudential International Real Estate Fund		Beginning  Account Value November 1, 2015		Ending  Account Value April 30, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,004.60		1.61	%	$	8.02
	Hypothetical	$	1,000.00	$	1,016.86		1.61	%	$	8.07
Class B	Actual	$	1,000.00	$	1,000.50		2.36	%	$	11.74
	Hypothetical	$	1,000.00	$	1,013.13		2.36	%	$	11.81
Class C	Actual	$	1,000.00	$	1,003.70		1.61	%	$	8.02
	Hypothetical	$	1,000.00	$	1,016.86		1.61	%	$	8.07
Class Z	Actual	$	1,000.00	$	1,005.50		1.36	%	$	6.78
	Hypothetical	$	1,000.00	$	1,018.10		1.36	%	$	6.82

*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, 2016, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2016 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

The Fund’s annualized expense ratios for the six-month period ended April 30, 2016, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	2.18	1.61
B	2.88	2.36
C	2.13	1.61
Z	1.88	1.36

Net operating expenses shown above reflect any fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.

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Portfolio of Investments (unaudited)

as of April 30, 2016

Description	Shares		Value (Note 1)
LONG-TERM INVESTMENTS    102.5%
COMMON STOCKS
Australia    13.8%
Dexus Property Group, REIT		79,951	$	509,783
Goodman Group, REIT		103,539		539,426
Investa Office Fund, REIT		33,602		106,099
LendLease Group		5,803		55,742
Mirvac Group, REIT		153,130		216,654
Scentre Group, REIT		214,343		760,817
Stockland, REIT		93,688		309,874
Vicinity Centres, REIT		265,116		666,395
Westfield Corp., REIT		131,581		1,004,967
				4,169,757
Canada    5.8%
Boardwalk Real Estate Investment Trust, REIT		9,509		406,976
Brookfield Canada Office Properties, REIT		9,138		200,938
Canadian Apartment Properties, REIT		32,084		762,785
Chartwell Retirement Residences, UTS, REIT		35,406		390,265
				1,760,964
China    0.2%
China Overseas Land & Investment Ltd.		22,000		69,834
France    7.5%
Fonciere des Regions, REIT*		2,589		244,936
Klepierre, REIT		8,339		392,206
Mercialys SA, REIT		9,134		203,452
Unibail-Rodamco SE, REIT		5,281		1,415,554
				2,256,148
Germany    9.6%
ADO Properties SA*		7,036		231,628
Alstria Office REIT-AG, REIT*		16,548		232,364
Deutsche Wohnen AG		15,685		480,934
LEG Immobilien AG*		4,509		418,275
TLG Immobilien AG		15,917		337,159
VIB Vermoegen AG		4,994		103,818
Vonovia SE		32,663		1,101,014
				2,905,192
Hong Kong    11.0%
Henderson Land Development Co. Ltd.		49,679		309,626
Hongkong Land Holdings Ltd.		71,100		451,485

See Notes to Financial Statements.

Prudential International Real Estate Fund 9

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Hong Kong (cont’d.)
Link REIT (The), REIT		143,500	$	870,597
Sun Hung Kai Properties Ltd.		115,500		1,455,661
Wharf Holdings Ltd. (The)		45,000		243,227
				3,330,596
Ireland    2.4%
Green REIT PLC, REIT		111,654		184,360
Hibernia REIT PLC, REIT		169,132		249,635
Irish Residential Properties REIT PLC, REIT		231,807		297,283
				731,278
Japan    29.4%
Activia Properties, Inc., REIT		89		478,212
Advance Residence Investment, REIT		48		129,282
Daito Trust Construction Co. Ltd.		900		127,289
Daiwa House REIT Investment Corp., REIT		9		48,294
Frontier Real Estate Investment Corp., REIT		61		305,972
GLP J-REIT, REIT		334		405,712
Hoshino Resorts REIT Inc., REIT		8		97,488
Invincible Investment Corp.,REIT		567		430,541
Japan Excellent, Inc., REIT		137		195,135
Japan Hotel REIT Investment Corp., REIT		465		419,459
Japan Real Estate Investment Corp., REIT		57		354,940
Japan Retail Fund Investment Corp., REIT		279		685,467
Kenedix Retail REIT Corp., REIT		358		944,109
Lasalle Logiport REIT, REIT*		86		82,120
Mitsubishi Estate Co. Ltd.		66,000		1,254,173
Mitsui Fudosan Co. Ltd.		61,000		1,489,769
Nippon Building Fund, Inc., REIT		92		582,820
Nippon Prologis REIT, Inc., REIT		72		172,644
Orix J-REIT, Inc., REIT		118		196,541
Sumitomo Realty & Development Co. Ltd.		16,000		465,220
				8,865,187
Netherlands    0.9%
Eurocommercial Properties NV, REIT		5,559		259,621
Singapore    3.2%
Ascendas Real Estate Investment Trust, REIT		177,638		324,205
Cache Logistics Trust, REIT		244,500		157,135
Keppel REIT, REIT		390,050		303,982
Mapletree Commercial Trust, REIT		165,000		183,905
				969,227

See Notes to Financial Statements.

10

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Spain    0.6%
Axiare Patrimonio SOCIMI SA, REIT		11,545	$	175,822
Sweden    2.9%
Atrium Ljungberg AB (Class B Stock)		8,100		128,410
Fabege AB		13,129		219,246
Hufvudstaden AB (Class A Stock)		14,000		217,259
Kungsleden AB		26,624		183,269
Pandox AB*		6,819		115,737
				863,921
Switzerland    0.9%
PSP Swiss Property AG		2,701		260,496
United Kingdom    14.3%
Big Yellow Group PLC, REIT		28,308		333,453
British Land Co. PLC (The), REIT		60,148		632,849
Derwent London PLC, REIT		8,542		410,549
Empiric Student Property PLC, REIT		88,964		145,914
Great Portland Estates PLC, REIT		32,774		363,406
Hammerson PLC, REIT		57,166		489,223
Kennedy Wilson Europe Real Estate PLC		7,122		113,414
Land Securities Group PLC, REIT		53,498		886,112
Segro PLC, REIT		67,231		410,774
Shaftesbury PLC, REIT		23,423		311,562
Tritax Big Box REIT PLC, REIT		117,021		232,028
				4,329,284
TOTAL LONG-TERM INVESTMENTS (cost $26,855,409)				30,947,327
SHORT-TERM INVESTMENT
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $701)(Note 3)(a)		701		701
TOTAL INVESTMENTS    102.5% (cost $26,856,110)(Note 5)				30,948,028
Liabilities in excess of other assets (2.5)%				(758,802	)
NET ASSETS    100.0%			$	30,189,226

See Notes to Financial Statements.

Prudential International Real Estate Fund 11

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

The following abbreviations are used in the semiannual report:

OTC—Over-the-counter

REIT—Real Estate Investment Trust

UTS—Unit Trust Security

* Non-income producing security.

(a) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund.

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

Level 1—quoted prices 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, 2016 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	—	$	4,169,757	$	—
Canada		1,760,964		—		—
China		—		69,834		—
France		—		2,256,148		—
Germany		335,446		2,569,746		—
Hong Kong		451,485		2,879,111		—
Ireland		731,278		—		—
Japan		82,120		8,783,067		—
Netherlands		—		259,621		—
Singapore		—		969,227		—
Spain		175,822		—		—
Sweden		—		863,921		—
Switzerland		—		260,496		—
United Kingdom		377,942		3,951,342		—
Affiliated Mutual Fund		701		—		—
Total	$	3,915,758	$	27,032,270	$	—

See Notes to Financial Statements.

12

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2016 were as follows:

Retail REITs	30.2	%
Diversified Real Estate Activities	17.8
Real Estate Operating Companies	13.7
Office REITs	12.2
Diversified REITs	8.6
Industrial REITs	7.8
Residential REITs	7.1
Hotel & Resort REITs	1.7
Health Care Facilities	1.3	%
Specialized REITs	1.1
Real Estate Development	0.6
Hotels, Resorts & Cruise Lines	0.4
	102.5
Liabilities in excess of other assets	(2.5	)
	100.0	%

See Notes to Financial Statements.

Prudential International Real Estate Fund 13

Statement of Assets & Liabilities (unaudited)

as of April 30, 2016

Assets
Investments at value:
Unaffiliated investments (cost $26,855,409)	$	30,947,327
Affiliated investments (cost $701)		701
Dividends receivable		115,340
Tax reclaim receivable		43,908
Receivable for Fund shares sold		97
Prepaid expenses		219
Total assets		31,107,592
Liabilities
Loan payable		782,000
Accrued expenses and other liabilities		74,890
Payable for investments purchased		47,214
Management fee payable		11,203
Payable for Fund shares reacquired		2,135
Distribution fee payable		443
Affiliated transfer agent fee payable		334
Loan interest payable (Note 7)		147
Total liabilities		918,366
Net Assets	$	30,189,226
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,006
Paid-in capital in excess of par		30,970,449
		30,973,455
Distributions in excess of net investment income		(353,752	)
Accumulated net realized loss on investment and foreign currency transactions		(4,526,414	)
Net unrealized appreciation on investments and foreign currencies		4,095,937
Net assets, April 30, 2016	$	30,189,226

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($976,499 ÷ 96,648 shares of beneficial interest issued and outstanding)	$	10.10
Maximum sales charge (5.50% of offering price)		0.59
Maximum offering price to public	$	10.69
Class B
Net asset value, offering price and redemption price per share, ($161,664 ÷ 16,113 shares of beneficial interest issued and outstanding)	$	10.03
Class C
Net asset value, offering price and redemption price per share, ($521,811 ÷ 52,050 shares of beneficial interest issued and outstanding)	$	10.03
Class Z
Net asset value, offering price and redemption price per share, ($28,529,252 ÷ 2,841,474 shares of beneficial interest issued and outstanding)	$	10.04

See Notes to Financial Statements.

Prudential International Real Estate Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2016

Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $45,216)	$	494,647
Affiliated dividend income		1,393
Total income		496,040
Expenses
Management fee		161,793
Distribution fee—Class A		1,419
Distribution fee—Class B		478
Distribution fee—Class C		637
Custodian and accounting fees		51,000
Registration fees		33,000
Audit fee		15,000
Shareholders’ reports		11,000
Legal fees and expenses		9,000
Trustees’ fees		6,000
Transfer agent’s fees and expenses (including affiliated expense of $1,000)		3,000
Loan interest expense		1,643
Miscellaneous		13,025
Total expenses		306,995
Less: Management fee waiver and/or expense reimbursement		(84,255	)
Distribution fee waiver—Class A		(236	)
Net expenses		222,504
Net investment income		273,536
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized loss on:
Investment transactions		(1,601,566	)
Foreign currency transactions		(4,964	)
		(1,606,530	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,234,305
Foreign currencies		5,223
		1,239,528
Net loss on investment and foreign currency transactions		(367,002	)
Net Decrease In Net Assets Resulting From Operations	$	(93,466	)

See Notes to Financial Statements.

16

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	273,536		$	526,536
Net realized loss on investment and foreign currency transactions		(1,606,530	)		(837,752	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,239,528			(996,956	)
Net decrease in net assets resulting from operations		(93,466	)		(1,308,172	)
Dividends from net investment income (Note 1)
Class A		(14,638	)		(97,062	)
Class B		(572	)		(3,274	)
Class C		(8,307	)		(20,385	)
Class Z		(559,681	)		(1,103,587	)
		(583,198	)		(1,224,308	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		4,518,083			15,229,157
Net asset value of shares issued in reinvestment of dividends and distributions		579,669			1,208,479
Cost of shares reacquired		(9,369,930	)		(7,801,618	)
Net increase (decrease) in net assets from Fund share transactions		(4,272,178	)		8,636,018
Total increase (decrease)		(4,948,842	)		6,103,538
Net Assets:
Beginning of period		35,138,068			29,034,530
End of period	$	30,189,226		$	35,138,068

See Notes to Financial Statements.

Prudential International Real Estate Fund 17

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended, (“1940 Act”). The Trust currently consists of five portfolios: Prudential Select Real Estate, Prudential International Real Estate Fund, Prudential QMA Large-Cap Core Equity Fund (formerly Prudential Large-Cap Core Equity), Prudential Absolute Return Bond Fund and Prudential Real Estate Income Fund. These financial statements relate only to Prudential International Real Estate Fund (the “Fund”). The financial statements of the other portfolios are not presented herein. The Trust was organized as a Delaware business trust on September 18, 1998. The Fund commenced operations on December 21, 2010. The Fund’s investment objective is to seek capital appreciation and income.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification 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 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 Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. 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.

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 table following the Portfolio of Investments.

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

18

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.

Common and preferred stocks traded on foreign securities exchanges are 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 can be applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price to the extent that the valuation meets the established confidence level for each security. Such confidence level is a measure of the probability of a relationship between a given equity security and the factors used in the models. If the confidence level is not met or the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as Level 2 in the fair value hierarchy.

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

Fixed income securities traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after 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. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Bank loans traded in the OTC market 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.

Prudential International Real Estate Fund 19

Notes to Financial Statements (unaudited) (continued)

OTC derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

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 daily 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

20

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 gain (loss) on foreign currency transactions.

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

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risk not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability or the level of the governmental supervision and regulation of foreign securities markets.

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 identified cost basis. Dividend income is recorded on the ex-date. 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 (loss) (other than distribution fees which are charged directly to the respective class) 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.

REITs: The Fund invests in real estate investment trusts (“REITs”), which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the year is estimated to be dividend income, capital gain or return of capital and is recorded accordingly. These estimates are adjusted when the actual source of distributions are disclosed by the REITs.

Dividends and Distributions: The Fund expects to pay dividends of net investment income and distributions of 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 may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gains are reclassified

Prudential International Real Estate Fund 21

Notes to Financial Statements (unaudited) (continued)

amongst undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

Taxes: For federal income tax purposes, the Fund is treated as a separate tax paying entity. 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 are recorded, net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the 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.

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all the investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with PGIM Real Estate, formerly known as Prudential Real Estate Investors (“PREI”), which is a business unit of PGIM, Inc. The subadvisory agreement provides that PGIM Real Estate will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM Real Estate is obligated to keep certain books and records of the Fund. PI pays for the services of PGIM Real Estate, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

Effective October 1, 2015, the management fee paid to PI is accrued daily and payable monthly at an annual rate of 1.00% of the Fund’s average daily net assets up to and including $1 billion, .98% of the next $2 billion, .96% of the next $2 billion, .95% of the next $5 billion and .94% of the Fund’s average daily net assets in excess of $10 billion. Prior to October 1, 2015, the management fee paid to PI is accrued daily and payable monthly at an annual rate of 1.00% of the Fund’s average daily net assets. The effective management fee rate before any waivers and/or expense reimbursement was 1.00% for the six months ended April 30, 2016. The effective management fee rate, net of waivers and/or expense reimbursement, was .48%.

PI has contractually agreed through February 28, 2017 to limit net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, extraordinary and certain other expenses, such as taxes, interest and brokerage commissions) of each class of shares to 1.35% of the Fund’s average daily net assets.

22

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 and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B and Class C shares, pursuant to 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 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, 1%, and 1% of the average daily net assets of the Class A, B, and C shares, respectively. PIMS has contractually agreed through February 28, 2017 to limit such fees to .25% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it has received $1,315 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2016. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2016, it has received $20 in contingent deferred sales charges imposed upon redemptions by certain Class B shareholders.

Management has received the maximum allowable amount of sales charges for Class C in accordance with regulatory limits.

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

Note 3. Other Transactions with Affiliates

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

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 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. Such transactions are subject to ratification by the Board.

The Fund invests in the Prudential Core Ultra Short Bond Fund, (formerly known as Prudential Core Taxable Money Market Fund), (the “Core Fund”), a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

Prudential International Real Estate Fund 23

Notes to Financial Statements (unaudited) (continued)

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, for the six months ended April 30, 2016, were $9,850,349 and $13,268,796, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2016 were as follows:

Tax Basis	$	27,607,187
Appreciation		3,604,369
Depreciation		(263,528	)
Net Unrealized Appreciation	$	3,340,841

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

Under the Regulated Investment Company Modernization Act of 2010 (‘the Act”), the Fund is permitted to carryforward capital losses realized on or after November 1, 2011 (“post-enactment losses”) for an unlimited period. Post-enactment losses are required to be utilized before the utilization of losses incurred prior to the effective date of the Act. As a result of this ordering rule, capital loss carryforwards related to taxable years ending before October 31, 2012 (“pre-enactment losses”) may have an increased likelihood to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses. As of October 31, 2015, the pre and post-enactment losses were approximately:

Post-Enactment Losses:	$	2,478,000
Pre-Enactment Losses:
Expiring 2018	$	190,000

Management 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 provisions for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

24

Note 6. Capital

The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are sold subject to a maximum front end sales charge of up to 5.50%. Investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are not subject to an initial sales charge, but are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months after purchase. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Z shares are not subject to any sales or redemption charge and are offered 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.

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

As of April 30, 2016, Prudential, through its affiliates, owned 114 Class B shares, 118 Class C shares and 1,199,881 Class Z shares of the Fund.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2016:
Shares sold		5,927		$	56,906
Shares issued in reinvestment of dividends and distributions		1,193			11,265
Shares reacquired		(10,679	)		(101,560	)
Net increase (decrease) in shares outstanding before conversion		(3,559	)		(33,389	)
Shares issued upon conversion from other share class(es)		39			373
Shares reacquired upon conversion into other share class(es)		(935	)		(9,121	)
Net increase (decrease) in shares outstanding		(4,455	)	$	(42,137	)
Year ended October 31, 2015:
Shares sold		32,836		$	349,714
Shares issued in reinvestment of dividends and distributions		8,043			81,233
Shares reacquired		(166,568	)		(1,710,762	)
Net increase (decrease) in shares outstanding before conversion		(125,689	)		(1,279,815	)
Shares issued upon conversion from other share class(es)		789			8,264
Shares reacquired upon conversion into other share class(es)		(5,937	)		(61,227	)
Net increase (decrease) in shares outstanding		(130,837	)	$	(1,332,778	)

Prudential International Real Estate Fund 25

Notes to Financial Statements (unaudited) (continued)

Class B	Shares			Amount
Six months ended April 30, 2016:
Shares sold		9,307		$	90,964
Shares issued in reinvestment of dividends and distributions		61			572
Shares reacquired		(1,970	)		(19,493	)
Net increase (decrease) in shares outstanding before conversion		7,398			72,043
Shares reacquired upon conversion into other share class(es)		(39	)		(373	)
Net increase (decrease) in shares outstanding		7,359		$	71,670
Year ended October 31, 2015:
Shares sold		913		$	9,703
Shares issued in reinvestment of dividends and distributions		325			3,274
Shares reacquired		(1,690	)		(17,511	)
Net increase (decrease) in shares outstanding before conversion		(452	)		(4,534	)
Shares reacquired upon conversion into other share class(es)		(795	)		(8,264	)
Net increase (decrease) in shares outstanding		(1,247	)	$	(12,798	)
Class C
Six months ended April 30, 2016:
Shares sold		599		$	5,602
Shares issued in reinvestment of dividends and distributions		888			8,307
Shares reacquired		(4,248	)		(39,587	)
Net increase (decrease) in shares outstanding before conversion		(2,761	)		(25,678	)
Shares reacquired upon conversion into other share class(es)		(1,516	)		(13,914	)
Net increase (decrease) in shares outstanding		(4,277	)	$	(39,592	)
Year ended October 31, 2015:
Shares sold		13,351		$	140,536
Shares issued in reinvestment of dividends and distributions		2,032			20,385
Shares reacquired		(8,554	)		(88,380	)
Net increase (decrease) in shares outstanding		6,829		$	72,541
Class Z
Six months ended April 30, 2016:
Shares sold		473,725		$	4,364,611
Shares issued in reinvestment of dividends and distributions		59,714			559,525
Shares reacquired		(984,427	)		(9,209,290	)
Net increase (decrease) in shares outstanding before conversion		(450,988	)		(4,285,154	)
Shares issued upon conversion from other share class(es)		2,453			23,035
Net increase (decrease) in shares outstanding		(448,535	)	$	(4,262,119	)
Year ended October 31, 2015:
Shares sold		1,412,587		$	14,729,204
Shares issued in reinvestment of dividends and distributions		109,919			1,103,587
Shares reacquired		(588,366	)		(5,984,965	)
Net increase (decrease) in shares outstanding before conversion		934,140			9,847,826
Shares issued upon conversion from other share class(es)		5,968			61,227
Net increase (decrease) in shares outstanding		940,108		$	9,909,053

26

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund utilized the SCA during the six months ended April 30, 2016. The average daily balance for the 22 days that the Fund had loans outstanding during the period was $1,666,273, borrowed at a weighted average interest rate of 1.69%. The maximum loan outstanding amount during the period was $3,580,000. There was a balance of $782,000 outstanding at April 30, 2016.

Note 8. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and has determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

Prudential International Real Estate Fund 27

Notes to Financial Statements (unaudited) (continued)

Note 9. Subsequent Event

The Board of Directors (the “Board”) of the Fund recently approved the liquidation of all outstanding shares of the Fund. The liquidation is scheduled to take place at the close of business on or about Monday, August 22, 2016 (the “liquidation date”).

28

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,												December 21, 2010(d) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.21			$11.03			$10.96			$10.33			$9.20			$10.00
Income (loss) from investment operations:
Net investment income		.07			.19			.16			.14			.19			.07
Net realized and unrealized gain (loss) on investments		(.03	)		(.60	)		.18			1.04			1.23			(.87	)
Total from investment operations		.04			(.41	)		.34			1.18			1.42			(.80	)
Less Dividends:
Dividends from net investment income		(.15	)		(.41	)		(.27	)		(.55	)		(.29	)		-
Net Asset Value, end of period		$10.10			$10.21			$11.03			$10.96			$10.33			$9.20
Total Return(a):		.46%			(3.66)%			3.27%			11.67%			16.39%			(8.00)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$976			$1,033			$2,559			$948			$346			$814
Average net assets (000)		$951			$2,074			$2,133			$589			$228			$353
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.61%	(e)(g)		1.60%			1.60%			1.60%			1.60%			1.60%	(e)
Expenses before waivers and/or expense reimbursement		2.18%	(e)		2.11%			2.48%			2.42%			2.93%			3.85%	(e)
Net investment income		1.54%	(e)		1.77%			1.53%			1.33%			2.00%			.89%	(e)
Portfolio turnover rate		30%	(f)		46%			48%			37%			21%			30%	(f)

(a) Total return does not consider the effect 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.

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

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

(g) Includes 0.01% of loan interest expense.

See Notes to Financial Statements.

Prudential International Real Estate Fund 29

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,												December 21, 2010(d) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.10			$10.92			$10.85			$10.22			$9.08			$10.00
Income (loss) from investment operations:
Net investment income		.05			.08			.08			.06			.08			.11
Net realized and unrealized gain (loss) on investments		(.05	)		(.57	)		.18			1.04			1.27			(1.03	)
Total from investment operations		-			(.49	)		.26			1.10			1.35			(.92	)
Less Dividends:
Dividends from net investment income		(.07	)		(.33	)		(.19	)		(.47	)		(.21	)		-
Net Asset Value, end of period		$10.03			$10.10			$10.92			$10.85			$10.22			$9.08
Total Return(a):		.05%			(4.46)%			2.50%			11.01%			15.63%			(9.20)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$162			$88			$109			$144			$167			$4
Average net assets (000)		$96			$99			$117			$275			$52			$5
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		2.36%	(e)(g)		2.35%			2.35%			2.35%			2.35%			2.35%	(e)
Expenses before waivers and/or expense reimbursement		2.88%	(e)		2.81%			3.18%			3.05%			3.74%			4.55%	(e)
Net investment income		1.11%	(e)		.76%			.79%			.61%			.87%			1.29%	(e)
Portfolio turnover rate		30%	(f)		46%			48%			37%			21%			30%	(f)

(a) Total return does not consider the effect 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.

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

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

(g) Includes 0.01% of loan interest expense.

See Notes to Financial Statements.

30

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,												December 21, 2010(d) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.14			$10.96			$10.89			$10.25			$9.10			$10.00
Income (loss) from investment operations:
Net investment income		.07			.14			.14			.16			.21			.14
Net realized and unrealized gain (loss) on investments		(.03	)		(.55	)		.20			1.03			1.20			(1.04	)
Total from investment operations		.04			(.41	)		.34			1.19			1.41			(.90	)
Less Dividends:
Dividends from net investment income		(.15	)		(.41	)		(.27	)		(.55	)		(.26	)		-
Net Asset Value, end of period		$10.03			$10.14			$10.96			$10.89			$10.25			$9.10
Total Return(a):		.47%			(3.69)%			3.29%			11.86%			16.36%			(9.00)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$522			$571			$542			$211			$20			$30
Average net assets (000)		$513			$551			$365			$222			$23			$23
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.61%	(e)(g)		1.60%			1.60%			1.60%			1.60%			1.96%	(e)
Expenses before waivers and/or expense reimbursement		2.13%	(e)		2.06%			2.43%			2.31%			2.86%			4.16%	(e)
Net investment income		1.50%	(e)		1.36%			1.35%			1.45%			2.31%			1.68%	(e)
Portfolio turnover rate		30%	(f)		46%			48%			37%			21%			30%	(f)

(a) Total return does not consider the effect 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.

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

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

(g) Includes 0.01% of loan interest expense.

See Notes to Financial Statements.

Prudential International Real Estate Fund 31

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,												December 21, 2010(d) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.17			$10.99			$10.92			$10.28			$9.15			$10.00
Income (loss) from investment operations:
Net investment income		.08			.16			.19			.17			.22			.18
Net realized and unrealized gain (loss) on investments		(.04	)		(.54	)		.17			1.04			1.22			(1.03	)
Total from investment operations		.04			(.38	)		.36			1.21			1.44			(.85	)
Less Dividends:
Dividends from net investment income		(.17	)		(.44	)		(.29	)		(.57	)		(.31	)		-
Net Asset Value, end of period		$10.04			$10.17			$10.99			$10.92			$10.28			$9.15
Total Return(a):		.55%			(3.42)%			3.55%			12.08%			16.82%			(8.50)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$28,529			$33,446			$25,824			$20,848			$18,994			$13,233
Average net assets (000)		$30,981			$32,071			$21,323			$20,388			$14,068			$12,252
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.36%	(e)(g)		1.35%			1.35%			1.35%			1.35%			1.35%	(e)
Expenses before waivers and/or expense reimbursement		1.88%	(e)		1.81%			2.18%			2.08%			2.65%			3.55%	(e)
Net investment income		1.70%	(e)		1.50%			1.74%			1.62%			2.39%			2.15%	(e)
Portfolio turnover rate		30%	(f)		46%			48%			37%			21%			30%	(f)

(a) 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.

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

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

(g) Includes 0.01% of loan interest expense.

See Notes to Financial Statements.

32

n    MAIL	n    TELEPHONE	n    WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

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

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Real Estate	7 Giralda Farms Madison, NJ 07940
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 a prospectus and summary prospectus by visiting our website at www.prudentialfunds.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 www.prudentialfunds.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, Prudential International Real Estate Fund, Prudential 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 SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL INTERNATIONAL REAL ESTATE FUND

SHARE CLASS	A	B	C	Z
NASDAQ	PUEAX	PUEBX	PUECX	PUEZX
CUSIP	74441J803	74441J886	74441J878	74441J860

MF210E2    0293020-00001-00

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential QMA Large-Cap Core Equity Fund

SEMIANNUAL REPORT APRIL 30, 2016

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

Objective: Long-term after-tax growth of capital

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

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

The accompanying financial statements as of April 30, 2016, 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 and member SIPC. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2016 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol 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 the Prudential QMA Large-Cap Core Equity Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2016.

Since market conditions change over time, 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. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Prudential Investments^® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential QMA Large-Cap Core Equity Fund

June 15, 2016

Prudential QMA Large-Cap Core Equity Fund 3

Your Fund’s Performance (unaudited)

Performance data quoted represent 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 www.prudentialfunds.com or by calling (800) 225-1852.

Cumulative Total Returns (Without Sales Charges) as of 4/30/16
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)
Class A	0.16	0.09	65.80	78.29
Class B	–0.19	–0.66	59.64	65.60
Class C	–0.19	–0.66	59.80	65.77
Class Z	0.35	0.35	67.84	82.83
S&P 500 Index	0.43	1.21	68.52	94.91
Lipper Large-Cap Core Funds Average	–0.79	–1.30	56.33	79.02
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		One Year (%)	Five Years (%)	Ten Years (%)
Class A		–5.78	9.96	5.51
Class B		–5.70	10.24	5.32
Class C		–1.94	10.38	5.33
Class Z		0.03	11.49	6.38
S&P 500 Index		1.78	11.56	7.00
Lipper Large-Cap Core Funds Average		–1.24	9.80	6.00

Source: Prudential Investments LLC and Lipper Inc.

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

	Class A	Class B*	Class C	Class Z
Maximum initial sales charge	5.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5) 1% (Yr. 6) 0% (Yr. 7)	1% on sales made within 12 months of purchase	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	1%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

Benchmark Definitions

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Lipper Large-Cap Core Funds Average—The Lipper Large-Cap Core Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Core Funds category for the periods noted. Funds in the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have wide latitude in the companies in which they invest. These funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share-growth value compared with the S&P 500 Index.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Prudential QMA Large-Cap Core Equity Fund 5

Your Fund’s Performance (continued)

Five Largest Holdings expressed as a percentage of net assets as of 4/30/16 (%)
Apple, Inc., Technology Hardware, Storage & Peripherals	3.4
Exxon Mobil Corp., Oil, Gas & Consumable Fuels	2.1
Facebook, Inc. (Class A Stock), Internet Software & Services	2.0
JPMorgan Chase & Co., Banks	1.8
Microsoft Corp., Software	1.7

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/16 (%)
Information Technology	20.1
Health Care	15.9
Financials	14.5
Consumer Discretionary	13.0
Consumer Staples	11.1

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

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Fees and Expenses (unaudited)

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 invested on November 1, 2015, the beginning of the period, and held through the six-month period ended April 30, 2016. 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 Prudential Investments 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 and the impact of these fees on your ending account value, as these

Prudential QMA Large-Cap Core Equity Fund 7

Fees and Expenses (continued)

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.

Prudential  QMA Large-Cap Core Equity Fund		Beginning  Account Value November 1, 2015		Ending  Account Value April 30, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,001.60		1.13	%	$	5.62
	Hypothetical	$	1,000.00	$	1,019.24		1.13	%	$	5.67
Class B	Actual	$	1,000.00	$	998.10		1.88	%	$	9.34
	Hypothetical	$	1,000.00	$	1,015.51		1.88	%	$	9.42
Class C	Actual	$	1,000.00	$	998.10		1.88	%	$	9.34
	Hypothetical	$	1,000.00	$	1,015.51		1.88	%	$	9.42
Class Z	Actual	$	1,000.00	$	1,003.50		0.88	%	$	4.38
	Hypothetical	$	1,000.00	$	1,020.49		0.88	%	$	4.42

*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, 2016, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2016 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

The Fund’s annualized expense ratios for the six-month period ended April 30, 2016, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	1.18	1.13
B	1.88	1.88
C	1.88	1.88
Z	0.88	0.88

Net operating expenses shown above reflect any fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.

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Portfolio of Investments (unaudited)

as of April 30, 2016

	Shares		Value (Note 1)
LONG-TERM INVESTMENTS    98.3%
COMMON STOCKS
CONSUMER DISCRETIONARY    13.0%
Auto Components    0.2%
Dana Holding Corp.		11,500	$	148,695
Tenneco, Inc.*		3,400		181,220
				329,915
Automobiles    1.1%
Ford Motor Co.		115,100		1,560,756
General Motors Co.		20,000		636,000
				2,196,756
Distributors    0.1%
LKQ Corp.*		5,700		182,685
Hotels, Restaurants & Leisure    2.7%
Bloomin’ Brands, Inc.		18,600		347,820
Jack in the Box, Inc.		3,300		222,915
Marriott Vacations Worldwide Corp.		1,600		100,224
McDonald’s Corp.		21,900		2,770,131
Sonic Corp.		3,900		134,043
Wyndham Worldwide Corp.		14,800		1,050,060
Yum! Brands, Inc.		11,900		946,764
				5,571,957
Household Durables    0.7%
D.R. Horton, Inc.		5,200		156,312
Meritage Homes Corp.*		5,000		170,150
Whirlpool Corp.		6,900		1,201,566
				1,528,028
Internet & Catalog Retail    1.4%
Amazon.com, Inc.*		4,500		2,968,155
Leisure Products    0.5%
Polaris Industries, Inc.		7,200		704,736
Vista Outdoor, Inc.*		5,000		239,900
				944,636
Media    1.7%
Comcast Corp. (Class A Stock)		6,000		364,560
TEGNA, Inc.		9,600		224,256

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 9

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

	Shares		Value (Note 1)
CONSUMER DISCRETIONARY (Continued)
Media (cont’d.)
Time Warner, Inc.		5,100	$	383,214
Twenty-First Century Fox, Inc. (Class A Stock)		12,600		381,276
Viacom, Inc. (Class B Stock)		14,800		605,320
Walt Disney Co. (The)		14,100		1,455,966
				3,414,592
Multiline Retail    0.7%
Macy’s, Inc.		28,200		1,116,438
Target Corp.		5,400		429,300
				1,545,738
Specialty Retail    3.4%
Best Buy Co., Inc.		22,300		715,384
GNC Holdings, Inc. (Class A Stock)		16,200		394,632
Home Depot, Inc. (The)		16,900		2,262,741
Murphy USA, Inc.*		3,700		212,454
Ross Stores, Inc.		26,800		1,521,704
Staples, Inc.		12,800		130,560
TJX Cos., Inc. (The)		22,500		1,705,950
				6,943,425
Textiles, Apparel & Luxury Goods    0.5%
Michael Kors Holdings Ltd.*		6,600		340,956
NIKE, Inc. (Class B Stock)		11,000		648,340
				989,296
CONSUMER STAPLES    11.1%
Beverages    1.3%
Coca-Cola Co. (The)		7,000		313,600
Coca-Cola Enterprises, Inc.		2,300		120,704
PepsiCo, Inc.		21,994		2,264,502
				2,698,806
Food & Staples Retailing    3.7%
CVS Health Corp.		22,400		2,251,200
Kroger Co. (The)		33,000		1,167,870
Wal-Mart Stores, Inc.		35,370		2,365,192
Walgreens Boots Alliance, Inc.		21,000		1,664,880
				7,449,142

See Notes to Financial Statements.

10

	Shares		Value (Note 1)
CONSUMER STAPLES (Continued)
Food Products    2.1%
Archer-Daniels-Midland Co.		35,700	$	1,425,858
ConAgra Foods, Inc.		28,400		1,265,504
Tyson Foods, Inc. (Class A Stock)		25,300		1,665,246
				4,356,608
Household Products    2.7%
Colgate-Palmolive Co.		11,600		822,672
Kimberly-Clark Corp.		10,500		1,314,495
Procter & Gamble Co. (The)		42,564		3,410,228
				5,547,395
Tobacco    1.3%
Altria Group, Inc.		42,400		2,658,904
ENERGY    5.8%
Energy Equipment & Services    0.4%
Bristow Group, Inc.		10,400		238,368
Ensco PLC (Class A Stock)		38,900		465,244
				703,612
Oil, Gas & Consumable Fuels    5.4%
Chevron Corp.		5,084		519,483
Columbia Pipeline Group, Inc.		22,100		566,202
ConocoPhillips		6,100		291,519
Exxon Mobil Corp.		47,474		4,196,702
Hess Corp.		7,400		441,188
Kinder Morgan, Inc.		32,300		573,648
Marathon Petroleum Corp.		27,300		1,066,884
Phillips 66		16,850		1,383,553
Tesoro Corp.		9,300		741,117
Valero Energy Corp.		12,700		747,649
Western Refining, Inc.		20,100		537,876
				11,065,821
FINANCIALS    14.5%
Banks    6.2%
Bank of America Corp.		125,368		1,825,358
Citigroup, Inc.		36,900		1,707,732
East West Bancorp, Inc.		5,000		187,450
JPMorgan Chase & Co.		58,800		3,716,160
PNC Financial Services Group, Inc. (The)		17,500		1,536,150

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 11

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

	Shares		Value (Note 1)
FINANCIALS (Continued)
Banks (cont’d.)
Regions Financial Corp.		19,300	$	181,034
U.S. Bancorp		7,991		341,136
Wells Fargo & Co.		64,464		3,221,911
				12,716,931
Capital Markets    1.8%
BlackRock, Inc.		4,500		1,603,485
Goldman Sachs Group, Inc. (The)		11,100		1,821,621
State Street Corp.		4,100		255,430
				3,680,536
Consumer Finance    1.5%
Discover Financial Services		22,700		1,277,329
Navient Corp.		47,300		646,591
Nelnet, Inc. (Class A Stock)		12,000		502,920
Synchrony Financial*		18,405		562,641
				2,989,481
Diversified Financial Services    0.7%
Berkshire Hathaway, Inc. (Class B Stock)*		9,800		1,425,704
Insurance    2.7%
Aflac, Inc.		22,000		1,517,340
Allstate Corp. (The)		19,500		1,268,475
American International Group, Inc.		6,000		334,920
Lincoln National Corp.		5,200		225,940
MetLife, Inc.		16,100		726,110
Travelers Cos., Inc. (The)		3,700		406,630
Unum Group		22,700		776,567
XL Group PLC (Ireland)		7,700		252,021
				5,508,003
Real Estate Investment Trusts (REITs)    1.5%
Ares Commercial Real Estate Corp.		8,900		106,800
Chimera Investment Corp		25,000		355,000
Empire State Realty Trust, Inc. (Class A Stock)		8,700		161,037
GEO Group, Inc. (The)		7,100		227,413
HCP, Inc.		1,900		64,277
Prologis, Inc.		21,600		980,856
RLJ Lodging Trust		8,400		176,988
Ryman Hospitality Properties, Inc.		3,600		185,508
Xenia Hotels & Resorts, Inc.		56,800		873,584
				3,131,463

See Notes to Financial Statements.

12

	Shares		Value (Note 1)
FINANCIALS (Continued)
Real Estate Management & Development    0.1%
Altisource Portfolio Solutions SA*(a)		3,000	$	93,870
Jones Lang LaSalle, Inc.		1,200		138,204
				232,074
HEALTH CARE    15.9%
Biotechnology    3.3%
AbbVie, Inc.		4,400		268,400
Amgen, Inc.		15,000		2,374,500
Biogen, Inc.*		6,400		1,759,936
Celgene Corp.*		18,700		1,933,767
Gilead Sciences, Inc.		5,600		493,976
				6,830,579
Health Care Equipment & Supplies    3.7%
Abbott Laboratories		21,900		851,910
Baxter International, Inc.		31,400		1,388,508
C.R. Bard, Inc.		3,700		785,029
Edwards Lifesciences Corp.*		11,400		1,210,794
Hill-Rom Holdings, Inc.		4,400		212,740
Hologic, Inc.*		12,500		419,875
Medtronic PLC		23,500		1,860,025
Stryker Corp.(a)		8,000		872,080
				7,600,961
Health Care Providers & Services    3.9%
Aetna, Inc.		14,300		1,605,461
Anthem, Inc.		10,200		1,435,854
Cardinal Health, Inc.		5,800		455,068
Centene Corp.*		6,600		408,936
Cigna Corp.		2,900		401,766
Express Scripts Holding Co.*		6,300		464,499
HCA Holdings, Inc.*		2,900		233,798
Magellan Health, Inc.*		3,000		211,380
McKesson Corp.		1,500		251,730
UnitedHealth Group, Inc.		19,700		2,594,096
				8,062,588
Life Sciences Tools & Services    0.7%
Bruker Corp.		6,600		186,780
Thermo Fisher Scientific, Inc.		7,400		1,067,450
VWR Corp.*		5,900		157,176
				1,411,406

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 13

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

	Shares		Value (Note 1)
HEALTH CARE (Continued)
Pharmaceuticals    4.3%
Bristol-Myers Squibb Co.		16,900	$	1,219,842
Jazz Pharmaceuticals PLC*		2,900		437,030
Johnson & Johnson		29,499		3,306,248
Merck & Co., Inc.		12,300		674,532
Pfizer, Inc.		93,634		3,062,768
				8,700,420
INDUSTRIALS    9.6%
Aerospace & Defense    2.9%
BWX Technologies, Inc.		4,900		163,611
General Dynamics Corp.		11,500		1,615,980
Huntington Ingalls Industries, Inc.		5,100		738,327
Northrop Grumman Corp.		8,900		1,835,714
Orbital ATK, Inc.		3,300		287,100
Raytheon Co.		5,200		657,020
Spirit AeroSystems Holdings, Inc. (Class A Stock)*		12,300		579,945
				5,877,697
Air Freight & Logistics    1.2%
FedEx Corp.		10,200		1,684,122
United Parcel Service, Inc. (Class B Stock)		7,400		777,518
				2,461,640
Airlines    0.9%
Southwest Airlines Co.		37,800		1,686,258
Spirit Airlines, Inc.*		3,200		140,576
				1,826,834
Building Products    0.8%
Allegion PLC		2,400		157,080
Insteel Industries, Inc.		12,500		362,375
Masco Corp.		33,300		1,022,643
Universal Forest Products, Inc.		1,900		145,635
				1,687,733
Commercial Services & Supplies
Steelcase, Inc. (Class A Stock)		4,700		71,722
Construction & Engineering
EMCOR Group, Inc.		1,400		67,872

See Notes to Financial Statements.

14

	Shares		Value (Note 1)
INDUSTRIALS (Continued)
Electrical Equipment    0.7%
Acuity Brands, Inc.		1,300	$	317,057
Eaton Corp. PLC		15,100		955,377
Emerson Electric Co.		2,500		136,575
				1,409,009
Industrial Conglomerates    1.7%
3M Co.		11,100		1,857,918
Carlisle Cos., Inc.		3,500		356,650
General Electric Co.		39,279		1,207,829
				3,422,397
Machinery    0.3%
Illinois Tool Works, Inc.		5,700		595,764
Professional Services    0.1%
Robert Half International, Inc.		5,800		222,198
Road & Rail    0.9%
AMERCO		700		246,400
Union Pacific Corp.		18,500		1,613,755
				1,860,155
Trading Companies & Distributors    0.1%
HD Supply Holdings, Inc.*		2,600		89,128
INFORMATION TECHNOLOGY    20.1%
Communications Equipment    1.3%
Brocade Communications Systems, Inc.		20,800		199,888
Cisco Systems, Inc.		82,150		2,258,304
NETGEAR, Inc.*		3,200		135,680
				2,593,872
Electronic Equipment, Instruments & Components    0.3%
Ingram Micro, Inc. (Class A Stock)		13,900		485,805
Sanmina Corp.*		7,500		177,375
				663,180
Internet Software & Services    5.1%
Akamai Technologies, Inc.*		18,100		922,919
Alphabet, Inc. (Class A Stock)*		2,770		1,960,827
Alphabet, Inc. (Class C Stock)*		4,877		3,379,810
Facebook, Inc. (Class A Stock)*		34,900		4,103,542
				10,367,098

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 15

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

	Shares		Value (Note 1)
INFORMATION TECHNOLOGY (Continued)
IT Services    2.2%
Accenture PLC (Class A Stock)		8,500	$	959,820
Cognizant Technology Solutions Corp. (Class A Stock)*		5,900		344,383
CSRA, Inc.		6,700		173,932
DST Systems, Inc.		3,100		374,108
International Business Machines Corp.		6,870		1,002,608
Leidos Holdings, Inc.		1,700		84,337
MasterCard, Inc. (Class A Stock)		8,800		853,512
Visa, Inc. (Class A Stock)(a)		10,400		803,296
				4,595,996
Semiconductors & Semiconductor Equipment    1.2%
Broadcom Ltd. (Singapore)		2,800		408,100
Intel Corp.		39,700		1,202,116
ON Semiconductor Corp.*		28,600		270,842
QUALCOMM, Inc.		6,300		318,276
Skyworks Solutions, Inc.		2,300		153,686
Texas Instruments, Inc.		3,400		193,936
				2,546,956
Software    5.4%
Activision Blizzard, Inc.		22,300		768,681
Adobe Systems, Inc.*		10,100		951,622
Citrix Systems, Inc.*		15,700		1,284,888
Intuit, Inc.		11,100		1,119,879
Manhattan Associates, Inc.*		6,600		399,564
Microsoft Corp.		71,200		3,550,744
Nuance Communications, Inc.*		36,000		618,480
Oracle Corp.		57,900		2,307,894
Symantec Corp.		4,000		66,580
				11,068,332
Technology Hardware, Storage & Peripherals    4.6%
Apple, Inc.		73,620		6,901,139
EMC Corp.		42,600		1,112,286
Hewlett Packard Enterprise Co.		47,700		794,682
HP, Inc.		47,700		585,279
				9,393,386
MATERIALS    2.0%
Chemicals    1.4%
Air Products & Chemicals, Inc.		6,400		933,696
Cabot Corp.		2,500		121,975

See Notes to Financial Statements.

16

	Shares		Value (Note 1)
MATERIALS (Continued)
Chemicals (cont’d.)
GCP Applied Technologies, Inc.*		4,300	$	95,159
Huntsman Corp.		24,300		382,482
LyondellBasell Industries NV (Class A Stock)		13,900		1,149,113
Westlake Chemical Corp.		4,000		200,760
				2,883,185
Containers & Packaging    0.3%
Greif, Inc. (Class A Stock)		4,100		142,270
Packaging Corp. of America		7,300		473,624
				615,894
Metals & Mining    0.2%
Steel Dynamics, Inc.		16,200		408,402
Paper & Forest Products    0.1%
KapStone Paper & Packaging Corp.		13,300		211,337
TELECOMMUNICATIONS SERVICES    1.9%
Diversified Telecommunication Services    1.9%
AT&T, Inc.		6,054		235,016
Inteliquent, Inc.		4,600		76,314
Verizon Communications, Inc.		69,400		3,535,236
				3,846,566
UTILITIES    4.4%
Electric Utilities    2.6%
American Electric Power Co., Inc.		4,700		298,450
Entergy Corp.		15,900		1,195,362
Exelon Corp.		43,100		1,512,379
FirstEnergy Corp.		26,400		860,376
PPL Corp.		38,200		1,437,848
				5,304,415
Gas Utilities    0.6%
AGL Resources, Inc.		14,000		922,040
UGI Corp.		10,600		426,544
				1,348,584
Independent Power & Renewable Electricity Producers    0.6%
AES Corp.		111,100		1,239,876

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 17

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

	Shares		Value (Note 1)
UTILITIES (Continued)
Multi-Utilities    0.6%
MDU Resources Group, Inc.		17,100	$	343,026
Public Service Enterprise Group, Inc.		18,800		867,244
				1,210,270
TOTAL LONG-TERM INVESTMENTS (cost $138,798,462)				201,275,115
SHORT-TERM INVESTMENTS    2.5%
AFFILIATED MUTUAL FUND    2.4%
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $4,904,070; includes $1,795,949 of cash collateral for securities on loan)(Note 3)(b)(c)		4,904,070		4,904,070
	Principal Amount (000)#
U.S. TREASURY OBLIGATION    0.1%
U.S. Treasury Bills, 0.289%, 06/16/16(d)(e) (cost $239,913)		240		239,957
TOTAL SHORT-TERM INVESTMENTS (cost $5,143,983)				5,144,027
TOTAL INVESTMENTS    100.8% (cost $143,942,445)(Note 5)				206,419,142
Liabilities in excess of other assets(f)    (0.8)%				(1,709,400	)
NET ASSETS    100.0%			$	204,709,742

The following abbreviation is used in the semiannual report:

OTC—Over-the-counter

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

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,751,554; cash collateral of $1,795,949 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

(b) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.

(c) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund.

(d) Represents security, or a portion thereof, segregated as collateral for futures contracts.

(e) Rate quoted represents yield-to-maturity as of purchase date.

See Notes to Financial Statements.

18

(f) Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:

Futures contracts outstanding at April 30, 2016:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2016		Unrealized Appreciation (Depreciation)(1)
		Long Position:
	33	S&P 500 E-Mini Index		Jun. 2016	$	3,332,502	$	3,397,515	$	65,013

(1) A U.S. Treasury Obligation with a market value of $239,957 has been segregated with Goldman Sachs & Co. to cover requirements for open contracts at April 30, 2016.

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

Level 1—quoted prices 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, 2016 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Consumer Discretionary	$	26,615,183	$	—	$	—
Consumer Staples		22,710,855		—		—
Energy		11,769,433		—		—
Financials		29,684,192		—		—
Health Care		32,605,954		—		—
Industrials		19,592,149		—		—
Information Technology		41,228,820		—		—
Materials		4,118,818		—		—
Telecommunications Services		3,846,566		—		—
Utilities		9,103,145		—		—
Affiliated Mutual Fund		4,904,070		—		—
U.S. Treasury Obligation		—		239,957		—
Other Financial Instruments*
Futures Contracts		65,013		—		—
Total	$	206,244,198	$	239,957	$	—

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

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 19

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2016 were as follows:

Information Technology	20.1	%
Health Care	15.9
Financials	14.5
Consumer Discretionary	13.0
Consumer Staples	11.1
Industrials	9.6
Energy	5.8
Utilities	4.4
Affiliated Mutual Fund (including 0.9% of collateral for securities on loan)	2.4	%
Materials	2.0
Telecommunications Services	1.9
U.S. Treasury Obligation	0.1
	100.8
Liabilities in excess of other assets	(0.8	)
	100.0	%

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2016 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Equity contracts	Due from/to broker— variation margin futures	$	65,013	*	—	$	—

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2016 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	183,066

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(112,959	)

For the six months ended April 30, 2016, the Fund’s average value at trade date for futures contracts-long positions was $3,129,063.

See Notes to Financial Statements.

20

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

Statement of Assets and Liabilities, Statement of Operations and Statement of Changes in Net Assets (unaudited)

SEMIANNUAL REPORT APRIL 30, 2016

Prudential QMA Large-Cap Core Equity Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2016

Assets
Investments at value, including securities on loan of $1,751,554:
Unaffiliated investments (cost $139,038,375)	$	201,515,072
Affiliated investments (cost $4,904,070)		4,904,070
Dividends and interest receivable		243,842
Receivable for Fund shares sold		194,237
Tax reclaim receivable		525
Prepaid expenses		606
Total assets		206,858,352
Liabilities
Payable to broker for collateral for securities on loan		1,795,949
Payable for Fund shares reacquired		120,488
Management fee payable		109,735
Distribution fee payable		52,173
Accrued expenses		30,340
Due to broker—variation margin futures		21,945
Affiliated transfer agent fee payable		17,980
Total liabilities		2,148,610
Net Assets	$	204,709,742
Net assets were comprised of:
Shares of beneficial interest, at par	$	13,699
Paid-in capital in excess of par		140,913,423
		140,927,122
Undistributed net investment income		600,785
Accumulated net realized gain on investment transactions		640,125
Net unrealized appreciation on investments		62,541,710
Net assets, April 30, 2016	$	204,709,742

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share ($89,025,872 ÷ 5,909,412 shares of beneficial interest issued and outstanding)	$	15.07
Maximum sales charge (5.50% of offering price)		0.88
Maximum offering price to public	$	15.95
Class B
Net asset value, offering price and redemption price per share ($2,350,545 ÷ 168,441 shares of beneficial interest issued and outstanding)	$	13.95
Class C
Net asset value, offering price and redemption price per share ($38,141,591 ÷ 2,730,094 shares of beneficial interest issued and outstanding)	$	13.97
Class Z
Net asset value, offering price and redemption price per share ($75,191,734 ÷ 4,891,485 shares of beneficial interest issued and outstanding)	$	15.37

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 23

Statement of Operations (unaudited)

Six Months Ended April 30, 2016

Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $788)	$	2,157,277
Affiliated income from securities lending, net		10,883
Affiliated dividend income		6,118
Interest income		306
Total income		2,174,584
Expenses
Management fee		653,419
Distribution fee—Class A		128,822
Distribution fee—Class B		12,027
Distribution fee—Class C		187,062
Transfer agent’s fees and expenses (including affiliated expense of $45,100)		118,000
Custodian and accounting fees		35,000
Registration fees		30,000
Shareholders’ reports		16,000
Audit fee		12,000
Legal fees and expenses		9,000
Trustees’ fees		7,000
Insurance expenses		1,000
Loan interest expense		68
Miscellaneous		7,221
Total expenses		1,216,619
Less: Distribution fee waiver-Class A		(21,471	)
Net expenses		1,195,148
Net investment income		979,436
Realized And Unrealized Gain (Loss) On Investments
Net realized gain on:
Investment transactions		749,625
Futures transactions		183,066
		932,691
Net change in unrealized appreciation (depreciation) on:
Investments		(1,656,084	)
Futures		(112,959	)
		(1,769,043	)
Net loss on investment transactions		(836,352	)
Net Increase In Net Assets Resulting From Operations	$	143,084

See Notes to Financial Statements.

24

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	979,436		$	1,510,203
Net realized gain on investment transactions		932,691			9,377,131
Net change in unrealized appreciation (depreciation) on investments		(1,769,043	)		(3,941,549	)
Net increase in net assets resulting from operations		143,084			6,945,785
Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(774,919	)		(577,534	)
Class B		(5,279	)		(162	)
Class C		(81,031	)		(1,954	)
Class Z		(852,298	)		(355,525	)
		(1,713,527	)		(935,175	)
Distributions from net realized gains
Class A		(4,028,233	)		(6,437,641	)
Class B		(123,545	)		(244,987	)
Class C		(1,896,176	)		(2,948,080	)
Class Z		(3,445,643	)		(2,966,065	)
		(9,493,597	)		(12,596,773	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		14,618,565			71,467,428
Net asset value of shares issued in reinvestment of dividends and distributions		10,951,763			13,218,125
Cost of shares reacquired		(20,406,990	)		(38,917,142	)
Net increase in net assets from Fund share transactions		5,163,338			45,768,411
Total increase (decrease)		(5,900,702	)		39,182,248
Net Assets:
Beginning of period		210,610,444			171,428,196
End of period(a)	$	204,709,742		$	210,610,444
(a) Includes undistributed net investment income of:	$	600,785		$	1,334,876

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 25

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust currently consists of five funds: Prudential QMA Large-Cap Core Equity Fund (the “Fund”, formerly Prudential Large-Cap Core Equity Fund), Prudential International Real Estate Fund, Prudential Absolute Return Bond Fund, Prudential Select Real Estate Fund and Prudential Real Estate Income Fund. These financial statements relate to Prudential QMA Large-Cap Core Equity Fund, a diversified fund. The financial statements of the Prudential International Real Estate Fund, Prudential Absolute Return Bond Fund, Prudential Select Real Estate Fund and Prudential Real Estate Income Fund are not presented herein. The Fund’s investment objective is long-term after-tax growth of capital.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification 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 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 Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. 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.

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 table following the Portfolio of Investments.

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

26

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.

Common and preferred stocks traded on foreign securities exchanges are 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 can be applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price to the extent that the valuation meets the established confidence level for each security. Such confidence level is a measure of the probability of a relationship between a given equity security and the factors used in the models. If the confidence level is not met or the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as Level 2 in the fair value hierarchy.

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

Fixed income securities traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after 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. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Bank loans traded in the OTC market 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.

Prudential QMA Large-Cap Core Equity Fund 27

Notes to Financial Statements (unaudited) (continued)

OTC derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid 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. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser

28

under the guidelines adopted by the Directors of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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 or foreign currency exchange 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. With exchange-traded futures contracts, 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.

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

Securities Lending: The Fund may lend their 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 a highly liquid ultra short-term bond 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. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of

Prudential QMA Large-Cap Core Equity Fund 29

Notes to Financial Statements (unaudited)(continued)

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 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 that may occur during the term of the loan.

REITs: The Fund invests in real estate investment trusts (“REITs”), which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and is recorded accordingly. These estimates are adjusted when the actual source of distributions is disclosed by the REITs.

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 identified cost basis. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an 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 distribution fees which are charged directly to the respective class) 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.

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

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. 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 shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends are recorded net of reclaimable amounts, at the time related income is earned.

30

Estimates: The preparation of the 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.

Note 2. Agreements

The Trust has a management agreement for the Fund with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s performance of such services. PI has entered into a subadvisory agreement with Quantitative Management Associates LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. PI pays for the services of QMA, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly at an annual rate of .65% of the Fund’s average daily net assets up to and including $500 million and .60% of the Fund’s average daily net assets in excess of $500 million. The effective management fee rate was ..65% for the six months ended April 30, 2016.

PI had contractually agreed, through February 29, 2016, to waive a portion of the Fund’s management fees so that the Fund’s annual operating expenses (exclusive of distribution and service (12b-1) fees, and certain other expenses such as taxes, interest, and brokerage commissions) do not exceed .95% of the Fund’s average daily net assets.

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 and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B and Class C shares, pursuant to plans of distribution (the “Class A, B and C 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 shares of the Fund.

Pursuant to the Class A, B and C Plans, the Fund compensates PIMS for distribution-related activities at an annual rate of up to .30%, 1% and 1% of the average daily net assets of the Class A, B and C shares, respectively. Through February 28, 2017, PIMS contractually agreed to limit such fees to .25% of the average daily net assets of Class A shares.

PIMS has advised the Fund that it received $34,260 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2016.

From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

Prudential QMA Large-Cap Core Equity Fund 31

Notes to Financial Statements (unaudited)(continued)

PIMS has advised the Fund that for the six months ended April 30, 2016, it received $1,371 and $327 in contingent deferred sales charges imposed upon certain redemptions by Class B and Class C shareholders, respectively.

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

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’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.

PGIM, Inc., an indirect, wholly-owned subsidiary of Prudential, is the Fund’s securities lending agent. Net earnings from securities lending are disclosed on the Statement of Operations as “Affiliated income from securities lending, net”. For the six months ended April 30, 2016, PGIM, Inc. has been compensated approximately $1,600 for these services. Effective February 5, 2016, PGIM, Inc. is being paid no compensation for acting as securities lending agent. In addition, the securities lending agent continues to absorb the transaction costs associated with the securities lending activity. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

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 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. Such transactions are subject to ratification by the Board.

The Fund invests in the Prudential Core Ultra Short Bond Fund, (formerly known as Prudential Core Taxable Money Market Fund), (the “Core Fund”), a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of investment securities, other than short-term investments, for the six months ended April 30, 2016, were $85,304,558 and $91,111,859, respectively.

32

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2016 were as follows:

Tax Basis	$	144,038,217
Appreciation		62,792,915
Depreciation		(411,990	)
Net Unrealized Appreciation	$	62,380,925

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

Management has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.50%. Purchases of $1 million or more are subject to a contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of their purchase. The Class A shares CDSC is waived for purchases by certain retirement and/or benefit plans. Class B shares are sold with a CDSC which declines from 5% to zero depending upon the period of time the shares are held. Class B shares will automatically convert to Class A shares approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months of purchase. Class Z shares are not subject to any sales or redemption charge and are offered exclusively for a 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 capital stock.

The Fund has authorized an unlimited number of shares of beneficial interest at $.001 par value.

Prudential QMA Large-Cap Core Equity Fund 33

Notes to Financial Statements (unaudited)(continued)

Class A	Shares			Amount
Six months ended April 30, 2016:
Shares sold		296,912		$	4,393,413
Shares issued in reinvestment of dividends and distributions		320,176			4,668,169
Shares reacquired		(309,419	)		(4,555,287	)
Net increase (decrease) in shares outstanding before conversion		307,669			4,506,295
Shares issued upon conversion from other share class(es)		16,919			256,064
Shares reacquired upon conversion into other share class(es)		(1,808	)		(28,606	)
Net increase (decrease) in shares outstanding		322,780		$	4,733,753
Year ended October 31, 2015:
Shares sold		430,871		$	6,889,335
Shares issued in reinvestment of dividends and distributions		432,617			6,839,669
Shares reacquired		(616,725	)		(9,820,019	)
Net increase (decrease) in shares outstanding before conversion		246,763			3,908,985
Shares issued upon conversion from other share class(es)		68,269			1,096,026
Shares reacquired upon conversion into other share class(es)		(80,198	)		(1,279,380	)
Net increase (decrease) in shares outstanding		234,834		$	3,725,631
Class B
Six months ended April 30, 2016:
Shares sold		8,826		$	121,434
Shares issued in reinvestment of dividends and distributions		8,828			119,535
Shares reacquired		(13,513	)		(179,733	)
Net increase (decrease) in shares outstanding before conversion		4,141			61,236
Shares reacquired upon conversion into other share class(es)		(17,104	)		(239,533	)
Net increase (decrease) in shares outstanding		(12,963	)	$	(178,297	)
Year ended October 31, 2015:
Shares sold		33,048		$	497,026
Shares issued in reinvestment of dividends and distributions		15,954			235,324
Shares reacquired		(32,007	)		(471,704	)
Net increase (decrease) in shares outstanding before conversion		16,995			260,646
Shares reacquired upon conversion into other share class(es)		(33,347	)		(493,572	)
Net increase (decrease) in shares outstanding		(16,352	)	$	(232,926	)

34

Class C	Shares			Amount
Six months ended April 30, 2016:
Shares sold		113,878		$	1,574,903
Shares issued in reinvestment of dividends and distributions		141,301			1,916,041
Shares reacquired		(148,349	)		(2,015,912	)
Net increase (decrease) in shares outstanding before conversion		106,830			1,475,032
Shares reacquired upon conversion into other share class(es)		(12,313	)		(171,971	)
Net increase (decrease) in shares outstanding		94,517		$	1,303,061
Year ended October 31, 2015:
Shares sold		339,669		$	5,033,340
Shares issued in reinvestment of dividends and distributions		194,484			2,870,589
Shares reacquired		(275,243	)		(4,084,964	)
Net increase (decrease) in shares outstanding before conversion		258,910			3,818,965
Shares reacquired upon conversion into other share class(es)		(62,640	)		(935,768	)
Net increase (decrease) in shares outstanding		196,270		$	2,883,197
Class Z
Six months ended April 30, 2016:
Shares sold		585,196		$	8,528,815
Shares issued in reinvestment of dividends and distributions		285,869			4,248,018
Shares reacquired		(921,974	)		(13,656,058	)
Net increase (decrease) in shares outstanding before conversion		(50,909	)		(879,225	)
Shares issued upon conversion from other share class(es)		12,431			191,898
Shares reacquired upon conversion into other share class(es)		(510	)		(7,852	)
Net increase (decrease) in shares outstanding		(38,988	)	$	(695,179	)
Year ended October 31, 2015:
Shares sold		3,631,013		$	59,047,727
Shares issued in reinvestment of dividends and distributions		203,264			3,272,543
Shares reacquired		(1,502,440	)		(24,540,455	)
Net increase (decrease) in shares outstanding before conversion		2,331,837			37,779,815
Shares issued upon conversion from other shares class(es)		100,946			1,639,421
Shares reacquired upon conversion into other share class(es)		(1,655	)		(26,727	)
Net increase (decrease) in shares outstanding		2,431,128		$	39,392,509

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

Prudential QMA Large-Cap Core Equity Fund 35

Notes to Financial Statements (unaudited)(continued)

The Fund utilized the SCA during the six months ended April 30, 2016. The average daily balance for the 5 days the Fund had loans outstanding during the period was $289,800, borrowed at a weighted average interest rate of 1.69%. The maximum loan outstanding amount during the period was $369,000. At April 30, 2016, the Fund did not have an outstanding loan amount.

Note 8. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and has determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

36

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$15.92			$16.55			$15.23			$12.70			$11.84			$11.01
Income (loss) from investment operations:
Net investment income		.08			.14			.11			.14			.11			.05
Net realized and unrealized gain (loss) on investment transactions		(.07	)		.55			2.46			3.01			1.65			.80
Total from investment operations		.01			.69			2.57			3.15			1.76			.85
Less Dividends and Distributions:
Dividends from net investment income		(.14	)		(.11	)		(.13	)		(.13	)		(.11	)		(.02	)
Distributions from net realized gains		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)		-
Total dividends and distributions		(.86	)		(1.32	)		(1.25	)		(.62	)		(.90	)		(.02	)
Net asset value, end of period		$15.07			$15.92			$16.55			$15.23			$12.70			$11.84
Total Return(b):		.22%			4.20%			18.09%			26.00%			16.16%			7.71%
Ratios/Supplemental Data:
Net assets, end of period (000)		$89,026			$88,920			$88,561			$81,558			$70,475			$61,961
Average net assets (000)		$86,355			$90,171			$86,047			$76,459			$65,277			$65,724
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.13%	(d)		1.14%			1.16%			1.20%			1.20%			1.55%
Expenses before waivers and/or expense reimbursement		1.18%	(d)		1.19%			1.21%			1.30%			1.40%			1.69%
Net investment income		1.02%	(d)		.89%			.74%			.99%			.95%			.43%
Portfolio turnover rate		43%	(e)		112%			91%			94%			89%			121%

(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 return may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 37

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.75			$15.43			$14.29			$11.96			$11.20			$10.47
Income (loss) from investment operations:
Net investment income (loss)		.02			.02			-	(d)		.03			.03			(.03	)
Net realized and unrealized gain (loss) on investment transactions		(.07	)		.51			2.29			2.84			1.55			.76
Total from investment operations		(.05	)		.53			2.29			2.87			1.58			.73
Less Dividends and Distributions:
Dividends from net investment income		(.03	)		-	(d)		(.03	)		(.05	)		(.03	)		-
Distributions from net realized gains		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)		-
Total dividends and distributions		(.75	)		(1.21	)		(1.15	)		(.54	)		(.82	)		-
Net asset value, end of period		$13.95			$14.75			$15.43			$14.29			$11.96			$11.20
Total Return(b):		(.19)%			3.42%			17.16%			25.02%			15.29%			6.97%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,351			$2,676			$3,052			$3,275			$3,029			$4,038
Average net assets (000)		$2,419			$3,018			$3,150			$3,085			$3,496			$4,886
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.88%	(f)		1.89%			1.91%			1.95%			1.95%			2.27%
Expenses before waivers and/or expense reimbursement		1.88%	(f)		1.89%			1.91%			2.00%			2.11%			2.38%
Net investment income (loss)		.30%	(f)		.15%			-	(e)		.25%			.22%			(.28)%
Portfolio turnover rate		43%	(g)		112%			91%			94%			89%			121%

(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 return may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) Less than $.005 per share.

(e) Less than .005%.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

38

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$14.77			$15.45			$14.30			$11.97			$11.21			$10.48
Income (loss) from investment operations:
Net investment income (loss)		.02			.02			-	(d)		.03			.02			(.03	)
Net realized and unrealized gain (loss) on investment transactions		(.07	)		.51			2.30			2.84			1.56			.76
Total from investment operations		(.05	)		.53			2.30			2.87			1.58			.73
Less Dividends and Distributions:
Dividends from net investment income		(.03	)		-	(d)		(.03	)		(.05	)		(.03	)		-
Distributions from net realized gains		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)		-
Total dividends and distributions		(.75	)		(1.21	)		(1.15	)		(.54	)		(.82	)		-
Net asset value, end of period		$13.97			$14.77			$15.45			$14.30			$11.97			$11.21
Total Return(b):		(.19)%			3.42%			17.21%			24.99%			15.28%			6.97%
Ratios/Supplemental Data:
Net assets, end of period (000)		$38,142			$38,919			$37,681			$32,128			$20,134			$20,636
Average net assets (000)		$37,618			$38,738			$35,817			$23,702			$20,445			$22,444
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.88%	(e)		1.89%			1.91%			1.95%			1.95%			2.27%
Expenses before waivers and/or expense reimbursement		1.88%	(e)		1.89%			1.91%			2.00%			2.10%			2.39%
Net investment income (loss)		.27%	(e)		.14%			(.01)%			.20%			.20%			(.28)%
Portfolio turnover rate		43%	(f)		112%			91%			94%			89%			121%

(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 return may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 39

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$16.24			$16.86			$15.49			$12.91			$12.03			$11.18
Income (loss) from investment operations:
Net investment income		.10			.18			.16			.17			.15			.07
Net realized and unrealized gain (loss) on investment transactions		(.07	)		.55			2.49			3.06			1.67			.83
Total from investment operations		.03			.73			2.65			3.23			1.82			.90
Less Dividends and Distributions:
Dividends from net investment income		(.18	)		(.14	)		(.16	)		(.16	)		(.15	)		(.05	)
Distributions from net realized gains		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)		-
Total dividends and distributions		(.90	)		(1.35	)		(1.28	)		(.65	)		(.94	)		(.05	)
Net asset value, end of period		$15.37			$16.24			$16.86			$15.49			$12.91			$12.03
Total Return(b):		.35%			4.41%			18.39%			26.28%			16.41%			8.04%
Ratios/Supplemental Data:
Net assets, end of period (000)		$75,192			$80,096			$42,134			$34,851			$34,551			$32,419
Average net assets (000)		$75,770			$57,677			$38,052			$37,799			$32,953			$144,295
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.88%	(d)		.89%			.91%			.95%			.95%			1.42%
Expenses before waivers and/or expense reimbursement		.88%	(d)		.89%			.91%			1.00%			1.10%			1.44%
Net investment income		1.29%	(d)		1.12%			.99%			1.25%			1.21%			.58%
Portfolio turnover rate		43%	(e)		112%			91%			94%			89%			121%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

40

n    MAIL	n    TELEPHONE	n    WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

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

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Quantitative Management Associates 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	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 a prospectus and summary prospectus by visiting our website at www.prudentialfunds.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 www.prudentialfunds.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, Prudential QMA Large-Cap Core Equity Fund, Prudential 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 SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL QMA LARGE-CAP CORE EQUITY FUND

SHARE CLASS	A	B	C	Z
NASDAQ	PTMAX	PTMBX	PTMCX	PTEZX
CUSIP	74441J100	74441J209	74441J308	74441J407

MF187E2    0292994-00001-00

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential Absolute Return Bond Fund

SEMIANNUAL REPORT APRIL 30, 2016

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

Objective: To seek positive returns over the long term, regardless of market
conditions

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

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

The accompanying financial statements as of April 30, 2016, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. Prudential Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2016 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol 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 the Prudential Absolute Return Bond Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2016.

Since market conditions change over time, 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. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Prudential Investments^® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Absolute Return Bond Fund

June 15, 2016

Prudential Absolute Return Bond Fund 3

Your Fund’s Performance (unaudited)

Performance data quoted represent 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 www.prudentialfunds.com or by calling (800) 225-1852.

Cumulative Total Returns (Without Sales Charges) as of 4/30/16
	Six Months (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	0.55	–0.59	8.25	8.76 (3/30/11)
Class C	0.18	–1.33	4.26	4.81 (3/30/11)
Class Q	0.70	–0.28	9.74	10.55 (3/30/11)
Class Z	0.67	–0.34	9.45	10.27 (3/30/11)
BofA ML USD LIBOR 3-Month CM Index	0.21	0.35	1.64	1.67
Lipper Alternative Credit Focus Funds Average	–0.21	–2.18	9.72	10.56
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		One Year (%)	Five Years (%)	Since Inception  (%)
Class A		–6.30	0.47	0.46 (3/30/11)
Class C		–3.56	0.66	0.66 (3/30/11)
Class Q		–1.47	1.74	1.74 (3/30/11)
Class Z		–1.63	1.67	1.67 (3/30/11)
BofA ML USD LIBOR 3-Month CM Index		0.33	0.32	0.32
Lipper Alternative Credit Focus Funds Average		–3.05	1.73	1.73

Source: Prudential Investments LLC and Lipper Inc.

Inception returns are provided for any share class with less than 10 calendar years of returns.

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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 C	Class Q	Class Z
Maximum initial sales charge	4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	1% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.25%	1%	None	None

Benchmark Definitions

BofA ML USD LIBOR 3-Month CM Index—The Bank of America Merrill Lynch US Dollar LIBOR 3-Month Constant Maturity Index (BofA ML USD LIBOR 3-Month CM Index) is an unmanaged index that tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that current day fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

Lipper Alternative Credit Focus Funds Average—The Lipper Alternative Credit Focus Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Alternative Credit Focus Funds category for the periods noted. Funds in the Lipper Average are funds that, by prospectus language, invest in a wide range of credit-structured vehicles by using either fundamental credit research analysis or quantitative credit portfolio modeling trying to benefit from any changes in credit quality, credit spreads, and market liquidity.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes. The Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the inception date for the indicated share class.

Prudential Absolute Return Bond Fund 5

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/16
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.10	2.52	2.43
Class C	0.07	1.89	1.80
Class Q	0.11	2.93	2.93
Class Z	0.11	2.87	2.78

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

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

Credit Quality expressed as a percentage of total investments as of 4/30/2016 (%)
AAA	20.5
AA	5.2
A	9.2
BBB	16.6
BB	26.4
B	8.9
CCC	0.2
C	0.1
Not Rated	5.4
Cash/Cash Equivalents	7.5
Total Investments	100.0

Source: PGIM, Inc.

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investor Service, Inc. (Moody’s), Standard & Poor’s (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

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Fees and Expenses (unaudited)

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 invested on November 1, 2015, at the beginning of the period, and held through the six-month period ended April 30, 2016. 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 Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential Absolute Return Bond Fund 7

Fees and Expenses (continued)

Fund account over the six-month period when you estimate the total ongoing expenses paid over the period 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.

Prudential  Absolute Return Bond Fund		Beginning  Account Value November 1, 2015		Ending  Account Value April 30, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,005.50		1.15	%	$	5.73
	Hypothetical	$	1,000.00	$	1,019.14		1.15	%	$	5.77
Class C	Actual	$	1,000.00	$	1,001.80		1.90	%	$	9.46
	Hypothetical	$	1,000.00	$	1,015.42		1.90	%	$	9.52
Class Q	Actual	$	1,000.00	$	1,007.00		0.86	%	$	4.29
	Hypothetical	$	1,000.00	$	1,020.59		0.86	%	$	4.32
Class Z	Actual	$	1,000.00	$	1,006.70		0.90	%	$	4.49
	Hypothetical	$	1,000.00	$	1,020.39		0.90	%	$	4.52

*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, 2016, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2016 (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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The Fund’s annualized expense ratios for the six-month period ended April 30, 2016, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	1.24	1.15
C	1.99	1.90
Q	0.86	0.86
Z	0.99	0.90

Net operating expenses shown above reflect any fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.

Prudential Absolute Return Bond Fund 9

Portfolio of Investments (unaudited)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
LONG-TERM INVESTMENTS    95.1%
ASSET-BACKED SECURITIES    29.4%
Collateralized Debt Obligation    0.1%
Landmark VIII CDO Ltd. (Cayman Islands), Series 2006-8A, Class A2, 144A		0.963	%(a)		10/19/20		2,500	$	2,455,640
Collateralized Loan Obligations    16.4%
A Voce CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1A, 144A		2.078	(a)		07/15/26		13,250		13,086,067
Series 2014-1A, Class A2A, 144A		2.628	(a)		07/15/26		8,500		8,059,861
ACAS CLO Ltd. (Cayman Islands), Series 2013-1A, Class A, 144A		1.814	(a)		04/20/25		6,050		5,991,383
AIMCO CLO (Cayman Islands), Series 2014-AA, Class B1, 144A		2.634	(a)		07/20/26		5,000		4,911,818
Series 2014-AA, Class B2, 144A		4.580			07/20/26		1,000		971,679
ALM Loan Funding CLO (Cayman Islands), Series 2014-14A, Class A2, 144A		2.734	(a)		07/28/26		500		498,622
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2014-5A, Class A, 144A		2.228	(a)		10/15/26		9,750		9,768,265
Atlas Senior Loan Fund CLO Ltd. (Cayman Islands), Series 2014-6A, Class A, 144A		2.168	(a)		10/15/26		250		249,569
Babson CLO Ltd. (Cayman Islands), Series 2013-IA, Class A, 144A		1.734	(a)		04/20/25		2,070		2,047,938
Ballyrock CLO LLC (Cayman Islands), Series 2013-1A, Class A, 144A		1.798	(a)		05/20/25		9,800		9,645,827
Battalion CLO IV Ltd. (Cayman Islands), Series 2013-4A, Class A1, 144A		2.035	(a)		10/22/25		5,450		5,424,095
Battalion CLO VII Ltd. (Cayman Islands), Series 2014-7A, Class A1, 144A		2.233	(a)		10/17/26		12,500		12,442,521
Battalion CLO VIII Ltd. (Cayman Islands), Series 2015-8A, Class A1, 144A		2.163	(a)		04/18/27		12,500		12,270,247
Benefit Street Partners CLO II Ltd. (Cayman Islands), Series 2013-IIA, Class A1, 144A		1.828	(a)		07/15/24		11,200		11,053,725
Series 2013-IIA, Class A2B, 144A		3.339			07/15/24		10,000		10,003,646
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.783	(a)		04/17/25		10,300		10,121,368
Series 2013-1A, Class B1, 144A		2.383	(a)		04/17/25		5,250		5,050,602
Series 2013-1A, Class B2, 144A		3.020			04/17/25		6,200		5,982,856
Cavalry CLO II (Cayman Islands), Series 2013-2A, Class A, 144A		1.983	(a)		01/17/24		4,200		4,144,014
ECP CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1A, 144A		2.078	(a)		07/15/26		7,600		7,440,782

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 11

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Flatiron CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		2.033	%(a)		01/17/26		4,500	$	4,473,949
Galaxy CLO Ltd. (Cayman Islands), Series 2014-18A, Class A, 144A		2.098	(a)		10/15/26		23,800		23,640,281
ICG US CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1B, 144A		3.280			01/25/27		11,000		10,987,711
ING Investment Management CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.768	(a)		04/15/24		1,600		1,580,153
Series 2013-2A, Class A1, 144A		1.788	(a)		04/25/25		1,000		987,441
Series 2013-2A, Class A2B, 144A		3.070			04/25/25		2,000		1,992,226
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.168	(a)		04/15/27		12,000		11,920,876
KVK CLO Ltd. (Cayman Islands), Series 2014-3A, Class B, 144A		2.728	(a)		10/15/26		7,250		7,132,009
Limerock CLO II Ltd. (Cayman Islands), Series 2014-2A, Class A, 144A		2.133	(a)		04/18/26		2,000		1,988,283
Magnetite IX CLO Ltd. (Cayman Islands), Series 2014-9A, Class A1, 144A		2.058	(a)		07/25/26		1,000		998,189
Magnetite XI CLO Ltd. (Cayman Islands), Series 2014-11A, Class A1, 144A		2.083	(a)		01/18/27		5,750		5,714,326
Neuberger Berman CLO XII Ltd. (Cayman Islands), Series 2012-12A, Class BR, 144A		2.738	(a)		07/25/23		2,250		2,221,808
Ocean Trails CLO IV (Cayman Islands), Series 2013-4A, Class A, 144A		1.918	(a)		08/13/25		9,900		9,753,439
OneMain Financial Issuance Trust, Series 2014-2A, Class C, 144A		4.330			09/18/24		8,000		7,735,533
Series 2015-1A, Class B, 144A		3.850			03/18/26		2,000		1,941,799
Series 2015-2A, Class B, 144A(b)		3.100			07/18/25		5,000		4,812,857
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-2A, Class A1A, 144A		2.134	(a)		07/20/27		12,000		11,928,868
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class A, 144A		1.868	(a)		02/20/25		1,000		993,486
Regatta III Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1A, 144A		2.148	(a)		04/15/26		1,500		1,498,507
Shackleton VI CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1, 144A		2.113	(a)		07/17/26		19,500		19,290,562
Sheridan Square CLO Ltd. (Cayman Islands), Series 2013-1A, Class A1, 144A		1.678	(a)		04/15/25		10,400		10,217,859
Silver Spring CLO Ltd. (Cayman Islands), Series 2014-1A, Class A, 144A		2.078	(a)		10/15/26		2,729		2,696,887

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Sound Point CLO Ltd. (Cayman Islands), Series 2012-1A, Class B, 144A		3.334	%(a)		10/20/23		550	$	549,964
THL Credit Wind River CLO Ltd. (Cayman Islands), Series 2013-2A, Class A1, 144A		2.083	(a)		01/18/26		4,750		4,724,160
Vibrant CLO Ltd. (Cayman Islands), Series 2015-3A, Class A1, 144A		2.264	(a)		04/20/26		28,000		27,800,217
									316,746,275
Non-Residential Mortgage-Backed Securities    2.2%
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-6A, Class A, 144A		2.071	(a)		05/05/27		15,250		15,132,107
OZLM Funding IV Ltd. (Cayman Islands), Series 2013-4A, Class A1, 144A		1.785	(a)		07/22/25		4,200		4,157,935
Sierra Timeshare Receivables Funding LLC, Series 2012-3A, Class A, 144A		1.870			08/20/29		187		185,847
Slater Mill Loan Fund LP (Cayman Islands), Series 2012-1A, Class B, 144A		3.268	(a)		08/17/22		250		248,509
Springleaf Funding Trust, Series 2015-AA, Class A, 144A		3.160			11/15/24		12,930		12,944,663
Series 2015-AA, Class B, 144A		3.620			11/15/24		3,430		3,307,910
Series 2015-AA, Class C, 144A		5.040			11/15/24		6,000		5,782,131
									41,759,102
Residential Mortgage-Backed Securities    10.7%
Accredited Mortgage Loan Trust, Series 2004-3, Class 2A2		1.639	(a)		10/25/34		4,256		4,238,096
Series 2004-3, Class 2A5		1.519	(a)		10/25/34		2,176		2,018,780
Series 2005-3, Class M1		0.880	(a)		09/25/35		1,964		1,933,940
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1, Class M1		1.339	(a)		09/25/33		609		571,148
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-1, Class M1		1.789	(a)		02/25/33		2,093		1,970,557
Series 2003-10, Class AV1		1.199	(a)		12/25/33		4,554		4,429,758
Series 2005-R10, Class A2C		0.769	(a)		01/25/36		469		461,203
Amortizing Residential Collateral Trust, Series 2002-BC8, Class A3		1.439	(a)		11/25/32		984		954,871
Argent Securities, Inc.,
Series 2003-W5, Class M1		1.489	(a)		10/25/33		58		56,466
Series 2003-W7, Class M1		1.474	(a)		03/25/34		1,476		1,445,387

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 13

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-W8, Class M1		1.489	%(a)		12/25/33		1,022	$	912,077
Series 2003-W9, Class M1		1.474	(a)		01/25/34		2,459		2,285,784
Series 2004-W6, Class AF		4.123	(a)		05/25/34		280		283,796
Series 2004-W6, Class AV5		1.239	(a)		05/25/34		587		548,336
Asset Backed Funding Certificates, Series 2004-OPT5, Class A1		1.139	(a)		06/25/34		1,498		1,391,348
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2003-HE6, Class A2		1.119	(a)		11/25/33		1,758		1,660,805
Series 2003-HE6, Class A3B		1.399	(a)		11/25/33		3,546		3,176,107
Series 2004-HE3, Class M1		1.249	(a)		06/25/34		3,536		3,308,303
Bayview Opportunity Master Fund liib NPL Trust, Series 2015-NPLA, Class A, 144A		3.721	(a)		07/28/35		11,461		11,429,656
Bear Stearns Asset-Backed Securities I Trust,
Series 2004-FR2, Class M2		1.459	(a)		06/25/34		1,100		997,043
Series 2004-HE11, Class M2		2.014	(a)		12/25/34		5,194		5,086,741
Bear Stearns Asset-Backed Securities Trust,
Series 2002-2, Class A1		1.099	(a)		10/25/32		1,742		1,644,589
Series 2003-3, Class A2		1.619	(a)		06/25/43		178		168,708
Series 2003-HE1, Class M1		1.534	(a)		01/25/34		2,418		2,341,629
Series 2004-HE5, Class M1		1.294	(a)		07/25/34		5,039		4,805,786
Chase Funding Trust,
Series 2002-3, Class 2A1		1.079	(a)		08/25/32		339		307,033
Series 2003-4, Class 1A5		5.416			05/25/33		1,005		1,032,915
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-OPT1, Class M1		1.069	(a)		02/25/35		317		305,529
Series 2005-WF1, Class A5		5.010	(a)		11/25/34		199		202,179
Countrywide Asset-Backed Certificates,
Series 2003-BC4, Class M1		1.489	(a)		07/25/33		1,161		1,092,779
Series 2004-BC4, Class M1		1.489	(a)		11/25/34		1,068		1,018,302
Series 2004-1, Class M1		1.189	(a)		03/25/34		227		217,244
Series 2004-3, Class 1A		0.859	(a)		08/25/34		8,662		7,944,690
Series 2004-6, Class 1A1		0.979	(a)		12/25/34		2,463		2,267,844
Credit-Based Asset Servicing and Securitization LLC,
Series 2003-CB3, Class AF1		3.379	(a)		12/25/32		197		192,449
Series 2003-CB5, Class M1		1.459	(a)		11/25/33		930		878,747
Series 2004-CB1, Class AF1		4.520			10/25/32		1,974		1,966,519
Finance America Mortgage Loan Trust,
Series 2003-1, Class M1		1.489	(a)		09/25/33		2,685		2,476,738
Series 2004-2, Class M1		1.264	(a)		08/25/34		7,700		7,034,937

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A2		1.199	%(a)		08/25/34		1,695	$	1,565,481
Fremont Home Loan Trust, Series 2004-4, Class M1		1.234	(a)		03/25/35		2,512		2,348,673
GSAMP Trust,
Series 2003-HE2, Class A1A, 144A		1.039	(a)		08/25/33		1,158		1,074,209
Series 2004-AR1, Class A2B		1.639	(a)		06/25/34		1,422		1,401,969
Series 2004-FM1, Class M1		1.414	(a)		11/25/33		346		323,461
Series 2004-FM2, Class M1		1.189	(a)		01/25/34		2,273		2,110,592
Series 2004-NC2, Class A1B		1.339	(a)		10/25/34		1,787		1,483,397
Home Equity Asset Trust,
Series 2003-6, Class M1		1.489	(a)		02/25/34		1,438		1,357,940
Series 2004-3, Class M1		1.294	(a)		08/25/34		1,645		1,568,376
Series 2004-7, Class A2		1.279	(a)		01/25/35		1,050		996,626
HSBC Home Equity Loan Trust U.S.A., Series 2007-3, Class A4		1.939	(a)		11/20/36		847		847,789
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1		0.869	(a)		12/25/35		916		861,747
Long Beach Mortgage Loan Trust,
Series 2003-4, Class AV1		1.059	(a)		08/25/33		1,464		1,309,360
Series 2004-2, Class A1		0.879	(a)		06/25/34		985		917,868
Mastr Asset-Backed Securities Trust,
Series 2003-OPT1, Class M2		3.214	(a)		12/25/32		2,020		2,023,740
Series 2003-WMC2, Class M2		2.914	(a)		08/25/33		1,213		1,191,476
Series 2005-NC1, Class M1		1.159	(a)		12/25/34		8,247		7,524,527
Merrill Lynch Mortgage Investors Trust, Series 2002-HE1, Class A1		1.439	(a)		08/25/32		3,838		3,707,452
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE3, Class M1		1.459	(a)		10/25/33		4,608		4,300,205
Series 2003-NC6, Class M1		1.639	(a)		06/25/33		899		867,044
Series 2003-NC8, Class M1		1.489	(a)		09/25/33		817		773,681
Series 2003-NC10, Class M1		1.459	(a)		10/25/33		1,119		1,054,036
Series 2004-HE3, Class M1		1.294	(a)		03/25/34		812		768,437
Series 2004-HE4, Class M1		1.339	(a)		05/25/34		6,584		6,255,267
Series 2004-HE5, Class M1		1.384	(a)		06/25/34		1,138		1,069,899
Series 2004-NC3, Class M1		1.234	(a)		03/25/34		2,765		2,628,491
Series 2004-NC5, Class M1		1.339	(a)		05/25/34		352		322,831
Series 2004-NC6, Class M1		1.339	(a)		07/25/34		2,280		2,153,094
Series 2004-OP1, Class M1		1.309	(a)		11/25/34		1,941		1,756,150
Series 2004-WMC1, Class M1		1.369	(a)		06/25/34		182		175,698
Morgan Stanley Home Equity Loan Trust, Series 2006-1, Class A2C		0.769	(a)		12/25/35		270		260,786

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 15

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Option One Mortgage Accep Corp. Asset-Backed Certificates, Series 2003-3, Class A1		1.019	%(a)		06/25/33		1,963	$	1,791,523
Series 2003-4, Class A2		1.079	(a)		07/25/33		883		817,858
Option One Mortgage Loan Trust, Series 2004-1, Class M1		1.339	(a)		01/25/34		2,104		1,956,713
Series 2005-1, Class A4		1.239	(a)		02/25/35		479		476,323
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M3		1.279	(a)		01/25/36		1,500		1,434,072
Series 2005-WCW1, Class M1		0.889	(a)		09/25/35		1,647		1,634,325
RAMP Trust, Series 2005-EFC3, Class M3		0.929	(a)		08/25/35		1,522		1,494,618
RASC Trust, Series 2005-KS3, Class M4		1.144	(a)		04/25/35		1,798		1,790,260
Series 2005-KS11, Class M1		0.839	(a)		12/25/35		800		765,363
Saxon Asset Securities Trust, Series 2005-3, Class M1		0.899	(a)		11/25/35		913		902,123
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M1		1.219	(a)		02/25/34		1,634		1,517,791
Series 2004-OP1, Class M1		1.204	(a)		02/25/34		5,268		4,885,400
Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1		1.339	(a)		11/25/34		2,115		1,961,805
Series 2004-BC2, Class M1		1.264	(a)		05/25/35		3,249		3,031,317
Series 2004-BC3, Class M1		1.369	(a)		07/25/35		1,885		1,798,531
Series 2004-BC4, Class A2C		1.419	(a)		10/25/35		1,487		1,436,383
Structured Asset Investment Loan Trust, Series 2004-1, Class A3		1.239	(a)		02/25/34		3,622		3,437,401
Series 2004-8, Class A8		1.439	(a)		09/25/34		2,123		2,052,323
Series 2004-BNC1, Class A2		1.439	(a)		09/25/34		4,010		3,871,409
Series 2005-3, Class M2		1.099	(a)		04/25/35		2,000		1,920,431
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF4, Class M1		0.839	(a)		11/25/35		131		129,432
Series 2005-WF4, Class M2		0.869	(a)		11/25/35		950		924,646
Volt XLIV LLC, Series 2016-NPL4, Class A1, 144A(c)		4.250			04/25/46		4,000		3,999,584
Volt XXVII LLC, Series 2014-NPL7, Class A1, 144A		3.375			08/27/57		3,937		3,896,889
Volt XXX LLC, Series 2015-NPL1, Class A1, 144A		3.625			10/25/57		9,830		9,746,280
Volt XXXI LLC, Series 2015-NPL2, Class A1, 144A		3.375			02/25/55		9,127		9,006,089
									206,738,010
TOTAL ASSET-BACKED SECURITIES (cost $570,477,408)									567,699,027

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a)    3.3%
Automotive    0.1%
Chrysler Group LLC		3.250	%		12/31/18		1,439	$	1,437,452
Chrysler Group LLC		3.500			05/24/17		47		46,647
									1,484,099
Brokerage    0.1%
LPL Holdings, Inc.(c)		4.250			03/29/21		1,463		1,447,875
Cable    0.1%
Virgin Media Investment Holdings Ltd. (United Kingdom)		3.500			06/30/23		1,010		1,007,457
Capital Goods    0.3%
OGF SA, Private Placement		3.750			10/30/20	EUR	2,781		3,198,526
RBS Global, Inc./Rexnord LLC		4.000			08/21/20		3,413		3,384,470
									6,582,996
Chemicals    0.2%
Axalta Coating Systems US Holdings		3.750			02/01/20		1,701		1,696,889
CeramTec GmbH (Germany)(c)		4.250			08/30/20	EUR	1,700		1,944,162
Macdermid, Inc.		5.500			06/08/20		973		952,746
									4,593,797
Consumer    0.2%
Motor Fuel Group (United Kingdom)		6.000			07/15/22	GBP	3,000		4,299,084
Electric    0.1%
Calpine Construction Finance Co. LP		3.000			05/04/20		511		500,564
Calpine Corp.		4.000			10/09/19		483		481,495
NRG Energy, Inc.		2.750			07/01/18		942		937,180
									1,919,239
Food & Beverage    0.3%
Albertsons Holdings LLC		5.125			08/23/19		4,912		4,911,781
B.C. Unlimited Liability Co.		3.750			12/10/21		923		924,268
									5,836,049
Healthcare & Pharmaceutical    0.8%
CHS Community Health Systems, Inc.(c)		3.136			01/25/19		4,125		4,021,875
CHS Community Health Systems, Inc.		3.750			12/31/18		1,297		1,289,194
CHS Community Health Systems, Inc.		3.750			12/31/19		125		123,403
CHS Community Health Systems, Inc.		4.000			01/27/21		231		227,057
Grifols Worldwide OPS Ltd.		3.630			02/26/21		1,919		1,919,942

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 17

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
BANK LOANS(a) (Continued)
Healthcare & Pharmaceutical (cont’d.)
Mallinckrodt International Finance (Luxembourg)		3.500	%		03/19/21		1,508	$	1,486,683
Ortho Clinical Diagnostics, Inc.		4.750			06/30/21		2,211		2,095,027
Valeant Pharmaceuticals International, Inc.		4.750			08/05/20		1,978		1,921,978
Valeant Pharmaceuticals International, Inc.		5.000			04/01/22		1,955		1,911,297
									14,996,456
Media & Entertainment    0.1%
CBS Outdoor Americas CAP LLC		3.000			02/01/21		1,825		1,815,114
Retailers    0.4%
Douglas Holdings AG (Germany)		6.000			08/13/22	EUR	2,000		2,299,056
Euro Garages (United Kingdom)		5.000			01/31/23	GBP	2,100		3,054,618
Staples, Inc.		4.750			02/02/22		2,200		2,201,375
									7,555,049
Technology    0.5%
BMC Software Finance, Inc.		5.000			09/10/20		2,209		1,903,879
First Data Corp.		4.131			09/24/18		225		224,953
First Data Corp.		4.439			03/24/21		114		113,856
NXP BV (Netherlands)		3.250			01/10/20		414		413,235
TransUnion LLC/TransUnion Financing Corp.		3.500			04/09/21		2,742		2,726,123
Vantiv LLC		2.631			06/13/19		913		903,375
Vantiv LLC		3.750			06/11/21		3,578		3,586,265
									9,871,686
Telecommunications
SBA Senior Finance II, LLC		3.250			03/24/21		707		705,360
Transportation    0.1%
XPO Logistics, Inc.		5.500			11/01/21		2,494		2,504,660
TOTAL BANK LOANS (cost $66,051,528)									64,618,921
COMMERCIAL MORTGAGE-BACKED SECURITIES    5.9%
Banc of America Commercial Mortgage Trust, Series 2006-6, Class A4		5.356			10/10/45		2,988		3,004,942
Series 2007-2, Class A1A		5.739	(a)		04/10/49		1,978		2,024,442
Series 2007-5, Class A1A		5.361			02/10/51		2,006		2,089,629
CD Commercial Mortgage Trust, Series 2007-CD4, Class AMFX		5.366	(a)		12/11/49		8,600		8,737,024

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
COMM Mortgage Trust, Series 2012-CR1, Class A3		3.391	%		05/15/45		15	$	15,949
Series 2012-CR1, Class XA, IO		2.252	(a)		05/15/45		14,020		1,159,612
Series 2012-CR5, Class A3		2.540			12/10/45		1,000		1,009,748
Series 2013-CR7, Class A3		2.929			03/10/46		265		274,650
Series 2014-UBS2, Class XB, IO, 144A		0.208	(a)		03/10/47		171,811		1,781,543
Series 2015-LC19, Class XB, IO, 144A		0.357	(a)		02/10/48		123,049		2,636,620
Commercial Mortgage Loan Trust, Series 2008-LS1, Class A1A		6.298	(a)		12/10/49		1,180		1,242,769
Credit Suisse Commercial Mortgage Trust, Series 2006-C3, Class A1A		6.244	(a)		06/15/38		10		10,140
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class XB, IO		0.400	(a)		04/15/50		66,743		1,435,495
FHLMC Multifamily Structured Pass-Through Certificates, Series K007, Class X1, IO		1.331	(a)		04/25/20		5,063		167,209
Series K008, Class X1, IO		1.797	(a)		06/25/20		22,119		1,095,295
Series K010, Class X1, IO		0.476	(a)		10/25/20		21,321		189,274
Series K018, Class X1, IO		1.550	(a)		01/25/22		16,081		1,023,981
Series K020, Class X1, IO		1.586	(a)		05/25/22		20,993		1,513,447
Series K021, Class X1, IO		1.622	(a)		06/25/22		4,329		316,942
Series K025, Class X1, IO		1.015	(a)		10/25/22		95,761		4,383,589
Series K501, Class X1A, IO		1.665	(a)		08/25/16		226		177
Series K710, Class X1, IO		1.895	(a)		05/25/19		471		21,156
Series K711, Class X1, IO		1.820	(a)		07/25/19		3,853		168,656
GS Mortgage Securities Corp. II, Series 2013-GC10, Class XB, IO, 144A		0.643	(a)		02/10/46		103,126		3,195,442
Series 2014-GC20, Class XB, IO		0.500	(a)		04/10/47		28,307		906,147
GS Mortgage Securities Trust, Series 2013-GC12, Class XB, IO		0.681	(a)		06/10/46		37,400		1,268,694
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class XB, IO		0.475	(a)		08/15/47		45,056		1,147,671
Series 2015-C27, Class XB, IO		0.586	(a)		02/15/48		52,766		1,782,641
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-LC9, Class A3		2.475			12/15/47		1,000		1,007,953
Series 2012-LC9, Class A4		2.611			12/15/47		1,700		1,729,676
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2004-CBX, Class AJ		4.951	(a)		01/12/37		67		67,418
Series 2005-LDP2, Class AJ		4.842	(a)		07/15/42		47		46,950
Series 2007-CB20, Class A4		5.794	(a)		02/12/51		53		55,140
Series 2007-LD11, Class A3		5.929	(a)		06/15/49		38		39,072
Series 2007-LD11, Class A4		5.929	(a)		06/15/49		1,109		1,135,186
Series 2007-LD12, Class A3		6.135	(a)		02/15/51		35		35,049
Series 2011-C3, Class A2, 144A		3.673			02/15/46		16		15,602

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 19

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust, (cont’d.)
Series 2013-C13, Class A3		3.525	%		01/15/46		4,630	$	4,828,840
Series 2013-LC11, Class A3		2.592			04/15/46		5,000		5,051,821
Series 2013-LC11, Class XB, IO		0.723	(a)		04/15/46		34,956		1,189,376
Merrill Lynch Mortgage Trust, Series 2006-C1, Class AM		5.921	(a)		05/12/39		12		11,817
Series 2007-C1, Class A3		6.026	(a)		06/12/50		77		76,857
ML-CFC Commercial Mortgage Trust, Series 2006-2, Class AM		6.103	(a)		06/12/46		100		99,900
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class XB, IO, 144A		0.397	(a)		08/15/45		65,968		1,009,700
Series 2013-C7, Class A3		2.655			02/15/46		3,000		3,054,353
Series 2013-C8, Class A3		2.863			12/15/48		6,900		7,082,660
Series 2013-C8, Class XB, IO, 144A		0.497	(a)		12/15/48		68,276		1,962,252
Series 2013-C9, Class A3		2.834			05/15/46		5,400		5,554,135
Morgan Stanley Capital I Trust, Series 2006-HQ9, Class AM		5.773	(a)		07/12/44		200		200,667
Series 2007-HQ11, Class A31		5.439			02/12/44		17		17,302
Series 2007-IQ13, Class A1A		5.312			03/15/44		217		222,176
Series 2007-IQ14, Class AAB		5.654	(a)		04/15/49		54		54,363
Series 2015-XLF1, Class B, 144A		2.187	(a)		08/14/31		8,400		8,364,021
Series 2015-XLF1, Class XCP, IO, 144A		1.574	(a)		08/14/31		143,582		429,310
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class A3		2.533			12/10/45		2,800		2,865,895
Series 2013-C5, Class A3		2.920			03/10/46		6,400		6,591,731
Series 2013-C6, Class XB, IO, 144A		0.497	(a)		04/10/46		140,883		3,733,484
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class A4		5.509			04/15/47		2,500		2,547,243
Series 2007-C31, Class A5		5.500			04/15/47		3,415		3,518,784
Series 2007-C32, Class A1A		5.889	(a)		06/15/49		2,011		2,076,992
Series 2007-C33, Class A4		6.147	(a)		02/15/51		234		241,024
Series 2007-C34, Class A1A		5.608	(a)		05/15/46		5,720		5,883,308
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $115,502,378)									113,402,941
CORPORATE BONDS    42.3%
Aerospace & Defense    0.1%
Harris Corp., Sr. Unsec’d. Notes		3.832			04/27/25		800		833,743
Agriculture
Altria Group, Inc., Gtd. Notes(d)		9.950			11/10/38		314		567,360

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Airlines    0.6%
American Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass Through Certificates(e)		4.000	%		07/15/25		3,143	$	3,233,215
Continental Airlines, Inc., Pass-Through Trust, Series 2007-1, Class A, Pass-Through Certificates		5.983			04/19/22		942		1,041,221
Series 2012-2, Class A, Pass-Through Certificates		4.000			10/29/24		109		112,826
Series 2012-3, Class C, Pass-Through Certificates		6.125			04/29/18		3,000		3,150,000
Delta Air Lines, Inc., Pass-Through Trust, Series 2007-1, Class A, Pass-Through Certificates		6.821			08/10/22		798		920,231
Series 2011-1, Class A, Pass-Through Certificates		5.300			04/15/19		73		77,048
United Airlines Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates(d)		4.300			08/15/25		2,271		2,390,570
									10,925,111
Auto Manufacturers    0.8%
Ford Motor Co., Sr. Unsec’d. Notes(d)		4.750			01/15/43		1,670		1,736,115
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		2.597			11/04/19		7,050		7,141,523
General Motors Co., Sr. Unsec’d. Notes		4.875			10/02/23		2,000		2,141,020
Sr. Unsec’d. Notes		6.250			10/02/43		2,230		2,513,137
General Motors Financial Co., Inc., Gtd. Notes		3.250			05/15/18		575		588,251
Gtd. Notes		4.250			05/15/23		575		591,931
									14,711,977
Auto Parts & Equipment    0.8%
Dana Holding Corp., Sr. Unsec’d. Notes		6.750			02/15/21		1,925		1,992,375
Johnson Controls, Inc., Sr. Unsec’d. Notes		4.250			03/01/21		3,090		3,293,387
Lear Corp., Gtd. Notes(d)		5.250			01/15/25		5,375		5,710,937
Gtd. Notes		5.375			03/15/24		1,410		1,498,125
Meritor, Inc., Gtd. Notes(d)		6.250			02/15/24		4,150		3,703,875
									16,198,699
Banks    6.5%
Banco de Credito del Peru (Peru), Sr. Unsec’d. Notes, 144A		4.250			04/01/23		263		274,835

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 21

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of America Corp., Jr. Sub. Notes		5.125	% (a)		12/31/49		2,175	$	2,036,344
Jr. Sub. Notes		6.100	(a)		12/31/49		8,820		8,825,512
Jr. Sub. Notes		8.000	(a)		12/29/49		3,190		3,110,250
Jr. Sub. Notes		8.125	(a)		12/29/49		1,000		982,500
Sr. Unsec’d. Notes, MTN		5.000			01/21/44		280		312,098
Sr. Unsec’d. Notes, MTN		5.875			02/07/42		385		476,565
Sub. Notes, MTN		4.200			08/26/24		2,825		2,877,034
CIT Group, Inc., Sr. Unsec’d. Notes(d)		3.875			02/19/19		2,800		2,814,000
Sr. Unsec’d. Notes		5.000			08/01/23		370		384,800
Citigroup, Inc., Jr. Sub. Notes		5.950	(a)		12/31/49		17,685		17,110,237
Sr. Unsec’d. Notes		8.125			07/15/39		1,455		2,230,752
Sub. Notes		4.050			07/30/22		550		575,736
Sub. Notes		4.400			06/10/25		2,300		2,373,860
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes(d)		3.800			09/15/22		1,600		1,618,266
Credit Suisse New York (Switzerland), Sr. Unsec’d. Notes, MTN		3.625			09/09/24		2,375		2,463,184
Discover Bank, Sr. Unsec’d. Notes(d)		4.200			08/08/23		5,500		5,760,623
Sub. Notes		7.000			04/15/20		800		906,756
Fifth Third Bancorp, Sub. Notes		4.300			01/16/24		4,975		5,249,754
Goldman Sachs Group, Inc. (The), Jr. Sub. Notes		5.375	(a)		12/31/49		5,225		5,044,737
Sr. Unsec’d. Notes(e)		5.750			01/24/22		4,590		5,282,581
Sr. Unsec’d. Notes		6.250			02/01/41		345		439,314
Sr. Unsec’d. Notes, MTN		4.000			03/03/24		1,875		1,978,266
Sr. Unsec’d. Notes, MTN(d)		4.800			07/08/44		2,105		2,260,888
JPMorgan Chase & Co., Jr. Sub. Notes(d)		5.150	(a)		12/31/49		3,725		3,622,563
Jr. Sub. Notes(d)		6.000	(a)		12/31/49		7,707		7,881,178
Jr. Sub. Notes		6.100	(a)		12/31/49		3,400		3,497,750
Jr. Sub. Notes		7.900	(a)		04/29/49		130		130,731
Sub. Notes(d)		3.375			05/01/23		1,925		1,946,573
Morgan Stanley, Jr. Sub. Notes		5.450	(a)		12/31/49		13,110		12,487,275
Jr. Sub. Notes, Series J(d)		5.550	(a)		12/31/49		2,175		2,153,250
Sr. Unsec’d. Notes		6.375			07/24/42		700		924,952
Sub. Notes, MTN		4.100			05/22/23		815		842,627
Sub. Notes, MTN		4.875			11/01/22		930		1,011,846
Sub. Notes, MTN(d)		5.000			11/24/25		2,075		2,258,530

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Banks (cont’d.)
National Savings Bank (Sri Lanka), Sr. Unsec’d. Notes, RegS		8.875	%		09/18/18		1,000	$	1,051,250
People’s United Bank, Sub. Notes		4.000			07/15/24		1,125		1,111,308
State Street Corp., Jr. Sub. Notes		5.250	(a)		12/31/49		3,555		3,622,545
Wells Fargo & Co., Sub. Notes		5.606			01/15/44		1,460		1,710,289
Sub. Notes, MTN(e)		4.125			08/15/23		2,900		3,103,238
Sub. Notes, MTN(e)		4.650			11/04/44		3,185		3,301,456
									126,046,253
Beverages    0.3%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		8.200			01/15/39		250		387,741
Coca-Cola Icecek A/S (Turkey), Sr. Unsec’d. Notes, 144A		4.750			10/01/18		950		993,793
Constellation Brands, Inc., Gtd. Notes(d)		6.000			05/01/22		450		511,875
Cott Beverages, Inc. (Canada), Gtd. Notes		6.750			01/01/20		4,400		4,609,000
Molson Coors Brewing Co., Gtd. Notes		2.000			05/01/17		50		50,293
									6,552,702
Biotechnology
Amgen, Inc., Sr. Unsec’d. Notes		5.375			05/15/43		380		444,855
Building Materials    1.4%
Building Materials Corp. of America, Sr. Unsec’d. Notes, 144A (original cost $5,902,500; purchased 10/27/14 - 02/11/15)(b)(d)(f)		5.375			11/15/24		5,825		6,072,562
Cemex Espana Luxembourg (Mexico), Sr. Sec’d. Notes, RegS		9.875			04/30/19		1,770		1,860,712
Cemex Finance LLC (Mexico), Sr. Sec’d. Notes, 144A		9.375			10/12/22		1,125		1,236,375
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A		4.750			01/11/22	EUR	1,600		1,842,166
Sr. Sec’d. Notes, 144A		5.700			01/11/25		350		336,875
CeramTec Group GmbH (Germany), Gtd. Notes, RegS		8.250			08/15/21	EUR	500		616,269
Griffon Corp., Gtd. Notes		5.250			03/01/22		6,450		6,482,250
Owens Corning, Inc., Gtd. Notes		4.200			12/15/22		125		128,601
Unifrax I LLC/Unifrax Holding Co., Gtd. Notes, 144A (original cost $3,299,400; purchased 06/30/14)(b)(f)		7.500			02/15/19		3,120		2,472,600
US Concrete, Inc., Sr. Sec’d. Notes		8.500			12/01/18		6,300		6,552,000
									27,600,410

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 23

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Chemicals    1.5%
Agrium, Inc. (Canada), Sr. Unsec’d. Notes		4.900	%		06/01/43		1,350	$	1,338,727
Sr. Unsec’d. Notes		5.250			01/15/45		655		678,947
Sr. Unsec’d. Notes		6.125			01/15/41		170		192,609
Ashland, Inc., Sr. Unsec’d. Notes(b)		6.875			05/15/43		4,100		4,079,500
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holdings BV, Gtd. Notes, 144A		7.375			05/01/21		4,032		4,263,840
CF Industries, Inc., Gtd. Notes		4.950			06/01/43		1,765		1,656,869
Gtd. Notes		5.375			03/15/44		1,300		1,280,148
Gtd. Notes		6.875			05/01/18		160		174,342
Gtd. Notes		7.125			05/01/20		125		143,619
Dow Chemical Co. (The), Sr. Unsec’d. Notes		3.000			11/15/22		1,550		1,597,497
Sr. Unsec’d. Notes		4.250			11/15/20		1,951		2,124,920
Sr. Unsec’d. Notes		4.625			10/01/44		15		15,279
Sr. Unsec’d. Notes		5.250			11/15/41		125		136,832
Sr. Unsec’d. Notes		9.400			05/15/39		95		145,585
Eastman Chemical Co., Sr. Unsec’d. Notes		2.700			01/15/20		3,080		3,147,055
Sr. Unsec’d. Notes		3.600			08/15/22		500		524,008
Sr. Unsec’d. Notes(d)		4.650			10/15/44		1,210		1,212,783
LYB International Finance BV, Gtd. Notes(d)		4.875			03/15/44		1,835		1,916,329
Gtd. Notes		5.250			07/15/43		415		452,766
LyondellBasell Industries NV, Sr. Unsec’d. Notes(d)		4.625			02/26/55		2,090		1,947,838
Sr. Unsec’d. Notes		6.000			11/15/21		700		821,660
Mosaic Co. (The), Sr. Unsec’d. Notes		5.450			11/15/33		710		765,507
									28,616,660
Commercial Services    0.9%
ADT Corp. (The), Sr. Unsec’d. Notes		2.250			07/15/17		50		50,625
Ashtead Capital, Inc. (United Kingdom), Sec’d. Notes, 144A(d)		6.500			07/15/22		1,925		2,030,875
ERAC USA Finance LLC, Gtd. Notes, 144A (original cost $131,355; purchased 05/30/13)(b)(f)		6.700			06/01/34		110		139,183
Gtd. Notes, 144A (original cost $2,232,116; purchased 05/14/13)(b)(f)		7.000			10/15/37		1,725		2,229,508

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
Hertz Corp. (The), Gtd. Notes(d)		6.750	%		04/15/19		3,125	$	3,180,406
Service Corp. International, Sr. Unsec’d. Notes		4.500			11/15/20		2,135		2,199,050
United Rentals North America, Inc., Gtd. Notes(d)		5.500			07/15/25		925		919,879
Gtd. Notes		7.625			04/15/22		6,444		6,878,970
Sr. Unsec’d. Notes		8.250			02/01/21		272		283,560
									17,912,056
Computers    0.1%
NCR Corp., Gtd. Notes		6.375			12/15/23		790		821,600
Cosmetics/Personal Care    0.2%
First Quality Finance Co., Inc., Sr. Unsec’d. Notes, 144A		4.625			05/15/21		4,700		4,476,750
Distribution/Wholesale    0.1%
H&E Equipment Services, Inc., Gtd. Notes(d)		7.000			09/01/22		2,000		2,020,000
Diversified Financial Services    1.4%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Gtd. Notes		4.500			05/15/21		1,150		1,187,375
American Express Co., Jr. Sub. Notes		4.900	(a)		12/31/49		8,780		7,902,000
Jr. Sub. Notes(d)		5.200	(a)		12/31/49		705		668,869
Capital One Bank USA NA, Sub. Notes		3.375			02/15/23		2,065		2,077,982
Discover Financial Services, Sr. Unsec’d. Notes(d)		3.750			03/04/25		2,560		2,537,462
GE Capital International Funding Co., Gtd. Notes, 144A		4.418			11/15/35		1,610		1,767,912
General Electric Capital Corp., Sr. Unsec’d. Notes, MTN		5.875			01/14/38		158		208,310
Grain Spectrum Funding II LLC, Sec’d. Notes, 144A		3.290			10/10/19		773		751,637
International Lease Finance Corp., Sr. Unsec’d. Notes		5.750			05/15/16		25		25,016
Sr. Unsec’d. Notes		6.250			05/15/19		25		27,125
Sr. Unsec’d. Notes		8.750			03/15/17		5,340		5,623,020
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		175		163,348
Navient Corp., Sr. Unsec’d. Notes(d)		4.875			06/17/19		1,155		1,106,490
OneMain Financial Holdings, Inc., Gtd. Notes, 144A		6.750			12/15/19		2,350		2,402,875
Gtd. Notes, 144A		7.250			12/15/21		1,250		1,300,000
									27,749,421

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 25

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Electric    2.0%
Calpine Corp., Sr. Unsec’d. Notes(d)		5.375	%		01/15/23		2,175	$	2,194,031
Sr. Unsec’d. Notes		5.500			02/01/24		1,250		1,262,500
Sr. Unsec’d. Notes(d)		5.750			01/15/25		3,575		3,610,750
DPL, Inc., Sr. Unsec’d. Notes		6.750			10/01/19		1,650		1,695,375
Sr. Unsec’d. Notes		7.250			10/15/21		2,225		2,358,255
Duke Energy Carolinas LLC, First Ref. Mtge.		4.000			09/30/42		50		52,437
Dynegy, Inc., Gtd. Notes		6.750			11/01/19		5,850		5,899,725
Gtd. Notes(d)		7.375			11/01/22		9,200		9,087,576
Entergy Corp., Sr. Unsec’d. Notes		4.700			01/15/17		75		76,224
FirstEnergy Corp., Sr. Unsec’d. Notes(d)		2.750			03/15/18		950		960,085
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		800		859,116
NextEra Energy Capital Holdings, Inc., Gtd. Notes		3.625			06/15/23		1,575		1,624,151
NRG Energy, Inc., Gtd. Notes(d)		6.250			05/01/24		2,125		2,071,875
Gtd. Notes		6.625			03/15/23		1,000		982,500
Gtd. Notes(d)		7.625			01/15/18		4,406		4,714,420
South Carolina Electric & Gas Co., First Mtge.		4.350			02/01/42		130		135,942
Westar Energy, Inc., First Mtge.		4.100			04/01/43		325		343,306
									37,928,268
Electronics    0.4%
Jabil Circuit, Inc., Sr. Unsec’d. Notes(d)		4.700			09/15/22		1,045		1,061,783
Sr. Unsec’d. Notes		5.625			12/15/20		6,400		6,760,000
Techem Energy Metering Service GmbH & Co. KG (Germany), Gtd. Notes, MTN, 144A		7.875			10/01/20	EUR	125		152,257
Techem GmbH (Germany), Sr. Sec’d. Notes, MTN, 144A		6.125			10/01/19	EUR	200		239,694
									8,213,734
Engineering & Construction
Odebrecht Finance Ltd. (Brazil),
Gtd. Notes, 144A (original cost $625,000; purchased 06/19/14)(b)(f)		5.250			06/27/29		625		223,438
Gtd. Notes, 144A (original cost $255,785; purchased 10/22/12)(b)(f)		7.125			06/26/42		220		79,750
									303,188

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Entertainment    1.8%
AMC Entertainment, Inc., Gtd. Notes		5.750	%		06/15/25		3,175	$	3,254,375
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes(d)		5.375			06/01/24		6,900		7,201,875
Cinemark USA, Inc.,
Gtd. Notes(d)		4.875			06/01/23		6,500		6,451,965
Gtd. Notes(d)		5.125			12/15/22		3,200		3,312,000
CPUK Finance Ltd. (United Kingdom), Sec’d. Notes, 144A		7.000			08/28/20	GBP	2,550		3,884,298
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A (original cost $4,724,606; purchased 09/22/14)(b)(f)		5.000			08/01/18		4,615		4,684,225
Pinnacle Entertainment, Inc., Gtd. Notes(d)		8.750			05/15/20		1,400		1,444,100
Scientific Games International, Inc., Gtd. Notes(d)		10.000			12/01/22		6,000		4,959,000
									35,191,838
Environmental Control    0.2%
Covanta Holding Corp., Sr. Unsec’d. Notes		7.250			12/01/20		3,100		3,216,250
Food    1.6%
Bertin SA/Bertin Finance Ltd. (Brazil), Gtd. Notes, 144A		10.250			10/05/16		3,380		3,459,768
BRF SA (Brazil), Sr. Unsec’d. Notes, 144A		4.750			05/22/24		500		484,350
Ingles Markets, Inc., Sr. Unsec’d. Notes		5.750			06/15/23		5,250		5,460,000
JBS Investments GmbH (Brazil), Sr. Unsec’d. Notes, 144A		7.750			10/28/20		2,650		2,722,875
JBS USA LLC/JBS USA Finance, Inc. (Brazil),
Gtd. Notes, 144A (original cost $1,081,250; purchased 06/17/14)(b)(f)		7.250			06/01/21		1,000		1,025,000
Gtd. Notes, 144A (original cost $2,014,000; purchased 12/09/15)(b)(f)		7.250			06/01/21		2,000		2,050,000
Gtd. Notes, RegS (original cost $1,605,000; purchased 10/01/14)(b)(f)		8.250			02/01/20		1,500		1,563,750
Sr. Unsec’d. Notes, 144A (original cost $2,750,000; purchased 05/20/15)(b)(f)		5.750			06/15/25		2,750		2,530,000
Kraft Foods Group, Inc., Sr. Unsec’d. Notes(d)		6.500			02/09/40		1,020		1,285,113
Minerva Luxembourg SA (Brazil), Gtd. Notes, 144A		12.250			02/10/22		250		262,187
Picard Groupe SA (France), Sr. Sec’d. Notes, 144A		4.250	(a)		08/01/19	EUR	1,650		1,889,342
Smithfield Foods, Inc.,
Sr. Unsec’d. Notes		6.625			08/15/22		2,000		2,115,000
Sr. Unsec’d. Notes, 144A		5.250			08/01/18		3,387		3,442,039

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 27

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Food (cont’d.)
Smithfield Foods, Inc., (cont’d.)
Sr. Unsec’d. Notes, 144A		5.875	%		08/01/21		2,400	$	2,502,000
									30,791,424
Food Service    0.1%
ARAMARK Corp., Gtd. Notes		5.750			03/15/20		1,600		1,652,000
Forest & Paper Products    0.4%
Georgia-Pacific LLC,
Gtd. Notes, 144A (original cost $35,100; purchased 04/20/11)(b)(f)		5.400			11/01/20		35		39,442
Sr. Unsec’d. Notes (original cost $544,908; purchased 12/20/12)(b)(f)		7.375			12/01/25		400		516,883
International Paper Co.,
Sr. Unsec’d. Notes		4.800			06/15/44		2,770		2,804,824
Sr. Unsec’d. Notes		6.000			11/15/41		610		710,443
Sr. Unsec’d. Notes		9.375			05/15/19		100		120,149
Smurfit Kappa Acquisitions (Ireland), Sr. Sec’d. Notes, 144A		4.875			09/15/18		3,647		3,820,232
									8,011,973
Gas    0.2%
AGL Capital Corp., Gtd. Notes		4.400			06/01/43		1,375		1,345,950
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41		700		767,685
Dominion Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		125		130,292
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A (original cost $591,803; purchased 07/22/14)(b)(f)		6.375			03/30/38		566		544,431
GNL Quintero SA (Chile), Sr. Unsec’d. Notes, 144A (original cost $1,037,500; purchased 11/03/14)(b)(f)		4.634			07/31/29		1,000		1,010,000
Sempra Energy, Sr. Unsec’d. Notes		2.300			04/01/17		50		50,392
									3,848,750
Healthcare-Products    0.6%
ConvaTec Finance International SA (Luxembourg), Sr. Unsec’d. Notes, PIK, 144A		8.250			01/15/19		5,024		5,036,560
ConvaTec Healthcare E SA (Luxembourg), Gtd. Notes, 144A		10.500			12/15/18		3,684		3,776,100
Medtronic, Inc., Gtd. Notes		4.375			03/15/35		3,150		3,507,988
									12,320,648

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Healthcare-Services    3.2%
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750	%		11/15/22		450	$	454,660
Sr. Unsec’d. Notes		4.125			11/15/42		325		315,742
Sr. Unsec’d. Notes		4.500			05/15/42		530		549,811
Anthem, Inc.,
Sr. Unsec’d. Notes		4.650			01/15/43		120		123,892
Sr. Unsec’d. Notes		5.100			01/15/44		515		566,455
CHS/Community Health Systems, Inc.,
Gtd. Notes(d)		8.000			11/15/19		5,300		5,333,125
Sr. Sec’d. Notes(d)		5.125			08/15/18		150		151,875
Cigna Corp., Sr. Unsec’d. Notes		5.375			02/15/42		350		388,285
Fresenius Medical Care US Finance II, Inc. (Germany), Gtd. Notes, 144A(d)		6.500			09/15/18		2,415		2,653,360
HCA, Inc.,
Gtd. Notes		5.375			02/01/25		4,500		4,601,250
Gtd. Notes		5.875			05/01/23		2,000		2,103,750
Sr. Sec’d. Notes		4.250			10/15/19		1,675		1,742,000
Sr. Sec’d. Notes(d)		4.750			05/01/23		3,400		3,485,000
Sr. Sec’d. Notes		5.250			04/15/25		2,000		2,070,000
Sr. Sec’d. Notes(d)		5.875			03/15/22		3,425		3,741,812
Healthsouth Corp.,
Gtd. Notes		5.125			03/15/23		1,200		1,203,000
Gtd. Notes(d)		5.750			11/01/24		2,900		2,994,250
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes		3.200			02/01/22		25		25,454
Sr. Unsec’d. Notes		4.625			11/15/20		4,500		4,860,882
LifePoint Hospitals, Inc., Gtd. Notes(d)		5.500			12/01/21		3,875		4,030,000
MEDNAX, Inc., Gtd. Notes, 144A		5.250			12/01/23		2,650		2,742,750
Select Medical Corp., Gtd. Notes(d)		6.375			06/01/21		7,821		7,420,174
Tenet Healthcare Corp.,
Sr. Sec’d. Notes		4.375			10/01/21		2,750		2,756,875
Sr. Sec’d. Notes		6.250			11/01/18		600		642,000
Sr. Unsec’d. Notes(d)		8.125			04/01/22		1,700		1,763,750
UnitedHealth Group, Inc., Sr. Unsec’d. Notes		3.950			10/15/42		175		180,406
Sr. Unsec’d. Notes(d)		4.375			03/15/42		1,055		1,113,209
Sr. Unsec’d. Notes(d)(e)		4.625			07/15/35		3,135		3,538,678
									61,552,445
Holding Companies-Diversified    0.2%
Carlson Travel Holdings, Inc., Sr. Unsec’d. Notes, PIK, 144A (original cost $2,543,750; purchased 08/04/14)(b)(f)		7.500			08/15/19		2,500		2,418,750

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 29

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Holding Companies-Diversified (cont’d.)
CeramTec Group GmbH (Germany), Gtd. Notes, 144A		8.250	%		08/15/21	EUR	500	$	616,269
									3,035,019
Home Builders    1.6%
CalAtlantic Group, Inc., Gtd. Notes		8.375			05/15/18		9,378		10,409,580
KB Home, Gtd. Notes(d)		7.500			09/15/22		3,425		3,496,583
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		5,850		5,850,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc., Gtd. Notes, 144A		5.250			04/15/21		6,700		6,683,250
William Lyon Homes, Inc., Gtd. Notes		8.500			11/15/20		5,000		5,187,500
									31,626,913
Housewares
Newell Rubbermaid, Inc., Sr. Unsec’d. Notes		2.050			12/01/17		375		377,705
Insurance    1.7%
Allied World Assurance Co. Ltd., Gtd. Notes		7.500			08/01/16		100		101,543
American International Group, Inc., Sr. Unsec’d. Notes		4.500			07/16/44		2,800		2,705,164
Dai-ichi Life Insurance Co. Ltd. (The) (Japan), Sub. Notes, 144A		5.100	(a)		12/29/49		625		688,437
Hartford Financial Services Group, Inc. (The), Sr. Unsec’d. Notes		4.300			04/15/43		1,062		1,012,368
Sr. Unsec’d. Notes		5.950			10/15/36		215		246,788
Sr. Unsec’d. Notes		6.100			10/01/41		280		333,648
Liberty Mutual Group, Inc., Gtd. Notes, 144A		4.250			06/15/23		1,975		2,069,296
Gtd. Notes, 144A		4.850			08/01/44		5,425		5,221,161
Gtd. Notes, 144A		4.950			05/01/22		75		81,554
Gtd. Notes, 144A		6.500			05/01/42		1,530		1,799,003
Sr. Unsec’d. Notes, 144A		6.700			08/15/16		115		116,716
Lincoln National Corp., Sr. Unsec’d. Notes		4.200			03/15/22		70		73,974
Sr. Unsec’d. Notes		6.300			10/09/37		175		197,523
Sr. Unsec’d. Notes		7.000			06/15/40		3,540		4,367,684
Markel Corp., Sr. Unsec’d. Notes		4.900			07/01/22		2,020		2,212,276
Sr. Unsec’d. Notes		5.000			03/30/43		3,125		3,152,794
Northwestern Mutual Life Insurance Co. (The), Sub. Notes, 144A		6.063			03/30/40		200		243,592
Principal Financial Group, Inc., Gtd. Notes		4.350			05/15/43		975		946,885

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Swiss Re Treasury US Corp. (Switzerland), Gtd. Notes, 144A		4.250	%		12/06/42		795	$	789,154
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A		4.900			09/15/44		1,950		2,098,040
Sub. Notes, 144A		6.850			12/16/39		640		829,988
TIAA Asset Management Finance LLC, Sr. Unsec’d. Notes, 144A (original cost $1,716,904; purchased 10/27/14)(b)(f)		2.950			11/01/19		1,720		1,754,419
W.R. Berkley Corp., Sr. Unsec’d. Notes		4.625			03/15/22		1,435		1,542,827
									32,584,834
Iron/Steel    0.1%
ArcelorMittal (Luxembourg), Sr. Unsec’d. Notes		5.125			06/01/20		500		492,500
Sr. Unsec’d. Notes(d)		5.500			02/25/17		975		1,006,688
									1,499,188
Lodging    0.7%
FelCor Lodging LP, Gtd. Notes(d)		6.000			06/01/25		3,400		3,510,500
Sr. Sec’d. Notes		5.625			03/01/23		1,050		1,078,875
Marriott International, Inc., Sr. Unsec’d. Notes		3.250			09/15/22		75		76,099
MGM Resorts International, Gtd. Notes(d)		6.000			03/15/23		4,800		4,986,000
Gtd. Notes		6.625			12/15/21		1,000		1,065,000
Gtd. Notes		7.625			01/15/17		500		518,750
Starwood Hotels & Resorts Worldwide, Inc., Sr. Unsec’d. Notes		7.150			12/01/19		550		636,889
Wynn Macau Ltd. (Macau), Sr. Unsec’d. Notes, 144A(d)		5.250			10/15/21		2,375		2,274,062
									14,146,175
Machinery-Construction & Mining    0.3%
Terex Corp., Gtd. Notes		6.000			05/15/21		5,050		4,999,500
Gtd. Notes		6.500			04/01/20		1,005		1,005,503
									6,005,003
Machinery-Diversified
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		50		53,916

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 31

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Media    2.4%
AMC Networks, Inc., Gtd. Notes		4.750	%		12/15/22		1,270	$	1,279,525
CCO Holdings LLC/CCO Holdings Capital Corp., Gtd. Notes		5.750			01/15/24		1,100		1,153,625
Gtd. Notes		7.000			01/15/19		1,712		1,742,474
Gtd. Notes, 144A		5.125			05/01/23		2,625		2,677,500
Gtd. Notes, 144A		5.375			05/01/25		1,650		1,689,187
Gtd. Notes, 144A(d)		5.875			05/01/27		5,075		5,201,875
CCO Safari II LLC, Sr. Sec’d. Notes, 144A		6.384			10/23/35		1,525		1,760,301
Sr. Sec’d. Notes, 144A(d)		6.484			10/23/45		1,835		2,167,818
Sr. Sec’d. Notes, 144A		6.834			10/23/55		485		557,434
Clear Channel Worldwide Holdings, Inc., Gtd. Notes		6.500			11/15/22		135		130,950
Gtd. Notes(d)		6.500			11/15/22		365		366,825
CSC Holdings LLC, Sr. Unsec’d. Notes		7.875			02/15/18		1,040		1,123,200
DISH DBS Corp., Gtd. Notes		4.250			04/01/18		1,500		1,530,000
Grupo Televisa SAB (Mexico), Sr. Unsec’d. Notes		6.125			01/31/46		1,060		1,145,860
Liberty Interactive LLC, Sr. Unsec’d. Notes(d)		8.250			02/01/30		2,500		2,593,750
Myriad International Holdings BV (South Africa), Gtd. Notes, 144A		6.375			07/28/17		5,010		5,235,450
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A(d)		5.000			04/15/22		4,239		4,323,780
TEGNA, Inc., Gtd. Notes, 144A(d)		4.875			09/15/21		1,625		1,657,500
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec’d. Notes, 144A		5.500			09/15/22	EUR	130		158,461
Sr. Sec’d. Notes, MTN, 144A		5.125			01/21/23	EUR	502		612,425
Univision Communications, Inc., Sr. Sec’d. Notes, 144A (original cost $1,900,781; purchased 04/13/15)(b)(f)		5.125			02/15/25		1,875		1,853,906
Videotron Ltd. (Canada), Gtd. Notes		5.000			07/15/22		4,500		4,668,750
Gtd. Notes, 144A(d)		5.375			06/15/24		2,400		2,505,000
									46,135,596
Mining    0.7%
Alcoa, Inc., Sr. Unsec’d. Notes(d)		5.125			10/01/24		1,000		973,750
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes(d)		5.000			09/30/43		1,700		1,898,696
Gtd. Notes, 144A(d)		6.750	(a)		10/19/75		2,675		2,774,643
Eldorado Gold Corp. (Canada), Sr. Unsec’d. Notes, 144A		6.125			12/15/20		2,375		2,185,000

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Mining (cont’d.)
Kaiser Aluminum Corp., Gtd. Notes		8.250	%		06/01/20		2,200	$	2,288,000
Southern Copper Corp. (Peru), Sr. Unsec’d. Notes(d)		5.875			04/23/45		1,225		1,123,014
Sr. Unsec’d. Notes		6.750			04/16/40		2,575		2,561,139
									13,804,242
Miscellaneous Manufacturing    0.4%
Actuant Corp., Gtd. Notes(d)		5.625			06/15/22		3,075		3,136,500
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A(d)		7.500			03/15/18		2,200		2,241,250
General Electric Co., Sr. Unsec’d. Notes		4.125			10/09/42		50		53,354
Sr. Unsec’d. Notes		4.500			03/11/44		75		84,278
Koppers, Inc., Gtd. Notes		7.875			12/01/19		1,600		1,626,000
Pentair Finance SA (United Kingdom), Gtd. Notes		1.875			09/15/17		50		49,833
									7,191,215
Oil & Gas    0.8%
Anadarko Petroleum Corp., Sr. Unsec’d. Notes(d)		6.450			09/15/36		750		809,131
California Resources Corp., Gtd. Notes(d)		6.000			11/15/24		615		255,994
Sec’d. Notes, 144A		8.000			12/15/22		1,648		1,133,000
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		4.450			09/15/42		1,070		828,538
Denbury Resources, Inc., Gtd. Notes		5.500			05/01/22		2,000		1,285,000
Nabors Industries, Inc., Gtd. Notes(d)		4.625			09/15/21		762		699,774
Gtd. Notes		6.150			02/15/18		80		81,628
Noble Energy, Inc., Sr. Unsec’d. Notes(d)		4.150			12/15/21		500		510,246
Sr. Unsec’d. Notes		5.250			11/15/43		395		373,974
Sr. Unsec’d. Notes		6.000			03/01/41		1,390		1,380,794
Noble Holding International Ltd. (United Kingdom), Gtd. Notes(d)		2.500			03/15/17		25		24,406
Pacific Exploration and Production Corp. (Colombia), Gtd. Notes, 144A (original cost $6,589,769; purchased 11/18/13 - 10/31/14)(b)(f)(k)		5.375			01/26/19		6,540		981,000
Gtd. Notes, 144A (original cost $6,492,500; purchased 09/26/12 - 07/29/14)(b)(f)(k)		7.250			12/12/21		5,750		862,500
Reliance Holding USA, Inc. (India), Gtd. Notes, 144A		5.400			02/14/22		1,750		1,938,883

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 33

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Sasol Financing International PLC (South Africa), Gtd. Notes		4.500	%		11/14/22		4,360	$	4,284,354
									15,449,222
Oil & Gas Services
Cameron International Corp., Sr. Unsec’d. Notes		5.950			06/01/41		100		118,229
Packaging & Containers    0.2%
Ball Corp., Gtd. Notes		4.000			11/15/23		500		494,875
Gtd. Notes		4.375			12/15/23	EUR	1,825		2,272,578
Crown Americas LLC/Crown Americas Capital Corp. IV, Gtd. Notes(d)		4.500			01/15/23		525		535,500
WestRock RKT Co., Gtd. Notes		4.450			03/01/19		35		36,681
Gtd. Notes		4.900			03/01/22		1,190		1,308,405
									4,648,039
Pharmaceuticals    1.0%
AbbVie, Inc., Sr. Unsec’d. Notes		4.500			05/14/35		4,085		4,249,290
Actavis Funding SCS, Gtd. Notes		4.550			03/15/35		3,770		3,771,316
Gtd. Notes(d)		4.750			03/15/45		522		528,018
Capsugel SA, Sr. Unsec’d. Notes, PIK, 144A		7.000			05/15/19		1,926		1,940,445
Forest Laboratories, Inc., Sr. Unsec’d. Notes, 144A		4.875			02/15/21		1,120		1,224,476
Sr. Unsec’d. Notes, 144A		5.000			12/15/21		1,830		2,018,869
Valeant Pharmaceuticals International, Inc., Gtd. Notes, 144A(d)		6.750			08/15/18		3,570		3,445,050
Sr. Unsec’d. Notes, 144A(d)		6.125			04/15/25		1,275		1,065,109
									18,242,573
Pipelines    0.7%
DCP Midstream LLC, Sr. Unsec’d. Notes, 144A		5.350			03/15/20		227		215,650
DCP Midstream Operating LP, Gtd. Notes(d)		2.500			12/01/17		225		217,688
Enterprise Products Operating LLC, Gtd. Notes(d)		3.350			03/15/23		2,100		2,132,143
Sr. Unsec’d. Notes		4.950			10/15/54		5,200		4,865,026
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200			12/01/42		125		110,277
Sr. Unsec’d. Notes		4.250			02/01/21		1,950		2,069,779
Sr. Unsec’d. Notes		5.150			10/15/43		1,350		1,364,523

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Tesoro Logistics LP/Tesoro Logistics Finance Corp., Gtd. Notes		6.125	%		10/15/21		1,700	$	1,738,250
Western Gas Partners LP, Sr. Unsec’d. Notes		4.000			07/01/22		75		71,922
									12,785,258
Real Estate Investment Trusts (REITs)    0.3%
Mack-Cali Realty LP, Sr. Unsec’d. Notes		2.500			12/15/17		100		100,308
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.375			06/01/23		1,965		1,910,962
Gtd. Notes		5.500			02/01/21		1,500		1,515,000
Trust F/1401 (Mexico), Sr. Unsec’d. Notes, 144A		5.250			12/15/24		2,000		2,075,000
									5,601,270
Retail    2.0%
Claire’s Stores, Inc., Sr. Sec’d. Notes, 144A		9.000			03/15/19		475		342,000
CVS Health Corp., Sr. Unsec’d. Notes		4.875			07/20/35		1,395		1,563,729
Sr. Unsec’d. Notes(d)		5.125			07/20/45		1,765		2,062,664
Sr. Unsec’d. Notes		5.300			12/05/43		475		561,177
Douglas GmbH (Germany), Sr. Sec’d. Notes, 144A		6.250			07/15/22	EUR	1,200		1,482,275
Dufry Finance SCA (Switzerland), Gtd. Notes, 144A(d)		5.500			10/15/20		3,450		3,588,000
Sr. Unsec’d. Notes, 144A		4.500			08/01/23	EUR	2,400		2,930,197
L Brands, Inc., Gtd. Notes(d)		5.625			02/15/22		10,975		12,113,656
Landry’s, Inc., Gtd. Notes, 144A (original cost $4,037,500; purchased 12/08/15)(b)(f)		9.375			05/01/20		3,800		3,994,750
Macy’s Retail Holdings, Inc., Gtd. Notes		4.300			02/15/43		755		601,250
PVH Corp., Sr. Unsec’d. Notes		4.500			12/15/22		5,005		5,173,919
QVC, Inc., Sr. Sec’d. Notes		5.125			07/02/22		1,800		1,903,333
Tops Holding LLC/Tops Markets II Corp., Sr. Sec’d. Notes, 144A (original cost $1,950,000; purchased 05/29/15)(b)(d)(f)		8.000			06/15/22		1,950		1,745,250
									38,062,200
Savings & Loans
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		325		326,423
Semiconductors    0.5%
Micron Technology, Inc., Sr. Unsec’d. Notes(d)		5.500			02/01/25		8,000		6,480,000
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A		5.000			10/01/25		2,750		2,763,750
									9,243,750

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 35

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Software    0.4%
First Data Corp.,
Gtd. Notes, 144A(d)		7.000	%		12/01/23		5,125	$	5,265,938
Sr. Sec’d. Notes, 144A		6.750			11/01/20		1,778		1,866,900
									7,132,838
Telecommunications    2.8%
AT&T, Inc.,
Sr. Unsec’d. Notes		3.400			05/15/25		2,795		2,841,221
Sr. Unsec’d. Notes		4.500			05/15/35		1,010		1,015,804
Sr. Unsec’d. Notes		4.750			05/15/46		1,520		1,531,585
Sr. Unsec’d. Notes		4.800			06/15/44		575		578,887
Sr. Unsec’d. Notes		5.550			08/15/41		670		742,653
Bharti Airtel International Netherlands BV (India),
Gtd. Notes, 144A		5.125			03/11/23		3,725		4,009,679
Gtd. Notes, 144A		5.350			05/20/24		1,550		1,679,482
Gtd. Notes, RegS		5.125			03/11/23		645		694,294
CenturyLink, Inc., Sr. Unsec’d. Notes		5.150			06/15/17		2,035		2,085,875
CommScope Holding Co., Inc., Sr. Unsec’d. Notes, PIK, 144A		6.625			06/01/20		2,000		2,065,000
CommScope Technologies Finance LLC, Sr. Unsec’d. Notes, 144A(d)		6.000			06/15/25		2,225		2,280,625
CommScope, Inc., Gtd. Notes, 144A(d)		5.000			06/15/21		2,275		2,309,125
Digicel Group Ltd. (Jamaica),
Gtd. Notes, 144A		6.750			03/01/23		2,050		1,848,844
Sr. Unsec’d. Notes, RegS		8.250			09/30/20		1,500		1,368,750
Embarq Corp.,
Sr. Unsec’d. Notes (original cost $135,646; purchased 05/04/11 - 05/11/11)(b)(f)		7.082			06/01/16		120		120,555
Sr. Unsec’d. Notes (original cost $10,796; purchased 08/17/12)(b)(f)		7.995			06/01/36		10		10,000
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes(d)		5.500			08/01/23		2,000		1,263,750
Sprint Communications, Inc., Gtd. Notes, 144A		9.000			11/15/18		4,802		5,078,115
T-Mobile USA, Inc., Gtd. Notes		6.464			04/28/19		3,850		3,927,000
TBG Global Pte Ltd. (Indonesia), Gtd. Notes, RegS		4.625			04/03/18		1,885		1,906,301
Telesat Canada/Telesat LLC (Canada), Gtd. Notes, 144A		6.000			05/15/17		2,400		2,397,120
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.672			03/15/55		3,011		2,911,878
Sr. Unsec’d. Notes		5.012			08/21/54		6,110		6,275,227

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC (Russia),
Sr. Unsec’d. Notes, 144A		9.125	%		04/30/18		1,300	$	1,423,500
Sr. Unsec’d. Notes, RegS		9.125			04/30/18		2,335		2,556,825
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		6.000			04/15/21	GBP	720		1,093,061
									54,015,156
Textiles
Mohawk Industries, Inc., Sr. Unsec’d. Notes		3.850			02/01/23		104		107,405
Transportation    0.3%
AP Moeller-Maersk A/S (Denmark), Unsec’d. Notes, 144A		2.550			09/22/19		2,450		2,461,679
Onorato Armatori SpA (Italy), Sr. Unsec’d. Notes, 144A		7.750			02/15/23	EUR	3,000		3,469,518
Union Pacific Corp., Sr. Unsec’d. Notes		6.250			05/01/34		207		266,771
									6,197,968
Trucking & Leasing
Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A (original cost $449,024; purchased 01/14/13)(b)(f)		2.875			07/17/18		450		453,567
TOTAL CORPORATE BONDS (cost $829,764,416)									817,351,819
MUNICIPAL BONDS    0.7%
California    0.4%
Bay Area Toll Authority, BABs, Revenue Bonds		6.263			04/01/49		550		801,707
Los Angeles Department of Water & Power,
BABs, Revenue Bonds(e)		6.008			07/01/39		3,610		4,616,396
BABs, Revenue Bonds		6.574			07/01/45		585		851,678
University of California,
BABs, Revenue Bonds		5.770			05/15/43		390		507,909
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		625		645,206
Taxable, Revenue Bonds, Series J		4.131			05/15/45		675		702,196
									8,125,092
Colorado    0.1%
Regional Transportation District, BABs, Revenue Bonds, Series 2010B		5.844			11/01/50		1,190		1,656,682

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 37

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
MUNICIPAL BONDS (Continued)
Illinois
Chicago O’Hare International Airport, BABs, Revenue Bonds		6.395	%		01/01/40		360	$	482,091
New Jersey    0.2%
New Jersey State Turnpike Authority, Revenue Bonds, Series F, BABs		7.414			01/01/40		2,000		3,039,180
Rutgers State University, BABs, Revenue Bonds		5.665			05/01/40		200		247,646
									3,286,826
New York
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		75		75,962
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		400		548,020
									623,982
Ohio
Ohio State University, Taxable, Revenue Bonds, Series A		4.800			06/01/2111		180		193,082
Texas
City Public Service Board of San Antonio, BABs, Taxable, Revenue Bonds		4.427			02/01/42		120		137,664
TOTAL MUNICIPAL BONDS (cost $13,928,338)									14,505,419
NON-CORPORATE FOREIGN AGENCIES    1.3%
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes, 144A		4.875			01/15/24		1,350		1,404,000
Export Credit Bank of Turkey (Turkey), Sr. Unsec’d. Notes, 144A		5.375			11/04/16		2,440		2,481,578
Gazprom OAO Via Gaz Capital SA (Russia), Sr. Unsec’d. Notes, 144A		6.510			03/07/22		2,200		2,380,246
Sr. Unsec’d. Notes, 144A		9.250			04/23/19		1,950		2,237,500
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsec’d. Notes, MTN, 144A		9.125			07/02/18		4,785		5,239,575
Majapahit Holding BV (Indonesia), Gtd. Notes, RegS		7.750			01/20/20		2,180		2,496,100
Gtd. Notes, RegS		8.000			08/07/19		2,250		2,563,875
Petrobras Global Finance BV (Brazil), Gtd. Notes		2.000			05/20/16		1,300		1,298,960
Power Sector Assets & Liabilities Management Corp. (Philippines), Gov’t. Gtd. Notes, RegS		7.390			12/02/24		2,200		2,965,653

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
NON-CORPORATE FOREIGN AGENCIES (Continued)
Russian Agricultural Bank OJSC Via RSHB Capital SA (Russia), Sr. Unsec’d. Notes, 144A		6.299	%		05/15/17		325	$	332,771
Sr. Unsec’d. Notes, 144A		7.750			05/29/18		1,485		1,594,931
TOTAL NON-CORPORATE FOREIGN AGENCIES (cost $24,861,051)									24,995,189
RESIDENTIAL MORTGAGE-BACKED SECURITIES    8.3%
Banc of America Funding Corp., Series 2014-R2, Class 2A1, 144A		0.643	(a)		05/26/37		3,505		3,271,541
Series 2014-R5, Class 1A1, 144A		2.413	(a)		09/26/45		5,374		5,267,193
Series 2015-R3, Class 1A1, 144A		0.629	(a)		03/27/36		17,056		15,857,721
Series 2015-R3, Class 6A1, 144A		0.603	(a)		05/28/36		4,517		4,276,435
Series 2015-R4, Class 4A1, 144A		3.500	(a)		07/26/36		4,643		4,632,083
Chase Mortgage Finance Trust, Series 2007-A1, Class 1A3		2.815	(a)		02/25/37		304		299,070
Fannie Mae Connecticut Avenue Securities, Series 2013-CO1, Class M2(g)		5.689	(a)		10/25/23		3,540		3,768,611
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3(g)		3.733	(a)		10/25/27		2,000		1,987,012
Series 2015-DNA3, Class M2(g)		3.289	(a)		04/25/28		3,000		3,054,446
GSMSC Resecuritization Trust, Series 2015-3R, Class 1A1, 144A		0.573	(a)		01/26/37		5,015		4,804,890
Series 2015-3R, Class 1A2, 144A		0.573	(a)		01/26/37		1,670		1,325,736
Series 2015-3R, Class 2A1, 144A		0.573	(a)		10/26/36		5,624		5,283,845
Series 2015-3R, Class 2A2, 144A		0.573	(a)		10/26/36		1,400		995,628
Series 2015-4R, Class A1, 144A		0.573	(a)		03/26/37		11,281		10,656,820
Series 2015-4R, Class A2, 144A		0.573	(a)		03/26/37		2,702		2,068,215
JPMorgan Mortgage Trust, Series 2007-A1, Class 4A1		2.725	(a)		07/25/35		311		310,428
JPMorgan Resecuritization Trust, Series 2015-1, Class 6A1, 144A		0.713	(a)		12/27/45		3,870		3,607,677
LSTAR Securities Investment Trust, Series 2014-1, Class NOTE, 144A(b)(c)		3.539	(a)		09/01/21		9,870		9,777,154
Series 2014-2, Class A, 144A(c)		2.434	(a)		12/01/21		8,635		8,510,853
LSTAR Securities Investment Trust,
Series 2015-1, Class A, 144A		2.434	(a)		01/01/20		2,250		2,210,744
Series 2015-2, Class A, 144A		2.434	(a)		01/01/20		12,371		12,206,299
Series 2015-3, Class A, 144A		2.439	(a)		03/01/20		9,950		9,734,527
Series 2015-5, Class A1, 144A(c)		2.439	(a)		04/01/20		4,494		4,398,222
Series 2015-6, Class A, 144A(c)		2.439	(a)		05/01/20		17,473		17,057,943
Series 2015-8, Class A2, 144A		3.934	(a)		08/01/20		7,500		7,241,890
Series 2015-9, Class A1, 144A		2.439	(a)		10/01/20		4,737		4,648,196
Series 2016-1, Class A1, 144A(c)		2.439	(a)		01/01/21		10,517		10,201,160

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 39

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Structured Asset Securities Corp., Series 2003-37A, Class 3A7		2.679	% (a)		12/25/33		1,253	$	1,228,021
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-30, Class 2A1		5.027	(a)		10/25/33		419		424,968
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-EE, Class 2A1		2.763	(a)		12/25/34		274		275,596
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $160,128,927)									159,382,924
SOVEREIGN BONDS    3.9%
Argentina Bonar Bond (Argentina), Sr. Unsec’d. Notes		7.000			04/17/17		1,900		1,932,489
Argentine Republic Government International Bond (Argentina), Sr. Unsec’d. Notes, 144A		6.875			04/22/21		7,175		7,390,250
Brazilian Government International Bond (Brazil), Unsec’d. Notes		11.000			06/26/17	EUR	6,600		8,406,513
Cyprus Government International Bond (Cyprus), Sr. Unsec’d. Notes, EMTN, 144A		4.625			02/03/20	EUR	300		363,269
Dominican Republic International Bond (Dominican Republic), Sr. Unsec’d. Notes, RegS		7.500			05/06/21		2,590		2,836,050
Hellenic Republic Government International Bond (Greece), Sr. Unsec’d. Notes, EMTN(b)		3.800			08/08/17	JPY	1,010,000		8,537,272
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		2.110			10/26/17	JPY	400,000		3,799,906
Sr. Unsec’d. Notes		5.375			02/21/23		1,250		1,377,412
Sr. Unsec’d. Notes		6.375			03/29/21		6,470		7,366,095
Sr. Unsec’d. Notes		7.625			03/29/41		2,000		2,824,700
Sr. Unsec’d. Notes, RegS		6.000			01/11/19	EUR	545		711,922
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes, 144A		3.375			07/30/25	EUR	2,975		3,469,286
Sr. Unsec’d. Notes, 144A(d)		5.125			01/15/45		1,735		1,760,229
Sr. Unsec’d. Notes, MTN, 144A		2.875			07/08/21	EUR	1,825		2,164,957
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		3.750			03/16/25		3,035		3,126,050
Peru Enhanced Pass-Through Finance Ltd. (Peru), Pass-Through Certificates, RegS		1.610	(h)		05/31/18		269		259,594
Portugal Government International Bond (Portugal), Unsec’d. Notes, MTN, 144A		5.125			10/15/24		9,100		9,032,241
Unsec’d. Notes, MTN, RegS		5.125			10/15/24		5,400		5,359,792

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value (Note 1)
SOVEREIGN BONDS (Continued)
Republic of Serbia (Serbia), Sr. Unsec’d. Notes, RegS		6.750	%(a)		11/01/24		3,484	$	3,583,862
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A		4.875			01/22/24		920		1,006,250
TOTAL SOVEREIGN BONDS (cost $77,627,987)									75,308,139
TOTAL LONG-TERM INVESTMENTS (cost $1,858,342,033)									1,837,264,379
						Shares
SHORT-TERM INVESTMENT    8.4%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $161,320,913; includes $130,312,653 of cash collateral for securities on loan)(Note 3)(i)(j)							161,320,913		161,320,913
TOTAL INVESTMENTS    103.5% (cost $2,019,662,946)(Note 5)									1,998,585,292
Liabilities in excess of other assets(l)    (3.5)%									(67,866,389	)
NET ASSETS    100.0%								$	1,930,718,903

The following abbreviations are used in the semiannual report:

* Non-income producing security.

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

RegS—Regulation S. Security was purchased pursuant to Regulation S and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

ABS—Asset-Backed Security

AUD—Australian Dollar

BABs—Build America Bonds

bps—Basis Points

BRL—Brazilian Real

CAD—Canadian Dollar

CDO—Collateralized Debt Obligation

CDS—Credit Default Swap

CDX—Credit Derivative Index

CHF—Swiss Franc

CLO—Collateralized Loan Obligation

CLP—Chilean Peso

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 41

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

CMBX—Commercial Mortgage Backed Securities Index

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EMTN—Euro Medium Term Note

EUR—Euro

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

GBP—British Pound

HUF—Hungarian Forint

INR—Indian Rupee

IO—Interest Only

JIBAR—Johannesburg Interbank Agreed Rate

JPY—Japanese Yen

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

OIS—Overnight Index Swap

OTC—Over-the-counter

PIK—Payment-in-Kind

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USOIS—United States Overnight Federal Funds Effective Rate

ZAR—South African Rand

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

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2016.

(b) Indicates a security that has been deemed illiquid.

(c) Indicates a Level 3 security. The aggregate value of Level 3 securities is $61,380,627 and 3.2% of net assets.

(d) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $127,127,770; cash collateral of $130,312,653 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

(e) Represents security, or a portion thereof, segregated as collateral for OTC swap agreements.

(f) Indicates a restricted security; the aggregate original cost of the restricted securities is $52,656,993. The aggregate value, $39,375,469, is approximately 2.0% of net assets.

(g) Represents Connecticut Avenue security issued by Fannie Mae or a Structured Agency Credit Risk security issued by Freddie Mac.

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

(i) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.

See Notes to Financial Statements.

42

(j) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund.

(k) Represents issuer in default on interest payments and/or principal repayment; non-income producing security.

(l) Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:

Futures contracts outstanding at April 30, 2016:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2016		Unrealized Appreciation (Depreciation)(1)
		Long Positions:
	1,785	2 Year U.S. Treasury Notes		Jun. 2016	$	390,177,591	$	390,245,625	$	68,034
	36	5 Year U.S. Treasury Notes		Jun. 2016		4,334,329		4,352,906		18,577
	5,120	10 Year U.S. Treasury Notes		Jun. 2016		665,592,697		665,920,000		327,303
	821	U.S. Ultra Bonds		Jun. 2016		141,219,260		140,673,219		(546,041	)
										(132,127	)
		Short Positions:
	1,060	90 Day Euro Dollar		Mar. 2017		262,348,474		262,562,000		(213,526	)
	2,661	90 Day Euro Dollar		Jun. 2017		659,368,901		658,730,550		638,351
	175	90 Day Euro Dollar		Sep. 2017		43,325,232		43,292,813		32,419
	175	90 Day Euro Dollar		Dec. 2017		43,222,418		43,262,187		(39,769	)
	949	U.S. Long Bonds		Jun. 2016		156,976,789		154,983,563		1,993,226
										2,410,701
									$	2,278,574

(1) Cash of $8,290,000 has been segregated with Goldman Sachs & Co. to cover requirements for open contracts at April 30, 2016.

Forward foreign currency exchange contracts outstanding at April 30, 2016:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/14/2016	Citigroup Global Markets	AUD	2,501	$	1,947,400	$	1,895,783	$	(51,617	)
Expiring 07/14/2016	Citigroup Global Markets	AUD	3,835		2,928,700		2,906,864		(21,836	)
Expiring 07/14/2016	JPMorgan Chase	AUD	4,780		3,640,196		3,623,114		(17,082	)
Expiring 07/14/2016	Toronto Dominion	AUD	2,538		1,951,600		1,923,858		(27,742	)
Brazilian Real,
Expiring 05/12/2016	Citigroup Global Markets	BRL	4,647		1,251,900		1,345,642		93,742
Expiring 05/12/2016	Citigroup Global Markets	BRL	5,492		1,491,682		1,590,506		98,824
Expiring 05/12/2016	Citigroup Global Markets	BRL	7,087		1,923,094		2,052,336		129,242
British Pound,
Expiring 07/27/2016	Citigroup Global Markets	GBP	2,676		3,879,800		3,910,751		30,951
Expiring 07/27/2016	Citigroup Global Markets	GBP	4,015		5,819,700		5,868,410		48,710

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 43

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Canadian Dollar,
Expiring 07/14/2016	Citigroup Global Markets	CAD	2,468	$	1,947,400	$	1,966,977	$	19,577
Expiring 07/14/2016	Citigroup Global Markets	CAD	2,498		1,970,074		1,991,081		21,007
Expiring 07/14/2016	Toronto Dominion	CAD	12,611		9,841,185		10,050,802		209,617
Chilean Peso,
Expiring 05/13/2016	Barclays Capital Group	CLP	347,870		502,775		525,890		23,115
Expiring 05/13/2016	Citigroup Global Markets	CLP	347,669		502,775		525,586		22,811
Expiring 05/13/2016	Citigroup Global Markets	CLP	380,595		530,669		575,363		44,694
Expiring 05/13/2016	Citigroup Global Markets	CLP	683,898		1,002,899		1,033,877		30,978
Colombian Peso,
Expiring 05/13/2016	Barclays Capital Group	COP	1,657,855		490,780		580,790		90,010
Expiring 05/13/2016	Citigroup Global Markets	COP	637,449		188,762		223,315		34,553
Expiring 05/13/2016	Citigroup Global Markets	COP	891,633		264,266		312,362		48,096
Expiring 05/13/2016	Citigroup Global Markets	COP	952,030		281,916		333,521		51,605
Expiring 05/13/2016	Citigroup Global Markets	COP	5,158,042		1,542,109		1,806,996		264,887
Czech Koruna,
Expiring 07/22/2016	Citigroup Global Markets	CZK	401,858		16,938,512		17,051,013		112,501
Euro,
Expiring 07/27/2016	JPMorgan Chase	EUR	2,527		2,901,400		2,901,054		(346	)
Indian Rupee,
Expiring 05/23/2016	Barclays Capital Group	INR	87,646		1,306,199		1,315,328		9,129
Expiring 05/23/2016	Citigroup Global Markets	INR	116,096		1,730,063		1,742,283		12,220
Expiring 07/22/2016	Citigroup Global Markets	INR	124,235		1,852,044		1,843,752		(8,292	)
Japanese Yen,
Expiring 07/27/2016	JPMorgan Chase	JPY	144,138		1,354,000		1,358,287		4,287
Expiring 07/27/2016	JPMorgan Chase	JPY	206,125		1,934,300		1,942,427		8,127
Expiring 07/27/2016	JPMorgan Chase	JPY	269,178		2,514,600		2,536,606		22,006
Expiring 07/27/2016	JPMorgan Chase	JPY	321,931		2,905,200		3,033,727		128,527
Expiring 04/03/2017	JPMorgan Chase	JPY	704,000		6,262,231		6,705,033		442,802
Expiring 04/06/2017	JPMorgan Chase	JPY	5,130,000		45,684,100		48,865,769		3,181,669
Mexican Peso,
Expiring 07/22/2016	Citigroup Global Markets	MXN	9,744		559,666		561,719		2,053
Expiring 07/22/2016	Citigroup Global Markets	MXN	15,825		908,563		912,285		3,722
Expiring 07/22/2016	Citigroup Global Markets	MXN	16,451		942,655		948,385		5,730
Expiring 07/22/2016	Citigroup Global Markets	MXN	32,595		1,851,219		1,879,045		27,826
Expiring 07/22/2016	JPMorgan Chase	MXN	31,918		1,838,231		1,840,068		1,837
New Taiwanese Dollar,
Expiring 07/13/2016	Bank of America	TWD	30,006		927,025		931,061		4,036
Expiring 07/13/2016	Citigroup Global Markets	TWD	59,928		1,853,847		1,859,506		5,659
Expiring 07/13/2016	Citigroup Global Markets	TWD	82,973		2,591,706		2,574,604		(17,102	)

See Notes to Financial Statements.

44

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
New Zealand Dollar,
Expiring 07/14/2016	Bank of America	NZD	2,779	$	1,934,300	$	1,932,558	$	(1,742	)
Expiring 07/14/2016	Citigroup Global Markets	NZD	2,831		1,951,399		1,968,859		17,460
Expiring 07/14/2016	JPMorgan Chase	NZD	1,976		1,356,700		1,374,578		17,878
Expiring 07/14/2016	JPMorgan Chase	NZD	2,837		1,952,500		1,973,173		20,673
Expiring 07/14/2016	JPMorgan Chase	NZD	4,192		2,902,500		2,915,307		12,807
Expiring 07/14/2016	Toronto Dominion	NZD	4,171		2,921,100		2,900,660		(20,440	)
Norwegian Krone,
Expiring 07/22/2016	Goldman Sachs & Co.	NOK	46,709		5,802,800		5,798,888		(3,912	)
Expiring 07/22/2016	Goldman Sachs & Co.	NOK	113,393		13,950,117		14,077,828		127,711
Polish Zloty,
Expiring 07/22/2016	Bank of America	PLN	7,034		1,859,552		1,840,073		(19,479	)
Expiring 07/22/2016	Bank of America	PLN	7,136		1,841,267		1,866,628		25,361
Expiring 07/22/2016	Citigroup Global Markets	PLN	3,443		892,263		900,597		8,334
Expiring 07/22/2016	Citigroup Global Markets	PLN	3,671		973,700		960,278		(13,422	)
Russian Ruble,
Expiring 07/20/2016	Barclays Capital Group	RUB	58,556		865,229		884,588		19,359
Expiring 07/20/2016	Barclays Capital Group	RUB	124,755		1,853,847		1,884,624		30,777
Expiring 07/20/2016	Citigroup Global Markets	RUB	67,016		988,820		1,012,388		23,568
Singapore Dollar,
Expiring 07/13/2016	Toronto Dominion	SGD	3,911		2,921,100		2,903,828		(17,272	)
Swedish Krona,
Expiring 07/22/2016	Deutsche Bank AG	SEK	69,490		8,605,018		8,679,953		74,935
Expiring 07/22/2016	JPMorgan Chase	SEK	51,252		6,322,189		6,401,886		79,697
Swiss Franc,
Expiring 07/27/2016	Bank of America	CHF	2,892		3,007,522		3,026,836		19,314
Expiring 07/27/2016	Citigroup Global Markets	CHF	4,617		4,835,700		4,832,105		(3,595	)
Expiring 07/27/2016	Citigroup Global Markets	CHF	5,550		5,802,800		5,809,024		6,224
Expiring 07/27/2016	JPMorgan Chase	CHF	2,810		2,905,200		2,940,632		35,432
Turkish Lira,
Expiring 05/20/2016	Barclays Capital Group	TRY	1,764		601,266		626,937		25,671
Expiring 05/20/2016	Citigroup Global Markets	TRY	1,037		363,643		368,677		5,034
Expiring 05/20/2016	Citigroup Global Markets	TRY	3,710		1,302,454		1,318,670		16,216
Expiring 05/20/2016	Citigroup Global Markets	TRY	4,771		1,666,097		1,695,868		29,771
Expiring 05/20/2016	Citigroup Global Markets	TRY	8,916		3,012,700		3,169,170		156,470
Expiring 05/20/2016	Citigroup Global Markets	TRY	8,929		3,008,700		3,173,624		164,924
Expiring 05/20/2016	Citigroup Global Markets	TRY	8,965		3,015,321		3,186,331		171,010
				$	230,171,047	$	236,270,344		6,099,297

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 45

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/14/2016	Citigroup Global Markets	AUD	7,684	$	5,814,500	$	5,823,700	$	(9,200	)
Brazilian Real,
Expiring 05/12/2016	Citigroup Global Markets	BRL	1,256		342,374		363,768		(21,394	)
Expiring 05/12/2016	Citigroup Global Markets	BRL	1,253		342,375		362,975		(20,600	)
Expiring 05/12/2016	Credit Suisse First Boston Corp.	BRL	11,955		2,960,736		3,462,113		(501,377	)
Expiring 06/02/2016	Citigroup Global Markets	BRL	1,392		388,000		400,246		(12,246	)
British Pound,
Expiring 07/27/2016	Citigroup Global Markets	GBP	17,766		25,740,246		25,965,612		(225,366	)
Expiring 07/27/2016	Citigroup Global Markets	GBP	6,428		9,241,468		9,394,274		(152,806	)
Expiring 07/27/2016	Citigroup Global Markets	GBP	1,333		1,936,800		1,948,073		(11,273	)
Expiring 07/27/2016	JPMorgan Chase	GBP	1,994		2,902,501		2,913,727		(11,226	)
Canadian Dollar,
Expiring 07/14/2016	Citigroup Global Markets	CAD	3,772		2,923,000		3,006,453		(83,453	)
Chilean Peso,
Expiring 05/13/2016	Bank of America	CLP	1,563,959		2,168,552		2,364,305		(195,753	)
Expiring 05/13/2016	Citigroup Global Markets	CLP	214,824		308,146		324,759		(16,613	)
Chinese Renminbi,
Expiring 07/27/2016	JPMorgan Chase	CNH	12,690		1,939,900		1,950,544		(10,644	)
Colombian Peso,
Expiring 05/13/2016	Barclays Capital Group	COP	2,389,530		715,000		837,114		(122,114	)
Expiring 05/13/2016	Barclays Capital Group	COP	2,259,680		702,200		791,625		(89,425	)
Expiring 05/13/2016	Citigroup Global Markets	COP	2,613,542		801,700		915,592		(113,892	)
Expiring 05/13/2016	Citigroup Global Markets	COP	2,391,675		715,000		837,866		(122,866	)
Euro,
Expiring 07/27/2016	Bank of America	EUR	7,613		8,644,863		8,741,455		(96,592	)
Expiring 07/27/2016	JPMorgan Chase	EUR	22,858		25,836,308		26,246,843		(410,535	)
Hungarian Forint,
Expiring 07/22/2016	Citigroup Global Markets	HUF	885,295		3,242,840		3,246,652		(3,812	)
Japanese Yen,
Expiring 07/27/2016	Citigroup Global Markets	JPY	35,536		320,654		334,879		(14,225	)
Mexican Peso,
Expiring 07/22/2016	Citigroup Global Markets	MXN	31,906		1,837,558		1,839,373		(1,815	)
New Zealand Dollar,
Expiring 07/14/2016	Citigroup Global Markets	NZD	2,794		1,947,400		1,943,332		4,068
Expiring 07/14/2016	JPMorgan Chase	NZD	9,066		6,247,157		6,305,430		(58,273	)
Expiring 07/14/2016	JPMorgan Chase	NZD	1,976		1,364,400		1,374,346		(9,946	)
Expiring 07/14/2016	Toronto Dominion	NZD	5,707		3,903,300		3,968,855		(65,555	)
Polish Zloty,
Expiring 07/22/2016	Citigroup Global Markets	PLN	11,701		3,086,679		3,060,926		25,753

See Notes to Financial Statements.

46

Forward foreign currency exchange contracts outstanding at April 30, 2016 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Singapore Dollar,
Expiring 07/13/2016	Bank of America	SGD	2,530	$	1,854,048	$	1,878,164	$	(24,116	)
Expiring 07/13/2016	Citigroup Global Markets	SGD	4,016		2,966,156		2,981,580		(15,424	)
Expiring 07/13/2016	Citigroup Global Markets	SGD	134		98,863		99,263		(400	)
Expiring 07/13/2016	Deutsche Bank AG	SGD	1,841		1,364,400		1,366,795		(2,395	)
Swiss Franc,
Expiring 07/27/2016	JPMorgan Chase	CHF	3,080		3,173,761		3,223,962		(50,201	)
Turkish Lira,
Expiring 05/20/2016	Citigroup Global Markets	TRY	3,728		1,225,724		1,324,934		(99,210	)
Expiring 05/20/2016	JPMorgan Chase	TRY	23,193		7,712,093		8,243,616		(531,523	)
				$	134,768,702	$	137,843,151		(3,074,449	)
								$	3,024,848

Cross currency exchange contracts outstanding at April 30, 2016:

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation (Depreciation)			Counterparty
OTC cross currency exchange contracts:
05/20/2016	Buy	TRY	8,578		EUR	2,616	$	52,076		Citigroup Global Markets
07/14/2016	Buy	AUD	2,548		EUR	1,709		(29,967	)	JPMorgan Chase
07/14/2016	Buy	CAD	2,468		JPY	216,469		(71,914	)	JPMorgan Chase
07/14/2016	Buy	EUR	1,691		AUD	2,559		1,455		JPMorgan Chase
07/14/2016	Buy	NZD	5,672		EUR	3,450		(15,454	)	Toronto Dominion
07/22/2016	Buy	EUR	5,130		NOK	47,507		(8,871	)	JPMorgan Chase
07/22/2016	Buy	GBP	2,029		CZK	70,188		(12,657	)	JPMorgan Chase
07/22/2016	Buy	SEK	11,063		EUR	1,205		(1,326	)	Citigroup Global Markets
07/27/2016	Buy	EUR	2,536		GBP	1,990		4,474		Citigroup Global Markets
07/27/2016	Buy	EUR	1,691		GBP	1,329		(480	)	Citigroup Global Markets
07/27/2016	Buy	GBP	4,065		EUR	5,207		(37,144	)	Citigroup Global Markets
07/27/2016	Buy	GBP	3,997		CHF	5,652		(73,637	)	JPMorgan Chase
07/27/2016	Buy	GBP	533		EUR	686		(8,746	)	Citigroup Global Markets
07/27/2016	Buy	GBP	1,334		EUR	1,711		(14,684	)	JPMorgan Chase
07/27/2016	Buy	GBP	1,994		EUR	2,564		(30,395	)	Citigroup Global Markets
07/27/2016	Buy	GBP	1,991		EUR	2,559		(28,063	)	Citigroup Global Markets
							$	(275,333	)

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 47

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Currency swap agreements outstanding at April 30, 2016:

Notional Amount (000)#		Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
	OTC currency swap agreements:
	602	3 Month LIBOR	JPY	60,000	3 Month JPY LIBOR minus 54.00 bps	Barclays Capital Group		10/12/16	$	38,672		$	—		$	38,672
	1,817	3 Month LIBOR	GBP	1,200	3 Month GBP LIBOR minus 14.25 bps	Barclays Capital Group		04/05/18		65,999			—			65,999
	707	3 Month LIBOR	EUR	600	3 Month EURIBOR minus 21.25 bps	Citigroup Global Markets		01/16/17		20,915			—			20,915
	1,810	3 Month LIBOR	EUR	1,560	3 Month EURIBOR minus 24.50 bps	Citigroup Global Markets		01/16/17		24,722			—			24,722
	64	3 Month LIBOR plus 423 bps	JPY	5,000	3.450%	Citigroup Global Markets		03/24/17		18,220			1,542			16,678
	2,013	3 Month LIBOR	JPY	200,000	3 Month JPY LIBOR minus 53.25 bps	Citigroup Global Markets		04/24/17		134,452			—			134,452
	43	3 Month LIBOR plus 208 bps	EUR	35	4.250%	Citigroup Global Markets		07/14/17		151			(4,000	)		4,151
	79	3 Month LIBOR plus 220 bps	EUR	65	4.250%	Citigroup Global Markets		07/14/17		167			(6,770	)		6,937
	9,427	3 Month LIBOR	JPY	961,510	3 Month JPY LIBOR minus 31.25 bps	Deutsche Bank AG		05/14/17		378,682			—			378,682
	4,025	3 Month LIBOR	EUR	3,500	3 Month EURIBOR minus 25.00 bps	Goldman Sachs & Co.		01/20/17		16,501			—			16,501
	2,656	3 Month LIBOR	GBP	1,745	3 Month GBP LIBOR minus 9.50 bps	Hong Kong & Shanghai Bank		06/04/18		106,942			—			106,942
JPY	1,010,000	3 Month JPY LIBOR minus 43.35 bps		8,574	3 Month LIBOR	JPMorgan Chase		11/26/16		910,043			—			910,043
JPY	4,040,000	3 Month JPY LIBOR minus 42.10 bps		34,223	3 Month LIBOR	JPMorgan Chase		11/28/16		3,738,087			—			3,738,087
	32,517	3 Month LIBOR	EUR	28,300	3 Month EURIBOR minus 26.95	JPMorgan Chase		02/17/17		36,313			—			36,313
	3,310	3 Month JPY LIBOR plus 54.25 bps	JPY	400,000	0.155%	JPMorgan Chase		10/26/17		(472,635	)		—			(472,635	)
	6,262	3 Month LIBOR	JPY	704,000	3 Month JPY LIBOR minus 99.25 bps	JPMorgan Chase		04/03/20		23,584			—			23,584
	45,684	3 Month LIBOR	JPY	5,130,000	3 Month JPY LIBOR minus 98.63 bps	JPMorgan Chase		04/06/20		162,184			—			162,184
	8,574	3 Month LIBOR	JPY	1,010,000	3 Month JPY LIBOR minus 69.88 bps	JPMorgan Chase		11/26/24		(1,091,939	)		—			(1,091,939	)
	34,223	3 Month LIBOR	JPY	4,040,000	3 Month JPY LIBOR minus 67.32 bps	JPMorgan Chase		11/28/24		(4,529,530	)		—			(4,529,530	)
									$	(418,470	)	$	(9,228	)	$	(409,242	)

See Notes to Financial Statements.

48

Interest rate swap agreements outstanding at April 30, 2016:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2016			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
EUR	16,000		08/13/17		0.099%	1 Day EUR OIS(1)	$	6,494		$	(157,181	)	$	(163,675	)
EUR	13,800		08/01/19		0.346%	1 Day EUR OIS(1)		20,789			(428,597	)		(449,386	)
EUR	6,600		02/23/26		0.324%	1 Day EUR OIS(1)		2,328			42,495			40,167
GBP	3,200		02/23/21		0.639%	1 Day GBP OIS(1)		2,458			22,403			19,945
MXN	460,000		02/09/18		4.630%	28 Day Mexican Interbank Rate(2)		(34,061	)		8,281			42,342
MXN	200,000		04/18/19		5.480%	28 Day Mexican Interbank Rate(2)		(90,947	)		198,643			289,590
MXN	125,350		08/20/19		5.110%	28 Day Mexican Interbank Rate(2)		(41,905	)		35,923			77,828
MXN	2,900		05/25/22		6.370%	28 Day Mexican Interbank Rate(2)		(2,373	)		7,297			9,670
MXN	19,300		04/28/23		5.100%	28 Day Mexican Interbank Rate(2)		(3,484	)		(43,715	)		(40,231	)
MXN	162,700		08/13/24		6.120%	28 Day Mexican Interbank Rate(2)		(43,919	)		138,040			181,959
MXN	124,750		12/27/24		5.795%	28 Day Mexican Interbank Rate(2)		24,462			(84,735	)		(109,197	)
MXN	47,600		07/27/34		6.720%	28 Day Mexican Interbank Rate(2)		3,808			1,403			(2,405	)
	35,555		06/30/16		0.618%	3 Month LIBOR(1)		239			1,448			1,209
	112,690		06/30/16		0.655%	3 Month LIBOR(1)		432			(2,379	)		(2,811	)
	80,000		08/01/16		0.743%	3 Month LIBOR(1)		350			(18,562	)		(18,912	)
	50,000		08/04/16		0.733%	3 Month LIBOR(1)		275			(10,747	)		(11,022	)
	460,000		08/06/16		0.677%	3 Month LIBOR(1)		1,300			(30,755	)		(32,055	)
	900,000		08/07/16		0.689%	3 Month LIBOR(1)		130,834			(81,314	)		(212,148	)
	55,800		09/30/16		0.877%	3 Month LIBOR(1)		289			(46,806	)		(47,095	)
	38,000		10/02/16		0.834%	3 Month LIBOR(1)		245			(25,581	)		(25,826	)
	61,500		10/07/16		0.805%	3 Month LIBOR(1)		304			(34,734	)		(35,038	)
	171,500		10/08/16		0.815%	3 Month LIBOR(1)		(431,465	)		(104,611	)		326,854
	43,600		11/10/16		0.739%	3 Month LIBOR(1)		259			(10,257	)		(10,516	)
	133,000		03/11/17		0.966%	3 Month LIBOR(1)		(900,355	)		(241,603	)		658,752
	317,460		03/11/17		0.966%	3 Month LIBOR(1)		(593,687	)		(576,685	)		17,002
	346,000		01/26/18		1.124%	3 Month LIBOR(1)		(66,157	)		(484,307	)		(418,150	)
	154,300		02/08/18		0.884%	3 Month LIBOR(1)		500			164,742			164,242
	234,300		11/09/18		1.160%	3 Month LIBOR(1)		(88,868	)		(1,079,899	)		(991,031	)
	152,880		02/25/19		1.755%	3 Month LIBOR(2)		533			3,142,571			3,142,038
	71,400		01/06/21		1.800%	3 Month LIBOR(2)		440			1,915,789			1,915,349
	263,500		05/15/21		2.202%	3 Month LIBOR(1)		(3,255,762	)		(12,340,037	)		(9,084,275	)
	2,570		07/31/21		2.290%	3 Month LIBOR(1)		(42,741	)		(133,765	)		(91,024	)
	54,000		12/31/21		1.842%	3 Month LIBOR(1)		442			(1,546,608	)		(1,547,050	)
	167,900		06/30/22		2.020%	3 Month LIBOR(1)		1,057			(6,484,759	)		(6,485,816	)
	24,000		04/03/23		2.015%	3 Month LIBOR(1)		387,010			(909,090	)		(1,296,100	)
	16,300		06/20/23		2.604%	3 Month LIBOR(1)		(423,982	)		(1,275,729	)		(851,747	)
	101,900		09/24/23		2.903%	3 Month LIBOR(1)		(4,887,264	)		(10,247,050	)		(5,359,786	)
	98,000		08/15/24		2.559%	3 Month LIBOR(1)		(1,570,311	)		(7,706,360	)		(6,136,049	)
	56,550		09/09/24		2.558%	3 Month LIBOR(1)		(904,581	)		(4,448,011	)		(3,543,430	)
	4,300		02/23/25		2.232%	3 Month LIBOR(1)		181			(224,761	)		(224,942	)
	50,000		02/25/25		2.208%	3 Month LIBOR(1)		510			(2,513,554	)		(2,514,064	)

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 49

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Interest rate swap agreements outstanding at April 30, 2016 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2016			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d):
	23,440		04/28/26		1.809%	3 Month LIBOR(1)	$	320		$	(246,946	)	$	(247,266	)
	13,465		04/28/26		1.909%	3 Month LIBOR(2)		259			269,006			268,747
	8,500		02/15/40		3.193%	3 Month LIBOR(1)		(567,614	)		(1,744,796	)		(1,177,182	)
	14,000		02/15/41		2.647%	3 Month LIBOR(1)		402			(1,379,004	)		(1,379,406	)
	1,300		12/12/42		2.590%	3 Month LIBOR(1)		65,803			(115,067	)		(180,870	)
	13,400		08/21/44		3.190%	3 Month LIBOR(1)		(926,224	)		(3,015,977	)		(2,089,753	)
	4,000		07/02/45		2.937%	3 Month LIBOR(1)		222			(682,746	)		(682,968	)
ZAR	234,500		08/26/20		7.855%	3 Month JIBAR(2)		(54,270	)		(140,214	)		(85,944	)
ZAR	11,500		10/22/23		7.625%	3 Month JIBAR(2)		916			(36,263	)		(37,179	)
ZAR	88,600		11/14/23		8.190%	3 Month JIBAR(2)		(85,064	)		(85,479	)		(415	)
ZAR	50,000		01/08/25		7.540%	3 Month JIBAR(2)		13,041			(209,079	)		(222,120	)
ZAR	14,200		01/12/25		7.430%	3 Month JIBAR(2)		5,480			(66,279	)		(71,759	)
ZAR	34,200		01/13/25		7.430%	3 Month JIBAR(2)		13,227			(159,635	)		(172,862	)
ZAR	85,600		01/13/25		7.440%	3 Month JIBAR(2)		32,093			(395,845	)		(427,938	)
ZAR	17,100		01/11/26		9.330%	3 Month JIBAR(2)		3,842			61,276			57,434
ZAR	16,800		01/11/26		9.330%	3 Month JIBAR(2)		3,775			60,201			56,426
							$	(14,290,115	)	$	(53,500,004	)	$	(39,209,889	)

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	OTC swap agreements:
MXN	143,100		06/20/18		6.020%	28 Day Mexican Interbank Rate(2)	$	235,542		$	—	$	235,542		Credit Suisse First Boston Corp.
MXN	173,100		11/09/18		5.410%	28 Day Mexican Interbank Rate(2)		164,387			—		164,387		Deutsche Bank AG
	100,250		11/30/17		1.170%	3 Month LIBOR(1)		(876,106	)		—		(876,106	)	Credit Suisse First Boston Corp.
ZAR	20,000		09/03/33		8.970%	3 Month JIBAR(2)		61,996			—		61,996		Hong Kong & Shanghai Bank
							$	(414,181	)	$	—	$	(414,181	)

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

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

See Notes to Financial Statements.

50

Credit default swap agreements outstanding at April 30, 2016:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2016(4)			Unrealized Appreciation
Centrally cleared credit default swap on credit indices—Buy Protection(1):
CDX.NA.IG.24.V1		06/20/20		1.000%		144,050	$	(2,761,661	)	$	(1,157,317	)	$	1,604,344

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on asset-backed securities—Sell Protection(2):
Ameriquest Home Equity(c)		05/31/16		1.500%		556	$	46	$	—	$	46	Goldman Sachs & Co.
Ameriquest Home Equity(c)		05/31/16		1.500%		961		80		—		80	Goldman Sachs & Co.
Ameriquest Home Equity(c)		05/31/16		1.500%		866		72		—		72	Goldman Sachs & Co.
Bank of America Prime Mortgage(c)		05/31/16		1.500%		1,553		129		—		129	Goldman Sachs & Co.
BSABS(c)		05/31/16		1.500%		435		36		—		36	Goldman Sachs & Co.
BSABS(c)		05/31/16		1.500%		875		73		—		73	Goldman Sachs & Co.
Chase Mortgage(c)		05/31/16		1.500%		1,221		102		—		102	Goldman Sachs & Co.
Chase Mortgage(c)		05/31/16		1.500%		863		72		—		72	Goldman Sachs & Co.
Citigroup Commercial Mortgage Trust(c)		05/23/16		1.500%		764		634		—		634	Goldman Sachs & Co.
Citigroup Commercial Mortgage Trust(c)		05/23/16		1.500%		291		242		—		242	Goldman Sachs & Co.
COMM Mortgage Trust(c)		05/23/16		1.500%		224		158		—		158	Goldman Sachs & Co.
COMM Mortgage Trust(c)		05/23/16		1.500%		1,312		1,089		—		1,089	Goldman Sachs & Co.
COMM Mortgage Trust(c)		05/23/16		1.500%		848		704		—		704	Goldman Sachs & Co.
COMM Mortgage Trust(c)		05/23/16		1.500%		772		641		—		641	Goldman Sachs & Co.
COMM Mortgage Trust(c)		05/23/16		1.500%		181		151		—		151	Goldman Sachs & Co.
Equifirst Home Equity(c)		05/31/16		1.500%		416		35		—		35	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.(c)		05/02/16		1.500%		818		965		—		965	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.(c)		05/02/16		1.500%		2,767		3,264		—		3,264	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.(c)		05/02/16		1.500%		226		267		—		267	Goldman Sachs & Co.
Fremont Home Equity(c)		05/31/16		1.500%		277		23		—		23	Goldman Sachs & Co.
Fremont Home Equity(c)		05/31/16		1.500%		497		41		—		41	Goldman Sachs & Co.
GC Mortgage Securities Trust(c)		05/23/16		1.500%		342		241		—		241	Goldman Sachs & Co.
GMAC Home Equity(c)		05/31/16		1.500%		326		27		—		27	Goldman Sachs & Co.
GMAC Home Equity(c)		05/31/16		1.500%		1,184		99		—		99	Goldman Sachs & Co.
GS Mortgage Securities Trust(c)		05/23/16		1.500%		426		301		—		301	Goldman Sachs & Co.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 51

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Credit default swap agreements outstanding at April 30, 2016 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on asset-backed securities—Sell Protection(2) (cont’d):
GS Mortgage Securities Trust(c)		05/23/16		1.500%		688	$	485	$	—	$	485	Goldman Sachs & Co.
GS Mortgage Securities Trust(c)		05/23/16		1.500%		2,249		1,729		—		1,729	Goldman Sachs & Co.
GS Mortgage Securities Trust(c)		05/23/16		1.500%		671		557		—		557	Goldman Sachs & Co.
GS Mortgage Securities Trust(c)		05/23/16		1.500%		190		158		—		158	Goldman Sachs & Co.
GS Mortgage Securities Trust(c)		05/23/16		1.500%		283		235		—		235	Goldman Sachs & Co.
GS Mortgage Securities Trust(c)		05/23/16		1.500%		764		634		—		634	Goldman Sachs & Co.
GSAMP Home Equity(c)		05/31/16		1.500%		379		32		—		32	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities(c)		05/23/16		1.500%		418		347		—		347	Goldman Sachs & Co.
Lehman Home Equity(c)		05/31/16		1.500%		910		76		—		76	Goldman Sachs & Co.
LNR CCO Ltd.(c)		05/11/16		1.500%		4,348		4,670		—		4,670	Goldman Sachs & Co.
Long Beach Home Equity(c)		05/31/16		1.500%		618		51		—		51	Goldman Sachs & Co.
Morgan Stanley BAML Trust(c)		05/23/16		1.500%		198		140		—		140	Goldman Sachs & Co.
Morgan Stanley BAML Trust(c)		05/23/16		1.500%		1,835		1,523		—		1,523	Goldman Sachs & Co.
Morgan Stanley Home Equity(c)		05/31/16		1.500%		320		27		—		27	Goldman Sachs & Co.
Morgan Stanley Home Equity(c)		05/31/16		1.500%		322		27		—		27	Goldman Sachs & Co.
New Century Home Equity(c)		05/31/16		1.500%		472		39		—		39	Goldman Sachs & Co.
New Century Home Equity(c)		05/31/16		1.500%		738		61		—		61	Goldman Sachs & Co.
Option One Home Equity(c)		05/31/16		1.500%		233		19		—		19	Goldman Sachs & Co.
WF-RBS Commercial Mortgage Trust(c)		05/23/16		1.500%		1,700		1,411		—		1,411	Goldman Sachs & Co.
WMC Home Equity(c)		05/31/16		1.500%		1,032		86		—		86	Goldman Sachs & Co.
							$	21,799	$	—	$	21,799

See Notes to Financial Statements.

52

Credit default swap agreements outstanding at April 30, 2016 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%		8,000	$	(228,777	)	$	(489,693	)	$	260,916		Credit Suisse First Boston Corp.
CMBX.NA.6.AA		05/11/63		1.500%		7,000		(200,180	)		38,818			(238,998	)	UBS AG
CMBX.NA.6.AA		05/11/63		1.500%		23,500		(672,031	)		296,195			(968,226	)	Credit Suisse First Boston Corp.
CMBX.NA.6.AA		05/11/63		1.500%		23,500		(672,031	)		312,157			(984,188	)	Credit Suisse First Boston Corp.
CMBX.NA.6.AA		05/11/63		1.500%		23,000		(657,733	)		268,547			(926,280	)	Deutsche Bank AG
							$	(2,430,752	)	$	426,024		$	(2,856,776	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2016(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on sovereign issues—Sell Protection(2):
Kingdom of Spain		12/20/20		1.000%		32,160		0.865	%	$	231,255		$	(7,147	)	$	238,402		JPMorgan Chase
Mexico United Mexican States Government		12/20/20		1.000%		7,000		1.479	%		(140,822	)		(123,939	)		(16,883	)	Goldman Sachs & Co.
Peoples Republic of China		03/20/22		1.000%		5,000		1.402	%		(104,648	)		(79,787	)		(24,861	)	Deutsche Bank AG
Republic of Indonesia		09/20/20		1.000%		8,000		1.626	%		(199,702	)		(322,295	)		122,593		Barclays Capital Group
Republic of Italy		09/20/20		1.000%		12,000		1.157	%		(65,455	)		(63,450	)		(2,005	)	JPMorgan Chase
Republic of Panama Government		09/20/20		1.000%		1,700		1.399	%		(26,650	)		(43,542	)		16,892		Deutsche Bank AG
Republic of Portugal		12/20/20		1.000%		1,800		2.513	%		(113,595	)		(63,832	)		(49,763	)	Goldman Sachs & Co.
Republic of Slovenia		09/20/20		1.000%		2,500		0.931	%		10,273			(18,359	)		28,632		Barclays Capital Group
Republic of Slovenia		09/20/20		1.000%		25,000		0.931	%		102,730			(181,167	)		283,897		Barclays Capital Group
Republic of Turkey		09/20/20		1.000%		2,000		2.098	%		(89,047	)		(148,016	)		58,969		Barclays Capital Group
										$	(395,661	)	$	(1,051,534	)	$	655,873

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 53

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Cash of $39,915,000 has been segregated with Citigroup Global Markets to cover requirements for open cleared interest rate and credit default swap contracts at April 30, 2016.

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 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 less the recovery value 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) The fair value of credit default swap agreements on credit indices and asset-backed securities serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

Total return swap agreements outstanding at April 30, 2016:

Counterparty	Termination Date		Notional Amount (000)#		Description	Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)(1)
OTC total return swap agreements:
Deutsche Bank AG		06/11/16		2,100	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip	$	7,109	$	—	$	7,109

See Notes to Financial Statements.

54

Total return swap agreements outstanding at April 30, 2016 (continued):

Counterparty	Termination Date		Notional Amount (000)#		Description	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(1)
Deutsche Bank AG		06/11/16		4,200	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip	$	(19,006	)	$	—		$	(19,006	)
Deutsche Bank AG		06/11/16		2,100	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		16,919			—			16,919
Deutsche Bank AG		06/11/16		4,200	Pay variable payments based on 1 Day USOIS plus 30 bps and receive variable payments based on U.S. Treasury Strip		(44,031	)		—			(44,031	)
Credit Suisse First Boston Corp.		01/12/41		16,259	Receive fixed payments based on the IOS.FN30.450.10 Index and pay variable payments based on the 1 Month LIBOR		92,344			(44,543	)		136,887
						$	53,335		$	(44,543	)	$	97,878

(1) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

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

Level 1—quoted prices 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, 2016 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Debt Obligation	$	—	$	2,455,640	$	—
Collateralized Loan Obligations		—		316,746,275		—
Non-Residential Mortgage-Backed Securities		—		41,759,102		—
Residential Mortgage-Backed Securities		—		202,738,426		3,999,584
Bank Loans		—		57,205,009		7,413,912
Commercial Mortgage-Backed Securities		—		113,402,941		—

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 55

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

	Level 1		Level 2			Level 3
Corporate Bonds	$	—	$	817,351,819		$	—
Municipal Bonds		—		14,505,419			—
Non-Corporate Foreign Agencies		—		24,995,189			—
Residential Mortgage-Backed Securities		—		109,437,592			49,945,332
Sovereign Bonds		—		75,308,139			—
Affiliated Mutual Fund		161,320,913		—			—
Other Financial Instruments*
Futures Contracts		2,278,574		—			—
OTC Forward Foreign Currency Exchange Contracts		—		3,024,848			—
OTC Cross Currency Exchange Contracts		—		(275,333	)		—
OTC Currency Swap Agreements		—		(418,470	)		—
Centrally Cleared Interest Rate Swap Agreements		—		(39,209,889	)		—
OTC Interest Rate Swap Agreements		—		(414,181	)		—
Centrally Cleared Credit Default Swap Agreements		—		1,604,344			—
OTC Credit Default Swap Agreements		—		(2,826,413	)		21,799
OTC Total Return Swap Agreements		—		53,335			—
Total	$	163,599,487	$	1,737,443,792		$	61,380,627

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

	Bank Loans			Asset-Backed Residential Mortgage- Backed Securities		Asset-Backed Non-Residential Mortgage- Backed Securities			Residential Mortgage- Backed Securities			Forward Rate Agreements			Credit Default Swaps
Balance as of 10/31/15	$	1,375,465		$	—	$	14,607,300		$	4,939,860		$	(386,245	)	$	—
Realized gain (loss)		(41,701	)		—		14,658			—			—			—
Change in unrealized appreciation (depreciation)**		24,194			3,817		(8,271	)		(680,945	)		386,245			21,799
Purchases		1,457,002			3,995,767		—			14,845,257			—			—
Sales		(1,600,535	)		—		(14,613,687	)		(6,331,894	)		—			—
Accrued discount/premium		—			—		—			48,754			—			—
Transfer into Level 3		6,199,487			—		—			42,064,160			—			—
Transfer out of Level 3		—			—		—			(4,939,860	)		—			—
Balance as of 04/30/16	$	7,413,912		$	3,999,584	$	—		$	49,945,332		$	—		$	21,799

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

** Of which, $(644,578) was relating to securities held at the reporting period end.

See Notes to Financial Statements.

56

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

Level 3 Securities	Fair Value as of April 30, 2016		Valuation Methodology		Unobservable Inputs
Bank Loans	$	7,413,912		Market Approach		Single Broker Indicative Quote
Asset-Backed Residential Mortgage-Backed Securities		3,999,584		Market Approach		Single Broker Indicative Quote
Residential Mortgage-Backed Securities		49,945,332		Market Approach		Single Broker Indicative Quote
Credit Default Swaps		21,799		Market Approach		Single Broker Indicative Quote
	$	61,380,627

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. At the reporting period end, securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Bank Loans	$	6,199,487		L2 to L3	Multiple Broker Quotes to Single Broker Indicative Quotes
Residential Mortgage-Backed Securities		42,064,160		L2 to L3	Evaluated Bid to Single Broker Indicative Quotes
Residential Mortgage-Backed Securities		4,939,860		L3 to L2	Single Broker Indicative Quote to Evaluated Bid

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2016 were as follows:

Residential Mortgage-Backed Securities	19.0	%
Collateralized Loan Obligations	16.4
Affiliated Mutual Fund (including 6.7% of collateral for securities on loan)	8.4
Banks	6.5
Commercial Mortgage-Backed Securities	5.9
Sovereign Bonds	3.9
Healthcare-Services	3.2
Telecommunications	2.8
Media	2.4
Non-Residential Mortgage-Backed Securities	2.2
Electric	2.1
Retail	2.0
Entertainment	1.8
Chemicals	1.7
Insurance	1.7
Home Builders	1.6
Food	1.6
Diversified Financial Services	1.4
Building Materials	1.4
Non-Corporate Foreign Agencies	1.3	%
Pharmaceuticals	1.0
Commercial Services	0.9
Auto Parts & Equipment	0.8
Oil & Gas	0.8
Healthcare & Pharmaceutical	0.8
Auto Manufacturers	0.8
Municipal Bonds	0.7
Lodging	0.7
Mining	0.7
Pipelines	0.7
Healthcare-Products	0.6
Airlines	0.6
Technology	0.5
Semiconductors	0.5
Transportation	0.4
Electronics	0.4
Forest & Paper Products	0.4
Retailers	0.4
Miscellaneous Manufacturing	0.4

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 57

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Software	0.4	%
Capital Goods	0.3
Beverages	0.3
Machinery-Construction & Mining	0.3
Food & Beverage	0.3
Real Estate Investment Trusts (REITs)	0.3
Packaging & Containers	0.2
Cosmetics/Personal Care	0.2
Consumer	0.2
Gas	0.2
Environmental Control	0.2
Holding Companies—Diversified	0.2
Collateralized Debt Obligations	0.1
Distribution/Wholesale	0.1	%
Media & Entertainment	0.1
Food Service	0.1
Iron/Steel	0.1
Automotive	0.1
Brokerage	0.1
Cable	0.1
Aerospace & Defense	0.1
Computers	0.1
	103.5
Liabilities in excess of other assets	(3.5	)
	100.0	%

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of April 30, 2016 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Credit contracts	Unrealized appreciation on OTC swap agreements	$	1,032,100		Unrealized depreciation on OTC swap agreements	$	3,211,204
Credit contracts	Premiums paid for OTC swap agreements		915,717		Premiums received for OTC swap agreements		1,541,227
Credit contracts	Due from/to broker—variation margin swaps		1,604,344	*	Due from/to broker—variation margin swaps		—	*
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		6,352,997		Unrealized depreciation on OTC forward foreign currency exchange contracts		3,328,149
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		58,005		Unrealized depreciation on OTC cross currency exchange contracts		333,338
Interest rate contracts	Due from/to broker—variation margin futures		3,077,910	*	Due from/to broker—variation margin futures		799,336	*
Interest rate contracts	Due from/to broker—variation margin swaps		7,269,554	*	Due from/to broker—variation margin swaps		46,479,443	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		6,307,702		Unrealized depreciation on OTC swap agreements		7,033,247

See Notes to Financial Statements.

58

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Interest rate contracts	Premiums paid for OTC swap agreements	$	1,542	Premiums received for OTC swap agreements	$	55,313
Total		$	26,619,871		$	62,781,257

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2016 are as follows:

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased*			Options Written		Futures		Forward and Cross Currency Contracts**			Forward Rate Agreements			Swaps			Total
Credit contracts	$	(1,119,300	)	$	572,187	$	—	$	—		$	—		$	(3,268,850	)	$	(3,815,963	)
Equity contracts		—			—		—		—			—			—			—
Foreign exchange contracts		—			—		—		(3,230,120	)		—			—			(3,230,120	)
Interest rate contracts		(2,632,747	)		1,044,306		8,597,668		—			(659,418	)		(9,471,170	)		(3,121,361	)
	$	(3,752,047	)	$	1,616,493	$	8,597,668	$	(3,230,120	)	$	(659,418	)	$	(12,740,020	)	$	(10,167,444	)

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

** Included in net realized gain (loss) on foreign currency transactions in the Statement of Operations.

Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased*			Options Written			Futures		Forward and Cross Currency Contracts**		Forward Rate Agreements		Swaps			Total
Credit contracts	$	52,135		$	49,581		$	—	$	—	$	—	$	1,813,698		$	1,915,414
Equity contracts		—			—			—		—		—		—			—
Foreign exchange contracts		—			—			—		1,969,029		—		—			1,969,029
Interest rate contracts		(1,769,242	)		(606,616	)		666,832		—		386,245		(20,102,662	)		(21,425,443	)
	$	(1,717,107	)	$	(557,035	)	$	666,832	$	1,969,029	$	386,245	$	(18,288,964	)	$	(17,541,000	)

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

** Included in net change in unrealized appreciation (depreciation) on foreign currencies in the Statement of Operations.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 59

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

For the six months ended April 30, 2016, the Fund’s average volume of derivative activities are as follows:

Options Purchased(1)		Options Written(2)		Futures— Long Positions(3)		Futures— Short Positions(3)		Forward Foreign Currency Exchange Contracts— Purchased(4)		Forward Foreign Currency Exchange Contracts— Sold(4)
$	4,616,602	$	2,146,363	$	777,328,141	$	803,385,211	$	156,446,910	$	226,483,698

Cross Currency Exchange Contracts(3)		Currency Swap Agreements(2)		Forward Rate Agreements(2)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)		Credit Default Swap Agreements— Sell Protection(2)		Total Return Swap Agreements(2)
$	39,328,882	$	165,977	$	148,767	$	4,795,071	$	215,517	$	285,297	$	39,825

(1) Cost.

(2) Notional Amount in USD (000).

(3) Value at Trade Date.

(4) Value at Settlement Date.

Offsetting of OTC derivative assets and liabilities:

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

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts Available for Offset			Collateral Received			Net Amount
Bank of America	$	48,711	$	(48,711	)	$	—		$	—
Barclays Capital Group		796,823		(796,823	)		—			—
Citigroup Global Markets		2,004,167		(1,157,383	)		—			846,784
Credit Suisse First Boston Corp.		1,241,697		(1,241,697	)		—			—
Deutsche Bank AG		927,471		(927,471	)		—			—
Goldman Sachs & Co.		166,011		(166,011	)		—			—
Hong Kong & Shanghai Bank		168,938		—			(145,091	)		23,847
JPMorgan Chase		9,065,810		(7,478,212	)		—			1,587,598
Toronto Dominion		209,617		(146,463	)		—			63,154
UBS AG		38,818		(38,818	)		—			—
	$	14,668,063

See Notes to Financial Statements.

60

Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset		Collateral Pledged		Net Amount
Bank of America	$	(337,682	)	$	48,711	$	288,971	$	—
Barclays Capital Group		(881,376	)		796,823		—		(84,553	)
Citigroup Global Markets		(1,157,383	)		1,157,383		—		—
Credit Suisse First Boston Corp.		(3,864,133	)		1,241,697		2,622,436		—
Deutsche Bank AG		(1,139,902	)		927,471		—		(212,431	)
Goldman Sachs & Co.		(258,329	)		166,011		92,318		—
Hong Kong & Shanghai Bank		—			—		—		—
JPMorgan Chase		(7,478,212	)		7,478,212		—		—
Toronto Dominion		(146,463	)		146,463		—		—
UBS AG		(238,998	)		38,818		200,180		—
	$	(15,502,478	)

(1) Includes unrealized appreciation on swaps and forwards, premiums paid on swap agreements and market value of purchased options.

(2) Includes unrealized depreciation on swaps and forwards, premiums received on swap agreements and market value of written options.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 61

Statement of Assets & Liabilities (unaudited)

as of April 30, 2016

Assets
Investments at value, including securities on loan of $127,127,770:
Unaffiliated investments (cost $1,858,342,033)	$	1,837,264,379
Affiliated investments (cost $161,320,913)		161,320,913
Cash		4,601,031
Foreign currency, at value (cost $3,377,181)		3,378,381
Dividends and interest receivable		17,677,678
Unrealized appreciation on OTC swap agreements		7,339,802
Unrealized appreciation on OTC forward foreign currency exchange contracts		6,352,997
Deposit with broker for centrally cleared swaps		39,915,000
Deposit with broker for futures		8,290,000
Receivable for investments sold		4,565,599
Receivable for Fund shares sold		1,773,053
Premium paid for OTC swap agreements		917,259
Due from broker—variation margin futures		832,081
Unrealized appreciation on OTC cross currency exchange contracts		58,005
Prepaid expenses		8,313
Total assets		2,094,294,491
Liabilities
Payable to broker for collateral for securities on loan		130,312,653
Unrealized depreciation on OTC swap agreements		10,244,451
Payable for Fund shares reacquired		7,944,854
Payable for investments purchased		5,834,778
Unrealized depreciation on OTC forward foreign currency exchange contracts		3,328,149
Premium received for OTC swap agreements		1,596,540
Management fee payable		1,139,342
Dividends payable		1,094,570
Accrued expenses and other liabilities		913,180
Due to broker—variation margin swaps		575,302
Unrealized depreciation on OTC cross currency exchange contracts		333,338
Distribution fee payable		160,879
Affiliated transfer agent fee payable		97,552
Total liabilities		163,575,588
Net Assets	$	1,930,718,903
Net assets were comprised of:
Shares of beneficial interest, at par	$	204,121
Paid-in capital in excess of par		2,052,744,155
		2,052,948,276
Distributions in excess of net investment income		(9,947,848	)
Accumulated net realized loss on investment and foreign currency transactions		(55,674,644	)
Net unrealized depreciation on investments and foreign currencies		(56,606,881	)
Net assets, April 30, 2016	$	1,930,718,903

See Notes to Financial Statements.

62

Class A
Net asset value and redemption price per share ($236,652,025 ÷ 25,105,727 shares of beneficial interest issued and outstanding)	$	9.43
Maximum sales charge (4.50% of offering price)		0.44
Maximum offering price to public	$	9.87
Class C
Net asset value, offering price and redemption price per share
($132,785,366 ÷ 14,040,379 shares of beneficial interest issued and outstanding)	$	9.46
Class Q
Net asset value, offering price and redemption price per share
($159,491,458 ÷ 16,894,363 shares of beneficial interest issued and outstanding)	$	9.44
Class Z
Net asset value, offering price and redemption price per share
($1,401,790,054 ÷ 148,080,341 shares of beneficial interest issued and outstanding)	$	9.47

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 63

Statement of Operations (unaudited)

Six Months Ended April 30, 2016

Net Investment Income
Income
Interest income	$	41,322,722
Affiliated income from securities lending, net		176,378
Affiliated dividend income		60,702
Total income		41,559,802
Expenses
Management fee		8,696,559
Distribution fee—Class A		347,860
Distribution fee—Class C		725,090
Transfer agent’s fees and expenses (including affiliated expense of $337,253)		1,434,000
Custodian and accounting fees		268,000
Registration fees		115,000
Shareholders’ reports		72,000
Audit fee		30,000
Trustees’ fees		27,000
Loan interest expense		27,309
Legal fees and expenses		19,000
Insurance expenses		16,000
Commitment fee on syndicated credit agreement		7,000
Miscellaneous		12,329
Total expenses		11,797,147
Less: Expense reimbursement		(948,644	)
Net expenses		10,848,503
Net investment income		30,711,299
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(18,320,297	)
Futures transactions		8,597,668
Options written transactions		1,616,493
Swap agreement transactions		(12,740,020	)
Foreign currency transactions		(1,581,520	)
Forward rate agreements		(659,418	)
		(23,087,094	)
Net change in unrealized appreciation (depreciation) on:
Investments		11,920,144
Futures		666,832
Options written		(557,035	)
Swap agreements		(18,288,964	)
Foreign currencies		1,954,273
Forward rate agreements		386,245
		(3,918,505	)
Net loss on investment and foreign currency transactions		(27,005,599	)
Net Increase In Net Assets Resulting From Operations	$	3,705,700

See Notes to Financial Statements.

64

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	30,711,299		$	68,302,192
Net realized loss on investment and foreign currency transactions		(23,087,094	)		(39,940,409	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(3,918,505	)		(45,524,134	)
Net increase (decrease) in net assets resulting from operations		3,705,700			(17,162,351	)
Dividends from net investment income (Note 1)
Class A		(3,007,206	)		(8,455,798	)
Class C		(1,024,882	)		(2,762,018	)
Class Q		(1,863,395	)		(2,721,218	)
Class Z		(19,153,529	)		(47,805,272	)
		(25,049,012	)		(61,744,306	)
Tax Return of Capital
Class A		—			(1,197,797	)
Class C		—			(391,251	)
Class Q		—			(385,471	)
Class Z		—			(6,771,802	)
		—			(8,746,321	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		271,811,305			1,007,801,320
Net asset value of shares issued in reinvestment of dividends and distributions		17,241,167			44,726,683
Cost of shares reacquired		(720,844,361	)		(1,319,175,381	)
Net decrease in net assets from Fund share transactions		(431,791,889	)		(266,647,378	)
Total decrease		(453,135,201	)		(354,300,356	)
Net Assets:
Beginning of period		2,383,854,104			2,738,154,460
End of period	$	1,930,718,903		$	2,383,854,104

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 65

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust currently consists of five funds: Prudential QMA Large-Cap Core Equity Fund (formerly Prudential Large-Cap Core Equity Fund), Prudential International Real Estate Fund, Prudential Absolute Return Bond Fund (the “Fund”), Prudential Select Real Estate Fund and Prudential Real Estate Income Fund. These financial statements relate to Prudential Absolute Return Bond Fund, a diversified fund. The financial statements of the other portfolios are not presented herein. The Trust was organized as a business trust in Delaware on September 18, 1998. The Fund commenced investment operations on March 30, 2011.

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

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification 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 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 Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. 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.

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 table following the Portfolio of Investments.

66

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.

Common and preferred stocks traded on foreign securities exchanges are 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 can be applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price to the extent that the valuation meets the established confidence level for each security. Such confidence level is a measure of the probability of a relationship between a given equity security and the factors used in the models. If the confidence level is not met or the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as Level 2 in the fair value hierarchy.

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

Fixed income securities traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after 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. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Bank loans traded in the OTC market 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.

Prudential Absolute Return Bond Fund 67

Notes to Financial Statements (unaudited) (continued)

OTC derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid 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. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser

68

under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

The Fund purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the funds. These are insurance-like products that are called Connecticut Avenue Securities by Fannie Mae and Structured Agency Credit Risk securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Fund could lose some or all of its principal if the underlying mortgages experience credit defaults.

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

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

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

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

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

Concentration of Risk: The ability of debt securities issuers (other than those issued or guaranteed by the U.S. Government) held by the Fund to meet its obligations may be

Prudential Absolute Return Bond Fund 69

Notes to Financial Statements (unaudited) (continued)

affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

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 or foreign currency exchange rates. The Fund may also use futures to gain additional market exposure. 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. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Forward 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 in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on foreign currencies. 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 foreign currency 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

70

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.

Cross Currency Exchange Contracts: A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Options: The Fund purchased and wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates, with respect to securities which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions. The Fund, as writer of an option, may have no control over whether the underlying securities may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. OTC options also involve the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

Forward Rate Agreements: Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund may enter into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

Swap Agreements: The Fund entered into credit default, interest rate and other forms of swap agreements. 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 counterparty (“OTC-traded”) or through a central clearing facility, such as a registered commodities exchange.

Prudential Absolute Return Bond Fund 71

Notes to Financial Statements (unaudited) (continued)

Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on investments. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Payments received or paid by the Fund are recorded as realized gains (losses) upon termination or maturity of the swap. 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 Portfolio of Investments.

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

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund 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 sold protection using credit default swaps to take an active short position with respect to the likelihood of a particular issuer’s default. The Fund’s maximum risk of loss from counterparty credit risk for purchased credit default swaps 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

72

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 on corporate or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Portfolio 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. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as indicators of the current status of the payment/performance risk. 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.

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

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

Total Return Swaps: In a total return swap, one party would receive payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pay a fixed amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund’s maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement

Prudential Absolute Return Bond Fund 73

Notes to Financial Statements (unaudited) (continued)

between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) 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 Portfolio of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Portfolio 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

74

with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

As of April 30, 2016, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, written options, 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.

Loan Participations: The Fund may invest in loan participations, another type of restricted security. When the Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (“Selling Participant”), but not the borrower. As a result, the Fund assumes the credit risk of the borrower, the Selling Participant and any other persons interpositioned between the Fund and the borrower. The Fund may not directly benefit from the collateral supporting the senior loan in which it has purchased the loan participation.

Payment In Kind Securities: The Fund may invest in 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 may lend 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 a highly liquid ultra short-term bond 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. 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 and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to receive any unrealized gain (loss) in the market price of the securities loaned that may occur during the term of the loan.

Prudential Absolute Return Bond Fund 75

Notes to Financial Statements (unaudited) (continued)

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 identified cost basis. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an 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 distribution fees which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class) 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.

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

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. 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 income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign interest are recorded, net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the 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.

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with Prudential Fixed Income (“PFI”), which is a business unit of PGIM, Inc. The subadvisory agreement provides that PFI will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PFI is obligated to keep certain books

76

and records of the Fund. PI pays for the services of PFI, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

The management fee paid to PI is accrued daily and payable monthly at an annual rate of .80% of the Fund’s average daily net assets up to $2.5 billion, .775% of the average daily net assets up to $5 billion and .75% of the average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursement was .80% for the six months ended April 30, 2016. The effective management fee rate, net of waivers and/or expense reimbursement, was .71%

PI has contractually agreed to limit net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, extraordinary and certain other expenses such as taxes, interest and brokerage commissions) of each class of shares to .90% of the Fund’s average daily net assets until February 28, 2017.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class C, Class Q and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to 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 Q and Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .25% and 1% of the average daily net assets of the Class A and C shares, respectively. Effective March 9, 2015, the Class A contractual distribution and service (12b-1) fees were reduced from .30% to ..25% of the average daily net assets and the contractual 12b-1 fee waiver of .05% was terminated.

PIMS has advised the Fund that it has received $67,716 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2016. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2016, it received $737 and $8,673, in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

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

Prudential Absolute Return Bond Fund 77

Notes to Financial Statements (unaudited) (continued)

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’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.

PGIM, Inc., an indirect, wholly-owned subsidiary of Prudential, is the Fund’s securities lending agent. Net earnings from securities lending are disclosed on the Statement of Operations as “Affiliated income from securities lending, net”. For the six months ended April 30, 2016, PGIM, Inc. has been compensated approximately $22,920 for these services. Effective February 5, 2016, PGIM, Inc. is being paid no compensation for acting as the securities lending agent. In addition, the securities lending agent continues to absorb the transaction costs associated with the securities lending activity.

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 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. Such transactions are subject to ratification by the Board.

The Fund invests in the Prudential Core Ultra Short Bond Fund, (formerly known as Prudential Core Taxable Money Market Fund), (the “Core Fund”), a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2016, were $451,852,471 and $887,715,133, respectively.

Transactions in options written during the six months ended April 30, 2016, were as follows:

	Notional Amount (000)			Premiums Received
Balance at beginning of period	$	2,621,160		$	2,256,581
Options written		7,376,520			5,543,986
Options closed		(3,566,150	)		(4,030,060	)
Options expired		(6,431,530	)		(3,770,507	)
Balance at end of period	$	—		$	—

78

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2016 were as follows:

Tax Basis	$	2,033,262,014
Appreciation		21,060,588
Depreciation		(55,737,310	)
Net Unrealized Depreciation	$	(34,676,722	)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2015 of approximately $30,857,000 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.

Management has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class C, Class Q and Class Z shares. Class A shares are sold with a front-end sales charge of up to 4.50%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Class C shares are sold with a CDSC of 1% on shares redeemed during the first 12 months after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Q and Class Z shares are not subject to any sales or redemption charge and are offered 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 at $.001 par value.

Prudential Absolute Return Bond Fund 79

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2016:
Shares sold		1,932,353		$	18,069,055
Shares issued in reinvestment of dividends and distributions		251,168			2,343,728
Shares reacquired		(10,054,278	)		(93,572,424	)
Net increase (decrease) in shares outstanding before conversion		(7,870,757	)		(73,159,641	)
Shares issued upon conversion from other share class(es)		130,986			1,218,185
Shares reacquired upon conversion into other share class(es)		(416,193	)		(3,877,281	)
Net increase (decrease) in shares outstanding		(8,155,964	)	$	(75,818,737	)
Year ended October 31, 2015:
Shares sold		9,159,964		$	88,548,404
Shares issued in reinvestment of dividends and distributions and tax return of capital		767,890			7,406,202
Shares reacquired		(22,214,130	)		(214,083,595	)
Net increase (decrease) in shares outstanding before conversion		(12,286,276	)		(118,128,989	)
Shares issued upon conversion from other share class(es)		413,369			3,999,231
Shares reacquired upon conversion into other share class(es)		(1,116,748	)		(10,782,429	)
Net increase (decrease) in shares outstanding		(12,989,655	)	$	(124,912,187	)
Class C
Six months ended April 30, 2016:
Shares sold		516,853		$	4,850,480
Shares issued in reinvestment of dividends and distributions		87,239			816,632
Shares reacquired		(3,392,631	)		(31,715,034	)
Net increase (decrease) in shares outstanding before conversion		(2,788,539	)		(26,047,922	)
Shares issued upon conversion from other share class(es)		7,065			66,762
Shares reacquired upon conversion into other share class(es)		(182,155	)		(1,709,018	)
Net increase (decrease) in shares outstanding		(2,963,629	)	$	(27,690,178	)
Year ended October 31, 2015:
Shares sold		3,281,932		$	31,827,844
Shares issued in reinvestment of dividends and distributions and tax return of capital		252,859			2,455,008
Shares reacquired		(5,849,278	)		(56,486,343	)
Net increase (decrease) in shares outstanding before conversion		(2,314,487	)		(22,203,491	)
Shares issued upon conversion from other share class(es)		293			2,817
Shares reacquired upon conversion into other share class(es)		(568,639	)		(5,485,484	)
Net increase (decrease) in shares outstanding		(2,882,833	)	$	(27,686,158	)

80

Class Q	Shares			Amount
Six months ended April 30, 2016:
Shares sold		628,286		$	5,848,524
Shares issued in reinvestment of dividends and distributions		199,425			1,864,443
Shares reacquired†		(285,124	)		(2,642,179	)
Net increase (decrease) in shares outstanding before conversion		542,587			5,070,788
Shares issued upon conversion from other share class(es)		410,684			3,778,293
Net increase (decrease) in shares outstanding		953,271		$	8,849,081
Year ended October 31, 2015:
Shares sold		15,365,666		$	148,814,878
Shares issued in reinvestment of dividends and distributions and tax return of capital		322,957			3,104,469
Shares reacquired		(2,026,331	)		(19,436,578	)
Net increase (decrease) in shares outstanding before conversion		13,662,292			132,482,769
Shares issued upon conversion from other share class(es)		338,526			3,270,165
Net increase (decrease) in shares outstanding		14,000,818		$	135,752,934
Class Z
Six months ended April 30, 2016:
Shares sold		25,814,214		$	243,043,246
Shares issued in reinvestment of dividends and distributions		1,303,599			12,216,364
Shares reacquired		(63,569,862	)		(592,914,724	)
Net increase (decrease) in shares outstanding before conversion		(36,452,049	)		(337,655,114	)
Shares issued upon conversion from other share class(es)		596,386			5,586,299
Shares reacquired upon conversion into other share class(es)		(547,273	)		(5,063,240	)
Net increase (decrease) in shares outstanding		(36,402,936	)	$	(337,132,055	)
Year ended October 31, 2015:
Shares sold		76,184,518		$	738,610,194
Shares issued in reinvestment of dividends and distributions and tax return on capital		3,283,088			31,761,004
Shares reacquired		(106,576,807	)		(1,029,168,865	)
Net increase (decrease) in shares outstanding before conversion		(27,109,201	)		(258,797,667	)
Shares issued upon conversion from other shares class(es)		1,675,175			16,217,078
Shares reacquired upon conversion into other share class(es)		(744,228	)		(7,221,378	)
Net increase (decrease) in shares outstanding		(26,178,254	)	$	(249,801,967	)

^†  Includes affiliated redemption of 116 shares with a value of $1,093 for Class Q shares.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

Prudential Absolute Return Bond Fund 81

Notes to Financial Statements (unaudited) (continued)

The Fund utilized the SCA during the six months ended April 30, 2016. The average daily balance for the 35 days that the Fund had loans outstanding during the period was $16,695,714, borrowed at a weighted average interest rate of 1.68%. The maximum loan outstanding amount during the period was $74,114,000. As of April 30, 2016, the Fund did not have an outstanding loan amount.

Note 8. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and has determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

82

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,												March 30, 2011(e) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.48			$9.79			$9.82			$9.92			$9.72			$10.00
Income (loss) from investment operations:
Net investment income		.12			.23			.25			.21			.22			.18
Net realized and unrealized gain (loss) on investment transactions		(.07	)		(.30	)		.02			(.03	)		.30			(.31	)
Total from investment operations		.05			(.07	)		.27			.18			.52			(.13	)
Less Dividends and Distributions:
Dividends from net investment income		(.10	)		(.21	)		(.30	)		(.23	)		(.30	)		(.15	)
Tax return of capital		-			(.03	)		-			(.05	)		-			-
Distributions from net realized gains		-			-			-			-			(.02	)		-
Total dividends and distributions		(.10	)		(.24	)		(.30	)		(.28	)		(.32	)		(.15	)
Net asset value, end of period		$9.43			$9.48			$9.79			$9.82			$9.92			$9.72
Total Return(b):		.55%			(.78)%			2.76%			1.86%			5.49%			(1.27)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$236,652			$315,214			$452,955			$469,604			$91,250			$2,709
Average net assets (000)		$279,805			$383,950			$483,199			$303,234			$18,023			$2,240
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.15%	(f)		1.15%			1.15%			1.14%			1.11%			1.30%	(f)
Expenses before waivers and/or expense reimbursement		1.24%	(f)		1.24%			1.27%			1.28%			1.54%			2.70%	(f)
Net investment income		2.69%	(f)		2.39%			2.58%			2.17%			2.53%			2.90%	(f)
Portfolio turnover rate		26%	(g)		64%			64%			125%			152%			112%	(g)

(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 a full year are not annualized.

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

(d) Effective March 9, 2015, the contractual distribution and service (12b-1) fees were reduced from .30% to .25% of the average daily net assets and the .05% contractual 12b-1 waiver was terminated.

(e) Commencement of operations.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 83

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,												March 30, 2011(d) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.51			$9.82			$9.85			$9.94			$9.73			$10.00
Income (loss) from investment operations:
Net investment income		.09			.16			.18			.14			.16			.13
Net realized and unrealized gain (loss) on investment transactions		(.07	)		(.31	)		.01			(.02	)		.29			(.30	)
Total from investment operations		.02			(.15	)		.19			.12			.45			(.17	)
Less Dividends and Distributions:
Dividends from net investment income		(.07	)		(.13	)		(.22	)		(.16	)		(.22	)		(.10	)
Tax return of capital		-			(.03	)		-			(.05	)		-			-
Distributions from net realized gains		-			-			-			-			(.02	)		-
Total dividends and distributions		(.07	)		(.16	)		(.22	)		(.21	)		(.24	)		(.10	)
Net asset value, end of period		$9.46			$9.51			$9.82			$9.85			$9.94			$9.73
Total Return(b):		0.18%			(1.51)%			1.97%			1.18%			4.78%			(1.74)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$132,785			$161,679			$195,312			$172,326			$28,708			$4,030
Average net assets (000)		$145,816			$183,419			$183,745			$97,736			$7,066			$2,254
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.90%	(e)		1.90%			1.90%			1.89%			1.88%			2.05%	(e)
Expenses before waivers and/or expense reimbursement		1.99%	(e)		1.97%			1.97%			1.98%			2.39%			3.39%	(e)
Net investment income		1.93%	(e)		1.62%			1.81%			1.41%			1.86%			2.17%	(e)
Portfolio turnover rate		26%	(f)		64%			64%			125%			152%			112%	(f)

(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 a full year are not annualized.

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

84

Class Q Shares
	Six Months Ended April 30,			Year Ended October 31,												March 30, 2011(d) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.49			$9.81			$9.83			$9.94			$9.73			$10.00
Income (loss) from investment operations:
Net investment income		.14			.25			.28			.27			.30			.16
Net realized and unrealized gain (loss) on investment transactions		(.08	)		(.30	)		.03			(.06	)		.26			(.27	)
Total from investment operations		.06			(.05	)		.31			.21			.56			(.11	)
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.24	)		(.33	)		(.27	)		(.33	)		(.16	)
Tax return of capital		-			(.03	)		-			(.05	)		-			-
Distributions from net realized gains		-			-			-			-			(.02	)		-
Total dividends and distributions		(.11	)		(.27	)		(.33	)		(.32	)		(.35	)		(.16	)
Net asset value, end of period		$9.44			$9.49			$9.81			$9.83			$9.94			$9.73
Total Return(b):		.70%			(.57)%			3.16%			2.10%			5.99%			(1.09)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$159,491			$151,294			$19,025			$17,829			$1			$1
Average net assets (000)		$151,566			$125,910			$18,604			$3,144			$1			$1
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.86%	(e)		.85%			.85%			.90%			.89%			1.05%	(e)
Expenses before waivers and/or expense reimbursement		.86%	(e)		.85%			.85%			.94%			1.54%			2.45%	(e)
Net investment income		2.98%	(e)		2.61%			2.87%			2.87%			3.11%			2.74%	(e)
Portfolio turnover rate		26%	(f)		64%			64%			125%			152%			112%	(f)

(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 a full year are not annualized.

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 85

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,												March 30, 2011(d) through October 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$9.52			$9.83			$9.86			$9.95			$9.74			$10.00
Income (loss) from investment operations:
Net investment income		.14			.25			.27			.24			.27			.16
Net realized and unrealized gain (loss) on investment transactions		(.08	)		(.30	)		.02			(.02	)		.28			(.27	)
Total from investment operations		.06			(.05	)		.29			.22			.55			(.11	)
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.23	)		(.32	)		(.26	)		(.32	)		(.15	)
Tax return of capital		-			(.03	)		-			(.05	)		-			-
Distributions from net realized gains		-			-			-			-			(.02	)		-
Total dividends and distributions		(.11	)		(.26	)		(.32	)		(.31	)		(.34	)		(.15	)
Net asset value, end of period		$9.47			$9.52			$9.83			$9.86			$9.95			$9.74
Total Return(b):		.67%			(.53)%			3.00%			2.21%			5.81%			(1.14)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,401,790			$1,755,667			$2,070,862			$1,201,383			$82,364			$28,192
Average net assets (000)		$1,608,831			$2,029,397			$1,484,697			$672,382			$34,383			$27,018
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.90%	(e)		.90%			.90%			.90%			.89%			1.05%	(e)
Expenses before waivers and/or expense reimbursement		.99%	(e)		.97%			.97%			.99%			1.50%			2.48%	(e)
Net investment income		2.92%	(e)		2.61%			2.79%			2.43%			2.92%			2.70%	(e)
Portfolio turnover rate		26%	(f)		64%			64%			125%			152%			112%	(f)

(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 a full year are not annualized.

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

(d) Commencement of operations.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

86

n    MAIL	n    TELEPHONE	n    WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

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

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Prudential Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 a prospectus and summary prospectus by visiting our website at www.prudentialfunds.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 www.prudentialfunds.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, Prudential Absolute Return Bond Fund, Prudential 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 SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL ABSOLUTE RETURN BOND FUND

SHARE CLASS	A	C	Q	Z
NASDAQ	PADAX	PADCX	PADQX	PADZX
CUSIP	74441J852	74441J845	74441J837	74441J829

MF213E2    0293026-00001-00

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential Select Real Estate Fund

SEMIANNUAL REPORT APRIL 30, 2016

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

Objective: Capital appreciation and income

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

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

The accompanying financial statements as of April 30, 2016, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2016 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol 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 the Prudential Select Real Estate Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2016.

Since market conditions change over time, 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. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Prudential Investments^® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Select Real Estate Fund

June 15, 2016

Prudential Select Real Estate Fund 3

Your Fund’s Performance (unaudited)

Performance data quoted represent 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 www.prudentialfunds.com or by calling (800) 225-1852.

Cumulative Total  Returns (Without Sales Charges) as of 4/30/16
	Six Months (%)	One Year (%)	Since Inception (%)
Class A	–0.39	0.55	7.57 (8/1/14)
Class C	–0.66	–0.19	6.19 (8/1/14)
Class Q	–0.24	0.81	8.01 (8/1/14)
Class Z	–0.17	0.86	8.11 (8/1/14)
FTSE EPRA/NAREIT Developed Real Estate Index	3.63	1.91	7.03
S&P 500 Index	0.43	1.21	10.98
Lipper Global Real Estate Funds Average	2.28	0.17	5.85
S&P Developed Property Net Index	4.19	1.77	7.41
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		One Year (%)	Since Inception (%)
Class A		–5.36	1.55 (8/1/14)
Class C		–1.53	4.24 (8/1/14)
Class Q		0.41	5.31 (8/1/14)
Class Z		0.40	5.32 (8/1/14)
FTSE EPRA/NAREIT Developed Real Estate Index		0.41	4.22
S&P 500 Index		1.78	6.20
Lipper Global Real Estate Funds Average		–0.48	3.66
S&P Developed Property Net Index		0.78	4.36

Source: Prudential Investments LLC and Lipper Inc.

Inception returns are provided for any share class with less than 10 calendar years of returns.

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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 C	Class Q	Class Z
Maximum initial sales charge	5.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	1% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	None	None

Benchmark Definitions

FTSE EPRA/NAREIT Developed Real Estate Index—The Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate investment Trusts (FTSE EPRA/NAREIT) Developed Real Estate Index is unmanaged and designed to track the performance of listed real estate companies and REITs worldwide.

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed.

Lipper Global Real Estate Funds Average—The Lipper Global Real Estate Funds Average (Lipper Average) includes funds that invest at least 25% but less than 75% of their equity portfolios in shares of companies engaged in the real estate industry that are strictly outside of the US or whose securities are principally traded outside of the US.

S&P Developed Property Net Index—The S&P Developed Property Net Index is an unmanaged, weighted index which measures the investable universe of publicly traded property companies domiciled in developed markets.

Investors cannot invest directly in an index or average. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception

Prudential Select Real Estate Fund 5

Your Fund’s Performance (continued)

returns for the Indexes and Lipper Average are measured from the closest month-end to the inception date for the indicated share class.

Five Largest Holdings expressed as a percentage of net assets as of 4/30/16 (%)
Mitsui Fudosan Co. Ltd. (Japan), Diversified Real Estate Activities	5.2
Hudson Pacific Properties, Inc., Office REITs	4.4
New York REIT, Inc., Office REITs	4.0
General Growth Properties, Inc., Retail REITs	3.9
Sovran Self Storage, Inc., Specialized REITs	3.8

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/16 (%)
Retail REITs	22.0
Residential REITs	20.8
Office REITs	15.0
Diversified REITs	14.5
Specialized REITs	9.4

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

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Fees and Expenses (unaudited)

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 invested on November 1, 2015, at the beginning of the period, and held through the six-month period ended April 30, 2016. 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 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 Prudential Investments 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

Prudential Select Real Estate Fund 7

Fees and Expenses (continued)

the period 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.

Prudential  Select Real Estate Fund		Beginning  Account Value November 1, 2015		Ending  Account Value April 30, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	996.10		1.35	%	$	6.70
	Hypothetical	$	1,000.00	$	1,018.15		1.35	%	$	6.77
Class C	Actual	$	1,000.00	$	993.40		2.10	%	$	10.41
	Hypothetical	$	1,000.00	$	1,014.42		2.10	%	$	10.52
Class Q	Actual	$	1,000.00	$	997.60		1.10	%	$	5.46
	Hypothetical	$	1,000.00	$	1,019.39		1.10	%	$	5.52
Class Z	Actual	$	1,000.00	$	998.30		1.10	%	$	5.47
	Hypothetical	$	1,000.00	$	1,019.39		1.10	%	$	5.52

*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, 2016, and divided by the 366 days in the Portfolio’s fiscal year ending October 31, 2016 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

The Fund’s annualized expense ratios for the six-month period ended April 30, 2016, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	5.76	1.35
C	6.45	2.10
Q	4.94	1.10
Z	5.49	1.10

Net operating expenses shown above reflect any fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.

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Portfolio of Investments (unaudited)

as of April 30, 2016

	Shares		Value (Note 1)
LONG-TERM INVESTMENTS    99.2%
COMMON STOCKS
Diversified Real Estate Activities    8.0%
Mitsui Fudosan Co. Ltd. (Japan)		12,110	$	295,755
Sun Hung Kai Properties Ltd. (Hong Kong)		12,770		160,942
				456,697
Diversified REITs    14.5%
Empire State Realty Trust, Inc. (Class A Stock)		9,600		177,696
First Potomac Realty Trust		10,894		91,619
Hibernia REIT PLC (Ireland)		76,962		113,594
Land Securities Group PLC (United Kingdom)		11,350		187,995
STORE Capital Corp., REIT		5,550		142,468
Suntec Real Estate Investment Trust (Singapore)		93,650		117,009
				830,381
Health Care REITs    4.0%
Community Healthcare Trust, Inc.		4,811		87,560
Physicians Realty Trust		7,580		137,426
				224,986
Hotel & Resort REITs    2.8%
Sunstone Hotel Investors, Inc.		12,439		159,344
Industrial REITs    2.7%
Rexford Industrial Realty, Inc.		4,866		91,335
Segro PLC (United Kingdom)		10,300		62,932
				154,267
Office REITs    15.0%
Great Portland Estates PLC (United Kingdom)		14,870		164,882
Hudson Pacific Properties, Inc.		8,700		254,475
Keppel REIT (Singapore)		160,630		125,186
New York REIT, Inc.		23,279		228,832
SL Green Realty Corp.		820		86,166
				859,541
Residential REITs    20.8%
Apartment Investment & Management Co. (Class A Stock)		3,110		124,587
Boardwalk Real Estate Investment Trust (Canada)		2,850		121,977
Empiric Student Property PLC (United Kingdom)		83,283		136,596
Equity LifeStyle Properties, Inc.		1,380		94,516
Equity Residential		2,450		166,772
Essex Property Trust, Inc.		890		196,201

See Notes to Financial Statements.

Prudential Select Real Estate Fund 9

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Residential REITs (cont’d.)
Irish Residential Properties REIT PLC (Ireland)		73,398	$	94,130
Monogram Residential Trust, Inc.		8,500		86,105
Sun Communities, Inc.		2,489		168,928
				1,189,812
Retail REITs    22.0%
Acadia Realty Trust		3,900		131,430
British Land Co. PLC (The) (United Kingdom)		18,350		193,070
Equity One, Inc.		6,136		173,649
Federal Realty Investment Trust		1,140		173,371
General Growth Properties, Inc.		7,875		220,736
Mapletree Commercial Trust (Singapore)		97,000		108,114
Retail Properties of America, Inc. (Class A Stock)		9,750		155,902
Taubman Centers, Inc.		1,490		103,481
				1,259,753
Specialized REITs    9.4%
CyrusOne, Inc.		1,300		57,369
Equinix, Inc.		220		72,677
Extra Space Storage, Inc.		2,275		193,261
Sovran Self Storage, Inc.		2,030		215,627
				538,934
TOTAL INVESTMENTS    99.2% (cost $5,717,141)(Note 5)				5,673,715
Other assets in excess of liabilities 0.8%				46,267
NET ASSETS    100.0%			$	5,719,982

The following abbreviations are used in the semiannual report:

OTC—Over-the-counter

REIT—Real Estate Investment Trust

See Notes to Financial Statements.

10

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

Level 1—quoted prices 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, 2016 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified Real Estate Activities	$	—	$	456,697	$	—
Diversified REITs		525,377		305,004		—
Health Care REITs		224,986		—		—
Hotel & Resort REITs		159,344		—		—
Industrial REITs		91,335		62,932		—
Office REITs		569,473		290,068		—
Residential REITs		1,189,812		—		—
Retail REITs		958,569		301,184		—
Specialized REITs		538,934		—		—
Total	$	4,257,830	$	1,415,885	$	—

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2016 were as follows:

Retail REITs	22.0	%
Residential REITs	20.8
Office REITs	15.0
Diversified REITs	14.5
Specialized REITs	9.4
Diversified Real Estate Activities	8.0
Health Care REITs	4.0
Hotel & Resort REITs	2.8	%
Industrial REITs	2.7
	99.2
Other assets in excess of liabilities	0.8
	100.0	%

See Notes to Financial Statements.

Prudential Select Real Estate Fund 11

Statement of Assets & Liabilities (unaudited)

as of April 30, 2016

Assets
Investments at value:
Unaffiliated investments (cost $5,717,141)	$	5,673,715
Receivable for investments sold		136,826
Due from Manager		13,800
Dividends receivable		10,903
Tax reclaim receivable		128
Prepaid expenses		207
Total assets		5,835,579
Liabilities
Payable for investments purchased		67,946
Accrued expenses and other liabilities		43,580
Payable to custodian		3,925
Affiliated transfer agent fee payable		86
Distribution fee payable		60
Total liabilities		115,597
Net Assets	$	5,719,982
Net assets were comprised of:
Shares of beneficial interest, at par	$	577
Paid-in capital in excess of par		5,777,834
		5,778,411
Distributions in excess of net investment income		(26,572	)
Accumulated net realized gain on investment and foreign currency transactions		11,408
Net unrealized depreciation on investments and foreign currencies		(43,265	)
Net assets, April 30, 2016	$	5,719,982

See Notes to Financial Statements.

12

Class A
Net asset value and redemption price per share, ($129,948 ÷ 12,950 shares of beneficial interest issued and outstanding)	$	10.03
Maximum sales charge (5.50% of offering price)		0.58
Maximum offering price to public	$	10.61
Class C
Net asset value, offering price and redemption price per share, ($47,754 ÷ 4,790 shares of beneficial interest issued and outstanding)	$	9.97
Class Q
Net asset value, offering price and redemption price per share, ($5,413,401 ÷ 546,032 shares of beneficial interest issued and outstanding)	$	9.91
Class Z
Net asset value, offering price and redemption price per share, ($128,879 ÷ 12,819 shares of beneficial interest issued and outstanding)	$	10.05

See Notes to Financial Statements.

Prudential Select Real Estate Fund 13

Statement of Operations (unaudited)

Six Months Ended April 30, 2016

Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $3,883)	$	107,886
Affiliated dividend income		324
Total income		108,210
Expenses
Management fee		25,988
Distribution fee—Class A		132
Distribution fee—Class C		210
Registration fees		32,000
Custodian and accounting fees		25,000
Audit fee		15,000
Shareholders’ reports		11,000
Legal fees and expenses		10,000
Trustees’ fees		5,000
Transfer agent’s fees and expenses (including affiliated expense of $240)		700
Miscellaneous		11,227
Total expenses		136,257
Less: Management fee waiver and/or expense reimbursement		(105,828	)
Distribution fee waiver—Class A		(22	)
Net expenses		30,407
Net investment income		77,803
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		42,946
Foreign currency transactions		(307	)
		42,639
Net change in unrealized appreciation (depreciation) on:
Investments		(142,925	)
Foreign currencies		188
		(142,737	)
Net loss on investment and foreign currency transactions		(100,098	)
Net Decrease In Net Assets Resulting From Operations	$	(22,295	)

See Notes to Financial Statements.

14

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2016			Year Ended October 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	77,803		$	51,391
Net realized gain on investment and foreign currency transactions		42,639			221,338
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(142,737	)		(4,864	)
Net increase (decrease) in net assets resulting from operations		(22,295	)		267,865
Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(1,938	)		—
Class C		(487	)		—
Class Q		(137,024	)		(51,503	)
Class Z		(3,104	)		—
		(142,553	)		(51,503	)
Distributions from net realized gains
Class A		(3,969	)		(160	)
Class C		(1,433	)		(322	)
Class Q		(215,530	)		(43,237	)
Class Z		(5,495	)		(87	)
		(226,427	)		(43,806	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		258,574			184,146
Net asset value of shares issued in reinvestment of dividends and distributions		368,979			95,307
Cost of shares reacquired		(143,407	)		(27,737	)
Net increase in net assets from Fund share transactions		484,146			251,716
Total increase		92,871			424,272
Net Assets:
Beginning of period		5,627,111			5,202,839
End of period(a)	$	5,719,982		$	5,627,111
(a) Includes undistributed net investment income of:	$	—		$	38,178

See Notes to Financial Statements.

Prudential Select Real Estate Fund 15

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust currently consists of five portfolios: Prudential Select Real Estate (the “Fund”), Prudential International Real Estate Fund, Prudential QMA Large-Cap Core Equity Fund, Prudential Absolute Return Bond Fund and Prudential Real Estate Income Fund. These financial statements relate only to Prudential Select Real Estate Fund. The financial statements of the other portfolios are not presented herein. The Trust was organized as a Delaware business trust on September 18, 1998. The Fund commenced operations on August 1, 2014. The Fund’s investment objective is to seek capital appreciation and income.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification 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 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 Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. 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.

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 table following the Portfolio of Investments.

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

16

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.

Common and preferred stocks traded on foreign securities exchanges are 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 can be applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price to the extent that the valuation meets the established confidence level for each security. Such confidence level is a measure of the probability of a relationship between a given equity security and the factors used in the models. If the confidence level is not met or the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as Level 2 in the fair value hierarchy.

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

Fixed income securities traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after 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. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Bank loans traded in the OTC market 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.

OTC derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest

Prudential Select Real Estate Fund 17

Notes to Financial Statements (unaudited) (continued)

rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

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 daily 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

18

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 gain (loss) on foreign currency transactions.

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

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability or the level of the governmental supervision and regulation of foreign securities markets.

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 identified cost basis. Dividend income is recorded on the ex-date. 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 (loss) (other than distribution fees which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class) 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.

REITs: The Fund invests in real estate investment trusts (“REITs”), which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and is recorded accordingly. These estimates are adjusted when the actual source of distributions is disclosed by the REITs.

Dividends and Distributions: The Fund expects to pay dividends from net investment income quarterly and distributions of 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 may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

Prudential Select Real Estate Fund 19

Notes to Financial Statements (unaudited) (continued)

Taxes: For federal income tax purposes, the Fund is treated as a separate tax paying entity. 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 are recorded, net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the 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.

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all the investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with PGIM Real Estate, formerly known as Prudential Real Estate Investors (“PREI”), which is a business unit of PGIM, Inc. The subadvisory agreement provides that PGIM Real Estate will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM Real Estate is obligated to keep certain books and records of the Fund. PI pays for the services of PGIM Real Estate, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

The management fee paid to PI is accrued daily and payable monthly at an annual rate of the Fund’s average daily net assets. Through September 30, 2015, the management fee paid to PI was based on an annual fee rate of .95% of the Funds average daily net assets. Effective October 1, 2015 the management fee paid to PI is based on an annual rate of .95% of the Fund’s average daily net assets up to $1 billion, .93% of the next $2 billion, .91% of the next $2 billion, .90% of the next $5 billion and .89% of the average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was .95% for the period ended April 30, 2016. For the period ended April 30, 2016, waivers and/or expense reimbursements exceeded the effective management fee.

PI has contractually agreed through February 28, 2017 to limit net annual Fund operating expenses (exclusive of distribution and service (12b-1) fees, extraordinary and certain other expenses, such as taxes, interest and brokerage commissions) of each class of shares to 1.10% of the Fund’s average daily net assets.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, C, Q and Z shares of the Fund.

20

The Fund compensates PIMS for distributing and servicing the Fund’s Class A and C shares, pursuant to 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 Q or Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30% and 1% of the average daily net assets of the Class A and C shares, respectively. PIMS has contractually agreed through February 28, 2017 to limit such fees to .25% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it has received $192 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2016. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2016, there were no contingent deferred sales charges imposed.

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

Note 3. Other Transactions with Affiliates

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

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 permits purchase and sale transactions among affiliated investment companies, or between and 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. Such transactions are subject to ratification by the Board.

The Fund invests in the Prudential Core Ultra Short Bond Fund, (formerly known as Prudential Core Taxable Money Market Fund), (the “Core Fund”), a portfolio of the Prudential Investment Portfolios 2, registered under the Investment Company 1940 Act, and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income.”

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, for the six months ended April 30, 2016, were $3,916,023 and $3,767,315, respectively.

Prudential Select Real Estate Fund 21

Notes to Financial Statements (unaudited) (continued)

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2016 were as follows:

Tax Basis	$	5,776,742
Appreciation		166,212
Depreciation		(269,239	)
Net Unrealized Depreciation	$	(103,027	)

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

Management has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class C, Class Q and Class Z shares. Class A shares are subject to a maximum front-end sales charge of up to 5.50%. Investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are not subject to an initial sales charge, but are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Q and Class Z shares are not subject to any sales or redemption charge and are offered 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 at $.001 par value per share.

22

As of April 30, 2016, Prudential, through its affiliates, owned 1,073 Class A shares, 1,065 Class C shares, 546,032 Class Q shares and 1,076 Class Z shares of the Fund.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2016:
Shares sold		9,090		$	92,322
Shares issued in reinvestment of dividends and distributions		593			5,905
Shares reacquired		(2,559	)		(23,530	)
Net increase (decrease) in shares outstanding before conversion		7,124			74,697
Shares issued upon conversion from other share class(es)		52			567
Net increase (decrease) in shares outstanding		7,176		$	75,264
Year ended October 31, 2015:
Shares sold		5,019		$	51,736
Shares issued in reinvestment of dividends and distributions		15			160
Shares reacquired		(396	)		(4,113	)
Net Increase (decrease) in shares outstanding before conversion		4,638			47,783
Shares reacquired upon conversion into other share class(es)		(579	)		(6,225	)
Net Increase (decrease) in shares outstanding		4,059		$	41,558
Class C
Six months ended April 30, 2016:
Shares sold		1,203		$	12,000
Shares issued in reinvestment of dividends and distributions		194			1,920
Net increase (decrease) in shares outstanding		1,397		$	13,920
Year ended October 31, 2015:
Shares sold		4,423		$	45,727
Shares issued in reinvestment of dividends and distributions		31			322
Shares reacquired		(2,061	)		(21,998	)
Net Increase (decrease) in shares outstanding		2,393		$	24,051
Class Q
Six months ended April 30, 2016:
Shares issued in reinvestment of dividends and distributions		35,780		$	352,555
Net increase (decrease) in shares outstanding		35,780		$	352,555
Year ended October 31, 2015:
Shares issued in reinvestment of dividends and distributions		9,252		$	94,739
Net Increase (decrease) in shares outstanding		9,252		$	94,739

Prudential Select Real Estate Fund 23

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended April 30, 2016:
Shares sold		15,273		$	154,252
Shares issued in reinvestment of dividends and distributions		862			8,599
Shares reacquired		(13,188	)		(119,877	)
Net increase (decrease) in shares outstanding before conversion		2,947			42,974
Shares reacquired upon conversion into other share class(es)		(52	)		(567	)
Net increase (decrease) in shares outstanding		2,895		$	42,407
Year ended October 31, 2015:
Shares sold		8,495		$	86,683
Shares issued in reinvestment of dividends and distributions		8			86
Shares reacquired		(156	)		(1,626	)
Net Increase (decrease) in shares outstanding before conversion		8,347			85,143
Shares issued upon conversion from other share class(es)		577			6,225
Net Increase (decrease) in shares outstanding		8,924		$	91,368

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund did not utilize the SCA during the six months ended April 30, 2016.

Note 8. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance.

24

Management has evaluated the implications of ASU No. 2015-07 and it has been determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

Prudential Select Real Estate Fund 25

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			August 1, 2014(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning Of Period		$10.71			$10.30			$10.00
Income (loss) from investment operations:
Net investment income		.12			.09			.01
Net realized and unrealized gain (loss) on investment transactions		(.17	)		.41			.29
Total from investment operations		(.05	)		.50			.30
Less Dividends and Distributions:
Dividends from net investment income		(.21	)		-			-
Distributions from net realized gains		(.42	)		(.09	)		-
Total dividends and distributions		(.63	)		(.09	)		-
Net asset value, end of period		$10.03			$10.71			$10.30
Total Return(a)		(.39)%			4.85%			3.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$130			$62			$18
Average net assets (000)		$88			$27			$15
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.35%	(e)		1.35%			1.35%	(e)
Expense before waivers and/or expense reimbursement		5.76%	(e)		5.16%			20.58%	(e)
Net investment income		2.50%	(e)		.86%			.46%	(e)
Portfolio turnover rate		69%	(f)		150%			18%	(f)

(a) Total return does not consider the effect of sales load. 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.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

26

Class C Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			August 1, 2014(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning Of Period		$10.60			$10.28			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.08			(.03	)		(.01	)
Net realized and unrealized gain (loss) on investment transactions		(.16	)		.44			.29
Total from investment operations		(.08	)		.41			.28
Less Dividends and Distributions:
Dividends from net investment income		(.13	)		-			-
Distributions from net realized gains		(.42	)		(.09	)		-
Total dividends and distributions		(.55	)		(.09	)		-
Net asset value, end of period		$9.97			$10.60			$10.28
Total Return(a)		(.66)%			3.98%			2.80%
Ratios/Supplemental Data:
Net assets, end of period (000)		$48			$36			$10
Average net assets (000)		$42			$46			$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		2.10%	(e)		2.10%			2.10%	(e)
Expense before waivers and/or expense reimbursement		6.45%	(e)		5.54%			20.42%	(e)
Net investment (loss) income		1.71%	(e)		(.30)%			(.26)%	(e)
Portfolio turnover rate		69%	(f)		150%			18%	(f)

(a) Total return does not consider the effect of sales load. 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.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Select Real Estate Fund 27

Financial Highlights (unaudited) (continued)

Class Q Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			August 1, 2014(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning Of Period		$10.63			$10.31			$10.00
Income (loss) from investment operations:
Net investment income		.14			.10			.02
Net realized and unrealized gain (loss) on investment transactions		(.17	)		.41			.29
Total from investment operations		(.03	)		.51			.31
Less Dividends and Distributions:
Dividends from net investment income		(.27	)		(.10	)		-
Distributions from net realized gains		(.42	)		(.09	)		-
Total dividends and distributions		(.69	)		(.19	)		-
Net asset value, end of period		$9.91			$10.63			$10.31
Total Return(a)		(.24)%			5.01%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,413			$5,423			$5,165
Average net assets (000)		$5,227			$5,288			$4,983
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.10%	(e)		1.10%			1.10%	(e)
Expense before waivers and/or expense reimbursement		4.94%	(e)		4.51%			14.06%	(e)
Net investment income		2.87%	(e)		.96%			.75%	(e)
Portfolio turnover rate		69%	(f)		150%			18%	(f)

(a) Total return is calculated assuming a purchase of a shares 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.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

28

Class Z Shares
	Six Months Ended April 30, 2016			Year Ended October 31, 2015			August 1, 2014(b) through October 31, 2014
Per Share Operating Performance(c):
Net Asset Value, Beginning Of Period		$10.74			$10.31			$10.00
Income (loss) from investment operations:
Net investment income		.13			.10			.02
Net realized and unrealized gain on investment transactions		(.16	)		.42			.29
Total from investment operations		(.03	)		.52			.31
Less Dividends and Distributions:
Dividends from net investment income		(.24	)		-			-
Distributions from net realized gains		(.42	)		(.09	)		-
Total dividends and distributions		(.66	)		(.09	)		-
Net asset value, end of period		$10.05			$10.74			$10.31
Total Return(a)		(.17)%			5.04%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$129			$107			$10
Average net assets (000)		$142			$39			$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.10%	(e)		1.10%			1.10%	(e)
Expense before waivers and/or expense reimbursement		5.49%	(e)		5.16%			19.50%	(e)
Net investment income		2.63%	(e)		.98%			.77%	(e)
Portfolio turnover rate		69%	(f)		150%			18%	(f)

(a) 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.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Select Real Estate Fund 29

n    MAIL	n    TELEPHONE	n    WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

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

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Deborah A. Docs, Secretary • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Real Estate	7 Giralda Farms Madison, NJ 07940
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 a prospectus and summary prospectus by visiting our website at www.prudentialfunds.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 www.prudentialfunds.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, Prudential Select Real Estate Fund, Prudential Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL SELECT REAL ESTATE FUND

SHARE CLASS	A	C	Q	Z
NASDAQ	SREAX	SRECX	SREQX	SREZX
CUSIP	74441J811	74441J795	74441J787	74441J779

MF223E2    0293068-00001-00

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

     Prudential Real Estate Income Fund

SEMIANNUAL REPORT APRIL 30, 2016

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

Objective: To seek income and capital appreciation

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

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

The accompanying financial statements as of April 30, 2016, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2016 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at prudentialfunds.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Real Estate Income Fund informative and useful. The report covers performance for the six-month period that ended April 30, 2016.

Since market conditions change over time, 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. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

Prudential Investments^® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Real Estate Income Fund

June 15, 2016

Prudential Real Estate Income Fund 3

Your Fund’s Performance (unaudited)

Performance data quoted represent 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 www.prudentialfunds.com or by calling (800) 225-1852.

Cumulative Total Returns (Without Sales Charges) as of 4/30/16
	Six Months (%)	Since Inception (%)
Class A	1.41	–1.17 (6/3/15)
Class C	1.14	–1.80 (6/3/15)
Class Z	1.54	–0.96 (6/3/15)
Custom Blend Index	3.81	4.64
Lipper Global Real Estate Funds Average	2.28	1.50
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		Since Inception  (%)
Class A		N/A (6/3/15)
Class C		N/A (6/3/15)
Class Z		N/A (6/3/15)
Custom Blend Index		N/A
Lipper Global Real Estate Funds Average		N/A

Source: Prudential Investments LLC and Lipper Inc.

Inception returns are provided for any share class with less than 10 years of returns.

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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 C	Class Z
Maximum initial sales charge	5.50% of the public offering price	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1% on sales of $1 million or more made within 12 months of purchase	1% on sales made within 12 months of purchase	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30% (.25% currently)	1%	None

Benchmark Definitions

Custom Blend Index—The Custom Blend Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Real Estate Index (80%), which is an unmanaged index that measures the performance of all real estate investment trusts (REITs) listed on the New York Stock Exchange, NASDAQ National Market, and American Stock Exchange; and the BofA Merrill Lynch 7% Constrained REIT Preferred Securities Index (20%), an unmanaged index that is a subset of the BofA Merrill Lynch Fixed Rate Preferred Securities Index including all REIT-issued preferred securities.

Lipper Global Real Estate Funds Average—The Lipper Global Real Estate Funds Average includes funds that invest at least 25% but less than 75% of their equity portfolios in shares of companies engaged in the real estate industry that are strictly outside of the US or whose securities are principally traded outside of the US.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

Prudential Real Estate Income Fund 5

Your Fund’s Performance (continued)

Five Largest Holdings expressed as a percentage of net assets as of 4/30/16 (%)
MGM Growth Properties LLC, Hotel & Resort REITs	5.0
Ascendas Real Estate Investment Trust (Singapore), Industrial REITs	4.7
Community Healthcare Trust, Inc., Health Care REITs	4.7
Chesapeake Lodging Trust, Hotel & Resort REITs	4.3
Keppel REIT (Singapore), Office REITs	3.9

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/16 (%)
Retail REITs	20.7
Health Care REITs	19.6
Diversified REITs	16.3
Industrial REITs	13.2
Hotel & Resort REITs	12.9

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

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Fees and Expenses (unaudited)

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 invested on November 1, 2015, at the beginning of the period, and held through the six-month period ended April 30, 2016. 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 Prudential Investments 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

Prudential Real Estate Income Fund 7

Fees and Expenses (continued)

paid over the period 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.

Prudential Real Estate Income Fund		Beginning  Account Value November 1, 2015		Ending  Account Value April 30, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,014.10		1.35	%	$	6.76
	Hypothetical	$	1,000.00	$	1,018.15		1.35	%	$	6.77
Class C	Actual	$	1,000.00	$	1,011.40		2.10	%	$	10.50
	Hypothetical	$	1,000.00	$	1,014.42		2.10	%	$	10.52
Class Z	Actual	$	1,000.00	$	1,015.40		1.10	%	$	5.51
	Hypothetical	$	1,000.00	$	1,019.39		1.10	%	$	5.52

*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, 2016, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2016 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

The Fund’s annualized expense ratios for the six-month period ended April 30, 2016, are as follows:

Class	Gross Operating  Expenses (%)	Net Operating  Expenses (%)
A	6.43	1.35
C	7.44	2.10
Z	6.56	1.10

Net operating expenses shown above reflect any fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.

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Portfolio of Investments

as of April 30, 2016 (Unaudited)

Description	Shares		Value (Note 1)
LONG-TERM INVESTMENTS    99.9%
COMMON STOCKS    80.7%
Diversified REITs    10.5%
Agellan Commercial Real Estate Investment Trust (Canada)		8,640	$	63,697
First Potomac Realty Trust		11,179		94,015
Lexington Realty Trust		13,295		116,730
Mirvac Group (Australia)		15,458		21,871
Northstar Realty Finance Corp.		13,315		170,299
STORE Capital Corp.		1,935		49,671
Suntec Real Estate Investment Trust (Singapore)		31,341		39,158
				555,441
Health Care REITs    19.6%
Care Capital Properties, Inc.		5,290		141,084
Community Healthcare Trust, Inc.		13,609		247,684
Physicians Realty Trust		9,940		180,212
Sabra Health Care REIT, Inc.		5,616		118,442
Senior Housing Properties Trust		8,903		156,515
Welltower, Inc.		2,717		188,614
				1,032,551
Hotel & Resort REITs    9.3%
Chesapeake Lodging Trust		9,211		226,867
MGM Growth Properties LLC (Class A Stock)*		12,085		266,716
				493,583
Industrial REITs    11.7%
Ascendas Real Estate Investment Trust (Singapore)		137,051		250,130
Cache Logistics Trust (Singapore)		320,237		205,809
Prologis Property Mexico SA de CV (Mexico)*		60,657		95,826
STAG Industrial, Inc.		3,360		67,066
				618,831
Office REITs    9.4%
Alstria Office REIT-AG (Germany)*		5,425		76,177
Dexus Property Group (Australia)		9,419		60,057
Investa Office Fund (Australia)		17,099		53,991
Keppel REIT (Singapore)		264,200		205,902
New York REIT, Inc.		10,132		99,598
Parkway Properties, Inc.		56		921
				496,646

See Notes to Financial Statements.

Prudential Real Estate Income Fund 9

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Real Estate Operating Companies    1.9%
TLG Immobilien AG (Germany)		4,750	$	100,616
Residential REITs    2.0%
Empiric Student Property PLC (United Kingdom)		63,807		104,653
Retail REITs    16.3%
CBL & Associates Properties, Inc.		12,104		141,375
Eurocommercial Properties NV (Netherlands)		1,087		50,766
Mapletree Commercial Trust (Singapore)		8,819		9,829
Mercialys SA (France)		4,540		101,125
Retail Properties of America, Inc. (Class A Stock)		3,163		50,576
Starhill Global REIT (Singapore)		278,600		161,387
Vicinity Centres (Australia)		58,089		146,012
WP GLIMCHER, Inc.		18,959		198,880
				859,950
TOTAL COMMON STOCKS (cost $4,366,639)				4,262,271
PREFERRED STOCKS    19.2%
Diversified REITs    5.8%
Gramercy Property Trust		5,600		148,428
VEREIT, Inc.		6,025		155,023
				303,451
Hotel & Resort REITs    3.6%
Sunstone Hotel Investors, Inc.*		7,000		190,540
Industrial REITs    1.5%
STAG Industrial, Inc.*		3,000		78,900
Office REITs    1.0%
Boston Properties, Inc.		2,000		52,000
Retail REITs    4.4%
Cedar Realty Trust, Inc.		3,250		84,013
Pennsylvania Real Estate Investment Trust		5,650		148,821
				232,834

See Notes to Financial Statements.

10

Description	Shares		Value (Note 1)
PREFERRED STOCKS (Continued)
Specialized REITs    2.9%
Digital Realty Trust, Inc.		5,900	$	154,285
TOTAL PREFERRED STOCKS (cost $965,413)				1,012,010
TOTAL LONG-TERM INVESTMENTS (cost $5,332,052)				5,274,281
SHORT-TERM INVESTMENT     1.1%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $57,531) (Note 3)(a)		57,531		57,531
TOTAL INVESTMENTS    101.0% (cost $5,389,583) (Note 5)				5,331,812
Liabilities in excess of other assets    (1.0)%				(50,962	)
NET ASSETS    100.0%			$	5,280,850

The following abbreviations are used in the semiannual report:

L1—Level 1

L2—Level 2

OTC—Over-the-counter

REIT—Real Estate Investment Trust

* Non-income producing security.

(a) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund.

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

Level 1—quoted prices 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.

See Notes to Financial Statements.

Prudential Real Estate Income Fund 11

Portfolio of Investments (unaudited) (continued)

as of April 30, 2016

The following is a summary of the inputs used as of April 30, 2016 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified REITs	$	494,412	$	61,029	$	—
Health Care REITs		1,032,551		—		—
Hotel & Resort REITs		493,583		—		—
Industrial REITs		162,892		455,939		—
Office REITs		100,519		396,127		—
Real Estate Operating Companies		—		100,616		—
Residential REITs		104,653		—		—
Retail REITs		390,831		469,119		—
Preferred Stocks
Diversified REITs		303,451		—		—
Hotel & Resort REITs		190,540		—		—
Industrial REITs		78,900		—		—
Office REITs		52,000		—		—
Retail REITs		232,834		—		—
Specialized REITs		154,285		—		—
Affiliated Mutual Fund		57,531		—		—
Total	$	3,848,982	$	1,482,830	$	—

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. At the reporting period end, securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Common Stocks	$	83,455		L1 to L2		Official Close to Model Price

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2016 were as follows:

Retail REITs	20.7	%
Health Care REITs	19.6
Diversified REITs	16.3
Industrial REITs	13.2
Hotel & Resort REITs	12.9
Office REITs	10.4
Specialized REITs	2.9

Residential REITs	2.0	%
Real Estate Operating Companies	1.9
Affiliated Mutual Fund	1.1
	101.0
Liabilities in excess of other assets	(1.0	)
	100.0	%

See Notes to Financial Statements.

12

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

Statement of Assets and Liabilities, Statement of Operations and Statement of Changes in Net Assets (unaudited)

SEMIANNUAL REPORT APRIL 30, 2016

Prudential Real Estate Income Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2016

Assets
Investments at value:
Unaffiliated investments (cost $5,332,052)	$	5,274,281
Affiliated investments (cost $57,531)		57,531
Dividends receivable		16,195
Due from Manager		13,364
Tax reclaim receivable		1,519
Receivable for Fund shares sold		940
Prepaid expenses		207
Total assets		5,364,037
Liabilities
Accrued expenses and other liabilities		57,944
Payable for investments purchased		24,099
Payable for Fund shares reacquired		945
Distribution fee payable		136
Affiliated transfer agent fee payable		63
Total liabilities		83,187
Net Assets	$	5,280,850
Net assets were comprised of:
Shares of beneficial interest, at par	$	563
Paid-in capital in excess of par		5,567,405
		5,567,968
Distributions in excess of net investment income		(69,444	)
Accumulated net realized loss on investment and foreign currency transactions		(159,918	)
Net unrealized depreciation on investments and foreign currencies		(57,756	)
Net assets, April 30, 2016	$	5,280,850

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($158,067 ÷ 16,850 shares of beneficial interest issued and outstanding)	$	9.38
Maximum sales charge (5.50% of offering price)		0.55
Maximum offering price to public	$	9.93
Class C
Net asset value, offering price and redemption price per share, ($134,748 ÷ 14,360 shares of beneficial interest issued and outstanding)
	$	9.38
Class Z
Net asset value, offering price and redemption price per share, ($4,988,035 ÷ 531,538 shares of beneficial interest issued and outstanding)
	$	9.38

See Notes to Financial Statements.

Prudential Real Estate Income Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2016

Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $5,987)	$	121,709
Affiliated dividend income		119
Total income		121,828
Expenses
Management fee		19,202
Distribution fee—Class A		96
Distribution fee—Class C		328
Registration fees		51,000
Custodian and accounting fees		32,000
Legal fees and expenses		26,000
Audit fee		14,000
Trustees’ fees		6,000
Shareholders’ reports		5,000
Transfer agent’s fees and expenses (including affiliated expense of $150)		207
Miscellaneous		3,778
Total expenses		157,611
Less: Management fee waiver and/or expense reimbursement		(130,782	)
Distribution fee waiver—Class A		(16	)
Net expenses		26,813
Net investment income		95,015
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized loss on:
Investment transactions		(84,893	)
Foreign currency transactions		(718	)
		(85,611	)
Net change in unrealized appreciation (depreciation) on:
Investments		78,208
Foreign currencies		93
		78,301
Net loss on investment and foreign currency transactions		(7,310	)
Net Increase In Net Assets Resulting From Operations	$	87,705

See Notes to Financial Statements.

16

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2016			June 3, 2015* through October 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	95,015		$	82,612
Net realized loss on investment and foreign currency transactions		(85,611	)		(70,663	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		78,301			(136,057	)
Net increase (decrease) in net assets resulting from operations		87,705			(124,108	)
Dividends from net investment income (Note 1)
Class A		(2,490	)		(434	)
Class C		(1,451	)		(155	)
Class Z		(174,718	)		(82,870	)
		(178,659	)		(83,459	)
Fund share transactions (Note 6)
Net proceeds from shares sold		271,928			5,055,945
Net asset value of shares issued in reinvestment of dividends and distributions		178,549			83,459
Cost of shares reacquired		(10,510	)		—
Net increase in net assets from Fund share transactions		439,967			5,139,404
Total increase		349,013			4,931,837
Net Assets:
Beginning of period		4,931,837			—
End of period(a)	$	5,280,850		$	4,931,837
(a) Includes undistributed net investment income of:	$	—		$	14,200

* Commencement of operations.

See Notes to Financial Statements.

Prudential Real Estate Income Fund 17

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust currently consists of five portfolios: Prudential Select Real Estate, Prudential International Real Estate Fund, Prudential Real Estate Income Fund, Prudential QMA Large-Cap Core Equity Fund and Prudential Absolute Return Bond Fund. These financial statements relate only to Prudential Real Estate Income Fund (the “Fund”). The financial statements of the other portfolios are not presented herein.

The Fund commenced investment operations on June 3, 2015.

The investment objective of the Fund is to seek income and capital appreciation.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification 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 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 Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. 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.

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 table following the Portfolio of Investments.

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

18

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.

Common and preferred stocks traded on foreign securities exchanges are 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 can be applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price to the extent that the valuation meets the established confidence level for each security. Such confidence level is a measure of the probability of a relationship between a given equity security and the factors used in the models. If the confidence level is not met or the vendor does not provide a model price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as Level 2 in the fair value hierarchy.

Investments in open-end, non-exchange-traded mutual funds are generally 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 valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after 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. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

Bank loans traded in the OTC market 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.

OTC derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

Prudential Real Estate Income Fund 19

Notes to Financial Statements (unaudited) (continued)

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

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.

20

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, forward currency contracts, disposition of foreign currencies, currency realized between the trade date and settlement date on securities 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) from valuing foreign currency denominated assets and liabilities (other than investments) at period-end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on investments and foreign currencies.

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability, or the level of governmental supervision and regulation of foreign securities markets.

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 identified cost basis. Dividend income is recorded on the ex-date. 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 distribution fees which are charged directly to the respective class) 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.

REITs: The Fund invests in real estate investment trusts (“REITs”), which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or a return of capital and recorded accordingly. These estimates are adjusted periodically when the actual sources of distributions is disclosed by the REITs.

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

Prudential Real Estate Income Fund 21

Notes to Financial Statements (unaudited) (continued)

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. 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 are recorded, net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the 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.

Note 2. Agreements

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PI has entered into a subadvisory agreement with PGIM Real Estate, formerly known as Prudential Real Estate Investors (“PREI”), which is a business unit of PGIM, Inc. The subadvisory agreement provides that PGIM Real Estate will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM Real Estate is obligated to keep certain books and records of the Fund. PI pays for the services of PGIM Real Estate, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

Effective October 1, 2015, the management fee paid to PI is accrued daily and payable monthly at an annual rate of .80% of the Fund’s average daily net assets up to and including $1 billion, .78% of the next $2 billion, .76% of the next $2 billion, .75% of the next $5 billion and .74% of the Fund’s average daily net assets in excess of $10 billion. Prior to October 1, 2015, the management fee paid to PI was accrued daily and payable monthly at an annual rate of .80% of the Fund’s average daily net assets. For the six months ended April 30, 2016, the effective management fee rate before any waivers and/or expense reimbursement was 0.80%. For the period ended April 30, 2016, waivers and/or expense reimbursements exceeded the effective management fee.

The manager has contractually agreed through February 28, 2017 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, interest, taxes, acquired fund fees and expenses, brokerage, extraordinary and certain other expenses) of each class of shares of the Fund to 1.10% of the Fund’s average daily net assets.

22

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to plans of distribution (the “Class A and C 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 shares of the Fund.

Pursuant to the Class A and C Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30% and 1% of the average daily net assets of the Class A and C shares, respectively. The distributor has contractually agreed through February 28, 2017 to reduce its distribution and service (12b-1) fees for Class A shares to .25% of the average daily net assets of Class A shares.

PIMS has advised the Fund that it has received $3,038 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2016. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

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

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’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 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 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. Such transactions are subject to ratification by the Board.

The Fund invests in the Prudential Core Ultra Short Bond Fund, (formerly known as Prudential Core Taxable Money Market Fund, (the “Core Fund”), a portfolio of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, other than short-term investments, for the six months ended April 30, 2016, were $2,621,240 and $2,191,684, respectively.

Prudential Real Estate Income Fund 23

Notes to Financial Statements (unaudited) (continued)

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2016 were as follows:

Tax Basis	$	5,441,240
Appreciation		155,062
Depreciation		(264,490	)
Net Unrealized Depreciation	$	(109,428	)

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2015 of approximately $37,000 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.

Management has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Note 6. Capital

The Fund offers Class A, Class C and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.50%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A shares CDSC is waived for purchases by certain retirement and/or benefit plans. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months of purchase. Class Z shares are not subject to any sales or redemption charge and are offered exclusively for a 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, $.001 par value per share, divided into three classes, designated Class A, Class C, and Class Z.

24

As of April 30, 2016, Prudential, through its affiliates, owned 1,054, 1,047 and 528,963 Class A, C and Z shares of the Fund, respectively.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2016:
Shares sold		14,302		$	131,329
Shares issued in reinvestment of dividends and distributions		260			2,379
Shares reacquired		(1,134	)		(10,510	)
Net increase (decrease) in shares outstanding		13,428		$	123,198
Period ended October 31, 2015*:
Shares sold		3,377		$	33,048
Shares issued in reinvestment of dividends and distributions		45			434
Net increase (decrease) in shares outstanding		3,422		$	33,482
Class C
Six months ended April 30, 2016:
Shares sold		12,871		$	116,599
Shares issued in reinvestment of dividends and distributions		158			1,452
Net increase (decrease) in shares outstanding		13,029		$	118,051
Period ended October 31, 2015*:
Shares sold		1,315		$	12,897
Shares issued in reinvestment of dividends and distributions		16			155
Net increase (decrease) in shares outstanding		1,331		$	13,052
Class Z
Six months ended April 30, 2016:
Shares sold		2,554		$	24,000
Shares issued in reinvestment of dividends and distributions		19,465			174,718
Net increase (decrease) in shares outstanding		22,019		$	198,718
Period ended October 31, 2015*:
Shares sold		501,000		$	5,010,000
Shares issued in reinvestment of dividends and distributions		8,519			82,870
Net increase (decrease) in shares outstanding		509,519		$	5,092,870

* Commencement of operations was June 3, 2015.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a

Prudential Real Estate Income Fund 25

Notes to Financial Statements (unaudited) (continued)

commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund did not utilize the SCA during the six months ended April 30, 2016.

Note 8. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and it has been determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

26

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2016			June 3, 2015(b) through October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning Of Period		$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(.03	)		.13
Net realized and unrealized gain (loss) on investments		.15			(.38	)
Total from investment operations		.12			(.25	)
Less Dividends:
Dividends from net investment income		(.33	)		(.16	)
Net asset value, end of period		$9.38			$9.59
Total Return(a)		1.41%			(2.55)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$158			$33
Average net assets (000)		$64			$24
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.35%	(e)		1.36%	(e)
Expense before waivers and/or expense reimbursement		6.43%	(e)		9.50%	(e)
Net investment income (loss)		(0.71)%	(e)		3.15%	(e)
Portfolio turnover rate		45%	(f)		98%	(f)

(a) 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. Total return may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Real Estate Income Fund 27

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended April 30, 2016			June 3, 2015(b) through October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning Of Period		$9.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(.02	)		.11
Net realized and unrealized gain (loss) on investments		.11			(.40	)
Total from investment operations		.09			(.29	)
Less Dividends:
Dividends from net investment income		(.29	)		(.13	)
Net asset value, end of period		$9.38			$9.58
Total Return(a)		1.14%			(2.91)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$135			$13
Average net assets (000)		$66			$11
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		2.10%	(e)		2.13%	(e)
Expense before waivers and/or expense reimbursement		7.44%	(e)		10.11%	(e)
Net investment income (loss)		(0.42)%	(e)		2.87%	(e)
Portfolio turnover rate		45%	(f)		98%	(f)

(a) 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. Total return may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

28

Class Z Shares
	Six Months Ended April 30, 2016			June 3, 2015(b) through October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning Of Period		$9.59			$10.00
Income (loss) from investment operations:
Net investment income		.18			.16
Net realized and unrealized gain (loss) on investments		(.05	)		(.41	)
Total from investment operations		.13			(.25	)
Less Dividends:
Dividends from net investment income		(.34	)		(.16	)
Net asset value, end of period		$9.38			$9.59
Total Return(a)		1.54%			(2.47)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,988			$4,886
Average net assets (000)		$4,697			$4,868
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.10%	(e)		1.10%	(e)
Expense before waivers and/or expense reimbursement		6.56%	(e)		8.98%	(e)
Net investment income		4.08%	(e)		4.08%	(e)
Portfolio turnover rate		45%	(f)		98%	(f)

(a) 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. Total return may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Real Estate Income Fund 29

n    MAIL	n    TELEPHONE	n    WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

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

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Real Estate	7 Giralda Farms Madison, NJ 07940
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 a prospectus and summary prospectus by visiting our website at www.prudentialfunds.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 www.prudentialfunds.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, Prudential Real Estate Income Fund, Prudential 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 SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL REAL ESTATE INCOME FUND

SHARE CLASS	A	C	Z
NASDAQ	PRKAX	PRKCX	PRKZX
CUSIP	74441J761	74441J753	74441J746

MF228E2    0293033-00001-00

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not applicable.

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures 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 – Not applicable.

Item 11 – Controls and Procedures

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

(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 – 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.

(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 9
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	June 17, 2016

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, 2016
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2016

EX-99.CERT

Item 12

Prudential Investment Portfolios 9

Semi-Annual period ending 4/30/16

File No. 811-09101

CERTIFICATIONS

I, Stuart S. Parker, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

June 17, 2016

/s/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

Item 12

Prudential Investment Portfolios 9

Semi-Annual period ending 4/30/16

File No. 811-09101

CERTIFICATIONS

I, M. Sadiq Peshimam, certify that:

1. I have reviewed this report on Form N-CSR of the above named Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

June 17, 2016

/s/ M. Sadiq Peshimam

M. Sadiq Peshimam

Treasurer and Principal Financial and

Accounting Officer

EX-99.906CERT

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:             Prudential Investment Portfolios 9

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

June 17, 2016	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
June 17, 2016	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer