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:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2019
Date of reporting period:	4/30/2019

Item 1 – Reports to Stockholders

PGIM ABSOLUTE RETURN BOND FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Absolute Return Bond Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Absolute Return Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Absolute Return Bond Fund

June 14, 2019

PGIM Absolute Return Bond Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	2.28	–1.73	1.82	2.09 (3/30/11)
Class C	1.89	1.15	2.02	1.92 (3/30/11)
Class Z	2.52	3.29	3.06	2.96 (3/30/11)
Class R6	2.44	3.13	3.07	2.99 (3/30/11)
ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index
	1.34	2.52	1.03	0.77
Bloomberg Barclays US Aggregate Bond Index
	5.49	5.29	2.57	3.09
Lipper Alternative Credit Focus Funds Average
	2.94	2.38	2.18	2.44

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index—The ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index is an unmanaged index that tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that 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.

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

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 universe 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.

PGIM Absolute Return Bond Fund 7

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.34	3.23	3.23
Class C	0.30	2.62	2.62
Class Z	0.35	3.67	3.60
Class R6	0.35	3.70	3.69

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

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

Credit Quality expressed as a percentage of total investments as of 4/30/19 (%)
AAA	27.7
AA	8.8
A	5.8
BBB	16.6
BB	16.6
B	12.0
CCC	0.9
CC	7.7
Not Rated	4.0
Cash/Cash Equivalents
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by a NRSRO. Credit ratings are subject to change. 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 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Absolute Return Bond Fund 9

Fees and Expenses (continued)

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

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

PGIM Absolute Return Bond Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,022.80		1.02	%	$	5.12
	Hypothetical	$	1,000.00	$	1,019.74		1.02	%	$	5.11
Class C	Actual	$	1,000.00	$	1,018.90		1.78	%	$	8.91
	Hypothetical	$	1,000.00	$	1,015.97		1.78	%	$	8.90
Class Z	Actual	$	1,000.00	$	1,025.20		0.73	%	$	3.67
	Hypothetical	$	1,000.00	$	1,021.17		0.73	%	$	3.66
Class R6	Actual	$	1,000.00	$	1,024.40		0.70	%	$	3.51
	Hypothetical	$	1,000.00	$	1,021.32		0.70	%	$	3.51

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    97.3%
ASSET-BACKED SECURITIES    36.2%
Automobiles    0.6%
OneMain Direct Auto Receivables Trust,
Series 2017-01A, Class C, 144A		3.910	%		08/16/21		4,100	$	4,129,826
Series 2017-02A, Class E, 144A		4.740			11/14/25		1,200		1,220,391
Series 2019-01A, Class A, 144A		3.630			09/14/27		8,300		8,391,088
Series 2019-01A, Class B, 144A		3.950			11/14/28		1,700		1,720,858
									15,462,163
Collateralized Loan Obligations    25.3%
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-06A, Class AR, 144A, 3 Month LIBOR + 1.270%		3.867	(c)		07/15/30		1,750		1,751,236
Armada Euro CLO DAC (Ireland), Series 2018-02A, Class A3, 144A		1.500			11/15/31	EUR	2,500		2,800,521
ArrowMark Colorado Holdings (Cayman Islands), Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.877	(c)		07/15/29		2,500		2,496,823
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260%		3.861	(c)		07/16/29		2,000		1,990,070
Series 2017-08A, Class A, 144A, 3 Month LIBOR + 1.300%		3.901	(c)		01/16/30		4,500		4,484,871
Aurium CLO DAC (Ireland),
Series 04A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		01/16/31	EUR	10,500		11,689,911
Series 04A, Class A2, 144A		1.620			01/16/31	EUR	3,100		3,474,638
Bain Capital Credit CLO (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960%		3.552	(c)		04/23/31		5,000		4,913,954
Battalion CLO Ltd. (Cayman Islands), Series 2015-08A, Class A1R, 144A, 3 Month LIBOR + 1.340%		3.941	(c)		07/18/30		2,000		1,999,161
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.847	(c)		07/15/29		3,500		3,501,584
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.847	(c)		10/15/30		9,250		9,244,297
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350%		3.938	(c)		01/17/28		4,000		3,902,894

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), Series 2015-03A, Class A1BR, 144A		1.150	%		07/15/30	EUR	8,500	$	9,484,225
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.812	(c)		07/20/31		3,000		2,982,925
Catamaran CLO Ltd. (Cayman Islands), Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260%		3.852	(c)		04/22/30		10,500		10,453,187
CIFC Funding Ltd. (Cayman Islands), Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110%		3.701	(c)		01/22/31		8,000		7,927,163
CVC Cordatus Loan Fund (Ireland), Series 03A, Class A2RR, 144A		1.750			08/15/32	EUR	7,200		8,116,227
Elevation CLO Ltd. (Cayman Islands), Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220%		3.817	(c)		07/15/30		4,000		3,976,110
Ellington CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700%		4.384	(c)		02/15/29		20,000		19,927,068
Hayfin Emerald CLO DAC (Ireland), Series 01A, Class A3, 144A		1.700			09/06/31	EUR	3,000		3,375,122
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000%		3.733	(c)		02/05/31		15,250		15,065,444
ICG US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.872	(c)		10/23/29		3,000		2,992,549
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)		3.893	(c)		04/20/32		14,750		14,750,782
Series 2019-01A, Class A2, 144A, 3 Month LIBOR + 2.150%		4.573	(c)		04/20/32		17,000		16,990,074
Jubilee CLO BV (Netherlands), Series 2016-17A, Class A2R, 144A, 3 Month EURIBOR + 1.150% (Cap 2.200%, Floor 1.150%)		1.150	(c)		04/15/31	EUR	12,800		14,302,096
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180%		3.777	(c)		01/15/31		8,000		7,934,420

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
KKR CLO Ltd. (Cayman Islands), (cont’d.)
Series 18, Class A, 144A, 3 Month LIBOR + 1.270%		3.871	%(c)		07/18/30		8,000	$	8,006,570
KVK CLO Ltd. (Cayman Islands), Series 2018-01A, Class B, 144A, 3 Month LIBOR + 1.650%		4.294	(c)		05/20/29		18,000		17,855,381
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.712	(c)		04/21/31		7,500		7,410,708
Series 2014-03A, Class BR, 144A, 3 Month LIBOR + 1.800%		4.391	(c)		04/21/31		18,000		17,819,392
Mountain View CLO LLC (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210%		3.811	(c)		01/16/31		8,000		7,912,255
Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780%		4.377	(c)		07/15/31		22,500		22,225,842
Series 2019-01A, Class B, 144A, 3 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		4.618	(c)		04/15/29		10,000		9,995,903
North Westerly CLO BV (Netherlands), Series IV-A, Class A2R, 144A		1.250			01/15/26	EUR	1,457		1,632,989
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		3.857	(c)		07/15/30		5,750		5,729,133
OZLM Ltd. (Cayman Islands),
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750%		4.338	(c)		04/17/31		4,000		3,950,523
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.833	(c)		10/30/30		3,000		2,991,337
Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		4.082	(c)		01/20/29		22,750		22,765,543
Series 2018-20A, Class A2, 144A, 3 Month LIBOR + 1.650%		4.242	(c)		04/20/31		3,000		2,968,672
OZLME DAC (Netherlands),
Series 03A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		08/24/30	EUR	31,000		34,444,615
Series 03A, Class A2, 144A		1.150			08/24/30	EUR	8,000		8,955,626
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130%		3.718	(c)		01/17/31		10,000		9,949,387
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.941	(c)		05/21/29		10,200		10,236,437

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Palmer Square CLO Ltd. (Cayman Islands), (cont’d.)
Series 2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270%		3.861	%(c)		07/20/30		5,750	$	5,747,966
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100%		3.701	(c)		07/16/31		12,000		11,879,274
Regatta Funding LP (Cayman Islands), Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 1.540%		4.137	(c)		01/15/29		7,250		7,252,653
Regatta VIII Funding Ltd. (Cayman Islands), Series 2017-01A, Class A, 144A, 3 Month LIBOR + 1.250%		3.838	(c)		10/17/30		4,750		4,726,248
Romark CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030%		3.622	(c)		04/20/31		1,500		1,473,465
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175%		3.755	(c)		07/25/31		5,000		4,951,227
Shackleton CLO Ltd. (Cayman Islands),
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700%		4.439	(c)		05/07/31		12,500		12,330,956
Series 2017-11A, Class A, 144A, 3 Month LIBOR + 1.270%		3.954	(c)		08/15/30		2,500		2,501,413
Sound Point CLO Ltd. (Cayman Islands),
Series 2015-02A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.471	(c)		07/20/27		7,500		7,477,684
Series 2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290%		3.882	(c)		10/20/28		14,750		14,755,884
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.280%		3.860	(c)		07/25/30		8,500		8,472,223
Series 2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.812	(c)		10/20/30		8,750		8,715,647
Strata CLO Ltd. (Cayman Islands), Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.590%		4.406	(c)		01/15/31		19,000		18,914,015
TICP CLO Ltd. (Cayman Islands), Series 2017-07A, Class AS, 144A, 3 Month LIBOR + 1.230%		3.827	(c)		07/15/29		5,500		5,496,400
Trinitas CLO Ltd. (Cayman Islands),
Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400%		3.997	(c)		07/15/27		12,880		12,719,813
Series 2017-06A, Class A, 144A, 3 Month LIBOR + 1.320%		3.900	(c)		07/25/29		9,750		9,756,542

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Trinitas CLO Ltd. (Cayman Islands), (cont’d.)
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210%		3.790	%(c)		01/25/31		4,500	$	4,472,043
Series 2017-07A, Class B, 144A, 3 Month LIBOR + 1.600%		4.180	(c)		01/25/31		3,000		2,938,246
Tryon Park CLO Ltd. (Cayman Islands), Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500%		4.097	(c)		04/15/29		4,000		3,951,262
Venture CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.477	(c)		07/15/27		7,500		7,468,455
Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210%		3.807	(c)		10/15/30		2,750		2,741,321
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900%		3.501	(c)		01/18/29		19,000		18,884,600
Voya Euro CLO DAC (Ireland), Series 01A, Class A, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		10/15/30	EUR	13,000		14,422,171
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.320%		3.912	(c)		04/20/29		4,000		3,993,938
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.841	(c)		10/20/29		7,000		6,982,513
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.738	(c)		01/17/31		10,500		10,408,460
York CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.741	(c)		01/22/31		3,000		2,981,786
Zais CLO Ltd. (Cayman Islands),
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190%		4.787	(c)		07/15/31		12,800		12,545,581
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370%		3.967	(c)		07/15/29		8,750		8,773,274
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290%		3.887	(c)		04/15/30		4,750		4,759,638
									627,872,363
Consumer Loans    2.0%
Lendmark Funding Trust,
Series 2017-01A, Class B, 144A		3.770			12/22/25		1,300		1,301,980

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
Lendmark Funding Trust, (cont’d.)
Series 2017-02A, Class C, 144A		4.330	%		05/20/26		700	$	700,225
Series 2018-02A, Class A, 144A		4.230			04/20/27		3,200		3,271,811
OneMain Financial Issuance Trust,
Series 2015-01A, Class B, 144A		3.850			03/18/26		2,000		2,004,264
Series 2015-02A, Class C, 144A		4.320			07/18/25		861		862,113
Series 2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800%		3.273	(c)		09/14/32		4,300		4,310,220
Series 2017-01A, Class C, 144A		3.350			09/14/32		700		692,417
Oportun Funding LLC,
Series 2017-B, Class B, 144A		4.260			10/10/23		7,500		7,525,556
Series 2018-B, Class A, 144A		3.910			07/08/24		2,050		2,063,318
Series 2018-B, Class B, 144A		4.500			07/08/24		500		502,400
Series 2018-B, Class C, 144A		5.430			07/08/24		1,000		1,004,546
Series 2018-C, Class A, 144A		4.100			10/08/24		3,200		3,242,160
Series 2018-C, Class B, 144A		4.590			10/08/24		1,300		1,317,256
Series 2018-C, Class C, 144A		5.520			10/08/24		2,000		2,045,244
Series 2018-D, Class A, 144A		4.150			12/09/24		2,300		2,336,322
Series 2018-D, Class B, 144A		4.830			12/09/24		1,200		1,218,517
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850%		5.327	(c)		02/25/23		1,650		1,653,125
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		5.127	(c)		08/25/25		3,400		3,410,585
Springleaf Funding Trust,
Series 2015-AA, Class B, 144A		3.620			11/15/24		3,430		3,433,277
Series 2015-AA, Class C, 144A		5.040			11/15/24		6,000		6,024,135
									48,919,471
Home Equity Loans    1.8%
ABFC Trust, Series 2004-OPT5, Class A1, 1 Month LIBOR + 0.700%		3.177	(c)		06/25/34		1,138		1,126,484
Accredited Mortgage Loan Trust,
Series 2004-3, Class 2A2, 1 Month LIBOR + 1.200% (Cap 13.000%, Floor 0.600%)		3.677	(c)		10/25/34		2,683		2,723,393
Series 2004-3, Class 2A5, 1 Month LIBOR + 1.080% (Cap 13.000%, Floor 0.540%)		3.557	(c)		10/25/34		1,599		1,599,027
Argent Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2003-W05, Class M1, 1 Month LIBOR + 1.050%		3.527	(c)		10/25/33		21		20,816

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Argent Securities, Inc., Asset-Backed Pass-Through Certificates, (cont’d.)
Series 2003-W07, Class M1, 1 Month LIBOR + 1.035%		3.512	%(c)		03/25/34		827	$	827,614
Series 2003-W08, Class M1, 1 Month LIBOR + 1.050%		3.527	(c)		12/25/33		699		700,257
Series 2003-W09, Class M1, 1 Month LIBOR + 1.035%		3.512	(c)		01/25/34		1,645		1,644,592
Series 2004-W06, Class AF		4.123			05/25/34		189		192,638
Series 2004-W06, Class AV5, 1 Month LIBOR + 0.800%		3.277	(c)		05/25/34		587		569,796
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2003-HE06, Class A2, 1 Month LIBOR + 0.680%		3.157	(c)		11/25/33		1,758		1,726,067
Series 2003-HE6, Class A3B, 1 Month LIBOR + 0.960%		3.437	(c)		11/25/33		3,546		3,487,519
Series 2004-HE03, Class M1, 1 Month LIBOR + 0.810%		3.287	(c)		06/25/34		2,499		2,484,938
Bear Stearns Asset-Backed Securities Trust,
Series 2002-2, Class A1, 1 Month LIBOR + 0.660%		3.137	(c)		10/25/32		792		793,848
Series 2003-3, Class A2, 1 Month LIBOR + 1.180%		3.657	(c)		06/25/43		103		103,620
Series 2003-HE1, Class M1, 1 Month LIBOR + 1.095%		3.572	(c)		01/25/34		2,418		2,455,652
Series 2004-HE11, Class M2, 1 Month LIBOR + 1.575%		4.052	(c)		12/25/34		2,392		2,429,190
Home Equity Asset Trust,
Series 2003-06, Class M1, 1 Month LIBOR + 1.050%		3.527	(c)		02/25/34		1,045		1,033,040
Series 2004-7, Class A2, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.420%)		3.317	(c)		01/25/35		1,050		1,061,628
MASTR Asset-Backed Securities Trust,
Series 2003-WMC2, Class M2, 1 Month LIBOR + 2.475% (Cap N/A, Floor 1.650%)		4.513	(c)		08/25/33		912		945,730
Series 2005-NC01, Class M1, 1 Month LIBOR + 0.720%		3.197	(c)		12/25/34		8,247		8,069,415
Merrill Lynch Mortgage Investors Trust, Series 2002-HE01, Class A1, 1 Month LIBOR + 1.000%		3.477	(c)		08/25/32		2,490		2,482,958

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020%		3.497	%(c)		10/25/33		2,339	$	2,338,141
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050%		3.527	(c)		09/25/33		539		536,942
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020%		3.497	(c)		10/25/33		616		611,345
Series 2004-HE05, Class M1, 1 Month LIBOR + 0.945%		3.422	(c)		06/25/34		724		723,583
New Residential Mortgage Loan Trust, Series 2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57		2,741		2,801,109
RASC Series Trust, Series 2005-KS11, Class M1, 1 Month LIBOR + 0.400% (Cap 14.000%, Floor 0.400%)		2.877	(c)		12/25/35		307		307,225
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC01, Class M1, 1 Month LIBOR + 0.780%		3.257	(c)		02/25/34		973		973,658
									44,770,225
Other    0.1%
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350%		4.827	(c)		04/25/23		3,200		3,215,294
Residential Mortgage-Backed Securities    5.0%
Amortizing Residential Collateral Trust, Series 2002-BC08, Class A3, 1 Month LIBOR + 1.000%		3.477	(c)		11/25/32		561		561,565
Chase Funding Trust Series,
Series 2002-3, Class 2A1, 1 Month LIBOR + 0.640% (Cap N/A, Floor 0.320%)		3.117	(c)		08/25/32		312		306,984
Series 2003-4, Class 1A5		5.194			05/25/33		641		649,481
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-OPT1, Class M1, 1 Month LIBOR + 0.630% (Cap N/A, Floor 0.420%)		3.107	(c)		02/25/35		291		288,493
Series 2005-WF1, Class A5		5.010	(cc)		11/25/34		13		13,531
Countrywide Asset-Backed Certificates,
Series 2003-BC04, Class M1, 1 Month LIBOR + 1.050%		3.527	(c)		07/25/33		778		777,005
Series 2004-03, Class 1A, 1 Month LIBOR + 0.420%		2.897	(c)		08/25/34		7,769		7,474,540

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Countrywide Asset-Backed Certificates, (cont’d.)
Series 2004-BC04, Class M1, 1 Month LIBOR + 1.050%		3.527	%(c)		11/25/34		494	$	494,806
Credit Suisse Mortgage Trust,
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150%		5.652	(c)		12/26/46		4,281		4,315,517
Series 2018-11R, Class 1A1, 144A, 1 Month LIBOR + 1.400%		3.886	(c)		08/25/37		5,169		5,159,162
Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		8,420		8,456,870
Credit-Based Asset Servicing & Securitization LLC,
Series 2003-CB03, Class AF1		3.379			12/25/32		123		123,087
Series 2003-CB05, Class M1, 1 Month LIBOR + 1.020%		3.497	(c)		11/25/33		665		654,777
CWABS, Inc., Asset-Backed Certificates, Series 2004-01, Class M1, 1 Month LIBOR + 0.750%		3.227	(c)		03/25/34		99		98,889
Finance America Mortgage Loan Trust,
Series 2003-1, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		3.527	(c)		09/25/33		1,727		1,699,329
Series 2004-02, Class M1, 1 Month LIBOR + 0.825%		3.302	(c)		08/25/34		4,851		4,841,998
First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A2, 1 Month LIBOR + 0.760% (Cap N/A, Floor 0.380%)		3.237	(c)		08/25/34		900		883,578
Fremont Home Loan Trust, Series 2004-4, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.530%)		3.272	(c)		03/25/35		2,512		2,503,931
GSAMP Trust,
Series 2003-HE2, Class A1A, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.300%)		3.077	(c)		08/25/33		714		702,100
Series 2004-AR1, Class A2B, 1 Month LIBOR + 1.200% (Cap N/A, Floor 0.600%)		3.677	(c)		06/25/34		1,422		1,427,741
Series 2004-NC2, Class A1B, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.450%)		3.377	(c)		10/25/34		1,787		1,735,346
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1, 1 Month LIBOR + 0.430% (Cap N/A, Floor 0.430%)		2.907	(c)		12/25/35		134		134,335
Long Beach Mortgage Loan Trust,
Series 2003-04, Class AV1, 1 Month LIBOR + 0.620%		3.097	(c)		08/25/33		1,459		1,466,294

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Long Beach Mortgage Loan Trust, (cont’d.)
Series 2004-2, Class A1, 1 Month LIBOR + 0.440% (Cap N/A, Floor 0.220%)		2.917	%(c)		06/25/34		985	$	961,615
LSFVT, Series 2018-01, 1 Month LIBOR + 2.000%^		3.982	(c)		04/01/21		19,309		19,250,953
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2004-NC05, Class M1, 1 Month LIBOR + 0.900%		3.377	(c)		05/25/34		243		241,759
Series 2004-NC06, Class M1, 1 Month LIBOR + 0.900%		3.377	(c)		07/25/34		1,472		1,432,702
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M3, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.560%)		3.317	(c)		01/25/36		543		542,957
Specialty Underwriting & Residential Finance Trust,
Series 2003-BC04, Class M1, 1 Month LIBOR + 0.900%		3.377	(c)		11/25/34		1,159		1,143,192
Series 2004-BC02, Class M1, 1 Month LIBOR + 0.825%		3.302	(c)		05/25/35		1,888		1,885,344
Series 2004-BC4, Class A2C, 1 Month LIBOR + 0.980% (Cap N/A, Floor 0.490%)		3.457	(c)		10/25/35		1,228		1,209,630
Structured Asset Investment Loan Trust,
Series 2004-08, Class A8, 1 Month LIBOR + 1.000%		3.477	(c)		09/25/34		2,123		2,128,790
Series 2004-BNC01, Class A2, 1 Month LIBOR + 1.000%		3.477	(c)		09/25/34		3,125		3,114,082
Series 2005-3, Class M2, 1 Month LIBOR + 0.660% (Cap N/A, Floor 0.440%)		3.137	(c)		04/25/35		653		652,875
TFS (Spain), Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		03/16/23	EUR	12,511		14,004,029
Towd Point Mortgage Trust,
Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57		2,183		2,152,069
Series 2018-02, Class A1, 144A		3.250	(cc)		03/25/58		14,004		14,038,254
Series 2018-03, Class A1, 144A		3.750	(cc)		05/25/58		15,768		16,005,935
									123,533,545
Student Loans    1.4%
Laurel Road Prime Student Loan Trust, Series 2018-D, Class A, 144A		0.000			11/25/43		13,729		14,323,122

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Student Loans (cont’d.)
SLM Student Loan Trust,
Series 2004-02X, Class A6, 3 Month EURIBOR + 0.550%(Cap N/A, Floor 0.000%)		0.239	%(c)		07/25/39	EUR	7,950	$	8,614,613
Series 2007-02, Class B, 3 Month LIBOR + 0.170%		2.750	(c)		07/25/25		11,503		10,550,604
									33,488,339
TOTAL ASSET-BACKED SECURITIES (cost $903,703,428)									897,261,400
BANK LOANS    1.9%
Chemicals    0.1%
Starfruit Finco BV (Netherlands),
Initial Dollar Term Loan, 1 Month LIBOR + 3.250%		5.729	(c)		10/01/25		500		497,812
Initial Euro Term Loan, 3 Month EURIBOR + 3.750%		3.750	(c)		10/01/25	EUR	1,580		1,775,350
									2,273,162
Computers    0.1%
McAfee LLC,
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.976	(c)		09/29/25		1,788		1,807,609
Term B USD Loan, 1 Month LIBOR + 3.750%		6.229	(c)		09/30/24		1,177		1,183,744
									2,991,353
Electric    0.1%
Vistra Operations Co. LLC, 2018 Incremental Term Loan, 1 Month LIBOR + 2.000%		4.477	(c)		12/31/25		2,886		2,886,357
Foods    0.3%
JBS USA Lux SA, Initial Term Loan, 1 Month LIBOR + 2.500%		4.980	(c)		10/31/22		2,726		2,725,307
Sigma Bidco BV (Netherlands), Facility B4 Loan, 3 Month GBP LIBOR + 4.000%		4.853	(c)		07/02/25	GBP	3,700		4,710,964
									7,436,271

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Healthcare-Products    0.1%
Avantor, Inc., Initial B-1 Euro Term Loan, 1 Month EURIBOR + 3.750%		3.750	%(c)		11/21/24	EUR	1,291	$	1,453,137
Leisure Time    0.1%
HNVR Holdco Ltd., Term Loan		—	(p)		09/12/25		2,525		2,845,019
Richmond UK Bidco Ltd. (United Kingdom), Facility B, 1 Month GBP LIBOR + 4.250%		4.982	(c)		03/03/24	GBP	358		443,453
									3,288,472
Machinery-Diversified    0.1%
Rexnord LLC, Refinancing Term Loan, 1 Month LIBOR + 2.000%		4.483	(c)		08/21/24		3,325		3,325,798
Pharmaceuticals    0.2%
Ceva Sante Animale SA, Term Loan		—	(p)		03/27/26		2,125		2,393,828
Nidda Healthcare Holding AG (Germany), Facility C GBP, 3 Month GBP LIBOR + 4.500%		5.365	(c)		08/21/24	GBP	1,700		2,218,879
									4,612,707
Real Estate    0.2%
DTZ US Borrower LLC, Closing Date Term Loan, 1 Month LIBOR + 3.250%		5.733	(c)		08/21/25		4,179		4,179,000
Retail    0.2%
EG America LLC (United Kingdom), Second Lien Facility (USD), 3 Month LIBOR + 8.000%		10.601	(c)		04/20/26		1,150		1,129,875
EG Finco Ltd. (United Kingdom),
Second Lien Term Loan, 3 Month EURIBOR + 7.750%^		8.750	(c)		04/20/26	EUR	675		758,973
Term B, 3 Month GBP LIBOR + 4.750%		5.598	(c)		02/06/25	GBP	1,114		1,431,453
Term B1, 3 Month EURIBOR + 4.000%		4.000	(c)		02/07/25	EUR	2,454		2,725,690
									6,045,991

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Software    0.2%
First Data Corp., 2022D New Dollar Term Loan, 1 Month LIBOR + 2.000%		4.481	%(c)		07/08/22		2,764	$	2,763,712
Infor US, Inc., Tranche B-6 Term Loan, 1 Month LIBOR + 2.750%		5.233	(c)		02/01/22		2,247		2,245,388
									5,009,100
Telecommunications    0.2%
Sprint Communications, Inc., Initial Term Loan, 1 Month LIBOR + 2.500%		5.000	(c)		02/02/24		3,960		3,839,157
TOTAL BANK LOANS (cost $48,257,733)									47,340,505
COMMERCIAL MORTGAGE-BACKED SECURITIES    7.1%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.203	(cc)		05/15/35		2,700		2,550,260
Series 2018-20TS, Class H, 144A		3.203	(cc)		05/15/35		2,700		2,497,918
BANK, Series 2017-BNK08, Class A3		3.229			11/15/50		1,300		1,306,155
BBCMS Mortgage Trust, Series 2018-TALL, Class D, 144A, 1 Month LIBOR + 1.449%		3.921	(c)		03/15/37		11,875		11,860,067
BX Commercial Mortgage Trust, Series 2018-IND, Class G, 144A, 1 Month LIBOR + 2.050%		4.523	(c)		11/15/35		5,745		5,780,634
COMM Mortgage Trust,
Series 2012-CR01, Class XA, IO		2.041	(cc)		05/15/45		11,173		526,585
Series 2015-LC19, Class XB, IO, 144A		0.354	(cc)		02/10/48		123,049		1,743,814
Credit Suisse Mortgage Trust,
Series 2017-LSTK, Class D, 144A		3.442	(cc)		04/05/33		6,850		6,781,925
Series 2017-LSTK, Class E, 144A		3.442	(cc)		04/05/33		12,575		12,359,041
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A3		4.095			04/15/51		9,000		9,435,189
DBGS Mortgage Trust,
Series 2018-BIOD, Class E, 144A, 1 Month LIBOR + 1.700%		4.173	(c)		05/15/35		3,365		3,316,754
Series 2018-BIOD, Class F, 144A, 1 Month LIBOR + 2.000%		4.473	(c)		05/15/35		12,994		12,803,950
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A		3.935	(cc)		12/10/36		15,500		14,658,362

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates,
Series K007, Class X1, IO		1.203	%(cc)		04/25/20		3,999	$	27,179
Series K008, Class X1, IO		1.662	(cc)		06/25/20		18,099		233,561
Series K010, Class X1, IO		0.294	(cc)		10/25/20		17,653		38,814
Series K018, Class X1, IO		1.485	(cc)		01/25/22		14,992		430,135
Series K020, Class X1, IO		1.538	(cc)		05/25/22		19,603		702,508
Series K021, Class X1, IO		1.571	(cc)		06/25/22		4,037		154,460
Series K025, Class X1, IO		0.957	(cc)		10/25/22		88,328		2,198,093
Series K055, Class X1, IO		1.500	(cc)		03/25/26		23,016		1,819,263
Series K066, Class X1, IO		0.890	(cc)		06/25/27		235,509		12,236,468
Series K711, Class X1, IO		1.715	(cc)		07/25/19		1,463		1,427
Series KC02, Class X1, IO		0.505	(cc)		03/25/24		142,296		2,452,247
GS Mortgage Securities Corp., Series 2013-GC10, Class XB, IO, 144A		0.629	(cc)		02/10/46		103,126		1,880,864
GS Mortgage Securities Trust, Series 2014-GC20, Class XB, IO		0.602	(cc)		04/10/47		28,307		581,978
Independence Plaza Trust, Series 2018-INDP, Class E, 144A		4.996			07/10/35		5,200		5,259,673
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class XB, IO		0.467	(cc)		08/15/47		45,056		774,094
Series 2015-C27, Class XB, IO		0.585	(cc)		02/15/48		52,766		1,180,011
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class E, 144A		4.767	(cc)		07/05/31		25,950		26,504,131
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class XB, IO		0.652	(cc)		04/15/46		34,956		700,530
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C5, Class XB, IO, 144A		0.398	(cc)		08/15/45		65,968		569,541
Series 2013-C8, Class XB, IO, 144A		0.497	(cc)		12/15/48		68,276		1,055,923
Salus European Loan Conduit DAC (United Kingdom), Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 5.000%, Floor N/A)		2.322	(c)		01/23/29	GBP	9,500		12,461,721
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class XB, IO, 144A		0.473	(cc)		04/10/46		140,883		2,085,942
Wells Fargo Commercial Mortgage Trust,
Series 2017-C39, Class A4		3.157			09/15/50		15,000		14,945,045
Series 2017-C40, Class A3		3.317			10/15/50		3,380		3,407,322
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $175,745,612)									177,321,584

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CONVERTIBLE BOND    0.3%
Investment Companies
Aabar Investments PJSC (United Arab Emirates), Sr. Unsec’d. Notes, EMTN (cost $6,559,055)		0.500	%		03/27/20	EUR	5,700	$	6,139,115
CORPORATE BONDS    33.2%
Aerospace & Defense    0.8%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		9,325		9,480,727
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		3,400		3,421,250
United Technologies Corp., Sr. Unsec’d. Notes		1.950			11/01/21		6,580		6,439,309
									19,341,286
Airlines    0.2%
American Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates(h)		4.000			01/15/27		2,160		2,202,600
Continental Airlines, Pass-Through Trust, Series 2012-2 Class A, Pass-Through Certificates		4.000			04/29/26		90		92,461
Continental Airlines, Pass-Through Trust, Series 2007-1, Class A, Pass-Through Certificates		5.983			10/19/23		813		856,953
Delta Air Lines, Pass-Through Trust, Series 2007-1, Class A, Pass-Through Certificates		6.821			02/10/24		616		671,907
United Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates		4.300			02/15/27		1,905		1,975,587
									5,799,508
Apparel    0.1%
PVH Corp., Sr. Unsec’d. Notes, 144A		3.125			12/15/27	EUR	2,175		2,573,434
Auto Manufacturers    0.3%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		3.014	(c)		04/12/21		820		821,439

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers (cont’d.)
BMW US Capital LLC (Germany), (cont’d.)
Gtd. Notes, 144A		3.100	%		04/12/21			1,095	$	1,103,379
General Motors Co., Sr. Unsec’d. Notes		6.250			10/02/43			1,555		1,638,767
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A		3.875			11/13/20			2,150		2,179,861
Gtd. Notes, 144A		4.000			11/12/21			2,810		2,869,433
										8,612,879
Auto Parts & Equipment    0.6%
Adient US LLC, Sr. Sec’d. Notes, 144A		7.000			05/15/26			1,400		1,433,250
American Axle & Manufacturing, Inc., Gtd. Notes(a)		6.250			03/15/26			3,200		3,200,000
Lear Corp.,
Sr. Unsec’d. Notes		5.250			01/15/25			5,375		5,572,113
Sr. Unsec’d. Notes		5.375			03/15/24			1,410		1,448,499
Nemak SAB de CV (Mexico), Sr. Unsec’d. Notes(a)		4.750			01/23/25			2,800		2,751,000
										14,404,862
Banks    5.5%
Banco do Brasil SA (Brazil), Gtd. Notes		3.875			10/10/22			3,000		2,985,000
Banco Nacional de Costa Rica (Costa Rica), Sr. Unsec’d. Notes, 144A		5.875			04/25/21			750		755,625
Bank of America Corp.,
Jr. Sub. Notes, Series AA		6.100	(ff)		—	(rr)		8,820		9,459,450
Jr. Sub. Notes, Series V		5.125	(ff)		—	(rr)		2,175		2,176,446
Sr. Unsec’d. Notes, GMTN		3.593	(ff)		07/21/28			1,555		1,550,292
Sr. Unsec’d. Notes, MTN		3.824	(ff)		01/20/28			1,905		1,937,906
Sr. Unsec’d. Notes, MTN		4.271	(ff)		07/23/29			1,450		1,515,507
Bank of Baroda (India), Sr. Unsec’d. Notes, 144A		4.875			07/23/19			5,000		4,999,205
Caixa Economica Federal (Brazil), Sub. Notes		7.250	(ff)		07/23/24			5,400		5,432,400
Citigroup, Inc.,
Jr. Sub. Notes, Series Q		5.950	(ff)		—	(rr)		12,685		12,938,700
Sr. Unsec’d. Notes		3.200			10/21/26			1,145		1,121,264
Sr. Unsec’d. Notes(a)		3.887	(ff)		01/10/28			980		998,855

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Citigroup, Inc., (cont’d.)
Sr. Unsec’d. Notes		8.125	%		07/15/39			620	$	938,783
Sub. Notes		4.400			06/10/25			405		422,392
Sub. Notes		4.750			05/18/46			395		415,242
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN		3.625			09/09/24			2,375		2,432,408
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.750			03/26/25			1,200		1,214,198
Discover Bank,
Sr. Unsec’d. Notes		4.200			08/08/23			5,500		5,721,420
Sub. Notes		7.000			04/15/20			800		830,185
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series M		5.375	(ff)		—	(rr)		5,225		5,346,586
Sr. Unsec’d. Notes		3.814	(ff)		04/23/29			1,595		1,583,947
Sr. Unsec’d. Notes		3.850			01/26/27			3,940		3,969,376
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29			170		173,670
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		6.053	(c)		—	(rr)		93		93,425
Jr. Sub. Notes, Series Q(a)		5.150	(ff)		—	(rr)		3,725		3,776,163
Jr. Sub. Notes, Series R		6.000	(ff)		—	(rr)		7,707		8,092,350
Jr. Sub. Notes, Series X		6.100	(ff)		—	(rr)		3,400		3,611,140
Sr. Unsec’d. Notes		4.250			10/15/20			8,178		8,362,496
Morgan Stanley,
Jr. Sub. Notes, Series H		5.450	(ff)		—	(rr)		13,110		13,126,388
Sr. Unsec’d. Notes(a)		4.375			01/22/47			1,260		1,308,629
Sr. Unsec’d. Notes, GMTN(a)		3.772	(ff)		01/24/29			1,750		1,765,890
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26			605		620,010
Sr. Unsec’d. Notes, GMTN		4.431	(ff)		01/23/30			2,135		2,259,889
Sr. Unsec’d. Notes, MTN		3.591	(ff)		07/22/28			1,125		1,123,655
Sub. Notes, MTN		4.100			05/22/23			1,710		1,768,250
People’s United Bank NA, Sub. Notes		4.000			07/15/24			325		327,673
Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN		3.200			04/30/21			8,130		8,220,690
State Street Corp., Jr. Sub. Notes, Series F		5.250	(ff)		—	(rr)		2,555		2,606,100
Turkiye Garanti Bankasi AS (Turkey), Sr. Unsec’d. Notes, 144A		5.875			03/16/23			2,435		2,274,899
Wells Fargo Bank NA, Sr. Unsec’d. Notes		2.600			01/15/21			8,150		8,132,848
										136,389,352

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Beverages    0.0%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		8.200	%		01/15/39		250	$	349,447
Biotechnology    0.1%
Celgene Corp., Sr. Unsec’d. Notes		4.350			11/15/47		2,100		2,046,956
Building Materials    0.8%
Griffon Corp., Gtd. Notes		5.250			03/01/22		5,375		5,375,000
Johnson Controls International PLC, Sr. Unsec’d. Notes		4.250			03/01/21		3,090		3,160,138
Owens Corning, Sr. Unsec’d. Notes		4.200			12/15/22		125		128,420
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		5.375			11/15/24		5,000		5,093,750
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		4,725		4,854,938
									18,612,246
Chemicals    1.9%
Ashland LLC, Gtd. Notes		6.875			05/15/43		4,100		4,376,750
CF Industries, Inc.,
Gtd. Notes		4.950			06/01/43		1,765		1,548,240
Gtd. Notes		5.375			03/15/44		1,300		1,189,760
Gtd. Notes		7.125			05/01/20		59		61,231
Chemours Co. (The), Gtd. Notes		4.000			05/15/26	EUR	1,500		1,749,562
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22		3,525		3,527,619
DowDuPont, Inc., Sr. Unsec’d. Notes		3.766			11/15/20		8,380		8,513,201
Eurochem Finance DAC (Switzerland), Gtd. Notes, 144A		5.500			03/13/24		5,980		6,058,458
LYB International Finance BV, Gtd. Notes		5.250			07/15/43		10		10,389
LyondellBasell Industries NV, Sr. Unsec’d. Notes		4.625			02/26/55		164		151,429
Mexichem SAB de CV (Mexico), Gtd. Notes, 144A		5.500			01/15/48		480		457,800

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250	%		06/01/27		4,625	$	4,544,063
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900			06/01/43		1,350		1,397,599
Sr. Unsec’d. Notes		6.125			01/15/41		170		199,767
OCI NV (Netherlands), Sr. Sec’d. Notes		5.000			04/15/23	EUR	500		591,700
Sasol Financing International Ltd. (South Africa), Gtd. Notes		4.500			11/14/22		5,885		5,979,042
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes		3.450			08/01/25		635		638,609
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes		6.500			10/01/26	EUR	5,150		5,926,018
									46,921,237
Commercial Services    1.1%
ERAC USA Finance LLC,
Gtd. Notes, 144A		6.700			06/01/34		110		138,288
Gtd. Notes, 144A		7.000			10/15/37		1,725		2,251,210
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		6,350		6,873,875
Loxam SAS (France),
Sr. Sec’d. Notes, 144A		2.875			04/15/26	EUR	1,400		1,566,314
Sr. Sub. Notes, 144A		4.500			04/15/27	EUR	1,500		1,689,803
Nexi Capital SpA (Italy), Sr. Sec’d. Notes, 144A		4.125			11/01/23	EUR	700		815,700
Nielsen Co. Luxembourg SARL (The), Gtd. Notes, 144A		5.500			10/01/21		1,675		1,683,375
United Rentals North America, Inc.,
Gtd. Notes		4.625			10/15/25		2,600		2,580,500
Gtd. Notes		4.875			01/15/28		5,979		5,934,158
Gtd. Notes		5.250			01/15/30		1,050		1,055,250
Gtd. Notes		5.500			05/15/27		1,600		1,648,000
									26,236,473

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers    0.2%
Everi Payments, Inc., Gtd. Notes, 144A		7.500	%		12/15/25		3,575	$	3,718,000
West Corp., Gtd. Notes, 144A		8.500			10/15/25		2,700		2,379,375
									6,097,375
Distribution/Wholesale    0.1%
Global Partners LP/GLP Finance Corp., Gtd. Notes		6.250			07/15/22		2,425		2,443,188
Diversified Financial Services    0.5%
Grain Spectrum Funding II LLC, Sec’d. Notes, 144A		3.290			10/10/34		719		715,193
International Lease Finance Corp., Sr. Unsec’d. Notes		6.250			05/15/19		25		25,029
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		175		182,232
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		8.125			07/15/23		2,450		2,468,375
Gtd. Notes, 144A		9.125			07/15/26		3,700		3,709,250
Navient Corp., Sr. Unsec’d. Notes, MTN		4.875			06/17/19		670		671,005
Western Union Co. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		3.463	(c)		05/22/19		4,300		4,301,669
									12,072,753
Electric    1.2%
AES Panama SRL (Panama), Sr. Unsec’d. Notes, 144A		6.000			06/25/22		3,015		3,103,942
Calpine Corp.,
Sr. Unsec’d. Notes		5.375			01/15/23		130		130,975
Sr. Unsec’d. Notes(a)		5.750			01/15/25		10,700		10,569,344
Duke Energy Carolinas LLC, First Mortgage		4.000			09/30/42		50		50,656
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN		6.350			08/10/28		1,225		1,272,550
Sr. Unsec’d. Notes		5.750			01/26/21		4,055		4,018,505
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		800		904,017

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
GenOn Energy, Inc./NRG Americas, Inc., Sec’d. Notes, 6 Month LIBOR + 6.500%		9.392	%(c)		12/01/23		5,000	$	4,962,500
Hydro-Quebec (Canada),
Gov’t. Gtd. Notes		8.400			01/15/22		1,000		1,145,190
Gov’t. Gtd. Notes		8.500			12/01/29		1,255		1,829,642
NextEra Energy Capital Holdings, Inc., Gtd. Notes		3.625			06/15/23		1,575		1,608,554
NRG Energy, Inc.,
Gtd. Notes		6.625			01/15/27		325		347,750
Gtd. Notes		7.250			05/15/26		275		299,406
South Carolina Electric & Gas Co., First Mortgage		4.350			02/01/42		63		66,504
Westar Energy, Inc., First Mortgage		4.100			04/01/43		325		327,339
									30,636,874
Electrical Components & Equipment    0.1%
Energizer Gamma Acquisition BV, Gtd. Notes, 144A		4.625			07/15/26	EUR	2,600		3,000,379
Electronics    0.3%
Jabil, Inc.,
Sr. Unsec’d. Notes		4.700			09/15/22		80		82,424
Sr. Unsec’d. Notes		5.625			12/15/20		5,400		5,596,020
Sensata Technologies BV, Gtd. Notes, 144A		5.000			10/01/25		2,750		2,818,750
									8,497,194
Energy-Alternate Sources    0.1%
Neerg Energy Ltd. (Mauritius), Sr. Sec’d. Notes		6.000			02/13/22		850		838,375
Rio Energy SA/UGEN SA/UENSA SA (Argentina), Sr. Sec’d. Notes, 144A		6.875			02/01/25		3,220		2,101,050
									2,939,425

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Engineering & Construction    0.2%
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		3.875	%		04/30/28		3,000	$	2,814,150
Swissport Financing Sarl (Luxembourg), Sr. Sec’d. Notes		6.750			12/15/21	EUR	2,300		2,663,558
									5,477,708
Entertainment    1.1%
AMC Entertainment Holdings, Inc.,
Gtd. Notes(a)		5.750			06/15/25		1,908		1,839,026
Gtd. Notes		5.875			11/15/26		400		372,000
Gtd. Notes		6.375			11/15/24	GBP	2,625		3,422,521
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25		4,025		3,934,437
Codere Finance 2 Luxembourg SA (Spain), Sr. Sec’d. Notes		6.750			11/01/21	EUR	3,000		3,219,071
CPUK Finance Ltd. (United Kingdom),
Sec’d. Notes, 144A		4.250			02/28/47	GBP	550		726,133
Sec’d. Notes, 144A		4.875			02/28/47	GBP	200		262,035
Eldorado Resorts, Inc., Gtd. Notes		7.000			08/01/23		3,233		3,378,485
Entertainment One Ltd. (Canada), Sr. Sec’d. Notes		6.875			12/15/22	GBP	2,733		3,679,835
National CineMedia LLC,
Sr. Sec’d. Notes		6.000			04/15/22		775		780,812
Sr. Unsec’d. Notes		5.750			08/15/26		2,925		2,844,562
Scientific Games International, Inc.,
Gtd. Notes		6.250			09/01/20		2,500		2,506,250
Gtd. Notes		10.000			12/01/22		875		920,937
Gtd. Notes, 144A		8.250			03/15/26		450		466,313
									28,352,417
Foods    0.8%
B&G Foods, Inc., Gtd. Notes(a)		4.625			06/01/21		1,600		1,600,000
Co-operative Group Holdings 2011 Ltd. (United Kingdom), Gtd. Notes		7.500			07/08/26	GBP	3,400		4,970,066
Ingles Markets, Inc., Sr. Unsec’d. Notes(a)		5.750			06/15/23		1,325		1,341,562

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Gtd. Notes, 144A		6.500	%		04/15/29		425	$	450,500
Mars, Inc.,
Gtd. Notes, 144A(h)		3.875			04/01/39		995		989,973
Gtd. Notes, 144A(h)		4.200			04/01/59		865		867,872
Matterhorn Merger Sub LLC/Matterhorn Finance Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			06/01/26		975		870,188
Picard Bondco SA (Luxembourg), Gtd. Notes		5.500			11/30/24	EUR	300		321,365
Picard Groupe SAS (France), Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 3.000% (Cap N/A, Floor 3.000%)		3.000	(c)		11/30/23	EUR	2,075		2,295,203
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.750			03/15/25		2,425		2,461,375
Post Holdings, Inc., Gtd. Notes, 144A		5.625			01/15/28		2,567		2,594,929
									18,763,033
Forest Products & Paper    0.0%
Georgia-Pacific LLC,
Gtd. Notes, 144A		5.400			11/01/20		35		36,321
Sr. Unsec’d. Notes		7.375			12/01/25		400		497,090
									533,411
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes		5.500			05/20/25		2,900		2,968,875
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41		700		830,133
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		125		134,121
Southern Co. Gas Capital Corp., Gtd. Notes		4.400			06/01/43		1,375		1,374,169
									5,307,298

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products    0.1%
Medtronic Global Holdings SCA,
Gtd. Notes		1.625	%		03/07/31	EUR	500	$	589,667
Gtd. Notes		2.250			03/07/39	EUR	705		864,456
									1,454,123
Healthcare-Services    1.2%
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750			11/15/22		450		444,583
Sr. Unsec’d. Notes		4.500			05/15/42		530		499,444
Anthem, Inc.,
Sr. Unsec’d. Notes		4.101			03/01/28		700		716,003
Sr. Unsec’d. Notes		4.650			01/15/43		120		120,916
Sr. Unsec’d. Notes		5.100			01/15/44		515		550,782
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		4.750			12/15/24	EUR	880		1,027,458
HCA, Inc.,
Gtd. Notes(a)		5.375			02/01/25		6,325		6,657,062
Gtd. Notes		5.875			02/01/29		475		511,219
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes		3.200			02/01/22		25		25,131
Sr. Unsec’d. Notes		4.625			11/15/20		4,500		4,592,625
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		75		77,754
Tenet Healthcare Corp.,
Sec’d. Notes, 144A		6.250			02/01/27		875		912,187
Sr. Unsec’d. Notes(a)		7.000			08/01/25		4,300		4,353,750
Sr. Unsec’d. Notes		8.125			04/01/22		1,475		1,573,766
UnitedHealth Group, Inc., Sr. Unsec’d. Notes(h)		2.125			03/15/21		7,000		6,940,276
									29,002,956
Home Builders    2.2%
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		7,550		7,889,750
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		5,000		5,097,500
KB Home, Gtd. Notes		7.500			09/15/22		3,425		3,758,937
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		5,850		5,937,750

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		6.500	%		10/01/25		2,500	$	2,543,750
Sr. Unsec’d. Notes, 144A		6.875			12/15/23		4,000		4,140,000
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		3,692		3,645,850
Gtd. Notes		6.000			06/01/25		1,275		1,351,500
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		2,500		2,262,500
PulteGroup, Inc., Gtd. Notes		5.500			03/01/26		4,000		4,220,000
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.250			04/15/21		6,700		6,704,154
William Lyon Homes, Inc., Gtd. Notes		5.875			01/31/25		7,625		7,396,250
									54,947,941
Home Furnishings    0.1%
Tempur Sealy International, Inc., Gtd. Notes(a)		5.500			06/15/26		3,390		3,372,880
Household Products/Wares    0.1%
Diamond BC BV, Sr. Unsec’d. Notes(a)		5.625			08/15/25	EUR	2,300		2,473,913
Insurance    0.7%
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		5.950			10/15/36		215		252,928
Sr. Unsec’d. Notes		6.100			10/01/41		280		339,913
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.250			06/15/23		436		452,944
Gtd. Notes, 144A		4.569			02/01/29		1,614		1,686,917
Gtd. Notes, 144A		4.850			08/01/44		1,000		1,039,735
Gtd. Notes, 144A		6.500			05/01/42		1,530		1,909,826
Lincoln National Corp., Sr. Unsec’d. Notes		7.000			06/15/40		695		915,288
Markel Corp.,
Sr. Unsec’d. Notes		4.900			07/01/22		2,020		2,127,799
Sr. Unsec’d. Notes		5.000			03/30/43		3,125		3,093,110
Principal Financial Group, Inc., Gtd. Notes		4.350			05/15/43		975		980,506

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Swiss Re Treasury US Corp. (Switzerland), Gtd. Notes, 144A		4.250	%		12/06/42		795	$	813,283
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		4.270			05/15/47		640		659,010
Sub. Notes, 144A		4.900			09/15/44		1,950		2,193,803
Sub. Notes, 144A		6.850			12/16/39		54		73,856
W.R. Berkley Corp., Sr. Unsec’d. Notes		4.625			03/15/22		1,435		1,501,824
									18,040,742
Lodging    0.5%
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/21		5,750		5,929,687
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.250			09/15/22		75		75,747
Sr. Unsec’d. Notes		7.150			12/01/19		550		562,587
MGM Resorts International, Gtd. Notes		6.000			03/15/23		3,600		3,843,000
Sands China Ltd. (Macau), Sr. Unsec’d. Notes		5.125			08/08/25		1,000		1,054,968
Studio City Co., Ltd. (Macau),
Sr. Sec’d. Notes		7.250			11/30/21		500		516,250
Sr. Sec’d. Notes, 144A(a)		7.250			11/30/21		1,200		1,239,000
									13,221,239
Machinery-Diversified    0.0%
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		50		52,214
Media    1.9%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.125			05/01/23		2,625		2,690,625
Sr. Unsec’d. Notes, 144A(a)		5.375			05/01/25		1,115		1,154,025
Sr. Unsec’d. Notes, 144A(a)		5.875			05/01/27		5,075		5,271,656
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		1,525		1,723,012
Sr. Sec’d. Notes		6.834			10/23/55		485		547,019

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, 144A		9.250	%		02/15/24		2,250	$	2,421,563
Gtd. Notes, Series A		6.500			11/15/22		1,145		1,171,862
Gtd. Notes, Series B		6.500			11/15/22		365		372,756
Comcast Corp.,
Gtd. Notes(h)		4.150			10/15/28		2,605		2,757,292
Gtd. Notes(h)		4.250			10/15/30		890		946,749
CSC Holdings LLC,
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		5,130		5,142,825
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		706		707,765
Sr. Unsec’d. Notes, 144A		7.500			04/01/28		3,400		3,710,250
Discovery Communications LLC, Gtd. Notes		5.000			09/20/37		957		953,359
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26		7,300		6,533,500
Liberty Interactive LLC, Sr. Unsec’d. Notes		8.250			02/01/30		400		414,000
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A		6.625			02/15/25		2,600		2,554,500
TEGNA, Inc., Gtd. Notes, 144A		4.875			09/15/21		1,625		1,635,156
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		6.750			09/15/22		1,292		1,317,840
Videotron Ltd. (Canada), Gtd. Notes(a)		5.000			07/15/22		3,000		3,122,344
Warner Media LLC, Gtd. Notes		3.800			02/15/27		1,350		1,357,865
									46,505,963
Mining    0.1%
Indonesia Asahan Aluminium Persero PT (Indonesia), Sr. Unsec’d. Notes		6.530			11/15/28		1,650		1,873,677
Miscellaneous Manufacturing    0.1%
Actuant Corp., Gtd. Notes(a)		5.625			06/15/22		3,075		3,098,063
Multi-National    0.1%
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		4.375			06/15/22		2,000		2,074,500

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas    2.5%
Anadarko Petroleum Corp.,
Sr. Unsec’d. Notes		4.637	%(s)		10/10/36		3,000	$	1,499,759
Sr. Unsec’d. Notes		6.450			09/15/36		750		936,149
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26		300		292,500
Sr. Unsec’d. Notes, 144A		10.000			04/01/22		700		764,750
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.450			09/15/42		1,070		981,883
Sr. Unsec’d. Notes(a)		5.400			06/15/47		2,645		2,772,655
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750			02/15/20		3,100		3,193,000
CNX Resources Corp., Gtd. Notes		5.875			04/15/22		1,304		1,297,480
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		275		291,199
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.500			01/30/26		2,700		2,814,750
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes		5.999			01/23/21		2,000		2,083,220
Sr. Unsec’d. Notes, 144A		4.950			07/19/22		730		756,195
Sr. Unsec’d. Notes, 144A		6.510			03/07/22		3,420		3,676,240
Harvest Operations Corp. (South Korea), Gtd. Notes, 144A		4.200			06/01/23		1,640		1,708,067
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A		6.250			11/01/28		700		713,125
HPCL-Mittal Energy Ltd. (India), Sr. Unsec’d. Notes		5.250			04/28/27		1,478		1,437,460
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A		3.875			04/19/22		785		792,850
Sr. Unsec’d. Notes, 144A		4.750			04/24/25		735		762,563
MEG Energy Corp. (Canada), Gtd. Notes, 144A		7.000			03/31/24		2,000		1,896,880
Noble Energy, Inc., Sr. Unsec’d. Notes		4.150			12/15/21		500		512,207
Petrobras Global Finance BV (Brazil),
Gtd. Notes		4.250			10/02/23	EUR	3,000		3,715,749
Gtd. Notes		4.750			01/14/25	EUR	100		124,138
Gtd. Notes		5.299			01/27/25		975		1,001,325
Gtd. Notes		5.750			02/01/29		1,275		1,278,187
Gtd. Notes		6.625			01/16/34	GBP	1,120		1,589,213
Gtd. Notes		6.900			03/19/49		2,910		2,906,362

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petrobras Global Finance BV (Brazil), (cont’d.)
Gtd. Notes		7.375	%		01/17/27		560	$	624,848
Petroleos Mexicanos (Mexico),
Gtd. Notes		4.750			02/26/29	EUR	1,500		1,680,230
Gtd. Notes		5.350			02/12/28		575		539,925
Gtd. Notes		6.350			02/12/48		2,634		2,331,090
Gtd. Notes		6.500			03/13/27		1,550		1,569,995
Gtd. Notes, MTN		6.750			09/21/47		1,750		1,613,500
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad & Tobago), Sr. Unsec’d. Notes(a)		9.750			08/14/19		1,915		1,877,179
Sinopec Group Overseas Development 2013 Ltd. (China), Gtd. Notes		4.375			10/17/23		2,900		3,030,398
Sinopec Group Overseas Development 2017 Ltd. (China), Gtd. Notes, 144A		2.250			09/13/20		4,350		4,306,504
Transocean, Inc., Gtd. Notes, 144A		7.250			11/01/25		5,100		5,049,000
									62,420,575
Oil & Gas Services    0.0%
Cameron International Corp., Gtd. Notes		5.950			06/01/41		100		116,571
Packaging & Containers    1.2%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 6.625% or PIK 7.375%		6.625			09/15/23	EUR	10,900		12,396,841
Crown European Holdings SA, Gtd. Notes, 144A		2.875			02/01/26	EUR	5,050		5,919,983
Horizon Parent Holdings Sarl (France), Sr. Sec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.000%		8.250			02/15/22	EUR	825		947,555
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr. Sec’d. Notes		5.750			10/15/20		8,334		8,359,329
WestRock RKT LLC, Gtd. Notes		4.900			03/01/22		1,190		1,244,466
									28,868,174

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals    1.1%
AbbVie, Inc., Sr. Unsec’d. Notes		4.500	%		05/14/35		4,085	$	3,995,899
Allergan Funding SCS, Gtd. Notes		4.550			03/15/35		4,155		4,089,312
Bausch Health Cos., Inc., Gtd. Notes, 144A(a)		6.125			04/15/25		1,075		1,087,094
Cigna Corp.,
Gtd. Notes, 144A(a)		3.400			09/17/21		6,700		6,769,415
Gtd. Notes, 144A		4.375			10/15/28		3,990		4,115,686
CVS Health Corp.,
Sr. Unsec’d. Notes		4.780			03/25/38		140		136,188
Sr. Unsec’d. Notes		5.050			03/25/48		690		680,828
Sr. Unsec’d. Notes		5.125			07/20/45		1,315		1,307,240
Sr. Unsec’d. Notes		5.300			12/05/43		475		485,610
Mylan NV, Gtd. Notes		5.250			06/15/46		520		472,433
Rossini Sarl (Italy), Sr. Sec’d. Notes, 144A		6.750			10/30/25	EUR	2,875		3,477,699
									26,617,404
Pipelines    0.6%
DCP Midstream Operating LP, Gtd. Notes, 144A		5.350			03/15/20		227		230,698
Energy Transfer Operating LP,
Gtd. Notes		5.150			03/15/45		55		53,496
Gtd. Notes		5.300			04/15/47		125		124,095
Gtd. Notes		6.000			06/15/48		55		59,710
Gtd. Notes		6.250			04/15/49		75		84,202
Enterprise Products Operating LLC, Gtd. Notes		4.950			10/15/54		2,700		2,813,321
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A		6.375			03/30/38		520		527,978
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		4.200			12/01/42		125		115,048
Sr. Unsec’d. Notes		4.250			02/01/21		1,950		1,997,111
Sr. Unsec’d. Notes		5.150			10/15/43		1,350		1,465,769
MPLX LP, Sr. Unsec’d. Notes		5.200			03/01/47		145		149,327
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A		4.375			08/15/22		150		153,750

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
NGPL PipeCo LLC, (cont’d.)
Sr. Unsec’d. Notes, 144A		4.875	%		08/15/27		500	$	516,250
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		1,060		1,058,015
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		6.875			04/15/40		1,850		2,011,875
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28		1,875		1,910,156
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000			07/01/22		75		76,608
Sr. Unsec’d. Notes		5.300			03/01/48		910		927,164
									14,274,573
Real Estate    0.3%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		2,475		2,468,812
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		1,750		1,758,750
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		2,425		2,279,500
									6,507,062
Real Estate Investment Trusts (REITs)    0.4%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., Gtd. Notes		4.500			09/01/26		675		666,563
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325			03/24/25	EUR	3,775		4,466,277
Sabra Health Care LP/Sabra Capital Corp.,
Gtd. Notes		5.375			06/01/23		1,965		1,996,931
Gtd. Notes		5.500			02/01/21		1,500		1,513,125
									8,642,896
Retail    1.2%
Brinker International, Inc., Gtd. Notes, 144A(a)		5.000			10/01/24		1,000		997,500
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		6.750			10/15/24		5,951		6,084,897

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Grupo Unicomer Co. Ltd. (El Salvador), Gtd. Notes, 144A		7.875	%		04/01/24		942	$	1,000,875
Jewel UK Bondco PLC (United Kingdom), Sr. Sec’d. Notes		8.500			04/15/23	GBP	95		127,193
L Brands, Inc.,
Gtd. Notes(a)		5.625			02/15/22		4,755		4,933,312
Gtd. Notes(a)		5.625			10/15/23		2,675		2,758,594
Macy’s Retail Holdings, Inc., Gtd. Notes		4.300			02/15/43		705		537,567
PetSmart, Inc., Sr. Sec’d. Notes, 144A(a)		5.875			06/01/25		1,575		1,427,344
Rite Aid Corp., Gtd. Notes, 144A(a)		6.125			04/01/23		2,675		2,273,750
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500			11/01/23		1,500		1,507,500
Gtd. Notes(a)		5.625			12/01/25		5,000		4,987,500
Stonegate Pub Co. Financing PLC (United Kingdom), Sr. Sec’d. Notes, 3 Month GBP LIBOR + 4.375%		5.220	(c)		03/15/22	GBP	2,425		3,161,043
									29,797,075
Savings & Loans    0.0%
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		325		330,925
Semiconductors    0.4%
Broadcom, Inc.,
Gtd. Notes, 144A		3.125			04/15/21		4,105		4,103,153
Gtd. Notes, 144A		3.125			10/15/22		3,155		3,138,392
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500			02/01/25		2,100		2,162,433
									9,403,978
Software    0.7%
Infor US, Inc., Gtd. Notes		5.750			05/15/22	EUR	5,114		5,821,097
InterXion Holding NV (Netherlands), Gtd. Notes, 144A		4.750			06/15/25	EUR	9,600		11,488,235
									17,309,332

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications    1.3%
AT&T, Inc.,
Sr. Unsec’d. Notes		4.300	%		02/15/30		700	$	716,960
Sr. Unsec’d. Notes(a)		4.850			03/01/39		5,720		5,850,129
CenturyLink, Inc., Sr. Unsec’d. Notes, Series V		5.625			04/01/20		1,425		1,449,938
CommScope Technologies LLC, Gtd. Notes, 144A(a)		6.000			06/15/25		1,225		1,244,171
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21		1,425		1,425,000
Digicel Group One Ltd. (Jamaica), Sr. Sec’d. Notes		8.250			12/30/22		772		508,362
Digicel Group Two Ltd. (Jamaica), Sr. Unsec’d. Notes		8.250			09/30/22		728		283,920
Digicel Ltd. (Jamaica), Gtd. Notes, 144A(a)		6.750			03/01/23		2,050		1,451,810
Level 3 Financing, Inc., Gtd. Notes		6.125			01/15/21		3,500		3,513,125
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		5,525		5,801,250
Wind Tre SpA (Italy),
Sr. Sec’d. Notes		3.125			01/20/25	EUR	1,600		1,713,604
Sr. Sec’d. Notes, 144A		2.625			01/20/23	EUR	1,375		1,504,416
Sr. Sec’d. Notes, 144A		3.125			01/20/25	EUR	3,000		3,213,007
Sr. Sec’d. Notes, 144A		5.000			01/20/26		3,700		3,381,800
									32,057,492
Textiles    0.0%
Mohawk Industries, Inc., Sr. Unsec’d. Notes		3.850			02/01/23		104		107,065
Transportation    0.0%
Moby SpA (Italy), Sr. Sec’d. Notes, 144A		7.750			02/15/23	EUR	1,500		672,960
Trucking & Leasing    0.1%
Avolon Holdings Funding Ltd. (Ireland), Gtd. Notes, 144A		5.500			01/15/23		3,000		3,134,610

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Water    0.1%
Aegea Finance Sarl (Brazil), Gtd. Notes, 144A		5.750	%		10/10/24		3,015	$	3,025,553
TOTAL CORPORATE BONDS (cost $816,183,621)									824,813,191
MUNICIPAL BONDS    1.3%
California    0.3%
Bay Area Toll Authority, BABs, Revenue Bonds		6.263			04/01/49		550		786,632
Los Angeles Department of Water & Power,
BABs, Revenue Bonds		6.574			07/01/45		585		843,225
BABs, Taxable, Revenue Bonds, Series SY		6.008			07/01/39		3,610		4,475,606
University of California,
BABs, Revenue Bonds		5.770			05/15/43		390		490,636
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		625		634,337
Taxable, Revenue Bonds, Series J		4.131			05/15/45		675		705,989
									7,936,425
Colorado    0.1%
Regional Transportation District, BABs, Revenue Bonds, Series 2010-B		5.844			11/01/50		1,190		1,610,605
Illinois    0.0%
Chicago O’Hare International Airport, BABs, Revenue Bonds		6.395			01/01/40		360		480,305
New Jersey    0.1%
New Jersey State Turnpike Authority, BABs, Revenue Bonds, Series F		7.414			01/01/40		2,000		3,000,920
Rutgers State University, BABs, Revenue Bonds		5.665			05/01/40		200		243,666
									3,244,586
New York    0.0%
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		400		535,216

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Ohio    0.0%
Ohio State University (The), Taxable, Revenue Bonds, Series A		4.800	%		06/01/2111		180	$	200,677
Puerto Rico    0.8%
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue,
Revenue Bonds, Restructured, Series A-1		4.750			07/01/53		9,346		8,926,365
Revenue Bonds, Restructured, Series A-1		5.000			07/01/58		10,104		9,958,098
									18,884,463
Texas    0.0%
City of San Antonio Electric & Gas Systems, Taxable, Revenue Bonds		4.427			02/01/42		120		132,434
TOTAL MUNICIPAL BONDS (cost $32,169,870)									33,024,711
RESIDENTIAL MORTGAGE-BACKED SECURITIES    5.2%
Banc of America Funding Corp.,
Series 2015-R03, Class 1A1, 144A, 1 Month LIBOR + 0.190%		2.667	(c)		03/27/36		8,143		7,937,226
Series 2015-R03, Class 6A1, 144A, 1 Month LIBOR + 0.170%		2.647	(c)		05/27/36		1,632		1,614,936
Banc of America Funding Trust,
Series 2014-R02, Class 2A1, 144A, 1 Month LIBOR + 0.210%		2.693	(c)		05/26/37		1,334		1,325,914
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500%		4.177	(c)		09/26/45		2,200		2,258,469
Series 2015-R04, Class 4A1, 144A		3.500	(cc)		01/27/30		1,378		1,370,485
Bellemeade Re Ltd. (Bermuda),
Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700%		4.177	(c)		10/25/27		761		767,289
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		4.077	(c)		04/25/28		2,147		2,156,669
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350%		3.827	(c)		08/25/28		1,200		1,202,281
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600%		4.077	(c)		08/25/28		1,200		1,199,998

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd. (Bermuda), (cont’d.)
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850%		4.327	%(c)		10/25/27		3,290	$	3,307,622
Central Park Funding Trust, Series 2018-01, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)^		3.989	(c)		11/01/23		17,200		17,200,000
Chase Mortgage Finance Trust Series, Series 2007-A1, Class 1A3		4.749	(cc)		02/25/37		130		132,838
CHL Mortgage Pass-Through Trust, Series 2007-17, Class 2A1		6.500			10/25/37		3,303		2,281,399
CIM Trust,
Series 2017-02, Class A1, 144A, 1 Month LIBOR + 2.000%		4.502	(c)		12/25/57		4,492		4,517,488
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.502	(c)		01/25/57		5,912		6,014,977
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		1,926		1,852,291
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		4,156		4,077,247
Eagle RE Ltd. (Bermuda), Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700%		4.177	(c)		11/25/28		5,500		5,499,990
Freddie Mac STACR Trust, Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650%		5.127	(c)		01/25/49		790		814,217
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300%		5.777	(c)		10/25/27		2,000		2,165,378
GSMSC Resecuritization Trust,
Series 2015-03R, Class 1A1, 144A, 1 Month LIBOR + 0.140%		2.617	(c)		01/26/37		1,402		1,386,839
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140%		2.617	(c)		01/26/37		1,670		1,609,091
Series 2015-03R, Class 2A1, 144A, 1 Month LIBOR + 0.140%		2.617	(c)		10/26/36		2,747		2,698,744
Series 2015-03R, Class 2A2, 144A, 1 Month LIBOR + 0.140%		2.617	(c)		10/26/36		1,400		1,296,943
Home Re Ltd. (Bermuda), Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600%		4.077	(c)		10/25/28		1,860		1,858,811
JPMorgan Mortgage Trust, Series 2007-A01, Class 4A1		4.560	(cc)		07/25/35		128		130,744

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Mortgage Trust, (cont’d.)
Series 2018-07FRB, Class A2, 144A, 1 Month LIBOR + 0.750%		3.236	%(c)		04/25/46		2,721	$	2,716,022
LSTAR Securities Investment Ltd. (Cayman Islands), Series 2017-08, Class A, 144A, 1 Month LIBOR + 1.650%		4.152	(c)		11/01/22		1,267		1,271,716
LSTAR Securities Investment Trust, Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		4.002	(c)		04/01/23		4,090		4,105,058
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.227	(c)		01/25/48		4,841		4,827,356
Series 2018-RPL01, Class A1, 144A		3.500	(cc)		12/25/57		32,249		32,507,878
Oaktown Re Ltd. (Bermuda), Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550%		4.027	(c)		07/25/28		1,500		1,496,225
Radnor Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400%		3.877	(c)		03/25/28		2,350		2,356,454
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700%		5.177	(c)		03/25/28		1,240		1,239,996
Structured Asset Securities Corp., Series 2003-37A, Class 3A7		4.437	(cc)		12/25/33		563		569,622
Wells Fargo Mortgage Backed Securities Trust, Series 2004-EE, Class 2A1		4.572	(cc)		12/25/34		101		103,811
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $126,509,432)									127,872,024
SOVEREIGN BONDS    11.2%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		4.625			01/11/23		2,800		2,065,000
Sr. Unsec’d. Notes		5.000			01/15/27	EUR	3,970		2,983,344
Sr. Unsec’d. Notes		5.625			01/26/22		2,000		1,557,020
Sr. Unsec’d. Notes		6.875			04/22/21		7,175		6,019,897
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	1,064		899,282
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	139		115,060
Brazil Loan Trust 1 (Brazil), Gov’t. Gtd. Notes		5.477			07/24/23		3,396		3,491,338
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes		5.333			02/15/28		6,363		6,569,798
Dominican Republic International Bond (Dominican Republic), Sr. Unsec’d. Notes		7.500			05/06/21		6,075		6,281,611

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Dominican Republic International Bond (Dominican Republic), (cont’d.)
Sr. Unsec’d. Notes, 144A		7.500	%		05/06/21		1,300	$	1,344,213
Ecuador Government International Bond (Ecuador),
Sr. Unsec’d. Notes		10.500			03/24/20		5,950		6,211,860
Sr. Unsec’d. Notes		10.750			03/28/22		5,780		6,466,375
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A		6.588			02/21/28		430		415,070
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/11/25	EUR	1,995		2,228,489
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	2,985		3,278,666
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/11/31	EUR	2,320		2,561,779
Sr. Unsec’d. Notes, EMTN		5.625			04/16/30	EUR	3,000		3,184,110
El Salvador Government International Bond (El Salvador), Sr. Unsec’d. Notes, 144A		7.375			12/01/19		2,000		2,023,020
Export Credit Bank of Turkey (Turkey), Sr. Unsec’d. Notes, 144A		8.250			01/24/24		3,825		3,807,168
Ghana Government International Bond (Ghana), Sr. Unsec’d. Notes, 144A		8.950			03/26/51		2,975		2,942,275
Hellenic Republic Government Bond (Greece),
Bonds		0.000	(cc)		10/15/42	EUR	690,000		2,976,435
Bonds		3.000	(cc)		02/24/23	EUR	767		905,870
Bonds		3.000	(cc)		02/24/24	EUR	1,399		1,655,327
Bonds		3.000	(cc)		02/24/25	EUR	533		624,048
Bonds		3.000	(cc)		02/24/26	EUR	639		741,524
Bonds		3.000	(cc)		02/24/27	EUR	571		664,179
Bonds		3.000	(cc)		02/24/28	EUR	2,869		3,313,430
Bonds		3.000	(cc)		02/24/29	EUR	1,658		1,900,657
Bonds		3.000	(cc)		02/24/30	EUR	637		724,149
Bonds		3.000	(cc)		02/24/31	EUR	1,831		2,054,245
Bonds		3.000	(cc)		02/24/32	EUR	2,271		2,535,489
Bonds		3.000	(cc)		02/24/33	EUR	539		601,958
Bonds		3.000	(cc)		02/24/34	EUR	1,687		1,856,376
Bonds		3.000	(cc)		02/24/35	EUR	2,383		2,615,841
Bonds		3.000	(cc)		02/24/36	EUR	506		550,292
Bonds		3.000	(cc)		02/24/37	EUR	601		654,232
Bonds		3.000	(cc)		02/24/38	EUR	793		856,916
Bonds		3.000	(cc)		02/24/39	EUR	1,830		1,975,915
Bonds		3.000	(cc)		02/24/40	EUR	503		542,181
Bonds		3.000	(cc)		02/24/41	EUR	555		599,923
Bonds		3.000	(cc)		02/24/42	EUR	512		553,627
Bonds		3.500			01/30/23	EUR	3,385		4,008,953
Bonds		3.750			01/30/28	EUR	3,600		4,201,423
Bonds		4.000			01/30/37	EUR	2,500		2,759,010
Bonds		4.200			01/30/42	EUR	1,515		1,669,445

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes		5.200	%		07/17/34	EUR	5,485	$	6,654,992
Sr. Unsec’d. Notes		6.140			04/14/28	EUR	2,000		2,653,037
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		1.750			04/24/25	EUR	2,910		3,340,948
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	2,975		3,738,172
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	775		1,009,405
Iraq International Bond (Iraq),
Sr. Unsec’d. Notes		5.800			01/15/28		1,500		1,453,605
Sr. Unsec’d. Notes		6.752			03/09/23		4,715		4,786,951
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes		5.125			06/15/25	EUR	500		573,216
Sr. Unsec’d. Notes, 144A		5.125			06/15/25	EUR	2,250		2,579,473
Japan Finance Organization for Municipalities (Japan), Sr. Unsec’d. Notes, EMTN		2.125			10/25/23		4,800		4,675,757
Kenya Government International Bond (Kenya), Sr. Unsec’d. Notes		6.875			06/24/24		3,005		3,065,100
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, EMTN		5.125			10/15/24		66,828		72,818,863
Province of Quebec (Canada), Debentures, Series NN		7.125			02/09/24		4,215		5,043,122
Provincia de Buenos Aires (Argentina),
Sr. Unsec’d. Notes, 144A		6.500			02/15/23		600		439,500
Sr. Unsec’d. Notes, 144A		9.950			06/09/21		1,650		1,402,500
Republic of Italy Government International Bond (Italy), Sr. Unsec’d. Notes		6.875			09/27/23		12,083		13,408,505
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	4,759		5,632,655
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		1,325		1,371,375
Sr. Unsec’d. Notes, EMTN		2.375			10/26/21		5,966		5,878,837
Senegal Government International Bond (Senegal),
Sr. Unsec’d. Notes		4.750			03/13/28	EUR	1,600		1,772,444
Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	900		997,000
Tokyo Metropolitan Government (Japan), Sr. Unsec’d. Notes, 144A		3.250			06/01/23		1,000		1,018,409

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes		5.625	%		03/30/21		1,450	$	1,428,934
Sr. Unsec’d. Notes		6.250			09/26/22		3,425		3,342,526
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		7.750			09/01/20		315		315,227
Sr. Unsec’d. Notes		7.750			09/01/21		350		346,808
Sr. Unsec’d. Notes		7.750			09/01/22		1,000		981,404
Sr. Unsec’d. Notes		7.750			09/01/26		4,760		4,430,608
Sr. Unsec’d. Notes		8.994			02/01/24		350		348,817
Sr. Unsec’d. Notes, 144A		7.750			09/01/20		6,500		6,504,680
Sr. Unsec’d. Notes, 144A		7.750			09/01/21		3,650		3,616,712
Sr. Unsec’d. Notes, 144A		7.750			09/01/22		2,060		2,021,692
Sr. Unsec’d. Notes, 144A		8.994			02/01/24		800		797,296
ZAR Sovereign Capital Fund Pty Ltd. (South Africa), Sr. Unsec’d. Notes		3.903			06/24/20		3,000		2,999,100
TOTAL SOVEREIGN BONDS (cost $274,783,750)									277,434,490
U.S. TREASURY OBLIGATIONS    0.9%
U.S. Treasury Bonds(h)(k)		2.500			02/15/45		3,760		3,469,775
U.S. Treasury Notes(h)		2.000			11/15/26		170		165,013
U.S. Treasury Notes(k)		2.250			11/15/24		3,960		3,944,531
U.S. Treasury Notes(h)		2.500			02/28/21		210		210,771
U.S. Treasury Notes(h)(k)		2.625			02/15/29		3,425		3,459,919
U.S. Treasury Strips Coupon(k)		2.174	(s)		05/15/29		4,420		3,399,641
U.S. Treasury Strips Coupon(k)		2.783	(s)		08/15/29		2,100		1,604,674
U.S. Treasury Strips Coupon(k)		2.878	(s)		05/15/31		2,100		1,518,030
U.S. Treasury Strips Coupon(k)		3.042	(s)		11/15/35		4,200		2,625,921
U.S. Treasury Strips Coupon(k)		3.202	(s)		08/15/40		4,200		2,249,576
TOTAL U.S. TREASURY OBLIGATIONS (cost $22,312,460)									22,647,851
						Shares
COMMON STOCK    0.0%
Oil, Gas & Consumable Fuels
Frontera Energy Corp. (Colombia)(a) (cost $2,719,465)							132,434		1,169,962
TOTAL LONG-TERM INVESTMENTS (cost $2,408,944,426)									2,415,024,833

See Notes to Financial Statements.

50

Description	Shares		Value
SHORT-TERM INVESTMENTS    6.1%
AFFILIATED MUTUAL FUNDS    3.1%
PGIM Core Ultra Short Bond Fund(w)		23,656	$	23,656
PGIM Institutional Money Market Fund (cost $76,041,488; includes $75,864,324 of cash collateral for securities on loan)(b)(w)		76,044,303		76,067,116
TOTAL AFFILIATED MUTUAL FUNDS (cost $76,065,144)				76,090,772
OPTIONS PURCHASED*~    3.0% (cost $111,526,801)				75,000,784
TOTAL SHORT-TERM INVESTMENTS (cost $187,591,945)				151,091,556
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    103.4% (cost $2,596,536,371)				2,566,116,389
OPTIONS WRITTEN*~    (2.6)% (premiums received $91,830,439)				(64,343,393	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    100.8% (cost $2,504,705,932)				2,501,772,996
Liabilities in excess of other assets(z)    (0.8)%				(20,306,134	)
NET ASSETS    100.0%			$	2,481,466,862

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

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

BABs—Build America Bonds

BROIS—Brazil Overnight Index Swap

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

MUNIPSA—Municipal Swap Weekly Yield Index

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

REIT(s)—Real Estate Investment Trust(s)

S—Semiannual payment frequency for swaps

STACR—Structured Agency Credit Risk

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

USOIS—United States Overnight Index Swap

* Non-income producing security.

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

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $37,148,464 and 1.5% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $74,100,781; cash collateral of $75,864,324 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2019.

See Notes to Financial Statements.

52

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

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

(p) Interest rate not available as of April 30, 2019.

(rr) Perpetual security with no stated maturity date.

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

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#			Value
2-Year 10 CMS Curve CAP	Call	Morgan Stanley & Co. International PLC		11/21/19		0.13	%		—			11,200	$	70,548
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/21/19		0.12	%		—			16,800		113,642
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—			9,409		90,424
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—			22,870		207,039
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—			46,333		461,770
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.14	%		—			46,980		481,869
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21	%		—			10,000		106,102
Currency Option AUD vs JPY	Call	Morgan Stanley & Co. International PLC		10/27/23		85.00			—		AUD	55,000		859,942
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		04/28/20		10.00			—		EUR	30,000		2,058,772
Currency Option EUR vs TRY	Call	Morgan Stanley & Co. International PLC		07/28/20		12.00			—		EUR	30,000		1,789,079
Currency Option EUR vs ZAR	Call	Goldman Sachs International		07/26/19		29.00			—		EUR	33,500		339
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		24.00			—		EUR	25,000		61,859
Currency Option EUR vs ZAR	Call	Goldman Sachs International		08/27/20		28.00			—		EUR	34,000		235,453
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		21.00			—		EUR	33,500		1,441,545

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		06/11/19		5.25		—		74,000	$	1,345
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		08/13/19		6.00		—		39,000		4,026
Currency Option USD vs BRL	Call	Deutsche Bank AG		12/20/19		5.00		—		30,000		156,618
Currency Option USD vs BRL	Call	Deutsche Bank AG		03/27/20		4.65		—		30,000		503,352
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		07/27/20		6.50		—		74,000		293,611
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		08/27/20		8.50		—		37,000		48,914
Currency Option USD vs BRL	Call	Citibank, N.A.		12/21/20		5.25		—		74,000		1,483,935
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		4.00		—		39,000		3,549,024
Currency Option USD vs CAD	Call	Bank of America, N.A.		07/30/19		1.30		—		30,000		875,678
Currency Option USD vs CAD	Call	Citibank, N.A.		07/30/19		1.40		—		60,000		57,550
Currency Option USD vs CHF	Call	Goldman Sachs International		10/28/20		1.00		—		39,000		709,807
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		05/23/19		90.00		—		39,000		—
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		08/27/19		82.50		—		37,000		11,517
Currency Option USD vs INR	Call	JPMorgan Chase Bank, N.A.		09/30/19		90.00		—		39,000		4,212
Currency Option USD vs INR	Call	Goldman Sachs International		10/28/20		90.00		—		39,000		159,751
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		79.00		—		39,000		885,949
Currency Option USD vs JPY	Call	Morgan Stanley & Co. International PLC		01/27/21		110.00		—		7,000		138,644
Currency Option USD vs JPY	Call	Deutsche Bank AG		10/27/23		115.00		—		39,000		394,294
Currency Option USD vs JPY	Call	Barclays Bank PLC		10/27/23		115.00		—		39,000		394,294
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19		1,200.00		—		30,000		299,646
Currency Option USD vs KRW	Call	BNP Paribas S.A.		12/20/19		1,350.00		—		60,000		85,474

See Notes to Financial Statements.

54

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs MXN	Call	Deutsche Bank AG		08/27/19		25.00		—		23,000	$	9,543
Currency Option USD vs MXN	Call	Goldman Sachs International		09/03/19		31.00		—		58,500		3,940
Currency Option USD vs MXN	Call	Deutsche Bank AG		04/28/20		26.00		—		51,000		243,182
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		10/28/20		31.00		—		117,000		476,879
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		22.00		—		58,500		2,342,770
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		26.50		—		117,000		1,491,345
Currency Option USD vs RUB	Call	BNP Paribas S.A.		06/27/19		95.00		—		39,000		191
Currency Option USD vs RUB	Call	Citibank, N.A.		12/23/19		85.00		—		30,000		89,135
Currency Option USD vs RUB	Call	BNP Paribas S.A.		03/30/20		95.00		—		33,000		91,286
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		07/05/19		10.00		—		39,000		72,616
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		08/05/19		12.00		—		39,000		80,045
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		09/27/19		15.00		—		39,000		102,949
Currency Option USD vs TRY	Call	Goldman Sachs International		12/23/19		6.00		—		30,000		4,468,065
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		04/29/20		7.00		—		35,000		4,351,111
Currency Option USD vs TRY	Call	Deutsche Bank AG		06/29/20		9.00		—		36,000		2,472,757
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		9.00		—		39,000		3,866,250
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		10.00		—		39,000		3,951,346
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/26/19		25.00		—		37,000		1,080
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		07/26/19		25.00		—		39,000		1,138
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		14.00		—		30,000		2,181,155
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		12/24/19		17.00		—		60,000		866,523

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/27/20		25.00		—			37,000	$	206,948
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		17.00		—			39,000		1,656,763
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		15.00		—			37,000		3,568,222
Currency Option AUD vs JPY	Put	Deutsche Bank AG		06/06/19		52.00		—		AUD	232,000		145
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/29/20		82.00		—		AUD	180,000		8,747,056
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		73.00		—		AUD	360,000		3,826,252
Currency Option AUD vs JPY	Put	Deutsche Bank AG		12/28/20		68.00		—		AUD	232,000		3,394,348
Currency Option AUD vs USD	Put	Citibank, N.A.		01/29/20		0.69		—		AUD	38,000		451,949
Currency Option EUR vs TRY	Put	Goldman Sachs International		04/28/20		6.00		—		EUR	30,000		75,613
Currency Option EUR vs TRY	Put	BNP Paribas S.A.		07/28/20		7.00		—		EUR	30,000		460,855
Currency Option GBP vs USD	Put	Goldman Sachs International		09/03/19		1.00		—		GBP	31,500		2,323
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.28		—		GBP	31,500		1,047,432
Currency Option USD vs BRL	Put	JPMorgan Chase Bank, N.A.		03/27/20		3.10		—			30,000		33,377
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			36,000		351,985
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			1,000		9,777
Currency Option USD vs BRL	Put	Deutsche Bank AG		08/27/20		3.50		—			37,000		411,091
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.25		—			37,000		151,264
Currency Option USD vs BRL	Put	Citibank, N.A.		03/29/21		3.75		—			78,000		2,288,417
Currency Option USD vs CNH	Put	Morgan Stanley & Co. International PLC		06/26/19		6.00		—			36,000		145
Currency Option USD vs INR	Put	Goldman Sachs International		07/29/19		69.00		—			19,500		111,303
Currency Option USD vs INR	Put	BNP Paribas S.A.		08/27/19		69.50		—			37,000		311,480

See Notes to Financial Statements.

56

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs INR	Put	BNP Paribas S.A.		12/21/20		69.00		—		19,500	$	150,559
Currency Option USD vs JPY	Put	Barclays Bank PLC		07/05/19		91.00		—		78,000		2,451
Currency Option USD vs MXN	Put	BNP Paribas S.A.		08/27/19		17.00		—		23,000		12,019
Currency Option USD vs MXN	Put	Citibank, N.A.		04/28/20		17.00		—		51,000		138,267
Currency Option USD vs MXN	Put	Deutsche Bank AG		10/28/20		18.00		—		39,000		348,026
Currency Option USD vs RUB	Put	BNP Paribas S.A.		12/22/20		66.00		—		39,000		1,331,589
Currency Option USD vs TRY	Put	Goldman Sachs International		04/29/20		4.00		—		35,000		19,265
Currency Option USD vs TRY	Put	Morgan Stanley & Co. International PLC		06/29/20		5.00		—		36,000		115,956
Currency Option USD vs ZAR	Put	BNP Paribas S.A.		07/27/20		12.00		—		37,000		153,868
Currency Option USD vs ZAR	Put	Morgan Stanley & Co. International PLC		01/27/21		12.50		—		39,000		422,709
Total Options Purchased (cost $111,526,801)											$	75,000,784

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option EUR vs TRY	Call	Goldman Sachs International		04/28/20		10.00		—		EUR	30,000	$	(2,058,772	)
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		07/28/20		12.00		—		EUR	30,000		(1,789,079	)
Currency Option EUR vs ZAR	Call	Deutsche Bank AG		12/24/19		24.00		—		EUR	25,000		(61,860	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		08/27/20		28.00		—		EUR	34,000		(235,453	)
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		25.00		—		EUR	67,000		(1,296,485	)
Currency Option USD vs BRL	Call	Citibank, N.A.		06/11/19		5.25		—			74,000		(1,345	)
Currency Option USD vs BRL	Call	JPMorgan Chase Bank, N.A.		12/20/19		5.00		—			30,000		(156,618	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	JPMorgan Chase Bank, N.A.		03/27/20		4.65		—		30,000	$	(503,352	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		6.50		—		74,000		(293,611	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		08/27/20		8.50		—		37,000		(48,914	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		12/21/20		5.25		—		74,000		(1,483,935	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		5.00		—		78,000		(2,208,681	)
Currency Option USD vs CAD	Call	Bank of America, N.A.		07/30/19		1.40		—		60,000		(57,550	)
Currency Option USD vs CAD	Call	Citibank, N.A.		07/30/19		1.30		—		30,000		(875,678	)
Currency Option USD vs INR	Call	BNP Paribas S.A.		08/27/19		82.50		—		37,000		(11,517	)
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		10/28/20		90.00		—		39,000		(159,751	)
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		86.00		—		78,000		(750,157	)
Currency Option USD vs JPY	Call	Citibank, N.A.		01/27/21		110.00		—		7,000		(138,644	)
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19		1,350.00		—		60,000		(85,474	)
Currency Option USD vs KRW	Call	BNP Paribas S.A.		12/20/19		1,200.00		—		30,000		(299,647	)
Currency Option USD vs MXN	Call	BNP Paribas S.A.		08/27/19		25.00		—		23,000		(9,543	)
Currency Option USD vs MXN	Call	Citibank, N.A.		04/28/20		26.00		—		51,000		(243,182	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		10/28/20		31.00		—		117,000		(476,879	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		26.50		—		117,000		(1,491,345	)
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		22.00		—		58,500		(2,342,770	)
Currency Option USD vs RUB	Call	Goldman Sachs International		12/23/19		85.00		—		30,000		(89,135	)
Currency Option USD vs RUB	Call	Citibank, N.A.		03/30/20		95.00		—		33,000		(91,286	)
Currency Option USD vs RUB	Call	BNP Paribas S.A.		12/22/20		95.00		—		39,000		(528,078	)

See Notes to Financial Statements.

58

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs TRY	Call	BNP Paribas S.A.		12/23/19		6.00		—			30,000	$	(4,468,065	)
Currency Option USD vs TRY	Call	Goldman Sachs International		04/29/20		7.00		—			35,000		(4,351,111	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		06/29/20		9.00		—			36,000		(2,472,757	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		12.00		—			78,000		(3,954,557	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		15.00		—			78,000		(3,620,794	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		17.00		—			60,000		(866,523	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		12/24/19		14.00		—			30,000		(2,181,155	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		07/27/20		25.00		—			37,000		(206,948	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		21.00		—			78,000		(1,178,549	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		20.00		—			74,000		(2,031,448	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/29/20		73.00		—		AUD	360,000		(3,826,252	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		82.00		—		AUD	180,000		(8,747,056	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		12/28/20		60.00		—		AUD	464,000		(2,993,288	)
Currency Option AUD vs USD	Put	Morgan Stanley & Co. International PLC		01/29/20		0.69		—		AUD	38,000		(451,949	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		04/28/20		6.00		—		EUR	30,000		(75,613	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		07/28/20		7.00		—		EUR	30,000		(460,855	)
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.16		—		GBP	63,000		(674,491	)
Currency Option USD vs BRL	Put	Deutsche Bank AG		03/27/20		3.10		—			30,000		(33,377	)
Currency Option USD vs BRL	Put	Citibank, N.A.		06/26/20		3.50		—			37,000		(361,763	)
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.50		—			37,000		(411,091	)
Currency Option USD vs BRL	Put	Citibank, N.A.		08/27/20		3.25		—			37,000		(151,264	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs INR	Put	BNP Paribas S.A.		07/29/19		69.00		—			19,500	$	(111,303	)
Currency Option USD vs INR	Put	HSBC Bank USA, N.A.		08/27/19		69.50		—			37,000		(311,480	)
Currency Option USD vs INR	Put	Goldman Sachs International		12/21/20		69.00		—			19,500		(150,559	)
Currency Option USD vs JPY	Put	Morgan Stanley & Co. International PLC		01/27/21		91.00		—			37,000		(264,208	)
Currency Option USD vs JPY	Put	Barclays Bank PLC		01/27/21		91.00		—			41,000		(292,772	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		08/27/19		17.00		—			23,000		(12,019	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		04/28/20		17.00		—			51,000		(138,267	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		10/28/20		18.00		—			39,000		(348,026	)
Currency Option USD vs RUB	Put	BNP Paribas S.A.		08/28/19		66.00		—			39,000		(1,054,738	)
Currency Option USD vs TRY	Put	Deutsche Bank AG		04/29/20		4.00		—			35,000		(19,265	)
Currency Option USD vs TRY	Put	Deutsche Bank AG		06/29/20		5.00		—			36,000		(115,956	)
Currency Option USD vs ZAR	Put	Goldman Sachs International		07/27/20		12.00		—			37,000		(153,868	)
Hellenic Republic, 3.75%, 01/30/28^	Put	Deutsche Bank AG		09/10/20		87.00		—		EUR	5,000		(1	)
Total OTC Traded (premiums received $91,539,414)												$	(64,280,109	)

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike			Receive	Pay	Notional Amount (000)#		Value
CDX.NA.HY.31.V1, 12/20/23	Put	Bank of America, N.A.		05/15/19	$	99.00		5.00%(Q)	CDX.NA.HY.31.V1(Q)		20,000	$	(1,823	)
iTraxx.EUR.30.V1, 12/20/23^	Put	Citibank, N.A.		12/18/19		2.25	%	1.00%(Q)	iTraxx.EUR.30.V1(Q)		EUR 100,000		(61,461	)
Total OTC Swaptions (premiums received $291,025)												$	(63,284	)
Total Options Written (premiums received $91,830,439)												$	(64,343,393	)

See Notes to Financial Statements.

60

Futures contracts outstanding at April 30, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	7,740	5 Year U.S. Treasury Notes		Jun. 2019	$	895,058,476	$	4,705,294
	8,776	10 Year U.S. Treasury Notes		Jun. 2019		1,085,344,419		9,057,868
	3,208	10 Year U.S. Ultra Treasury Notes		Jun. 2019		422,754,250		5,270,870
	722	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		118,611,062		895,453
								19,929,485
		Short Positions:
	2,375	2 Year U.S. Treasury Notes		Jun. 2019		505,893,555		(1,699,238	)
	479	10 Year Euro-Bund		Jun. 2019		88,812,202		(1,453,131	)
	766	20 Year U.S. Treasury Bonds		Jun. 2019		112,961,063		(1,264,064	)
								(4,416,433	)
							$	15,513,052

Forward foreign currency exchange contracts outstanding at April 30, 2019:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.		ARS	42,576	$	961,074	$	956,037	$	—	$	(5,037	)
Expiring 06/25/19	Citibank, N.A.		ARS	53,291		1,171,224		1,104,401		—		(66,823	)
Expiring 06/25/19	Citibank, N.A.		ARS	37,947		809,444		786,411		—		(23,033	)
Expiring 06/25/19	Citibank, N.A.		ARS	25,912		558,811		537,004		—		(21,807	)
Australian Dollar,
Expiring 07/22/19	Barclays Bank PLC		AUD	1,697		1,206,000		1,198,867		—		(7,133	)
Expiring 07/22/19	Citibank, N.A.		AUD	3,136		2,253,473		2,214,884		—		(38,589	)
Expiring 08/29/19	Barclays Bank PLC		AUD	12,399		8,828,996		8,766,491		—		(62,505	)
Expiring 08/29/19	BNP Paribas S.A.		AUD	1,213		856,000		857,580		1,580		—
Expiring 08/29/19	Morgan Stanley & Co. International PLC		AUD	8,920		6,333,799		6,307,027		—		(26,772	)
Expiring 08/29/19	Morgan Stanley & Co. International PLC		AUD	5,053		3,589,298		3,572,768		—		(16,530	)
Expiring 01/31/20	Citibank, N.A.		AUD	7,067		5,269,723		5,016,166		—		(253,557	)
Expiring 01/31/20	Citibank, N.A.		AUD	5,351		4,288,399		3,798,247		—		(490,152	)
Expiring 02/28/20	Bank of America, N.A.		AUD	10,799		7,753,494		7,670,192		—		(83,302	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 11/30/20	Morgan Stanley & Co. International PLC		AUD	3,823	$	2,744,880	$	2,729,454	$	—	$	(15,426	)
Brazilian Real,
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	22,480		5,792,388		5,717,498		—		(74,890	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.		BRL	2,309		585,000		587,227		2,227		—
Expiring 08/29/19	JPMorgan Chase Bank, N.A.		BRL	2,754		689,000		695,452		6,452		—
Expiring 09/30/19	JPMorgan Chase Bank, N.A.		BRL	10,454		2,980,000		2,632,676		—		(347,324	)
Expiring 09/30/19	JPMorgan Chase Bank, N.A.		BRL	1,958		481,439		493,163		11,724		—
Expiring 12/24/19	Citibank, N.A.		BRL	7,836		2,004,000		1,960,226		—		(43,774	)
Expiring 12/24/19	Deutsche Bank AG		BRL	22,576		5,602,000		5,647,806		45,806		—
Expiring 03/31/20	Deutsche Bank AG		BRL	42,866		10,500,000		10,646,517		146,517		—
Expiring 06/30/20	Citibank, N.A.		BRL	29,119		7,301,000		7,161,040		—		(139,960	)
Expiring 06/30/20	Deutsche Bank AG		BRL	47,619		10,804,000		11,710,406		906,406		—
Expiring 06/30/20	Morgan Stanley & Co. International PLC		BRL	3,245		796,000		798,084		2,084		—
Expiring 07/29/20	Deutsche Bank AG		BRL	13,339		3,349,388		3,268,417		—		(80,971	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		BRL	8,705		2,232,000		2,132,922		—		(99,078	)
Expiring 08/31/20	Citibank, N.A.		BRL	14,166		3,527,000		3,456,844		—		(70,156	)
Expiring 08/31/20	Morgan Stanley & Co. International PLC		BRL	14,942		3,669,000		3,646,067		—		(22,933	)
Expiring 12/23/20	Citibank, N.A.		BRL	46,304		11,302,000		11,140,930		—		(161,070	)
Expiring 01/29/21	Citibank, N.A.		BRL	21,690		5,155,000		5,194,970		39,970		—
Expiring 01/29/21	Citibank, N.A.		BRL	15,948		3,819,239		3,819,763		524		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC		BRL	10,588		2,644,000		2,535,946		—		(108,054	)

See Notes to Financial Statements.

62

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
British Pound,
Expiring 07/19/19	Bank of America, N.A.		GBP	1,987	$	2,612,000	$	2,601,268	$	—	$	(10,732	)
Expiring 07/19/19	Bank of America, N.A.		GBP	1,447		1,896,000		1,894,131		—		(1,869	)
Expiring 07/19/19	Bank of America, N.A.		GBP	769		997,000		1,007,260		10,260		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.		GBP	1,215		1,588,000		1,591,314		3,314		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC		GBP	1,764		2,325,000		2,310,387		—		(14,613	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC		GBP	586		772,000		767,891		—		(4,109	)
Expiring 07/19/19	The Toronto-Dominion Bank		GBP	1,764		2,314,000		2,310,192		—		(3,808	)
Expiring 08/29/19	Citibank, N.A.		GBP	2,835		3,696,848		3,719,669		22,821		—
Canadian Dollar,
Expiring 07/22/19	Bank of America, N.A.		CAD	1,530		1,138,000		1,144,173		6,173		—
Expiring 07/22/19	Bank of America, N.A.		CAD	1,387		1,030,000		1,037,282		7,282		—
Expiring 07/22/19	Barclays Bank PLC		CAD	1,007		753,000		753,542		542		—
Expiring 07/31/19	Bank of America, N.A.		CAD	2,377		1,918,000		1,778,472		—		(139,528	)
Expiring 07/31/19	HSBC Bank USA, N.A.		CAD	5,923		4,483,369		4,431,437		—		(51,932	)
Expiring 07/31/19	JPMorgan Chase Bank, N.A.		CAD	2,483		1,904,400		1,857,816		—		(46,584	)
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.		CLP	1,649,085		2,476,350		2,434,019		—		(42,331	)
Expiring 06/19/19	BNP Paribas S.A.		CLP	875,182		1,308,994		1,291,752		—		(17,242	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		CLP	379,698		573,000		560,428		—		(12,572	)
Chinese Renminbi,
Expiring 06/28/19	Citibank, N.A.		CNH	7,363		1,051,103		1,093,081		41,978		—
Expiring 07/25/19	Citibank, N.A.		CNH	14,780		2,203,351		2,193,874		—		(9,477	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.		CNH	12,729		1,904,354		1,889,428		—		(14,926	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 07/25/19	JPMorgan Chase Bank, N.A.		CNH	3,902	$	580,000	$	579,191	$	—	$	(809	)
Expiring 02/28/20	Citibank, N.A.		CNH	10,395		1,476,014		1,539,590		63,576		—
Expiring 02/28/20	HSBC Bank USA, N.A.		CNH	8,958		1,322,502		1,326,735		4,233		—
Expiring 02/28/20	Morgan Stanley & Co. International PLC		CNH	52,459		8,078,000		7,769,803		—		(308,197	)
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.		COP	9,176,456		2,958,000		2,835,045		—		(122,955	)
Expiring 05/20/19	BNP Paribas S.A.		COP	5,582,772		1,812,000		1,724,785		—		(87,215	)
Expiring 05/20/19	Citibank, N.A.		COP	3,271,888		1,046,000		1,010,842		—		(35,158	)
Expiring 05/20/19	HSBC Bank USA, N.A.		COP	1,919,108		615,000		592,904		—		(22,096	)
Expiring 05/20/19	JPMorgan Chase Bank, N.A.		COP	2,971,032		948,000		917,894		—		(30,106	)
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.		CZK	67,611		2,982,670		2,964,868		—		(17,802	)
Euro,
Expiring 05/03/19	Citibank, N.A.		EUR	1,688		1,893,144		1,893,272		128		—
Expiring 07/19/19	Bank of America, N.A.		EUR	947		1,076,000		1,069,427		—		(6,573	)
Expiring 07/19/19	HSBC Bank USA, N.A.		EUR	5,000		5,670,535		5,647,320		—		(23,215	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC		EUR	1,179		1,330,000		1,331,481		1,481		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC		EUR	1,041		1,187,000		1,176,104		—		(10,896	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC		EUR	467		533,000		527,829		—		(5,171	)
Expiring 07/19/19	The Toronto-Dominion Bank		EUR	912		1,039,000		1,030,392		—		(8,608	)
Expiring 01/31/20	Morgan Stanley & Co. International PLC		EUR	4,298		5,216,483		4,932,944		—		(283,539	)
Expiring 02/28/20	Bank of America, N.A.		EUR	5,226		6,837,176		6,011,062		—		(826,114	)

See Notes to Financial Statements.

64

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 02/28/20	Morgan Stanley & Co. International PLC		EUR	4,622	$	5,622,447	$	5,316,124	$	—	$	(306,323	)
Hungarian Forint,
Expiring 07/19/19	Citibank, N.A.		HUF	164,730		579,000		573,692		—		(5,308	)
Indian Rupee,
Expiring 06/19/19	Barclays Bank PLC		INR	344,091		4,854,762		4,915,983		61,221		—
Expiring 06/19/19	Barclays Bank PLC		INR	63,465		908,000		906,711		—		(1,289	)
Expiring 06/19/19	Barclays Bank PLC		INR	36,851		522,000		526,480		4,480		—
Expiring 06/19/19	Citibank, N.A.		INR	112,076		1,602,000		1,601,214		—		(786	)
Expiring 06/19/19	Citibank, N.A.		INR	50,529		724,000		721,897		—		(2,103	)
Expiring 06/19/19	HSBC Bank USA, N.A.		INR	106,864		1,533,000		1,526,751		—		(6,249	)
Expiring 06/19/19	HSBC Bank USA, N.A.		INR	74,317		1,058,000		1,061,752		3,752		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	222,538		3,188,593		3,179,376		—		(9,217	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	111,202		1,588,145		1,588,727		582		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	91,023		1,299,500		1,300,441		941		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	66,361		948,000		948,090		90		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	65,025		928,000		929,003		1,003		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	57,012		813,000		814,524		1,524		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		INR	39,625		571,000		566,111		—		(4,889	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	420,556		5,934,896		6,008,424		73,528		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	141,412		2,028,000		2,020,341		—		(7,659	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	83,042		1,198,000		1,186,407		—		(11,593	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	76,464	$	1,095,000	$	1,092,429	$	—	$	(2,571	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	71,101		1,015,000		1,015,807		807		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC		INR	64,765		931,000		925,289		—		(5,711	)
Expiring 07/31/19	BNP Paribas S.A.		INR	264,974		3,637,000		3,766,304		129,304		—
Expiring 07/31/19	Morgan Stanley & Co. International PLC		INR	156,375		2,211,806		2,222,692		10,886		—
Expiring 08/29/19	HSBC Bank USA, N.A.		INR	874,772		11,926,000		12,395,034		469,034		—
Expiring 10/30/20	Goldman Sachs International		INR	332,853		4,397,000		4,484,737		87,737		—
Expiring 12/23/20	Goldman Sachs International		INR	210,802		2,761,000		2,821,090		60,090		—
Indonesian Rupiah,
Expiring 06/19/19	Barclays Bank PLC		IDR	21,741,450		1,502,000		1,515,892		13,892		—
Expiring 06/19/19	Barclays Bank PLC		IDR	13,867,535		979,000		966,894		—		(12,106	)
Expiring 06/19/19	Barclays Bank PLC		IDR	13,606,715		964,000		948,709		—		(15,291	)
Expiring 06/19/19	Barclays Bank PLC		IDR	12,953,650		898,000		903,175		5,175		—
Expiring 06/19/19	Barclays Bank PLC		IDR	12,561,128		874,000		875,807		1,807		—
Expiring 06/19/19	Barclays Bank PLC		IDR	9,811,255		685,000		684,076		—		(924	)
Expiring 06/19/19	Barclays Bank PLC		IDR	9,016,824		628,000		628,685		685		—
Expiring 06/19/19	HSBC Bank USA, N.A.		IDR	12,195,885		849,000		850,341		1,341		—
Expiring 06/19/19	HSBC Bank USA, N.A.		IDR	8,917,370		626,000		621,751		—		(4,249	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		IDR	28,871,700		2,019,000		2,013,038		—		(5,962	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.		IDR	19,206,704		1,342,000		1,339,160		—		(2,840	)

See Notes to Financial Statements.

66

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	13,005,720	$	910,000	$	906,805	$	—	$	(3,195	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	12,819,399		898,000		893,814		—		(4,186	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	44,973,566		3,162,698		3,135,718		—		(26,980	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	25,634,501		1,779,000		1,787,329		8,329		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	14,992,623		1,054,000		1,045,339		—		(8,661	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	14,527,646		1,005,999		1,012,919		6,920		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	9,237,800		646,000		644,092		—		(1,908	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	9,004,264		628,000		627,810		—		(190	)
Expiring 06/19/19	UBS AG	IDR	27,002,625		1,885,000		1,882,720		—		(2,280	)
Japanese Yen,
Expiring 05/31/19	Barclays Bank PLC	JPY	79,798		715,000		718,234		3,234		—
Expiring 05/31/19	Deutsche Bank AG	JPY	88,065		804,000		792,643		—		(11,357	)
Expiring 05/31/19	Deutsche Bank AG	JPY	75,138		697,000		676,290		—		(20,710	)
Expiring 05/31/19	Deutsche Bank AG	JPY	70,207		638,000		631,904		—		(6,096	)
Expiring 05/31/19	The Toronto-Dominion Bank	JPY	62,736		569,000		564,666		—		(4,334	)
Expiring 07/19/19	Bank of America, N.A.	JPY	1,248,201		11,225,159		11,277,809		52,650		—
Expiring 07/19/19	Bank of America, N.A.	JPY	103,693		935,000		936,891		1,891		—
Expiring 07/19/19	Barclays Bank PLC	JPY	65,783		592,000		594,366		2,366		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 67

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	176,864	$	1,590,991	$	1,598,012	$	7,021	$	—
Expiring 07/19/19	The Toronto-Dominion Bank	JPY	180,520		1,624,000		1,631,045		7,045		—
Expiring 01/29/21	Barclays Bank PLC	JPY	726,043		6,983,000		6,844,178		—		(138,822	)
Expiring 01/29/21	Citibank, N.A.	JPY	748,513		7,462,000		7,055,993		—		(406,007	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	JPY	992,486		9,655,000		9,355,843		—		(299,157	)
Expiring 10/31/23	Barclays Bank PLC	JPY	487,838		5,118,000		4,969,866		—		(148,134	)
Expiring 10/31/23	Deutsche Bank AG	JPY	498,249		5,220,000		5,075,933		—		(144,067	)
Mexican Peso,
Expiring 06/19/19	Barclays Bank PLC	MXN	15,445		789,000		808,125		19,125		—
Expiring 06/19/19	BNP Paribas S.A.	MXN	12,971		678,000		678,693		693		—
Expiring 06/19/19	Citibank, N.A.	MXN	61,537		3,188,593		3,219,791		31,198		—
Expiring 06/19/19	Citibank, N.A.	MXN	30,363		1,588,145		1,588,710		565		—
Expiring 06/19/19	Citibank, N.A.	MXN	18,510		972,000		968,486		—		(3,514	)
Expiring 06/19/19	Citibank, N.A.	MXN	18,167		951,000		950,570		—		(430	)
Expiring 06/19/19	Citibank, N.A.	MXN	15,876		835,000		830,682		—		(4,318	)
Expiring 06/19/19	Deutsche Bank AG	MXN	215,904		11,012,006		11,296,754		284,748		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	30,849		1,583,954		1,614,121		30,167		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	21,725		1,136,000		1,136,720		720		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	20,712		1,062,244		1,083,725		21,481		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	13,143		677,000		687,668		10,668		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	11,377		600,000		595,301		—		(4,699	)
Expiring 08/29/19	Bank of America, N.A.	MXN	19,065		973,000		986,087		13,087		—
Expiring 08/29/19	Deutsche Bank AG	MXN	83,214		3,899,000		4,303,937		404,937		—

See Notes to Financial Statements.

68

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 08/29/19	Deutsche Bank AG	MXN	18,884	$	951,000	$	976,692	$	25,692	$	—
Expiring 08/29/19	Morgan Stanley & Co. International PLC	MXN	62,161		3,063,738		3,215,022		151,284		—
Expiring 08/29/19	Morgan Stanley & Co. International PLC	MXN	16,183		813,000		837,011		24,011		—
Expiring 12/24/19	Goldman Sachs International	MXN	23,280		1,139,332		1,182,475		43,143		—
Expiring 04/30/20	Citibank, N.A.	MXN	42,285		2,048,669		2,106,249		57,580		—
Expiring 04/30/20	Deutsche Bank AG	MXN	252,381		11,379,000		12,571,412		1,192,412		—
Expiring 04/30/20	JPMorgan Chase Bank, N.A.	MXN	13,553		665,000		675,078		10,078		—
Expiring 04/30/20	Morgan Stanley & Co. International PLC	MXN	74,340		3,602,000		3,702,969		100,969		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	MXN	306,088		14,433,000		14,847,299		414,299		—
Expiring 01/29/21	Goldman Sachs International	MXN	94,522		4,426,016		4,525,997		99,981		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	MXN	34,930		1,620,000		1,672,536		52,536		—
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	27,117		882,000		880,424		—		(1,576	)
Expiring 06/19/19	Barclays Bank PLC	TWD	15,256		496,000		495,323		—		(677	)
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	207,613		6,741,761		6,740,656		—		(1,105	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	207,613		6,741,542		6,740,656		—		(886	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	39,936		1,301,000		1,296,609		—		(4,391	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	21,458		695,000		696,691		1,691		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	352,923		11,480,532		11,458,521		—		(22,011	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 69

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	50,701	$	1,647,000	$	1,646,142	$	—	$	(858	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	47,017		1,531,000		1,526,524		—		(4,476	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	26,586		865,000		863,173		—		(1,827	)
New Zealand Dollar,
Expiring 07/22/19	Citibank, N.A.	NZD	2,698		1,826,800		1,804,913		—		(21,887	)
Expiring 07/22/19	Citibank, N.A.	NZD	963		638,000		644,355		6,355		—
Expiring 07/22/19	Morgan Stanley & Co. International PLC	NZD	1,391		929,000		930,402		1,402		—
Expiring 07/22/19	The Toronto-Dominion Bank	NZD	1,589		1,061,000		1,063,098		2,098		—
Norwegian Krone,
Expiring 07/19/19	BNP Paribas S.A.	NOK	58,413		6,904,839		6,791,730		—		(113,109	)
Expiring 07/19/19	Citibank, N.A.	NOK	19,859		2,345,000		2,308,976		—		(36,024	)
Expiring 07/19/19	Citibank, N.A.	NOK	6,854		795,000		796,890		1,890		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	NOK	7,733		915,000		899,089		—		(15,911	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	8,343		2,514,000		2,517,669		3,669		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	4,672		1,414,000		1,409,770		—		(4,230	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	4,109		1,242,000		1,240,046		—		(1,954	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	4,054		1,228,000		1,223,252		—		(4,748	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	3,344		1,011,000		1,008,952		—		(2,048	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	3,325		1,004,000		1,003,420		—		(580	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	3,214		966,000		969,960		3,960		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	2,472		743,000		745,889		2,889		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	2,117		638,000		638,806		806		—
Expiring 06/19/19	Citibank, N.A.	PEN	3,575		1,082,000		1,078,927		—		(3,073	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	4,947		1,496,000		1,492,653		—		(3,347	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	3,867		1,162,000		1,166,904		4,904		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	2,827		853,000		853,074		74		—

See Notes to Financial Statements.

70

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	1,671	$	504,000	$	504,165	$	165	$	—
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	277,849		5,292,361		5,309,571		17,210		—
Expiring 06/19/19	Barclays Bank PLC	PHP	149,980		2,821,000		2,866,060		45,060		—
Expiring 06/19/19	Barclays Bank PLC	PHP	112,622		2,158,000		2,152,151		—		(5,849	)
Expiring 06/19/19	Barclays Bank PLC	PHP	28,732		548,000		549,049		1,049		—
Expiring 06/19/19	Barclays Bank PLC	PHP	16,909		325,301		323,126		—		(2,175	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	139,124		2,616,000		2,658,600		42,600		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	129,980		2,475,000		2,483,852		8,852		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	109,032		2,055,000		2,083,556		28,556		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	83,997		1,613,000		1,605,145		—		(7,855	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	83,180		1,600,699		1,589,539		—		(11,160	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	81,609		1,557,000		1,559,504		2,504		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	76,220		1,455,000		1,456,534		1,534		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	73,978		1,386,000		1,413,682		27,682		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	62,258		1,187,000		1,189,726		2,726		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	37,888		709,256		724,032		14,776		—
Polish Zloty,
Expiring 07/19/19	Citibank, N.A.	PLN	2,530		663,000		663,540		540		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	4,303		1,141,000		1,128,734		—		(12,266	)
Russian Ruble,
Expiring 06/19/19	Barclays Bank PLC	RUB	46,486		717,000		713,759		—		(3,241	)
Expiring 06/19/19	Barclays Bank PLC	RUB	35,633		554,000		547,124		—		(6,876	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 71

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	RUB	42,479	$	649,000	$	652,238	$	3,238	$	—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	961,743		14,484,524		14,766,907		282,383		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	66,196		1,015,000		1,016,398		1,398		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	51,618		800,000		792,565		—		(7,435	)
Expiring 08/29/19	Barclays Bank PLC	RUB	455,940		7,024,461		6,935,031		—		(89,430	)
Expiring 08/29/19	Barclays Bank PLC	RUB	43,684		673,000		664,457		—		(8,543	)
Expiring 08/29/19	BNP Paribas S.A.	RUB	1,065,355		15,833,000		16,204,472		371,472		—
Expiring 08/29/19	Citibank, N.A.	RUB	59,936		914,000		911,643		—		(2,357	)
Expiring 12/24/19	Citibank, N.A.	RUB	382,303		5,577,000		5,727,844		150,844		—
Expiring 03/31/20	Barclays Bank PLC	RUB	303,739		4,366,581		4,494,905		128,324		—
Expiring 03/31/20	BNP Paribas S.A.	RUB	262,318		3,692,000		3,881,935		189,935		—
Saudi Arabian Riyal,
Expiring 11/12/19	Morgan Stanley & Co. International PLC	SAR	113,400		30,157,169		30,225,387		68,218		—
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	9,515		7,047,271		6,996,745		—		(50,526	)
Expiring 05/10/19	Barclays Bank PLC	SGD	1,659		1,230,000		1,219,662		—		(10,338	)
Expiring 05/10/19	Barclays Bank PLC	SGD	1,621		1,192,000		1,191,641		—		(359	)
Expiring 05/10/19	Barclays Bank PLC	SGD	1,479		1,098,000		1,087,782		—		(10,218	)
Expiring 05/10/19	Barclays Bank PLC	SGD	853		630,000		627,174		—		(2,826	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	3,038		2,248,000		2,233,941		—		(14,059	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,977		1,458,000		1,453,819		—		(4,181	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,771		1,310,000		1,302,467		—		(7,533	)

See Notes to Financial Statements.

72

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,363	$	1,005,000	$	1,002,420	$	—	$	(2,580	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,272		937,000		935,144		—		(1,856	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	SGD	2,117		1,569,000		1,556,434		—		(12,566	)
Expiring 05/10/19	UBS AG	SGD	1,501		1,109,000		1,104,020		—		(4,980	)
Expiring 05/10/19	UBS AG	SGD	1,400		1,037,000		1,029,506		—		(7,494	)
Expiring 05/10/19	UBS AG	SGD	792		587,000		582,501		—		(4,499	)
South African Rand,
Expiring 06/13/19	BNP Paribas S.A.	ZAR	2,874		196,309		199,883		3,574		—
Expiring 06/13/19	Citibank, N.A.	ZAR	25,586		1,763,025		1,779,288		16,263		—
Expiring 06/13/19	Citibank, N.A.	ZAR	14,278		979,550		992,916		13,366		—
Expiring 06/13/19	Goldman Sachs International	ZAR	37,303		2,556,202		2,594,152		37,950		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	28,476		1,959,100		1,980,305		21,205		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	22,963		1,588,037		1,596,936		8,899		—
Expiring 06/13/19	Morgan Stanley & Co. International PLC	ZAR	13,371		946,000		929,825		—		(16,175	)
Expiring 08/29/19	Barclays Bank PLC	ZAR	10,310		718,000		710,179		—		(7,821	)
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	ZAR	11,673		811,000		804,045		—		(6,955	)
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	ZAR	10,278		707,000		707,944		944		—
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	ZAR	9,611		675,000		662,033		—		(12,967	)
Expiring 12/30/19	Barclays Bank PLC	ZAR	38,671		3,005,230		2,624,156		—		(381,074	)
Expiring 12/30/19	BNP Paribas S.A.	ZAR	68,785		4,346,000		4,667,612		321,612		—
Expiring 03/31/20	Morgan Stanley & Co. International PLC	ZAR	33,179		2,285,935		2,225,550		—		(60,385	)
Expiring 03/31/20	UBS AG	ZAR	29,283		2,052,800		1,964,219		—		(88,581	)
Expiring 03/31/20	UBS AG	ZAR	27,854		1,806,000		1,868,345		62,345		—
Expiring 07/29/20	Goldman Sachs International	ZAR	77,690		5,229,000		5,127,872		—		(101,128	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 73

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 07/29/20	Morgan Stanley & Co. International PLC	ZAR	50,366	$	3,417,759	$	3,324,364	$	—	$	(93,395	)
Expiring 08/31/20	BNP Paribas S.A.	ZAR	43,370		2,909,206		2,849,886		—		(59,320	)
Expiring 09/30/20	Barclays Bank PLC	ZAR	54,937		3,653,238		3,595,393		—		(57,845	)
Expiring 01/29/21	Goldman Sachs International	ZAR	49,473		3,250,000		3,185,949		—		(64,051	)
South Korean Won,
Expiring 06/19/19	Citibank, N.A.	KRW	3,608,007		3,175,783		3,094,310		—		(81,473	)
Expiring 06/19/19	Citibank, N.A.	KRW	2,477,587		2,178,290		2,124,836		—		(53,454	)
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	1,074,904		941,000		921,863		—		(19,137	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	3,607,387		3,174,958		3,093,779		—		(81,179	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	3,595,597		3,177,473		3,083,667		—		(93,806	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	2,690,018		2,380,442		2,307,022		—		(73,420	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	2,390,014		2,094,850		2,049,732		—		(45,118	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	2,389,386		2,094,850		2,049,193		—		(45,657	)
Swedish Krona,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	SEK	82,725		8,993,771		8,766,892		—		(226,879	)
Swiss Franc,
Expiring 07/19/19	Bank of America, N.A.	CHF	1,258		1,242,000		1,243,879		1,879		—
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	CHF	1,755		1,739,000		1,742,494		3,494		—
Expiring 10/30/20	Goldman Sachs International	CHF	8,063		8,721,000		8,309,437		—		(411,563	)
Expiring 10/30/20	UBS AG	CHF	3,112		3,204,065		3,207,383		3,318		—
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.	THB	147,616		4,729,610		4,624,833		—		(104,777	)
Expiring 05/10/19	BNP Paribas S.A.	THB	82,749		2,652,000		2,592,543		—		(59,457	)
Expiring 05/10/19	Citibank, N.A.	THB	397,216		12,623,657		12,444,853		—		(178,804	)
Expiring 05/10/19	Citibank, N.A.	THB	88,004		2,822,000		2,757,184		—		(64,816	)
Expiring 05/10/19	Citibank, N.A.	THB	56,929		1,784,124		1,783,588		—		(536	)
Expiring 05/10/19	Citibank, N.A.	THB	47,075		1,491,511		1,474,871		—		(16,640	)
Expiring 05/10/19	Citibank, N.A.	THB	41,802		1,310,000		1,309,668		—		(332	)

See Notes to Financial Statements.

74

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 05/10/19	Citibank, N.A.	THB	34,932	$	1,097,000	$	1,094,419	$	—	$	(2,581	)
Expiring 05/10/19	Citibank, N.A.	THB	33,778		1,060,000		1,058,270		—		(1,730	)
Expiring 05/10/19	Citibank, N.A.	THB	28,819		912,716		902,914		—		(9,802	)
Expiring 05/10/19	Citibank, N.A.	THB	26,255		835,000		822,571		—		(12,429	)
Expiring 05/10/19	Citibank, N.A.	THB	23,827		746,000		746,512		512		—
Expiring 05/10/19	Citibank, N.A.	THB	21,621		679,054		677,393		—		(1,661	)
Expiring 05/10/19	Citibank, N.A.	THB	20,980		657,000		657,297		297		—
Expiring 05/10/19	Citibank, N.A.	THB	20,626		654,000		646,212		—		(7,788	)
Expiring 05/10/19	Citibank, N.A.	THB	20,423		643,000		639,855		—		(3,145	)
Expiring 05/10/19	Citibank, N.A.	THB	18,586		585,000		582,304		—		(2,696	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	147,616		4,698,598		4,624,833		—		(73,765	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	35,619		1,122,000		1,115,950		—		(6,050	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	78,117		2,497,000		2,447,417		—		(49,583	)
Expiring 05/10/19	UBS AG	THB	58,162		1,848,000		1,822,218		—		(25,782	)
Turkish Lira,
Expiring 06/13/19	Barclays Bank PLC	TRY	6,085		1,072,000		992,175		—		(79,825	)
Expiring 06/13/19	Barclays Bank PLC	TRY	4,892		821,000		797,737		—		(23,263	)
Expiring 06/13/19	Barclays Bank PLC	TRY	3,459		577,000		564,038		—		(12,962	)
Expiring 06/13/19	BNP Paribas S.A.	TRY	30,107		5,295,640		4,909,251		—		(386,389	)
Expiring 08/29/19	Citibank, N.A.	TRY	9,435		1,487,771		1,465,299		—		(22,472	)
Expiring 09/30/19	Morgan Stanley & Co. International PLC	TRY	3,186		494,000		484,726		—		(9,274	)
Expiring 12/24/19	Goldman Sachs International	TRY	55,080		9,962,000		7,943,009		—		(2,018,991	)
Expiring 04/30/20	Citibank, N.A.	TRY	4,397		748,000		586,649		—		(161,351	)
Expiring 04/30/20	Deutsche Bank AG	TRY	3,185		318,000		424,958		106,958		—
Expiring 04/30/20	Morgan Stanley & Co. International PLC	TRY	77,540		12,091,000		10,346,447		—		(1,744,553	)
Expiring 06/30/20	Bank of America, N.A.	TRY	6,776		1,017,000		873,375		—		(143,625	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 75

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 06/30/20	Deutsche Bank AG	TRY	157,506	$	15,218,000	$	20,302,361	$	5,084,361	$	—
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	107,674		12,965,000		12,235,865		—		(729,135	)
				$	826,179,706	$	823,984,589		12,437,568		(14,632,685	)
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 06/25/19	Citibank, N.A.	ARS	30,229	$	629,257	$	626,463	$	2,794	$	—
Australian Dollar,
Expiring 07/22/19	Bank of America, N.A.	AUD	1,273		898,000		899,028		—		(1,028	)
Expiring 07/22/19	Bank of America, N.A.	AUD	956		672,000		675,632		—		(3,632	)
Expiring 07/22/19	Citibank, N.A.	AUD	4,696		3,294,050		3,317,142		—		(23,092	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	AUD	4,646		3,261,126		3,281,620		—		(20,494	)
Expiring 07/22/19	The Toronto-Dominion Bank	AUD	1,388		998,000		980,735		17,265		—
Expiring 07/22/19	The Toronto-Dominion Bank	AUD	974		688,000		687,781		219		—
Expiring 08/29/19	Morgan Stanley & Co. International PLC	AUD	15,457		11,139,087		10,929,006		210,081		—
Expiring 01/31/20	Morgan Stanley & Co. International PLC	AUD	13,184		9,526,099		9,358,267		167,832		—

See Notes to Financial Statements.

76

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real,
Expiring 06/04/19	Citibank, N.A.	BRL	6,174	$	1,543,171	$	1,570,220	$	—	$	(27,049	)
Expiring 06/04/19	Citibank, N.A.	BRL	6,123		1,543,171		1,557,366		—		(14,195	)
Expiring 06/04/19	Citibank, N.A.	BRL	5,324		1,362,000		1,354,160		7,840		—
Expiring 06/04/19	Citibank, N.A.	BRL	4,521		1,144,751		1,149,772		—		(5,021	)
Expiring 06/04/19	Citibank, N.A.	BRL	2,380		599,000		605,211		—		(6,211	)
Expiring 06/04/19	Goldman Sachs International	BRL	5,179		1,299,500		1,317,105		—		(17,605	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	5,389		1,382,799		1,370,654		12,145		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	5,106		1,299,500		1,298,686		814		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	2,796		707,297		711,123		—		(3,826	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	2,412		612,000		613,520		—		(1,520	)
Expiring 08/29/19	BNP Paribas S.A.	BRL	2,656		669,000		670,644		—		(1,644	)
Expiring 09/30/19	JPMorgan Chase Bank, N.A.	BRL	12,412		3,549,000		3,125,840		423,160		—
Expiring 12/24/19	BNP Paribas S.A.	BRL	3,641		900,000		910,894		—		(10,894	)
Expiring 12/24/19	Citibank, N.A.	BRL	6,946		1,675,000		1,737,723		—		(62,723	)
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	BRL	11,825		3,331,000		2,958,248		372,752		—
Expiring 12/24/19	UBS AG	BRL	2,906		725,000		726,938		—		(1,938	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	BRL	38,335		10,714,000		9,521,033		1,192,967		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 77

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	BRL	13,430	$	3,231,950	$	3,335,646	$	—	$	(103,696	)
Expiring 06/30/20	Deutsche Bank AG	BRL	80,093		19,440,000		19,696,476		—		(256,476	)
Expiring 07/29/20	Deutsche Bank AG	BRL	27,045		6,116,000		6,626,778		—		(510,778	)
Expiring 08/31/20	Deutsche Bank AG	BRL	26,630		5,810,000		6,498,302		—		(688,302	)
Expiring 12/23/20	Morgan Stanley & Co. International PLC	BRL	42,608		10,702,000		10,251,562		450,438		—
Expiring 01/29/21	Citibank, N.A.	BRL	33,812		8,259,000		8,098,320		160,680		—
Expiring 03/31/21	Citibank, N.A.	BRL	80,490		18,979,000		19,135,661		—		(156,661	)
British Pound,
Expiring 07/19/19	Bank of America, N.A.	GBP	33,960		44,618,920		44,468,704		150,216		—
Expiring 07/19/19	Bank of America, N.A.	GBP	498		647,000		652,263		—		(5,263	)
Expiring 07/19/19	Citibank, N.A.	GBP	1,799		2,345,000		2,355,508		—		(10,508	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	GBP	744		965,000		973,809		—		(8,809	)
Canadian Dollar,
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	CAD	1,123		842,000		840,261		1,739		—
Expiring 07/22/19	Morgan Stanley & Co. International PLC	CAD	1,037		780,000		775,759		4,241		—
Expiring 07/22/19	The Toronto-Dominion Bank	CAD	865		649,000		647,078		1,922		—
Expiring 07/31/19	Citibank, N.A.	CAD	10,784		8,168,000		8,067,725		100,275		—

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso,
Expiring 06/19/19	Barclays Bank PLC	CLP	718,136	$	1,057,000	$	1,059,956	$	—	$	(2,956	)
Expiring 06/19/19	Barclays Bank PLC	CLP	659,142		990,000		972,882		17,118		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	3,381,817		5,054,580		4,991,501		63,079		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	1,383,207		2,072,375		2,041,588		30,787		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	741,030		1,087,000		1,093,746		—		(6,746	)
Expiring 06/19/19	Citibank, N.A.	CLP	3,906,302		5,877,144		5,765,631		111,513		—
Expiring 06/19/19	Citibank, N.A.	CLP	569,500		850,000		840,572		9,428		—
Expiring 06/19/19	Citibank, N.A.	CLP	430,007		635,000		634,683		317		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	CLP	683,154		1,013,600		1,008,323		5,277		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	CLP	565,607		833,000		834,826		—		(1,826	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	CLP	474,856		706,000		700,878		5,122		—
Chinese Renminbi,
Expiring 06/28/19	Morgan Stanley & Co. International PLC	CNH	7,363		1,100,000		1,093,081		6,919		—
Expiring 07/25/19	JPMorgan Chase Bank, N.A.	CNH	4,596		682,000		682,247		—		(247	)
Expiring 07/25/19	Morgan Stanley & Co. International PLC	CNH	27,101		4,051,217		4,022,783		28,434		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 79

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chinese Renminbi (cont’d.),
Expiring 02/28/20	Morgan Stanley & Co. International PLC	CNH	71,811	$	10,656,000	$	10,636,128	$	19,872	$	—
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.	COP	6,007,123		1,914,198		1,855,887		58,311		—
Expiring 05/20/19	BNP Paribas S.A.	COP	4,645,196		1,444,941		1,435,123		9,818		—
Expiring 05/20/19	BNP Paribas S.A.	COP	3,935,318		1,267,005		1,215,807		51,198		—
Expiring 05/20/19	BNP Paribas S.A.	COP	1,967,531		633,502		607,864		25,638		—
Expiring 05/20/19	BNP Paribas S.A.	COP	1,589,740		505,000		491,147		13,853		—
Expiring 05/20/19	Citibank, N.A.	COP	37,128,639		11,810,491		11,470,808		339,683		—
Expiring 05/20/19	Citibank, N.A.	COP	4,945,536		1,588,145		1,527,912		60,233		—
Expiring 05/20/19	Citibank, N.A.	COP	2,097,268		659,000		647,946		11,054		—
Expiring 05/20/19	Citibank, N.A.	COP	1,762,530		545,000		544,530		470		—
Expiring 05/20/19	Goldman Sachs International	COP	2,958,066		931,000		913,888		17,112		—
Expiring 05/20/19	JPMorgan Chase Bank, N.A.	COP	2,138,477		671,000		660,678		10,322		—
Expiring 05/20/19	JPMorgan Chase Bank, N.A.	COP	2,086,277		669,000		644,550		24,450		—
Expiring 05/20/19	UBS AG	COP	1,743,089		551,000		538,523		12,477		—
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	19,593		850,000		859,207		—		(9,207	)
Expiring 07/19/19	HSBC Bank USA, N.A.	CZK	24,237		1,055,000		1,062,833		—		(7,833	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CZK	15,023		654,000		658,786		—		(4,786	)

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 07/19/19	Bank of America, N.A.	EUR	2,497	$	2,806,000	$	2,820,032	$	—	$	(14,032	)
Expiring 07/19/19	Bank of America, N.A.	EUR	1,623		1,821,000		1,832,977		—		(11,977	)
Expiring 07/19/19	Barclays Bank PLC	EUR	3,675		4,169,970		4,150,600		19,370		—
Expiring 07/19/19	Barclays Bank PLC	EUR	719		812,000		812,471		—		(471	)
Expiring 07/19/19	BNP Paribas S.A.	EUR	3,043		3,420,750		3,437,273		—		(16,523	)
Expiring 07/19/19	Citibank, N.A.	EUR	7,207		8,185,966		8,139,721		46,245		—
Expiring 07/19/19	Citibank, N.A.	EUR	1,688		1,905,746		1,906,044		—		(298	)
Expiring 07/19/19	Citibank, N.A.	EUR	1,430		1,613,000		1,614,781		—		(1,781	)
Expiring 07/19/19	Deutsche Bank AG	EUR	139,101		158,692,599		157,109,229		1,583,370		—
Expiring 07/19/19	UBS AG	EUR	139,101		158,058,439		157,109,229		949,210		—
Expiring 08/29/19	JPMorgan Chase Bank, N.A.	EUR	1,873		2,121,712		2,122,119		—		(407	)
Expiring 12/30/19	Deutsche Bank AG	EUR	1,231		1,587,473		1,409,134		178,339		—
Expiring 02/28/20	Bank of America, N.A.	EUR	11,032		13,441,389		12,689,254		752,135		—
Expiring 07/29/20	The Toronto-Dominion Bank	EUR	2,476		2,949,148		2,880,335		68,813		—
Expiring 07/29/20	UBS AG	EUR	1,857		2,262,267		2,159,445		102,822		—
Hungarian Forint,
Expiring 07/19/19	Bank of America, N.A.	HUF	3,031,596		10,676,513		10,557,883		118,630		—
Expiring 07/19/19	Bank of America, N.A.	HUF	160,163		567,000		557,787		9,213		—
Expiring 07/19/19	Citibank, N.A.	HUF	440,741		1,543,373		1,534,932		8,441		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	HUF	372,458		1,292,000		1,297,127		—		(5,127	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 81

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	55,636	$	792,200	$	794,867	$	—	$	(2,667	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	134,377		1,905,185		1,919,820		—		(14,635	)
Expiring 07/31/19	Goldman Sachs International	INR	208,658		2,887,000		2,965,839		—		(78,839	)
Expiring 08/29/19	BNP Paribas S.A.	INR	861,995		11,620,000		12,213,987		—		(593,987	)
Expiring 10/30/20	HSBC Bank USA, N.A.	INR	439,464		5,742,000		5,921,175		—		(179,175	)
Expiring 12/23/20	BNP Paribas S.A.	INR	250,803		3,250,000		3,356,397		—		(106,397	)
Expiring 02/26/21	Goldman Sachs International	INR	66,877		870,000		887,772		—		(17,772	)
Indonesian Rupiah,
Expiring 06/19/19	Barclays Bank PLC	IDR	8,498,960		596,000		592,578		3,422		—
Expiring 06/19/19	Citibank, N.A.	IDR	42,105,123		2,927,199		2,935,720		—		(8,521	)
Expiring 06/19/19	Citibank, N.A.	IDR	15,159,529		1,049,000		1,056,977		—		(7,977	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	23,486,494		1,647,025		1,637,562		9,463		—
Expiring 06/19/19	UBS AG	IDR	16,226,064		1,124,000		1,131,339		—		(7,339	)
Israeli Shekel,
Expiring 07/25/19	Bank of America, N.A.	ILS	9,289		2,618,515		2,596,650		21,865		—
Japanese Yen,
Expiring 05/31/19	Bank of America, N.A.	JPY	112,882		1,019,000		1,016,011		2,989		—
Expiring 05/31/19	Bank of America, N.A.	JPY	83,477		760,000		751,344		8,656		—
Expiring 05/31/19	Barclays Bank PLC	JPY	119,200		1,074,000		1,072,874		1,126		—
Expiring 05/31/19	Citibank, N.A.	JPY	198,169		1,788,000		1,783,646		4,354		—

See Notes to Financial Statements.

82

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 05/31/19	Citibank, N.A.	JPY	148,489	$	1,352,000	$	1,336,495	$	15,505	$	—
Expiring 05/31/19	Citibank, N.A.	JPY	92,164		826,000		829,533		—		(3,533	)
Expiring 05/31/19	Deutsche Bank AG	JPY	112,745		1,034,000		1,014,771		19,229		—
Expiring 05/31/19	Deutsche Bank AG	JPY	79,334		720,000		714,052		5,948		—
Expiring 05/31/19	Deutsche Bank AG	JPY	73,850		668,000		664,695		3,305		—
Expiring 05/31/19	HSBC Bank USA, N.A.	JPY	87,241		782,000		785,222		—		(3,222	)
Expiring 05/31/19	JPMorgan Chase Bank, N.A.	JPY	93,742		840,000		843,735		—		(3,735	)
Expiring 05/31/19	Morgan Stanley & Co. International PLC	JPY	60,765		561,000		546,925		14,075		—
Expiring 05/31/19	UBS AG	JPY	100,901		909,000		908,171		829		—
Expiring 07/19/19	Bank of America, N.A.	JPY	94,069		849,000		849,936		—		(936	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	248,768		2,238,027		2,247,681		—		(9,654	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	246,243		2,214,650		2,224,863		—		(10,213	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	217,803		1,959,000		1,967,907		—		(8,907	)
Expiring 02/28/20	Citibank, N.A.	JPY	880,638		8,296,087		8,099,820		196,267		—
Expiring 11/30/20	JPMorgan Chase Bank, N.A.	JPY	819,678		7,848,316		7,692,683		155,633		—
Expiring 01/29/21	Citibank, N.A.	JPY	934,242		9,144,000		8,806,803		337,197		—
Mexican Peso,
Expiring 06/19/19	Bank of America, N.A.	MXN	14,990		785,000		784,325		675		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 83

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/19/19	Bank of America, N.A.	MXN	14,032	$	732,000	$	734,198	$	—	$	(2,198	)
Expiring 06/19/19	Bank of America, N.A.	MXN	12,995		668,000		679,954		—		(11,954	)
Expiring 06/19/19	Citibank, N.A.	MXN	21,086		1,099,025		1,103,304		—		(4,279	)
Expiring 06/19/19	HSBC Bank USA, N.A.	MXN	16,892		868,000		883,831		—		(15,831	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	57,700		3,016,050		3,019,026		—		(2,976	)
Expiring 08/29/19	BNP Paribas S.A.	MXN	100,179		5,049,000		5,181,376		—		(132,376	)
Expiring 08/29/19	Deutsche Bank AG	MXN	15,063		774,000		779,073		—		(5,073	)
Expiring 12/24/19	Citibank, N.A.	MXN	32,954		1,606,000		1,673,871		—		(67,871	)
Expiring 12/24/19	Citibank, N.A.	MXN	3,596		169,000		182,670		—		(13,670	)
Expiring 04/30/20	Citibank, N.A.	MXN	298,979		14,344,000		14,892,553		—		(548,553	)
Expiring 04/30/20	UBS AG	MXN	27,628		1,218,000		1,376,192		—		(158,192	)
Expiring 10/30/20	Deutsche Bank AG	MXN	447,899		19,592,000		21,726,065		—		(2,134,065	)
Expiring 01/29/21	Citibank, N.A.	MXN	121,902		5,800,000		5,837,010		—		(37,010	)
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	86,257		2,801,000		2,800,541		459		—
Expiring 06/19/19	Barclays Bank PLC	TWD	48,935		1,587,000		1,588,801		—		(1,801	)
Expiring 06/19/19	Barclays Bank PLC	TWD	32,448		1,059,000		1,053,497		5,503		—
Expiring 06/19/19	BNP Paribas S.A.	TWD	23,754		773,000		771,242		1,758		—
Expiring 06/19/19	Citibank, N.A.	TWD	97,800		3,176,351		3,175,315		1,036		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	68,105		2,218,000		2,211,213		6,787		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	41,567		1,352,000		1,349,584		2,416		—

See Notes to Financial Statements.

84

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	25,892	$	844,000	$	840,642	$	3,358	$	—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	68,331		2,223,350		2,218,546		4,804		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	50,347		1,635,700		1,634,635		1,065		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	46,580		1,520,000		1,512,348		7,652		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	41,035		1,336,000		1,332,311		3,689		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	26,800		872,000		870,116		1,884		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	42,527		1,381,000		1,380,729		271		—
New Zealand Dollar,
Expiring 07/22/19	Bank of America, N.A.	NZD	5,009		3,389,222		3,350,595		38,627		—
Expiring 07/22/19	Bank of America, N.A.	NZD	1,622		1,092,000		1,085,216		6,784		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	2,829		1,904,354		1,892,700		11,654		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	2,373		1,586,962		1,587,275		—		(313	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	2,323		1,554,000		1,554,193		—		(193	)
Norwegian Krone,
Expiring 07/19/19	BNP Paribas S.A.	NOK	6,733		779,000		782,883		—		(3,883	)
Expiring 07/19/19	Citibank, N.A.	NOK	5,312		615,000		617,612		—		(2,612	)
Expiring 07/19/19	Citibank, N.A.	NOK	4,061		474,000		472,223		1,777		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 85

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	6,315	$	1,906,994	$	1,905,519	$	1,475	$	—
Expiring 06/19/19	BNP Paribas S.A.	PEN	2,598		783,600		784,093		—		(493	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	130,240		2,481,000		2,488,831		—		(7,831	)
Expiring 06/19/19	Barclays Bank PLC	PHP	120,627		2,279,000		2,305,138		—		(26,138	)
Expiring 06/19/19	Barclays Bank PLC	PHP	118,014		2,224,000		2,255,202		—		(31,202	)
Expiring 06/19/19	Barclays Bank PLC	PHP	99,486		1,883,000		1,901,142		—		(18,142	)
Expiring 06/19/19	Barclays Bank PLC	PHP	66,968		1,279,000		1,279,737		—		(737	)
Expiring 06/19/19	Barclays Bank PLC	PHP	64,363		1,229,000		1,229,943		—		(943	)
Expiring 06/19/19	Barclays Bank PLC	PHP	51,518		979,000		984,485		—		(5,485	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	125,842		2,365,000		2,404,778		—		(39,778	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	122,384		2,310,000		2,338,700		—		(28,700	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	105,791		2,022,000		2,021,620		380		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	105,255		1,988,000		2,011,370		—		(23,370	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	37,786		709,000		722,077		—		(13,077	)
Polish Zloty,
Expiring 07/19/19	HSBC Bank USA, N.A.	PLN	3,623		944,000		950,264		—		(6,264	)
Expiring 07/19/19	HSBC Bank USA, N.A.	PLN	3,033		794,000		795,605		—		(1,605	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	23,738		6,295,658		6,226,708		68,950		—

See Notes to Financial Statements.

86

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty (cont’d.),
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	5,355	$	1,394,000	$	1,404,622	$	—	$	(10,622	)
Russian Ruble,
Expiring 06/19/19	Barclays Bank PLC	RUB	74,996		1,137,000		1,151,511		—		(14,511	)
Expiring 06/19/19	Barclays Bank PLC	RUB	19,616		297,864		301,188		—		(3,324	)
Expiring 06/19/19	Citibank, N.A.	RUB	260,398		3,956,567		3,998,224		—		(41,657	)
Expiring 06/19/19	Citibank, N.A.	RUB	58,943		895,194		905,031		—		(9,837	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	45,239		691,000		694,620		—		(3,620	)
Expiring 08/29/19	Citibank, N.A.	RUB	60,612		927,000		921,931		5,069		—
Expiring 08/29/19	HSBC Bank USA, N.A.	RUB	97,919		1,487,000		1,489,386		—		(2,386	)
Expiring 12/24/19	Barclays Bank PLC	RUB	114,712		1,758,315		1,718,675		39,640		—
Expiring 12/24/19	Goldman Sachs International	RUB	207,704		3,385,000		3,111,910		273,090		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	RUB	59,887		804,126		897,259		—		(93,133	)
Expiring 03/31/20	Citibank, N.A.	RUB	305,303		4,444,000		4,518,041		—		(74,041	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	RUB	311,865		4,119,743		4,615,146		—		(495,403	)
Expiring 12/23/20	BNP Paribas S.A.	RUB	1,267,728		17,197,000		18,130,803		—		(933,803	)
Saudi Arabian Riyal,
Expiring 11/12/19	Morgan Stanley & Co. International PLC	SAR	113,400		30,000,000		30,225,387		—		(225,387	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 87

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar,
Expiring 05/10/19	Bank of America, N.A.	SGD	1,158	$	857,000	$	851,820	$	5,180	$	—
Expiring 05/10/19	Barclays Bank PLC	SGD	3,055		2,255,000		2,246,328		8,672		—
Expiring 05/10/19	Barclays Bank PLC	SGD	3,017		2,239,000		2,218,782		20,218		—
Expiring 05/10/19	Barclays Bank PLC	SGD	2,021		1,493,000		1,486,160		6,840		—
Expiring 05/10/19	Barclays Bank PLC	SGD	1,388		1,024,000		1,020,800		3,200		—
Expiring 05/10/19	Barclays Bank PLC	SGD	682		506,000		501,795		4,205		—
Expiring 05/10/19	Goldman Sachs International	SGD	1,385		1,020,000		1,018,513		1,487		—
Expiring 05/10/19	Goldman Sachs International	SGD	1,365		1,007,000		1,003,421		3,579		—
Expiring 05/10/19	Goldman Sachs International	SGD	713		527,000		524,139		2,861		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	3,770		2,797,000		2,772,152		24,848		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,503		1,111,000		1,104,991		6,009		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	1,259		930,000		925,559		4,441		—
Expiring 05/10/19	UBS AG	SGD	1,711		1,264,000		1,258,274		5,726		—
Expiring 05/10/19	UBS AG	SGD	1,348		994,000		991,127		2,873		—
South African Rand,
Expiring 06/13/19	Barclays Bank PLC	ZAR	11,821		841,000		822,052		18,948		—
Expiring 06/13/19	Citibank, N.A.	ZAR	108,434		7,523,611		7,540,764		—		(17,153	)
Expiring 06/13/19	Citibank, N.A.	ZAR	10,516		730,000		731,317		—		(1,317	)
Expiring 06/13/19	Goldman Sachs International	ZAR	108,434		7,576,654		7,540,764		35,890		—

See Notes to Financial Statements.

88

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	23,332	$	1,583,954	$	1,622,550	$	—	$	(38,596	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	22,758		1,589,689		1,582,650		7,039		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	15,024		1,044,300		1,044,785		—		(485	)
Expiring 06/13/19	Morgan Stanley & Co. International PLC	ZAR	8,983		620,000		624,682		—		(4,682	)
Expiring 12/30/19	Goldman Sachs International	ZAR	36,889		2,328,000		2,503,206		—		(175,206	)
Expiring 12/30/19	JPMorgan Chase Bank, N.A.	ZAR	15,685		1,039,428		1,064,350		—		(24,922	)
Expiring 03/31/20	Barclays Bank PLC	ZAR	25,650		1,706,000		1,720,497		—		(14,497	)
Expiring 03/31/20	Goldman Sachs International	ZAR	25,843		1,633,000		1,733,467		—		(100,467	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	ZAR	57,893		3,787,558		3,883,257		—		(95,699	)
Expiring 07/29/20	BNP Paribas S.A.	ZAR	134,737		8,256,000		8,893,240		—		(637,240	)
Expiring 09/30/20	Goldman Sachs International	ZAR	26,420		1,651,000		1,729,073		—		(78,073	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	ZAR	79,569		5,129,000		5,124,033		4,967		—
South Korean Won,
Expiring 06/19/19	Barclays Bank PLC	KRW	845,165		748,000		724,833		23,167		—
Expiring 06/19/19	Citibank, N.A.	KRW	952,096		841,000		816,540		24,460		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 89

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	Goldman Sachs International	KRW	872,862	$	772,000	$	748,586	$	23,414	$	—
Expiring 06/19/19	Goldman Sachs International	KRW	803,368		709,000		688,987		20,013		—
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	1,106,092		956,000		948,610		7,390		—
Expiring 06/19/19	HSBC Bank USA, N.A.	KRW	671,603		596,000		575,982		20,018		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	6,353,440		5,602,335		5,448,857		153,478		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	3,401,433		2,919,760		2,917,147		2,613		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	1,513,822		1,336,000		1,298,288		37,712		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	1,362,173		1,170,000		1,168,231		1,769		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	KRW	1,595,810		1,406,000		1,368,604		37,396		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	KRW	1,232,463		1,090,000		1,056,989		33,011		—
Expiring 12/24/19	Goldman Sachs International	KRW	130,134		123,000		112,381		10,619		—
Swedish Krona,
Expiring 07/19/19	Citibank, N.A.	SEK	15,236		1,635,000		1,614,674		20,326		—
Expiring 07/19/19	Citibank, N.A.	SEK	8,892		941,000		942,339		—		(1,339	)
Expiring 07/19/19	Citibank, N.A.	SEK	8,716		934,000		923,712		10,288		—
Expiring 07/19/19	Citibank, N.A.	SEK	7,366		781,000		780,617		383		—

See Notes to Financial Statements.

90

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swiss Franc,
Expiring 07/19/19	Bank of America, N.A.	CHF	1,302	$	1,310,000	$	1,287,687	$	22,313	$	—
Expiring 07/19/19	Bank of America, N.A.	CHF	1,074		1,062,000		1,062,651		—		(651	)
Expiring 07/19/19	Bank of America, N.A.	CHF	712		712,000		704,704		7,296		—
Expiring 07/19/19	Barclays Bank PLC	CHF	1,204		1,188,000		1,190,485		—		(2,485	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CHF	15,934		16,058,834		15,760,530		298,304		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CHF	1,013		1,008,000		1,002,301		5,699		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CHF	1,662		1,643,000		1,643,782		—		(782	)
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CHF	931		920,000		921,082		—		(1,082	)
Expiring 07/19/19	The Toronto-Dominion Bank	CHF	2,416		2,421,000		2,389,479		31,521		—
Thai Baht,
Expiring 05/10/19	Barclays Bank PLC	THB	26,480		827,000		829,614		—		(2,614	)
Expiring 05/10/19	BNP Paribas S.A.	THB	41,195		1,302,000		1,290,636		11,364		—
Expiring 05/10/19	BNP Paribas S.A.	THB	35,298		1,114,000		1,105,899		8,101		—
Expiring 05/10/19	Citibank, N.A.	THB	231,593		7,389,000		7,255,866		133,134		—
Expiring 05/10/19	Citibank, N.A.	THB	199,727		6,348,000		6,257,489		90,511		—
Expiring 05/10/19	Citibank, N.A.	THB	88,842		2,834,600		2,783,425		51,175		—
Expiring 05/10/19	Citibank, N.A.	THB	58,962		1,866,000		1,847,287		18,713		—
Expiring 05/10/19	Citibank, N.A.	THB	53,525		1,706,149		1,676,958		29,191		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 91

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 05/10/19	Citibank, N.A.	THB	45,998	$	1,466,319	$	1,441,140	$	25,179	$	—
Expiring 05/10/19	Citibank, N.A.	THB	35,224		1,112,000		1,103,566		8,434		—
Expiring 05/10/19	Citibank, N.A.	THB	29,694		935,000		930,325		4,675		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	53,098		1,701,978		1,663,580		38,398		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	50,814		1,587,030		1,592,027		—		(4,997	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	28,634		916,449		897,123		19,326		—
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	37,717		1,187,000		1,181,678		5,322		—
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.	TRY	10,531		1,781,000		1,717,148		63,852		—
Expiring 06/13/19	Citibank, N.A.	TRY	7,301		1,245,000		1,190,499		54,501		—
Expiring 06/13/19	Citibank, N.A.	TRY	3,316		561,626		540,767		20,859		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	14,235		2,476,350		2,321,146		155,204		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	12,381		2,101,300		2,018,838		82,462		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	11,686		1,972,000		1,905,503		66,497		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	9,489		1,543,171		1,547,305		—		(4,134	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	8,705		1,453,000		1,419,435		33,565		—

See Notes to Financial Statements.

92

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	8,603	$	1,426,000	$	1,402,732	$	23,268	$	—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	8,459		1,419,000		1,379,323		39,677		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	7,963		1,319,000		1,298,435		20,565		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	3,014		498,000		491,539		6,461		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	2,934		480,000		478,394		1,606		—
Expiring 06/13/19	Morgan Stanley & Co. International PLC	TRY	4,489		783,000		731,899		51,101		—
Expiring 12/24/19	BNP Paribas S.A.	TRY	23,277		5,000,000		3,356,678		1,643,322		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	TRY	31,803		5,614,016		4,586,332		1,027,684		—
Expiring 01/31/20	JPMorgan Chase Bank, N.A.	TRY	41,748		7,293,523		5,882,710		1,410,813		—
Expiring 04/30/20	Citibank, N.A.	TRY	36,508		4,824,900		4,871,370		—		(46,470	)
Expiring 04/30/20	Citibank, N.A.	TRY	14,821		2,294,125		1,977,657		316,468		—
Expiring 04/30/20	Citibank, N.A.	TRY	5,288		736,000		705,622		30,378		—
Expiring 04/30/20	Goldman Sachs International	TRY	53,577		9,291,000		7,148,954		2,142,046		—
Expiring 04/30/20	JPMorgan Chase Bank, N.A.	TRY	10,122		1,566,000		1,350,648		215,352		—
Expiring 06/30/20	Citibank, N.A.	TRY	16,668		1,734,392		2,148,420		—		(414,028	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 93

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 06/30/20	Citibank, N.A.	TRY	10,788	$	1,120,000	$	1,390,539	$	—	$	(270,539	)
Expiring 06/30/20	JPMorgan Chase Bank, N.A.	TRY	15,609		2,128,000		2,011,973		116,027		—
Expiring 06/30/20	Morgan Stanley & Co. International PLC	TRY	72,659		11,029,000		9,365,659		1,663,341		—
Expiring 10/30/20	Deutsche Bank AG	TRY	6,298		829,000		760,118		68,882		—
Expiring 02/26/21	Citibank, N.A.	TRY	28,332		3,483,000		3,219,637		263,363		—
Expiring 02/26/21	Citibank, N.A.	TRY	15,186		1,803,614		1,725,751		77,863		—
Expiring 02/26/21	JPMorgan Chase Bank, N.A.	TRY	19,750		2,372,386		2,244,358		128,028		—
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	67,636		9,365,000		7,685,990		1,679,010		—
				$	1,148,604,551	$	1,136,740,429		22,139,010		(10,274,888	)
								$	34,576,578	$	(24,907,573	)

Cross currency exchange contracts outstanding at April 30, 2019:

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
07/19/19	Buy	SEK	32,453	EUR	3,108	$	—	$	(70,856	)		Citibank, N.A.
07/19/19	Buy	NOK	29,908	EUR	3,108		—		(32,795	)		Citibank, N.A.
12/30/19	Buy	EUR	3,269	ZAR	56,766		—		(109,993	)		Deutsche Bank AG
12/30/19	Buy	ZAR	33,780	EUR	2,038		—		(40,679	)		Morgan Stanley & Co. International PLC
01/31/20	Buy	AUD	6,894	JPY	536,215		—		(28,414	)		Deutsche Bank AG
01/31/20	Buy	TRY	59,401	EUR	8,169		—		(1,005,653	)		Goldman Sachs International
01/31/20	Buy	EUR	3,871	TRY	23,609		1,116,097		—			Goldman Sachs International
02/28/20	Buy	JPY	1,376,795	AUD	18,272		—		(315,033	)		Deutsche Bank AG

See Notes to Financial Statements.

94

Cross currency exchange contracts outstanding at April 30, 2019 (continued):

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
03/31/20	Buy	ZAR	153,638		EUR	8,269	$	770,671	$	—			Morgan Stanley & Co. International PLC
03/31/20	Buy	EUR	7,965		ZAR	134,569		157,899		—			Morgan Stanley & Co. International PLC
04/30/20	Buy	TRY	102,842		EUR	11,170		812,622		—			BNP Paribas S.A.
04/30/20	Buy	EUR	10,404		TRY	78,477		1,553,155		—			Goldman Sachs International
07/29/20	Buy	EUR	12,064		TRY	116,743		—		(776,896	)		BNP Paribas S.A.
07/29/20	Buy	TRY	85,432		EUR	7,021		2,670,636		—			Morgan Stanley & Co. International PLC
08/31/20	Buy	ZAR	40,549		EUR	2,298		—		(14,571	)		Goldman Sachs International
08/31/20	Buy	EUR	4,722		ZAR	91,087		—		(480,321	)		Morgan Stanley & Co. International PLC
11/27/20	Buy	AUD	5,929		JPY	441,711		88,396		—			Morgan Stanley & Co. International PLC
11/30/20	Buy	JPY	1,016,141		AUD	12,805		394,039		—			Morgan Stanley & Co. International PLC
12/23/20	Buy	EUR	572		ZAR	10,356		2,071		—			Goldman Sachs International
12/30/20	Buy	JPY	154,422		AUD	2,095		—		(44,094	)		Deutsche Bank AG
10/31/23	Buy	JPY	648,099		AUD	9,489		—		(247,025	)		Morgan Stanley & Co. International PLC
							$	7,565,586	$	(3,166,330	)

Credit default swap agreements outstanding at April 30, 2019:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*:
Federation of Malaysia (D01)		06/20/23		1.000%(Q)		3,750		0.527	%	$	74,500		$	(3,646	)	$	78,146		Barclays Bank PLC
People’s Republic of China (D01)		06/20/23		1.000%(Q)		13,750		0.389	%		349,031			(13,368	)		362,399		Barclays Bank PLC
Republic of Argentina (D01)		06/20/23		1.000%(Q)		3,750		12.653	%		(1,217,361	)		(3,646	)		(1,213,715	)	Barclays Bank PLC
Republic of Brazil (D01)		06/20/23		1.000%(Q)		18,750		1.411	%		(275,974	)		(18,229	)		(257,745	)	Barclays Bank PLC

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 95

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*(cont’d.):
Republic of Chile (D01)		06/20/23		1.000%(Q)		3,750		0.266	%	$	113,654		$	(3,646	)	$	117,300		Barclays Bank PLC
Republic of Colombia (D01)		06/20/23		1.000%(Q)		5,000		0.731	%		58,738			(4,861	)		63,599		Barclays Bank PLC
Republic of Indonesia (D01)		06/20/23		1.000%(Q)		5,000		0.936	%		18,406			(4,861	)		23,267		Barclays Bank PLC
Republic of Lebanon (D01)		06/20/23		1.000%(Q)		3,750		8.057	%		(849,704	)		(3,646	)		(846,058	)	Barclays Bank PLC
Republic of Panama (D01)		06/20/23		1.000%(Q)		3,750		0.445	%		86,826			(3,646	)		90,472		Barclays Bank PLC
Republic of Peru (D01)		06/20/23		1.000%(Q)		3,750		0.399	%		93,676			(3,646	)		97,322		Barclays Bank PLC
Republic of Philippines (D01)		06/20/23		1.000%(Q)		3,750		0.492	%		79,659			(3,646	)		83,305		Barclays Bank PLC
Republic of South Africa (D01)		06/20/23		1.000%(Q)		11,250		1.574	%		(235,933	)		(10,938	)		(224,995	)	Barclays Bank PLC
Republic of Turkey (D01)		06/20/23		1.000%(Q)		17,500		4.379	%		(2,083,157	)		(17,014	)		(2,066,143	)	Barclays Bank PLC
Russian Federation (D01)		06/20/23		1.000%(Q)		11,250		1.050	%		(8,794	)		(10,938	)		2,144		Barclays Bank PLC
United Mexican States (D01)		06/20/23		1.000%(Q)		16,250		0.879	%		95,933			(15,799	)		111,732		Barclays Bank PLC
Federation of Malaysia (D02)		06/20/23		1.000%(Q)		3,000		0.527	%		59,600			(5,167	)		64,767		Citibank, N.A.
People’s Republic of China (D02)		06/20/23		1.000%(Q)		11,000		0.389	%		279,225			(18,944	)		298,169		Citibank, N.A.
Republic of Argentina (D02)		06/20/23		1.000%(Q)		3,000		12.653	%		(973,889	)		(5,167	)		(968,722	)	Citibank, N.A.
Republic of Brazil (D02)		06/20/23		1.000%(Q)		15,000		1.411	%		(220,779	)		(25,833	)		(194,946	)	Citibank, N.A.

See Notes to Financial Statements.

96

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*(cont’d.):
Republic of Chile (D02)		06/20/23		1.000%(Q)		3,000		0.266	%	$	90,923		$	(5,167	)	$	96,090		Citibank, N.A.
Republic of Colombia (D02)		06/20/23		1.000%(Q)		4,000		0.731	%		46,991			(6,889	)		53,880		Citibank, N.A.
Republic of Indonesia (D02)		06/20/23		1.000%(Q)		4,000		0.936	%		14,725			(6,889	)		21,614		Citibank, N.A.
Republic of Lebanon (D02)		06/20/23		1.000%(Q)		3,000		8.057	%		(679,763	)		(5,167	)		(674,596	)	Citibank, N.A.
Republic of Panama (D02)		06/20/23		1.000%(Q)		3,000		0.445	%		69,460			(5,167	)		74,627		Citibank, N.A.
Republic of Peru (D02)		06/20/23		1.000%(Q)		3,000		0.399	%		74,941			(5,167	)		80,108		Citibank, N.A.
Republic of Philippines (D02)		06/20/23		1.000%(Q)		3,000		0.492	%		63,727			(5,167	)		68,894		Citibank, N.A.
Republic of South Africa (D02)		06/20/23		1.000%(Q)		9,000		1.574	%		(188,746	)		(15,500	)		(173,246	)	Citibank, N.A.
Republic of Turkey (D02)		06/20/23		1.000%(Q)		14,000		4.379	%		(1,666,526	)		(24,111	)		(1,642,415	)	Citibank, N.A.
Russian Federation (D02)		06/20/23		1.000%(Q)		9,000		1.050	%		(7,035	)		(15,500	)		8,465		Citibank, N.A.
United Mexican States (D02)		06/20/23		1.000%(Q)		13,000		0.879	%		76,746			(22,389	)		99,135		Citibank, N.A.
Federation of Malaysia (D03)		12/20/23		1.000%(Q)		1,350		0.614	%		24,471			(2,588	)		27,059		Citibank, N.A.
People’s Republic of China (D03)		12/20/23		1.000%(Q)		4,500		0.460	%		112,267			(8,625	)		120,892		Citibank, N.A.
Republic of Argentina (D03)		12/20/23		1.000%(Q)		1,350		12.402	%		(463,667	)		(2,588	)		(461,079	)	Citibank, N.A.
Republic of Brazil (D03)		12/20/23		1.000%(Q)		6,750		1.583	%		(160,713	)		(12,938	)		(147,775	)	Citibank, N.A.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 97

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*(cont’d.):
Republic of Chile (D03)		12/20/23		1.000%(Q)		1,350		0.334	%	$	41,297		$	(2,588	)	$	43,885		Citibank, N.A.
Republic of Colombia (D03)		12/20/23		1.000%(Q)		1,800		0.867	%		12,568			(3,450	)		16,018		Citibank, N.A.
Republic of Indonesia (D03)		12/20/23		1.000%(Q)		1,800		1.075	%		(3,753	)		(3,450	)		(303	)	Citibank, N.A.
Republic of Lebanon (D03)		12/20/23		1.000%(Q)		1,350		8.019	%		(331,209	)		(2,588	)		(328,621	)	Citibank, N.A.
Republic of Panama (D03)		12/20/23		1.000%(Q)		1,350		0.541	%		28,857			(2,588	)		31,445		Citibank, N.A.
Republic of Peru (D03)		12/20/23		1.000%(Q)		1,350		0.491	%		31,850			(2,588	)		34,438		Citibank, N.A.
Republic of Philippines (D03)		12/20/23		1.000%(Q)		1,350		0.572	%		27,003			(2,588	)		29,591		Citibank, N.A.
Republic of South Africa (D03)		12/20/23		1.000%(Q)		4,050		1.728	%		(121,282	)		(7,763	)		(113,519	)	Citibank, N.A.
Republic of Turkey (D03)		12/20/23		1.000%(Q)		6,750		4.448	%		(901,889	)		(12,938	)		(888,951	)	Citibank, N.A.
Russian Federation (D03)		12/20/23		1.000%(Q)		4,050		1.153	%		(22,162	)		(7,763	)		(14,399	)	Citibank, N.A.
United Mexican States (D03)		12/20/23		1.000%(Q)		5,850		1.016	%		2,689			(11,213	)		13,902		Citibank, N.A.
Federation of Malaysia (D04)		12/20/23		1.000%(Q)		3,000		0.614	%		54,380			(5,750	)		60,130		Barclays Bank PLC
People’s Republic of China (D04)		12/20/23		1.000%(Q)		10,000		0.460	%		249,483			(19,167	)		268,650		Barclays Bank PLC
Republic of Argentina (D04)		12/20/23		1.000%(Q)		3,000		12.402	%		(1,030,372	)		(5,750	)		(1,024,622	)	Barclays Bank PLC
Republic of Brazil (D04)		12/20/23		1.000%(Q)		15,000		1.583	%		(357,139	)		(28,750	)		(328,389	)	Barclays Bank PLC

See Notes to Financial Statements.

98

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*(cont’d.):
Republic of Chile (D04)		12/20/23		1.000%(Q)		3,000		0.334	%	$	91,770		$	(5,750	)	$	97,520		Barclays Bank PLC
Republic of Colombia (D04)		12/20/23		1.000%(Q)		4,000		0.867	%		27,929			(7,667	)		35,596		Barclays Bank PLC
Republic of Indonesia (D04)		12/20/23		1.000%(Q)		4,000		1.075	%		(8,340	)		(7,667	)		(673	)	Barclays Bank PLC
Republic of Lebanon (D04)		12/20/23		1.000%(Q)		3,000		8.019	%		(736,019	)		(5,750	)		(730,269	)	Barclays Bank PLC
Republic of Panama (D04)		12/20/23		1.000%(Q)		3,000		0.541	%		64,126			(5,750	)		69,876		Barclays Bank PLC
Republic of Peru (D04)		12/20/23		1.000%(Q)		3,000		0.491	%		70,778			(5,750	)		76,528		Barclays Bank PLC
Republic of Philippines (D04)		12/20/23		1.000%(Q)		3,000		0.572	%		60,007			(5,750	)		65,757		Barclays Bank PLC
Republic of South Africa (D04)		12/20/23		1.000%(Q)		9,000		1.728	%		(269,516	)		(17,250	)		(252,266	)	Barclays Bank PLC
Republic of Turkey (D04)		12/20/23		1.000%(Q)		15,000		4.448	%		(2,004,197	)		(28,750	)		(1,975,447	)	Barclays Bank PLC
Russian Federation (D04)		12/20/23		1.000%(Q)		9,000		1.153	%		(49,249	)		(17,250	)		(31,999	)	Barclays Bank PLC
United Mexican States (D04)		12/20/23		1.000%(Q)		13,000		1.016	%		5,976			(24,917	)		30,893		Barclays Bank PLC
										$	(12,214,956	)	$	(571,678	)	$	(11,643,278	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Packaged Credit Default Swap Agreements on credit indices—Buy Protection(1)*:
CDX.EM.29.V1 (D01)		06/20/23		1.000%(Q)		125,000	$	3,453,052	$	(35,417	)	$	3,488,469	Barclays Bank PLC
CDX.EM.29.V1 (D02)		06/20/23		1.000%(Q)		100,000		2,762,442		2,222			2,760,220	Citibank, N.A.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 99

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Packaged Credit Default Swap Agreements on credit indices—Buy Protection(1)*(cont’d.):
CDX.EM.30.V1 (D03)		12/20/23		1.000%(Q)		45,000	$	1,627,972	$	9,750	$	1,618,222		Citibank, N.A.
CDX.EM.30.V1 (D04)		12/20/23		1.000%(Q)		100,000		3,617,717		71,667		3,546,050		Barclays Bank PLC
							$	11,461,183	$	48,222	$	11,412,961

* The Fund entered into multiple credit default swap agreements in a package trade consisting of two parts. The Fund bought protection on an Emerging Market CDX Index and sold protection on the countries which comprise the Index. The up-front premium is attached to the index of the trade. Each swap is priced individually. If the packaged deal is closed out early, all of the component swaps terminate. Individual packages in the tables above are denoted by the corresponding footnotes (D01-D04).

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Hellenic Republic		12/20/19		1.000%(Q)		20,000	$	(72,999	)	$	92,819		$	(165,818	)		Bank of America, N.A.
Hellenic Republic		06/20/23		1.000%(Q)		1,000		55,700			94,493			(38,793	)		Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		4,400		(130,186	)		(108,878	)		(21,308	)		Bank of America, N.A.
Republic of Italy		06/20/19		1.000%(Q)		5,360		(12,798	)		(3,816	)		(8,982	)		Deutsche Bank AG
Republic of Italy		06/20/23		1.000%(Q)		10,000		(24,568	)		223,706			(248,274	)		Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		4,000		(9,827	)		61,473			(71,300	)		Bank of America, N.A.
Republic of Italy		06/20/28		1.000%(Q)		4,455		405,774			451,501			(45,727	)		Goldman Sachs International
United Mexican States		06/20/23		1.000%(Q)		1,400		(8,265	)		8,710			(16,975	)		Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		1,385		(8,176	)		21,836			(30,012	)		Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		460		(2,716	)		8,122			(10,838	)		Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		460		(2,716	)		7,457			(10,173	)		Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		455		(2,686	)		2,663			(5,349	)		Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		240		(1,417	)		1,492			(2,909	)		Citibank, N.A.
							$	185,120		$	861,578		$	(676,458	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Hellenic Republic		06/20/23		1.000%(Q)		1,000		2.808	%	$	(66,556	)	$	(106,874	)	$	40,318	Bank of America, N.A.

See Notes to Financial Statements.

100

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)	Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Hellenic Republic		12/20/23		1.000%(Q)		10,000		3.020	%	$	(820,806	)	$	(1,254,462	)	$433,656	Bank of America, N.A.
Hellenic Republic		06/20/24		1.000%(Q)		1,000		3.188	%		(96,850	)		(216,250	)	119,400	Barclays Bank PLC
Hellenic Republic		12/20/25		1.000%(Q)		10,000		3.573	%		(1,390,292	)		(1,810,076	)	419,784	Bank of America, N.A.
Hellenic Republic		12/20/25		1.000%(Q)		3,700		3.573	%		(514,408	)		(669,968	)	155,560	Bank of America, N.A.
Kingdom of Spain		06/20/19		1.000%(Q)		10,000		0.087	%		24,511			82,236		(57,725)	Goldman Sachs International
Kingdom of Spain		06/20/19		1.000%(Q)		4,900		0.087	%		12,010			15,969		(3,959)	Morgan Stanley & Co. International PLC
Kingdom of Spain		06/20/23		1.000%(Q)		4,400		0.456	%		99,516			66,653		32,863	Bank of America, N.A.
Kingdom of Spain		12/20/28		1.000%(Q)		9,583		0.889	%		99,092			(61,857	)	160,949	Bank of America, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		9,450		2.201	%		(421,101	)		(1,224,841	)	803,740	BNP Paribas S.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,165		2.201	%		(51,913	)		(64,405	)	12,492	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,155		2.201	%		(51,468	)		(76,647	)	25,179	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		2.201	%		(17,156	)		(26,182	)	9,026	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		2.201	%		(17,156	)		(25,708	)	8,552	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		380		2.201	%		(16,933	)		(21,107	)	4,174	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		195		2.201	%		(8,689	)		(10,774	)	2,085	Citibank, N.A.
Republic of Brazil		09/20/19		1.000%(Q)		6,370		0.570	%		18,191			14,895		3,296	HSBC Bank USA, N.A.
Republic of Indonesia		09/20/20		1.000%(Q)		8,000		0.270	%		89,944			(322,295	)	412,239	Barclays Bank PLC
Republic of Indonesia		06/20/21		1.000%(Q)		2,100		0.377	%		29,885			(83,337	)	113,222	JPMorgan Chase Bank, N.A.
Republic of Italy		06/20/20		1.000%(Q)		11,530		0.525	%		75,516			(166,111	)	241,627	Bank of America, N.A.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 101

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Republic of Italy		06/20/21		1.000%(Q)		7,090		1.010	%	$	6,808		$	(146,421	)	$	153,229		Goldman Sachs International
Republic of Italy		12/20/21		1.000%(Q)		5,360		1.238	%		(26,197	)		(199,150	)		172,953		Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		10,000		1.675	%		(246,463	)		(601,778	)		355,315		Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		4,000		1.675	%		(98,585	)		(210,871	)		112,286		Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		7,070		1.675	%		(174,249	)		(334,487	)		160,238		Goldman Sachs International
Republic of Portugal		12/20/23		1.000%(Q)		990		0.601	%		18,452			459			17,993		JPMorgan Chase Bank, N.A.
Republic of Portugal		12/20/23		1.000%(Q)		2,070		0.601	%		38,582			—			38,582		Morgan Stanley & Co. International PLC
Republic of Serbia		06/20/21		1.000%(Q)		5,000		0.472	%		61,238			74,309			(13,071	)	BNP Paribas S.A.
United Mexican States		12/20/20		1.000%(Q)		7,000		0.465	%		68,817			(123,939	)		192,756		Goldman Sachs International
										$	(3,376,260	)	$	(7,503,019	)	$	4,126,759

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1):
CDX.NA.IG.31.V1		12/20/28		1.000%(Q)		107,375	$	1,357,941	$	(139,289	)	$	(1,497,230	)

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April  30, 2019(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):

CMBX.NA.6.AA

05/11/63

1.500%(M)

10,000

*

$

184,836

$

113,221

$

71,615

Deutsche Bank AG

CMBX.NA.6.AA

05/11/63

1.500%(M)

8,000

*

147,869

(489,693

)

637,562

Credit Suisse International

See Notes to Financial Statements.

102

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2) (cont’d.):
CMBX.NA.6.AA		05/11/63		1.500%(M)		7,000		*	$	129,385	$	92,983		$	36,402	Credit Suisse International
CMBX.NA.6.AA		05/11/63		1.500%(M)		2,000		*		36,967		(66,951	)		103,918	JPMorgan Securities LLC
									$	499,057	$	(350,440	)	$	849,497

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

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

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

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

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 103

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Interest rate swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements:
BRL	16,515		01/04/27		12.095%(T)	1 Day BROIS(2)(T)	$	—		$	1,394,859		$	1,394,859
EUR	5,735		05/11/19		(0.144)%(A)	6 Month EURIBOR(1)(S)		(8,233	)		887			9,120
EUR	79,640		05/11/20		(0.054)%(A)	6 Month EURIBOR(1)(S)		(190,611	)		(226,913	)		(36,302	)
EUR	17,665		05/11/21		0.100%(A)	6 Month EURIBOR(1)(S)		(92,520	)		(161,506	)		(68,986	)
EUR	20,545		05/11/22		0.156%(A)	6 Month EURIBOR(1)(S)		43,877			(263,536	)		(307,413	)
EUR	53,410		05/11/23		0.650%(A)	6 Month EURIBOR(1)(S)		(1,175,307	)		(2,156,199	)		(980,892	)
EUR	13,415		05/11/24		0.396%(A)	6 Month EURIBOR(1)(S)		(42,304	)		(350,607	)		(308,303	)
EUR	12,042		02/15/28		0.758%(A)	6 Month EURIBOR(2)(S)		103,694			444,364			340,670
EUR	6,595		05/11/33		1.000%(A)	6 Month EURIBOR(1)(S)		395,138			(279,942	)		(675,080	)
EUR	3,985		05/11/37		1.253%(A)	6 Month EURIBOR(1)(S)		139,351			(276,130	)		(415,481	)
EUR	18,530		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			997,107			997,107
EUR	18,530		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(1,052,178	)		(1,052,178	)
EUR	2,955		05/11/42		1.350%(A)	6 Month EURIBOR(1)(S)		109,595			(246,999	)		(356,594	)
EUR	475		05/11/43		1.350%(A)	6 Month EURIBOR(1)(S)		4,934			(39,806	)		(44,740	)
EUR	11,050		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			327,328			327,328
EUR	11,050		03/19/48		1.658%(A)	6 Month EURIBOR(1)(S)		—			(323,605	)		(323,605	)
GBP	3,280		05/08/21		0.716%(S)	6 Month GBP LIBOR(1)(S)		39,091			34,601			(4,490	)

See Notes to Financial Statements.

104

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	17,215,740		12/17/20		0.015%(S)	6 Month JPY LIBOR(1)(S)	$	—		$	(70,475	)	$	(70,475	)
JPY	6,999,790		01/29/21		(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			(5,844	)		(5,844	)
	762,460		05/11/19		1.613%(S)	3 Month LIBOR(1)(Q)		732,490			(990,993	)		(1,723,483	)
	238,735		02/05/20		2.350%(S)	3 Month LIBOR(1)(Q)		50,769			627,111			576,342
	94,300		03/12/20		2.405%(T)	1 Day USOIS(2)(T)		362			72,398			72,036
	220,620		04/25/20		2.328%(T)	1 Day USOIS(2)(T)		(3,575	)		87,989			91,564
	2,337,600		05/11/20		1.763%(S)	3 Month LIBOR(1)(Q)		41,405,090			12,684,679			(28,720,411	)
	149,610		01/10/21		2.408%(A)	1 Day USOIS(1)(A)		(4,614	)		(582,979	)		(578,365	)
	16,120		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(142,754	)		(142,754	)
	11,430		08/31/22		2.550%(A)	1 Day USOIS(1)(A)		2,236			(197,553	)		(199,789	)
	10,635		08/31/22		2.552%(A)	1 Day USOIS(1)(A)		—			(184,671	)		(184,671	)
	93,165		05/11/24		2.139%(S)	3 Month LIBOR(1)(Q)		745,689			424,201			(321,488	)
	28,490		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			262,079			262,079
	291,235		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		1,162,401			2,653,826			1,491,425
	89,045		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		307,192			785,623			478,431
	36,550		09/09/24		2.558%(S)	3 Month LIBOR(1)(Q)		(584,658	)		(407,743	)		176,915
	99,875		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		263,894			(485,097	)		(748,991	)
	4,300		02/23/25		2.232%(S)	3 Month LIBOR(1)(Q)		181			31,016			30,835
	44,450		02/25/25		2.208%(S)	3 Month LIBOR(1)(Q)		454			379,128			378,674
	18,415		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		15,095			(372,814	)		(387,909	)
	16,810		02/28/25		3.019%(S)	3 Month LIBOR(1)(Q)		—			(625,342	)		(625,342	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 105

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	3,370		05/11/25		1.900%(S)	3 Month LIBOR(1)(Q)	$	191,039		$	75,959		$	(115,080	)
	330,667		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(228,936	)		(14,734,542	)		(14,505,606	)
	188,411		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		132,018			(9,678,511	)		(9,810,529	)
	8,715		01/31/26		2.236%(S)	3 Month LIBOR(1)(Q)		—			70,871			70,871
	16,820		01/31/26		2.269%(A)	1 Day USOIS(1)(A)		24,287			(167,236	)		(191,523	)
	14,145		03/12/26		2.290%(A)	1 Day USOIS(1)(A)		252			(150,426	)		(150,678	)
	9,975		04/28/26		1.809%(S)	3 Month LIBOR(1)(Q)		136			373,635			373,499
	52,572		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		667,355			1,311,158			643,803
	53,535		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		38,164			1,036,265			998,101
	12,575		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			181,882			181,882
	23,100		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		(15,257	)		158,088			173,345
	11,080		05/08/27		2.309%(S)	3 Month LIBOR(1)(Q)		—			39,138			39,138
	9,360		05/15/27		1.823%(A)	1 Day USOIS(1)(A)		—			268,229			268,229
	8,955		05/11/28		2.000%(S)	3 Month LIBOR(1)(Q)		822,659			303,843			(518,816	)
	305,886		08/15/28		2.579%(A)	1 Day USOIS(1)(A)		(3,762,047	)		(9,772,984	)		(6,010,937	)
	104,670		08/15/28		2.835%(S)	3 Month LIBOR(1)(Q)		(333,232	)		(3,250,061	)		(2,916,829	)
	72,765		05/11/29		2.000%(S)	3 Month LIBOR(1)(Q)		3,282,650			2,951,290			(331,360	)
	7,770		10/16/33		2.890%(S)	3 Month LIBOR(2)(Q)		—			80,553			80,553
	6,900		08/21/44		3.190%(S)	3 Month LIBOR(1)(Q)		(476,936	)		(653,613	)		(176,677	)
	3,755		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		218			814,291			814,073
	12,540		05/11/48		2.300%(S)	3 Month LIBOR(1)(Q)		2,334,356			985,161			(1,349,195	)

See Notes to Financial Statements.

106

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	27,250		05/11/49		2.300%(S)	3 Month LIBOR(1)(Q)	$	3,114,851		$	2,192,007		$	(922,844	)
ZAR	34,562		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		(6,666	)		32,925			39,591
							$	49,204,622		$	(15,768,568	)	$	(64,973,190	)

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreement:
	10,720		02/22/49		2.311%(S)	1 Week MUNIPSA(1)(Q)	$	(250,397	)	$	—	$	(250,397	)	JPMorgan Chase Bank, N.A.

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

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

Total return swap agreements outstanding at April 30, 2019:

Reference Entity

Financing Rate

Counterparty

Termination Date

Long (Short) Notional Amount (000)#(1)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)(2)

OTC Total Return Swap Agreement:

IOS. FN30.450.10 Index(M)

1 Month LIBOR(M)

Credit Suisse International

1/12/41

7,280

$

13,351

$

(22,297

)

$

35,648

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

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

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	1,518,636	$	(9,056,270)	$	19,417,235	$	(15,562,503	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 107

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets Inc.	$	73,807,000	$	20,125,215

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Automobiles	$	—	$	15,462,163		$	—
Collateralized Loan Obligations		—		627,872,363			—
Consumer Loans		—		48,919,471			—
Home Equity Loans		—		44,770,225			—
Other		—		3,215,294			—
Residential Mortgage-Backed Securities		—		104,282,592			19,250,953
Student Loans		—		33,488,339			—
Bank Loans		—		46,581,532			758,973
Commercial Mortgage-Backed Securities		—		177,321,584			—
Convertible Bond		—		6,139,115			—
Corporate Bonds		—		824,813,191			—
Municipal Bonds		—		33,024,711			—
Residential Mortgage-Backed Securities		—		110,672,024			17,200,000
Sovereign Bonds		—		277,434,490			—
U.S. Treasury Obligations		—		22,647,851			—
Common Stock		1,169,962		—			—
Affiliated Mutual Funds		76,090,772		—			—
Options Purchased		—		75,000,784			—
Options Written		—		(64,281,931	)		(61,462	)
Other Financial Instruments*
Futures Contracts		15,513,052		—			—
OTC Forward Foreign Currency Exchange Contracts		—		9,669,005			—
OTC Cross Currency Exchange Contracts		—		4,399,256			—
OTC Packaged Credit Default Swap Agreements		—		(753,773	)		—
Centrally Cleared Credit Default Swap Agreement		—		(1,497,230	)		—

See Notes to Financial Statements.

108

	Level 1		Level 2			Level 3
Other Financial Instruments* (continued)
OTC Credit Default Swap Agreements	$	—	$	(2,692,083	)	$	—
Centrally Cleared Interest Rate Swap Agreements		—		(64,973,190	)		—
OTC Interest Rate Swap Agreement		—		(250,397	)		—
OTC Total Return Swap Agreement		—		13,351			—
Total	$	92,773,786	$	2,331,278,737		$	37,148,464

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

	Asset-Backed Securities— Residential Mortgage-Backed Securities Securities			Bank Loans			Corporate Bonds
Balance as of 10/31/18	$	20,813,302		$	1,138,500		$	1,567,956
Realized gain (loss)		3,768			—			—
Change in unrealized appreciation (depreciation)		(19,327	)		(8,576	)		—
Purchases/Exchanges/Issuances		—			—			—
Sales/Paydowns		(1,567,050	)		—			—
Accrued discount/premium		20,260			625			—
Transfers into of Level 3		—			766,924			—
Transfers out of Level 3		—			(1,138,500	)		(1,567,956	)
Balance as of 04/30/19	$	19,250,953		$	758,973		$	—
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		(19,327	)		(8,576	)		—
	Residential Mortgage- Backed Securities			Options Written			Credit Default Swap Agreements
Balance as of 10/31/18	$	—		$	(41,572	)	$	38,374
Realized gain (loss)		—			48,601			37,192
Change in unrealized appreciation (depreciation)		—			52,534			—
Purchases/Exchanges/Issuances		17,200,000			(121,025	)		—
Sales/Paydowns		—			—			(75,566	)
Accrued discount/premium		—			—			—
Transfers into of Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of 04/30/19	$	17,200,000		$	(61,462	)	$	—
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		—			90,449			—

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 109

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

Level 3 Securities	Fair Value as of April 30, 2019			Valuation Methodology		Unobservable Inputs
Asset-Backed Securities Residential Mortgage-Backed Securities	$	19,250,953			Market Approach	Single Broker Indicative Quote
Bank Loans		758,973			Market Approach	Single Broker Indicative Quote
Residential Mortgage-Backed Securities		17,200,000			Market Approach	Single Broker Indicative Quote
Options Written		(61,462	)		Market Approach	Single Broker Indicative Quote
	$	37,148,464

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

Investments in Securities	Amount Transferred		Level Transfer		Logic
Bank Loans	$	766,924		L2 to L3	Multiple Broker Quotes to Single Broker Indicative Quote
Bank Loans	$	1,138,500		L3 to L2	Single Broker Indicative Quote to Multiple Broker Quotes
Corporate Bonds	$	1,567,956		L3 to L2	Single Broker Indicative Quote to Evaluated Bid

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

Collateralized Loan Obligations	25.3	%
Sovereign Bonds	11.2
Residential Mortgage-Backed Securities	10.2
Commercial Mortgage-Backed Securities	7.1
Banks	5.5
Affiliated Mutual Funds (3.1% represents investments purchased with collateral from securities on loan)	3.1
Options Purchased	3.0
Oil & Gas	2.5
Home Builders	2.2
Chemicals	2.0
Consumer Loans	2.0
Media	1.9
Home Equity Loans	1.8
Telecommunications	1.5
Retail	1.4
Student Loans	1.4

Electric	1.3	%
Municipal Bonds	1.3
Pharmaceuticals	1.3
Healthcare-Services	1.2
Packaging & Containers	1.2
Entertainment	1.1
Commercial Services	1.1
Foods	1.1
U.S. Treasury Obligations	0.9
Software	0.9
Aerospace & Defense	0.8
Building Materials	0.8
Insurance	0.7
Automobiles	0.6
Auto Parts & Equipment	0.6
Pipelines	0.6
Lodging	0.5
Diversified Financial Services	0.5

See Notes to Financial Statements.

110

Industry Classification (continued):

Real Estate	0.5	%
Semiconductors	0.4
Real Estate Investment Trusts (REITs)	0.4
Computers	0.3
Auto Manufacturers	0.3
Electronics	0.3
Investment Companies	0.3
Airlines	0.2
Engineering & Construction	0.2
Gas	0.2
Healthcare-Products	0.2
Machinery-Diversified	0.1
Home Furnishings	0.1
Leisure Time	0.1
Other	0.1
Trucking & Leasing	0.1
Miscellaneous Manufacturing	0.1
Water	0.1
Electrical Components & Equipment	0.1
Energy-Alternate Sources	0.1
Apparel	0.1
Household Products/Wares	0.1	%
Distribution/Wholesale	0.1
Multi-National	0.1
Biotechnology	0.1
Mining	0.1
Oil, Gas & Consumable Fuels	0.0	*
Transportation	0.0	*
Forest Products & Paper	0.0	*
Beverages	0.0	*
Savings & Loans	0.0	*
Oil & Gas Services	0.0	*
Textiles	0.0	*
	103.4
Options Written	(2.6	)
Liabilities in excess of other assets	(0.8	)
	100.0	%

* Less than +/- 0.05%

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

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

Fair values of derivative instruments as of April 30, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Credit contracts	—	$	—	Due from/to broker—variation margin swaps	$	1,497,230	*
Credit contracts	Premiums paid for OTC swap agreements		1,518,636	Premiums received for OTC swap agreements		9,033,973
Credit contracts	—		—	Options written outstanding, at value		63,284
Credit contracts	Unrealized appreciation on OTC swap agreements		19,381,587	Unrealized depreciation on OTC swap agreements		15,312,106

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 111

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unaffiliated investments	$	73,469,390		Options written outstanding, at value	$	64,280,108
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		7,565,586		Unrealized depreciation on OTC cross currency exchange contracts		3,166,330
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		34,576,578		Unrealized depreciation on OTC forward foreign currency exchange contracts		24,907,573
Interest rate contracts	Due from/to broker—variation margin futures		19,929,485	*	Due from/to broker—variation margin futures		4,416,433	*
Interest rate contracts	Due from/to broker—variation margin swaps		10,310,470	*	Due from/to broker—variation margin swaps		75,283,660	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		22,297
Interest rate contracts	Unaffiliated investments		1,531,394		Options written outstanding, at value		1
Interest rate contracts	Unrealized appreciation on OTC swap agreements		35,648		Unrealized depreciation on OTC swap agreements		250,397
		$	168,318,774			$	198,233,392

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(110,147	)	$	1,644,630	$	—	$	—	$	1,214,384
Foreign exchange contracts		(2,812,591	)		2,706,619		—		8,318,692		—
Interest rate contracts		(555,790	)		48,601		31,392,740		—		45,115,242
Total	$	(3,478,528	)	$	4,399,850	$	31,392,740	$	8,318,692	$	46,329,626

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

See Notes to Financial Statements.

112

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures		Forward & Cross Currency Exchange Contracts			Swaps
Credit contracts	$	5,456		$	231,778		$	—	$	—		$	235,878
Foreign exchange contracts		(25,498,979	)		28,335,393			—		(6,695,927	)		—
Interest rate contracts		976,889			(7,030	)		25,524,726		—			(139,480,308	)
Total	$	(24,516,634	)	$	28,560,141		$	25,524,726	$	(6,695,927	)	$	(139,244,430	)

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

For the six months ended April 30, 2019, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	93,043,652	$	2,936,843,927	$	2,170,932,717	$	498,575,136	$	717,730,517

Forward Foreign Currency Exchange Contracts—Sold(3)		Cross Currency Exchange Contracts(4)		Interest  Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	1,119,364,413	$	142,431,798	$	8,963,573,932	$	311,295,000

Credit Default Swap Agreements— Sell Protection(2)		Total Return Swap Agreements(2)		Inflation Swap Agreements(2)
$	395,715,783	$	7,517,667	$	18,925,000

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 113

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount
Securities on Loan	$	74,100,781	$	(74,100,781	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount
Bank of America, N.A.	$	5,928,612	$	(7,058,305	)	$	(1,129,693	)	$	1,073,775		$	(55,918	)
Barclays Bank PLC		10,555,432		(11,407,018	)		(851,586	)		555,328			(296,258	)
BNP Paribas S.A.		10,225,337		(16,130,259	)		(5,904,922	)		5,904,922			—
Citibank, N.A.		14,734,265		(14,905,203	)		(170,938	)		170,938			—
Credit Suisse International		802,595		(511,990	)		290,605			(270,000	)		20,605
Deutsche Bank AG		26,229,366		(21,112,991	)		5,116,375			(5,116,375	)		—
Goldman Sachs International		20,416,307		(16,937,776	)		3,478,531			—			3,478,531
HSBC Bank USA, N.A.		1,595,469		(1,569,836	)		25,633			—			25,633
JPMorgan Chase Bank, N.A.		6,679,723		(3,265,893	)		3,413,830			(3,174,850	)		238,980
JPMorgan Securities LLC		103,918		(66,951	)		36,967			—			36,967
Morgan Stanley & Co. International PLC		39,539,312		(23,752,012	)		15,787,300			(14,179,798	)		1,607,502
The Toronto-Dominion Bank		128,883		(16,750	)		112,133			(35,911	)		76,222
UBS AG		1,139,600		(301,085	)		838,515			(838,515	)		—
	$	138,078,819	$	(117,036,069	)	$	21,042,750		$	(15,910,486	)	$	5,132,264

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

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

See Notes to Financial Statements.

114

Statement of Assets & Liabilities  (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $74,100,781:
Unaffiliated investments (cost $2,520,471,227)	$	2,490,025,617
Affiliated investments (cost $76,065,144)		76,090,772
Cash		6,498,338
Foreign currency, at value (cost $4,995,002)		5,006,384
Cash segregated for counterparty—OTC		785,000
Deposit with broker for centrally cleared/exchange-traded derivatives		73,807,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		34,576,578
Receivable for Fund shares sold		27,488,683
Unrealized appreciation on OTC swap agreements		19,417,235
Dividends and interest receivable		18,000,152
Receivable for investments sold		16,132,980
Unrealized appreciation on OTC cross currency exchange contracts		7,565,586
Due from broker—variation margin futures		4,216,545
Premiums paid for OTC swap agreements		1,518,636
Prepaid expenses		6,484
Total Assets		2,781,135,990
Liabilities
Payable to broker for collateral for securities on loan		75,864,324
Payable for Fund shares reacquired		67,226,984
Options written outstanding, at value (proceeds received $91,830,439)		64,343,393
Payable for investments purchased		32,288,289
Unrealized depreciation on OTC forward foreign currency exchange contracts		24,907,573
Unrealized depreciation on OTC swap agreements		15,562,503
Premiums received for OTC swap agreements		9,056,270
Due to broker—variation margin swaps		3,408,186
Unrealized depreciation on OTC cross currency exchange contracts		3,166,330
Dividends payable		2,065,795
Management fee payable		1,256,569
Accrued expenses and other liabilities		394,130
Distribution fee payable		121,271
Affiliated transfer agent fee payable		7,511
Total Liabilities		299,669,128
Net Assets	$	2,481,466,862
Net assets were comprised of:
Shares of beneficial interest, at par	$	254,696
Paid-in capital in excess of par		2,564,962,866
Total distributable earnings (loss)		(83,750,700	)
Net assets, April 30, 2019	$	2,481,466,862

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 115

Statement of Assets & Liabilities  (unaudited)

as of April 30, 2019

Class A
Net asset value and redemption price per share, ($ 149,013,231 ÷ 15,352,950 shares of beneficial interest issued and outstanding)	$	9.71
Maximum sales charge (4.50% of offering price)		0.46
Maximum offering price to public	$	10.17
Class C
Net asset value, offering price and redemption price per share,
($ 109,282,817 ÷ 11,226,378 shares of beneficial interest issued and outstanding)	$	9.73
Class Z
Net asset value, offering price and redemption price per share,
($ 2,132,224,471 ÷ 218,742,275 shares of beneficial interest issued and outstanding)	$	9.75
Class R6
Net asset value, offering price and redemption price per share,
($ 90,946,343 ÷ 9,374,164 shares of beneficial interest issued and outstanding)	$	9.70

See Notes to Financial Statements.

116

Statement of Operations  (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Interest income	$	52,567,333
Affiliated dividend income		751,549
Income from securities lending, net (including affiliated income of $72,344)		177,448
Unaffiliated dividend income (net of $7,394 foreign withholding tax)		36,909
Total income		53,533,239
Expenses
Management fee		8,339,951
Distribution fee(a)		724,141
Transfer agent’s fees and expenses (including affiliated expense of $21,593)(a)		1,172,275
Custodian and accounting fees		207,761
Registration fees(a)		84,437
Shareholders’ reports		71,206
Audit fee		32,674
Trustees’ fees		30,534
Legal fees and expenses		15,573
Miscellaneous		39,851
Total expenses		10,718,403
Less: Fee waiver and/or expense reimbursement(a)		(560,348	)
Net expenses		10,158,055
Net investment income (loss)		43,375,184
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(2,516))		(2,169,874	)
Futures transactions		31,392,740
Forward and cross currency contract transactions		8,318,692
Options written transactions		4,399,850
Swap agreement transactions		46,329,626
Foreign currency transactions		(3,189,420	)
		85,081,614
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $23,931)		25,119,934
Futures		25,524,726
Forward and cross currency contracts		(6,695,927	)
Options written		28,560,141
Swap agreements		(139,244,430	)
Foreign currencies		(46,475	)
Unfunded loan commitments		105,191
		(66,676,840	)
Net gain (loss) on investment and foreign currency transactions		18,404,774
Net Increase (Decrease) In Net Assets Resulting From Operations	$	61,779,958

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 117

Statement of Operations  (unaudited)

Six Months Ended April 30, 2019

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

	Class A		Class C		Class Z			Class R6
Distribution fee		185,985		538,156		—			—
Transfer agent’s fees and expenses		52,619		41,473		1,074,441			3,742
Registration fees		11,581		9,709		51,174			11,973
Fee waiver and/or expense reimbursement		—		—		(553,158	)		(7,190	)

See Notes to Financial Statements.

118

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	43,375,184		$	66,225,068
Net realized gain (loss) on investment and foreign currency transactions		85,081,614			(7,479,170	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(66,676,840	)		(6,874,171	)
Net increase (decrease) in net assets resulting from operations		61,779,958			51,871,727
Dividends and Distributions
Distributions from distributable earnings
Class A		(5,247,366	)		(4,734,445	)
Class C		(3,358,817	)		(2,615,351	)
Class Z		(81,487,230	)		(60,484,857	)
Class R6		(3,290,101	)		(11,823,707	)
		(93,383,514	)		(79,658,360	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		833,214,437			1,576,859,957
Net asset value of shares issued in reinvestment of dividends and distributions		74,498,329			62,358,791
Cost of shares reacquired		(1,012,875,027	)		(835,611,009	)
Net increase (decrease) in net assets from Fund share transactions		(105,162,261	)		803,607,739
Total increase (decrease)		(136,765,817	)		775,821,106
Net Assets:
Beginning of period		2,618,232,679			1,842,411,573
End of period	$	2,481,466,862		$	2,618,232,679

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 119

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM Absolute Return Bond Fund (the “Fund”).

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

1. Accounting Policies

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

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

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

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

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

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

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

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

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

PGIM Absolute Return Bond Fund 121

Notes to Financial Statements (unaudited)(continued)

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

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

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

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

122

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

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

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

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

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

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

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

PGIM Absolute Return Bond Fund 123

Notes to Financial Statements (unaudited) (continued)

sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on 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) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

Options: The Fund purchased or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option

124

expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

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

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

PGIM Absolute Return Bond Fund 125

Notes to Financial Statements (unaudited) (continued)

in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Bank Loans: The Fund invests in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate

126

payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of

PGIM Absolute Return Bond Fund 127

Notes to Financial Statements (unaudited) (continued)

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

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

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

The Trust, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is

128

presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

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

As of April 30, 2019, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

Payment-In-Kind: The Fund invests in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned.

PGIM Absolute Return Bond Fund 129

Notes to Financial Statements (unaudited) (continued)

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

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

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

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal

130

income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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

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

2. Agreements

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

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.65% of the Fund’s average daily net assets up to and including $2.5 billion, 0.625% of the next $2.5 billion and 0.60% of the average daily net assets in excess of

PGIM Absolute Return Bond Fund 131

Notes to Financial Statements (unaudited) (continued)

$5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.65% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.73% of average daily net assets for Class Z shares, and 0.70% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

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

For the reporting period ended April 30, 2019, PIMS received $158,533 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $15,652 and $5,788 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

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3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the 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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $646,049,732 and $487,061,610, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

PGIM Absolute Return Bond Fund 133

Notes to Financial Statements (unaudited) (continued)

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	193,786,688	$	474,766,641	$	668,529,673	$	—	$	—		$	23,656		23,656	$	751,549
	PGIM Institutional Money Market Fund*
	80,235,942		121,175,771		125,366,012		23,931		(2,516	)		76,067,116		76,044,303		72,344	**
$	274,022,630	$	595,942,412	$	793,895,685	$	23,931	$	(2,516	)	$	76,090,772			$	823,893

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2019 were as follows:

Tax Basis	$	2,498,819,809
Gross Unrealized Appreciation		173,847,228
Gross Unrealized Depreciation		(211,442,394	)
Net Unrealized Depreciation	$	(37,595,166	)

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, 2018 of approximately $100,645,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

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6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

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

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned and 806,843 Class R6 shares of the Fund. At reporting period end, nine shareholders of record, each holding greater than 5% of the Fund, held 86% of the Fund’s outstanding shares.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		3,269,530		$	31,724,895
Shares issued in reinvestment of dividends and distributions		437,168			4,211,718
Shares reacquired		(3,642,659	)		(35,254,187	)
Net increase (decrease) in shares outstanding before conversion		64,039			682,426
Shares issued upon conversion from other share class(es)		519,946			5,029,484
Shares reacquired upon conversion into other share class(es)		(358,602	)		(3,482,301	)
Net increase (decrease) in shares outstanding		225,383		$	2,229,609
Year ended October 31, 2018:
Shares sold		7,737,083		$	76,766,423
Shares issued in reinvestment of dividends and distributions		363,796			3,599,637
Shares reacquired		(3,470,620	)		(34,386,767	)
Net increase (decrease) in shares outstanding before conversion		4,630,259			45,979,293
Shares issued upon conversion from other share class(es)		542,478			5,369,357
Shares reacquired upon conversion into other share class(es)		(2,125,033	)		(20,970,487	)
Net increase (decrease) in shares outstanding		3,047,704		$	30,378,163

PGIM Absolute Return Bond Fund 135

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2019:
Shares sold		1,832,114		$	17,815,072
Shares issued in reinvestment of dividends and distributions		295,979			2,858,797
Shares reacquired		(1,445,323	)		(14,022,214	)
Net increase (decrease) in shares outstanding before conversion		682,770			6,651,655
Shares reacquired upon conversion into other share class(es)		(290,657	)		(2,826,331	)
Net increase (decrease) in shares outstanding		392,113		$	3,825,324
Year ended October 31, 2018:
Shares sold		3,141,833		$	31,222,637
Shares issued in reinvestment of dividends and distributions		219,367			2,176,489
Shares reacquired		(1,939,289	)		(19,269,209	)
Net increase (decrease) in shares outstanding before conversion		1,421,911			14,129,917
Shares reacquired upon conversion into other share class(es)		(506,587	)		(5,024,802	)
Net increase (decrease) in shares outstanding		915,324		$	9,105,115
Class Z
Six months ended April 30, 2019:
Shares sold		78,764,829		$	766,487,352
Shares issued in reinvestment of dividends and distributions		6,628,621			64,144,624
Shares reacquired		(85,684,585	)		(831,608,850	)
Net increase (decrease) in shares outstanding before conversion		(291,135	)		(976,874	)
Shares issued upon conversion from other share class(es)		520,573			5,072,485
Shares reacquired upon conversion into other share class(es)		(418,163	)		(4,059,688	)
Net increase (decrease) in shares outstanding		(188,725	)	$	35,923
Year ended October 31, 2018:
Shares sold		137,049,289		$	1,363,011,556
Shares issued in reinvestment of dividends and distributions		4,728,423			46,966,093
Shares reacquired		(50,759,062	)		(504,637,628	)
Net increase (decrease) in shares outstanding before conversion		91,018,650			905,340,021
Shares issued upon conversion from other share class(es)		2,629,628			26,073,554
Shares reacquired upon conversion into other share class(es)		(2,814,518	)		(27,907,422	)
Net increase (decrease) in shares outstanding		90,833,760		$	903,506,153

136

Class R6	Shares			Amount
Six months ended April 30, 2019:
Shares sold		1,774,836		$	17,187,118
Shares issued in reinvestment of dividends and distributions		340,709			3,283,190
Shares reacquired		(13,469,795	)		(131,989,776	)
Net increase (decrease) in shares outstanding before conversion		(11,354,250	)		(111,519,468	)
Shares issued upon conversion from other share class(es)		30,127			291,306
Shares reacquired upon conversion into other share class(es)		(2,578	)		(24,955	)
Net increase (decrease) in shares outstanding		(11,326,701	)	$	(111,253,117	)
Year ended October 31, 2018:
Shares sold		10,649,660		$	105,859,341
Shares issued in reinvestment of dividends and distributions		971,802			9,616,572
Shares reacquired		(28,032,106	)		(277,317,405	)
Net increase (decrease) in shares outstanding before conversion		(16,410,644	)		(161,841,492	)
Shares issued upon conversion from other share class(es)		2,284,964			22,552,844
Shares reacquired upon conversion into other share class(es)		(9,358	)		(93,044	)
Net increase (decrease) in shares outstanding		(14,135,038	)	$	(139,381,692	)

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Fund utilized the SCA during the reporting period ended April 30, 2019. The average daily balance for the 21 days that the Fund had loans outstanding during the period was approximately $7,826,238, borrowed at a weighted average interest rate of 3.74%. The maximum loan outstanding amount during the period was $41,712,000. At April 30, 2019, the Fund did not have an outstanding loan amount.

PGIM Absolute Return Bond Fund 137

Notes to Financial Statements (unaudited) (continued)

8. Risks of Investing in the Fund

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

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

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

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

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

138

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

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

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

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are

PGIM Absolute Return Bond Fund 139

Notes to Financial Statements (unaudited) (continued)

effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

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Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.82			$9.93			$9.59			$9.48			$9.79			$9.82
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.27			0.23			0.25			0.23			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.08			(0.05	)		0.33			0.06			(0.30	)		0.02
Total from investment operations		0.23			0.22			0.56			0.31			(0.07	)		0.27
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.33	)		(0.22	)		(0.15	)		(0.21	)		(0.30	)
Tax return of capital distributions		-			-			-			(0.05	)		(0.03	)		-
Total dividends and distributions		(0.34	)		(0.33	)		(0.22	)		(0.20	)		(0.24	)		(0.30	)
Net asset value, end of period		$9.71			$9.82			$9.93			$9.59			$9.48			$9.79
Total Return(b):		2.28%			2.21%			5.95%			3.36%			(0.78)%			2.76%
Ratios/Supplemental Data:
Net assets, end of period (000)		$149,013			$148,609			$119,969			$197,713			$315,214			$452,955
Average net assets (000)		$150,022			$142,613			$145,290			$246,082			$383,950			$483,199
Ratios to average net assets(c)(d)(e):
Expenses after waivers and/or expense reimbursement		1.02%	(f)		1.03%			1.15%			1.15%			1.15%			1.15%
Expenses before waivers and/or expense reimbursement		1.02%	(f)		1.04%			1.22%			1.24%			1.24%			1.27%
Net investment income (loss)		3.18%	(f)		2.72%			2.31%			2.67%			2.39%			2.58%
Portfolio turnover rate(g)		28%			52%			72%			38%			64%			64%

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

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

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

(d) Effective March 9, 2015, the contractual distribution and service (12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets and the 0.05% contractual 12b-1 fee waiver was terminated.

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 141

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.85			$9.96			$9.62			$9.51			$9.82			$9.85
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.19			0.15			0.18			0.16			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.06			(0.05	)		0.34			0.06			(0.31	)		0.01
Total from investment operations		0.18			0.14			0.49			0.24			(0.15	)		0.19
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.25	)		(0.15	)		(0.10	)		(0.13	)		(0.22	)
Tax return of capital distributions		-			-			-			(0.03	)		(0.03	)		-
Total dividends and distributions		(0.30	)		(0.25	)		(0.15	)		(0.13	)		(0.16	)		(0.22	)
Net asset value, end of period		$9.73			$9.85			$9.96			$9.62			$9.51			$9.82
Total Return(b):		1.89%			1.43%			5.16%			2.59%			(1.51)%			1.97%
Ratios/Supplemental Data:
Net assets, end of period (000)		$109,283			$106,734			$98,789			$118,092			$161,679			$195,312
Average net assets (000)		$108,522			$102,866			$106,174			$135,510			$183,419			$183,745
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.78%	(e)		1.79%			1.90%			1.90%			1.90%			1.90%
Expenses before waivers and/or expense reimbursement		1.78%	(e)		1.80%			1.97%			1.99%			1.97%			1.97%
Net investment income (loss)		2.39%	(e)		1.93%			1.58%			1.91%			1.62%			1.81%
Portfolio turnover rate(f)		28%			52%			72%			38%			64%			64%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

142

Class Z Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.86			$9.97			$9.64			$9.52			$9.83			$9.86
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.30			0.25			0.27			0.25			0.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.07			(0.06	)		0.33			0.08			(0.30	)		0.02
Total from investment operations		0.24			0.24			0.58			0.35			(0.05	)		0.29
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.35	)		(0.25	)		(0.17	)		(0.23	)		(0.32	)
Tax return of capital distributions		-			-			-			(0.06	)		(0.03	)		-
Total dividends and distributions		(0.35	)		(0.35	)		(0.25	)		(0.23	)		(0.26	)		(0.32	)
Net asset value, end of period		$9.75			$9.86			$9.97			$9.64			$9.52			$9.83
Total Return(b):		2.52%			2.48%			6.08%			3.71%			(0.53)%			3.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,132,224			$2,159,518			$1,277,401			$1,019,254			$1,755,667			$2,070,862
Average net assets (000)		$2,238,833			$1,679,461			$1,121,943			$1,396,060			$2,029,397			$1,484,697
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.73%	(e)		0.75%			0.90%			0.90%			0.90%			0.90%
Expenses before waivers and/or expense reimbursement		0.78%	(e)		0.81%			0.96%			0.99%			0.97%			0.97%
Net investment income (loss)		3.43%	(e)		3.01%			2.59%			2.91%			2.61%			2.79%
Portfolio turnover rate(f)		28%			52%			72%			38%			64%			64%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 143

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31,
				2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.82			$9.94			$9.61			$9.49			$9.81			$9.83
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.29			0.26			0.28			0.25			0.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.05			(0.05	)		0.32			0.07			(0.30	)		0.03
Total from investment operations		0.23			0.24			0.58			0.35			(0.05	)		0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.36	)		(0.25	)		(0.17	)		(0.24	)		(0.33	)
Tax return of capital distributions		-			-			-			(0.06	)		(0.03	)		-
Total dividends and distributions		(0.35	)		(0.36	)		(0.25	)		(0.23	)		(0.27	)		(0.33	)
Net asset value, end of period		$9.70			$9.82			$9.94			$9.61			$9.49			$9.81
Total Return(b):		2.44%			2.42%			6.15%			3.81%			(0.57)%			3.16%
Ratios/Supplemental Data:
Net assets, end of period (000)		$90,946			$203,372			$346,253			$175,887			$151,294			$19,025
Average net assets (000)		$93,538			$329,668			$270,229			$158,967			$125,910			$18,604
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.70%	(e)		0.74%			0.90%			0.84%			0.85%			0.85%
Expenses before waivers and/or expense reimbursement		0.72%	(e)		0.75%			0.90%			0.84%			0.85%			0.85%
Net investment income (loss)		3.62%	(e)		2.95%			2.64%			2.97%			2.61%			2.87%
Portfolio turnover rate(f)		28%			52%			72%			38%			64%			64%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

144

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	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 the prospectus and summary prospectus by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter.

Mutual Funds:

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

PGIM ABSOLUTE RETURN BOND FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PADAX	PADCX	PADZX	PADQX
CUSIP	74441J852	74441J845	74441J829	74441J837

MF213E2    

PGIM QMA LARGE-CAP CORE EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective: Long-term growth of capital

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM QMA Large-Cap Core Equity Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM QMA Large-Cap Core Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

Regarding your investments with PGIM, we believe it is important to

maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA Large-Cap Core Equity Fund

June 14, 2019

PGIM QMA Large-Cap Core Equity Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	7.77	3.76	9.24	13.68	—
Class B	7.28	4.40	9.47	13.46	—
Class C	7.33	8.02	9.66	13.49	—
Class Z	7.87	10.04	10.76	14.62	—
Class R6	7.93	10.17	N/A	N/A	13.38 (12/28/16)
S&P 500 Index
	9.75	13.48	11.62	15.31	—
Lipper Large-Cap Core Funds Average
	9.34	11.62	10.09	13.91	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

6 Visit our website at pgiminvestments.com

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

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

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

Benchmark Definitions

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 14.70%.

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 universe 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. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 13.40%.

PGIM QMA Large-Cap Core Equity Fund 7

Your Fund’s Performance (continued)

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.

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 4/30/19 (%)
Microsoft Corp., Software	4.7
Apple, Inc., Technology Hardware, Storage & Peripherals	2.8
Facebook, Inc. (Class A Stock), Interactive Media & Services	2.4
Amazon.com, Inc., Internet & Direct Marketing Retail	2.1
Alphabet, Inc. (Class C Stock), Interactive Media & Services	2.0

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/19 (%)
Software	7.3
Banks	6.1
Interactive Media & Services	5.7
Oil, Gas & Consumable Fuels	5.3
Internet & Direct Marketing Retail	4.4

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

8 Visit our website at pgiminvestments.com

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 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM QMA Large-Cap Core Equity Fund 9

Fees and Expenses (continued)

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

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

PGIM QMA Large-Cap Core Equity Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,077.70		0.74	%	$	3.81
	Hypothetical	$	1,000.00	$	1,021.12		0.74	%	$	3.71
Class B	Actual	$	1,000.00	$	1,072.80		1.60	%	$	8.22
	Hypothetical	$	1,000.00	$	1,016.86		1.60	%	$	8.00
Class C	Actual	$	1,000.00	$	1,073.30		1.47	%	$	7.56
	Hypothetical	$	1,000.00	$	1,017.50		1.47	%	$	7.35
Class Z	Actual	$	1,000.00	$	1,078.70		0.48	%	$	2.47
	Hypothetical	$	1,000.00	$	1,022.41		0.48	%	$	2.41
Class R6	Actual	$	1,000.00	$	1,079.30		0.35	%	$	1.80
	Hypothetical	$	1,000.00	$	1,023.06		0.35	%	$	1.76

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

10 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.9%
COMMON STOCKS
Aerospace & Defense    3.3%
Arconic, Inc.		130,300	$	2,798,844
General Dynamics Corp.		15,700		2,805,904
Lockheed Martin Corp.		7,780		2,593,307
Northrop Grumman Corp.		4,870		1,411,862
Raytheon Co.		13,690		2,431,207
Spirit AeroSystems Holdings, Inc. (Class A Stock)		11,000		955,900
United Technologies Corp.		27,500		3,921,775
Vectrus, Inc.*		8,150		330,483
				17,249,282
Air Freight & Logistics    0.1%
Hub Group, Inc. (Class A Stock)*		7,500		311,775
Airlines    0.6%
Southwest Airlines Co.		52,900		2,868,767
Automobiles    0.7%
General Motors Co.		93,900		3,657,405
Banks    6.1%
Bank of America Corp.		282,168		8,628,697
Citigroup, Inc.		92,600		6,546,820
JPMorgan Chase & Co.		69,040		8,012,092
KeyCorp		95,300		1,672,515
Wells Fargo & Co.		141,900		6,869,379
				31,729,503
Beverages    2.6%
Coca-Cola Co. (The)		66,800		3,277,208
Constellation Brands, Inc. (Class A Stock)		6,760		1,430,889
Keurig Dr. Pepper, Inc.		43,100		1,252,917
Monster Beverage Corp.*		13,300		792,680
PepsiCo, Inc.		51,714		6,621,978
				13,375,672
Biotechnology    2.9%
AbbVie, Inc.		1,400		111,146
Alexion Pharmaceuticals, Inc.*		14,250		1,939,852
Biogen, Inc.*		11,010		2,523,932

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Celgene Corp.*		47,930	$	4,537,054
Gilead Sciences, Inc.		63,970		4,160,609
Vertex Pharmaceuticals, Inc.*		10,700		1,808,086
				15,080,679
Building Products    0.3%
Continental Building Products, Inc.*		11,400		292,410
NCI Building Systems, Inc.*		32,000		183,040
Resideo Technologies, Inc.*		26,000		590,200
Universal Forest Products, Inc.		18,700		690,965
				1,756,615
Capital Markets    2.0%
Affiliated Managers Group, Inc.		1,430		158,616
Ameriprise Financial, Inc.		16,880		2,477,478
Goldman Sachs Group, Inc. (The)		15,450		3,181,464
Janus Henderson Group PLC (United Kingdom)		7,300		183,011
LPL Financial Holdings, Inc.		2,200		162,998
Morgan Stanley		82,550		3,983,037
				10,146,604
Chemicals    1.3%
Huntsman Corp.		11,450		254,648
LyondellBasell Industries NV (Class A Stock)		34,620		3,054,523
Mosaic Co. (The)		74,500		1,945,195
Sherwin-Williams Co. (The)		2,300		1,046,109
Trinseo SA		6,300		283,185
				6,583,660
Communications Equipment    1.9%
Arista Networks, Inc.*		2,000		624,580
Cisco Systems, Inc.		153,050		8,563,147
CommScope Holding Co., Inc.*		20,400		505,512
				9,693,239

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Construction & Engineering    0.4%
EMCOR Group, Inc.		5,850	$	492,219
Quanta Services, Inc.		32,700		1,327,620
				1,819,839
Construction Materials    0.1%
Vulcan Materials Co.		3,300		416,163
Consumer Finance    1.0%
Capital One Financial Corp.		38,770		3,599,019
OneMain Holdings, Inc.		51,450		1,747,757
				5,346,776
Containers & Packaging    0.1%
Greif, Inc. (Class A Stock)		3,400		134,368
Owens-Illinois, Inc.		15,100		298,376
				432,744
Distributors    0.7%
Genuine Parts Co.		27,340		2,803,444
LKQ Corp.*		24,300		731,430
				3,534,874
Diversified Financial Services    1.1%
Berkshire Hathaway, Inc. (Class B Stock)*		26,550		5,753,651
Diversified Telecommunication Services    2.6%
AT&T, Inc.		210,621		6,520,826
ATN International, Inc.		900		54,945
Verizon Communications, Inc.		120,550		6,894,255
				13,470,026
Electric Utilities    1.4%
Eversource Energy		3,950		283,057
Exelon Corp.		78,650		4,007,217
Portland General Electric Co.		3,900		204,009
Southern Co. (The)		51,200		2,724,864
				7,219,147

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Electrical Equipment    0.2%
Atkore International Group, Inc.*		27,200	$	673,472
Encore Wire Corp.		5,800		343,882
				1,017,354
Electronic Equipment, Instruments & Components    0.7%
Anixter International, Inc.*		8,100		509,247
CDW Corp.		17,550		1,853,280
Keysight Technologies, Inc.*		3,700		322,011
ScanSource, Inc.*		7,400		278,610
SYNNEX Corp.		5,800		625,704
Tech Data Corp.*		700		74,627
				3,663,479
Energy Equipment & Services    0.1%
C&J Energy Services, Inc.*		12,100		170,005
Superior Energy Services, Inc.*		43,500		156,165
				326,170
Entertainment    1.6%
Marcus Corp. (The)		7,000		263,340
Viacom, Inc. (Class B Stock)		56,150		1,623,297
Walt Disney Co. (The)		46,850		6,417,044
				8,303,681
Equity Real Estate Investment Trusts (REITs)    2.1%
American Tower Corp.		19,250		3,759,525
Apple Hospitality REIT, Inc.		18,350		301,858
Armada Hoffler Properties, Inc.		9,800		158,270
CoreCivic, Inc.		10,750		223,708
GEO Group, Inc. (The)		26,050		521,521
Host Hotels & Resorts, Inc.		139,000		2,674,360
Ryman Hospitality Properties, Inc.		17,850		1,420,860
Spirit MTA REIT		1,260		8,492
Spirit Realty Capital, Inc.		27,240		1,102,130
Xenia Hotels & Resorts, Inc.		42,300		915,795
				11,086,519

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Food & Staples Retailing    0.7%
Walgreens Boots Alliance, Inc.		49,550	$	2,654,394
Walmart, Inc.		8,060		828,890
				3,483,284
Food Products    1.4%
Archer-Daniels-Midland Co.		65,250		2,910,150
J.M. Smucker Co. (The)		3,200		392,416
Pilgrim’s Pride Corp.*		33,300		896,103
Tyson Foods, Inc. (Class A Stock)		43,400		3,255,434
				7,454,103
Gas Utilities    0.3%
UGI Corp.		27,950		1,523,555
Health Care Equipment & Supplies    4.1%
Abbott Laboratories		60,700		4,829,292
Baxter International, Inc.		4,300		328,090
Becton, Dickinson & Co.		6,600		1,588,884
Cooper Cos., Inc. (The)		3,400		985,728
Danaher Corp.		31,940		4,230,134
Hologic, Inc.*		16,800		779,184
IDEXX Laboratories, Inc.*		3,700		858,400
Medtronic PLC		56,788		5,043,342
Stryker Corp.		7,310		1,380,932
Zimmer Biomet Holdings, Inc.		7,620		938,479
				20,962,465
Health Care Providers & Services    1.9%
Anthem, Inc.		1,300		341,939
CVS Health Corp.		16,566		900,859
HCA Healthcare, Inc.		23,750		3,021,712
UnitedHealth Group, Inc.		23,940		5,579,696
				9,844,206
Hotels, Restaurants & Leisure    1.3%
Biglari Holdings, Inc. (Class A Stock)*		20		14,740
Biglari Holdings, Inc. (Class B Stock)*		200		27,866
Bloomin’ Brands, Inc.		55,600		1,111,444

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Extended Stay America, Inc., UTS		22,000	$	394,020
Hilton Worldwide Holdings, Inc.		17,400		1,513,626
Norwegian Cruise Line Holdings Ltd.*		4,600		259,394
Royal Caribbean Cruises Ltd.		9,200		1,112,648
Starbucks Corp.		29,000		2,252,720
				6,686,458
Household Products    1.3%
Procter & Gamble Co. (The)		64,464		6,864,127
Independent Power & Renewable Electricity Producers    0.8%
AES Corp.		97,450		1,668,344
NRG Energy, Inc.		59,700		2,457,849
				4,126,193
Industrial Conglomerates    1.5%
Carlisle Cos., Inc.		1,400		197,988
General Electric Co.		466,720		4,746,542
Honeywell International, Inc.		14,600		2,534,998
				7,479,528
Insurance    1.6%
Aflac, Inc.		30,100		1,516,438
Allstate Corp. (The)		9,900		980,694
CNO Financial Group, Inc.		5,300		87,715
MetLife, Inc.		77,950		3,595,833
Unum Group		52,850		1,951,222
				8,131,902
Interactive Media & Services    5.7%
Alphabet, Inc. (Class A Stock)*		5,560		6,666,217
Alphabet, Inc. (Class C Stock)*		8,618		10,242,321
Facebook, Inc. (Class A Stock)*		63,670		12,313,778
				29,222,316
Internet & Direct Marketing Retail    4.4%
Amazon.com, Inc.*		5,600		10,788,512
Booking Holdings, Inc.*		2,290		4,247,927

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Internet & Direct Marketing Retail (cont’d.)
eBay, Inc.		87,150	$	3,377,063
Expedia Group, Inc.		21,900		2,843,496
Qurate Retail, Inc.*		91,500		1,560,075
				22,817,073
IT Services    4.2%
Accenture PLC (Class A Stock)		27,650		5,050,826
Automatic Data Processing, Inc.		4,800		789,072
Booz Allen Hamilton Holding Corp.		24,500		1,452,605
Cognizant Technology Solutions Corp. (Class A Stock)		46,720		3,408,691
DXC Technology Co.		43,839		2,881,976
Fidelity National Information Services, Inc.		21,600		2,504,088
International Business Machines Corp.		36,030		5,053,928
Visa, Inc. (Class A Stock)		4,900		805,707
				21,946,893
Leisure Products    0.0%
Johnson Outdoors, Inc. (Class A Stock)		1,100		84,337
Life Sciences Tools & Services    1.7%
Charles River Laboratories International, Inc.*		3,900		547,833
IQVIA Holdings, Inc.*		20,500		2,847,450
PRA Health Sciences, Inc.*		12,500		1,210,250
Thermo Fisher Scientific, Inc.		15,910		4,414,229
				9,019,762
Machinery    0.8%
Caterpillar, Inc.		9,400		1,310,548
Mueller Industries, Inc.		9,500		277,115
Oshkosh Corp.		9,800		809,382
PACCAR, Inc.		20,500		1,469,235
Pentair PLC		8,800		343,112
				4,209,392
Media    0.7%
Comcast Corp. (Class A Stock)		81,100		3,530,283

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining    0.4%
Nucor Corp.		9,900	$	564,993
Steel Dynamics, Inc.		42,700		1,352,736
				1,917,729
Mortgage Real Estate Investment Trusts (REITs)    0.2%
Ladder Capital Corp.		30,793		535,798
Two Harbors Investment Corp.		36,100		500,346
				1,036,144
Multiline Retail    0.4%
Kohl’s Corp.		4,250		302,175
Macy’s, Inc.		78,950		1,858,483
				2,160,658
Multi-Utilities    1.0%
CenterPoint Energy, Inc.		39,950		1,238,450
Dominion Energy, Inc.		49,800		3,877,926
MDU Resources Group, Inc.		2,250		58,838
				5,175,214
Oil, Gas & Consumable Fuels    5.3%
Chevron Corp.		60,950		7,317,657
ConocoPhillips		15,300		965,736
Exxon Mobil Corp.		90,494		7,264,858
Kinder Morgan, Inc.		163,800		3,254,706
Marathon Oil Corp.		4,500		76,680
Marathon Petroleum Corp.		53,671		3,266,954
Phillips 66		31,330		2,953,479
Valero Energy Corp.		21,450		1,944,657
World Fuel Services Corp.		5,300		163,505
				27,208,232
Personal Products    0.0%
USANA Health Sciences, Inc.*		1,550		129,363
Pharmaceuticals    3.7%
Allergan PLC		14,118		2,075,346
Bristol-Myers Squibb Co.		10,650		494,480

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Horizon Pharma PLC*		15,200	$	388,056
Johnson & Johnson		53,929		7,614,775
Merck & Co., Inc.		80,150		6,308,606
Mylan NV*		15,400		415,646
Pfizer, Inc.		48,684		1,977,057
				19,273,966
Professional Services    0.4%
Heidrick & Struggles International, Inc.		8,200		293,396
Insperity, Inc.		3,350		400,526
Korn Ferry		26,100		1,227,222
TriNet Group, Inc.*		5,000		311,700
				2,232,844
Real Estate Management & Development    0.4%
CBRE Group, Inc. (Class A Stock)*		39,550		2,059,369
Road & Rail    1.0%
Norfolk Southern Corp.		13,150		2,682,863
Union Pacific Corp.		12,900		2,283,816
				4,966,679
Semiconductors & Semiconductor Equipment    4.1%
Analog Devices, Inc.		14,300		1,662,232
Broadcom, Inc.		6,100		1,942,240
Intel Corp.		149,200		7,615,168
QUALCOMM, Inc.		68,300		5,882,679
Versum Materials, Inc.		20,300		1,059,254
Xilinx, Inc.		25,000		3,003,500
				21,165,073
Software    7.3%
Adobe, Inc.*		5,930		1,715,253
CDK Global, Inc.		9,900		597,168
Fortinet, Inc.*		8,000		747,360
Intuit, Inc.		15,090		3,788,495
Microsoft Corp.		185,310		24,201,486
Oracle Corp.		107,500		5,947,975

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
Symantec Corp.		14,000	$	338,940
Synopsys, Inc.*		4,800		581,184
				37,917,861
Specialty Retail    1.6%
Asbury Automotive Group, Inc.*(a)		16,400		1,314,952
AutoNation, Inc.*		3,650		153,044
CarMax, Inc.*		5,100		397,086
Foot Locker, Inc.		42,700		2,442,867
Group 1 Automotive, Inc.		1,500		117,465
Home Depot, Inc. (The)		1,660		338,142
J. Jill, Inc.		16,800		94,248
Lithia Motors, Inc. (Class A Stock)		1,900		215,688
Lowe’s Cos., Inc.		2,400		271,536
Michaels Cos., Inc. (The)*		57,300		644,052
Ross Stores, Inc.		2,800		273,448
Sally Beauty Holdings, Inc.*		17,100		302,670
TJX Cos., Inc. (The)		11,900		653,072
Ulta Beauty, Inc.*		3,400		1,186,532
				8,404,802
Technology Hardware, Storage & Peripherals    3.8%
Apple, Inc.		73,170		14,683,024
Hewlett Packard Enterprise Co.		148,650		2,350,156
HP, Inc.		141,300		2,818,935
				19,852,115
Textiles, Apparel & Luxury Goods    0.6%
PVH Corp.		6,300		812,637
Tapestry, Inc.		65,600		2,116,912
				2,929,549
Thrifts & Mortgage Finance    0.3%
Radian Group, Inc.		73,800		1,728,396

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Tobacco    1.3%
Altria Group, Inc.		84,100	$	4,569,153
Philip Morris International, Inc.		25,190		2,180,446
				6,749,599
Trading Companies & Distributors    0.3%
Veritiv Corp.*		1,700		47,413
WESCO International, Inc.*		29,300		1,677,132
				1,724,545
Water Utilities    0.2%
SJW Group		12,100		750,926
Wireless Telecommunication Services    0.3%
Shenandoah Telecommunications Co.		5,700		235,581
T-Mobile US, Inc.*		18,500		1,350,315
				1,585,896
TOTAL LONG-TERM INVESTMENTS (cost $410,418,905)				511,198,461
SHORT-TERM INVESTMENTS    1.7%
AFFILIATED MUTUAL FUNDS    1.6%
PGIM Core Ultra Short Bond Fund(w)		7,083,410		7,083,410
PGIM Institutional Money Market Fund (cost $1,332,675; includes $1,325,773 of cash collateral for securities on loan)(b)(w)		1,332,403		1,332,803
TOTAL AFFILIATED MUTUAL FUNDS (cost $8,416,085)				8,416,213

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATION    0.1%
U.S. Treasury Bills(k)(n) (cost $597,990)		2.427	%		06/20/19		600	$	598,017
TOTAL SHORT-TERM INVESTMENTS (cost $9,014,075)									9,014,230
TOTAL INVESTMENTS    100.6% (cost $419,432,980)									520,212,691
Liabilities in excess of other assets(z)    (0.6)%									(3,117,194	)
NET ASSETS    100.0%								$	517,095,497

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

LIBOR—London Interbank Offered Rate

REIT(s)—Real Estate Investment Trust(s)

UTS—Unit Trust Security

* Non-income producing security.

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,306,934; cash collateral of $1,325,773 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

(n) Rate shown reflects yield to maturity at purchased date.

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

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

Futures contracts outstanding at April 30, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
		Long Position:
	51	S&P 500 E-Mini Index		Jun. 2019	$	7,518,675	$	436,278

See Notes to Financial Statements.

22

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Goldman Sachs & Co. LLC	$	—	$	598,017

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	17,249,282	$	—	$	—
Air Freight & Logistics		311,775		—		—
Airlines		2,868,767		—		—
Automobiles		3,657,405		—		—
Banks		31,729,503		—		—
Beverages		13,375,672		—		—
Biotechnology		15,080,679		—		—
Building Products		1,756,615		—		—
Capital Markets		10,146,604		—		—
Chemicals		6,583,660		—		—
Communications Equipment		9,693,239		—		—
Construction & Engineering		1,819,839		—		—
Construction Materials		416,163		—		—
Consumer Finance		5,346,776		—		—
Containers & Packaging		432,744		—		—
Distributors		3,534,874		—		—
Diversified Financial Services		5,753,651		—		—
Diversified Telecommunication Services		13,470,026		—		—
Electric Utilities		7,219,147		—		—
Electrical Equipment		1,017,354		—		—
Electronic Equipment, Instruments & Components		3,663,479		—		—
Energy Equipment & Services		326,170		—		—
Entertainment		8,303,681		—		—

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Equity Real Estate Investment Trusts (REITs)	$	11,086,519	$	—	$	—
Food & Staples Retailing		3,483,284		—		—
Food Products		7,454,103		—		—
Gas Utilities		1,523,555		—		—
Health Care Equipment & Supplies		20,962,465		—		—
Health Care Providers & Services		9,844,206		—		—
Hotels, Restaurants & Leisure		6,686,458		—		—
Household Products		6,864,127		—		—
Independent Power & Renewable Electricity Producers		4,126,193		—		—
Industrial Conglomerates		7,479,528		—		—
Insurance		8,131,902		—		—
Interactive Media & Services		29,222,316		—		—
Internet & Direct Marketing Retail		22,817,073		—		—
IT Services		21,946,893		—		—
Leisure Products		84,337		—		—
Life Sciences Tools & Services		9,019,762		—		—
Machinery		4,209,392		—		—
Media		3,530,283		—		—
Metals & Mining		1,917,729		—		—
Mortgage Real Estate Investment Trusts (REITs)		1,036,144		—		—
Multiline Retail		2,160,658		—		—
Multi-Utilities		5,175,214		—		—
Oil, Gas & Consumable Fuels		27,208,232		—		—
Personal Products		129,363		—		—
Pharmaceuticals		19,273,966		—		—
Professional Services		2,232,844		—		—
Real Estate Management & Development		2,059,369		—		—
Road & Rail		4,966,679		—		—
Semiconductors & Semiconductor Equipment		21,165,073		—		—
Software		37,917,861		—		—
Specialty Retail		8,404,802		—		—
Technology Hardware, Storage & Peripherals		19,852,115		—		—
Textiles, Apparel & Luxury Goods		2,929,549		—		—
Thrifts & Mortgage Finance		1,728,396		—		—
Tobacco		6,749,599		—		—
Trading Companies & Distributors		1,724,545		—		—
Water Utilities		750,926		—		—
Wireless Telecommunication Services		1,585,896		—		—
Affiliated Mutual Funds		8,416,213		—		—
U.S. Treasury Obligation		—		598,017		—
Other Financial Instruments*
Futures Contracts		436,278		—		—
Total	$	520,050,952	$	598,017	$	—

See Notes to Financial Statements.

24

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

Software	7.3	%
Banks	6.1
Interactive Media & Services	5.7
Oil, Gas & Consumable Fuels	5.3
Internet & Direct Marketing Retail	4.4
IT Services	4.2
Semiconductors & Semiconductor Equipment	4.1
Health Care Equipment & Supplies	4.1
Technology Hardware, Storage & Peripherals	3.8
Pharmaceuticals	3.7
Aerospace & Defense	3.3
Biotechnology	2.9
Diversified Telecommunication Services	2.6
Beverages	2.6
Equity Real Estate Investment Trusts (REITs)	2.1
Capital Markets	2.0
Health Care Providers & Services	1.9
Communications Equipment	1.9
Life Sciences Tools & Services	1.7
Affiliated Mutual Funds (0.3% represents investments purchased with collateral from securities on loan)	1.6
Specialty Retail	1.6
Entertainment	1.6
Insurance	1.6
Industrial Conglomerates	1.5
Food Products	1.4
Electric Utilities	1.4
Household Products	1.3
Tobacco	1.3
Hotels, Restaurants & Leisure	1.3
Chemicals	1.3
Diversified Financial Services	1.1
Consumer Finance	1.0
Multi-Utilities	1.0
Road & Rail	1.0
Machinery	0.8

Independent Power & Renewable Electricity Producers	0.8	%
Electronic Equipment, Instruments & Components	0.7
Automobiles	0.7
Distributors	0.7
Media	0.7
Food & Staples Retailing	0.7
Textiles, Apparel & Luxury Goods	0.6
Airlines	0.6
Professional Services	0.4
Multiline Retail	0.4
Real Estate Management & Development	0.4
Metals & Mining	0.4
Construction & Engineering	0.4
Building Products	0.3
Thrifts & Mortgage Finance	0.3
Trading Companies & Distributors	0.3
Wireless Telecommunication Services	0.3
Gas Utilities	0.3
Mortgage Real Estate Investment Trusts (REITs)	0.2
Electrical Equipment	0.2
Water Utilities	0.2
U.S. Treasury Obligation	0.1
Containers & Packaging	0.1
Construction Materials	0.1
Energy Equipment & Services	0.1
Air Freight & Logistics	0.1
Personal Products	0.0	*
Leisure Products	0.0	*
	100.6
Liabilities in excess of other assets	(0.6	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

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

Fair values of derivative instruments as of April 30, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Due from/to broker—variation margin futures	$	436,278	*	—	$	—

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	1,068,000
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	650,556

For the six months ended April 30, 2019, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)
$	7,606,080

See Notes to Financial Statements.

26

(1) Notional Amount in USD.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	1,306,934	$	(1,306,934	)	$	—

(1) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 27

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $1,306,934:
Unaffiliated investments (cost $411,016,895)	$	511,796,478
Affiliated investments (cost $8,416,085)		8,416,213
Receivable for Fund shares sold		820,359
Dividends receivable		438,870
Due from broker—variation margin futures		12,949
Tax reclaim receivable		919
Prepaid expenses		1,053
Total Assets		521,486,841
Liabilities
Payable for Fund shares reacquired		2,631,295
Payable to broker for collateral for securities on loan		1,325,773
Accrued expenses and other liabilities		154,288
Management fee payable		118,253
Distribution fee payable		97,320
Affiliated transfer agent fee payable		64,318
Dividends payable		97
Total Liabilities		4,391,344
Net Assets	$	517,095,497
Net assets were comprised of:
Shares of beneficial interest, at par	$	34,856
Paid-in capital in excess of par		430,080,719
Total distributable earnings (loss)		86,979,922
Net assets, April 30, 2019	$	517,095,497

See Notes to Financial Statements.

28

Class A
Net asset value and redemption price per share, ($323,861,870 ÷ 21,916,309 shares of beneficial interest issued and outstanding)	$	14.78
Maximum sales charge (5.50% of offering price)		0.86
Maximum offering price to public	$	15.64
Class B
Net asset value, offering price and redemption price per share, ($4,599,387 ÷ 349,984 shares of beneficial interest issued and outstanding)	$	13.14
Class C
Net asset value, offering price and redemption price per share, ($20,235,659 ÷ 1,537,328 shares of beneficial interest issued and outstanding)	$	13.16
Class Z
Net asset value, offering price and redemption price per share, ($69,742,485 ÷ 4,581,079 shares of beneficial interest issued and outstanding)	$	15.22
Class R6
Net asset value, offering price and redemption price per share, ($98,656,096 ÷ 6,471,671 shares of beneficial interest issued and outstanding)	$	15.24

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 29

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $150 foreign withholding tax)	$	4,186,445
Affiliated dividend income		99,063
Interest income		38,833
Affiliated income from securities lending, net		2,757
Total income		4,327,098
Expenses
Management fee		752,938
Distribution fee(a)		601,896
Transfer agent’s fees and expenses (including affiliated expense of $162,079)(a)		241,302
Custodian and accounting fees		44,503
Registration fees(a)		34,911
Shareholders’ reports		19,903
Audit fee		12,197
Legal fees and expenses		10,087
Trustees’ fees		9,118
Miscellaneous		8,790
Total expenses		1,735,645
Less: Fee waiver and/or expense reimbursement(a)		(145,673	)
Distribution fee waiver(a)		(57,391	)
Net expenses		1,532,581
Net investment income (loss)		2,794,517
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $407)		2,768,130
Futures transactions		1,068,000
		3,836,130
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $128)		40,941,944
Futures		650,556
Foreign currencies		(101	)
		41,592,399
Net gain (loss) on investment and foreign currency transactions		45,428,529
Net Increase (Decrease) In Net Assets Resulting From Operations	$	48,223,046

See Notes to Financial Statements.

30

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		344,342			19,254			238,300			—			—
Transfer agent’s fees and expenses		160,657			10,849			27,705			41,666			425
Registration fees		7,343			6,838			6,910			6,949			6,871
Fee waiver and/or expense reimbursement		(61,391	)		(13,771	)		(18,368	)		(23,565	)		(28,578	)
Distribution fee waiver		(57,391	)		—			—			—			—

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 31

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,794,517		$	3,373,796
Net realized gain (loss) on investment transactions		3,836,130			45,355,078
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		41,592,399			(32,925,093	)
Net increase (decrease) in net assets resulting from operations		48,223,046			15,803,781
Dividends and Distributions
Distributions from distributable earnings
Class A		(18,491,098	)		(15,856,544	)
Class B		(302,126	)		(299,083	)
Class C		(5,561,134	)		(4,505,168	)
Class Z		(10,679,222	)		(8,182,105	)
Class R6		(13,527,645	)		(8,674,924	)
		(48,561,225	)		(37,517,824	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		47,357,793			69,862,792
Net asset value of shares issued in reinvestment of dividends and distributions		47,878,127			36,692,050
Net asset value of shares issued in merger		198,992,875			—
Cost of shares reacquired		(52,628,807	)		(70,529,311	)
Net increase (decrease) in net assets from Fund share transactions		241,599,988			36,025,531
Total increase (decrease)		241,261,809			14,311,488
Net Assets:
Beginning of period		275,833,688			261,522,200
End of period	$	517,095,497		$	275,833,688

See Notes to Financial Statements.

32

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM QMA Large-Cap Core Equity Fund (the “Fund”).

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

1. Accounting Policies

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

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

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

PGIM QMA Large-Cap Core Equity Fund 33

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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.

34

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

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

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

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.

PGIM QMA Large-Cap Core Equity Fund 35

Notes to Financial Statements (unaudited) (continued)

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

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

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also

36

continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

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

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

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

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

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

PGIM QMA Large-Cap Core Equity Fund 37

Notes to Financial Statements (unaudited) (continued)

2. Agreements

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

PGIM Investments has entered into a subadvisory agreement with QMA LLC (“QMA”) (formerly known as Quantitative Management Associates, LLC). 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. PGIM Investments 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 the Manager is accrued daily and payable monthly at an annual rate of 0.35% of the Fund’s average daily net assets up to and including $5 billion and 0.34% of the Fund’s average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.35% for the reporting period ended April 30, 2019.

The Manager has contractually agreed through February 29, 2020, to limit net annual Fund operating expenses, exclusive of distribution and service (12b-1) fees and transfer agency expenses (including sub-transfer agency and networking fees), of each class of shares to 0.35% of the Fund’s average daily net assets. Separately, effective December 15, 2018 the Manager has contractually agreed, through Ferbuary 29, 2020, to limit total annual operating expenses to 1.58% of average daily net assets for class B shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

38

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

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 1% of the average daily net assets of the Class A, Class B and Class C shares, respectively. PIMS has contractually agreed through February 29, 2020 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

For the reporting period ended April 30, 2019, PIMS received $77,115 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $556 and $343 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the 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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors,

PGIM QMA Large-Cap Core Equity Fund 39

Notes to Financial Statements (unaudited) (continued)

and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $188,398,658 and $184,808,760, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	7,609,208	$	71,228,725	$	71,754,523	$	—	$	—	$	7,083,410		7,083,410	$	99,063
	PGIM Institutional Money Market Fund*
	—		42,114,003		40,781,735		128		407		1,332,803		1,332,403		2,757	**
$	7,609,208	$	113,342,728	$	112,536,258	$	128	$	407	$	8,416,213			$	101,820

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Fund.

40

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	439,739,432
Gross Unrealized Appreciation		111,320,098
Gross Unrealized Depreciation		(30,410,561	)
Net Unrealized Appreciation	$	80,909,537

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

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

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

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

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 336 Class A shares and 5,722,352 Class R6 shares of the Fund. At

PGIM QMA Large-Cap Core Equity Fund 41

Notes to Financial Statements (unaudited) (continued)

reporting period end, three shareholders of record, each holding greater than 5% of the Fund, held 33% of the Fund’s outstanding shares, of which 7% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		409,565		$	5,638,004
Shares issued in reinvestment of dividends and distributions		1,358,711			18,098,031
Shares issued in merger		12,355,677			161,365,147
Shares reacquired		(1,306,367	)		(18,000,608	)
Net increase (decrease) in shares outstanding before conversion		12,817,586			167,100,574
Shares issued upon conversion from other share class(es)		2,816,202			40,923,804
Shares reacquired upon conversion into other share class(es)		(32,876	)		(458,291	)
Net increase (decrease) in shares outstanding		15,600,912		$	207,566,087
Year ended October 31, 2018:
Shares sold		342,696		$	5,962,112
Shares issued in reinvestment of dividends and distributions		935,749			15,430,504
Shares reacquired		(1,182,113	)		(20,369,261	)
Net increase (decrease) in shares outstanding before conversion		96,332			1,023,355
Shares issued upon conversion from other share class(es)		80,033			1,418,612
Shares reacquired upon conversion into other share class(es)		(32,240	)		(556,387	)
Net increase (decrease) in shares outstanding		144,125		$	1,885,580
Class B
Six months ended April 30, 2019:
Shares sold		5,652		$	70,275
Shares issued in reinvestment of dividends and distributions		25,097			298,161
Shares issued in merger		278,280			3,241,959
Shares reacquired		(35,204	)		(424,806	)
Net increase (decrease) in shares outstanding before conversion		273,825			3,185,589
Shares reacquired upon conversion into other share class(es)		(32,157	)		(395,651	)
Net increase (decrease) in shares outstanding		241,668		$	2,789,938
Year ended October 31, 2018:
Shares sold		9,464		$	154,199
Shares issued in reinvestment of dividends and distributions		19,561			294,007
Shares reacquired		(14,671	)		(228,377	)
Net increase (decrease) in shares outstanding before conversion		14,354			219,829
Shares reacquired upon conversion into other share class(es)		(41,880	)		(688,725	)
Net increase (decrease) in shares outstanding		(27,526	)	$	(468,896	)

42

Class C	Shares			Amount
Six months ended April 30, 2019:
Shares sold		370,400		$	4,244,461
Shares issued in reinvestment of dividends and distributions		453,060			5,391,413
Shares issued in merger		2,484,134			28,989,842
Shares reacquired		(574,643	)		(6,966,456	)
Net increase (decrease) in shares outstanding before conversion		2,732,951			31,659,260
Shares reacquired upon conversion into other share class(es)		(3,164,453	)		(40,980,382	)
Net increase (decrease) in shares outstanding		(431,502	)	$	(9,321,122	)
Year ended October 31, 2018:
Shares sold		175,337		$	2,730,103
Shares issued in reinvestment of dividends and distributions		289,701			4,359,999
Shares reacquired		(300,244	)		(4,757,478	)
Net increase (decrease) in shares outstanding before conversion		164,794			2,332,624
Shares reacquired upon conversion into other share class(es)		(62,370	)		(997,024	)
Net increase (decrease) in shares outstanding		102,424		$	1,335,600
Class Z
Six months ended April 30, 2019:
Shares sold		674,030		$	9,248,531
Shares issued in reinvestment of dividends and distributions		770,450			10,562,877
Shares issued in merger		383,078			5,148,558
Shares reacquired		(906,709	)		(12,973,364	)
Net increase (decrease) in shares outstanding before conversion		920,849			11,986,602
Shares issued upon conversion from other share class(es)		67,143			955,103
Shares reacquired upon conversion into other share class(es)		(2,564	)		(44,583	)
Net increase (decrease) in shares outstanding		985,428		$	12,897,122
Year ended October 31, 2018:
Shares sold		936,671		$	16,621,264
Shares issued in reinvestment of dividends and distributions		469,942			7,932,616
Shares reacquired		(840,971	)		(14,918,448	)
Net increase (decrease) in shares outstanding before conversion		565,642			9,635,432
Shares issued upon conversion from other share class(es)		80,826			1,445,454
Shares reacquired upon conversion into other share class(es)		(35,726	)		(638,785	)
Net increase (decrease) in shares outstanding		610,742		$	10,442,101
Class R6
Six months ended April 30, 2019:
Shares sold		2,009,394		$	28,156,522
Shares issued in reinvestment of dividends and distributions		985,980			13,527,645
Shares issued in merger		18,392			247,369
Shares reacquired		(984,264	)		(14,263,573	)
Net increase (decrease) in shares outstanding		2,029,502		$	27,667,963
Year ended October 31, 2018:
Shares sold		2,515,007		$	44,395,114
Shares issued in reinvestment of dividends and distributions		513,613			8,674,924
Shares reacquired		(1,686,475	)		(30,255,747	)
Net increase (decrease) in shares outstanding before conversion		1,342,145			22,814,291
Shares issued upon conversion from other share class(es)		945			16,855
Net increase (decrease) in shares outstanding		1,343,090		$	22,831,146

PGIM QMA Large-Cap Core Equity Fund 43

Notes to Financial Statements (unaudited) (continued)

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Fund

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

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

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the

44

equity markets or a sector in which the Fund invests could go down. The Fund’s holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

9. Reorganization

On June 19, 2018, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PGIM QMA Defensive Equity Fund (the “Merged Fund”) for shares of PGIM QMA Large-Cap Core Equity Fund (the “Acquiring Fund”) and the assumption of the liabilities of the Merged Fund respectively. Shareholders approved the Plan at a meeting on November 16, 2018 and the reorganization took place on December 14, 2018. Upon implementation of the reorganization, PGIM Investments contractually agreed through February 29, 2020, to limit total annual operating expenses to 1.58% of average daily net assets for Class B shares of the proforma combined Fund.

On the reorganization date, the Merged Fund had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:

Merged Fund	Total Investment Value		Total Investment Cost
PGIM QMA Defensive Equity Fund	$	196,953,251	$	176,956,177

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives and policies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 14, 2018:

Merged Fund			Acquiring Fund
PGIM QMA Defensive Equity Fund			PGIM QMA Large-Cap Core Equity Fund
Class	Shares		Class		Shares		Value
A		14,239,586		A		12,355,677	$	161,365,147
B		287,090		B		278,280		3,241,959
C		2,567,622		C		2,484,134		28,989,842
R*		382

PGIM QMA Large-Cap Core Equity Fund 45

Notes to Financial Statements (unaudited) (continued)

Merged Fund			Acquiring Fund
PGIM QMA Defensive Equity Fund			PGIM QMA Large-Cap Core Equity Fund
Class	Shares		Class		Shares		Value
R6		21,770		R6		18,392	$	247,369
Z		453,555		Z		383,078		5,148,558

* Class R shares were converted to Class A shares in the reorganization.

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio were carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

Merged Fund					Acquiring Fund
PGIM QMA Defensive Equity Fund			Unrealized Appreciation on Investments		PGIM QMA Large-Cap Core Equity Fund
Class	Net assets				Class		Net assets
A	$	161,360,761	$	16,169,416		A	$	97,991,911
B		3,241,959		371,064		B		1,525,457
C		28,989,842		2,914,185		C		27,863,342
R		4,386		441
R6		247,369		24,845		R6		73,674,073
Z		5,148,558		517,123		Z		57,822,232

Assuming the acquisition had been completed on November 1, 2018, the Acquiring Fund’s unaudited pro forma results of operations for the reporting period ended April 30, 2019 would have been as follows:

Acquiring Fund	Net Investment income(a)		Net realized and unrealized gain on investments(b)		Net increase in net assets resulting from operations
PGIM QMA Large-Cap Core Equity Fund		3,306,403		37,344,513		40,650,916

(a) Net investment income as reported in the Statement of Operations (reporting period ended April 30, 2019) of the Acquiring Fund, plus net investment income from the Merged Portfolio pre-merger as follows: PGIM QMA Defensive Equity Fund $511,886.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (reporting period ended April 30, 2019) of the Acquiring Fund, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: PGIM QMA Defensive Equity Fund $(8,084,016).

46

Since both the Merged Portfolio and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment Funds had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Fund that have been included in the Acquiring Fund’s Statement of Operations since December 14, 2018 for the Plan.

10. Recent Accounting Pronouncements and Reporting Updates

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

11. Subsequent Event

At a meeting held on December 6, 2018, the Board of Directors of the Fund approved a plan of reorganization whereby the PGIM QMA Large-Cap Core Equity Fund would acquire the PGIM Growth Allocation Fund. This reorganization was approved by the shareholders of the PGIM Growth Allocation Fund on May 7, 2019 and is scheduled to be completed on or about June 21, 2019.

PGIM QMA Large-Cap Core Equity Fund 47

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.76			$18.37			$15.49			$15.92			$16.55			$15.23
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.20			0.19			0.14			0.14			0.11
Net realized and unrealized gain (loss) on investment transactions		0.90			0.80			3.51			0.29			0.55			2.46
Total from investment operations		0.98			1.00			3.70			0.43			0.69			2.57
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.18	)		(0.15	)		(0.14	)		(0.11	)		(0.13	)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(2.96	)		(2.61	)		(0.82	)		(0.86	)		(1.32	)		(1.25	)
Net asset value, end of period		$14.78			$16.76			$18.37			$15.49			$15.92			$16.55
Total Return(b):		7.77%			5.67%			24.73%			3.02%			4.20%			18.09%
Ratios/Supplemental Data:
Net assets, end of period (000)		$323,862			$105,855			$113,343			$89,169			$88,920			$88,561
Average net assets (000)		$231,453			$112,391			$101,852			$88,443			$90,171			$86,047
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.74%	(e)		0.72%			0.77%			1.17%			1.14%			1.16%
Expenses before waivers and/or expense reimbursement		0.84%	(e)		0.86%			0.93%			1.22%			1.19%			1.21%
Net investment income (loss)		1.21%	(e)		1.14%			1.13%			0.91%			0.89%			0.74%
Portfolio turnover rate(f)		44%			95%			89%			89%			112%			91%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

48

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.15			$16.87			$14.30			$14.75			$15.43			$14.29
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.03			0.06			0.03			0.02			-	(b)
Net realized and unrealized gain (loss) on investment transactions		0.79			0.74			3.23			0.27			0.51			2.29
Total from investment operations		0.81			0.77			3.29			0.30			0.53			2.29
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.06	)		(0.05	)		(0.03	)		-	(b)		(0.03	)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(2.82	)		(2.49	)		(0.72	)		(0.75	)		(1.21	)		(1.15	)
Net asset value, end of period		$13.14			$15.15			$16.87			$14.30			$14.75			$15.43
Total Return(c):		7.28%			4.67%			23.75%			2.31%			3.42%			17.16%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,599			$1,641			$2,291			$2,132			$2,676			$3,052
Average net assets (000)		$3,882			$1,953			$2,311			$2,348			$3,018			$3,150
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.60%	(f)		1.67%			1.52%			1.92%			1.89%			1.91%
Expenses before waivers and/or expense reimbursement		2.31%	(f)		2.45%			1.63%			1.92%			1.89%			1.91%
Net investment income (loss)		0.37%	(f)		0.20%			0.40%			0.19%			0.15%			-%	(g)
Portfolio turnover rate(h)		44%			95%			89%			89%			112%			91%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

(g) Less than 0.005%.

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

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 49

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.20			$16.89			$14.31			$14.77			$15.45			$14.30
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.07			0.06			0.02			0.02			-	(b)
Net realized and unrealized gain (loss) on investment transactions		0.77			0.73			3.24			0.27			0.51			2.30
Total from investment operations		0.81			0.80			3.30			0.29			0.53			2.30
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.06	)		(0.05	)		(0.03	)		-	(b)		(0.03	)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(2.85	)		(2.49	)		(0.72	)		(0.75	)		(1.21	)		(1.15	)
Net asset value, end of period		$13.16			$15.20			$16.89			$14.31			$14.77			$15.45
Total Return(c):		7.33%			4.91%			23.80%			2.24%			3.42%			17.21%
Ratios/Supplemental Data:
Net assets, end of period (000)		$20,236			$29,930			$31,518			$39,218			$38,919			$37,681
Average net assets (000)		$48,052			$31,783			$34,697			$38,344			$38,738			$35,817
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.47%	(f)		1.44%			1.53%			1.92%			1.89%			1.91%
Expenses before waivers and/or expense reimbursement		1.55%	(f)		1.55%			1.64%			1.92%			1.89%			1.91%
Net investment income (loss)		0.63%	(f)		0.43%			0.40%			0.16%			0.14%			(0.01)%
Portfolio turnover rate(g)		44%			95%			89%			89%			112%			91%

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

(b) Less than $0.005 per share.

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

50

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$17.20			$ 18.78			$15.83			$16.24			$16.86			$15.49
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.25			0.24			0.18			0.18			0.16
Net realized and unrealized gain (loss) on investment transactions		0.90			0.82			3.57			0.31			0.55			2.49
Total from investment operations		1.02			1.07			3.81			0.49			0.73			2.65
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.22	)		(0.19	)		(0.18	)		(0.14	)		(0.16	)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(3.00	)		(2.65	)		(0.86	)		(0.90	)		(1.35	)		(1.28	)
Net asset value, end of period		$15.22			$ 17.20			$18.78			$15.83			$16.24			$16.86
Total Return(b):		7.87%			5.98%			24.93%			3.35%			4.41%			18.39%
Ratios/Supplemental Data:
Net assets, end of period (000)		$69,742			$61,857			$56,066			$71,506			$80,096			$42,134
Average net assets (000)		$65,446			$62,456			$54,787			$75,803			$57,677			$38,052
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.48%	(e)		0.46%			0.54%			0.92%			0.89%			0.91%
Expenses before waivers and/or expense reimbursement		0.55%	(e)		0.55%			0.64%			0.92%			0.89%			0.91%
Net investment income (loss)		1.60%	(e)		1.40%			1.42%			1.18%			1.12%			0.99%
Portfolio turnover rate(f)		44%			95%			89%			89%			112%			91%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 51

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 28, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$17.23			$18.81			$16.06
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.27			0.21
Net realized and unrealized gain (loss) on investment transactions		0.90			0.82			2.54
Total from investment operations		1.03			1.09			2.75
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.24	)		-
Distributions from net realized gains		(2.74	)		(2.43	)		-
Total dividends and distributions		(3.02	)		(2.67	)		-
Net asset value, end of period		$15.24			$17.23			$18.81
Total Return(c):		7.93%			6.10%			17.12%
Ratios/Supplemental Data:
Net assets, end of period (000)		$98,656			$76,551			$58,304
Average net assets (000)		$84,962			$71,390			$40,448
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.35%	(f)		0.35%			0.35%	(f)
Expenses before waivers and/or expense reimbursement		0.42%	(f)		0.44%			0.47%	(f)
Net investment income (loss)		1.72%	(f)		1.51%			1.44%	(f)
Portfolio turnover rate(g)		44%			95%			89%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

52

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	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 the prospectus and summary prospectus by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter.

Mutual Funds:

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

PGIM QMA LARGE-CAP CORE EQUITY FUND

SHARE CLASS	A	B	C	Z	R6
NASDAQ	PTMAX	PTMBX	PTMCX	PTEZX	PTMQX
CUSIP	74441J100	74441J209	74441J308	74441J407	74441J688

MF187E2

PGIM REAL ESTATE INCOME FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	8
Holdings and Financial Statements	11

PGIM Real Estate Income Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Real Estate Income Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Real Estate Income Fund

June 14, 2019

PGIM Real Estate Income Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of  (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	13.29	8.84	3.17 (6/3/15)
Class C	12.88	13.31	3.92 (6/3/15)
Class Z	13.51	15.68	5.01 (6/3/15)
Class R6	13.41	15.44	7.50 (12/28/16)
Custom Blend Index
	10.43	9.92	—
Lipper Global Real Estate Funds Average
	11.82	9.48	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized.

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

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	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)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	None

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Benchmark Definitions

Custom Blend Index—The Custom Blend Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Index (80%), which is an unmanaged index and reflects the stock performance of companies engaged in specific aspects of the major real estate markets/regions of the world; and the ICE BofA Merrill Lynch 7% Constrained REIT Preferred Securities Index (20%), which is an unmanaged index that is a subset of the ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index including all REIT-issued preferred securities. The average annual total returns for the Custom Blend Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 5.21% and 7.40% for Class R6 shares.

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. The average annual total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares are 4.94% and 8.12% for Class R6 shares.

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

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 4/30/19 (%)
VICI Properties, Inc., Specialized REITs	5.5
MGM Growth Properties LLC, Hotel & Resort REITs	5.4
Invincible Investment Corp., Hotel & Resort REITs	5.0
Apple Hospitality REIT, Inc., Hotel & Resort REITs	4.9
Medical Properties Trust, Inc., Health Care REITs	4.9

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

Five Largest Sectors expressed as a percentage of net assets as of 4/30/19 (%)
Hotel & Resort REITs	23.0
Specialized REITs	16.5
Industrial REITs	16.0
Health Care REITs	13.3
Diversified REITs	10.5

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

PGIM Real Estate Income Fund 7

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 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

8 Visit our website at pgiminvestments.com

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.

PGIM Real Estate Income Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,132.90		1.35	%	$	7.14
	Hypothetical	$	1,000.00	$	1,018.10		1.35	%	$	6.76
Class C	Actual	$	1,000.00	$	1,128.80		2.10	%	$	11.08
	Hypothetical	$	1,000.00	$	1,014.38		2.10	%	$	10.49
Class Z	Actual	$	1,000.00	$	1,135.10		1.10	%	$	5.82
	Hypothetical	$	1,000.00	$	1,019.34		1.10	%	$	5.51
Class R6	Actual	$	1,000.00	$	1,134.10		1.10	%	$	5.82
	Hypothetical	$	1,000.00	$	1,019.34		1.10	%	$	5.51

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund's fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Real Estate Income Fund 9

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    100.0%
COMMON STOCKS    81.2%
Diversified Real Estate Activities    2.5%
New World Development Co. Ltd. (Hong Kong)		144,500	$	239,231
Sun Hung Kai Properties Ltd. (Hong Kong)		9,345		161,482
				400,713
Diversified REITs    9.2%
Activia Properties, Inc. (Japan)		39		162,925
Essential Properties Realty Trust, Inc.		18,478		382,125
STORE Capital Corp.		8,345		278,055
Suntec Real Estate Investment Trust (Singapore)		461,565		627,639
				1,450,744
Health Care REITs    13.3%
CareTrust REIT, Inc.		25,039		607,196
Medical Properties Trust, Inc.		44,234		772,325
Omega Healthcare Investors, Inc.		2,930		103,693
Welltower, Inc.		8,387		625,083
				2,108,297
Hotel & Resort REITs    21.7%
Apple Hospitality REIT, Inc.		47,440		780,388
DiamondRock Hospitality Co.		49,741		540,187
Host Hotels & Resorts, Inc.		16,150		310,726
Invincible Investment Corp. (Japan)		1,560		789,483
Japan Hotel REIT Investment Corp. (Japan)		197		160,482
MGM Growth Properties LLC (Class A Stock)		26,683		860,794
				3,442,060
Industrial REITs    14.0%
Americold Realty Trust		14,527		465,009
Frasers Logistics & Industrial Trust (Singapore)		155,509		135,028
LaSalle Logiport REIT (Japan)		322		345,102
Prologis Property Mexico SA de CV (Mexico)		45,119		96,508
STAG Industrial, Inc.		21,253		611,661
Tritax Big Box REIT PLC (United Kingdom)		95,167		184,491
Warehouse REIT PLC (United Kingdom)		275,933		373,921
				2,211,720
Office REITs    2.1%
Keppel REIT (Singapore)		378,310		338,933

See Notes to Financial Statements.

PGIM Real Estate Income Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Operating Companies    2.0%
LEG Immobilien AG (Germany)		1,320	$	153,930
TLG Immobilien AG (Germany)		5,200		153,348
				307,278
Retail REITs    6.3%
Kenedix Retail REIT Corp. (Japan)		96		232,454
Regency Centers Corp.		2,280		153,148
Vicinity Centres (Australia)		342,312		613,981
				999,583
Specialized REITs    10.1%
Crown Castle International Corp.		1,501		188,796
Four Corners Property Trust, Inc.		13,085		372,137
QTS Realty Trust, Inc. (Class A Stock)		3,614		163,895
VICI Properties, Inc.		38,167		870,208
				1,595,036
TOTAL COMMON STOCKS (cost $12,098,829)				12,854,364
PREFERRED STOCKS 18.8%
Diversified REITs    1.3%
PS Business Parks, Inc.(a)		8,650		209,762
Hotel & Resort REITs    1.3%
Pebblebrook Hotel Trust		7,884		203,723
Industrial REITs    2.0%
Monmouth Real Estate Investment Corp.		13,408		324,742
Office REITs    2.8%
Vornado Realty Trust		18,547		438,636
Residential REITs    5.0%
American Homes 4 Rent		15,888		396,406
Investors Real Estate Trust		9,510		237,750
UMH Properties, Inc.		6,531		163,536
				797,692

See Notes to Financial Statements.

12

Description	Shares		Value
PREFERRED STOCKS (Continued)
Specialized REITs    6.4%
EPR Properties (Class G Stock)		13,009	$	319,501
Public Storage (Class W Stock)		13,913		343,929
Public Storage (Class X Stock)		13,843		346,075
				1,009,505
TOTAL PREFERRED STOCKS (cost $2,903,649)				2,984,060
TOTAL LONG-TERM INVESTMENTS (cost $15,002,478)				15,838,424
SHORT-TERM INVESTMENTS    2.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		227,130		227,130
PGIM Institutional Money Market Fund (cost $213,007; includes $212,853 of cash collateral for securities on loan)(b)(w)		212,964		213,028
TOTAL SHORT-TERM INVESTMENTS (cost $440,137)				440,158
TOTAL INVESTMENTS    102.8% (cost $15,442,615)				16,278,582
Liabilities in excess of other assets    (2.8)%				(439,028	)
NET ASSETS    100.0%			$	15,839,554

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

LIBOR—London Interbank Offered Rate

REIT(s)—Real Estate Investment Trust(s)

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $208,550; cash collateral of $212,853 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

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

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified Real Estate Activities	$	—	$	400,713	$	—
Diversified REITs		660,180		790,564		—
Health Care REITs		2,108,297		—		—
Hotel & Resort REITs		2,492,095		949,965		—
Industrial REITs		1,173,178		1,038,542		—
Office REITs		—		338,933		—
Real Estate Operating Companies		—		307,278		—
Retail REITs		153,148		846,435		—
Specialized REITs		1,595,036		—		—
Preferred Stocks
Diversified REITs		209,762		—		—
Hotel & Resort REITs		203,723		—		—
Industrial REITs		324,742		—		—
Office REITs		438,636		—		—
Residential REITs		797,692		—		—
Specialized REITs		1,009,505		—		—
Affiliated Mutual Funds		440,158		—		—
Total	$	11,606,152	$	4,672,430	$	—

Sector Classification:

The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

Hotel & Resort REITs	23.0	%
Specialized REITs	16.5
Industrial REITs	16.0
Health Care REITs	13.3
Diversified REITs	10.5
Retail REITs	6.3
Residential REITs	5.0
Office REITs	4.9
Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan)	2.8

Diversified Real Estate Activities	2.5	%
Real Estate Operating Companies	2.0
	102.8
Liabilities in excess of other assets	(2.8	)
	100.0	%

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

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit

See Notes to Financial Statements.

14

offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(1)			Net Amount
Securities on Loan	$	208,550	$	(208,550	)	$	—

(1) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

PGIM Real Estate Income Fund 15

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $208,550:
Unaffiliated investments (cost $15,002,478)	$	15,838,424
Affiliated investments (cost $440,137)		440,158
Receivable for Fund shares sold		59,647
Dividends and interest receivable		18,275
Due from Manager		6,565
Tax reclaim receivable		4,634
Prepaid expenses and other assets		290
Total Assets		16,367,993
Liabilities
Payable to broker for collateral for securities on loan		212,853
Payable for investments purchased		196,191
Accrued expenses and other liabilities		61,091
Payable for Fund shares reacquired		57,469
Distribution fee payable		567
Affiliated transfer agent fee payable		253
Payable to custodian		15
Total Liabilities		528,439
Net Assets	$	15,839,554
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,624
Paid-in capital in excess of par		15,590,950
Total distributable earnings (loss)		246,980
Net assets, April 30, 2019	$	15,839,554

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share, ($639,446 ÷ 65,709 shares of beneficial interest issued and outstanding)	$	9.73
Maximum sales charge (5.50% of offering price)		0.57
Maximum offering price to public	$	10.30
Class C
Net asset value, offering price and redemption price per share,
($531,344 ÷ 54,602 shares of beneficial interest issued and outstanding)	$	9.73
Class Z
Net asset value, offering price and redemption price per share,
($14,553,731 ÷ 1,491,710 shares of beneficial interest issued and outstanding)	$	9.76
Class R6
Net asset value, offering price and redemption price per share,
($115,033 ÷ 11,808 shares of beneficial interest issued and outstanding)	$	9.74

See Notes to Financial Statements.

PGIM Real Estate Income Fund 17

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $9,291 foreign withholding tax)	$	210,735
Affiliated dividend income		2,778
Income from securities lending, net (including affiliated income of $15)		413
Total income		213,926
Expenses
Management fee		40,283
Distribution fee(a)		3,222
Custodian and accounting fees		33,958
Registration fees(a)		30,504
Audit fee		15,995
Shareholders’ reports		13,113
Legal fees and expenses		8,915
Trustees’ fees		5,940
Transfer agent’s fees and expenses (including affiliated expense of $691)(a)		2,663
Miscellaneous		8,410
Total expenses		163,003
Less: Fee waiver and/or expense reimbursement(a)		(104,392	)
Distribution fee waiver(a)		(153	)
Net expenses		58,458
Net investment income (loss)		155,468
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		238,054
Foreign currency transactions		(4,859	)
		233,195
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $21)		916,107
Foreign currencies		(187	)
		915,920
Net gain (loss) on investment and foreign currency transactions		1,149,115
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,304,583

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

	Class A			Class C			Class Z			Class R6
Distribution fee		916			2,306			—			—
Registration fees		7,724			7,576			7,900			7,304
Transfer agent’s fees and expenses		703			282			1,644			34
Fee waiver and/or expense reimbursement		(13,050	)		(11,291	)		(72,065	)		(7,986	)
Distribution fee waiver		(153	)		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	155,468		$	409,264
Net realized gain (loss) on investment and foreign currency transactions		233,195			(145,447	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		915,920			(445,332	)
Net increase (decrease) in net assets resulting from operations		1,304,583			(181,515	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(12,438	)		(48,178	)
Class C		(8,298	)		(15,295	)
Class Z		(197,921	)		(483,553	)
Class R6		(1,940	)		(1,218	)
		(220,597	)		(548,244	)
Tax return of capital distributions
Class A		—			(6,561	)
Class C		—			(2,083	)
Class Z		—			(65,851	)
Class R6		—			(166	)
		—			(74,661	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		7,522,937			1,327,086
Net asset value of shares issued in reinvestment of dividends and distributions		219,353			614,269
Cost of shares reacquired		(966,028	)		(5,056,067	)
Net increase (decrease) in net assets from Fund share transactions		6,776,262			(3,114,712	)
Total increase (decrease)		7,860,248			(3,919,132	)
Net Assets:
Beginning of period		7,979,306			11,898,438
End of period	$	15,839,554		$	7,979,306

See Notes to Financial Statements.

PGIM Real Estate Income Fund 19

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Real Estate Income Fund (the “Fund”).

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

1. Accounting Policies

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

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

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

20

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

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

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

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

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

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

PGIM Real Estate Income Fund 21

Notes to Financial Statements (unaudited) (continued)

most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

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

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

(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

22

portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on 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) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

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

PGIM Real Estate Income Fund 23

Notes to Financial Statements (unaudited) (continued)

the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

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

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

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

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

24

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

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

2. Agreements

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

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Real Estate unit. 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. PGIM Investments 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.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.80% of the Fund’s average daily net assets up to and including $1 billion, 0.78% of the next $2 billion, 0.76% of the next $2 billion, 0.75% of the next $5 billion and 0.74% of the Fund’s average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.80% for the six months ended April 30, 2019.

PGIM Real Estate Income Fund 25

Notes to Financial Statements (unaudited) (continued)

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.35% of average daily net assets for Class A shares, 2.10% of average daily net assets for Class C shares, 1.10% of average daily net assets for Class Z shares, and 1.10% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed through February 29, 2020 to limit such fees to 0.25% of the average daily net assets of Class A shares.

For the reporting period ended April 30, 2019, PIMS received $4,228 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

26

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the 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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $18,557,209 and $11,726,699, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

PGIM Real Estate Income Fund 27

Notes to Financial Statements (unaudited) (continued)

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	34,101	$	9,349,132	$	9,156,103	$	—	$	—	$	227,130		227,130	$	2,778
	PGIM Institutional Money Market Fund*
	4		419,511		206,508		21		—		213,028		212,964		15	**
$	34,105	$	9,768,643	$	9,362,611	$	21	$	—	$	440,158			$	2,793

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	15,556,156
Gross Unrealized Appreciation		868,544
Gross Unrealized Depreciation		(146,118	)
Net Unrealized Appreciation	$	722,426

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, 2018 of approximately $640,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

28

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

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

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,195 Class C shares, 620,174 Class Z shares and 1,216 Class R6 shares of the Fund. At reporting period end, three shareholders of record, each holding greater than 5% of the Fund, held 92% of the Fund’s outstanding shares, of which 38% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:    

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		10,626		$	92,896
Shares issued in reinvestment of dividends and distributions		1,352			12,078
Shares reacquired		(18,093	)		(153,228	)
Net increase (decrease) in shares outstanding before conversion		(6,115	)		(48,254	)
Shares issued upon conversion from other share class(es)		868			8,458
Net increase (decrease) in shares outstanding		(5,247	)	$	(39,796	)
Year ended October 31, 2018:
Shares sold		62,102		$	563,140
Shares issued in reinvestment of dividends and distributions		5,192			47,838
Shares reacquired		(91,370	)		(847,176	)
Net increase (decrease) in shares outstanding		(24,076	)	$	(236,198	)

PGIM Real Estate Income Fund 29

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2019:
Shares sold		23,193		$	201,795
Shares issued in reinvestment of dividends and distributions		925			8,298
Shares reacquired		(7,067	)		(58,127	)
Net increase (decrease) in shares outstanding before conversion		17,051			151,966
Shares reacquired upon conversion into other share class(es)		(867	)		(8,458	)
Net increase (decrease) in shares outstanding		16,184		$	143,508
Year ended October 31, 2018:
Shares sold		13,698		$	123,497
Shares issued in reinvestment of dividends and distributions		1,895			17,378
Shares reacquired		(7,429	)		(69,546	)
Net increase (decrease) in shares outstanding before conversion		8,164			71,329
Shares reacquired upon conversion into other share class(es)		(212	)		(1,877	)
Net increase (decrease) in shares outstanding		7,952		$	69,452
Class Z
Six months ended April 30, 2019:
Shares sold		759,039		$	7,194,668
Shares issued in reinvestment of dividends and distributions		21,446			197,037
Shares reacquired		(80,804	)		(754,039	)
Net increase (decrease) in shares outstanding		699,681		$	6,637,666
Year ended October 31, 2018:
Shares sold		61,945		$	577,934
Shares issued in reinvestment of dividends and distributions		59,580			547,669
Shares reacquired		(439,676	)		(4,139,345	)
Net increase (decrease) in shares outstanding before conversion		(318,151	)		(3,013,742	)
Shares issued upon conversion from other share class(es)		212			1,877
Net increase (decrease) in shares outstanding		(317,939	)	$	(3,011,865	)
Class R6
Six months ended April 30, 2019:
Shares sold		3,647		$	33,578
Shares issued in reinvestment of dividends and distributions		213			1,940
Shares reacquired		(65	)		(634	)
Net increase (decrease) in shares outstanding		3,795		$	34,884
Year ended October 31, 2018:
Shares sold		6,742		$	62,515
Shares issued in reinvestment of dividends and distributions		154			1,384
Net increase (decrease) in shares outstanding		6,896		$	63,899

7. Borrowings    

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period

30

October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Fund

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

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

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

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

PGIM Real Estate Income Fund 31

Notes to Financial Statements (unaudited) (continued)

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

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

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

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU

32

effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Real Estate Income Fund 33

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,									June 3, 2015(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.76			$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.34			0.39			0.24			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.01			(0.63	)		0.05			0.39			(0.38	)
Total from investment operations		1.15			(0.29	)		0.44			0.63			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.50	)		(0.48	)		(0.56	)		(0.16	)
Tax return of capital distributions		-			(0.07	)		-			-			-
Total dividends and distributions		(0.18	)		(0.57	)		(0.48	)		(0.56	)		(0.16	)
Net asset value, end of period		$9.73			$8.76			$9.62			$9.66			$9.59
Total Return(c):		13.29%			(3.15	)%		4.60%			6.92%			(2.55	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$639			$621			$914			$637			$33
Average net assets (000)		$616			$878			$744			$186			$24
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.35%	(f)		1.36%			1.35%			1.35%			1.36%	(f)
Expenses before waivers and/or expense reimbursement		5.67%	(f)		4.85%			3.30%			3.37%			9.50%	(f)
Net investment income (loss)		3.04%	(f)		3.73%			4.00%			2.45%			3.15%	(f)
Portfolio turnover rate(g)		110%			153%			137%			113%			98%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

34

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,									June 3, 2015(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.76			$9.62			$9.66			$9.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.27			0.32			0.19			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.02			(0.63	)		0.05			0.38			(0.40	)
Total from investment operations		1.12			(0.36	)		0.37			0.57			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.44	)		(0.41	)		(0.49	)		(0.13	)
Tax return of capital distributions		-			(0.06	)		-			-			-
Total dividends and distributions		(0.15	)		(0.50	)		(0.41	)		(0.49	)		(0.13	)
Net asset value, end of period		$9.73			$8.76			$9.62			$9.66			$9.58
Total Return(c):		12.88%			(3.85	)%		3.83%			6.22%			(2.91	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$531			$336			$293			$321			$13
Average net assets (000)		$465			$314			$309			$151			$11
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.10%	(f)		2.11%			2.10%			2.10%			2.13%	(f)
Expenses before waivers and/or expense reimbursement		7.00%	(f)		8.85%			4.00%			4.78%			10.11%	(f)
Net investment income (loss)		2.26%	(f)		2.98%			3.29%			1.98%			2.87%	(f)
Portfolio turnover rate(g)		110%			153%			137%			113%			98%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 35

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,									June 3, 2015(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.78			$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.39			0.40			0.38			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.03			(0.64	)		0.06			0.28			(0.41	)
Total from investment operations		1.17			(0.25	)		0.46			0.66			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.52	)		(0.50	)		(0.59	)		(0.16	)
Tax return of capital distributions		-			(0.07	)		-			-			-
Total dividends and distributions		(0.19	)		(0.59	)		(0.50	)		(0.59	)		(0.16	)
Net asset value, end of period		$9.76			$8.78			$9.62			$9.66			$9.59
Total Return(c):		13.51%			(2.70	)%		4.85%			7.19%			(2.47	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,554			$6,951			$10,681			$5,512			$4,886
Average net assets (000)		$8,985			$8,632			$8,961			$5,008			$4,868
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.10%	(f)		0.98%			1.10%			1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		2.72%	(f)		2.81%			2.96%			4.85%			8.98%	(f)
Net investment income (loss)		3.13%	(f)		4.25%			4.17%			3.98%			4.08%	(f)
Portfolio turnover rate(g)		110%			153%			137%			113%			98%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

36

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 28, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.76			$9.62			$9.33
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.25			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.03			(0.52	)		0.38
Total from investment operations		1.17			(0.27	)		0.69
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.50	)		(0.40	)
Tax return of capital distributions		-			(0.09	)		-
Total dividends and distributions		(0.19	)		(0.59	)		(0.40	)
Net asset value, end of period		$9.74			$8.76			$9.62
Total Return(c):		13.41%			(2.92	)%		7.43%
Ratios/Supplemental Data:
Net assets, end of period (000)		$115			$70			$11
Average net assets (000)		$89			$17			$11
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.10%	(f)		1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		19.21%	(f)		91.97%			2.79%	(f)
Net investment income (loss)		3.11%	(f)		2.70%			3.78%	(f)
Portfolio turnover rate(g)		110%			153%			137%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 37

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	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 the prospectus and summary prospectus by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter.

Mutual Funds:

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

PGIM REAL ESTATE INCOME FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PRKAX	PRKCX	PRKZX	PRKQX
CUSIP	74441J761	74441J753	74441J746	74441J670

MF228E2    

PGIM SELECT REAL ESTATE FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective: Capital appreciation and income

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM Select Real Estate Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Select Real Estate Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Select Real Estate Fund

June 14, 2019

PGIM Select Real Estate Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	17.19	11.00	5.85 (8/1/14)
Class C	16.76	15.68	6.29 (8/1/14)
Class Z	17.41	17.71	7.38 (8/1/14)
Class R6	17.37	17.79	7.36 (8/1/14)
FTSE EPRA/NAREIT Developed Index
	10.75	9.62	4.77
S&P 500 Index
	9.75	13.48	11.56
Lipper Global Real Estate Funds Average
	11.82	9.48	4.84

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

6 Visit our website at pgiminvestments.com

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	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)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	None

Benchmark Definitions

FTSE EPRA/NAREIT Developed Index—The Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate Investment Trusts (FTSE EPRA/NAREIT) Developed Index reflects the stock performance of companies engaged in specific aspects of the major real estate markets/regions of the world.

S&P 500 Index—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how 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.

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 of a mutual fund, but not sales charges or taxes.

PGIM Select Real Estate Fund 7

Your Fund’s Performance (continued)

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 4/30/19 (%)
Americold Realty Trust, Industrial REITs	8.8
Mitsui Fudosan Co. Ltd., Diversified Real Estate Activities	4.7
JBG SMITH Properties, Office REITs	4.2
CareTrust REIT, Inc., Health Care REITs	4.2
Equity LifeStyle Properties, Inc., Residential REITs	4.1

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

Five Largest Sectors expressed as a percentage of net assets as of 4/30/19 (%)
Industrial REITs	24.2
Office REITs	19.7
Residential REITs	12.1
Diversified Real Estate Activities	9.7
Real Estate Operating Companies	7.7

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

8 Visit our website at pgiminvestments.com

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 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Select Real Estate Fund 9

Fees and Expenses (continued)

reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

PGIM Select Real Estate Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,171.90		1.30	%	$	7.00
	Hypothetical	$	1,000.00	$	1,018.35		1.30	%	$	6.51
Class C	Actual	$	1,000.00	$	1,167.60		2.05	%	$	11.02
	Hypothetical	$	1,000.00	$	1,014.63		2.05	%	$	10.24
Class Z	Actual	$	1,000.00	$	1,174.10		1.05	%	$	5.66
	Hypothetical	$	1,000.00	$	1,019.59		1.05	%	$	5.26
Class R6	Actual	$	1,000.00	$	1,173.70		1.05	%	$	5.66
	Hypothetical	$	1,000.00	$	1,019.59		1.05	%	$	5.26

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments (unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    97.7%
COMMON STOCKS
Diversified Real Estate Activities    9.7%
Mitsui Fudosan Co. Ltd. (Japan)		22,100	$	512,588
New World Development Co. Ltd. (Hong Kong)		134,000		221,847
Sun Hung Kai Properties Ltd. (Hong Kong)		18,500		319,682
				1,054,117
Diversified REITs    5.5%
American Assets Trust, Inc.		4,934		227,902
Essential Properties Realty Trust, Inc.		5,169		106,895
STORE Capital Corp.		7,881		262,595
				597,392
Health Care REITs    7.5%
CareTrust REIT, Inc.		18,711		453,742
Welltower, Inc.		4,922		366,836
				820,578
Hotel & Resort REITs    6.8%
Ascendas Hospitality Trust (Singapore)		229,000		156,710
Japan Hotel REIT Investment Corp. (Japan)		337		274,530
MGM Growth Properties LLC (Class A Stock)		9,475		305,663
				736,903
Industrial REITs    24.2%
Americold Realty Trust		30,094		963,309
Goodman Group (Australia)		33,673		312,980
Mitsui Fudosan Logistics Park, Inc. (Japan)		75		238,322
Rexford Industrial Realty, Inc.		11,822		447,936
Segro PLC (United Kingdom)		27,890		246,879
STAG Industrial, Inc.		8,040		231,391
Summit Industrial Income (Canada)		22,128		195,893
				2,636,710
Office REITs    19.7%
Allied Properties Real Estate Investment Trust (Canada)		3,303		116,938
Dexus (Australia)		27,978		247,100
Great Portland Estates PLC (United Kingdom)		20,105		197,971
Green REIT PLC (Ireland)		64,145		122,102
Hudson Pacific Properties, Inc.		5,072		176,810
Inmobiliaria Colonial Socimi SA (Spain)		33,110		356,698

See Notes to Financial Statements.

PGIM Select Real Estate Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Office REITs (cont’d.)
JBG SMITH Properties		10,724	$	456,306
Nippon Building Fund, Inc. (Japan)		28		180,403
Tier REIT, Inc.		7,589		215,072
Vornado Realty Trust		1,192		82,415
				2,151,815
Real Estate Operating Companies    7.7%
Fabege AB (Sweden)		14,992		208,354
Swire Properties Ltd. (Hong Kong)		50,800		206,621
Vonovia SE (Germany)		8,492		424,256
				839,231
Residential REITs    12.1%
AvalonBay Communities, Inc.		1,653		332,137
Camden Property Trust		3,474		349,658
Canadian Apartment Properties (Canada)		5,305		189,795
Equity LifeStyle Properties, Inc.		3,871		451,746
				1,323,336
Retail REITs    3.1%
Link REIT (Hong Kong)		29,347		342,524
Specialized REITs    1.4%
VICI Properties, Inc.		6,595		150,366
TOTAL LONG-TERM INVESTMENTS (cost $9,458,056)				10,652,972
SHORT-TERM INVESTMENT    2.4%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $266,705)(w)		266,705		266,705
TOTAL INVESTMENTS    100.1% (cost $9,724,761)				10,919,677
Liabilities in excess of other assets    (0.1)%				(14,238	)
NET ASSETS    100.0%			$	10,905,439

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

LIBOR—London Interbank Offered Rate

REIT(s)—Real Estate Investment Trust(s)

See Notes to Financial Statements.

12

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified Real Estate Activities	$	—	$	1,054,117	$	—
Diversified REITs		597,392		—		—
Health Care REITs		820,578		—		—
Hotel & Resort REITs		305,663		431,240		—
Industrial REITs		1,838,529		798,181		—
Office REITs		1,047,541		1,104,274		—
Real Estate Operating Companies		—		839,231		—
Residential REITs		1,323,336		—		—
Retail REITs		—		342,524		—
Specialized REITs		150,366		—		—
Affiliated Mutual Fund		266,705		—		—
Total	$	6,350,110	$	4,569,567	$	—

Sector Classification:

The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2019 were as follows:

Industrial REITs	24.2	%
Office REITs	19.7
Residential REITs	12.1
Diversified Real Estate Activities	9.7
Real Estate Operating Companies	7.7
Health Care REITs	7.5
Hotel & Resort REITs	6.8
Diversified REITs	5.5
Retail REITs	3.1	%
Affiliated Mutual Fund	2.4
Specialized REITs	1.4
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

See Notes to Financial Statements.

PGIM Select Real Estate Fund 13

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value:
Unaffiliated investments (cost $9,458,056)	$	10,652,972
Affiliated investments (cost $266,705)		266,705
Receivable for investments sold		138,130
Receivable for Fund shares sold		22,983
Dividends receivable		17,466
Due from Manager		10,304
Tax reclaim receivable		2,098
Prepaid expenses		284
Total Assets		11,110,942
Liabilities
Payable for investments purchased		138,172
Custodian and accounting fees payable		20,102
Audit fee payable		17,295
Registration fees payable		16,549
Accrued expenses and other liabilities		11,852
Affiliated transfer agent fee payable		795
Distribution fee payable		738
Total Liabilities		205,503
Net Assets	$	10,905,439
Net assets were comprised of:
Shares of beneficial interest, at par	$	940
Paid-in capital in excess of par		9,558,242
Total distributable earnings (loss)		1,346,257
Net assets, April 30, 2019	$	10,905,439

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($3,173,230 ÷ 271,235 shares of beneficial interest issued and outstanding)	$	11.70
Maximum sales charge (5.50% of offering price)		0.68
Maximum offering price to public	$	12.38
Class C
Net asset value, offering price and redemption price per share, ($138,839 ÷ 11,989 shares of beneficial interest issued and outstanding)	$	11.58
Class Z
Net asset value, offering price and redemption price per share, ($587,880 ÷ 50,173 shares of beneficial interest issued and outstanding)	$	11.72
Class R6
Net asset value, offering price and redemption price per share, ($7,005,490 ÷ 607,013 shares of beneficial interest issued and outstanding)	$	11.54

See Notes to Financial Statements.

PGIM Select Real Estate Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $6,435 foreign withholding tax)	$	120,915
Affiliated dividend income		1,999
Total income		122,914
Expenses
Management fee		38,141
Distribution fee(a)		4,586
Custodian and accounting fees		33,043
Registration fees(a)		30,843
Audit fee		17,295
Shareholders’ reports		11,568
Legal fees and expenses		8,956
Trustees’ fees		5,940
Transfer agent’s fees and expenses (including affiliated expense of $2,132)(a)		2,267
Miscellaneous		7,478
Total expenses		160,117
Less: Fee waiver and/or expense reimbursement(a)		(105,472	)
Distribution fee waiver(a)		(684	)
Net expenses		53,961
Net investment income (loss)		68,953
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		196,867
Foreign currency transactions		(386	)
		196,481
Net change in unrealized appreciation (depreciation) on:
Investments		1,258,620
Foreign currencies		(116	)
		1,258,504
Net gain (loss) on investment and foreign currency transactions		1,454,985
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,523,938

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

	Class A			Class C			Class Z			Class R6
Distribution fee		4,104			482			—			—
Registration fees		7,710			7,711			7,711			7,711
Transfer agent’s fees and expenses		1,986			60			203			18
Fee waiver and/or expense reimbursement		(30,463	)		(8,502	)		(10,044	)		(56,463	)
Distribution fee waiver		(684	)		—			—			—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	68,953		$	136,475
Net realized gain (loss) on investment and foreign currency transactions		196,481			334,051
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,258,504			(380,990	)
Net increase (decrease) in net assets resulting from operations		1,523,938			89,536
Dividends and Distributions
Distributions from distributable earnings
Class A		(87,879	)		(31,115	)
Class C		(1,818	)		(1,166	)
Class Z		(4,206	)		(3,847	)
Class R6		(216,066	)		(160,410	)
		(309,969	)		(196,538	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,066,672			2,829,409
Net asset value of shares issued in reinvestment of dividends and distributions		309,962			196,537
Cost of shares reacquired		(387,855	)		(628,179	)
Net increase (decrease) in net assets from Fund share transactions		988,779			2,397,767
Total increase (decrease)		2,202,748			2,290,765
Net Assets:
Beginning of period		8,702,691			6,411,926
End of period	$	10,905,439		$	8,702,691

See Notes to Financial Statements.

PGIM Select Real Estate Fund 17

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Select Real Estate Fund (the “Fund”).

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

1. Accounting Policies

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

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

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

18

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

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

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

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

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

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

PGIM Select Real Estate Fund 19

Notes to Financial Statements (unaudited) (continued)

most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

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

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

(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

20

portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on 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) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

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

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

PGIM Select Real Estate Fund 21

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

2. Agreements

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

22

legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Real Estate unit. 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. PGIM Investments 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.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.80% of the Fund’s average daily net assets up to and including $1 billion, 0.78% of the next $2 billion, 0.76% of the next $2 billion, 0.75% of the next $5 billion and 0.74% of the Fund’s average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.80% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.30% of average daily net assets for Class A shares, 2.05% of average daily net assets for Class C shares, 1.05% of average daily net assets for Class Z shares, and 1.05% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution

PGIM Select Real Estate Fund 23

Notes to Financial Statements (unaudited) (continued)

fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed through February 29, 2020 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

For the reporting period ended April 30, 2019, PIMS received $1,303 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the 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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned

24

underlying fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $10,921,390 and $10,359,236, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	125,211	$	2,853,746	$	2,712,252	$	—	$	—	$	266,705		266,705	$	1,999

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

For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	9,753,815
Gross Unrealized Appreciation		1,209,105
Gross Unrealized Depreciation		(43,243	)
Net Unrealized Appreciation	$	1,165,862

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. 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.

PGIM Select Real Estate Fund 25

Notes to Financial Statements (unaudited) (continued)

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

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

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,184 Class A shares, 1,154 Class C shares, 1,196 Class Z shares and 607,013 Class R6 shares of the Fund. At reporting period end, two shareholders of record, each holding greater than 5% of the Fund, held 90% of the Fund’s outstanding shares, of which 90% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		41,997		$	470,592
Shares issued in reinvestment of dividends and distributions		8,570			87,872
Shares reacquired		(32,218	)		(341,753	)
Net increase (decrease) in shares outstanding		18,349		$	216,711
Year ended October 31, 2018:
Shares sold		270,402		$	2,782,141
Shares issued in reinvestment of dividends and distributions		2,972			31,114
Shares reacquired		(43,052	)		(457,139	)
Net increase (decrease) in shares outstanding before conversion		230,322			2,356,116
Shares reacquired upon conversion into other share class(es)		(1,701	)		(17,508	)
Net increase (decrease) in shares outstanding		228,621		$	2,338,608

26

Class C	Shares			Amount
Six months ended April 30, 2019:
Shares sold		6,312		$	64,426
Shares issued in reinvestment of dividends and distributions		180			1,818
Shares reacquired		(5	)		(47	)
Net increase (decrease) in shares outstanding		6,487		$	66,197
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		111		$	1,166
Shares reacquired		(1,265	)		(13,090	)
Net increase (decrease) in shares outstanding		(1,154	)	$	(11,924	)
Class Z
Six months ended April 30, 2019:
Shares sold		47,487		$	531,654
Shares issued in reinvestment of dividends and distributions		387			4,206
Shares reacquired		(3,978	)		(46,055	)
Net increase (decrease) in shares outstanding		43,896		$	489,805
Year ended October 31, 2018:
Shares sold		4,491		$	47,268
Shares issued in reinvestment of dividends and distributions		362			3,847
Shares reacquired		(14,907	)		(157,950	)
Net increase (decrease) in shares outstanding before conversion		(10,054	)		(106,835	)
Shares issued upon conversion from other share class(es)		1,698			17,508
Net increase (decrease) in shares outstanding		(8,356	)	$	(89,327	)
Class R6
Six months ended April 30, 2019:
Shares issued in reinvestment of dividends and distributions		21,327		$	216,066
Net increase (decrease) in shares outstanding		21,327		$	216,066
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		15,341		$	160,410
Net increase (decrease) in shares outstanding		15,341		$	160,410

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large

PGIM Select Real Estate Fund 27

Notes to Financial Statements (unaudited) (continued)

scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Fund

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

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

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

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

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

28

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

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

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Select Real Estate Fund 29

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,												August 1, 2014(a) through October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.33			$10.54			$10.00			$10.71			$10.30			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.12			0.12			0.17			0.09			0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.65			(0.08	)		0.76			(0.18	)		0.41			0.29
Total from investment operations		1.72			0.04			0.88			(0.01	)		0.50			0.30
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.25	)		(0.11	)		(0.28	)		-			-
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.35	)		(0.25	)		(0.34	)		(0.70	)		(0.09	)		-
Net asset value, end of period		$11.70			$10.33			$10.54			$10.00			$10.71			$10.30
Total Return(c):		17.19%			0.37%			9.08%			0.01%			4.85%			3.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,173			$2,612			$256			$185			$62			$18
Average net assets (000)		$2,758			$1,645			$242			$119			$27			$15
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.30%	(f)		1.30%			1.30%			1.33%			1.35%			1.35%	(f)
Expenses before waivers and/or expense reimbursement		3.58%	(f)		4.02%			4.63%			4.81%			5.16%			20.58%	(f)
Net investment income (loss)		1.28%	(f)		1.14%			1.15%			1.70%			0.86%			0.46%	(f)
Portfolio turnover rate(g)		108%			202%			142%			158%			150%			18%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

30

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,												August 1, 2014(a) through October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.23			$10.44			$9.94			$10.60			$10.28			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.09			0.04			0.11			(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.65			(0.12	)		0.75			(0.18	)		0.44			0.29
Total from investment operations		1.67			(0.03	)		0.79			(0.07	)		0.41			0.28
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.18	)		(0.06	)		(0.17	)		-			-
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.32	)		(0.18	)		(0.29	)		(0.59	)		(0.09	)		-
Net asset value, end of period		$11.58			$10.23			$10.44			$9.94			$10.60			$10.28
Total Return(c):		16.76%			(0.34)%			8.11%			(0.63	)%		3.98%			2.80%
Ratios/Supplemental Data:
Net assets, end of period (000)		$139			$56			$69			$59			$36			$10
Average net assets (000)		$97			$64			$70			$48			$46			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.05%	(f)		2.05%			2.05%			2.08%			2.10%			2.10%	(f)
Expenses before waivers and/or expense reimbursement		19.69%	(f)		29.08%			5.33%			5.64%			5.54%			20.42%	(f)
Net investment income (loss)		0.37%	(f)		0.91%			0.36%			1.08%			(0.30	)%		(0.26	)%(f)
Portfolio turnover rate(g)		108%			202%			142%			158%			150%			18%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Select Real Estate Fund 31

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,												August 1, 2014(a) through October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.34			$10.56			$10.02			$10.74			$10.31			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.22			0.15			0.21			0.10			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.68			(0.16	)		0.76			(0.18	)		0.42			0.29
Total from investment operations		1.75			0.06			0.91			0.03			0.52			0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.28	)		(0.14	)		(0.33	)		-			-
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.37	)		(0.28	)		(0.37	)		(0.75	)		(0.09	)		-
Net asset value, end of period		$11.72			$10.34			$10.56			$10.02			$10.74			$10.31
Total Return(c):		17.41%			0.51%			9.32%			0.36%			5.04%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$588			$65			$154			$138			$107			$10
Average net assets (000)		$288			$145			$148			$139			$39			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.05%	(f)		1.05%			1.05%			1.08%			1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		8.07%	(f)		14.17%			4.35%			4.82%			5.16%			19.50%	(f)
Net investment income (loss)		1.24%	(f)		2.07%			1.43%			2.09%			0.98%			0.77%	(f)
Portfolio turnover rate(g)		108%			202%			142%			158%			150%			18%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

32

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,												August 1, 2014(a) through October 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.19			$10.40			$9.88			$10.63			$10.31			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.20			0.14			0.22			0.10			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.64			(0.13	)		0.75			(0.20	)		0.41			0.29
Total from investment operations		1.72			0.07			0.89			0.02			0.51			0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.28	)		(0.14	)		(0.35	)		(0.10	)		-
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.37	)		(0.28	)		(0.37	)		(0.77	)		(0.19	)		-
Net asset value, end of period		$11.54			$10.19			$10.40			$9.88			$10.63			$10.31
Total Return(c):		17.37%			0.62%			9.25%			0.30%			5.01%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,005			$5,970			$5,932			$5,441			$5,423			$5,165
Average net assets (000)		$6,470			$6,039			$5,687			$5,413			$5,288			$4,983
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.05%	(f)		1.05%			1.05%			1.08%			1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		2.81%	(f)		3.07%			4.02%			4.40%			4.51%			14.06%	(f)
Net investment income (loss)		1.54%	(f)		1.89%			1.42%			2.18%			0.96%			0.75%	(f)
Portfolio turnover rate(g)		108%			202%			142%			158%			150%			18%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Select Real Estate Fund 33

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	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 the prospectus and summary prospectus by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Select Real Estate Fund, PGIM 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-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter.

Mutual Funds:

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

PGIM SELECT REAL ESTATE FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	SREAX	SRECX	SREZX	SREQX
CUSIP	74441J811	74441J795	74441J779	74441J787

MF223E2    

PGIM INTERNATIONAL BOND FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective: Total return, made up of current income and capital appreciation

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

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

The accompanying financial statements as of April 30, 2019 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Fees and Expenses	9
Holdings and Financial Statements	11

PGIM International Bond Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM International Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2019.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM International Bond Fund

June 14, 2019

PGIM International Bond Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	7.23	0.95	3.90 (12/14/16)
Class C	6.83	3.94	5.10 (12/14/16)
Class Z	7.36	5.96	6.20 (12/14/16)
Class R6	7.36	5.97	6.20 (12/14/16)
Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index
	4.65	5.38	3.75
Lipper International Income Funds Average
	4.21	0.17	3.57

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

6 Visit our website at pgiminvestments.com

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

	Class A	Class C	Class Z	Class R6
Maximum initial sales charge	4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index—The Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets, with index components for the Pan-European Aggregate and the Asian-Pacific Aggregate excluding US dollar-denominated components.

Lipper International Income Funds Average—Funds in the Lipper International Income Funds Average invest primarily in non-US dollar and US dollar debt securities of issuers located in at least three countries, excluding the US, except in periods of market weakness.

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.

PGIM International Bond Fund 7

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/19
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.80	1.16	–7.95
Class C	0.76	0.46	–56.77
Class Z	0.81	1.46	–0.19
Class R6	0.81	1.47	0.81

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

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

Credit Quality expressed as a percentage of total investments as of 4/30/19 (%)
AAA	11.7
AA	6.6
A	21.7
BBB	29.3
BB	13.0
B	3.6
Not Rated	3.6
Cash/Cash Equivalents	10.6
Total Investments	100.0

Source: PGIM Fixed Income

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

8 Visit our website at pgiminvestments.com

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 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM International Bond Fund 9

Fees and Expenses (continued)

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

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

PGIM International Bond Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,072.30		0.99	%	$	5.09
	Hypothetical	$	1,000.00	$	1,019.89		0.99	%	$	4.96
Class C	Actual	$	1,000.00	$	1,068.30		1.74	%	$	8.92
	Hypothetical	$	1,000.00	$	1,016.17		1.74	%	$	8.70
Class Z	Actual	$	1,000.00	$	1,073.60		0.74	%	$	3.80
	Hypothetical	$	1,000.00	$	1,021.12		0.74	%	$	3.71
Class R6	Actual	$	1,000.00	$	1,073.60		0.74	%	$	3.80
	Hypothetical	$	1,000.00	$	1,021.12		0.74	%	$	3.71

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2019, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

10 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    86.7%
ASSET-BACKED SECURITIES    4.5%
Cayman Islands    0.8%
Silver Creek CLO Ltd., Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.832	%(c)		07/20/30		250	$	249,502
Netherlands    2.7%
North Westerly CLO BV, Series IV-A, Class A2R, 144A		1.250			01/15/26	EUR	243		272,166
St Paul’s CLO DAC, Series 07A, Class B2R, 144A		2.400			04/30/30	EUR	500		559,627
									831,793
United States    1.0%
Credit Suisse Mortgage Trust, Series 2018-11R, 144A, 1 Month LIBOR + 1.400%		3.886	(c)		08/25/37		94		93,803
OneMain Direct Auto Receivables Trust, Series 2017-01A, Class C, 144A		3.910			08/16/21		100		100,727
PNMAC GMSR Issuer Trust, Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		5.127	(c)		08/25/25		100		100,311
									294,841
TOTAL ASSET-BACKED SECURITIES (cost $1,405,755)									1,376,136
COMMERCIAL MORTGAGE-BACKED SECURITY    0.9%
United Kingdom
Salus European Loan Conduit DAC, Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 5.000%, Floor N/A) (cost $255,160)		2.456	(c)		01/23/29	GBP	200		262,352
CORPORATE BONDS    23.0%
Australia    0.4%
Transurban Finance Co. Pty Ltd., Sr. Sec’d. Notes, EMTN		2.000			08/28/25	EUR	100		120,371

See Notes to Financial Statements.

PGIM International Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
China    1.1%
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750	%		06/14/22		EUR	100	$	114,007
State Grid Europe Development 2014 PLC, Gtd. Notes		1.500			01/26/22		EUR	200		231,095
										345,102
Germany    2.0%
Allianz SE, Sub. Notes		5.625	(ff)		10/17/42		EUR	200		261,706
Commerzbank AG, Sub. Notes, EMTN		7.750			03/16/21		EUR	100		126,601
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, Sr. Sec’d. Notes		4.000			01/15/25		EUR	100		116,647
Volkswagen International Finance NV, Gtd. Notes		2.700	(ff)		—	(rr)	EUR	100		112,000
										616,954
Ireland    0.4%
Smurfit Kappa Acquisitions, Gtd. Notes		2.750			02/01/25		EUR	100		119,501
Italy    1.2%
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa, Sr. Unsec’d. Notes		1.375			07/20/22		EUR	100		109,794
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500	(ff)		10/27/47		EUR	100		126,188
Telecom Italia SpA, Sr. Unsec’d. Notes, EMTN		3.250			01/16/23		EUR	100		117,488
										353,470
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC, Gtd. Notes		3.638			06/20/22		CHF	50		51,604
Mexico    1.4%
Petroleos Mexicanos, Gtd. Notes		3.625			11/24/25		EUR	400		439,938

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Netherlands    0.9%
Nederlandse Waterschapsbank NV, Sr. Unsec’d. Notes, EMTN		5.200	%		03/31/25	CAD	200	$	172,191
UPCB Finance IV Ltd., Sr. Sec’d. Notes		4.000			01/15/27	EUR	90		106,244
									278,435
Peru    0.7%
Peru Enhanced Pass-Through Finance Ltd., Pass-Through Certificates		1.963	(s)		06/02/25		228		200,719
Russia    0.4%
Gazprom OAO Via Gaz Capital SA, Sr. Unsec’d. Notes, EMTN		3.389			03/20/20	EUR	100		115,264
Spain    0.4%
Merlin Properties Socimi SA, Sr. Unsec’d. Notes, EMTN		2.375			05/23/22	EUR	100		118,289
Supranational Bank    0.4%
European Bank for Reconstruction & Development, Sr. Unsec’d. Notes, GMTN		6.450			12/13/22	IDR	408,000		27,486
European Investment Bank, Sr. Unsec’d. Notes, EMTN		0.500			10/26/23	AUD	160		105,145
									132,631
United Arab Emirates    0.5%
First Abu Dhabi Bank PJSC, Sr. Unsec’d. Notes, EMTN		4.800			06/01/21	CNY	1,000		150,373
United Kingdom    3.2%
B&M European Value Retail SA, Sr. Sec’d. Notes, 144A, MTN		4.125			02/01/22	GBP	100		132,358
Barclays PLC, Sub. Notes, EMTN		2.000	(ff)		02/07/28	EUR	100		109,581
CPUK Finance Ltd., Sec’d. Notes, 144A		4.250			02/28/47	GBP	100		132,024
EI Group PLC, First Mortgage		6.375			02/15/22	GBP	100		133,213
Royal Bank of Scotland Group PLC, Sr. Unsec’d. Notes, EMTN		2.000	(ff)		03/08/23	EUR	100		116,003

See Notes to Financial Statements.

PGIM International Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Stonegate Pub Co. Financing PLC, Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.250%		7.095	%(c)		03/15/22	GBP	100	$	131,051
Tesco PLC, Sr. Unsec’d. Notes, EMTN		5.000			03/24/23	GBP	80		115,585
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes		5.500			01/15/25	GBP	90		120,470
									990,285
United States    9.8%
Adient Global Holdings Ltd., Gtd. Notes		3.500			08/15/24	EUR	100		96,705
Altria Group, Inc., Gtd. Notes		3.125			06/15/31	EUR	100		117,576
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27	EUR	100		115,106
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	100		128,368
Bank of America Corp., Sr. Unsec’d. Notes, EMTN		0.591	(s)		05/31/21	EUR	85		113,214
Becton, Dickinson and Co., Sr. Unsec’d. Notes		0.368			06/06/19	EUR	100		112,196
Belden, Inc., Gtd. Notes		4.125			10/15/26	EUR	100		118,317
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26	EUR	100		115,400
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		1.100			07/15/24	EUR	100		113,579
Goldman Sachs Group, Inc. (The), Sub. Notes		4.750			10/12/21	EUR	150		185,394
International Game Technology PLC, Sr. Sec’d. Notes		4.750			02/15/23	EUR	100		122,250
IQVIA, Inc., Gtd. Notes		3.500			10/15/24	EUR	100		114,886
Kraft Heinz Foods Co., Gtd. Notes		2.250			05/25/28	EUR	100		117,257
Marsh & McLennan Cos., Inc., Sr. Unsec’d. Notes		1.349			09/21/26	EUR	100		114,302
Medtronic Global Holdings SCA, Gtd. Notes		1.125			03/07/27	EUR	100		115,423
Morgan Guaranty Trust Co. of New York, Sr. Unsec’d. Notes		1.464	(s)		01/21/27	ITL	50,000		26,816

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Morgan Stanley,
Sr. Unsec’d. Notes, EMTN		0.637	%(ff)		07/26/24	EUR	200	$	224,672
Sr. Unsec’d. Notes, GMTN		1.000			12/02/22	EUR	100		114,814
PerkinElmer, Inc., Sr. Unsec’d. Notes		0.600			04/09/21	EUR	100		112,904
Spectrum Brands, Inc., Gtd. Notes		4.000			10/01/26	EUR	100		116,760
Stryker Corp., Sr. Unsec’d. Notes		2.625			11/30/30	EUR	100		128,105
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		1.400			01/23/26	EUR	100		117,429
Verizon Communications, Inc., Sr. Unsec’d. Notes		1.250			04/08/30	EUR	100		112,329
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		1.414			12/13/22	EUR	100		116,110
Sr. Unsec’d. Notes		2.425			12/13/26	EUR	100		121,383
									2,991,295
TOTAL CORPORATE BONDS (cost $6,833,416)									7,024,231
RESIDENTIAL MORTGAGE-BACKED SECURITIES    2.6%
Bermuda    0.5%
Bellemeade Re Ltd., Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		4.077	(c)		04/25/28		167		167,752
United Kingdom    1.2%
Newgate Funding PLC, Series 2007-02X, Class A3, 3 Month GBP LIBOR + 0.160%		1.005	(c)		12/15/50	GBP	100		119,717
Paragon Mortgages PLC,
Series 10X, Class B1A, 3 Month GBP LIBOR + 0.540%		1.385	(c)		06/15/41	GBP	100		123,400
Series 12X, Class B1A, 3 Month GBP LIBOR + 0.480%		1.350	(c)		11/15/38	GBP	94		114,191
									357,308

See Notes to Financial Statements.

PGIM International Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States    0.9%
CIM Trust, Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.502	%(c)		01/25/57		64		$	64,747
LSTAR Securities Investment Trust,
Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		4.002	(c)		04/01/23		48			48,228
Series 2019-02, Class A1, 144A, 1 Month LIBOR + 1.500%		3.981	(c)		04/01/24		160			161,183
										274,158
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $786,647)										799,218
SOVEREIGN BONDS    55.4%
Argentina    1.7%
Argentine Republic Government International Bond, Sr. Unsec’d. Notes		7.820			12/31/33	EUR	516			427,204
Provincia de Buenos Aires, Sr. Unsec’d. Notes		5.375			01/20/23	EUR	100			83,008
										510,212
Belgium    2.5%
Kingdom of Belgium Government Bond, Unsec’d. Notes		4.000			03/28/22	EUR	600			761,172
Brazil    2.7%
Brazil Letras do Tesouro Nacional, Bills		10.424	(s)		01/01/22	BRL	—	(r)		10,427
Brazil Loan Trust 1, Gov’t. Gtd. Notes		5.477			07/24/23		93			95,132
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		360			371,700
Brazilian Government International Bond, Sr. Unsec’d. Notes		2.875			04/01/21	EUR	300			351,202
										828,461
Bulgaria    0.5%
Bulgaria Government International Bond, Sr. Unsec’d. Notes, GMTN		3.125			03/26/35	EUR	115			149,596

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Canada    0.6%
Province of British Columbia, Unsec’d. Notes		7.875	%		11/30/23	CAD	200	$	185,896
Colombia    1.7%
Colombia Government International Bond, Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	400		524,911
Croatia    0.8%
Croatia Government International Bond, Sr. Unsec’d. Notes		2.700			06/15/28	EUR	200		245,887
Cyprus    2.9%
Cyprus Government International Bond,
Notes, EMTN		2.750			02/26/34	EUR	100		121,286
Sr. Unsec’d. Notes, EMTN		2.375			09/25/28	EUR	100		121,264
Sr. Unsec’d. Notes, EMTN		3.750			07/26/23	EUR	500		638,987
									881,537
Germany    0.6%
Bundesrepublik Deutschland Bundesanleihe,
Bonds		0.000			08/15/26	EUR	75		85,593
Bonds		0.500			02/15/28	EUR	95		112,157
									197,750
Greece    3.7%
Hellenic Republic Government Bond,
Bonds		0.000	(cc)		10/15/42	EUR	9,000		38,823
Bonds		3.000	(cc)		02/24/23	EUR	50		59,045
Bonds		3.000	(cc)		02/24/24	EUR	75		88,768
Bonds		3.000	(cc)		02/24/25	EUR	85		99,507
Bonds		3.000	(cc)		02/24/26	EUR	85		98,683
Bonds		3.000	(cc)		02/24/27	EUR	195		226,953
Bonds		3.000	(cc)		02/24/28	EUR	60		69,289
Bonds		3.000	(cc)		02/24/29	EUR	50		57,313
Bonds		3.000	(cc)		02/24/31	EUR	140		157,057
Bonds		3.000	(cc)		02/24/42	EUR	5		5,405
Bonds		4.200			01/30/42	EUR	140		154,273
Hellenic Republic Government International Bond, Sr. Unsec’d. Notes		5.200			07/17/34	EUR	60		72,799
									1,127,915

See Notes to Financial Statements.

PGIM International Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia    2.1%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.750	%		04/24/25	EUR	200	$	229,619
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24	EUR	140		165,007
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	200		260,493
									655,119
Ireland    0.7%
Ireland Government Bond, Bonds		2.400			05/15/30	EUR	150		199,549
Israel    0.4%
Israel Government International Bond, Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	100		118,818
Italy    7.8%
Italy Buoni Poliennali del Tesoro,
Bonds		2.050			08/01/27	EUR	140		155,162
Sr. Unsec’d. Notes, 144A		4.750			09/01/28	EUR	455		613,978
Unsec’d. Notes, 144A		4.500			03/01/26	EUR	455		591,179
Italy Certificati di Credito del Tesoro, Bonds, Series EU, 6 Month EURIBOR + 0.550%		0.318	(c)		09/15/25	EUR	130		132,612
Republic of Italy Government International Bond, Sr. Unsec’d. Notes, EMTN		5.125			07/31/24	EUR	675		878,443
									2,371,374
Japan    0.2%
Japan Government Twenty Year Bond, Sr. Unsec’d. Notes		0.500			06/20/38	JPY	8,000		73,828
Kazakhstan    0.4%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		2.375			11/09/28	EUR	115		134,531
Lithuania    0.7%
Lithuania Government International Bond, Sr. Unsec’d. Notes		6.125			03/09/21		200		211,668

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Mexico    1.8%
Mexico Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.750	%		04/17/28	EUR	300	$	334,227
Sr. Unsec’d. Notes, GMTN		1.625			03/06/24	EUR	185		212,995
									547,222
Peru    0.9%
Peruvian Government International Bond, Sr. Unsec’d. Notes		3.750			03/01/30	EUR	200		274,075
Poland    1.1%
Republic of Poland Government International Bond, Sr. Unsec’d. Notes, EMTN		3.375			07/09/24	EUR	250		326,555
Portugal    3.6%
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	625		889,012
Sr. Unsec’d. Notes, 144A		4.100			04/15/37	EUR	130		194,829
									1,083,841
Romania    0.7%
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500			02/08/30	EUR	100		110,478
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	100		117,068
									227,546
Russia     0.9%
Russian Federal Bond - OFZ, Bonds, Series 6224		6.900			05/23/29	RUB	3,000		42,979
Russian Foreign Bond - Eurobond, Sr. Unsec’d. Notes		2.875			12/04/25	EUR	200		237,219
									280,198
Senegal    0.4%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100		110,778
South Korea    1.3%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, 144A, MTN		8.000			05/15/24	IDR	600,000		41,742

See Notes to Financial Statements.

PGIM International Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
South Korea (cont’d.)
Export-Import Bank of Korea, (cont’d.)
Sr. Unsec’d. Notes, EMTN		2.000	%		04/30/20	EUR	100	$	114,416
Sr. Unsec’d. Notes, EMTN^		4.460			09/26/19	NZD	200		134,494
Sr. Unsec’d. Notes, MTN		3.500			07/28/21	NZD	150		101,966
									392,618
Spain    8.1%
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN		5.000			03/31/20	CAD	160		122,368
Gov’t. Gtd. Notes, GMTN		0.963			09/22/22	SEK	1,000		106,841
Spain Government Bond,
Bonds, 144A		5.150			10/31/28	EUR	185		287,528
Sr. Unsec’d. Notes, 144A		1.400			04/30/28	EUR	70		82,379
Sr. Unsec’d. Notes, 144A		1.450			10/31/27	EUR	265		313,981
Sr. Unsec’d. Notes, 144A		4.650			07/30/25	EUR	870		1,235,448
Spain Government International Bond, Sr. Unsec’d. Notes, EMTN		5.250			04/06/29	GBP	200		311,041
									2,459,586
Turkey    1.6%
Turkey Government Bond, Bonds		8.000			03/12/25	TRY	100		10,055
Turkey Government International Bond,
Sr. Unsec’d. Notes		4.125			04/11/23	EUR	155		172,151
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	100		109,222
Sr. Unsec’d. Notes		7.500			11/07/19		100		100,940
Sr. Unsec’d. Notes, EMTN		3.250			06/14/25	EUR	100		100,671
									493,039
United Kingdom    5.0%
United Kingdom Gilt,
Bonds		1.625			10/22/28	GBP	50		67,766
Bonds(k)		4.250			03/07/36	GBP	800		1,460,036
									1,527,802
TOTAL SOVEREIGN BONDS (cost $16,293,529)									16,901,484

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATION    0.1%
Indonesia Government USAID Bond Gov’t. Gtd. Notes (cost $13,441)		8.900	%		06/01/21		13	$	13,782
U.S. TREASURY OBLIGATION    0.2%
U.S. Treasury Notes (cost $59,843)		2.250			04/30/24		60		59,909
TOTAL LONG-TERM INVESTMENTS (cost $25,647,791)									26,437,112
						Shares
SHORT-TERM INVESTMENTS    9.1%
AFFILIATED MUTUAL FUND    9.0%
PGIM Core Ultra Short Bond Fund (cost $2,764,036)(w)							2,764,036		2,764,036
OPTIONS PURCHASED*~    0.1% (cost $31,517)									20,900
TOTAL SHORT-TERM INVESTMENTS (cost $2,795,553)									2,784,936
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    95.8% (cost $28,443,344)									29,222,048
OPTIONS WRITTEN*~    (0.0)% (premiums received $27,858)									(7,660	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    95.8% (cost $28,415,486)									29,214,388
Other assets in excess of liabilities(z)    4.2%									1,285,202
NET ASSETS    100.0%								$	30,499,590

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

AED—United Arab Emirates Dirham

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

CNY—China Yuan

COP—Colombian Peso

See Notes to Financial Statements.

PGIM International Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

ITL—Italian Lira

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BIBOR—Bangkok Interbank Offered Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDO—Collateralized Debt Obligation

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

EIBOR—Emirates Interbank Offered Rate

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term

Note HIBOR—Hong Kong Interbank Offered Rate

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

See Notes to Financial Statements.

22

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OFZ—Obligatsyi Federal’novo Zaima (Federal Loan Obligations)

OTC—Over-the-counter

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SIBOR—Singapore Interbank Offered Rate

STIBOR—Stockholm Interbank Offered Rate

T—Swap payment upon termination

TELBOR—Tel Aviv Interbank Offered Rate

USAID—United States Agency for International Development

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

* Non-income producing security.

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

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $135,403 and 0.4% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2019.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

(r) Less than $500 par.

(rr) Perpetual security with no stated maturity date.

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

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2- Year 10 CMS Curve CAP	Call	Morgan Stanley & Co. International PLC		11/21/19		0.13	%		—		100	$	630
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/21/19		0.12	%		—		100		676
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—		71		682
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—		172		1,557
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—		342		3,408

See Notes to Financial Statements.

PGIM International Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put		Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2- Year 10 CMS Curve CAP		Call	Bank of America, N.A.		09/13/21		0.14	%		—		340	$	3,487
2- Year 10 CMS Curve CAP		Call	Barclays Bank PLC		11/09/21		0.21	%		—		69		732
Total OTC Traded (cost $950)													$	11,172

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

05/15/19

$

97.00

CDX.NA.HY. 32.V1(Q)

5.00%(Q)

900

$

15

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

07/17/19

$

104.50

CDX.NA.HY. 32.V1(Q)

5.00%(Q)

900

3,247

iTraxx.EUR.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

0.80

%

iTraxx.EUR. 31.V1(Q)

1.00%(Q)

EUR

1,600

2,673

iTraxx.XO.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

3.50

%

iTraxx.XO. 31.V1(Q)

5.00%(Q)

EUR

800

3,793

Total OTC Swaptions (cost $30,567)

$

9,728

Total Options Purchased (cost $31,517)

$

20,900

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.32.V1, 06/20/24

Put

Deutsche Bank AG

07/17/19

$

101.00

5.00%(Q)

CDX.NA.HY. 32.V1(Q)

1,800

$

(2,560

)

iTraxx.EUR.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

1.10

%

1.00%(Q)

iTraxx.EUR. 31.V1(Q)

EUR

3,200

(2,106

)

iTraxx.XO.31.V1, 06/20/24

Put

Citibank, N.A.

09/18/19

4.50

%

5.00%(Q)

iTraxx.XO. 31.V1(Q)

EUR

1,600

(2,994

)

Total Options Written (premiums received $27,858)

$

(7,660

)

Futures contracts outstanding at April 30, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	114	5 Year U.S. Treasury Notes		Jun. 2019	$	13,183,031	$	80,909

See Notes to Financial Statements.

24

Futures contracts outstanding at April 30, 2019 (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions (cont’d):
	2	10 Year U.K. Gilt		Jun. 2019	$	332,051	$	(248	)
	68	10 Year U.S. Treasury Notes		Jun. 2019		8,409,687		60,556
	2	30 Year Euro Buxl		Jun. 2019		423,383		7,133
	6	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		985,688		(4,938	)
	12	Euro-OAT		Jun. 2019		2,180,399		42,512
								185,924
		Short Positions:
	72	2 Year U.S. Treasury Notes		Jun. 2019		15,336,563		(51,306	)
	25	5 Year Euro-Bobl		Jun. 2019		3,727,372		(19,684	)
	32	10 Year Euro-Bund		Jun. 2019		5,933,197		(68,194	)
	3	20 Year U.S. Treasury Bonds		Jun. 2019		442,406		(5,375	)
	39	Euro Schatz. DUA Index		Jun. 2019		4,895,668		(7,436	)
								(151,995	)
							$	33,929

Forward foreign currency exchange contracts outstanding at April 30, 2019:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.	ARS	4,409	$	99,527	$	98,991	$	—	$	(536	)
Expiring 05/30/19	BNP Paribas S.A.	ARS	1,558		33,336		33,664		328		—
Expiring 06/25/19	Citibank, N.A.	ARS	584		12,836		12,084		—		(752	)
Expiring 06/25/19	Citibank, N.A.	ARS	416		8,871		8,605		—		(266	)
Expiring 06/25/19	Citibank, N.A.	ARS	284		6,125		5,876		—		(249	)
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.	AUD	96		69,156		67,974		—		(1,182	)
Brazilian Real,
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	357		91,908		90,712		—		(1,196	)
British Pound,
Expiring 05/03/19	Goldman Sachs International	GBP	2,596		3,345,742		3,385,334		39,592		—
Expiring 07/19/19	Bank of America, N.A.	GBP	70		92,000		91,916		—		(84	)
Expiring 07/19/19	Goldman Sachs International	GBP	18		23,245		23,255		10		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	GBP	49		64,000		63,603		—		(397	)

See Notes to Financial Statements.

PGIM International Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.	CLP	27,305	$	40,840	$	40,302	$	—	$	(538	)
Expiring 06/19/19	BNP Paribas S.A.	CLP	23,075		34,650		34,058		—		(592	)
Chinese Renminbi,
Expiring 07/25/19	Citibank, N.A.	CNH	463		69,030		68,733		—		(297	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.	CNH	276		41,361		41,037		—		(324	)
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.	COP	279,203		90,001		86,257		—		(3,744	)
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	1,619		71,443		71,020		—		(423	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.	EGP	740		39,395		42,160		2,765		—
Expiring 07/15/19	Citibank, N.A.	EGP	457		24,301		26,016		1,715		—
Expiring 07/29/19	Citibank, N.A.	EGP	356		19,245		20,225		980		—
Expiring 07/29/19	Citibank, N.A.	EGP	202		10,754		11,469		715		—
Expiring 09/18/19	Citibank, N.A.	EGP	451		24,694		25,278		584		—
Expiring 10/08/19	Citibank, N.A.	EGP	275		15,150		15,318		168		—
Euro,
Expiring 05/03/19	UBS AG	EUR	16,106		17,928,779		18,068,970		140,191		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	EUR	57		65,000		64,379		—		(621	)
Indian Rupee,
Expiring 06/19/19	Barclays Bank PLC	INR	7,880		111,185		112,573		1,388		—
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	5,089		73,001		72,694		—		(307	)
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	4,706		67,000		67,229		229		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	5,259		75,000		75,131		131		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	4,816		69,004		68,796		—		(208	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	4,760		68,000		67,998		—		(2	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	2,417		34,515		34,523		8		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	1,909		27,250		27,266		16		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	9,632		135,923		137,590		1,667		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	4,506		65,000		64,363		—		(637	)
Indonesian Rupiah,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,288,080		90,000		89,796		—		(204	)

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,186,900	$	83,000	$	82,743	$	—	$	(257	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	1,296,855		90,000		90,408		408		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	953,042		67,000		66,440		—		(560	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	856,513		60,233		59,710		—		(523	)
Expiring 06/19/19	UBS AG	IDR	1,060,050		74,000		73,899		—		(101	)
Israeli Shekel,
Expiring 11/29/19	Citibank, N.A.	ILS	2,543		700,000		717,419		17,419		—
Japanese Yen,
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	3,752		33,755		33,908		153		—
Mexican Peso,
Expiring 06/19/19	Barclays Bank PLC	MXN	1,253		64,000		65,541		1,541		—
Expiring 06/19/19	Citibank, N.A.	MXN	1,332		69,004		69,668		664		—
Expiring 06/19/19	Citibank, N.A.	MXN	1,181		62,000		61,766		—		(234	)
Expiring 06/19/19	Citibank, N.A.	MXN	660		34,515		34,522		7		—
Expiring 06/19/19	Deutsche Bank AG	MXN	3,964		202,193		207,388		5,195		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	669		34,375		35,024		649		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	444		22,756		23,212		456		—
New Taiwanese Dollar,
Expiring 06/19/19	Citibank, N.A.	TWD	2,185		71,000		70,947		—		(53	)
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	4,138		134,381		134,367		—		(14	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	4,138		134,375		134,367		—		(8	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	7,844		255,173		254,701		—		(472	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	2,211		72,000		71,794		—		(206	)
New Zealand Dollar,
Expiring 07/22/19	Citibank, N.A.	NZD	45		30,300		29,938		—		(362	)
Norwegian Krone,
Expiring 07/19/19	BNP Paribas S.A.	NOK	1,803		213,104		209,626		—		(3,478	)
Expiring 07/19/19	Citibank, N.A.	NOK	335		39,500		38,896		—		(604	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	264		80,000		79,757		—		(243	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	262		79,000		79,112		112		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	229		69,000		69,084		84		—

See Notes to Financial Statements.

PGIM International Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	228	$	69,000	$	68,842	$	—	$	(158	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	4,039		76,925		77,169		244		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	5,571		105,000		106,450		1,450		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,937		94,000		94,328		328		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,574		86,000		87,393		1,393		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,322		83,000		82,589		—		(411	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,243		81,000		81,079		79		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	551		10,310		10,523		213		—
Russian Ruble,
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	19,274		290,286		295,902		5,616		—
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	90		67,000		66,438		—		(562	)
Expiring 05/10/19	Barclays Bank PLC	SGD	89		66,226		65,753		—		(473	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	94		69,000		68,804		—		(196	)
Expiring 05/10/19	UBS AG	SGD	101		75,000		74,460		—		(540	)
South African Rand,
Expiring 06/13/19	BNP Paribas S.A.	ZAR	50		3,408		3,470		62		—
Expiring 06/13/19	Citibank, N.A.	ZAR	524		36,100		36,429		329		—
Expiring 06/13/19	Citibank, N.A.	ZAR	296		20,275		20,549		274		—
Expiring 06/13/19	Goldman Sachs International	ZAR	724		49,637		50,368		731		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	611		42,050		42,500		450		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	492		34,025		34,212		187		—
South Korean Won,
Expiring 06/19/19	Citibank, N.A.	KRW	78,516		69,031		67,340		—		(1,691	)
Expiring 06/19/19	Citibank, N.A.	KRW	78,465		69,065		67,296		—		(1,769	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	78,451		69,047		67,284		—		(1,763	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	78,256		69,156		67,117		—		(2,039	)

See Notes to Financial Statements.

28

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	58,425	$	51,701	$	50,108	$	—	$	(1,593	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	41,529		36,400		35,617		—		(783	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	41,518		36,400		35,608		—		(792	)
Swedish Krona,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	SEK	688		74,794		72,917		—		(1,877	)
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.	THB	3,410		109,241		106,822		—		(2,419	)
Expiring 05/10/19	BNP Paribas S.A.	THB	3,151		101,000		98,737		—		(2,263	)
Expiring 05/10/19	Citibank, N.A.	THB	9,175		291,570		287,444		—		(4,126	)
Expiring 05/10/19	Citibank, N.A.	THB	2,129		67,000		66,692		—		(308	)
Expiring 05/10/19	Citibank, N.A.	THB	1,976		62,000		61,900		—		(100	)
Expiring 05/10/19	Citibank, N.A.	THB	1,056		33,085		33,075		—		(10	)
Expiring 05/10/19	Citibank, N.A.	THB	934		29,590		29,260		—		(330	)
Expiring 05/10/19	Citibank, N.A.	THB	572		18,107		17,913		—		(194	)
Expiring 05/10/19	Citibank, N.A.	THB	401		12,592		12,561		—		(31	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	3,410		108,524		106,822		—		(1,702	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	4,036		129,000		126,440		—		(2,560	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	695		22,295		21,785		—		(510	)
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.	TRY	588		103,408		95,806		—		(7,602	)
				$	28,833,179	$	29,005,234		228,531		(56,476	)
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/22/19	Bank of America, N.A.	AUD	186	$	132,982	$	131,235	$	1,747	$	—
Expiring 07/22/19	Citibank, N.A.	AUD	104		72,750		73,263		—		(513	)
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	AUD	101		71,016		71,465		—		(449	)

See Notes to Financial Statements.

PGIM International Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 07/22/19	The Toronto-Dominion Bank	AUD	93	$	66,000	$	65,982	$	18	$	—
Brazilian Real,
Expiring 06/04/19	Citibank, N.A.	BRL	138		34,559		35,162		—		(603	)
Expiring 06/04/19	Citibank, N.A.	BRL	137		34,559		34,874		—		(315	)
Expiring 06/04/19	Citibank, N.A.	BRL	101		25,553		25,663		—		(110	)
Expiring 06/04/19	Goldman Sachs International	BRL	109		27,250		27,617		—		(367	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	140		35,904		35,586		318		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	107		27,200		27,181		19		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	62		15,789		15,873		—		(84	)
British Pound,
Expiring 05/03/19	Goldman Sachs International	GBP	2,596		3,441,787		3,385,333		56,454		—
Expiring 06/04/19	Goldman Sachs International	GBP	2,596		3,351,297		3,391,376		—		(40,079	)
Expiring 07/19/19	Bank of America, N.A.	GBP	277		364,502		363,303		1,199		—
Expiring 07/19/19	Citibank, N.A.	GBP	30		39,500		39,680		—		(180	)
Canadian Dollar,
Expiring 07/22/19	Morgan Stanley & Co. International PLC	CAD	777		581,764		580,831		933		—
Chilean Peso,
Expiring 06/19/19	Barclays Bank PLC	CLP	51,635		76,000		76,212		—		(212	)
Expiring 06/19/19	BNP Paribas S.A.	CLP	74,160		110,842		109,458		1,384		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	30,332		45,445		44,770		675		—
Expiring 06/19/19	Citibank, N.A.	CLP	85,661		128,880		126,434		2,446		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	CLP	44,955		66,700		66,352		348		—
Chinese Renminbi,
Expiring 07/25/19	Morgan Stanley & Co. International PLC	CNH	1,520		227,156		225,560		1,596		—
Colombian Peso,
Expiring 05/20/19	Bank of America, N.A.	COP	217,227		67,000		67,110		—		(110	)
Expiring 05/20/19	BNP Paribas S.A.	COP	160,534		49,936		49,595		341		—
Expiring 05/20/19	BNP Paribas S.A.	COP	129,375		41,226		39,969		1,257		—
Expiring 05/20/19	BNP Paribas S.A.	COP	83,440		26,864		25,778		1,086		—

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 05/20/19	BNP Paribas S.A.	COP	41,717	$	13,432	$	12,888	$	544	$	—
Expiring 05/20/19	Citibank, N.A.	COP	719,216		228,780		222,194		6,586		—
Expiring 05/20/19	Citibank, N.A.	COP	107,481		34,515		33,205		1,310		—
Czech Koruna,
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CZK	1,746		76,000		76,560		—		(560	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.	EGP	346		19,795		19,713		82		—
Expiring 07/15/19	Citibank, N.A.	EGP	180		10,302		10,277		25		—
Euro,
Expiring 05/03/19	UBS AG	EUR	16,106		18,244,933		18,068,970		175,963		—
Expiring 06/04/19	UBS AG	EUR	16,106		17,977,580		18,120,485		—		(142,905	)
Expiring 07/19/19	Bank of America, N.A.	EUR	200		224,208		225,926		—		(1,718	)
Expiring 07/19/19	Bank of America, N.A.	EUR	98		110,000		110,566		—		(566	)
Expiring 07/19/19	Barclays Bank PLC	EUR	813		927,488		918,237		9,251		—
Expiring 07/19/19	Barclays Bank PLC	EUR	101		114,936		114,419		517		—
Expiring 07/19/19	Barclays Bank PLC	EUR	44		49,389		49,456		—		(67	)
Expiring 07/19/19	BNP Paribas S.A.	EUR	59		66,700		67,032		—		(332	)
Expiring 07/19/19	Deutsche Bank AG	EUR	813		923,546		918,238		5,308		—
Hungarian Forint,
Expiring 07/19/19	Bank of America, N.A.	HUF	79,653		280,516		277,431		3,085		—
Expiring 07/19/19	Citibank, N.A.	HUF	9,838		34,452		34,268		184		—
Indian Rupee,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	2,219		31,600		31,703		—		(103	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	2,879		40,816		41,124		—		(308	)
Indonesian Rupiah,
Expiring 06/19/19	Citibank, N.A.	IDR	997,147		69,000		69,514		—		(514	)
Expiring 06/19/19	Citibank, N.A.	IDR	816,916		56,793		56,950		—		(157	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	2,725,435		189,372		189,999		—		(627	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	443,128		31,075		30,892		183		—
Israeli Shekel,
Expiring 07/25/19	Bank of America, N.A.	ILS	57		16,118		15,986		132		—
Expiring 11/29/19	Goldman Sachs International	ILS	2,538		700,000		715,839		—		(15,839	)

See Notes to Financial Statements.

PGIM International Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen,
Expiring 07/19/19	Bank of America, N.A.	JPY	21,399	$	192,441	$	193,368	$	—	$	(927	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	3,796		34,155		34,307		—		(152	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	3,202		28,800		28,937		—		(137	)
Mexican Peso,
Expiring 06/19/19	Citibank, N.A.	MXN	693		36,100		36,235		—		(135	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	1,204		62,950		63,002		—		(52	)
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	1,909		62,000		61,994		6		—
Expiring 06/19/19	Citibank, N.A.	TWD	2,125		69,030		69,012		18		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	2,706		88,000		87,849		151		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	2,027		66,000		65,802		198		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	2,237		73,000		72,637		363		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	1,216		39,500		39,476		24		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	1,209		39,350		39,267		83		—
New Zealand Dollar,
Expiring 07/22/19	Bank of America, N.A.	NZD	570		385,696		381,313		4,383		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	61		41,361		41,109		252		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	52		34,468		34,476		—		(8	)
Norwegian Krone,
Expiring 07/19/19	BNP Paribas S.A.	NOK	596		69,000		69,348		—		(348	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	135		40,840		40,807		33		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	30		9,000		9,005		—		(5	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	5,664		107,000		108,218		—		(1,218	)
Expiring 06/19/19	Barclays Bank PLC	PHP	5,253		99,000		100,381		—		(1,381	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,874		92,000		93,135		—		(1,135	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,552		87,000		86,976		24		—
Polish Zloty,
Expiring 07/19/19	HSBC Bank USA, N.A.	PLN	286		75,000		75,155		—		(155	)

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty (cont’d.),
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	412	$	109,154	$	107,964	$	1,190	$	—
Russian Ruble,
Expiring 06/19/19	Citibank, N.A.	RUB	5,834		88,645		89,565		—		(920	)
Expiring 06/19/19	Citibank, N.A.	RUB	1,260		19,134		19,341		—		(207	)
Expiring 06/19/19	Citibank, N.A.	RUB	605		9,185		9,285		—		(100	)
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	114		84,000		83,617		383		—
Expiring 05/10/19	Barclays Bank PLC	SGD	89		66,000		65,748		252		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	91		67,000		66,639		361		—
South African Rand,
Expiring 06/13/19	Citibank, N.A.	ZAR	2,146		148,930		149,252		—		(322	)
Expiring 06/13/19	Goldman Sachs International	ZAR	2,146		149,980		149,252		728		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	506		34,375		35,209		—		(834	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	493		34,434		34,277		157		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	260		18,100		18,107		—		(7	)
South Korean Won,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	186,740		164,663		160,158		4,505		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	98,580		87,000		84,548		2,452		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	78,005		67,000		66,901		99		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	75,094		64,460		64,405		55		—
Swedish Krona,
Expiring 07/19/19	Citibank, N.A.	SEK	681		73,000		72,206		794		—
Swiss Franc,
Expiring 07/19/19	Barclays Bank PLC	CHF	64		63,000		63,142		—		(142	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CHF	371		374,251		367,361		6,890		—
Expiring 07/19/19	The Toronto-Dominion Bank	CHF	104		104,000		102,663		1,337		—
Thai Baht,
Expiring 05/10/19	Citibank, N.A.	THB	5,029		161,265		157,563		3,702		—
Expiring 05/10/19	Citibank, N.A.	THB	3,146		100,000		98,575		1,425		—

See Notes to Financial Statements.

PGIM International Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Forward foreign currency exchange contracts outstanding at April 30, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 05/10/19	Citibank, N.A.	THB	3,103	$	99,000	$	97,218	$	1,782	$	—
Expiring 05/10/19	Citibank, N.A.	THB	2,160		68,000		67,661		339		—
Expiring 05/10/19	Citibank, N.A.	THB	1,173		37,260		36,749		511		—
Expiring 05/10/19	Citibank, N.A.	THB	1,029		32,803		32,242		561		—
Expiring 05/10/19	Citibank, N.A.	THB	884		28,177		27,694		483		—
Expiring 05/10/19	Citibank, N.A.	THB	684		21,837		21,423		414		—
Expiring 05/10/19	Citibank, N.A.	THB	665		21,160		20,825		335		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	1,105		34,522		34,631		—		(109	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	1,020		32,706		31,969		737		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	550		17,611		17,240		371		—
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	2,034		64,000		63,714		286		—
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.	TRY	72		12,198		11,737		461		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	430		71,000		70,037		963		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	425		71,000		69,319		1,681		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	373		63,000		60,839		2,161		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	233		40,559		38,029		2,530		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	213		34,559		34,631		—		(72	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	199		34,650		32,458		2,192		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	179		30,300		29,094		1,206		—
				$	54,367,416	$	54,262,631		319,869		(215,084	)
								$	548,400	$	(271,560	)

See Notes to Financial Statements.

34

Cross currency exchange contracts outstanding at April 30, 2019:

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
07/19/19	Buy	NOK	650		EUR	68	$	—	$	(720	)		Citibank, N.A.
07/19/19	Buy	SEK	706		EUR	68		—		(1,542	)		Citibank, N.A.
							$	—	$	(2,262	)

Credit default swap agreements outstanding at April 30, 2019:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*:
Federative Republic of Brazil		12/20/22		1.000%(Q)		600		1.313	%	$	(6,268	)	$	(800	)	$	(5,468	)	Citibank, N.A.
Government of Malaysia		12/20/22		1.000%(Q)		120		0.463	%		2,296			(160	)		2,456		Citibank, N.A.
People’s Republic of China		12/20/22		1.000%(Q)		400		0.343	%		9,347			(533	)		9,880		Citibank, N.A.
Republic of Argentina		12/20/22		1.000%(Q)		120		0.001	%		(37,093	)		(160	)		(36,933	)	Citibank, N.A.
Republic of Chile		12/20/22		1.000%(Q)		120		0.230	%		3,286			(160	)		3,446		Citibank, N.A.
Republic of Colombia		12/20/22		1.000%(Q)		160		0.652	%		1,989			(213	)		2,202		Citibank, N.A.
Republic of Indonesia		12/20/22		1.000%(Q)		160		0.833	%		980			(213	)		1,193		Citibank, N.A.
Republic of Panama		12/20/22		1.000%(Q)		120		0.384	%		2,629			(160	)		2,789		Citibank, N.A.
Republic of Peru		12/20/22		1.000%(Q)		120		0.340	%		2,818			(160	)		2,978		Citibank, N.A.
Republic of Philippines		12/20/22		1.000%(Q)		120		*			2,402			(160	)		2,562		Citibank, N.A.
Republic of South Africa		12/20/22		1.000%(Q)		360		*			(5,633	)		(480	)		(5,153	)	Citibank, N.A.
Republic of Turkey		12/20/22		1.000%(Q)		600		4.356	%		(64,075	)		(800	)		(63,275	)	Citibank, N.A.
Russian Federation		12/20/22		1.000%(Q)		360		0.982	%		330			(480	)		810		Citibank, N.A.
United Mexican States		12/20/22		1.000%(Q)		520		0.787	%		4,012			(693	)		4,705		Citibank, N.A.
										$	(82,980	)	$	(5,172	)	$	(77,808	)

See Notes to Financial Statements.

PGIM International Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

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

CDX.EM.28.V2

12/20/22

1.000%(Q)

3,880

$

74,598

$

(1,423

)

$

76,021

Citibank, N.A.

* The Fund entered into multiple credit default swap agreements in a package trade consisting of two parts. The Fund bought protection on an Emerging Market CDX Index and sold protection on the countries which comprise the Index. The up-front premium is attached to the index of the trade. Each swap is priced individually. If the packaged deal is closed out early, all of the component swaps terminate. Individual packages in the tables above are denoted by the corresponding footnotes.

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
Accunia Eurpoean		05/29/19		1.000%(M)	EUR	25		*		$	—	$	—	$	—	Goldman Sachs International
Adagio CLO		05/29/19		0.500%(M)	EUR	35		*			—		—		—	Goldman Sachs International
ALM Loan Funding		05/29/19		0.500%(M)		1		*			—		—		—	Goldman Sachs International
Anchorage Capital CLO Ltd.		05/29/19		0.500%(M)	EUR	23		*			—		—		—	Goldman Sachs International
Atlas Senior Loan Fund Ltd.		05/29/19		1.000%(M)		11		*			—		—		—	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		29		3.766	%		32		—		32	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		15		6.940	%		17		—		17	Goldman Sachs International
Banc of America Commercial Mortgage Trust		05/30/19		1.250%(M)		12		6.940	%		12		—		12	Goldman Sachs International

See Notes to Financial Statements.

36

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Bear Stearns Asset-Backed Securities Trust		05/31/19		1.250%(M)		67		*		$	—	$	—	$	—	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		05/31/19		1.250%(M)		38		*			—		—		—	Goldman Sachs International
BlackRock		05/29/19		0.500%(M)	EUR	13		*			—		—		—	Goldman Sachs International
Cathedral Lake Ltd.		05/29/19		1.000%(M)		13		*			—		—		—	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		33		6.788	%		37		—		37	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		14		4.550	%		15		—		15	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		13		4.550	%		14		—		14	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/30/19		1.250%(M)		12		4.550	%		13		—		13	Goldman Sachs International
Citigroup Mortgage Loan Trust		05/31/19		1.250%(M)		37		*			—		—		—	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		50		*			56		—		56	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		46		3.766	%		52		—		52	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		41		6.940	%		45		—		45	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		26		*			29		—		29	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
COMM Mortgage Trust		05/30/19		1.250%(M)		19		6.788	%	$	22	$	—	$	22	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		18		*			20		—		20	Goldman Sachs International
COMM Mortgage Trust		05/30/19		1.250%(M)		17		*			20		—		20	Goldman Sachs International
Countrywide Alternative		05/31/19		1.250%(M)		64		*			—		—		—	Goldman Sachs International
Countrywide Alternative		05/31/19		1.250%(M)		10		*			—		—		—	Goldman Sachs International
CVC		05/29/19		0.500%(M)	EUR	25		*			—		—		—	Goldman Sachs International
Deutsche Bank Alternative Mortgages		05/31/19		1.250%(M)		97		*			—		—		—	Goldman Sachs International
Deutsche Bank Alternative Mortgages		05/31/19		1.250%(M)		57		*			—		—		—	Goldman Sachs International
Equity One Home Equity		05/31/19		1.250%(M)		95		*			—		—		—	Goldman Sachs International
Equity One Home Equity		05/31/19		1.250%(M)		28		*			—		—		—	Goldman Sachs International
Fannie Mae Conneticut Avenue Securities		05/31/19		1.250%(M)		87		*			—		—		—	Goldman Sachs International
Fannie Mae Conneticut Avenue Securities		05/31/19		1.250%(M)		45		*			—		—		—	Goldman Sachs International
Fannie Mae Conneticut Avenue Securities		05/31/19		1.250%(M)		38		*			—		—		—	Goldman Sachs International

See Notes to Financial Statements.

38

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
First Franklin Home Equity		05/31/19		1.250%(M)		40		*		$	—	$	—	$	—	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		15		*			—		—		—	Goldman Sachs International
First Franklin Home Equity		05/31/19		1.250%(M)		15		*			—		—		—	Goldman Sachs International
Flagship		05/29/19		1.000%(M)		19		*			—		—		—	Goldman Sachs International
GMAC Home Equity		05/31/19		1.250%(M)		16		*			—		—		—	Goldman Sachs International
GMAC Home Equity		05/31/19		1.250%(M)		15		*			—		—		—	Goldman Sachs International
GS Mortgage Securities Trust		05/30/19		1.250%(M)		39		11.990	%		43		—		43	Goldman Sachs International
GS Mortgage Securities Trust		05/30/19		1.250%(M)		26		6.940	%		29		—		29	Goldman Sachs International
GSR Mortgage Loan Trust		05/31/19		1.250%(M)		29		*			—		—		—	Goldman Sachs International
HPS Investment Partners LLC		05/29/19		0.500%(M)	EUR	31		*			—		—		—	Goldman Sachs International
ICG US CLO Ltd.		05/29/19		1.000%(M)	EUR	13		*			—		—		—	Goldman Sachs International
ICG US CLO Ltd.		05/29/19		0.500%(M)	EUR	6		*			—		—		—	Goldman Sachs International
Invesco		05/29/19		0.500%(M)		9		*			—		—		—	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
JP Morgan Chase Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		27		6.780	%	$	30	$	—	$	30	Goldman Sachs International
JP Morgan Chase Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		10		6.780	%		10		—		10	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		74		4.180	%		83		—		83	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/30/19		1.250%(M)		52		4.180	%		58		—		58	Goldman Sachs International
LCM Limited Partnership		05/29/19		1.000%(M)		14		*			—		—		—	Goldman Sachs International
Lehman Home Equity		05/31/19		1.250%(M)		111		*			—		—		—	Goldman Sachs International
Lehman Home Equity		05/31/19		1.250%(M)		15		*			—		—		—	Goldman Sachs International
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		30		7.460	%		33		—		33	Goldman Sachs International
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		17		7.460	%		19		—		19	Goldman Sachs International
Morgan Stanley BAML Trust		05/30/19		1.250%(M)		15		11.990	%		17		—		17	Goldman Sachs International
Morgan Stanley Home Equity		05/31/19		1.250%(M)		15		*			—		—		—	Goldman Sachs International
New Century Home Equity		05/31/19		1.250%(M)		122		*			—		—		—	Goldman Sachs International
New Century Home Equity		05/31/19		1.250%(M)		26		*			—		—		—	Goldman Sachs International

See Notes to Financial Statements.

40

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Oaktree CLO Ltd.		05/29/19		0.500%(M)	EUR	6		*		$	—	$	—	$	—	Goldman Sachs International
Sankaty		05/29/19		0.500%(M)		2		*			—		—		—	Goldman Sachs International
Spire Management Limited		05/29/19		0.500%(M)	EUR	40		*			—		—		—	Goldman Sachs International
Steele Creek		05/29/19		0.500%(M)		12		*			—		—		—	Goldman Sachs International
Steele Creek		05/29/19		0.500%(M)		11		*			—		—		—	Goldman Sachs International
Telos CLO Ltd.		05/29/19		0.500%(M)		20		*			—		—		—	Goldman Sachs International
Venture CDO Ltd.		05/29/19		0.500%(M)		26		*			—		—		—	Goldman Sachs International
Venture CDO Ltd.		05/29/19		0.500%(M)		4		*			—		—		—	Goldman Sachs International
Wellfleet CLO Ltd.		05/29/19		0.500%(M)		22		*			—		—		—	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		90		6.780	%		99		—		99	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		26		4.670	%		29		—		29	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		21		6.780	%		23		—		23	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		17		4.670	%		19		—		19	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		16		*		$	19	$	—	$	19	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/30/19		1.250%(M)		13		7.460	%		14		—		14	Goldman Sachs International
Wind River CLO Ltd.		05/29/19		0.500%(M)		6		*			—		—		—	Goldman Sachs International
Wind River CLO Ltd.		05/29/19		1.000%(M)		4		*			—		—		—	Goldman Sachs International
										$	909	$	—	$	909

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Assicurazioni Generali SpA		06/20/23		1.000%(Q)	EUR	100	$	466		$	6,597		$	(6,131	)	Barclays Bank PLC
Hellenic Republic		06/20/19		1.000%(Q)		330		(653	)		1,797			(2,450	)	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		100		(2,959	)		(2,474	)		(485	)	Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)	EUR	210		2,996			3,023			(27	)	Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		230		(565	)		3,309			(3,874	)	Citibank, N.A.
Republic of Italy		06/20/28		1.000%(Q)	EUR	105		7,839			6,523			1,316		Barclays Bank PLC
Republic of Turkey		06/20/19		1.000%(Q)		80		175			2,315			(2,140	)	BNP Paribas S.A.
Republic of Turkey		06/20/19		1.000%(Q)		40		87			932			(845	)	BNP Paribas S.A.
							$	7,386		$	22,022		$	(14,636	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Arab Republic of Egypt		06/20/19		1.000%(Q)		70		1.479	%	$	35	$	(209	)	$	244	Citibank, N.A.

See Notes to Financial Statements.

42

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Generalitat de Cataluna		12/20/22		1.000%(Q)		110		*		$	(4,902	)	$	(16,415	)	$	11,513	Citibank, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		830		0.456	%		18,772			8,739			10,033	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		100		0.456	%		2,262			1,515			747	Bank of America, N.A.
Republic of France		12/20/23		0.250%(Q)		100		0.253	%		14			(274	)		288	Barclays Bank PLC
Republic of Hungary		06/20/22		1.000%(Q)		450		0.486	%		7,544			(2,888	)		10,432	Citibank, N.A.
Republic of Indonesia		06/20/23		1.000%(Q)		220		0.749	%		2,425			(1,391	)		3,816	Citibank, N.A.
Republic of Ireland		06/20/27		1.000%(Q)		100		0.438	%		4,242			2,524			1,718	Morgan Stanley & Co. International PLC
Republic of Italy		06/20/23		1.000%(Q)		350		1.675	%		(8,627	)		(19,820	)		11,193	Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		230		1.675	%		(5,669	)		(12,007	)		6,338	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		375		1.675	%		(9,242	)		(15,251	)		6,009	Morgan Stanley & Co. International PLC
Republic of Kazakhstan		06/20/23		1.000%(Q)		115		0.571	%		2,085			—			2,085	Citibank, N.A.
Republic of Panama		06/20/22		1.000%(Q)		100		0.304	%		2,237			852			1,385	Citibank, N.A.
Republic of Portugal		06/20/23		1.000%(Q)		640		0.532	%		12,554			(2,428	)		14,982	Goldman Sachs International
Republic of Portugal		12/20/23		1.000%(Q)		100		0.601	%		1,864			(57	)		1,921	Morgan Stanley & Co. International PLC
Republic of South Africa		12/20/23		1.000%(Q)		400		1.741	%		(12,197	)		(22,056	)		9,859	Bank of America, N.A.
Republic of Turkey		06/20/23		1.000%(Q)		80		4.379	%		(9,523	)		(10,983	)		1,460	BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		40		4.379	%		(4,761	)		(5,231	)		470	BNP Paribas S.A.
Russian Federation		12/20/22		1.000%(Q)		50		0.991	%		74			(125	)		199	Citibank, N.A.
Russian Federation		06/20/23		1.000%(Q)		60		1.059	%		(67	)		(1,176	)		1,109	BNP Paribas S.A.
Russian Federation		06/20/23		1.000%(Q)		200		1.059	%		(225	)		(3,983	)		3,758	Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

PGIM International Bond Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Credit default swap agreements outstanding at April 30, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Russian Federation		06/20/23		1.000%(Q)		150		1.059	%	$	(168	)	$	(2,497	)	$	2,329	Morgan Stanley & Co. International PLC
Russian Federation		12/20/26		1.000%(Q)		100		1.604	%		(3,903	)		(10,974	)		7,071	Barclays Bank PLC
State of Illinois		12/20/22		1.000%(Q)		100		1.228	%		(658	)		(4,071	)		3,413	Citibank, N.A.
State of Illinois		12/20/24		1.000%(Q)		100		1.835	%		(3,982	)		(6,999	)		3,017	Goldman Sachs International
										$	(9,816	)	$	(125,205	)	$	115,389

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Value at Trade Date		Value at April 30, 2019		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.NA.HY.30.V4		06/20/23		5.000%(Q)		65		*		$	4,793	$	5,966	$	1,173
CDX.NA.HY.32.V1		06/20/24		5.000%(Q)		1,445		3.258	%		87,355		118,231		30,876
										$	92,148	$	124,197	$	32,049

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.EM.27.V2		06/20/22		1.000%(Q)		485		1.517	%	$	(6,862	)	$	(20,957	)	$	14,095	Citibank, N.A.
CMBX.NA.6.AA		05/11/63		1.500%(M)		200		*			3,697			(1,136	)		4,833	JPMorgan Securities LLC
										$	(3,165	)	$	(22,093	)	$	18,928

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

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that

See Notes to Financial Statements.

44

particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

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

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

Currency swap agreement outstanding at April 30, 2019:

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 Agreement:

IDR 2,000,000

8.22%(S)

138

6 Month LIBOR(S)

Citibank, N.A.

11/29/23

$

9,971

$

—

$

9,971

See Notes to Financial Statements.

PGIM International Bond Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Inflation swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR	200		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—	$	(4,496	)	$	(4,496	)
EUR	200		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		4,597			4,597
GBP	20		08/15/42		3.520%(T)	U.K. Retail Price Index(2)(T)		—		(251	)		(251	)
GBP	15		08/15/47		3.469%(T)	U.K. Retail Price Index(1)(T)		—		411			411
							$	—	$	261		$	261

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

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

Interest rate swap agreements outstanding at April 30, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	560		09/25/22		2.958%(S)	6 Month BBSW(2)(S)	$	—		$	10,769		$	10,769
AUD	380		11/27/28		2.847%(S)	6 Month BBSW(2)(S)		(6	)		20,270			20,276
AUD	150		05/09/32		3.140%(S)	6 Month BBSW(2)(S)		(4	)		11,770			11,774
AUD	165		07/19/32		3.130%(S)	6 Month BBSW(2)(S)		(5	)		12,534			12,539
BRL	657		01/02/25		9.475%(T)	1 Day BROIS(2)(T)		—			14,984			14,984
BRL	724		01/02/25		9.943%(T)	1 Day BROIS(2)(T)		—			25,644			25,644
BRL	305		01/02/25		11.080%(T)	1 Day BROIS(2)(T)		—			15,486			15,486
BRL	98		01/02/25		12.090%(T)	1 Day BROIS(2)(T)		—			6,574			6,574
CAD	195		06/20/19		1.265%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		—			(696	)		(696	)
CAD	2,935		07/26/19		1.605%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(2,306	)		(4,080	)		(1,774	)
CAD	615		01/09/20		1.716%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(667	)		(1,701	)		(1,034	)
CAD	620		04/05/22		1.445%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(18,076	)		(6,213	)		11,863
CAD	500		12/10/23		2.480%(S)	3 Month Canadian Banker’s Acceptance(1)(S)		(4,233	)		(9,764	)		(5,531	)
CAD	200		12/03/28		2.600%(S)	3 Month Canadian Bankers Acceptance(2)(S)		1,894			6,406			4,512

See Notes to Financial Statements.

46

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD	320		05/30/37		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)	$	(16,025	)	$	(7,325	)	$	8,700
CAD	50		01/09/38		2.720%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		—			1,600			1,600
CAD	150		05/30/47		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(8,007	)		(5,707	)		2,300
CHF	410		12/13/23		(0.185)%(A)	6 Month CHF LIBOR(2)(S)		(76	)		4,705			4,781
CHF	210		04/03/28		0.410%(A)	6 Month CHF LIBOR(2)(S)		1,810			8,329			6,519
CHF	140		01/31/29		0.260%(A)	6 Month CHF LIBOR(2)(S)		—			3,001			3,001
CHF	40		04/03/33		0.687%(A)	6 Month CHF LIBOR(2)(S)		—			1,966			1,966
CHF	160		10/05/37		—(3)	—(3)		—			384			384
CNH	800		03/13/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(919	)		(919	)
CNH	1,400		04/01/24		2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(1,997	)		(1,997	)
COP	559,000		07/27/28		6.200%(Q)	1 Day COOIS(2)(Q)		330			5,784			5,454
CZK	6,000		11/17/22		1.505%(A)	6 Month PRIBOR(2)(S)		(16	)		(6,929	)		(6,913	)
CZK	6,700		01/31/24		1.930%(A)	6 Month PRIBOR(1)(S)		—			2,768			2,768
CZK	2,200		06/29/27		1.175%(A)	6 Month PRIBOR(1)(S)		5,359			6,227			868
EUR	624		09/08/19		(0.195)%(A)	6 Month EURIBOR(2)(S)		—			424			424
EUR	100		11/23/23		0.320%(A)	6 Month EURIBOR(2)(S)		1,686			1,837			151
EUR	127		09/08/27		0.770%(A)	6 Month EURIBOR(2)(S)		—			5,638			5,638
EUR	1,335		06/28/32		0.785%(A)	6 Month EURIBOR(2)(S)		(89,832	)		18,721			108,553
EUR	160		10/04/32		2.000%(A)	1 Day EONIA(2)(A)		—			5,863			5,863
EUR	160		10/04/32		2.080%(A)	3 Month EURIBOR(1)(Q)		—			(5,651	)		(5,651	)
EUR	305		10/30/32		1.302%(A)	6 Month EURIBOR(2)(S)		—			26,227			26,227
EUR	50		05/11/33		1.000%(A)	6 Month EURIBOR(2)(S)		(2,308	)		2,066			4,374
EUR	550		08/24/37		1.960%(A)	1 Day EONIA(2)(A)		—			32,343			32,343
EUR	550		08/24/37		2.033%(A)	3 Month EURIBOR(1)(Q)		(137	)		(30,751	)		(30,614	)
EUR	170		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			9,148			9,148
EUR	170		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(9,653	)		(9,653	)
EUR	100		03/30/46		1.058%(A)	6 Month EURIBOR(2)(S)		(552	)		(878	)		(326	)
EUR	160		01/26/48		1.853%(A)	3 Month EURIBOR(2)(Q)		—			9,531			9,531
EUR	160		01/26/48		1.863%(A)	6 Month EURIBOR(1)(S)		—			(9,752	)		(9,752	)
EUR	100		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			2,962			2,962
EUR	100		03/19/48		1.658%(A)	6 Month EURIBOR(1)(S)		—			(2,929	)		(2,929	)

See Notes to Financial Statements.

PGIM International Bond Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	320		01/07/49		1.475%(A)	3 Month EURIBOR(2)(Q)	$	—		$	5,355		$	5,355
EUR	320		01/07/49		1.484%(A)	6 Month EURIBOR(1)(S)		—			(5,277	)		(5,277	)
EUR	60		05/11/49		1.450%(A)	6 Month EURIBOR(2)(S)		1,732			7,264			5,532
GBP	580		12/18/23		1.334%(S)	6 Month GBP LIBOR(2)(S)		2,149			5,958			3,809
GBP	125		03/09/46		1.648%(S)	6 Month GBP LIBOR(2)(S)		(101	)		5,628			5,729
HKD	2,390		03/13/21		2.138%(Q)	3 Month HIBOR(2)(Q)		(4	)		975			979
HKD	2,700		03/13/21		2.145%(Q)	3 Month HIBOR(2)(Q)		(4	)		1,153			1,157
HUF	177,300		07/02/20		1.065%(A)	6 Month BUBOR(2)(S)		(301	)		9,122			9,423
HUF	95,000		01/12/27		4.150%(A)	6 Month BUBOR(2)(S)		—			22,066			22,066
HUF	99,345		06/12/28		3.750%(A)	6 Month BUBOR(2)(S)		—			10,319			10,319
JPY	309,920		12/17/20		0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(1,269	)		(1,269	)
JPY	76,810		01/29/21		(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			(79	)		(79	)
JPY	46,000		04/10/24		(0.019)%(S)	6 Month JPY LIBOR(2)(S)		—			(105	)		(105	)
JPY	301,250		12/20/24		0.126%(S)	6 Month JPY LIBOR(2)(S)		(6,292	)		20,414			26,706
JPY	46,500		07/04/28		0.282%(S)	6 Month JPY LIBOR(2)(S)		4,000			7,370			3,370
JPY	57,765		12/03/28		0.200%(S)	6 Month JPY LIBOR(2)(S)		5,197			4,679			(518	)
JPY	180,000		12/22/36		0.641%(S)	6 Month JPY LIBOR(2)(S)		—			74,561			74,561
JPY	18,500		02/28/37		0.681%(S)	6 Month JPY LIBOR(2)(S)		—			8,581			8,581
JPY	95,000		07/26/37		0.676%(S)	6 Month JPY LIBOR(2)(S)		—			43,950			43,950
JPY	9,150		01/04/38		0.757%(S)	6 Month JPY LIBOR(2)(S)		—			5,433			5,433
JPY	45,000		12/22/41		0.731%(S)	6 Month JPY LIBOR(2)(S)		—			21,779			21,779
JPY	6,200		04/07/42		0.803%(S)	6 Month JPY LIBOR(2)(S)		—			3,743			3,743
JPY	7,400		07/04/43		0.763%(S)	6 Month JPY LIBOR(2)(S)		—			3,888			3,888
JPY	25,000		11/24/47		0.888%(S)	6 Month JPY LIBOR(2)(S)		—			20,378			20,378
KRW	700,000		01/07/21		1.733%(Q)	3 Month KWCDC(2)(Q)		—			344			344
KRW	294,200		01/07/24		1.685%(Q)	3 Month KWCDC(1)(Q)		—			(590	)		(590	)
KRW	310,000		09/10/28		2.043%(Q)	3 Month KWCDC(1)(Q)		(416	)		(9,217	)		(8,801	)

See Notes to Financial Statements.

48

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
KRW	75,700		04/17/29		1.740%(Q)	3 Month KWCDC(2)(Q)	$	—		$	502		$	502
MXN	2,080		06/11/27		7.210%(M)	28 Day Mexican Interbank Rate(2)(M)		506			(5,571	)		(6,077	)
MXN	4,020		02/27/29		8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		945			1,729			784
NOK	14,600		11/28/23		1.915%(A)	6 Month NIBOR(2)(S)		6,588			5,689			(899	)
NOK	1,500		12/11/28		2.177%(A)	6 Month NIBOR(2)(S)		—			2,890			2,890
NZD	300		05/01/20		3.628%(S)	3 Month BBR(2)(Q)		8,462			6,551			(1,911	)
NZD	1,190		02/14/24		1.965%(S)	3 Month BBR(1)(Q)		(334	)		(5,720	)		(5,386	)
NZD	470		01/10/27		3.420%(S)	3 Month BBR(2)(Q)		—			33,438			33,438
NZD	70		11/28/28		2.950%(S)	3 Month BBR(2)(Q)		1,860			3,439			1,579
PLN	1,120		08/24/23		2.390%(A)	6 Month WIBOR(2)(S)		—			6,969			6,969
PLN	935		11/13/23		2.570%(A)	6 Month WIBOR(2)(S)		—			5,215			5,215
PLN	500		04/11/24		2.020%(A)	6 Month WIBOR(2)(S)		—			(1,104	)		(1,104	)
PLN	1,000		01/10/27		3.030%(A)	6 Month WIBOR(2)(S)		—			12,498			12,498
PLN	620		06/12/28		3.070%(A)	6 Month WIBOR(1)(S)		—			(10,916	)		(10,916	)
PLN	508		11/13/28		2.998%(A)	6 Month WIBOR(1)(S)		—			(6,021	)		(6,021	)
SEK	3,000		04/15/24		0.380%(A)	3 Month STIBOR(2)(Q)		(60	)		620			680
SEK	2,500		12/30/26		1.106%(A)	3 Month STIBOR(2)(Q)		—			10,468			10,468
SEK	300		07/11/28		1.141%(A)	3 Month STIBOR(2)(Q)		524			1,325			801
SEK	990		11/28/28		1.188%(A)	3 Month STIBOR(2)(Q)		—			4,187			4,187
SGD	380		05/21/23		2.030%(S)	6 Month SIBOR(1)(S)		—			(1,024	)		(1,024	)
SGD	135		03/19/24		2.025%(S)	6 Month SIBOR(2)(S)		—			202			202
SGD	200		05/21/28		2.436%(S)	6 Month SIBOR(2)(S)		—			3,209			3,209
SGD	90		02/14/29		2.285%(S)	6 Month SIBOR(2)(S)		—			276			276
	4,640		03/12/20		2.405%(T)	1 Day USOIS(2)(T)		—			3,698			3,698
	1,740		04/25/20		2.328%(T)	1 Day USOIS(2)(T)		(28	)		694			722
	1,010		01/10/21		2.408%(A)	1 Day USOIS(1)(A)		(33	)		(4,016	)		(3,983	)
	230		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(2,206	)		(2,206	)
	185		09/27/22		2.360%(A)	1 Day USOIS(1)(A)		2			(1,931	)		(1,933	)
	280		05/21/23		2.215%(S)	3 Month LIBOR(2)(Q)		—			349			349
	1,620		11/23/23		3.016%(S)	3 Month LIBOR(1)(Q)		(10,520	)		(62,615	)		(52,095	)
	500		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			4,611			4,611
	4,435		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		16,556			40,519			23,963
	490		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		895			4,334			3,439
	1,230		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		4,442			(5,969	)		(10,411	)
	1,185		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		1,354			(23,997	)		(25,351	)
	480		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(319	)		(21,411	)		(21,092	)
	830		07/31/25		2.802%(A)	1 Day USOIS(1)(A)		—			(35,397	)		(35,397	)
	1,190		07/31/25		3.105%(S)	3 Month LIBOR(1)(Q)		939			(60,678	)		(61,617	)
	589		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		31			(30,192	)		(30,223	)
	125		01/31/26		2.236%(S)	3 Month LIBOR(1)(Q)		—			1,017			1,017
	240		01/31/26		2.269%(A)	1 Day USOIS(1)(A)		(964	)		(2,386	)		(1,422	)

See Notes to Financial Statements.

PGIM International Bond Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2019			Unrealized Appreciation (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	1,110		01/31/26		2.406%(S)	3 Month LIBOR(1)(Q)	$	(1,980	)	$	(2,491	)	$	(511	)
	725		03/12/26		2.290%(A)	1 Day USOIS(1)(A)		33			(7,727	)		(7,760	)
	130		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			590			590
	150		05/21/28		2.421%(S)	3 Month LIBOR(1)(Q)		—			(383	)		(383	)
	70		10/04/42		2.527%(S)	3 Month LIBOR(2)(Q)		—			(2,050	)		(2,050	)
	150		08/15/44		2.392%(A)	1 Day USOIS(1)(A)		—			744			744
	60		10/04/47		2.536%(S)	3 Month LIBOR(1)(Q)		—			2,036			2,036
ZAR	10,560		03/13/21		7.180%(Q)	3 Month JIBAR(2)(Q)		—			721			721
ZAR	9,480		03/13/24		7.500%(Q)	3 Month JIBAR(1)(Q)		10			(1,413	)		(1,423	)
ZAR	2,035		06/30/27		8.015%(Q)	3 Month JIBAR(2)(Q)		(13	)		1,353			1,366
ZAR	1,700		11/07/27		8.360%(Q)	3 Month JIBAR(2)(Q)		(34	)		3,746			3,780
ZAR	3,500		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		6			3,357			3,351
ZAR	2,820		03/13/29		8.055%(Q)	3 Month JIBAR(2)(Q)		(9	)		643			652
							$	(96,352	)	$	307,840		$	404,192

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid(Received)			Unrealized Appreciation (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreements:
AED	570		02/25/29		3.750%(A)	3 Month EIBOR(2)(Q)	$	2,691		$	—		$	2,691		HSBC Bank USA, N.A.
CLP	85,000		11/15/27		4.130%(S)	1 Day CLOIS(2)( S)		3,147			—			3,147		Morgan Stanley & Co. International PLC
CLP	55,000		12/20/27		4.260%(S)	1 Day CLOIS(2)(S)		2,339			—			2,339		Morgan Stanley & Co. International PLC
CLP	19,100		01/23/28		4.245%(S)	1 Day CLOIS(2)(S)		855			—			855		Morgan Stanley & Co. International PLC
CLP	33,000		01/26/28		4.210%(S)	1 Day CLOIS(2)(S)		1,354			—			1,354		Morgan Stanley & Co. International PLC
CLP	23,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		1,177			—			1,177		Citibank, N.A.
CNH	800		08/15/23		3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		287			(2	)		289		UBS AG
CNH	500		04/02/26		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(641	)		—			(641	)	Citibank, N.A.
COP	123,000		01/23/28		6.035%(Q)	1 Day COOIS(2)(Q)		918			—			918		Morgan Stanley & Co. International PLC
COP	336,000		01/26/28		6.000%(Q)	1 Day COOIS(2)(Q)		2,209			—			2,209		Morgan Stanley & Co. International PLC
COP	263,000		02/01/28		6.020%(Q)	1 Day COOIS(2)( Q)		2,231			—			2,231		Morgan Stanley & Co. International PLC
COP	350,000		05/17/28		5.990%(Q)	1 Day COOIS(2)(Q)		2,587			—			2,587		Citibank, N.A.
ILS	1,150		01/12/27		1.975%(A)	3 Month TELBOR(2)(Q)		13,280			—			13,280		Citibank, N.A.

See Notes to Financial Statements.

50

Interest rate swap agreements outstanding at April 30, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciaton (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreements (cont’d.):
ILS	390		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)	$	4,880		$	—		$	4,880		JPMorgan Chase Bank, N.A.
ILS	115		02/07/29		1.965%(A)	3 Month TELBOR(2)(Q)		660			—			660		JPMorgan Chase Bank, N.A.
KRW	850,000		01/06/27		1.800%(Q)	3 Month KWCDC(2)(Q)		8,874			(19	)		8,893		Citibank, N.A.
MYR	1,000		11/27/23		3.900%(Q)	3 Month KLIBOR(2)(Q)		3,094			(2	)		3,096		Citibank, N.A.
THB	20,000		08/08/20		1.840%(S)	6 Month BIBOR(2)(S)		526			—			526		Citibank, N.A.
THB	3,500		02/14/29		2.180%(S)	6 Month THBFIX(2)(S)		(208	)		—			(208	)	Citibank, N.A.
	300		03/25/23		—(4)	—(4)		12			—			12		Citibank, N.A.
ZAR	3,300		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)		(6,898	)		(33	)		(6,865	)	Deutsche Bank AG
ZAR	3,100		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)		7,269			26			7,243		Deutsche Bank AG
							$	50,643		$	(30	)	$	50,673

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

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

(3) The Fund pays the floating rate of 3 Month CHF LIBOR plus 1.75bps quarterly and receives the floating rate of 6 Month CHF LIBOR semiannually.

(4) The Fund pays the floating rate of 1 Week MUNISPA quarterly and receives the floating rate of 3 Month LIBOR quarterly.

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	38,152	$	(170,053)	$	313,942	$	(134,495	)

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	—	$	748,268
J.P. Morgan Securities LLC		338,946		—
Total	$	338,946	$	748,268

Fair Value Measurements:

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

See Notes to Financial Statements.

PGIM International Bond Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

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

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

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

The following is a summary of the inputs used as of April 30, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—	$	249,502	$	—
Netherlands		—		831,793		—
United States		—		294,841		—
Commercial Mortgage-Backed Security
United Kingdom		—		262,352		—
Corporate Bonds
Australia		—		120,371		—
China		—		345,102		—
Germany		—		616,954		—
Ireland		—		119,501		—
Italy		—		353,470		—
Kazakhstan		—		51,604		—
Mexico		—		439,938		—
Netherlands		—		278,435		—
Peru		—		200,719		—
Russia		—		115,264		—
Spain		—		118,289		—
Supranational Bank		—		132,631		—
United Arab Emirates		—		150,373		—
United Kingdom		—		990,285		—
United States		—		2,991,295		—
Residential Mortgage-Backed Securities
Bermuda		—		167,752		—
United Kingdom		—		357,308		—
United States		—		274,158		—
Sovereign Bonds
Argentina		—		510,212		—
Belgium		—		761,172		—
Brazil		—		828,461		—
Bulgaria		—		149,596		—
Canada		—		185,896		—
Colombia		—		524,911		—
Croatia		—		245,887		—
Cyprus		—		881,537		—
Germany		—		197,750		—
Greece		—		1,127,915		—
Indonesia		—		655,119		—
Ireland		—		199,549		—
Israel		—		118,818		—

See Notes to Financial Statements.

52

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Sovereign Bonds (continued)
Italy	$	—	$	2,371,374		$	—
Japan		—		73,828			—
Kazakhstan		—		134,531			—
Lithuania		—		211,668			—
Mexico		—		547,222			—
Peru		—		274,075			—
Poland		—		326,555			—
Portugal		—		1,083,841			—
Romania		—		227,546			—
Russia		—		280,198			—
Senegal		—		110,778			—
South Korea		—		258,124			134,494
Spain		—		2,459,586			—
Turkey		—		493,039			—
United Kingdom		—		1,527,802			—
U.S. Government Agency Obligation		—		13,782			—
U.S. Treasury Obligation		—		59,909			—
Affiliated Mutual Fund		2,764,036		—			—
Options Purchased		—		20,900			—
Options Written		—		(7,660	)		—
Other Financial Instruments*
Futures Contracts		33,929		—			—
OTC Forward Foreign Currency Exchange Contracts		—		276,840			—
OTC Cross Currency Exchange Contracts		—		(2,262	)		—
OTC Packaged Credit Default Swap Agreements		—		(8,382	)		—
Centrally Cleared Credit Default Swap Agreements		—		32,049			—
OTC Credit Default Swap Agreements		—		(5,595	)		909
OTC Currency Swap Agreement		—		9,971			—
Centrally Cleared Inflation Swap Agreements		—		261			—
Centrally Cleared Interest Rate Swap Agreements		—		404,192			—
OTC Interest Rate Swap Agreements		—		50,643			—
Total	$	2,797,965	$	27,073,575		$	135,403

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2019 were as follows:

Sovereign Bonds	55.4	%
Affiliated Mutual Fund	9.0
Banks	4.5
Collateralized Loan Obligations	3.5
Residential Mortgage-Backed Securities	2.9	%
Healthcare-Products	2.3
Insurance	2.0
Oil & Gas	1.8

See Notes to Financial Statements.

PGIM International Bond Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Industry Classification (continued):

Retail	1.2	%
Media	1.1
Diversified Financial Services	1.1
Commercial Mortgage-Backed Security	0.9
Entertainment	0.8
Electrical Components & Equipment	0.8
Foods	0.8
Software	0.8
Electric	0.7
Telecommunications	0.7
Multi-National	0.4
Packaging & Containers	0.4
Commercial Services	0.4
Forest Products & Paper	0.4
Real Estate Investment Trusts (REITs)	0.4
Agriculture	0.4
Household Products/Wares	0.4
Chemicals	0.4
Auto Manufacturers	0.4	%
Automobiles	0.4
Electronics	0.3
Consumer Loans	0.3
Auto Parts & Equipment	0.3
U.S. Treasury Obligation	0.2
Transportation	0.2
Options Purchased	0.1
U.S. Government Agency Obligation	0.1
	95.8
Options Written	(0.0	)*
Other assets in excess of liabilities	4.2
	100.0	%

* Less than +/- 0.05%

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

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

Fair values of derivative instruments as of April 30, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	32,049	*	—	$	—
Credit contracts	Premiums paid for OTC swap agreements		38,126		Premiums received for OTC swap agreements		169,997
Credit contracts	Unaffiliated investments		9,728		Options written outstanding, at value		7,660
Credit contracts	Unrealized appreciation on OTC swap agreements		245,584		Unrealized depreciation on OTC swap agreements		126,781
Foreign exchange contracts	—		—		Unrealized depreciation on OTC cross currency exchange contracts		2,262

See Notes to Financial Statements.

54

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	548,400		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	271,560
Interest rate contracts	Due from/to broker-variation margin futures		191,110	*	Due from/to broker-variation margin futures		157,181	*
Interest rate contracts	Due from/to broker-variation margin swaps		794,823	*	Due from/to broker-variation margin swaps		390,370	*
Interest rate contracts	Premiums paid for OTC swap agreements		26		Premiums received for OTC swap agreements		56
Interest rate contracts	Unaffiliated investments		11,172		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		68,358		Unrealized depreciation on OTC swap agreements		7,714
		$	1,939,376			$	1,133,581

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures		Forward &  Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(4,042	)	$	11,095	$	—	$	—	$	104,188
Foreign exchange contracts		(33,145	)		27,723		—		402,801		—
Interest rate contracts		(3,826	)		427		207,969		—		230,453
Total	$	(41,013	)	$	39,245	$	207,969	$	402,801	$	334,641

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Forward Rate Agreements		Swaps
Credit contracts	$	(20,152	)	$	16,832	$	—	$	—	$	—	$	86,658

See Notes to Financial Statements.

PGIM International Bond Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2019

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair  value	Options Purchased(2)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Forward Rate Agreements		Swaps
Foreign exchange contracts	$	(62,874	)	$	68,437	$	—	$	44,180	$	—	$	—
Interest rate contracts		3,250			3,148		196,086		—		1,329		(20,688	)
Total	$	(79,776	)	$	88,417	$	196,086	$	44,180	$	1,329	$	65,970

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

For the six months ended April 30, 2019, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	36,030	$	4,746,672	$	22,741,943	$	24,476,935	$	22,017,497
Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Forward Rate Agreements(2)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	47,101,035	$	355,682	$	366,667	$	79,918,757	$	3,515,383
Credit Default Swap Agreements— Sell Protection(2)				Currency Swap Agreements(2)				Inflation Swap Agreements(2)
$	8,783,796			$	92,000			$	1,023,953

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

See Notes to Financial Statements.

56

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts  of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts  of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount
Bank of America, N.A.	$	62,881	$	(50,690	)	$	12,191		$	—		$	12,191
Barclays Bank PLC		40,490		(21,461	)		19,029			—			19,029
BNP Paribas S.A.		12,653		(42,475	)		(29,822	)		—			(29,822	)
Citibank, N.A.		259,348		(204,650	)		54,698			—			54,698
Deutsche Bank AG		21,034		(9,458	)		11,576			—			11,576
Goldman Sachs International		116,423		(65,712	)		50,711			—			50,711
HSBC Bank USA, N.A.		3,269		(2,178	)		1,091			—			1,091
JPMorgan Chase Bank, N.A.		40,064		(15,580	)		24,484			—			24,484
JPMorgan Securities LLC		4,833		(1,136	)		3,697			—			3,697
Morgan Stanley & Co. International PLC		42,601		(29,142	)		13,459			—			13,459
The Toronto-Dominion Bank		1,355		—			1,355			—			1,355
UBS AG		316,443		(143,548	)		172,895			(172,895	)		—
	$	921,394	$	(586,030	)	$	335,364		$	(172,895	)	$	162,469

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

(2) Collateral amount disclosed by the Fund is limited to the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM International Bond Fund 57

Statement of Assets & Liabilities (unaudited)

as of April 30, 2019

Assets
Investments at value:
Unaffiliated investments (cost $25,679,308)	$	26,458,012
Affiliated investments (cost $2,764,036)		2,764,036
Foreign currency, at value (cost $438,616)		437,657
Unrealized appreciation on OTC forward foreign currency exchange contracts		548,400
Deposit with broker for centrally cleared/exchange-traded derivatives		338,946
Unrealized appreciation on OTC swap agreements		313,942
Dividends and interest receivable		278,338
Premiums paid for OTC swap agreements		38,152
Due from broker—variation margin futures		37,042
Due from Manager		7,687
Receivable for investments sold		736
Prepaid expenses		285
Total Assets		31,223,233
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		271,560
Premiums received for OTC swap agreements		170,053
Unrealized depreciation on OTC swap agreements		134,495
Accrued expenses and other liabilities		57,515
Custodian and accounting fees payable		52,871
Due to broker—variation margin swaps		16,376
Payable for investments purchased		10,507
Options written outstanding, at value (proceeds received $27,858)		7,660
Unrealized depreciation on OTC cross currency exchange contracts		2,262
Payable for Fund shares reacquired		188
Affiliated transfer agent fee payable		102
Distribution fee payable		54
Total Liabilities		723,643
Net Assets	$	30,499,590
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,010
Paid-in capital in excess of par		29,101,404
Total distributable earnings (loss)		1,395,176
Net assets, April 30, 2019	$	30,499,590

See Notes to Financial Statements.

58

Class A
Net asset value and redemption price per share, ($171,991 ÷ 16,975 shares of beneficial interest issued and outstanding)	$	10.13
Maximum sales charge (4.50% of offering price)		0.48
Maximum offering price to public	$	10.61
Class C
Net asset value, offering price and redemption price per share, ($41,807 ÷ 4,128 shares of beneficial interest issued and outstanding)	$	10.13
Class Z
Net asset value, offering price and redemption price per share, ($1,440,750 ÷ 142,192 shares of beneficial interest issued and outstanding)	$	10.13
Class R6
Net asset value, offering price and redemption price per share, ($28,845,042 ÷ 2,846,710 shares of beneficial interest issued and outstanding)	$	10.13

See Notes to Financial Statements.

PGIM International Bond Fund 59

Statement of Operations (unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Interest income	$	312,496
Affiliated dividend income		29,961
Total income		342,457
Expenses
Management fee		71,017
Distribution fee(a)		241
Custodian and accounting fees		67,316
Registration fees(a)		30,272
Audit fee		25,293
Shareholders’ reports		16,851
Legal fees and expenses		8,990
Trustees’ fees		6,090
Transfer agent’s fees and expenses (including affiliated expense of $262)(a)		308
Miscellaneous		6,736
Total expenses		233,114
Less: Fee waiver and/or expense reimbursement(a)		(127,770	)
Net expenses		105,344
Net investment income (loss)		237,113
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(157,282	)
Futures transactions		207,969
Forward and cross currency contract transactions		402,801
Options written transactions		39,245
Swap agreement transactions		334,641
Foreign currency transactions		25,289
		852,663
Net change in unrealized appreciation (depreciation) on:
Investments		558,947
Futures		196,086
Forward rate agreements		1,329
Forward and cross currency contracts		44,180
Options written		88,417
Swap agreements		65,970
Foreign currencies		9,081
		964,010
Net gain (loss) on investment and foreign currency transactions		1,816,673
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,053,786

See Notes to Financial Statements.

60

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

	Class A			Class C			Class Z			Class R6
Distribution fee		155			86			—			—
Registration fees		7,568			7,568			7,568			7,568
Transfer agent’s fees and expenses		169			47			73			19
Fee waiver and/or expense reimbursement		(8,153	)		(7,673	)		(9,894	)		(102,050	)

See Notes to Financial Statements.

PGIM International Bond Fund 61

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	237,113		$	375,657
Net realized gain (loss) on investment and foreign currency transactions		852,663			1,715,364
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		964,010			(1,895,311	)
Net increase (decrease) in net assets resulting from operations		2,053,786			195,710
Dividends and Distributions
Distributions from distributable earnings
Class A		(8,400	)		(2,519	)
Class C		(1,188	)		(231	)
Class Z		(22,058	)		(4,071	)
Class R6		(2,156,604	)		(746,248	)
		(2,188,250	)		(753,069	)
Fund share transactions
Net proceeds from shares sold		1,332,247			176,212
Net asset value of shares issued in reinvestment of dividends and distributions		2,188,184			753,071
Cost of shares reacquired		(15,788	)		(9,576	)
Net increase (decrease) in net assets from Fund share transactions		3,504,643			919,707
Total increase (decrease)		3,370,179			362,348
Net Assets:
Beginning of period		27,129,411			26,767,063
End of period	$	30,499,590		$	27,129,411

See Notes to Financial Statements.

62

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM International Bond Fund (the “Fund”).

The investment objective of the Fund is to seek total return, made up of current income and capital appreciation.

1. Accounting Policies

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

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

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

PGIM International Bond Fund 63

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC

64

derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

PGIM International Bond Fund 65

Notes to Financial Statements (unaudited) (continued)

investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on 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) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

Options: The Fund purchased or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option,

66

it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

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

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund

PGIM International Bond Fund 67

Notes to Financial Statements (unaudited) (continued)

may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

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

68

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

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

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

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

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

PGIM International Bond Fund 69

Notes to Financial Statements (unaudited) (continued)

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

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

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

70

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

As of April 30, 2019, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

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

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

PGIM International Bond Fund 71

Notes to Financial Statements (unaudited) (continued)

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

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

2. Agreements

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

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

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of

72

such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the period ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.99% of average daily net assets for Class A shares, 1.74% of average daily net assets for Class C shares, 0.74% of average daily net assets for Class Z shares, and 0.74% of average daily net assets for Class R6 shares. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

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

For the reporting period ended April 30, 2019, PIMS has not received front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $0, $0 and $0 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

PGIM International Bond Fund 73

Notes to Financial Statements (unaudited) (continued)

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the 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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. Any 17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” note, below.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2019, were $7,713,458 and $5,471,838, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the reporting period ended April 30, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	2,346,703	$	4,371,241	$	3,953,908	$	—	$	—	$	2,764,036		2,764,036	$	29,961

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

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For the reporting period ended April 30, 2019, no 17a-7 transactions were entered into by the Fund.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2019 were as follows:

Tax Basis	$	28,650,424
Gross Unrealized Appreciation		4,163,985
Gross Unrealized Depreciation		(2,807,466	)
Net Unrealized Appreciation	$	1,356,519

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, 2018 of approximately $410,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

PGIM International Bond Fund 75

Notes to Financial Statements (unaudited) (continued)

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

As of April 30, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,132 Class A shares, 1,112 Class C shares, 1,139 Class Z shares and 2,846,710 Class R6 shares of the Fund. At reporting period end, one shareholder of record, each holding greater than 5% of the Fund, held 95% of the Fund’s outstanding shares, of which 95% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		6,691		$	66,734
Shares issued in reinvestment of dividends and distributions		853			8,334
Shares reacquired		(660	)		(6,451	)
Net increase (decrease) in shares outstanding		6,884		$	68,617
Year ended October 31, 2018:
Shares sold		1,269		$	13,169
Shares issued in reinvestment of dividends and distributions		243			2,520
Shares reacquired		(188	)		(1,949	)
Net increase (decrease) in shares outstanding		1,324		$	13,740
Class C
Six months ended April 30, 2019:
Shares sold		2,472		$	25,000
Shares issued in reinvestment of dividends and distributions		122			1,188
Net increase (decrease) in shares outstanding		2,594		$	26,188
Year ended October 31, 2018:
Shares sold		1,253		$	12,940
Shares issued in reinvestment of dividends and distributions		22			223
Shares reacquired		(754	)		(7,627	)
Net increase (decrease) in shares outstanding		521		$	5,536
Class Z
Six months ended April 30, 2019:
Shares sold		125,232		$	1,240,513
Shares issued in reinvestment of dividends and distributions		2,229			22,058
Shares reacquired		(929	)		(9,337	)
Net increase (decrease) in shares outstanding		126,532		$	1,253,234
Year ended October 31, 2018:
Shares sold		14,241		$	150,103
Shares issued in reinvestment of dividends and distributions		393			4,071
Net increase (decrease) in shares outstanding		14,634		$	154,174

76

Class R6	Shares		Amount
Six months ended April 30, 2019:
Shares issued in reinvestment of dividends and distributions		220,839	$	2,156,604
Net increase (decrease) in shares outstanding		220,839	$	2,156,604
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		71,921	$	746,257
Net increase (decrease) in shares outstanding		71,921	$	746,257

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2019.

8. Risks of Investing in the Fund

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

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

PGIM International Bond Fund 77

Notes to Financial Statements (unaudited) (continued)

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

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

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

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer

78

market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

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

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM International Bond Fund 79

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.22			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.12			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.64			(0.08	)		0.57
Total from investment operations		0.71			0.04			0.64
Less Dividends and Distributions:
Dividends from net investment income		(0.80	)		(0.26	)		-
Tax return of capital distributions		-			-			(0.20	)
Total dividends and distributions		(0.80	)		(0.26	)		(0.20	)
Net asset value, end of period		$10.13			$10.22			$10.44
Total Return(c):		7.23%			0.40%			6.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$172			$103			$91
Average net assets (000)		$125			$99			$38
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.99%	(f)		0.99%			0.99%	(f)
Expenses before waivers and/or expense reimbursement		14.18%	(f)		17.44%			3.39%	(f)
Net investment income (loss)		1.43%	(f)		1.14%			0.85%	(f)
Portfolio turnover rate(g)		23%			35%			66%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

80

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.22			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.04			-
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.64			(0.07	)		0.57
Total from investment operations		0.67			(0.03	)		0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.76	)		(0.19	)		-
Tax return of capital distributions		-			-			(0.13	)
Total dividends and distributions		(0.76	)		(0.19	)		(0.13	)
Net asset value, end of period		$10.13			$10.22			$10.44
Total Return(c):		6.83%			(0.34)%			5.73%
Ratios/Supplemental Data:
Net assets, end of period (000)		$42			$16			$11
Average net assets (000)		$17			$13			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.74%	(f)		1.74%			1.74%	(f)
Expenses before waivers and/or expense reimbursement		91.45%	(f)		124.78%			3.26%	(f)
Net investment income (loss)		0.68%	(f)		0.41%			0.06%	(f)
Portfolio turnover rate(g)		23%			35%			66%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM International Bond Fund 81

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.23			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.62			(0.07	)		0.57
Total from investment operations		0.71			0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.81	)		(0.29	)		-
Tax return of capital distributions		-			-			(0.22	)
Total dividends and distributions		(0.81	)		(0.29	)		(0.22	)
Net asset value, end of period		$10.13			$10.23			$10.44
Total Return(c):		7.36%			0.75%			6.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,441			$160			$11
Average net assets (000)		$739			$140			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.74%	(f)		0.74%			0.74%	(f)
Expenses before waivers and/or expense reimbursement		3.44%	(f)		12.47%			2.24%	(f)
Net investment income (loss)		1.73%	(f)		1.43%			1.09%	(f)
Portfolio turnover rate(g)		23%			35%			66%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

82

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.23			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.14			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.63			(0.06	)		0.57
Total from investment operations		0.71			0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.81	)		(0.29	)		-
Tax return of capital distributions		-			-			(0.22	)
Total dividends and distributions		(0.81	)		(0.29	)		(0.22	)
Net asset value, end of period		$10.13			$10.23			$10.44
Total Return(c):		7.36%			0.75%			6.65%
Ratios/Supplemental Data:
Net assets, end of period (000)		$28,845			$26,850			$26,654
Average net assets (000)		$27,761			$26,854			$25,767
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.74%	(f)		0.74%			0.74%	(f)
Expenses before waivers and/or expense reimbursement		1.48%	(f)		1.55%			1.99%	(f)
Net investment income (loss)		1.67%	(f)		1.39%			1.07%	(f)
Portfolio turnover rate(g)		23%			35%			66%

(a) Commencement of operations.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM International Bond Fund 83

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Deputy Chief Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer • Charles H. Smith, Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	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 the prospectus and summary prospectus by visiting our website at pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter.

Mutual Funds:

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

PGIM INTERNATIONAL BOND FUND

SHARE CLASS	A	C	Z	R6
NASDAQ	PXBAX	PXBCX	PXBZX	PXBQX
CUSIP	74441J738	74441J720	74441J696	74441J712

MF234E2

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 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/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2019

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2019