N-CSRS

UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

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:	10/31/2020
Date of reporting period:	4/30/2020

Item 1 – Reports to Stockholders

PGIM ABSOLUTE RETURN BOND FUND

SEMIANNUAL REPORT

APRIL 30, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2020 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

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, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Absolute Return Bond Fund

June 15, 2020

PGIM Absolute Return Bond Fund 3

Your Fund’s Performance

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

	(without sales charges	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	–9.77	–10.63	0.23	1.12 (3/30/11)
Class C	–9.98	–9.15	0.14	0.75 (3/30/11)
Class Z	–9.61	–7.42	1.16	1.76 (3/30/11)
Class R6	–9.53	–7.33	1.19	1.80 (3/30/11)
ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index
	1.14	2.48	1.48	0.96
Bloomberg Barclays US Aggregate Bond Index
	4.86	10.84	3.80	3.91

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

4 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	3.25% of the public offering price.	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 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.

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

PGIM Absolute Return Bond Fund 5

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/20
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.45	5.19	5.19
Class C	0.42	4.64	4.64
Class Z	0.46	5.67	5.60
Class R6	0.47	5.72	5.72

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

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

Credit Quality expressed as a percentage of total investments as of 4/30/20 (%)
AAA	17.0
AA	8.8
A	5.6
BBB	13.7
BB	18.2
B	14.1
CCC	4.8
CC	0.1
C	0.2
Not Rated	8.9
Cash/Cash Equivalents	8.6
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 a NRSRO. Credit ratings are subject to change.

6 Visit our website at pgiminvestments.com

Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Absolute Return Bond Fund 7

Fees and Expenses (continued)

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

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

PGIM Absolute Return Bond Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	902.30		0.98	%	$	4.64
	Hypothetical	$	1,000.00	$	1,019.99		0.98	%	$	4.92
Class C	Actual	$	1,000.00	$	900.20		1.74	%	$	8.22
	Hypothetical	$	1,000.00	$	1,016.21		1.74	%	$	8.72
Class Z	Actual	$	1,000.00	$	903.90		0.73	%	$	3.46
	Hypothetical	$	1,000.00	$	1,021.23		0.73	%	$	3.67
Class R6	Actual	$	1,000.00	$	904.70		0.66	%	$	3.13
	Hypothetical	$	1,000.00	$	1,021.58		0.66	%	$	3.32

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

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    95.2%
ASSET-BACKED SECURITIES    28.3%
Automobiles    0.7%
OneMain Direct Auto Receivables Trust,
Series 2017-02A, Class E, 144A		4.740	%		11/14/25		1,200	$	1,195,175
Series 2019-01A, Class A, 144A		3.630			09/14/27		8,300		8,572,611
Series 2019-01A, Class B, 144A		3.950			11/14/28		1,700		1,669,485
									11,437,271
Collateralized Loan Obligations    17.0%
Anchorage Credit Opportunities CLO Ltd. (Cayman Islands), Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.950% (Cap N/A, Floor 1.950%)		3.691	(c)		01/20/32		15,000		14,889,843
ArrowMark Colorado Holdings (Cayman Islands), Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		2.499	(c)		07/15/29		2,500		2,413,786
Benefit Street Partners CLO Ltd. (Cayman Islands), Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		2.469	(c)		07/15/29		3,500		3,410,406
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		2.485	(c)		01/17/28		4,000		3,579,914
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1B, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		2.355	(c)		07/20/31		3,000		2,846,925
Elevation CLO Ltd. (Cayman Islands), Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		2.439	(c)		07/15/30		4,000		3,801,820
Ellington CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		3.392	(c)		02/15/29		20,000		19,685,232
KKR CLO Ltd. (Cayman Islands), Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		2.399	(c)		01/15/31		8,000		7,735,201
KVK CLO Ltd. (Cayman Islands), Series 2018-01A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.345	(c)		05/20/29		18,000		16,591,565
MidOcean Credit CLO (Cayman Islands), Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)		2.229	(c)		04/21/31		7,473		7,135,256
Series 2014-03A, Class BR, 144A, 3 Month LIBOR + 1.800% (Cap N/A, Floor 1.800%)		2.909	(c)		04/21/31		18,000		15,686,204

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Mountain View CLO Ltd. (Cayman Islands), Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780% (Cap N/A, Floor 0.000%)		2.999	%(c)		07/15/31		22,500	$	20,382,282
Series 2019-01A, Class B, 144A, 3 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		3.219	(c)		04/15/29		10,000		9,304,902
OZLM Ltd. (Cayman Islands), Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)		2.885	(c)		04/17/31		4,000		3,648,540
Palmer Square CLO Ltd. (Cayman Islands), Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)		2.265	(c)		01/17/31		10,000		9,693,019
Romark CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)		2.166	(c)		07/25/31		5,000		4,751,717
Romark WM-R Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		2.165	(c)		04/20/31		1,500		1,423,752
Shackleton CLO Ltd. (Cayman Islands), Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		3.442	(c)		05/07/31		12,500		11,311,430
Sound Point CLO Ltd. (Cayman Islands), Series 2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%)		2.425	(c)		10/20/28		14,750		14,296,806
Series 2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		2.355	(c)		10/20/30		8,750		8,351,808
Strata CLO Ltd. (Cayman Islands), Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.590% (Cap N/A, Floor 1.590%)		2.809	(c)		01/15/31		19,000		18,134,974
Trinitas CLO Ltd. (Cayman Islands), Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		2.619	(c)		07/15/27		12,880		12,074,221
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		2.201	(c)		01/25/31		4,500		4,307,625
Series 2017-07A, Class B, 144A, 3 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.591	(c)		01/25/31		3,000		2,656,139
Venture CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)		2.099	(c)		07/15/27		6,558		6,375,081
Voya CLO Ltd. (Cayman Islands), Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		2.429	(c)		10/15/30		2,750		2,665,925

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Wellfleet CLO Ltd. (Cayman Islands), Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		2.285	%(c)		01/17/31		10,500	$	9,818,401
York CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		2.248	(c)		01/22/31		3,000		2,856,406
Zais CLO Ltd. (Cayman Islands), Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% (Cap N/A, Floor 0.000%)		3.409	(c)		07/15/31		12,800		11,623,255
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 0.000%)		2.589	(c)		07/15/29		8,669		8,203,822
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		2.509	(c)		04/15/30		4,715		4,373,753
									264,030,010
Consumer Loans    2.1%
Lendmark Funding Trust, Series 2018-02A, Class A, 144A		4.230			04/20/27		3,200		3,042,574
OneMain Financial Issuance Trust, Series 2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)		1.629	(c)		09/14/32		2,398		2,365,076
Series 2017-01A, Class C, 144A		3.350			09/14/32		700		623,156
Oportun Funding LLC,
Series 2017-B, Class B, 144A		4.260			10/10/23		7,500		6,988,066
Series 2018-B, Class A, 144A		3.910			07/08/24		2,050		1,905,200
Series 2018-B, Class B, 144A		4.500			07/08/24		500		357,125
Series 2018-B, Class C, 144A		5.430			07/08/24		1,000		606,422
Series 2018-C, Class A, 144A		4.100			10/08/24		3,200		2,960,440
Series 2018-C, Class B, 144A		4.590			10/08/24		1,300		928,718
Series 2018-C, Class C, 144A		5.520			10/08/24		2,000		1,212,893
Series 2018-D, Class A, 144A		4.150			12/09/24		2,300		2,162,413
Series 2018-D, Class B, 144A		4.830			12/09/24		1,200		851,752
Series 2019-A, Class B, 144A		3.870			08/08/25		4,860		3,571,117
PNMAC GMSR Issuer Trust, Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		3.337	(c)		02/25/23		1,650		1,381,003
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		08/25/25		3,400		2,815,536
									31,771,491

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans    1.3%
ABFC Trust, Series 2004-OPT05, Class A1, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.350%)		1.187	%(c)		06/25/34		971	$	898,337
Accredited Mortgage Loan Trust, Series 2004-03, Class 2A2, 1 Month LIBOR + 1.200% (Cap 13.000%, Floor 0.600%)		1.687	(c)		10/25/34		2,123		2,111,172
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE06, Class A2, 1 Month LIBOR + 0.680% (Cap N/A, Floor 0.340%)		1.167	(c)		11/25/33		1,758		1,607,427
Series 2003-HE06, Class A3B, 1 Month LIBOR + 0.960% (Cap N/A, Floor 0.480%)		1.447	(c)		11/25/33		3,546		3,085,769
Bear Stearns Asset-Backed Securities Trust, Series 2002-02, Class A1, 1 Month LIBOR + 0.660% (Cap 11.000%, Floor 0.330%)		1.147	(c)		10/25/32		684		663,937
Series 2003-03, Class A2, 1 Month LIBOR + 1.180% (Cap 11.000%, Floor 0.590%)		1.667	(c)		06/25/43		98		89,495
Series 2003-HE01, Class M1, 1 Month LIBOR + 1.095% (Cap N/A, Floor 0.730%)		1.582	(c)		01/25/34		2,418		2,246,035
Series 2004-HE11, Class M2, 1 Month LIBOR + 1.575% (Cap N/A, Floor 1.050%)		2.062	(c)		12/25/34		1,770		1,748,714
Home Equity Asset Trust, Series 2004-07, Class A2, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.420%)		1.327	(c)		01/25/35		1,050		934,610
MASTR Asset-Backed Securities Trust, Series 2003-WMC02, Class M2, 1 Month LIBOR + 2.475% (Cap N/A, Floor 1.650%)		2.962	(c)		08/25/33		912		865,577
Merrill Lynch Mortgage Investors Trust, Series 2002-HE01, Class A1, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.500%)		1.487	(c)		08/25/32		2,094		1,981,897
Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 0.680%)		1.507	(c)		10/25/33		1,861		1,809,556
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		1.537	(c)		09/25/33		469		440,170
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 0.680%)		1.507	(c)		10/25/33		491		472,776

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
RASC Trust, Series 2005-KS11, Class M1, 1 Month LIBOR + 0.400% (Cap 14.000%, Floor 0.400%)		0.887	%(c)		12/25/35		79	$	78,701
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC01, Class M1, 1 Month LIBOR + 0.780% (Cap N/A, Floor 0.520%)		1.727	(c)		02/25/34		903		843,133
									19,877,306
Other    0.2%
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)		2.837	(c)		04/25/23		3,200		2,665,861
Residential Mortgage-Backed Securities    3.8%
Chase Funding Trust, Series 2002-03, Class 2A1, 1 Month LIBOR + 0.640% (Cap N/A, Floor 0.320%)		1.127	(c)		08/25/32		312		279,572
Series 2003-04, Class 1A5		5.116			05/25/33		559		561,501
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT01, Class M1, 1 Month LIBOR + 0.630% (Cap N/A, Floor 0.420%)		1.117	(c)		02/25/35		254		231,654
Series 2005-WF01, Class A5		5.010	(cc)		11/25/34		5		4,928
Countrywide Asset-Backed Certificates, Series 2003-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		1.537	(c)		07/25/33		666		639,011
Series 2004-03, Class 1A, 1 Month LIBOR + 0.420% (Cap N/A, Floor 0.210%)		0.907	(c)		08/25/34		7,670		6,966,337
Series 2004-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		1.537	(c)		11/25/34		400		389,739
Credit Suisse Mortgage Trust, Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		6,998		6,884,049
Credit-Based Asset Servicing & Securitization LLC, Series 2003-CB03, Class AF1		3.379			12/25/32		112		110,012
Series 2003-CB05, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 0.680%)		1.507	(c)		11/25/33		600		552,129
CWABS, Inc., Asset-Backed Certificates, Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.500%)		1.237	(c)		03/25/34		65		63,622
Finance America Mortgage Loan Trust, Series 2003-01, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		1.537	(c)		09/25/33		1,604		1,506,931

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
First Franklin Mortgage Loan Trust, Series 2004-FF05, Class A2, 1 Month LIBOR + 0.760% (Cap N/A, Floor 0.380%)		1.247	%(c)		08/25/34			731	$	722,878
Fremont Home Loan Trust, Series 2004-04, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.530%)		1.282	(c)		03/25/35			2,307		2,135,295
GSAMP Trust, Series 2003-HE02, Class A1A, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.300%)		1.087	(c)		08/25/33			527		504,881
Series 2004-AR01, Class A2B, 1 Month LIBOR + 1.200% (Cap N/A, Floor 0.600%)		1.687	(c)		06/25/34			985		975,897
Series 2004-NC02, Class A1B, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.450%)		1.387	(c)		10/25/34			1,787		1,579,762
Long Beach Mortgage Loan Trust, Series 2003-04, Class AV1, 1 Month LIBOR + 0.620% (Cap N/A, Floor 0.310%)		1.107	(c)		08/25/33			1,249		1,146,700
Series 2004-02, Class A1, 1 Month LIBOR + 0.440% (Cap N/A, Floor 0.220%)		0.927	(c)		06/25/34			879		803,825
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-NC05, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.600%)		1.387	(c)		05/25/34			221		200,950
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH01, Class M3, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.560%)		1.327	(c)		01/25/36			7		6,707
Specialty Underwriting & Residential Finance Trust, Series 2003-BC04, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.600%)		1.387	(c)		11/25/34			1,008		969,567
Series 2004-BC02, Class M1, 1 Month LIBOR + 0.825% (Cap N/A, Floor 0.550%)		1.312	(c)		05/25/35			1,540		1,465,005
Structured Asset Investment Loan Trust, Series 2004-BNC01, Class A2, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.500%)		1.487	(c)		09/25/34			2,703		2,510,253
Series 2005-03, Class M2, 1 Month LIBOR + 0.660% (Cap N/A, Floor 0.440%)		1.147	(c)		04/25/35			321		317,175
TFS (Spain), Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		04/16/23		EUR	11,496		11,280,822
Towd Point Mortgage Trust, Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57			1,767		1,780,827

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Towd Point Mortgage Trust, (cont’d.)
Series 2018-02, Class A1, 144A		3.250	%(cc)		03/25/58			8,606	$	8,760,341
Series 2018-03, Class A1, 144A		3.750	(cc)		05/25/58			5,412		5,612,538
										58,962,908
Student Loans    3.2%
Laurel Road Prime Student Loan Trust, Series 2018-D, Class A, 144A		0.000	(cc)		11/25/43			8,269		8,541,718
Series 2019-A, Class R, 144A		0.000			10/25/48			6,777		474,416
SoFi Alternative Trust, Series 2019-B, Class PT, 144A		0.000			12/15/45			9,818		10,104,711
Series 2019-D, Class 1PT, 144A		2.460	(cc)		01/16/46			10,474		10,687,427
Series 2019-F, Class PT1, 144A		1.870	(cc)		02/15/45			11,259		11,181,861
SoFi RR Funding Trust, Series 2019-01, Class A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		2.197	(c)		11/29/24			9,081		9,047,807
										50,037,940
TOTAL ASSET-BACKED SECURITIES (cost $464,087,961)										438,782,787
BANK LOANS    3.7%
Building Materials    0.5%
Clay Holdco BV (Netherlands), Facility B Loan, 3 Month EURIBOR + 5.000% (Cap N/A, Floor 0.000%)		5.000	(c)		10/30/26		EUR	2,400		2,434,978
Term Loan, 3 Month EURIBOR + 9.000% (Cap N/A, Floor 0.000%)		9.000	(c)		10/30/27		EUR	5,400		5,478,700
										7,913,678
Chemicals    0.4%
Diamond BC BV, Initial Euro Term Loan, 1 - 3 Month EURIBOR + 3.250% (Cap N/A, Floor 0.000%)		3.250	(c)		09/06/24		EUR	4,205		4,017,820
Nouryon Finance BV (Netherlands), Initial Euro Term Loan, 3 Month EURIBOR + 3.250% (Cap N/A, Floor 0.000%)		3.250	(c)		10/01/25		EUR	1,580		1,607,645
										5,625,465

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
BANK LOANS (Continued)
Computers    0.1%
McAfee LLC, Second Lien Initial Loan, 1 Month LIBOR + 8.500%		9.500	%(c)		09/29/25			1,706	$	1,650,797
Foods    0.6%
Froneri Finco SARL (United Kingdom), Second Lien Facility Loan, 6 Month EURIBOR + 5.750% (Cap N/A, Floor 0.000%)^		5.750	(c)		01/31/28		EUR	5,400		5,532,947
Sigma Bidco BV (Netherlands), Facility B-4 Loan, 1 Month GBP LIBOR + 4.000%		4.230	(c)		07/02/25		GBP	3,700		4,322,289
										9,855,236
Healthcare-Products    0.0%
Avantor Funding, Inc., Repriced Euro Term Loan B3, 1 Month EURIBOR + 2.500% (Cap N/A, Floor 0.000%)		2.500	(c)		11/21/24		EUR	479		518,867
Internet    0.1%
Speedster Bidco GmbH (Germany), Second Lien Term Loan, 6 Month EURIBOR + 6.250% (Cap N/A, Floor 0.000%)		6.250	(c)		03/23/28		EUR	2,400		2,130,332
Leisure Time    0.2%
HNVR Holdco Ltd. (United Kingdom), Facility C, 6 Month EURIBOR + 4.500% (Cap N/A, Floor 0.000%)		4.500	(c)		09/12/25		EUR	2,525		2,042,983
Richmond UK Bidco Ltd. (United Kingdom), Facility B, 1 - 6 Month GBP LIBOR + 4.250%		4.975	(c)		03/03/24		GBP	190		193,507
										2,236,490
Oil & Gas    0.1%
Chesapeake Energy Corp., Class A Loan, 2 Month LIBOR + 8.000%		9.000	(c)		06/24/24			4,275		1,474,875

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
BANK LOANS (Continued)
Pharmaceuticals    0.5%
Ceva Sante Animale SA (France), Term Loan, 1 - 6 Month EURIBOR + 4.750% (Cap N/A, Floor 0.000%)		4.750	%(c)		04/13/26		EUR	5,125	$	5,381,552
Nidda Healthcare Holding GmbH (Germany), Term Loan F, 3 Month GBP LIBOR + 4.500%		5.256	(c)		08/21/26		GBP	1,700		2,012,681
										7,394,233
Retail    1.1%
BBD Bidco Ltd. (United Kingdom), Facility B-1 Loan, 6 Month GBP LIBOR + 4.750%		5.451	(c)		11/13/26		GBP	2,400		2,649,989
EG America LLC (United Kingdom), Second Lien Facility, 1 - 6 Month LIBOR + 8.000%		9.072	(c)		04/20/26			621		462,347
EG Finco Ltd. (United Kingdom), Second Lien Term Loan, 6 Month EURIBOR + 7.750% (Cap N/A, Floor 100.000%)		8.750	(c)		04/20/26		EUR	421		316,056
Term B, 3 - 6 Month GBP LIBOR + 4.750%		5.410	(c)		02/06/25		GBP	1,102		1,168,159
Term B1, 3 Month EURIBOR + 4.000% (Cap N/A, Floor 0.000%)		4.000	(c)		02/07/25		EUR	2,430		2,247,968
Stonegate Pub Co. Ltd., First Lien Initial Term B Loan, 1 - 3 Month GBP LIBOR + 8.500%^		8.982	(c)		03/03/28		GBP	10,900		10,159,127
										17,003,646
Telecommunications    0.1%
West Corp., Initial Term B Loan, 3 Month LIBOR + 4.000%		5.450	(c)		10/10/24			2,729		2,122,696
TOTAL BANK LOANS (cost $69,820,570)										57,926,315
COMMERCIAL MORTGAGE-BACKED SECURITIES    9.2%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.203	(cc)		05/15/35			2,700		2,230,373
Series 2018-20TS, Class H, 144A		3.203	(cc)		05/15/35			2,700		2,137,562
BBCMS Mortgage Trust, Series 2018-TALL, Class D, 144A, 1 Month LIBOR + 1.449% (Cap N/A, Floor 1.449%)		2.263	(c)		03/15/37			11,875		10,554,012
BX Commercial Mortgage Trust, Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		3.464	(c)		10/15/36			13,997		12,734,973

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Commercial Mortgage Trust, Series 2012-CR01, Class XA, IO		2.029	%(cc)		05/15/45		10,855	$	323,504
Series 2015-LC19, Class XB, IO, 144A		0.343	(cc)		02/10/48		123,049		1,390,786
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		3.464	(c)		05/15/36		15,000		13,789,617
Credit Suisse Mortgage Trust, Series 2017-LSTK, Class D, 144A		3.442	(cc)		04/05/33		6,850		6,545,137
Series 2017-LSTK, Class E, 144A		3.442	(cc)		04/05/33		12,575		11,655,933
DBGS Mortgage Trust, Series 2018-BIOD, Class E, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		2.514	(c)		05/15/35		3,365		3,078,950
Series 2018-BIOD, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		2.814	(c)		05/15/35		12,994		11,566,515
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A		3.935	(cc)		12/10/36		15,500		12,883,408
FHLMC Multifamily Structured Pass-Through Certificates, Series K008, Class X1, IO		1.554	(cc)		06/25/20		7,481		260
Series K010, Class X1, IO		0.288	(cc)		10/25/20		14,345		1,642
Series K018, Class X1, IO		1.445	(cc)		01/25/22		14,047		227,992
Series K020, Class X1, IO		1.502	(cc)		05/25/22		18,723		435,070
Series K021, Class X1, IO		1.551	(cc)		06/25/22		3,934		96,117
Series K025, Class X1, IO		0.938	(cc)		10/25/22		86,050		1,462,432
Series K055, Class X1, IO		1.498	(cc)		03/25/26		22,814		1,551,654
Series KC02, Class X1, IO		0.505	(cc)		03/25/24		142,048		1,906,837
GS Mortgage Securities Corp., Series 2013-GC10, Class XB, IO, 144A		0.635	(cc)		02/10/46		103,126		1,327,613
GS Mortgage Securities Trust, Series 2014-GC20, Class XB, IO		0.601	(cc)		04/10/47		28,307		448,963
Independence Plaza Trust, Series 2018-INDP, Class E, 144A		4.996			07/10/35		5,200		4,809,971
JPMBB Commercial Mortgage Securities Trust, Series 2014-C21, Class XB, IO		0.472	(cc)		08/15/47		45,056		608,472
Series 2015-C27, Class XB, IO		0.547	(cc)		02/15/48		52,766		939,098
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class E, 144A		4.767	(cc)		07/05/31		25,950		24,566,548
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class XB, IO		0.651	(cc)		04/15/46		34,956		510,379
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C05, Class XB, IO, 144A		0.389	(cc)		08/15/45		65,968		379,553
Series 2013-C08, Class XB, IO, 144A		0.497	(cc)		12/15/48		68,276		786,908

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Salus European Loan Conduit DAC (United Kingdom), Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 6.500%, Floor 1.500%)		2.122	%(c)		01/23/29		GBP	9,500	$	11,698,844
UBS-Barclays Commercial Mortgage Trust, Series 2013-C06, Class XB, IO, 144A		0.470	(cc)		04/10/46			140,883		1,509,012
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $152,818,915)										142,158,135
CORPORATE BONDS    34.0%
Advertising    0.1%
National CineMedia LLC, Sr. Unsec’d. Notes		5.750			08/15/26			2,925		1,416,206
Aerospace & Defense    0.7%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24			9,325		6,208,437
Sr. Unsec’d. Notes, 144A(a)		7.875			04/15/27			6,675		4,396,964
										10,605,401
Agriculture    0.0%
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25			529		513,138
Airlines    0.3%
American Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates(h)		4.000			01/15/27			2,022		1,745,957
Continental Airlines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		5.983			10/19/23			741		712,454
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates		4.000			04/29/26			84		74,299
Delta Air Lines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.821			02/10/24			571		546,711
United Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates		4.300			02/15/27			1,783		1,550,796
										4,630,217
Auto Manufacturers    0.8%
BMW US Capital LLC (Germany), Gtd. Notes, 144A, 3 Month LIBOR + 0.410%(h)		1.721	(c)		04/12/21			820		807,373

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Auto Manufacturers (cont’d.)
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		3.350	%		11/01/22				5,685	$	5,188,927
General Motors Co., Sr. Unsec’d. Notes		6.250			10/02/43				1,555		1,354,124
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A		3.875			11/13/20				2,150		2,153,441
Gtd. Notes, 144A		4.000			11/12/21				2,810		2,851,207
											12,355,072
Auto Parts & Equipment    0.6%
Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875			08/15/26				1,900		1,415,628
Adient US LLC, Sr. Sec’d. Notes, 144A(a)		7.000			05/15/26				925		920,379
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.250			03/15/26				3,200		2,381,249
Gtd. Notes(a)		6.500			04/01/27				1,450		1,092,773
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625			11/15/26				1,800		1,207,289
Nemak SAB de CV (Mexico), Sr. Unsec’d. Notes(a)		4.750			01/23/25				2,800		2,398,798
											9,416,116
Banks    5.7%
Banco do Brasil SA (Brazil), Gtd. Notes		3.875			10/10/22				3,000		2,975,554
Banco Nacional de Costa Rica (Costa Rica), Sr. Unsec’d. Notes, 144A		5.875			04/25/21				750		727,165
Bank of America Corp.,
Jr. Sub. Notes, Series AA		6.100	(ff)		—	(rr)			8,820		9,329,541
Jr. Sub. Notes, Series JJ		5.125	(ff)		—	(rr)			6,850		6,735,241
Sr. Unsec’d. Notes, MTN(h)		4.271	(ff)		07/23/29				1,450		1,647,930
Banque Centrale de Tunisie International Bond (Tunisia),
Sr. Unsec’d. Notes		6.750			10/31/23			EUR	950		894,327
Sr. Unsec’d. Notes, 144A		6.375			07/15/26			EUR	2,755		2,473,355
Citigroup, Inc.,
Jr. Sub. Notes, Series Q		5.950	(ff)		—	(rr)			6,685		6,203,071
Sr. Unsec’d. Notes		3.200			10/21/26				1,145		1,205,753
Sr. Unsec’d. Notes(a)		3.887	(ff)		01/10/28				980		1,055,347
Sr. Unsec’d. Notes		8.125			07/15/39				620		1,018,086

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Citigroup, Inc., (cont’d.)
Sub. Notes		4.400	%		06/10/25			405	$	440,922
Sub. Notes		4.750			05/18/46			395		478,825
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.750			03/26/25			1,200		1,280,182
Danske Bank A/S (Denmark), Sr. Unsec’d. Notes, 144A		3.001	(ff)		09/20/22			5,460		5,481,323
Development Bank of the Republic of Belarus JSC (Belarus), Sr. Unsec’d. Notes, 144A		6.750			05/02/24			5,495		5,094,617
Discover Bank, Sr. Unsec’d. Notes		4.200			08/08/23			5,500		5,731,288
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series M(a)		5.375	(ff)		—	(rr)		5,225		4,849,922
Sr. Unsec’d. Notes		3.850			01/26/27			3,940		4,256,362
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29			170		188,294
Grupo Aval Ltd. (Colombia), Gtd. Notes, 144A		4.375			02/04/30			3,800		3,186,227
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series FF		5.000	(ff)		—	(rr)		1,500		1,404,903
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		4.230	(c)		—	(rr)		64		58,920
Jr. Sub. Notes, Series Q		5.150	(ff)		—	(rr)		3,725		3,676,634
Jr. Sub. Notes, Series R		6.000	(ff)		—	(rr)		7,707		7,754,302
Jr. Sub. Notes, Series X		6.100	(ff)		—	(rr)		3,400		3,484,423
Morgan Stanley,
Sr. Unsec’d. Notes		4.375			01/22/47			1,260		1,559,903
Sr. Unsec’d. Notes, GMTN		3.772	(ff)		01/24/29			1,750		1,920,667
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26			605		665,431
Sub. Notes, MTN		4.100			05/22/23			1,710		1,806,720
People’s United Bank NA, Sub. Notes		4.000			07/15/24			325		349,413
										87,934,648
Beverages    0.0%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		8.200			01/15/39			250		372,593

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Building Materials    0.4%
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A(a)		5.450	%		11/19/29			2,180	$	1,766,157
U.S. Concrete, Inc., Gtd. Notes(a)		6.375			06/01/24			4,725		4,459,367
										6,225,524
Chemicals    2.4%
Ashland LLC, Gtd. Notes		6.875			05/15/43			4,100		4,369,129
Braskem Netherlands Finance BV (Brazil), Gtd. Notes, 144A(a)		5.875			01/31/50			2,300		1,754,441
CF Industries, Inc., Gtd. Notes		4.950			06/01/43			1,765		1,802,456
Chemours Co. (The), Gtd. Notes		4.000			05/15/26		EUR	1,500		1,340,166
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22			1,025		1,032,841
Diamond BC BV, Sr. Unsec’d. Notes(a)		5.625			08/15/25		EUR	6,260		5,111,919
Hexion, Inc., Gtd. Notes, 144A(a)		7.875			07/15/27			1,575		1,448,635
LYB International Finance BV,
Gtd. Notes		4.875			03/15/44			165		180,417
Gtd. Notes		5.250			07/15/43			10		11,339
Monitchem HoldCo 2 SA (Luxembourg), Gtd. Notes, 144A		9.500			09/15/26		EUR	1,000		1,020,371
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250			06/01/27			4,100		3,279,338
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900			06/01/43			1,350		1,494,354
Sr. Unsec’d. Notes		6.125			01/15/41			170		212,593
Orbia Advance Corp. SAB de CV (Mexico), Gtd. Notes, 144A		5.500			01/15/48			480		446,190
Sasol Financing International Ltd. (South Africa), Gtd. Notes		4.500			11/14/22			5,885		4,153,735
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Gtd. Notes		6.500			10/01/26		EUR	7,650		7,979,953
TPC Group, Inc., Sr. Sec’d. Notes, 144A		10.500			08/01/24			1,700		1,391,350
										37,029,227

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Commercial Services    2.4%
ERAC USA Finance LLC,
Gtd. Notes, 144A		6.700	%		06/01/34			110	$	139,409
Gtd. Notes, 144A		7.000			10/15/37			1,725		2,228,499
Laureate Education, Inc., Gtd. Notes, 144A (a)		8.250			05/01/25			6,350		6,487,912
Loxam SAS (France),
Sr. Sec’d. Notes, 144A		2.875			04/15/26		EUR	1,400		1,382,240
Sr. Sub. Notes (a)		5.750			07/15/27		EUR	5,000		3,836,873
Sr. Sub. Notes, 144A		4.500			04/15/27		EUR	1,500		1,152,162
Nielsen Co. Luxembourg SARL (The), Gtd. Notes, 144A		5.500			10/01/21			1,675		1,656,376
Refinitiv US Holdings, Inc.,
Sr. Sec’d. Notes		4.500			05/15/26		EUR	3,500		4,004,251
Sr. Unsec’d. Notes		6.875			11/15/26		EUR	7,700		8,975,107
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28			5,979		5,997,546
Gtd. Notes		5.250			01/15/30			1,200		1,202,948
										37,063,323
Computers    0.1%
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25			2,769		2,271,055
Diversified Financial Services    0.6%
Avolon Holdings Funding Ltd. (Ireland), Gtd. Notes, 144A		5.500			01/15/23			2,000		1,828,181
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43			175		184,352
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A		6.000			01/15/27			800		687,976
Gtd. Notes, 144A		8.125			07/15/23			2,450		2,352,305
Gtd. Notes, 144A		9.125			07/15/26			3,700		3,547,497
Power Finance Corp. Ltd. (India), Sr. Unsec’d. Notes, EMTN		5.250			08/10/28			1,100		1,082,720
										9,683,031
Electric    2.3%
AES Panama SRL (Panama), Sr. Unsec’d. Notes, 144A		6.000			06/25/22			3,015		3,045,226

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Calpine Corp.,
Sr. Unsec’d. Notes(a)		5.750	%		01/15/25			10,700	$	10,721,281
Sr. Unsec’d. Notes, 144A(a)		5.125			03/15/28			1,750		1,705,886
Duke Energy Carolinas LLC, First Ref. Mortgage		4.000			09/30/42			50		60,655
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN		6.350			08/10/28			2,625		2,346,219
Sr. Unsec’d. Notes		5.750			01/26/21			5,755		5,157,668
Sr. Unsec’d. Notes, 144A		7.125			02/11/25			5,635		4,116,368
Sr. Unsec’d. Notes, 144A, MTN		6.750			08/06/23			200		149,218
Evergy Kansas Central, Inc., First Mortgage		4.100			04/01/43			325		387,381
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44			800		1,009,501
Instituto Costarricense de Electricidad (Costa Rica), Sr. Unsec’d. Notes, 144A		6.950			11/10/21			500		464,865
Mong Duong Finance Holdings BV (Vietnam), Sr. Sec’d. Notes		5.125			05/07/29			2,595		2,464,161
NextEra Energy Capital Holdings, Inc., Gtd. Notes		3.625			06/15/23			1,575		1,662,116
Vistra Operations Co. LLC, Gtd. Notes, 144A		5.000			07/31/27			1,570		1,602,844
										34,893,389
Electrical Components & Equipment    0.7%
Energizer Gamma Acquisition BV,
Gtd. Notes		4.625			07/15/26		EUR	6,700		7,305,484
Gtd. Notes, 144A		4.625			07/15/26		EUR	2,600		2,834,964
										10,140,448
Electronics    0.0%
Jabil, Inc., Sr. Unsec’d. Notes		4.700			09/15/22			80		82,179
Energy-Alternate Sources    0.1%
Neerg Energy Ltd. (Mauritius), Sr. Sec’d. Notes		6.000			02/13/22			850		772,891

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Engineering & Construction    0.2%
Delhi International Airport Ltd. (India), Sr. Sec’d. Notes, 144A		6.450	%		06/04/29			1,375	$	1,202,036
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A(a)		3.875			04/30/28			2,000		1,685,170
										2,887,206
Entertainment    0.7%
AMC Entertainment Holdings, Inc.,
Gtd. Notes		5.750			06/15/25			1,908		434,819
Gtd. Notes		5.875			11/15/26			1,150		256,247
Gtd. Notes		6.375			11/15/24		GBP	2,625		979,023
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A(a)		5.250			10/15/25			4,025		3,165,083
Codere Finance 2 Luxembourg SA (Spain), Sr. Sec’d. Notes		6.750			11/01/21		EUR	3,000		1,277,137
Eldorado Resorts, Inc., Gtd. Notes		7.000			08/01/23			3,233		3,119,328
Scientific Games International, Inc.,
Gtd. Notes(a)		6.625			05/15/21			2,250		2,012,266
Gtd. Notes, 144A		8.250			03/15/26			450		341,263
										11,585,166
Foods    0.8%
Co-operative Group Holdings 2011 Ltd. (United Kingdom), Gtd. Notes		7.500			07/08/26		GBP	3,400		4,587,991
Kraft Heinz Foods Co.,
Gtd. Notes, 144A		4.625			10/01/39			440		437,022
Gtd. Notes, 144A		4.875			10/01/49			2,980		2,981,458
Picard Bondco SA (Luxembourg), Gtd. Notes(a)		5.500			11/30/24		EUR	2,300		2,382,124
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		2,150,757
										12,539,352

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Forest Products & Paper    0.0%
Georgia-Pacific LLC,
Gtd. Notes, 144A		5.400	%		11/01/20			35	$	35,581
Sr. Unsec’d. Notes(h)		7.375			12/01/25			400		509,946
										545,527
Gas    0.4%
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes		5.500			05/20/25			2,900		2,943,428
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41			700		917,438
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes		4.600			12/15/44			125		136,817
Southern Co. Gas Capital Corp., Gtd. Notes		4.400			06/01/43			1,375		1,523,478
										5,521,161
Healthcare-Products    0.2%
Medtronic Global Holdings SCA,
Gtd. Notes		1.625			03/07/31		EUR	500		602,926
Gtd. Notes		2.250			03/07/39		EUR	705		908,546
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes, EMTN		1.500			10/01/39		EUR	1,250		1,366,835
Sr. Unsec’d. Notes, EMTN		1.875			10/01/49		EUR	825		913,461
										3,791,768
Healthcare-Services    0.4%
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750			11/15/22			450		463,537
Sr. Unsec’d. Notes		4.500			05/15/42			530		602,318
Anthem, Inc.,
Sr. Unsec’d. Notes		4.101			03/01/28			700		784,328
Sr. Unsec’d. Notes		4.650			01/15/43			120		145,757
Sr. Unsec’d. Notes		5.100			01/15/44			515		645,519
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.200			02/01/22			25		25,699
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52			75		91,819
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(a)		9.750			12/01/26			3,175		3,390,981

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Tenet Healthcare Corp.,
Sec’d. Notes, 144A		6.250	%		02/01/27		25	$	24,626
Sr. Unsec’d. Notes		8.125			04/01/22		46		46,375
									6,220,959
Home Builders    1.5%
Beazer Homes USA, Inc., Gtd. Notes		7.250			10/15/29		3,625		2,813,666
KB Home, Gtd. Notes(a)		7.500			09/15/22		3,425		3,661,187
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		3,692		3,592,490
Gtd. Notes		6.000			06/01/25		1,275		1,311,736
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		2,550		2,204,772
Taylor Morrison Communities, Inc.,
Gtd. Notes, 144A(a)		5.875			01/31/25		7,625		7,206,964
Gtd. Notes, 144A(a)		5.875			06/15/27		2,560		2,351,145
									23,141,960
Insurance    0.8%
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		5.950			10/15/36		215		285,313
Sr. Unsec’d. Notes		6.100			10/01/41		280		377,338
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.250			06/15/23		436		463,888
Gtd. Notes, 144A		4.569			02/01/29		1,614		1,808,339
Lincoln National Corp., Sr. Unsec’d. Notes		7.000			06/15/40		695		925,314
Markel Corp.,
Sr. Unsec’d. Notes		4.900			07/01/22		2,020		2,156,175
Sr. Unsec’d. Notes		5.000			03/30/43		3,125		3,395,851
Principal Financial Group, Inc., Gtd. Notes		4.350			05/15/43		975		1,111,806
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A(h)		4.900			09/15/44		1,950		2,513,099
Sub. Notes, 144A		6.850			12/16/39		54		82,958
									13,120,081

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging    0.1%
Marriott International, Inc., Sr. Unsec’d. Notes		3.250	%		09/15/22		75	$	73,119
Sands China Ltd. (Macau), Sr. Unsec’d. Notes		5.125			08/08/25		1,000		1,042,627
									1,115,746
Machinery-Diversified    0.0%
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		50		52,590
Media    1.2%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A(a)		4.750			03/01/30		1,300		1,323,449
Sr. Unsec’d. Notes, 144A		5.375			06/01/29		2,100		2,214,931
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		1,407		1,466,968
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		2,640		3,403,630
Sr. Sec’d. Notes		6.834			10/23/55		485		652,655
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24		814		677,041
Diamond Sports Group LLC/Diamond Sports Finance Co., Gtd. Notes, 144A(a)		6.625			08/15/27		2,785		1,527,757
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26		1,525		1,502,125
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A(a)		6.625			02/15/25		4,705		4,685,569
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		6.750			09/15/22		1,292		1,306,042
									18,760,167
Mining    0.1%
Indonesia Asahan Aluminium Persero PT (Indonesia), Sr. Unsec’d. Notes		6.530			11/15/28		1,650		1,787,529
Miscellaneous Manufacturing    0.2%
Enerpac Tool Group Corp., Gtd. Notes(a)		5.625			06/15/22		3,075		2,902,564

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Oil & Gas    2.5%
Antero Resources Corp., Gtd. Notes		5.625	%		06/01/23			3,500	$	2,052,598
Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A		7.000			11/01/26			1,225		696,559
Sr. Unsec’d. Notes, 144A		10.000			04/01/22			2,750		2,136,212
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes(a)		5.400			06/15/47			1,835		1,236,752
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250			08/01/24			500		449,677
CNX Resources Corp.,
Gtd. Notes		5.875			04/15/22			1,304		1,296,291
Gtd. Notes, 144A		7.250			03/14/27			2,125		1,883,101
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47			275		272,950
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.500			01/30/26			2,700		2,387,828
Gazprom PJSC Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, 144A		4.950			07/19/22			730		760,688
Sr. Unsec’d. Notes, 144A		6.510			03/07/22			2,020		2,143,643
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A(a)		6.250			11/01/28			700		363,082
HPCL-Mittal Energy Ltd. (India), Sr. Unsec’d. Notes(a)		5.250			04/28/27			1,478		1,258,729
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		7.000			03/31/24			2,070		1,446,107
Sr. Unsec’d. Notes, 144A		7.125			02/01/27			625		421,975
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		4.264	(s)		10/10/36			3,000		1,267,985
Sr. Unsec’d. Notes		6.450			09/15/36			750		552,809
Petrobras Global Finance BV (Brazil),
Gtd. Notes		4.750			01/14/25		EUR	3,100		3,284,923
Gtd. Notes		5.375			10/01/29		GBP	800		899,060
Gtd. Notes		6.625			01/16/34		GBP	2,605		3,071,622
Gtd. Notes, 144A		5.093			01/15/30			529		481,526
Petroleos Mexicanos (Mexico),
Gtd. Notes		4.750			02/26/29		EUR	1,200		990,527
Gtd. Notes(a)		6.350			02/12/48			3,828		2,566,557
Gtd. Notes		6.500			03/13/27			300		243,267
Gtd. Notes		6.500			01/23/29			775		605,975
Gtd. Notes, 144A		6.840			01/23/30			100		78,240
Gtd. Notes, 144A		7.690			01/23/50			360		264,096

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petroleos Mexicanos (Mexico), (cont’d.) Gtd. Notes, EMTN		4.875	%		02/21/28		EUR	100	$	84,347
Range Resources Corp., Gtd. Notes, 144A(a)		9.250			02/01/26			3,400		2,782,639
Transocean, Inc.,
Gtd. Notes, 144A		7.250			11/01/25			5,100		1,966,868
Gtd. Notes, 144A		8.000			02/01/27			1,500		582,355
										38,528,988
Oil & Gas Services    0.0%
Cameron International Corp., Gtd. Notes		5.950			06/01/41			100		131,090
Packaging & Containers    0.7%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000			06/30/27		EUR	9,000		8,926,691
WestRock RKT LLC, Gtd. Notes		4.900			03/01/22			1,190		1,250,530
										10,177,221
Pharmaceuticals    2.0%
AbbVie, Inc.,
Sr. Unsec’d. Notes		4.500			05/14/35			4,085		4,723,455
Sr. Unsec’d. Notes		4.700			05/14/45			940		1,122,837
Sr. Unsec’d. Notes, 144A		4.050			11/21/39			2,500		2,774,475
Allergan Funding SCS,
Gtd. Notes(a)		4.550			03/15/35			4,155		4,734,958
Gtd. Notes		4.850			06/15/44			2,060		2,427,404
Bausch Health Cos., Inc.,
Gtd. Notes, 144A		5.000			01/30/28			400		385,357
Gtd. Notes, 144A		5.250			01/30/30			400		395,725
Gtd. Notes, 144A		7.250			05/30/29			1,200		1,282,688
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes, 144A		4.125			06/15/39			615		759,416
Sr. Unsec’d. Notes, 144A(h)		4.350			11/15/47			2,100		2,728,658
Sr. Unsec’d. Notes, 144A(h)		5.000			08/15/45			1,510		2,083,117
Cigna Corp., Gtd. Notes		4.375			10/15/28			3,990		4,567,715

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
CVS Health Corp.,
Sr. Unsec’d. Notes(a)		5.050	%		03/25/48			690	$	871,940
Sr. Unsec’d. Notes		5.125			07/20/45			1,315		1,651,904
Sr. Unsec’d. Notes		5.300			12/05/43			485		608,255
Mylan NV, Gtd. Notes		5.250			06/15/46			520		598,244
										31,716,148
Pipelines    0.9%
Energy Transfer Operating LP,
Gtd. Notes		5.150			03/15/45			55		48,760
Gtd. Notes		5.300			04/15/47			125		112,222
Gtd. Notes		6.250			04/15/49			75		74,915
Jr. Sub. Notes, Series G		7.125	(ff)		—	(rr)		3,360		2,676,635
Enterprise Products Operating LLC, Gtd. Notes		4.950			10/15/54			2,700		2,785,857
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A		6.375			03/30/38			504		484,659
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		4.200			12/01/42			125		107,612
Sr. Unsec’d. Notes		5.150			10/15/43			1,350		1,402,760
MPLX LP, Sr. Unsec’d. Notes		5.200			03/01/47			145		138,264
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A		4.375			08/15/22			150		150,441
Sr. Unsec’d. Notes, 144A		4.875			08/15/27			500		510,624
ONEOK, Inc., Gtd. Notes		4.950			07/13/47			1,060		874,086
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		3.600			05/15/25			1,525		1,377,770
Sr. Unsec’d. Notes, 144A		6.875			04/15/40			1,850		1,626,991
Sunoco Logistics Partners Operations LP, Gtd. Notes		5.400			10/01/47			60		54,121
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28			1,875		1,270,474
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000			07/01/22			75		73,111
Sr. Unsec’d. Notes(a)		5.300			03/01/48			910		684,656
										14,453,958

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Real Estate    0.5%
Arabian Centres Sukuk Ltd. (Saudi Arabia), Sr. Unsec’d. Notes, 144A		5.375	%		11/26/24			1,905	$	1,646,906
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25			3,575		3,249,338
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26			2,425		2,058,555
										6,954,799
Real Estate Investment Trusts (REITs)    0.3%
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325			03/24/25		EUR	3,775		4,182,092
Retail    1.7%
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24			1,000		841,557
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		4.375			02/07/25		EUR	8,700		8,156,424
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20			2,975		1,186,819
Sr. Unsec’d. Notes		8.625			06/15/20			1,703		806,616
Golden Nugget, Inc., Gtd. Notes, 144A(a)		8.750			10/01/25			500		288,494
L Brands, Inc., Gtd. Notes		5.625			10/15/23			5,855		4,763,833
Macy’s Retail Holdings, Inc., Gtd. Notes		4.300			02/15/43			705		408,844
Michaels Stores, Inc., Gtd. Notes, 144A(a)		8.000			07/15/27			1,650		1,150,414
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25			1,315		1,324,286
Rite Aid Corp., Gtd. Notes, 144A		6.125			04/01/23			1,693		1,546,584
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500			11/01/23			1,225		1,083,199
Gtd. Notes(a)		5.625			12/01/25			5,275		4,356,287
										25,913,357
Savings & Loans    0.0%
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22			325		333,514

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Software    0.4%
Infor US, Inc., Gtd. Notes		5.750	%		05/15/22		EUR	5,114	$	5,583,576
Telecommunications    1.1%
Altice France SA (France),
Sr. Sec’d. Notes		3.375			01/15/28		EUR	1,550		1,598,244
Sr. Sec’d. Notes, 144A		3.375			01/15/28		EUR	2,300		2,371,588
AT&T, Inc., Sr. Unsec’d. Notes(a)		3.800			02/15/27			1,350		1,454,536
Sr. Unsec’d. Notes		4.550			03/09/49			275		314,495
Sr. Unsec’d. Notes		5.350			09/01/40			750		901,094
CenturyLink, Inc., Sr. Unsec’d. Notes, Series P(a)		7.600			09/15/39			825		844,922
CommScope Technologies LLC, Gtd. Notes, 144A		6.000			06/15/25			725		645,661
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21			109		107,209
Digicel Group One Ltd. (Jamaica), Sr. Sec’d. Notes		8.250			12/30/22			772		461,686
Digicel Group Two Ltd. (Jamaica), Sr. Unsec’d. Notes		8.250			09/30/22			728		22,519
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A		6.750			03/01/23			2,050		798,983
Sr. Unsec’d. Notes, 144A		6.000			04/15/21			2,350		1,416,752
Embarq Corp., Sr. Unsec’d. Notes(a)		7.995			06/01/36			2,500		2,612,611
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes (original cost $1,601,875; purchased 01/31/20)(f)		5.500			08/01/23			2,000		1,088,523
Intrado Corp., Gtd. Notes, 144A(a)		8.500			10/15/25			1,350		942,706
Level 3 Financing, Inc., Sr. Sec’d. Notes, 144A		3.400			03/01/27			465		466,906
Sprint Capital Corp., Gtd. Notes(a)		8.750			03/15/32			755		1,061,178
										17,109,613
Textiles 0.0%
Mohawk Industries, Inc., Sr. Unsec’d. Notes		3.850			02/01/23			104		110,489

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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		2,255	$	2,198,299
TOTAL CORPORATE BONDS (cost $581,159,278)									526,769,378
MUNICIPAL BONDS    2.2%
California    0.5%
Bay Area Toll Authority, BABs, Revenue Bonds, Series F2		6.263			04/01/49		550		885,847
Los Angeles Department of Water, BABs, Taxable, Revenue Bonds, Series SY(h)		6.008			07/01/39		3,610		4,871,190
University of California, BABs, Revenue Bonds		5.770			05/15/43		390		545,477
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		625		722,181
Taxable, Revenue Bonds, Series J		4.131			05/15/45		675		780,638
									7,805,333
Colorado    0.1%
Regional Transportation District Sales Tax Revenue, BABs, Revenue Bonds, Series 2010-B		5.844			11/01/50		1,190		1,726,928
Illinois    0.1%
Chicago O’Hare International Airport, BABs, Revenue Bonds, Series B		6.395			01/01/40		360		496,537
State of Illinois, General Obligation Unlimited, Taxable		5.100			06/01/33		1,400		1,261,904
									1,758,441
New Jersey    0.2%
New Jersey Turnpike Authority, BABs, Revenue Bonds, Series F		7.414			01/01/40		2,000		3,140,180
Rutgers State University of New Jersey, BABs, Revenue Bonds		5.665			05/01/40		200		265,388
									3,405,568
New York    0.1%
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		400		619,892

See Notes to Financial Statements.

34

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	$	221,917
Puerto Rico    1.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
Revenue Bonds, Restructured, Series A-1		4.750			07/01/53		9,346		8,419,157
Revenue Bonds, Restructured, Series A-1		5.000			07/01/58		10,104		9,437,338
									17,856,495
Texas    0.0%
City of San Antonio Electric & Gas Systems Revenue, Taxable, Revenue Bonds		4.427			02/01/42		120		140,408
TOTAL MUNICIPAL BONDS (cost $32,834,331)									33,534,982
RESIDENTIAL MORTGAGE-BACKED SECURITIES    6.8%
Banc of America Funding Corp., Series 2015-R03, Class 1A1, 144A, 1 Month LIBOR + 0.190%		0.677	(c)		03/27/36		5,775		5,443,488
Series 2015-R03, Class 6A1, 144A, 1 Month LIBOR + 0.170% (Cap N/A, Floor 0.170%)		0.657	(c)		05/27/36		910		871,069
Banc of America Funding Trust, Series 2014-R02, Class 2A1, 144A, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)		0.651	(c)		05/26/37		841		797,924
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)		2.473	(c)		09/26/45		1,466		1,435,690
Series 2015-R04, Class 4A1, 144A		3.500	(cc)		01/27/30		433		426,906
Bellemeade Re Ltd. (Bermuda), Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		2.187	(c)		10/25/27		33		32,368
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.087	(c)		04/25/28		1,193		1,150,066
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		1.837	(c)		08/25/28		897		858,890
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.087	(c)		08/25/28		1,200		1,044,760
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		2.337	(c)		10/25/28		2,706		2,547,347
BVRT Financing Trust, Series 2019-01, Class F, 144A^		2.979	(cc)		09/15/21		24,984		24,542,153

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Central Park Funding Trust, Series 2018-01, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		3.081	%(c)		11/01/23		17,200	$	17,255,673
Chase Mortgage Finance Trust, Series 2007-A01, Class 1A3		4.220	(cc)		02/25/37		98		92,474
CIM Trust, Series 2017-02, Class A1, 144A, 1 Month LIBOR + 3.500% (Cap N/A, Floor 2.000%)		4.485	(c)		12/25/57		3,752		3,750,385
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		2.985	(c)		01/25/57		2,728		2,638,366
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		1,622		1,580,157
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		3,233		3,173,245
Connecticut Avenue Securities Trust, Series 2020-R01, Class 1M2, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 0.000%)		2.537	(c)		01/25/40		200		150,855
Eagle Re Ltd. (Bermuda), Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		2.187	(c)		11/25/28		2,419		2,298,050
Freddie Mac Structured Agency Credit Risk Trust, Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		01/25/49		790		701,067
GCAT LLC, Series 2019-04, Class A1, 144A		3.228			11/26/49		7,422		6,690,000
GSMSC Resecuritization Trust, Series 2015-03R, Class 1A1, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		0.627	(c)		01/26/37		288		284,052
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		0.627	(c)		01/26/37		1,670		1,589,789
Series 2015-03R, Class 2A1, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		0.627	(c)		10/26/36		1,780		1,681,201
Series 2015-03R, Class 2A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		0.627	(c)		10/26/36		1,400		1,271,313
Home Re Ltd. (Bermuda), Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.087	(c)		10/25/28		750		709,454
JPMorgan Mortgage Trust, Series 2007-A01, Class 4A1		4.686	(cc)		07/25/35		84		76,443
Series 2018-07FRB, Class A2, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		1.697	(c)		04/25/46		1,940		1,836,267
New Residential Mortgage Loan Trust, Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		1.237	(c)		01/25/48		3,424		3,303,151
Series 2018-RPL01, Class A1, 144A		3.500	(cc)		12/25/57		14,533		15,025,813

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Oaktown Re II Ltd. (Bermuda),
Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		2.037	%(c)		07/25/28			488	$	475,368
Radnor Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		1.887	(c)		03/25/28			360		354,126
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%)		3.187	(c)		03/25/28			1,240		1,080,030
Structured Asset Securities Corp., Series 2003-37A, Class 3A7		3.832	(cc)		12/25/33			418		395,097
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $107,111,022)										105,563,037
SOVEREIGN BONDS    9.4%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		3.875			01/15/22		EUR	1,000		280,030
Sr. Unsec’d. Notes		4.625			01/11/23			2,800		784,308
Sr. Unsec’d. Notes		5.000			01/15/27		EUR	3,970		1,006,508
Sr. Unsec’d. Notes		5.625			01/26/22			2,000		559,986
Sr. Unsec’d. Notes		6.875			04/22/21			7,175		2,067,235
Sr. Unsec’d. Notes		7.820			12/31/33		EUR	1,064		378,799
Sr. Unsec’d. Notes		7.820			12/31/33		EUR	139		48,147
Brazil Loan Trust 1 (Brazil), Gov’t. Gtd. Notes		5.477			07/24/23			757		765,226
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes		5.333			02/15/28			5,656		5,653,817
Ecuador Government International Bond (Ecuador),
Sr. Unsec’d. Notes		10.750			03/28/22			2,890		922,760
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/11/25		EUR	1,995		1,923,290
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26		EUR	240		223,548
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/11/31		EUR	1,320		1,215,329
Sr. Unsec’d. Notes, EMTN		5.625			04/16/30		EUR	3,000		2,703,107
Ghana Government International Bond (Ghana),
Sr. Unsec’d. Notes, 144A		6.375			02/11/27			3,630		2,806,169
Hellenic Republic Government Bond (Greece),
Bonds		3.650	(cc)		02/24/23		EUR	767		885,711
Bonds		3.650	(cc)		02/24/24		EUR	1,399		1,637,082
Bonds		3.650	(cc)		02/24/25		EUR	533		630,832
Bonds		3.650	(cc)		02/24/26		EUR	1,779		2,138,069
Bonds		3.650	(cc)		02/24/27		EUR	571		692,216
Bonds		3.650	(cc)		02/24/28		EUR	2,869		3,512,493

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Hellenic Republic Government Bond (Greece), (cont’d.)
Bonds		3.650	%(cc)		02/24/29		EUR	1,658	$	2,032,271
Bonds		3.650	(cc)		02/24/30		EUR	637		786,471
Bonds		3.650	(cc)		02/24/31		EUR	1,831		2,272,371
Bonds		3.650	(cc)		02/24/32		EUR	2,271		2,853,074
Bonds		3.650	(cc)		02/24/33		EUR	539		680,713
Bonds		3.650	(cc)		02/24/34		EUR	1,687		2,190,389
Bonds		3.650	(cc)		02/24/35		EUR	2,383		3,087,127
Bonds		3.650	(cc)		02/24/36		EUR	506		665,469
Bonds		3.650	(cc)		02/24/37		EUR	601		789,677
Bonds		3.650	(cc)		02/24/38		EUR	793		1,040,748
Bonds		3.650	(cc)		02/24/39		EUR	1,830		2,420,820
Bonds		3.650	(cc)		02/24/40		EUR	503		663,995
Bonds		3.650	(cc)		02/24/41		EUR	555		735,875
Bonds		3.650	(cc)		02/24/42		EUR	512		692,337
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes		5.200			07/17/34		EUR	5,485		7,671,005
Sr. Unsec’d. Notes		6.140			04/14/28		EUR	2,000		2,738,782
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		1.450			09/18/26		EUR	805		822,197
Sr. Unsec’d. Notes		1.750			04/24/25		EUR	2,910		3,061,367
Sr. Unsec’d. Notes		3.375			07/30/25		EUR	2,655		3,025,861
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28		EUR	775		908,734
Iraq International Bond (Iraq),
Sr. Unsec’d. Notes		5.800			01/15/28			1,500		1,091,985
Sr. Unsec’d. Notes		6.752			03/09/23			4,715		3,569,279
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes		5.125			06/15/25		EUR	500		504,313
Sr. Unsec’d. Notes, 144A		5.125			06/15/25		EUR	2,250		2,269,410
Kenya Government International Bond (Kenya),
Sr. Unsec’d. Notes		6.875			06/24/24			3,005		2,763,162
Provincia de Buenos Aires (Argentina),
Sr. Unsec’d. Notes, 144A		6.500			02/15/23			600		162,722
Sr. Unsec’d. Notes, 144A		9.950			06/09/21			1,650		447,628
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes		6.875			09/27/23			12,083		13,679,583
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28		GBP	3,860		5,955,346
Sr. Unsec’d. Notes, MTN		5.375			06/15/33			2,300		2,630,073
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN		4.625			04/03/49		EUR	1,000		1,104,994
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39		EUR	4,029		4,326,317

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Senegal Government International Bond (Senegal),
Sr. Unsec’d. Notes, 144A		4.750	%		03/13/28		EUR	145	$	137,808
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes, 144A		1.500			06/26/29		EUR	4,000		3,790,368
Sri Lanka Government International Bond (Sri Lanka),
Sr. Unsec’d. Notes		5.750			01/18/22			2,100		1,322,982
Sr. Unsec’d. Notes		6.250			10/04/20			3,950		3,398,704
Sr. Unsec’d. Notes		6.250			07/27/21			2,100		1,465,000
Sr. Unsec’d. Notes, 144A		5.750			01/18/22			1,600		1,007,986
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes		5.625			03/30/21			1,450		1,459,094
Turkiye Ihracat Kredi Bankasi (Turkey),
Sr. Unsec’d. Notes, 144A		8.250			01/24/24			3,825		3,920,330
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		—	(p)		05/31/40			1,900		1,397,943
Sr. Unsec’d. Notes		7.750			09/01/20			315		306,191
Sr. Unsec’d. Notes		7.750			09/01/21			350		337,487
Sr. Unsec’d. Notes		7.750			09/01/22			1,000		956,099
Sr. Unsec’d. Notes		8.994			02/01/24			350		342,085
Sr. Unsec’d. Notes, 144A		4.375			01/27/30		EUR	2,765		2,335,717
Sr. Unsec’d. Notes, 144A		7.750			09/01/20			8,173		7,944,436
Sr. Unsec’d. Notes, 144A		7.750			09/01/21			1,650		1,591,012
Sr. Unsec’d. Notes, 144A		7.750			09/01/22			2,960		2,830,053
Sr. Unsec’d. Notes, 144A		8.994			02/01/24			800		781,908
Sr. Unsec’d. Notes, 144A		9.750			11/01/28			1,800		1,768,192
TOTAL SOVEREIGN BONDS (cost $167,167,188)										145,572,152
U.S. TREASURY OBLIGATIONS 1.6%
U.S. Treasury Bonds(k)		2.500			02/15/45			3,760		4,724,675
U.S. Treasury Bonds(k)		3.625			08/15/43			2,645		3,912,534
U.S. Treasury Notes(h)(k)		1.500			02/15/30			485		524,406
U.S. Treasury Notes(k)		2.250			11/15/24			3,960		4,297,219
U.S. Treasury Notes(k)		2.250			11/15/27			150		168,774
U.S. Treasury Notes(k)		2.500			02/28/21			210		214,077
U.S. Treasury Strips Coupon		1.467	(s)		11/15/41			995		743,257
U.S. Treasury Strips Coupon(h)(k)		2.174	(s)		05/15/29			2,820		2,639,674
U.S. Treasury Strips Coupon(k)		2.783	(s)		08/15/29			1,125		1,046,865
U.S. Treasury Strips Coupon(k)		2.878	(s)		05/15/31			2,100		1,909,277
U.S. Treasury Strips Coupon(h)(k)		3.042	(s)		11/15/35			2,255		1,912,082
U.S. Treasury Strips Coupon(k)		3.202	(s)		08/15/40			2,995		2,303,927
TOTAL U.S. TREASURY OBLIGATIONS (cost $19,907,492)										24,396,767

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCK    0.0%
Oil, Gas & Consumable Fuels
Frontera Energy Corp. (Colombia)(a) (cost $2,719,465)		132,434	$	427,932
TOTAL LONG-TERM INVESTMENTS (cost $1,597,626,222)				1,475,131,485
SHORT-TERM INVESTMENTS    16.1%
AFFILIATED MUTUAL FUNDS    5.1%
PGIM Core Ultra Short Bond Fund(w)		22,814		22,814
PGIM Institutional Money Market Fund (cost $78,478,032; includes $78,408,998 of cash collateral for securities on loan)(b)(w)		78,544,737		78,529,028
TOTAL AFFILIATED MUTUAL FUNDS (cost $78,500,846)				78,551,842
OPTIONS PURCHASED*~    11.0% (cost $120,650,564)				170,650,079
TOTAL SHORT-TERM INVESTMENTS (cost $199,151,410)				249,201,921
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 111.3% (cost $1,796,777,632)				1,724,333,406
OPTIONS WRITTEN*~    (11.1)% (premiums received $122,159,622)				(172,379,489	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.2% (cost $1,674,618,010)				1,551,953,917
Liabilities in excess of other assets(z)    (0.2)%				(3,396,213	)
NET ASSETS    100.0%			$	1,548,557,704

See the Glossary for a list of the abbreviation(s) used in the semiannual report:

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

See Notes to Financial Statements.

40

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

KZT—Kazakhstani Tenge

MXN—Mexican Peso

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

UAH—Ukraine Hryvna

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

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference 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

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MASTR—Morgan Stanley Structured Asset Security

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

S—Semiannual payment frequency for swaps

SONIA—Sterling Overnight Index Average

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 instrument. The aggregate value of Level 3 instruments is $40,240,144 and 2.6% 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 $77,747,080; cash collateral of $78,408,998 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

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

(f) Indicates a restricted security; the aggregate original cost of such securities is $1,601,875. The aggregate value of $1,088,523 is 0.1% of net assets.

(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, 2020.

(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	Barclays Bank PLC		07/12/21		0.11	%		—		9,409	$	163,082
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—		22,870		370,310
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—		46,333		761,709
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.14	%		—		46,980		796,551
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21	%		—		10,000		149,353

See Notes to Financial Statements.

42

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option AUD vs JPY	Call	Citibank, N.A.		05/22/20		85.00		—		AUD	66,900	$	215
Currency Option EUR vs GBP	Call	Bank of America, N.A.		10/28/20		0.95		—		EUR	30,600		165,457
Currency Option EUR vs TRY	Call	Morgan Stanley & Co. International PLC		07/28/20		12.00		—		EUR	30,000		95,180
Currency Option EUR vs ZAR	Call	Goldman Sachs International		08/27/20		28.00		—		EUR	34,000		131,612
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		21.00		—		EUR	33,500		1,954,472
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		25.00		—		EUR	67,000		1,195,450
Currency Option GBP vs USD	Call	Morgan Stanley & Co. International PLC		11/25/20		1.38		—		GBP	13,500		69,606
Currency Option GBP vs USD	Call	Morgan Stanley & Co. International PLC		11/25/20		1.38		—		GBP	13,500		69,606
Currency Option USD vs BRL	Call	Citibank, N.A.		05/15/20		6.70		—			30,000		12,162
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		05/29/20		6.00		—			35,000		195,537
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		07/27/20		6.50		—			74,000		588,604
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		9.80		—			14,400		7,141
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		08/27/20		8.50		—			37,000		93,274
Currency Option USD vs BRL	Call	Citibank, N.A.		12/21/20		5.25		—			74,000		6,054,499
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		4.70		—			113,000		17,659,026
Currency Option USD vs BRL	Call	Bank of America, N.A.		01/27/21		5.00		—			78,000		8,911,924
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		5.10		—			70,000		7,157,746
Currency Option USD vs BRL	Call	Citibank, N.A.		02/24/21		5.10		—			30,000		3,147,497
Currency Option USD vs BRL	Call	Deutsche Bank AG		02/24/21		5.90		—			60,000		2,741,989
Currency Option USD vs BRL	Call	Deutsche Bank AG		04/27/21		6.10		—			14,400		620,911
Currency Option USD vs BRL	Call	Bank of America, N.A.		09/28/21		6.00		—			35,500		2,332,380

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs CHF	Call	Goldman Sachs International		10/28/20		1.00		—		39,000	$	168,683
Currency Option USD vs ILS	Call	Deutsche Bank AG		06/26/20		3.55		—		36,000		232,115
Currency Option USD vs ILS	Call	Bank of America, N.A.		06/28/21		3.60		—		38,250		627,481
Currency Option USD vs ILS	Call	Citibank, N.A.		06/28/21		3.95		—		38,250		219,322
Currency Option USD vs INR	Call	Citibank, N.A.		07/03/20		99.00		—		25,000		3,301
Currency Option USD vs INR	Call	Citibank, N.A.		10/26/20		76.50		—		17,500		487,839
Currency Option USD vs INR	Call	Goldman Sachs International		10/28/20		90.00		—		39,000		100,618
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		79.00		—		39,000		1,012,405
Currency Option USD vs INR	Call	Citibank, N.A.		02/24/21		81.00		—		25,000		467,072
Currency Option USD vs INR	Call	Bank of America, N.A.		02/24/21		86.00		—		78,000		717,865
Currency Option USD vs INR	Call	Goldman Sachs International		09/28/21		88.00		—		35,500		549,297
Currency Option USD vs JPY	Call	Morgan Stanley & Co. International PLC		01/27/21		110.00		—		7,000		91,441
Currency Option USD vs JPY	Call	Barclays Bank PLC		10/27/23		115.00		—		39,000		643,914
Currency Option USD vs KRW	Call	Citibank, N.A.		05/11/20		1,400.00		—		35,000		1,894
Currency Option USD vs KRW	Call	Citibank, N.A.		05/27/20		1,250.00		—		36,000		128,823
Currency Option USD vs KRW	Call	Goldman Sachs International		07/20/20		1,800.00		—		12,150		2,376
Currency Option USD vs KRW	Call	BNP Paribas S.A.		10/28/20		1,165.00		—		19,500		951,250
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		10/28/20		1,240.00		—		25,000		516,038
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		04/27/21		1,240.00		—		25,000		791,607
Currency Option USD vs KRW	Call	Goldman Sachs International		04/27/21		1,240.00		—		12,150		384,721
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		07/28/21		1,275.00		—		36,000		1,044,168

See Notes to Financial Statements.

44

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs KRW	Call	Deutsche Bank AG		07/28/21		1,500.00		—		36,000	$	373,826
Currency Option USD vs MXN	Call	Citibank, N.A.		05/28/20		23.50		—		17,500		649,276
Currency Option USD vs MXN	Call	Citibank, N.A.		06/18/20		44.00		—		14,000		1,340
Currency Option USD vs MXN	Call	Deutsche Bank AG		07/23/20		50.00		—		12,000		1,869
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		10/28/20		31.00		—		117,000		1,164,707
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		22.00		—		58,500		7,470,456
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		26.50		—		117,000		4,690,726
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		20.50		—		17,500		3,212,612
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		22.00		—		35,000		4,611,542
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		22.25		—		17,000		2,108,839
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		25.00		—		34,000		2,121,059
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		22.00		—		39,000		5,490,302
Currency Option USD vs MXN	Call	Citibank, N.A.		04/27/21		26.00		—		78,000		4,527,644
Currency Option USD vs MXN	Call	Citibank, N.A.		02/23/22		28.00		—		14,000		998,123
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC		05/12/20		81.00		—		35,000		38,307
Currency Option USD vs RUB	Call	Goldman Sachs International		07/14/20		130.00		—		24,000		11,206
Currency Option USD vs RUB	Call	Deutsche Bank AG		10/29/20		68.00		—		35,500		4,072,316
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC		10/29/20		75.00		—		71,000		3,702,586
Currency Option USD vs RUB	Call	Goldman Sachs International		12/22/20		95.00		—		39,000		488,919
Currency Option USD vs RUB	Call	Goldman Sachs International		04/28/21		75.00		—		39,000		3,008,431
Currency Option USD vs RUB	Call	Deutsche Bank AG		04/28/21		90.00		—		78,000		2,080,214

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		9.00		—			39,000	$	884,280
Currency Option USD vs TRY	Call	Goldman Sachs International		10/29/20		12.00		—			78,000		629,953
Currency Option USD vs TRY	Call	Goldman Sachs International		12/22/20		6.50		—			17,250		2,536,512
Currency Option USD vs TRY	Call	Deutsche Bank AG		12/22/20		7.50		—			34,500		2,478,893
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		10.00		—			39,000		1,212,207
Currency Option USD vs TRY	Call	Goldman Sachs International		02/25/21		15.00		—			78,000		860,717
Currency Option USD vs TWD	Call	BNP Paribas S.A.		11/25/20		31.00		—			35,500		87,622
Currency Option USD vs TWD	Call	Morgan Stanley & Co. International PLC		11/25/20		32.00		—			35,500		47,629
Currency Option USD vs ZAR	Call	Deutsche Bank AG		05/12/20		21.00		—			17,500		10,855
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/07/20		33.00		—			12,000		3,723
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/27/20		25.00		—			37,000		90,393
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		17.00		—			39,000		4,156,528
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		21.00		—			39,750		762,790
Currency Option USD vs ZAR	Call	Citibank, N.A.		09/28/20		21.00		—			38,250		734,005
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		15.00		—			37,000		7,902,188
Currency Option USD vs ZAR	Call	Deutsche Bank AG		01/27/21		20.00		—			74,000		3,193,207
Currency Option USD vs ZAR	Call	Deutsche Bank AG		02/24/21		15.50		—			17,500		3,351,357
Currency Option USD vs ZAR	Call	Bank of America, N.A.		02/24/21		18.00		—			35,000		3,149,910
Currency Option USD vs ZAR	Call	Goldman Sachs International		04/27/21		20.00		—			12,000		656,535
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/27/21		67.00		—		AUD	51,000		1,002,732
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/27/21		72.00		—		AUD	25,500		984,945

See Notes to Financial Statements.

46

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		05/26/21		62.00		—		AUD	216,000	$	3,342,330
Currency Option AUD vs JPY	Put	Citibank, N.A.		05/26/21		62.00		—		AUD	216,000		3,342,330
Currency Option AUD vs JPY	Put	Deutsche Bank AG		05/26/21		70.00		—		AUD	216,000		7,679,582
Currency Option EUR vs GBP	Put	Morgan Stanley & Co. International PLC		10/28/20		0.80		—		EUR	30,600		63,875
Currency Option EUR vs TRY	Put	BNP Paribas S.A.		07/28/20		7.00		—		EUR	30,000		78,946
Currency Option GBP vs JPY	Put	Bank of America, N.A.		06/29/20		70.00		—		GBP	10,000		17
Currency Option GBP vs USD	Put	Citibank, N.A.		07/16/20		1.00		—		GBP	19,400		5,543
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		07/27/20		1.23		—		GBP	30,300		382,777
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		09/28/20		1.16		—		GBP	63,000		486,522
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.28		—		GBP	31,500		1,285,012
Currency Option GBP vs USD	Put	Citibank, N.A.		04/27/21		1.21		—		GBP	19,400		635,731
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			36,000		46
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			1,000		1
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.25		—			37,000		395
Currency Option USD vs BRL	Put	Deutsche Bank AG		08/27/20		3.50		—			37,000		910
Currency Option USD vs BRL	Put	Citibank, N.A.		03/29/21		3.75		—			78,000		47,032
Currency Option USD vs BRL	Put	Deutsche Bank AG		09/28/21		3.85		—			39,000		47,680
Currency Option USD vs BRL	Put	Deutsche Bank AG		01/26/22		4.15		—			35,000		162,095
Currency Option USD vs BRL	Put	Citibank, N.A.		01/26/22		4.70		—			30,000		577,270
Currency Option USD vs INR	Put	BNP Paribas S.A.		12/21/20		69.00		—			19,500		19,517
Currency Option USD vs JPY	Put	Bank of America, N.A.		01/26/22		101.00		—			56,250		1,586,299

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs MXN	Put	Citibank, N.A.		06/18/20		19.00		—		14,000	$	418
Currency Option USD vs MXN	Put	Deutsche Bank AG		10/28/20		18.00		—		39,000		8,204
Currency Option USD vs MXN	Put	Deutsche Bank AG		02/24/21		24.00		—		14,000		562,783
Currency Option USD vs RUB	Put	BNP Paribas S.A.		12/22/20		66.00		—		39,000		185,200
Currency Option USD vs ZAR	Put	Goldman Sachs International		05/22/20		13.00		—		26,000		90
Currency Option USD vs ZAR	Put	BNP Paribas S.A.		07/27/20		12.00		—		37,000		670
Total Options Purchased (cost $120,650,564)											$	170,650,079

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option AUD vs JPY	Call	Citibank, N.A.		05/26/21		70.00		—		AUD	66,900	$	(1,957,028	)
Currency Option EUR vs GBP	Call	Morgan Stanley & Co. International PLC		10/28/20		0.95		—		EUR	30,600		(165,457	)
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		07/28/20		12.00		—		EUR	30,000		(95,181	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		08/27/20		28.00		—		EUR	34,000		(131,612	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		21.00		—		EUR	33,500		(1,954,472	)
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		25.00		—		EUR	67,000		(1,195,450	)
Currency Option GBP vs USD	Call	Bank of America, N.A.		11/25/20		1.38		—		GBP	27,000		(139,211	)
Currency Option USD vs BRL	Call	Citibank, N.A.		05/29/20		6.00		—			35,000		(195,537	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		6.50		—			74,000		(588,604	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		08/27/20		8.50		—			37,000		(93,274	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		12/21/20		5.25		—			74,000		(6,054,499	)

See Notes to Financial Statements.

48

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Bank of America, N.A.		01/27/21		4.70		—		78,000	$	(12,189,416	)
Currency Option USD vs BRL	Call	Citibank, N.A.		01/27/21		4.70		—		35,000		(5,469,610	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		5.00		—		78,000		(8,911,924	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		5.10		—		70,000		(7,157,746	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		02/24/21		5.10		—		30,000		(3,147,497	)
Currency Option USD vs BRL	Call	Citibank, N.A.		02/24/21		5.90		—		60,000		(2,741,989	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		04/27/21		7.20		—		28,800		(575,779	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		09/28/21		6.00		—		35,500		(2,332,380	)
Currency Option USD vs CHF	Call	Bank of America, N.A.		10/28/20		1.00		—		39,000		(168,683	)
Currency Option USD vs CLP	Call	Bank of America, N.A.		10/27/21		1,000.00		—		17,800		(390,852	)
Currency Option USD vs ILS	Call	Citibank, N.A.		06/26/20		3.55		—		36,000		(232,115	)
Currency Option USD vs ILS	Call	Citibank, N.A.		06/28/21		3.60		—		38,250		(627,481	)
Currency Option USD vs ILS	Call	Bank of America, N.A.		06/28/21		3.95		—		38,250		(219,322	)
Currency Option USD vs INR	Call	Goldman Sachs International		10/26/20		76.50		—		17,500		(487,839	)
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		10/28/20		90.00		—		39,000		(100,618	)
Currency Option USD vs INR	Call	Bank of America, N.A.		02/24/21		79.00		—		39,000		(1,012,405	)
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		86.00		—		78,000		(717,865	)
Currency Option USD vs INR	Call	Citibank, N.A.		02/24/21		87.00		—		50,000		(406,722	)
Currency Option USD vs INR	Call	Bank of America, N.A.		09/28/21		88.00		—		35,500		(549,297	)
Currency Option USD vs JPY	Call	Citibank, N.A.		01/27/21		110.00		—		7,000		(91,441	)
Currency Option USD vs JPY	Call	Bank of America, N.A.		10/27/23		115.00		—		39,000		(643,914	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		05/27/20		1,250.00		—		36,000	$	(128,823	)
Currency Option USD vs KRW	Call	Deutsche Bank AG		10/28/20		1,165.00		—		19,500		(951,250	)
Currency Option USD vs KRW	Call	Citibank, N.A.		10/28/20		1,240.00		—		25,000		(516,038	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		04/27/21		1,370.00		—		50,000		(693,718	)
Currency Option USD vs KRW	Call	Goldman Sachs International		04/27/21		1,370.00		—		24,300		(337,147	)
Currency Option USD vs KRW	Call	Deutsche Bank AG		07/28/21		1,275.00		—		36,000		(1,044,168	)
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		07/28/21		1,500.00		—		36,000		(373,826	)
Currency Option USD vs MXN	Call	Bank of America, N.A.		05/28/20		23.50		—		17,500		(649,276	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		10/28/20		31.00		—		117,000		(1,164,707	)
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		22.00		—		58,500		(7,470,456	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		26.50		—		117,000		(4,690,726	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		20.50		—		17,500		(3,212,612	)
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		22.00		—		35,000		(4,611,542	)
Currency Option USD vs MXN	Call	Citibank, N.A.		02/24/21		22.25		—		17,000		(2,108,839	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		02/24/21		25.00		—		34,000		(2,121,059	)
Currency Option USD vs MXN	Call	Citibank, N.A.		04/27/21		22.00		—		39,000		(5,490,302	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		26.00		—		39,000		(2,263,822	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		26.00		—		39,000		(2,263,822	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		04/27/21		30.50		—		12,000		(307,873	)
Currency Option USD vs MXN	Call	Citibank, N.A.		02/23/22		36.00		—		28,000		(818,072	)
Currency Option USD vs RUB	Call	Deutsche Bank AG		05/12/20		81.00		—		35,000		(38,307	)

See Notes to Financial Statements.

50

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs RUB	Call	Morgan Stanley & Co. International PLC		10/29/20		68.00		—		35,500	$	(4,072,316	)
Currency Option USD vs RUB	Call	Deutsche Bank AG		10/29/20		75.00		—		71,000		(3,702,586	)
Currency Option USD vs RUB	Call	BNP Paribas S.A.		12/22/20		95.00		—		39,000		(488,919	)
Currency Option USD vs RUB	Call	Goldman Sachs International		04/27/21		89.00		—		24,000		(675,752	)
Currency Option USD vs RUB	Call	Deutsche Bank AG		04/28/21		75.00		—		39,000		(3,008,431	)
Currency Option USD vs RUB	Call	Goldman Sachs International		04/28/21		90.00		—		78,000		(2,080,214	)
Currency Option USD vs TRY	Call	Goldman Sachs International		10/29/20		9.00		—		39,000		(884,280	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		12.00		—		78,000		(629,953	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		12/22/20		6.50		—		17,250		(2,536,512	)
Currency Option USD vs TRY	Call	Goldman Sachs International		12/22/20		7.50		—		34,500		(2,478,893	)
Currency Option USD vs TRY	Call	Goldman Sachs International		02/25/21		10.00		—		39,000		(1,212,207	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		15.00		—		78,000		(860,717	)
Currency Option USD vs TWD	Call	Morgan Stanley & Co. International PLC		11/25/20		31.00		—		35,500		(87,622	)
Currency Option USD vs TWD	Call	BNP Paribas S.A.		11/25/20		32.00		—		35,500		(47,629	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		05/12/20		21.00		—		17,500		(10,855	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		07/27/20		25.00		—		37,000		(90,393	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		17.00		—		39,000		(4,156,528	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		21.00		—		78,000		(1,496,795	)
Currency Option USD vs ZAR	Call	Deutsche Bank AG		01/27/21		15.00		—		37,000		(7,902,188	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		20.00		—		74,000		(3,193,207	)
Currency Option USD vs ZAR	Call	Bank of America, N.A.		02/24/21		15.50		—		17,500		(3,351,357	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs ZAR	Call	Deutsche Bank AG		02/24/21		18.00		—			35,000	$	(3,149,910	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		04/27/21		23.75		—			24,000		(534,881	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/27/21		67.00		—		AUD	51,000		(1,002,732	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/27/21		72.00		—		AUD	25,500		(984,945	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		05/26/21		62.00		—		AUD	432,000		(6,684,660	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		05/26/21		70.00		—		AUD	108,000		(3,839,791	)
Currency Option AUD vs JPY	Put	Citibank, N.A.		05/26/21		70.00		—		AUD	108,000		(3,839,791	)
Currency Option EUR vs GBP	Put	Bank of America, N.A.		10/28/20		0.80		—		EUR	30,600		(63,875	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		07/28/20		7.00		—		EUR	30,000		(78,946	)
Currency Option GBP vs JPY	Put	Bank of America, N.A.		09/28/20		115.00		—		GBP	10,000		(38,156	)
Currency Option GBP vs USD	Put	Bank of America, N.A.		07/27/20		1.23		—		GBP	30,300		(382,777	)
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.16		—		GBP	63,000		(486,523	)
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		09/28/20		1.28		—		GBP	31,500		(1,285,012	)
Currency Option GBP vs USD	Put	Citibank, N.A.		04/27/21		1.11		—		GBP	38,800		(542,726	)
Currency Option USD vs BRL	Put	Citibank, N.A.		06/26/20		3.50		—			37,000		(47	)
Currency Option USD vs BRL	Put	Citibank, N.A.		08/27/20		3.25		—			37,000		(395	)
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.50		—			37,000		(910	)
Currency Option USD vs BRL	Put	Deutsche Bank AG		03/29/21		3.75		—			78,000		(47,033	)
Currency Option USD vs BRL	Put	Bank of America, N.A.		09/28/21		3.85		—			39,000		(47,680	)
Currency Option USD vs BRL	Put	Citibank, N.A.		01/26/22		4.15		—			5,000		(23,156	)
Currency Option USD vs BRL	Put	Citibank, N.A.		01/26/22		4.15		—			30,000		(138,939	)

See Notes to Financial Statements.

52

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Put	Deutsche Bank AG		01/26/22		4.70		—		30,000	$	(577,270	)
Currency Option USD vs INR	Put	Goldman Sachs International		12/21/20		69.00		—		19,500		(19,517	)
Currency Option USD vs JPY	Put	Bank of America, N.A.		01/26/22		93.00		—		112,500		(1,655,388	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		10/28/20		18.00		—		39,000		(8,204	)
Currency Option USD vs MXN	Put	Citibank, N.A.		02/24/21		24.00		—		14,000		(562,783	)
Currency Option USD vs RUB	Put	Goldman Sachs International		12/22/20		66.00		—		39,000		(185,200	)
Currency Option USD vs ZAR	Put	Goldman Sachs International		07/27/20		12.00		—		37,000		(670	)
Currency Option USD vs ZAR	Put	Goldman Sachs International		02/24/21		16.50		—		13,000		(144,127	)
Total OTC Traded (premiums received $122,044,614)											$	(171,295,003	)

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike		Receive	Pay	Notional Amount (000)#		Value
CDX.NA.HY.33.V1, 12/20/24	Put	BNP Paribas S.A.		06/17/20	$	95.00	5.00%(Q)	CDX.NA.HY. 33.V1(Q)		20,000	$	(862,603	)
iTraxx.XO.32.V1, 12/20/24	Put	Goldman Sachs International		05/20/20	$	4.50	5.00%(Q)	iTraxx.XO. 32.V1(Q)	EUR	10,000		(221,883	)
Total OTC Swaptions (premiums received $115,008)											$	(1,084,486	)
Total Options Written (premiums received $122,159,622)											$	(172,379,489	)

Futures contracts outstanding at April 30, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	539	10 Year U.S. Treasury Notes		Jun. 2020	$	74,954,688	$	372,558
	1,140	10 Year U.S. Ultra Treasury Notes		Jun. 2020		179,015,625		11,379,920
	1,054	30 Year U.S. Ultra Treasury Bonds		Jun. 2020		236,919,438		24,431,797
								36,184,275

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Short Positions:
	10,366	2 Year U.S. Treasury Notes		Jun. 2020	$	2,284,974,146	$	(35,133,158	)
	460	5 Year Euro-Bobl		Jun. 2020		68,531,171		(251,893	)
	556	5 Year U.S. Treasury Notes		Jun. 2020		69,769,315		(56,870	)
	303	10 Year Euro-Bund		Jun. 2020		57,918,182		(464,112	)
	717	20 Year U.S. Treasury Bonds		Jun. 2020		129,799,406		(4,710,627	)
	7	30 Year Euro Buxl		Jun. 2020		1,681,472		(41,122	)
								(40,657,782	)
							$	(4,473,507	)

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 05/29/20	Bank of America, N.A.		AUD	3,176	$	2,031,000	$	2,069,829	$	38,829	$	—
Expiring 05/29/20	Bank of America, N.A.		AUD	2,676		1,730,000		1,744,093		14,093		—
Expiring 05/29/20	Citibank, N.A.		AUD	1,601		1,011,000		1,043,586		32,586		—
Expiring 05/29/20	HSBC Bank USA, N.A.		AUD	887		580,000		578,283		—		(1,717	)
Expiring 07/20/20	Bank of America, N.A.		AUD	5,255		3,426,323		3,425,033		—		(1,290	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC		AUD	8,982		6,315,494		5,853,878		—		(461,616	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC		AUD	3,823		2,744,880		2,491,487		—		(253,393	)
Expiring 12/30/20	JPMorgan Chase Bank, N.A.		AUD	10,379		7,128,123		6,764,170		—		(363,953	)
Expiring 12/30/20	Morgan Stanley & Co. International PLC		AUD	2,196		1,544,350		1,431,012		—		(113,338	)
Expiring 05/28/21	HSBC Bank USA, N.A.		AUD	9,489		6,279,171		6,181,943		—		(97,228	)
Expiring 05/28/21	JPMorgan Chase Bank, N.A.		AUD	6,597		4,538,898		4,297,749		—		(241,149	)
Expiring 07/30/21	HSBC Bank USA, N.A.		AUD	2,134		1,412,921		1,389,912		—		(23,009	)
Expiring 10/31/23	JPMorgan Chase Bank, N.A.		AUD	3,180		2,208,097		2,056,787		—		(151,310	)
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International		BRL	14,891		2,671,430		2,737,284		65,854		—
Expiring 05/05/20	HSBC Bank USA, N.A.		BRL	19,427		3,431,793		3,571,275		139,482		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.		BRL	3,690		652,000		678,311		26,311		—

See Notes to Financial Statements.

54

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 05/05/20	Morgan Stanley & Co. International PLC	BRL	20,026	$	3,547,177	$	3,681,242	$	134,065	$	—
Expiring 05/29/20	BNP Paribas S.A.	BRL	8,770		1,665,000		1,608,631		—		(56,369	)
Expiring 05/29/20	Citibank, N.A.	BRL	6,645		1,258,000		1,218,895		—		(39,105	)
Expiring 05/29/20	Citibank, N.A.	BRL	5,436		1,069,000		997,121		—		(71,879	)
Expiring 05/29/20	Citibank, N.A.	BRL	4,160		807,000		763,100		—		(43,900	)
Expiring 05/29/20	Citibank, N.A.	BRL	2,980		589,000		546,695		—		(42,305	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	BRL	9,444		1,811,000		1,732,414		—		(78,586	)
Expiring 06/02/20	JPMorgan Chase Bank, N.A.	BRL	5,697		1,007,920		1,044,675		36,755		—
Expiring 06/30/20	Citibank, N.A.	BRL	29,119		7,301,000		5,331,791		—		(1,969,209	)
Expiring 06/30/20	Deutsche Bank AG	BRL	47,619		10,804,000		8,719,045		—		(2,084,955	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC	BRL	3,245		796,000		594,218		—		(201,782	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC	BRL	110		27,244		20,062		—		(7,182	)
Expiring 07/29/20	Citibank, N.A.	BRL	5,001		1,240,072		914,214		—		(325,858	)
Expiring 07/29/20	Deutsche Bank AG	BRL	13,339		3,349,389		2,438,341		—		(911,048	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC	BRL	8,705		2,232,000		1,591,226		—		(640,774	)
Expiring 08/31/20	Citibank, N.A.	BRL	14,166		3,527,000		2,586,829		—		(940,171	)
Expiring 08/31/20	Morgan Stanley & Co. International PLC	BRL	14,942		3,669,000		2,728,429		—		(940,571	)
Expiring 12/23/20	Citibank, N.A.	BRL	46,304		11,302,000		8,429,149		—		(2,872,851	)
Expiring 01/29/21	Citibank, N.A.	BRL	55,079		10,743,000		10,019,738		—		(723,262	)
Expiring 01/29/21	Citibank, N.A.	BRL	21,690		5,155,000		3,945,666		—		(1,209,334	)
Expiring 01/29/21	Citibank, N.A.	BRL	15,948		3,819,240		2,901,174		—		(918,066	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	BRL	20,029		4,398,000		3,643,634		—		(754,366	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	BRL	18,432		4,427,469		3,352,968		—		(1,074,501	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	BRL	10,588		2,644,000		1,926,093		—		(717,907	)
Expiring 02/26/21	Deutsche Bank AG	BRL	12,598		2,206,000		2,289,139		83,139		—
Expiring 03/31/21	Citibank, N.A.	BRL	24,032		5,817,900		4,360,544		—		(1,457,356	)
Expiring 03/31/21	Deutsche Bank AG	BRL	40,047		9,085,000		7,266,366		—		(1,818,634	)
Expiring 03/31/21	Morgan Stanley & Co. International PLC	BRL	31,478		7,523,532		5,711,684		—		(1,811,848	)
Expiring 09/30/21	Bank of America, N.A.	BRL	66,197		14,993,000		11,834,147		—		(3,158,853	)
Expiring 09/30/21	Bank of America, N.A.	BRL	38,490		9,030,000		6,880,978		—		(2,149,022	)
Expiring 09/30/21	Deutsche Bank AG	BRL	17,668		3,883,000		3,158,471		—		(724,529	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 09/30/21	Morgan Stanley & Co. International PLC		BRL	4,795	$	901,592	$	857,230	$	—	$	(44,362	)
Expiring 01/28/22	Citibank, N.A.		BRL	2,966		560,000		524,736		—		(35,264	)
Expiring 01/28/22	Deutsche Bank AG		BRL	25,948		4,434,000		4,590,105		156,105		—
Expiring 01/28/22	Morgan Stanley & Co. International PLC		BRL	19,492		3,580,779		3,448,088		—		(132,691	)
British Pound,
Expiring 05/29/20	Bank of America, N.A.		GBP	573		696,000		721,566		25,566		—
Expiring 05/29/20	BNP Paribas S.A.		GBP	1,013		1,192,000		1,276,041		84,041		—
Expiring 05/29/20	HSBC Bank USA, N.A.		GBP	1,476		1,903,000		1,858,659		—		(44,341	)
Expiring 05/29/20	HSBC Bank USA, N.A.		GBP	314		390,000		394,957		4,957		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		GBP	3,553		4,592,279		4,475,292		—		(116,987	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		GBP	382		482,000		481,292		—		(708	)
Expiring 07/17/20	Barclays Bank PLC		GBP	369		461,000		465,409		4,409		—
Expiring 07/17/20	Barclays Bank PLC		GBP	285		359,000		358,757		—		(243	)
Expiring 07/17/20	HSBC Bank USA, N.A.		GBP	194		240,267		245,008		4,741		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	465		581,000		586,458		5,458		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		GBP	403		502,000		508,304		6,304		—
Expiring 07/29/20	HSBC Bank USA, N.A.		GBP	2,084		2,717,890		2,625,756		—		(92,134	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		GBP	11,666		14,795,754		14,698,693		—		(97,061	)
Expiring 11/27/20	Bank of America, N.A.		GBP	7,548		10,004,874		9,514,034		—		(490,840	)
Expiring 04/29/21	Citibank, N.A.		GBP	371		462,381		467,808		5,427		—
Canadian Dollar,
Expiring 07/20/20	BNP Paribas S.A.		CAD	1,198		855,000		860,872		5,872		—
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		CAD	1,744		1,242,000		1,253,169		11,169		—
Expiring 07/20/20	JPMorgan Chase Bank, N.A.		CAD	911		651,000		654,487		3,487		—
Expiring 07/20/20	The Toronto-Dominion Bank		CAD	2,171		1,548,000		1,559,992		11,992		—
Chilean Peso,
Expiring 05/29/20	Citibank, N.A.		CLP	681,666		815,000		817,028		2,028		—
Expiring 05/29/20	Citibank, N.A.		CLP	625,145		741,000		749,283		8,283		—
Expiring 05/29/20	Citibank, N.A.		CLP	499,838		597,000		599,094		2,094		—
Expiring 05/29/20	Citibank, N.A.		CLP	466,440		552,000		559,063		7,063		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		CLP	300,455		371,000		360,117		—		(10,883	)

See Notes to Financial Statements.

56

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 06/17/20	Barclays Bank PLC		CLP	278,404	$	326,000	$	333,880	$	7,880	$	—
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC		CNH	5,582		787,000		788,456		1,456		—
Expiring 05/11/20	Barclays Bank PLC		CNH	4,501		637,000		635,688		—		(1,312	)
Expiring 05/11/20	Citibank, N.A.		CNH	44,463		6,346,823		6,280,045		—		(66,778	)
Expiring 05/11/20	Citibank, N.A.		CNH	8,379		1,183,000		1,183,449		449		—
Expiring 05/11/20	Citibank, N.A.		CNH	8,226		1,161,000		1,161,921		921		—
Expiring 05/11/20	Citibank, N.A.		CNH	7,607		1,071,000		1,074,462		3,462		—
Expiring 05/11/20	Citibank, N.A.		CNH	4,591		648,000		648,488		488		—
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	17,635		2,534,000		2,490,767		—		(43,233	)
Expiring 05/11/20	HSBC Bank USA, N.A.		CNH	10,222		1,439,000		1,443,717		4,717		—
Expiring 05/11/20	JPMorgan Chase Bank, N.A.		CNH	8,431		1,192,000		1,190,823		—		(1,177	)
Expiring 05/11/20	Morgan Stanley & Co. International PLC		CNH	10,018		1,416,000		1,415,022		—		(978	)
Expiring 05/11/20	Morgan Stanley & Co. International PLC		CNH	5,266		747,000		743,857		—		(3,143	)
Expiring 05/14/21	Citibank, N.A.		CNH	43,724		6,265,983		6,112,495		—		(153,488	)
Colombian Peso,
Expiring 06/17/20	Citibank, N.A.		COP	2,134,996		532,000		536,957		4,957		—
Expiring 06/17/20	Goldman Sachs International		COP	967,848		235,000		243,416		8,416		—
Czech Koruna,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		CZK	26,373		1,049,223		1,067,447		18,224		—
Euro,
Expiring 05/29/20	Morgan Stanley & Co. International PLC		EUR	2,340		2,544,554		2,565,682		21,128		—
Expiring 07/17/20	Bank of America, N.A.		EUR	2,463		2,702,298		2,703,689		1,391		—
Expiring 07/17/20	BNP Paribas S.A.		EUR	936		1,024,000		1,027,038		3,038		—
Expiring 07/17/20	HSBC Bank USA, N.A.		EUR	525		571,892		576,258		4,366		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	1,581		1,719,000		1,735,585		16,585		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	788		865,000		865,449		449		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		EUR	67		72,218		73,271		1,053		—
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC		HUF	245,187		761,000		761,435		435		—
Expiring 07/17/20	BNP Paribas S.A.		HUF	124,170		376,000		385,614		9,614		—
Expiring 07/17/20	Citibank, N.A.		HUF	343,053		1,064,000		1,065,362		1,362		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Hungarian Forint (cont’d.),
Expiring 07/17/20	Goldman Sachs International		HUF	161,292	$	501,000	$	500,897	$	—	$	(103	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		HUF	752,667		2,269,121		2,337,434		68,313		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		HUF	134,755		416,000		418,486		2,486		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		HUF	183,270		568,000		569,150		1,150		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		HUF	53,529		167,000		166,235		—		(765	)
Indian Rupee,
Expiring 05/29/20	Barclays Bank PLC		INR	53,383		695,000		705,282		10,282		—
Expiring 05/29/20	BNP Paribas S.A.		INR	88,754		1,154,000		1,172,597		18,597		—
Expiring 05/29/20	Citibank, N.A.		INR	66,411		864,000		877,410		13,410		—
Expiring 05/29/20	Citibank, N.A.		INR	62,247		826,000		822,396		—		(3,604	)
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	45,586		587,000		602,276		15,276		—
Expiring 05/29/20	HSBC Bank USA, N.A.		INR	41,501		543,000		548,307		5,307		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		INR	239,630		3,292,861		3,165,926		—		(126,935	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		INR	39,697		514,000		524,470		10,470		—
Expiring 06/17/20	Citibank, N.A.		INR	54,644		704,000		719,720		15,720		—
Expiring 06/17/20	HSBC Bank USA, N.A.		INR	55,675		716,000		733,295		17,295		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	122,815		1,603,000		1,617,590		14,590		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	108,597		1,399,000		1,430,331		31,331		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	104,950		1,345,000		1,382,292		37,292		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	92,230		1,196,000		1,214,751		18,751		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	88,554		1,151,000		1,166,341		15,341		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	86,241		1,114,000		1,135,882		21,882		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	84,212		1,081,000		1,109,153		28,153		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		INR	83,817		1,073,000		1,103,955		30,955		—
Expiring 06/17/20	The Toronto-Dominion Bank		INR	240,224		3,293,171		3,163,974		—		(129,197	)
Expiring 10/28/20	Citibank, N.A.		INR	687,393		8,824,000		8,895,893		71,893		—

See Notes to Financial Statements.

58

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 10/28/20	Citibank, N.A.		INR	49,117	$	631,000	$	635,648	$	4,648	$	—
Expiring 10/30/20	Goldman Sachs International		INR	332,853		4,397,000		4,306,715		—		(90,285	)
Expiring 12/23/20	Goldman Sachs International		INR	210,802		2,761,000		2,712,285		—		(48,715	)
Expiring 02/26/21	Citibank, N.A.		INR	51,984		659,000		664,303		5,303		—
Expiring 02/26/21	Morgan Stanley & Co. International PLC		INR	296,308		3,993,909		3,786,487		—		(207,422	)
Expiring 09/30/21	Goldman Sachs International		INR	242,481		3,183,000		3,024,807		—		(158,193	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.		IDR	40,654,680		2,828,368		2,657,753		—		(170,615	)
Expiring 06/17/20	BNP Paribas S.A.		IDR	19,983,165		1,405,189		1,306,377		—		(98,812	)
Expiring 06/17/20	Credit Suisse International		IDR	101,993,320		7,070,594		6,667,697		—		(402,897	)
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	25,986,934		1,666,000		1,698,866		32,866		—
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	20,192,160		1,367,569		1,320,039		—		(47,530	)
Expiring 06/17/20	HSBC Bank USA, N.A.		IDR	10,271,074		649,000		671,460		22,460		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		IDR	10,853,275		686,000		709,520		23,520		—
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC		ILS	8,553		2,388,000		2,457,163		69,163		—
Expiring 06/17/20	Barclays Bank PLC		ILS	5,290		1,459,000		1,519,778		60,778		—
Expiring 06/17/20	Barclays Bank PLC		ILS	2,167		609,410		622,439		13,029		—
Expiring 06/17/20	Barclays Bank PLC		ILS	1,793		498,000		515,097		17,097		—
Expiring 06/17/20	Barclays Bank PLC		ILS	1,702		478,800		488,815		10,015		—
Expiring 06/17/20	Barclays Bank PLC		ILS	1,655		470,000		475,480		5,480		—
Expiring 06/17/20	BNP Paribas S.A.		ILS	4,889		1,394,918		1,404,579		9,661		—
Expiring 06/17/20	Citibank, N.A.		ILS	2,125		607,000		610,475		3,475		—
Expiring 06/17/20	Citibank, N.A.		ILS	1,876		535,000		539,044		4,044		—
Expiring 06/17/20	Citibank, N.A.		ILS	1,521		429,000		436,926		7,926		—
Expiring 06/17/20	Citibank, N.A.		ILS	1,515		433,000		435,178		2,178		—
Expiring 06/17/20	Citibank, N.A.		ILS	1,417		401,000		407,032		6,032		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.		ILS	4,442		1,275,000		1,275,956		956		—
Expiring 06/30/20	Barclays Bank PLC		ILS	5,196		1,522,009		1,493,274		—		(28,735	)
Expiring 06/30/20	Deutsche Bank AG		ILS	21,456		6,229,000		6,166,520		—		(62,480	)
Expiring 06/30/21	Bank of America, N.A.		ILS	27,438		7,937,000		7,979,918		42,918		—
Japanese Yen,
Expiring 05/15/20	Citibank, N.A.		JPY	147,608		1,385,813		1,375,739		—		(10,074	)
Expiring 05/29/20	Bank of America, N.A.		JPY	850,993		8,328,000		7,932,923		—		(395,077	)
Expiring 05/29/20	Bank of America, N.A.		JPY	568,724		5,300,000		5,301,625		1,625		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 05/29/20	Bank of America, N.A.		JPY	393,616	$	3,754,000	$	3,669,270	$	—	$	(84,730	)
Expiring 05/29/20	BNP Paribas S.A.		JPY	447,184		4,037,000		4,168,632		131,632		—
Expiring 05/29/20	Citibank, N.A.		JPY	269,276		2,493,000		2,510,181		17,181		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	625,346		5,824,000		5,829,455		5,455		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	415,884		3,958,000		3,876,861		—		(81,139	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	386,376		3,680,000		3,601,784		—		(78,216	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	307,288		2,859,000		2,864,530		5,530		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	243,718		2,226,000		2,271,931		45,931		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	231,393		2,165,000		2,157,038		—		(7,962	)
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	225,469		2,049,000		2,101,813		52,813		—
Expiring 05/29/20	HSBC Bank USA, N.A.		JPY	85,472		796,000		796,763		763		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	202,776		1,885,000		1,890,270		5,270		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.		JPY	87,007		808,000		811,077		3,077		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	521,432		5,119,500		4,860,776		—		(258,724	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	367,873		3,416,000		3,429,297		13,297		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC		JPY	299,282		2,801,000		2,789,900		—		(11,100	)
Expiring 05/29/20	The Toronto-Dominion Bank		JPY	629,923		5,983,500		5,872,116		—		(111,384	)
Expiring 07/15/20	JPMorgan Chase Bank, N.A.		JPY	35,162		323,900		328,052		4,152		—
Expiring 07/17/20	BNP Paribas S.A.		JPY	56,103		523,000		523,443		443		—
Expiring 07/17/20	BNP Paribas S.A.		JPY	37,177		343,000		346,860		3,860		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.		JPY	278,501		2,598,081		2,598,417		336		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		JPY	68,859		642,300		642,455		155		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		JPY	66,278		610,000		618,371		8,371		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC		JPY	45,005		419,000		419,893		893		—
Expiring 07/17/20	The Toronto-Dominion Bank		JPY	636,240		5,939,444		5,936,123		—		(3,321	)
Expiring 07/29/20	Deutsche Bank AG		JPY	353,913		3,369,000		3,302,818		—		(66,182	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		JPY	33,253		303,725		310,327		6,602		—
Expiring 10/30/20	Bank of America, N.A.		JPY	1,225,300		11,507,000		11,455,267		—		(51,733	)
Expiring 10/30/20	Citibank, N.A.		JPY	482,952		4,643,318		4,515,089		—		(128,229	)

See Notes to Financial Statements.

60

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 11/27/20	Bank of America, N.A.	JPY	210,407	$	1,969,000	$	1,968,550	$	—	$	(450	)
Expiring 11/27/20	Citibank, N.A.	JPY	507,341		4,882,031		4,746,629		—		(135,402	)
Expiring 01/29/21	Barclays Bank PLC	JPY	726,043		6,983,000		6,804,249		—		(178,751	)
Expiring 01/29/21	Citibank, N.A.	JPY	748,513		7,462,000		7,014,829		—		(447,171	)
Expiring 01/29/21	Citibank, N.A.	JPY	360,776		3,480,043		3,381,079		—		(98,964	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	JPY	992,486		9,655,000		9,301,262		—		(353,738	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	JPY	199,585		1,839,193		1,870,443		31,250		—
Expiring 05/28/21	Citibank, N.A.	JPY	611,997		5,924,174		5,750,494		—		(173,680	)
Expiring 01/28/22	Citibank, N.A.	JPY	538,981		5,262,454		5,095,292		—		(167,162	)
Expiring 10/31/23	Barclays Bank PLC	JPY	487,838		5,118,000		4,709,488		—		(408,512	)
Expiring 10/31/23	Deutsche Bank AG	JPY	498,249		5,220,000		4,809,999		—		(410,001	)
Expiring 10/31/23	Goldman Sachs International	JPY	874,045		8,971,000		8,437,856		—		(533,144	)
Expiring 10/31/23	Morgan Stanley & Co. International PLC	JPY	855,296		8,262,958		8,256,862		—		(6,096	)
Kazakhstani Tenge,
Expiring 05/28/20	Morgan Stanley & Co. International PLC	KZT	126,073		324,596		293,628		—		(30,968	)
Mexican Peso,
Expiring 05/29/20	Bank of America, N.A.	MXN	13,887		576,000		573,427		—		(2,573	)
Expiring 05/29/20	Citibank, N.A.	MXN	34,919		1,801,022		1,441,886		—		(359,136	)
Expiring 05/29/20	Goldman Sachs International	MXN	36,181		1,440,000		1,494,007		54,007		—
Expiring 05/29/20	Goldman Sachs International	MXN	12,290		577,000		507,464		—		(69,536	)
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	111,655		4,608,135		4,610,469		2,334		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	29,995		1,220,000		1,238,544		18,544		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	24,807		1,050,000		1,024,312		—		(25,688	)
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	6,125		253,000		252,912		—		(88	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	MXN	34,781		1,431,000		1,436,165		5,165		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	MXN	32,445		1,372,000		1,339,728		—		(32,272	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	MXN	15,599		801,000		644,102		—		(156,898	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	181,231		9,050,000		7,483,391		—		(1,566,609	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	31,791		1,364,000		1,312,705		—		(51,295	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	20,414	$	841,000	$	842,929	$	1,929	$	—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	19,711		831,000		813,914		—		(17,086	)
Expiring 06/17/20	BNP Paribas S.A.	MXN	19,221		799,000		791,374		—		(7,626	)
Expiring 06/17/20	Citibank, N.A.	MXN	93,914		4,486,312		3,866,677		—		(619,635	)
Expiring 06/17/20	Goldman Sachs International	MXN	23,793		997,755		979,602		—		(18,153	)
Expiring 10/30/20	Citibank, N.A.	MXN	141,811		7,023,288		5,735,487		—		(1,287,801	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC	MXN	306,088		14,433,000		12,379,620		—		(2,053,380	)
Expiring 01/29/21	Goldman Sachs International	MXN	94,522		4,426,016		3,783,114		—		(642,902	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	MXN	34,930		1,620,000		1,398,011		—		(221,989	)
Expiring 02/26/21	Citibank, N.A.	MXN	255,155		10,122,000		10,179,369		57,369		—
Expiring 02/26/21	Deutsche Bank AG	MXN	81,873		3,833,000		3,266,301		—		(566,699	)
Expiring 04/29/21	HSBC Bank USA, N.A.	MXN	38,781		1,521,777		1,536,212		14,435		—
Expiring 04/29/21	JPMorgan Chase Bank, N.A.	MXN	66,328		3,022,811		2,627,421		—		(395,390	)
Expiring 04/29/21	Morgan Stanley & Co. International PLC	MXN	316,200		14,891,000		12,525,478		—		(2,365,522	)
Expiring 04/28/23	JPMorgan Chase Bank, N.A.	MXN	72,679		3,006,698		2,648,540		—		(358,158	)
Expiring 04/28/23	Morgan Stanley & Co. International PLC	MXN	231,058		9,739,000		8,420,070		—		(1,318,930	)
New Taiwanese Dollar,
Expiring 06/17/20	Barclays Bank PLC	TWD	47,901		1,615,000		1,624,599		9,599		—
Expiring 06/17/20	Credit Suisse International	TWD	53,624		1,798,000		1,818,688		20,688		—
New Zealand Dollar,
Expiring 07/20/20	BNP Paribas S.A.	NZD	3,835		2,348,524		2,351,313		2,789		—
Peruvian Nuevo Sol,
Expiring 06/17/20	Bank of America, N.A.	PEN	1,295		369,334		382,507		13,173		—
Expiring 06/17/20	Citibank, N.A.	PEN	3,864		1,151,000		1,141,207		—		(9,793	)
Expiring 06/17/20	Citibank, N.A.	PEN	3,464		1,009,000		1,023,215		14,215		—
Expiring 06/17/20	Citibank, N.A.	PEN	2,203		651,000		650,711		—		(289	)
Expiring 06/17/20	Goldman Sachs International	PEN	3,497		989,740		1,032,889		43,149		—
Expiring 06/17/20	HSBC Bank USA, N.A.	PEN	2,355		690,000		695,612		5,612		—
Expiring 06/17/20	HSBC Bank USA, N.A.	PEN	2,209		644,000		652,559		8,559		—

See Notes to Financial Statements.

62

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PEN	3,463	$	1,019,000	$	1,022,912	$	3,912	$	—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PEN	2,436		708,000		719,397		11,397		—
Philippine Peso,
Expiring 06/17/20	HSBC Bank USA, N.A.	PHP	63,763		1,251,000		1,259,955		8,955		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	77,662		1,526,000		1,534,586		8,586		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	70,967		1,344,000		1,402,302		58,302		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	52,282		998,000		1,033,076		35,076		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	41,926		815,500		828,452		12,952		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	38,454		752,743		759,842		7,099		—
Polish Zloty,
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	2,671		643,000		643,646		646		—
Expiring 07/17/20	UBS AG	PLN	11,967		2,863,699		2,883,606		19,907		—
Russian Ruble,
Expiring 05/29/20	Barclays Bank PLC	RUB	34,905		468,000		466,625		—		(1,375	)
Expiring 05/29/20	Barclays Bank PLC	RUB	30,242		411,000		404,296		—		(6,704	)
Expiring 05/29/20	HSBC Bank USA, N.A.	RUB	82,551		1,104,000		1,103,586		—		(414	)
Expiring 06/17/20	Barclays Bank PLC	RUB	295,779		4,436,137		3,942,869		—		(493,268	)
Expiring 06/17/20	Barclays Bank PLC	RUB	34,201		454,000		455,915		1,915		—
Expiring 06/17/20	Barclays Bank PLC	RUB	32,092		414,000		427,798		13,798		—
Expiring 06/17/20	Barclays Bank PLC	RUB	16,380		222,000		218,349		—		(3,651	)
Expiring 06/17/20	Citibank, N.A.	RUB	219,246		3,034,469		2,922,651		—		(111,818	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	RUB	25,435		321,700		339,063		17,363		—
Expiring 10/30/20	Deutsche Bank AG	RUB	48,545		730,000		636,207		—		(93,793	)
Expiring 10/30/20	JPMorgan Chase Bank, N.A.	RUB	118,182		1,428,272		1,548,839		120,567		—
Expiring 12/23/20	Goldman Sachs International	RUB	1,201,548		17,216,000		15,650,873		—		(1,565,127	)
Expiring 12/23/20	JPMorgan Chase Bank, N.A.	RUB	66,181		793,154		862,044		68,890		—
Expiring 02/26/21	Deutsche Bank AG	RUB	167,613		2,119,000		2,167,772		48,772		—
Expiring 02/26/21	Goldman Sachs International	RUB	233,119		3,365,000		3,014,974		—		(350,026	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 04/29/21	Goldman Sachs International	RUB	88,765	$	1,251,000	$	1,140,618	$	—	$	(110,382	)
Expiring 04/29/21	JPMorgan Chase Bank, N.A.	RUB	114,656		1,346,838		1,473,322		126,484		—
Singapore Dollar,
Expiring 06/17/20	Barclays Bank PLC	SGD	1,145		801,000		811,933		10,933		—
Expiring 06/17/20	BNP Paribas S.A.	SGD	1,805		1,275,000		1,280,197		5,197		—
Expiring 06/17/20	BNP Paribas S.A.	SGD	1,634		1,151,000		1,158,975		7,975		—
Expiring 06/17/20	BNP Paribas S.A.	SGD	1,441		1,014,000		1,022,421		8,421		—
Expiring 06/17/20	Credit Suisse International	SGD	3,289		2,326,000		2,332,796		6,796		—
Expiring 06/17/20	Credit Suisse International	SGD	2,189		1,529,000		1,552,619		23,619		—
Expiring 06/17/20	Credit Suisse International	SGD	2,084		1,466,000		1,478,040		12,040		—
Expiring 06/17/20	Credit Suisse International	SGD	1,910		1,340,000		1,354,902		14,902		—
Expiring 06/17/20	Credit Suisse International	SGD	1,781		1,261,000		1,263,503		2,503		—
Expiring 06/17/20	Goldman Sachs International	SGD	1,819		1,281,000		1,290,094		9,094		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	4,600		3,320,157		3,262,412		—		(57,745	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	SGD	885		627,000		627,838		838		—
South African Rand,
Expiring 05/29/20	Bank of America, N.A.	ZAR	82,793		4,378,250		4,452,679		74,429		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	13,607		767,000		731,816		—		(35,184	)
Expiring 05/29/20	Barclays Bank PLC	ZAR	60,921		3,555,266		3,276,409		—		(278,857	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	ZAR	17,302		939,000		930,523		—		(8,477	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	ZAR	15,056		973,000		809,718		—		(163,282	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	ZAR	11,365		620,000		611,235		—		(8,765	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	ZAR	9,555		531,000		513,853		—		(17,147	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	3,828		202,000		205,508		3,508		—
Expiring 06/17/20	Citibank, N.A.	ZAR	6,229		354,000		334,399		—		(19,601	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	9,323		493,153		500,500		7,347		—

See Notes to Financial Statements.

64

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	9,128	$	523,000	$	490,015	$	—	$	(32,985	)
Expiring 07/29/20	Barclays Bank PLC	ZAR	6,681		434,838		357,274		—		(77,564	)
Expiring 07/29/20	Goldman Sachs International	ZAR	77,690		5,229,000		4,154,283		—		(1,074,717	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC	ZAR	50,366		3,417,759		2,693,193		—		(724,566	)
Expiring 08/31/20	Barclays Bank PLC	ZAR	7,168		464,363		382,201		—		(82,162	)
Expiring 08/31/20	BNP Paribas S.A.	ZAR	43,370		2,909,205		2,312,662		—		(596,543	)
Expiring 09/30/20	Barclays Bank PLC	ZAR	54,937		3,653,238		2,921,566		—		(731,672	)
Expiring 09/30/20	Citibank, N.A.	ZAR	81,741		5,035,000		4,346,965		—		(688,035	)
Expiring 12/23/20	Barclays Bank PLC	ZAR	30,745		1,961,801		1,622,829		—		(338,972	)
Expiring 01/29/21	Barclays Bank PLC	ZAR	55,472		3,418,835		2,918,331		—		(500,504	)
Expiring 01/29/21	Barclays Bank PLC	ZAR	34,420		2,185,223		1,810,780		—		(374,443	)
Expiring 01/29/21	Goldman Sachs International	ZAR	49,473		3,250,000		2,602,721		—		(647,279	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	ZAR	83,970		5,628,000		4,417,547		—		(1,210,453	)
Expiring 02/26/21	Bank of America, N.A.	ZAR	3,487		212,000		183,068		—		(28,932	)
Expiring 02/26/21	Deutsche Bank AG	ZAR	17,092		1,095,000		897,220		—		(197,780	)
Expiring 02/26/21	Goldman Sachs International	ZAR	141,052		7,756,000		7,404,394		—		(351,606	)
Expiring 04/29/21	Goldman Sachs International	ZAR	7,263		381,000		379,438		—		(1,562	)
Expiring 12/23/21	Goldman Sachs International	ZAR	73,237		3,878,000		3,718,427		—		(159,573	)
South Korean Won,
Expiring 05/29/20	Barclays Bank PLC	KRW	485,731		401,000		399,993		—		(1,007	)
Expiring 05/29/20	BNP Paribas S.A.	KRW	679,432		556,000		559,503		3,503		—
Expiring 05/29/20	Citibank, N.A.	KRW	4,709,450		3,995,000		3,878,165		—		(116,835	)
Expiring 05/29/20	Citibank, N.A.	KRW	2,866,260		2,326,000		2,360,324		34,324		—
Expiring 05/29/20	Citibank, N.A.	KRW	1,492,673		1,221,000		1,229,195		8,195		—
Expiring 05/29/20	Citibank, N.A.	KRW	1,206,189		995,000		993,279		—		(1,721	)
Expiring 05/29/20	Citibank, N.A.	KRW	815,968		688,000		671,938		—		(16,062	)
Expiring 05/29/20	Citibank, N.A.	KRW	474,385		387,000		390,649		3,649		—
Expiring 05/29/20	Goldman Sachs International	KRW	1,013,397		861,000		834,518		—		(26,482	)
Expiring 05/29/20	HSBC Bank USA, N.A.	KRW	900,432		740,000		741,493		1,493		—
Expiring 05/29/20	HSBC Bank USA, N.A.	KRW	825,725		684,000		679,973		—		(4,027	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	KRW	1,178,669		946,000		970,617		24,617		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	KRW	1,062,893	$	893,000	$	875,278	$	—	$	(17,722	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	KRW	787,626		649,000		648,599		—		(401	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	2,215,645		1,861,000		1,824,552		—		(36,448	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	584,044		483,000		480,952		—		(2,048	)
Expiring 06/17/20	Barclays Bank PLC	KRW	715,341		589,000		589,294		294		—
Expiring 06/17/20	Barclays Bank PLC	KRW	534,272		441,000		440,130		—		(870	)
Expiring 06/17/20	Barclays Bank PLC	KRW	476,819		394,000		392,801		—		(1,199	)
Expiring 06/17/20	Citibank, N.A.	KRW	521,812		428,875		429,866		991		—
Expiring 06/17/20	HSBC Bank USA, N.A.	KRW	536,388		444,000		441,874		—		(2,126	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	1,127,321		928,325		928,682		357		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	616,743		510,000		508,070		—		(1,930	)
Expiring 10/30/20	BNP Paribas S.A.	KRW	6,645,920		5,840,000		5,491,638		—		(348,362	)
Expiring 10/30/20	Citibank, N.A.	KRW	4,690,645		3,822,000		3,875,961		53,961		—
Expiring 10/30/20	Citibank, N.A.	KRW	2,031,507		1,669,000		1,678,669		9,669		—
Expiring 10/30/20	JPMorgan Chase Bank, N.A.	KRW	2,035,051		1,707,831		1,681,598		—		(26,233	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC	KRW	8,681,100		7,125,000		7,173,343		48,343		—
Expiring 04/29/21	Goldman Sachs International	KRW	176,149		146,000		146,364		364		—
Expiring 04/29/21	Morgan Stanley & Co. International PLC	KRW	1,789,562		1,478,000		1,486,963		8,963		—
Expiring 07/30/21	HSBC Bank USA, N.A.	KRW	7,848,810		6,660,000		6,547,561		—		(112,439	)
Swedish Krona,
Expiring 07/15/20	Citibank, N.A.	SEK	12,932		1,309,000		1,326,580		17,580		—
Expiring 07/15/20	Credit Suisse International	SEK	8,794		901,000		902,052		1,052		—
Expiring 07/15/20	JPMorgan Chase Bank, N.A.	SEK	6,980		706,000		716,007		10,007		—
Expiring 07/15/20	JPMorgan Chase Bank, N.A.	SEK	3,857		386,000		395,699		9,699		—
Swiss Franc,
Expiring 07/15/20	BNP Paribas S.A.	CHF	1,346		1,394,000		1,397,187		3,187		—
Expiring 07/15/20	JPMorgan Chase Bank, N.A.	CHF	835		866,000		866,494		494		—

See Notes to Financial Statements.

66

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swiss Franc (cont’d.),
Expiring 07/15/20	Morgan Stanley & Co. International PLC	CHF	1,994	$	2,046,727	$	2,070,542	$	23,815 $		—
Expiring 10/30/20	Goldman Sachs International	CHF	8,063		8,721,000		8,399,703		—		(321,297	)
Expiring 10/30/20	UBS AG	CHF	3,112		3,204,065		3,242,225		38,160		—
Thai Baht,
Expiring 06/17/20	Barclays Bank PLC	THB	18,974		583,000		586,439		3,439		—
Expiring 06/17/20	Credit Suisse International	THB	39,377		1,203,000		1,217,068		14,068		—
Expiring 06/17/20	Credit Suisse International	THB	27,219		830,000		841,271		11,271		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	57,397		1,758,000		1,774,032		16,032		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	30,690		942,000		948,576		6,576		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	26,573		812,000		821,320		9,320		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	21,189		652,000		654,899		2,899		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	20,463		625,000		632,454		7,454		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	19,082		583,000		589,773		6,773		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	THB	24,705		756,000		763,591		7,591		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC	TRY	6,598		950,000		932,600		—		(17,400	)
Expiring 06/17/20	Barclays Bank PLC	TRY	4,653		665,000		657,711		—		(7,289	)
Expiring 06/17/20	Barclays Bank PLC	TRY	2,893		415,000		408,891		—		(6,109	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TRY	1,553		218,000		219,531		1,531		—
Expiring 06/30/20	Bank of America, N.A.	TRY	6,776		1,017,000		953,229		—		(63,771	)
Expiring 06/30/20	Deutsche Bank AG	TRY	157,506		15,218,000		22,158,644		6,940,644		—
Expiring 07/29/20	Barclays Bank PLC	TRY	31,312		4,361,582		4,363,430		1,848		—
Expiring 07/29/20	Citibank, N.A.	TRY	33,304		4,902,000		4,641,078		—		(260,922	)
Expiring 10/30/20	Barclays Bank PLC	TRY	10,491		1,507,884		1,418,152		—		(89,732	)
Expiring 10/30/20	Barclays Bank PLC	TRY	712		113,731		96,291		—		(17,440	)
Expiring 12/23/20	Barclays Bank PLC	TRY	4,835		617,041		642,339		25,298		—
Expiring 12/23/20	Goldman Sachs International	TRY	2,007		314,000		266,593		—		(47,407	)
Expiring 02/26/21	Barclays Bank PLC	TRY	24,379		3,089,444		3,171,118		81,674		—
Expiring 02/26/21	Barclays Bank PLC	TRY	7,913		1,227,194		1,029,339		—		(197,855	)
Expiring 02/26/21	Barclays Bank PLC	TRY	7,006		969,000		911,302		—		(57,698	)
Expiring 02/26/21	Barclays Bank PLC	TRY	3,946		541,409		513,270		—		(28,139	)
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	107,674		12,965,000		14,005,937		1,040,937		—
Expiring 05/28/21	BNP Paribas S.A.	TRY	6,981		897,000		881,309		—		(15,691	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 67

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 05/28/21	Goldman Sachs International	TRY	2,447	$	353,510	$	308,878	$	—	$	(44,632	)
Ukraine Hryvna,
Expiring 05/26/20	Citibank, N.A.	UAH	15,990		637,550		585,973		—		(51,577	)
Expiring 05/26/20	Citibank, N.A.	UAH	8,895		353,693		325,987		—		(27,706	)
Expiring 05/27/20	Citibank, N.A.	UAH	14,546		579,395		532,834		—		(46,561	)
				$	933,366,447	$	883,123,892		11,663,042		(61,905,597	)
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 05/29/20	HSBC Bank USA, N.A.	AUD	1,720	$	1,097,000	$	1,121,074	$	—	$	(24,074	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	AUD	3,079		1,938,000		2,006,822		—		(68,822	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	AUD	912		597,000		594,244		2,756		—
Expiring 07/20/20	BNP Paribas S.A.	AUD	474		303,000		308,836		—		(5,836	)
Expiring 07/20/20	HSBC Bank USA, N.A.	AUD	29,001		18,559,090		18,902,072		—		(342,982	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	AUD	1,139		746,000		742,634		3,366		—
Expiring 11/27/20	JPMorgan Chase Bank, N.A.	AUD	5,929		4,067,946		3,864,104		203,842		—
Expiring 01/29/21	Barclays Bank PLC	AUD	6,114		3,980,275		3,984,382		—		(4,107	)
Expiring 05/28/21	Barclays Bank PLC	AUD	14,233		9,253,474		9,273,090		—		(19,616	)
Expiring 05/28/21	Citibank, N.A.	AUD	7,064		4,440,631		4,602,058		—		(161,427	)
Brazilian Real,
Expiring 05/05/20	BNP Paribas S.A.	BRL	40,998		8,033,634		7,536,544		497,090		—
Expiring 05/05/20	Goldman Sachs International	BRL	11,780		2,306,834		2,165,495		141,339		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	BRL	5,255		989,010		966,073		22,937		—
Expiring 05/29/20	Bank of America, N.A.	BRL	8,063		1,591,000		1,479,060		111,940		—
Expiring 05/29/20	Barclays Bank PLC	BRL	3,684		707,000		675,737		31,263		—
Expiring 05/29/20	Citibank, N.A.	BRL	6,124		1,165,000		1,123,315		41,685		—

See Notes to Financial Statements.

68

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 05/29/20	Citibank, N.A.	BRL	4,220	$	744,000	$	774,084	$	—	$	(30,084	)
Expiring 05/29/20	Citibank, N.A.	BRL	2,788		530,000		511,376		18,624		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	BRL	4,905		867,000		899,831		—		(32,831	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	BRL	3,666		685,000		672,452		12,548		—
Expiring 06/02/20	Goldman Sachs International	BRL	14,891		2,664,928		2,730,636		—		(65,708	)
Expiring 06/02/20	HSBC Bank USA, N.A.	BRL	19,427		3,424,172		3,562,603		—		(138,431	)
Expiring 06/02/20	Morgan Stanley & Co. International PLC	BRL	20,026		3,539,278		3,672,302		—		(133,024	)
Expiring 06/30/20	Deutsche Bank AG	BRL	80,093		19,440,000		14,665,116		4,774,884		—
Expiring 07/29/20	Deutsche Bank AG	BRL	27,045		6,116,000		4,943,781		1,172,219		—
Expiring 08/31/20	Citibank, N.A.	BRL	2,478		612,397		452,442		159,955		—
Expiring 08/31/20	Deutsche Bank AG	BRL	26,630		5,810,000		4,862,816		947,184		—
Expiring 12/23/20	Citibank, N.A.	BRL	3,696		903,638		672,890		230,748		—
Expiring 12/23/20	Morgan Stanley & Co. International PLC	BRL	42,608		10,702,000		7,756,259		2,945,741		—
Expiring 01/29/21	Bank of America, N.A.	BRL	23,306		5,598,400		4,239,726		1,358,674		—
Expiring 01/29/21	Citibank, N.A.	BRL	33,812		8,259,000		6,150,808		2,108,192		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	BRL	50,404		9,705,275		9,169,285		535,990		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	BRL	34,244		7,936,000		6,229,453		1,706,547		—
Expiring 02/26/21	Citibank, N.A.	BRL	4,705		916,000		854,821		61,179		—
Expiring 03/31/21	Citibank, N.A.	BRL	80,490		18,979,000		14,604,689		4,374,311		—
Expiring 03/31/21	Morgan Stanley & Co. International PLC	BRL	15,067		3,716,626		2,733,905		982,721		—
Expiring 04/29/21	Deutsche Bank AG	BRL	760		133,000		137,756		—		(4,756	)
Expiring 09/30/21	Bank of America, N.A.	BRL	47,736		11,027,000		8,533,811		2,493,189		—
Expiring 09/30/21	Deutsche Bank AG	BRL	79,414		17,683,000		14,197,015		3,485,985		—
Expiring 01/28/22	Citibank, N.A.	BRL	24,184		4,311,000		4,278,017		32,983		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 69

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 01/28/22	Deutsche Bank AG	BRL	37,286	$	8,109,155	$	6,595,795	$	1,513,360	$	—
British Pound,
Expiring 05/29/20	BNP Paribas S.A.	GBP	1,076		1,238,000		1,355,360		—		(117,360	)
Expiring 05/29/20	Citibank, N.A.	GBP	2,106		2,727,000		2,653,153		73,847		—
Expiring 05/29/20	Citibank, N.A.	GBP	937		1,104,000		1,180,104		—		(76,104	)
Expiring 05/29/20	Citibank, N.A.	GBP	224		278,105		282,158		—		(4,053	)
Expiring 05/29/20	HSBC Bank USA, N.A.	GBP	810		1,037,000		1,020,509		16,491		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	GBP	976		1,226,000		1,229,502		—		(3,502	)
Expiring 05/29/20	UBS AG	GBP	86		106,556		108,037		—		(1,481	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	GBP	47,028		58,189,919		59,250,670		—		(1,060,751	)
Expiring 07/29/20	Bank of America, N.A.	GBP	13,750		17,149,963		17,324,450		—		(174,487	)
Expiring 11/27/20	Morgan Stanley & Co. International PLC	GBP	3,544		4,629,704		4,467,108		162,596		—
Expiring 11/27/20	Morgan Stanley & Co. International PLC	GBP	3,544		4,629,704		4,467,108		162,596		—
Canadian Dollar,
Expiring 07/20/20	BNP Paribas S.A.	CAD	1,787		1,288,000		1,283,775		4,225		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC	CAD	10,830		7,799,556		7,782,148		17,408		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC	CAD	1,386		983,010		996,082		—		(13,072	)
Chilean Peso,
Expiring 05/29/20	BNP Paribas S.A.	CLP	763,236		888,000		914,796		—		(26,796	)
Expiring 05/29/20	Citibank, N.A.	CLP	1,133,922		1,327,000		1,359,090		—		(32,090	)
Expiring 05/29/20	Citibank, N.A.	CLP	674,437		815,000		808,363		6,637		—
Expiring 05/29/20	HSBC Bank USA, N.A.	CLP	531,540		614,000		637,090		—		(23,090	)
Expiring 06/17/20	Citibank, N.A.	CLP	375,053		435,758		449,787		—		(14,029	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	3,576,005		4,282,385		4,288,576		—		(6,191	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	824,938		993,961		989,319		4,642		—

See Notes to Financial Statements.

70

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	5,059,603	$	6,051,432	$	6,067,801	$	—	$	(16,369	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	785,535		928,325		942,064		—		(13,739	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	773,016		914,000		927,050		—		(13,050	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	596,742		703,000		715,651		—		(12,651	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	421,898		495,000		505,968		—		(10,968	)
Expiring 06/17/20	The Toronto-Dominion Bank	CLP	1,977,158		2,345,384		2,371,136		—		(25,752	)
Expiring 06/17/20	UBS AG	CLP	430,825		500,000		516,673		—		(16,673	)
Expiring 10/29/21	Bank of America, N.A.	CLP	1,989,417		2,524,000		2,397,335		126,665		—
Chinese Renminbi,
Expiring 05/11/20	Barclays Bank PLC	CNH	6,945		977,000		980,989		—		(3,989	)
Expiring 05/11/20	Citibank, N.A.	CNH	11,774		1,656,000		1,662,984		—		(6,984	)
Expiring 05/11/20	Credit Suisse International	CNH	12,836		1,807,000		1,813,025		—		(6,025	)
Expiring 05/11/20	Credit Suisse International	CNH	8,885		1,249,000		1,254,911		—		(5,911	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	23,578		3,359,000		3,330,170		28,830		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	19,531		2,788,600		2,758,630		29,970		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	19,502		2,789,900		2,754,553		35,347		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	15,571		2,192,000		2,199,360		—		(7,360	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	8,577		1,221,500		1,211,495		10,005		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	6,980		979,100		985,947		—		(6,847	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	43,724		6,276,147		6,112,496		163,651		—
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.	COP	5,039,336		1,326,316		1,267,407		58,909		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 71

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 06/17/20	BNP Paribas S.A.	COP	1,228,911	$	306,000	$	309,075	$	—	$	(3,075	)
Expiring 06/17/20	Citibank, N.A.	COP	1,341,995		388,466		337,515		50,951		—
Expiring 06/17/20	Citibank, N.A.	COP	882,246		218,000		221,887		—		(3,887	)
Expiring 06/17/20	Goldman Sachs International	COP	4,876,989		1,405,189		1,226,576		178,613		—
Expiring 06/17/20	Goldman Sachs International	COP	3,975,996		978,064		999,974		—		(21,910	)
Expiring 06/17/20	Goldman Sachs International	COP	3,738,488		964,000		940,240		23,760		—
Expiring 06/17/20	HSBC Bank USA, N.A.	COP	1,736,801		497,128		436,810		60,318		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	3,984,453		1,021,000		1,002,101		18,899		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	2,488,535		622,000		625,873		—		(3,873	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	890,169		219,000		223,880		—		(4,880	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	COP	1,734,694		487,000		436,280		50,720		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	COP	1,053,109		262,000		264,860		—		(2,860	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	COP	1,033,388		255,000		259,900		—		(4,900	)
Expiring 06/17/20	UBS AG	COP	1,053,521		259,000		264,963		—		(5,963	)
Expiring 06/17/20	UBS AG	COP	901,539		229,000		226,739		2,261		—
Czech Koruna,
Expiring 07/17/20	Goldman Sachs International	CZK	9,763		385,000		395,170		—		(10,170	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	CZK	15,868		633,000		642,253		—		(9,253	)
Euro,
Expiring 05/29/20	Morgan Stanley & Co. International PLC	EUR	2,340		2,547,244		2,565,683		—		(18,439	)
Expiring 07/17/20	Barclays Bank PLC	EUR	34,198		37,073,605		37,537,083		—		(463,478	)
Expiring 07/17/20	Barclays Bank PLC	EUR	22,706		24,846,101		24,923,069		—		(76,968	)
Expiring 07/17/20	BNP Paribas S.A.	EUR	1,259		1,371,000		1,381,614		—		(10,614	)

See Notes to Financial Statements.

72

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	22,137	$	24,142,870	$	24,298,154	$	—	$	(155,284	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	4,378		4,743,000		4,805,841		—		(62,841	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	2,068		2,240,851		2,270,199		—		(29,348	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	1,221		1,331,000		1,339,824		—		(8,824	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	544		590,000		596,837		—		(6,837	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	22,137		24,134,016		24,298,154		—		(164,138	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	1,961		2,150,800		2,152,501		—		(1,701	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	967		1,049,000		1,061,344		—		(12,344	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC	EUR	710		773,256		779,563		—		(6,307	)
Expiring 07/29/20	The Toronto-Dominion Bank	EUR	2,476		2,949,148		2,718,977		230,171		—
Expiring 07/29/20	UBS AG	EUR	1,857		2,262,267		2,038,472		223,795		—
Expiring 08/31/20	HSBC Bank USA, N.A.	EUR	2,424		2,712,359		2,663,315		49,044		—
Expiring 10/30/20	HSBC Bank USA, N.A.	EUR	583		654,828		641,619		13,209		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	EUR	1,238		1,351,063		1,361,863		—		(10,800	)
Expiring 12/02/20	Citibank, N.A.	EUR	66,601		75,513,843		73,341,806		2,172,037		—
Expiring 12/23/20	Morgan Stanley & Co. International PLC	EUR	1,759		1,922,217		1,938,156		—		(15,939	)
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC	HUF	246,023		749,000		764,031		—		(15,031	)
Expiring 07/17/20	Barclays Bank PLC	HUF	206,081		621,000		639,990		—		(18,990	)
Expiring 07/17/20	Barclays Bank PLC	HUF	175,907		534,000		546,284		—		(12,284	)
Expiring 07/17/20	Barclays Bank PLC	HUF	100,258		306,000		311,354		—		(5,354	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 73

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Hungarian Forint (cont’d.),
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	HUF	198,911	$	602,000	$	617,725	$	—	$	(15,725	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	HUF	217,783		660,000		676,333		—		(16,333	)
Indian Rupee,
Expiring 05/29/20	Barclays Bank PLC	INR	59,858		784,000		790,834		—		(6,834	)
Expiring 05/29/20	Citibank, N.A.	INR	88,345		1,172,000		1,167,196		4,804		—
Expiring 05/29/20	HSBC Bank USA, N.A.	INR	109,760		1,491,000		1,450,120		40,880		—
Expiring 05/29/20	HSBC Bank USA, N.A.	INR	79,068		1,039,000		1,044,625		—		(5,625	)
Expiring 05/29/20	HSBC Bank USA, N.A.	INR	54,692		714,000		722,582		—		(8,582	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	160,006		2,037,000		2,113,962		—		(76,962	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	75,753		1,016,000		1,000,829		15,171		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	59,497		806,000		786,063		19,937		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	INR	55,054		707,000		727,360		—		(20,360	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	121,971		1,567,665		1,606,469		—		(38,804	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	100,340		1,284,600		1,321,575		—		(36,975	)
Expiring 10/28/20	Goldman Sachs International	INR	287,217		3,912,500		3,717,010		195,490		—
Expiring 10/30/20	HSBC Bank USA, N.A.	INR	439,464		5,742,000		5,686,134		55,866		—
Expiring 12/23/20	BNP Paribas S.A.	INR	250,803		3,250,000		3,226,947		23,053		—
Expiring 02/26/21	Bank of America, N.A.	INR	179,591		2,385,000		2,294,966		90,034		—
Expiring 02/26/21	Citibank, N.A.	INR	82,556		1,047,000		1,054,973		—		(7,973	)
Expiring 02/26/21	Goldman Sachs International	INR	66,877		870,000		854,612		15,388		—
Expiring 09/30/21	Bank of America, N.A.	INR	424,262		5,480,000		5,292,414		187,586		—

See Notes to Financial Statements.

74

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah,
Expiring 06/17/20	Barclays Bank PLC	IDR	30,520,755	$	1,935,000	$	1,995,260	$	—	$	(60,260	)
Expiring 06/17/20	Barclays Bank PLC	IDR	19,650,456		1,228,000		1,284,626		—		(56,626	)
Expiring 06/17/20	Barclays Bank PLC	IDR	9,446,346		657,000		617,544		39,456		—
Expiring 06/17/20	BNP Paribas S.A.	IDR	15,057,390		905,000		984,360		—		(79,360	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	12,496,457		726,000		816,942		—		(90,942	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	11,212,765		685,000		733,022		—		(48,022	)
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	10,612,641		663,000		693,789		—		(30,789	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	IDR	7,070,300		425,000		462,213		—		(37,213	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC	ILS	6,809		1,777,000		1,955,931		—		(178,931	)
Expiring 06/17/20	Citibank, N.A.	ILS	8,007		2,312,000		2,300,261		11,739		—
Expiring 06/17/20	Citibank, N.A.	ILS	7,980		2,118,000		2,292,326		—		(174,326	)
Expiring 06/17/20	Citibank, N.A.	ILS	2,915		829,400		837,348		—		(7,948	)
Expiring 06/17/20	Citibank, N.A.	ILS	2,771		776,000		796,010		—		(20,010	)
Expiring 06/17/20	Goldman Sachs International	ILS	10,370		2,940,600		2,978,915		—		(38,315	)
Expiring 06/30/20	Citibank, N.A.	ILS	26,651		7,770,000		7,659,794		110,206		—
Expiring 06/30/21	Barclays Bank PLC	ILS	7,933		2,357,060		2,307,088		49,972		—
Expiring 06/30/21	Citibank, N.A.	ILS	19,506		5,794,000		5,672,830		121,170		—
Japanese Yen,
Expiring 05/29/20	Bank of America, N.A.	JPY	217,283		2,020,000		2,025,500		—		(5,500	)
Expiring 05/29/20	Bank of America, N.A.	JPY	210,418		1,968,000		1,961,507		6,493		—
Expiring 05/29/20	Bank of America, N.A.	JPY	169,451		1,577,000		1,579,618		—		(2,618	)
Expiring 05/29/20	Bank of America, N.A.	JPY	158,037		1,475,000		1,473,214		1,786		—
Expiring 05/29/20	Bank of America, N.A.	JPY	63,829		585,000		595,013		—		(10,013	)
Expiring 05/29/20	Citibank, N.A.	JPY	2,540,154		24,314,671		23,679,224		635,447		—
Expiring 05/29/20	Citibank, N.A.	JPY	103,559		1,001,000		965,375		35,625		—
Expiring 05/29/20	Citibank, N.A.	JPY	96,479		897,000		899,377		—		(2,377	)
Expiring 05/29/20	Citibank, N.A.	JPY	76,068		706,000		709,104		—		(3,104	)
Expiring 05/29/20	Citibank, N.A.	JPY	72,306		672,000		674,038		—		(2,038	)
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	312,109		2,985,000		2,909,466		75,534		—
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	256,922		2,371,000		2,395,014		—		(24,014	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 75

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	133,061	$	1,228,000	$	1,240,392	$	—	$	(12,392	)
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	116,892		1,097,000		1,089,664		7,336		—
Expiring 05/29/20	HSBC Bank USA, N.A.	JPY	114,644		1,033,000		1,068,711		—		(35,711	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	329,025		3,019,000		3,067,163		—		(48,163	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	316,578		2,862,000		2,951,129		—		(89,129	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	266,416		2,448,000		2,483,517		—		(35,517	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	260,421		2,430,000		2,427,635		2,365		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	JPY	174,758		1,622,000		1,629,090		—		(7,090	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	JPY	810,322		7,762,000		7,553,790		208,210		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	JPY	60,403		564,000		563,073		927		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	JPY	46,398		434,000		432,522		1,478		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	274,088		2,524,727		2,557,243		—		(32,516	)
Expiring 07/29/20	Deutsche Bank AG	JPY	387,166		3,719,000		3,613,144		105,856		—
Expiring 09/30/20	Morgan Stanley & Co. International PLC	JPY	368,352		3,373,947		3,441,690		—		(67,743	)
Expiring 10/30/20	Bank of America, N.A.	JPY	1,200,102		11,218,000		11,219,690		—		(1,690	)
Expiring 10/30/20	Morgan Stanley & Co. International PLC	JPY	508,150		4,661,101		4,750,666		—		(89,565	)
Expiring 11/27/20	Bank of America, N.A.	JPY	276,037		2,583,000		2,582,579		421		—
Expiring 11/30/20	JPMorgan Chase Bank, N.A.	JPY	819,678		7,848,316		7,669,439		178,877		—

See Notes to Financial Statements.

76

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 11/30/20	Morgan Stanley & Co. International PLC	JPY	196,463	$	1,804,538	$	1,838,232	$	—	$	(33,694	)
Expiring 12/30/20	Bank of America, N.A.	JPY	485,216		4,679,936		4,543,613		136,323		—
Expiring 12/30/20	Morgan Stanley & Co. International PLC	JPY	441,059		4,056,690		4,130,121		—		(73,431	)
Expiring 01/29/21	Bank of America, N.A.	JPY	648,854		6,126,000		6,080,851		45,149		—
Expiring 01/29/21	Citibank, N.A.	JPY	934,242		9,144,000		8,755,424		388,576		—
Expiring 01/29/21	Deutsche Bank AG	JPY	1,027,823		9,781,808		9,632,436		149,372		—
Expiring 05/28/21	Morgan Stanley & Co. International PLC	JPY	941,743		8,721,029		8,848,877		—		(127,848	)
Expiring 07/30/21	Morgan Stanley & Co. International PLC	JPY	179,224		1,664,236		1,686,668		—		(22,432	)
Expiring 10/31/23	Bank of America, N.A.	JPY	1,325,555		12,988,000		12,796,653		191,347		—
Expiring 10/31/23	Bank of America, N.A.	JPY	1,168,753		11,585,000		11,282,911		302,089		—
Expiring 10/31/23	Citibank, N.A.	JPY	399,802		4,148,827		3,859,608		289,219		—
Mexican Peso,
Expiring 05/29/20	Bank of America, N.A.	MXN	41,947		1,961,621		1,732,090		229,531		—
Expiring 05/29/20	Bank of America, N.A.	MXN	29,813		1,231,000		1,231,050		—		(50	)
Expiring 05/29/20	Citibank, N.A.	MXN	60,861		3,077,611		2,513,060		564,551		—
Expiring 05/29/20	Citibank, N.A.	MXN	49,168		1,935,000		2,030,262		—		(95,262	)
Expiring 05/29/20	Citibank, N.A.	MXN	33,470		1,395,000		1,382,055		12,945		—
Expiring 05/29/20	Citibank, N.A.	MXN	12,965		541,000		535,344		5,656		—
Expiring 05/29/20	Goldman Sachs International	MXN	22,719		931,000		938,131		—		(7,131	)
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	34,979		1,546,000		1,444,372		101,628		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	27,388		1,116,000		1,130,908		—		(14,908	)
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	27,191		1,336,000		1,122,752		213,248		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	20,187		814,000		833,546		—		(19,546	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 77

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	18,402	$	917,000	$	759,843	$	157,157	$	—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	13,889		694,000		573,512		120,488		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	13,120		655,000		541,755		113,245		—
Expiring 05/29/20	HSBC Bank USA, N.A.	MXN	11,180		568,000		461,642		106,358		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	MXN	41,900		1,715,000		1,730,150		—		(15,150	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	MXN	22,007		898,000		908,712		—		(10,712	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	120,370		6,095,000		4,970,331		1,124,669		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	16,044		658,000		662,490		—		(4,490	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	13,755		588,000		567,956		20,044		—
Expiring 06/17/20	BNP Paribas S.A.	MXN	17,344		739,000		714,113		24,887		—
Expiring 06/17/20	HSBC Bank USA, N.A.	MXN	29,558		1,230,300		1,216,973		13,327		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	61,824		2,913,356		2,545,435		367,921		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	26,673		1,137,000		1,098,195		38,805		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	11,867		481,700		488,609		—		(6,909	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	7,535		304,000		310,227		—		(6,227	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	MXN	26,262		1,285,000		1,081,268		203,732		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	MXN	11,765		484,150		484,387		—		(237	)
Expiring 06/17/20	UBS AG	MXN	8,606		347,000		354,335		—		(7,335	)
Expiring 10/30/20	Deutsche Bank AG	MXN	447,899		19,592,000		18,115,107		1,476,893		—
Expiring 01/29/21	Citibank, N.A.	MXN	121,902		5,800,000		4,878,941		921,059		—
Expiring 01/29/21	Citibank, N.A.	MXN	7,550		369,618		302,184		67,434		—

See Notes to Financial Statements.

78

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 02/26/21	Deutsche Bank AG	MXN	133,761	$	5,261,000	$	5,336,363	$	—	$	(75,363	)
Expiring 02/26/21	HSBC Bank USA, N.A.	MXN	158,076		6,263,920		6,306,419		—		(42,499	)
Expiring 04/29/21	Citibank, N.A.	MXN	113,973		5,602,000		4,514,746		1,087,254		—
Expiring 04/29/21	Citibank, N.A.	MXN	60,163		2,907,323		2,383,213		524,110		—
Expiring 04/29/21	Deutsche Bank AG	MXN	57,855		2,256,000		2,291,787		—		(35,787	)
Expiring 04/29/21	Morgan Stanley & Co. International PLC	MXN	156,457		7,225,000		6,197,671		1,027,329		—
Expiring 04/29/21	Morgan Stanley & Co. International PLC	MXN	90,716		4,246,000		3,593,481		652,519		—
Expiring 04/28/23	Morgan Stanley & Co. International PLC	MXN	303,737		13,188,761		11,068,609		2,120,152		—
New Taiwanese Dollar,
Expiring 06/17/20	Credit Suisse International	TWD	138,487		4,653,000		4,696,911		—		(43,911	)
Expiring 06/17/20	Goldman Sachs International	TWD	68,459		2,304,000		2,321,836		—		(17,836	)
Expiring 06/17/20	HSBC Bank USA, N.A.	TWD	87,190		2,944,000		2,957,105		—		(13,105	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TWD	87,109		2,930,000		2,954,371		—		(24,371	)
New Zealand Dollar,
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	15,206		9,119,280		9,323,034		—		(203,754	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	998		604,000		612,177		—		(8,177	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	560		342,000		343,562		—		(1,562	)
Norwegian Krone,
Expiring 07/15/20	Barclays Bank PLC	NOK	2,527		246,000		246,766		—		(766	)
Expiring 07/15/20	Citibank, N.A.	NOK	3,680		358,000		359,384		—		(1,384	)
Expiring 07/15/20	Morgan Stanley & Co. International PLC	NOK	17,289		1,647,783		1,688,287		—		(40,504	)
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.	PEN	13,453		3,916,149		3,973,635		—		(57,486	)
Philippine Peso,
Expiring 06/17/20	Barclays Bank PLC	PHP	37,070		728,000		732,492		—		(4,492	)
Expiring 06/17/20	Citibank, N.A.	PHP	42,673		840,000		843,208		—		(3,208	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 79

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/17/20	HSBC Bank USA, N.A.	PHP	75,676	$	1,463,000	$	1,495,344	$	—	$	(32,344	)
Expiring 06/17/20	HSBC Bank USA, N.A.	PHP	31,956		629,000		631,452		—		(2,452	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	55,179		1,079,000		1,090,327		—		(11,327	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	43,275		848,000		855,102		—		(7,102	)
Polish Zloty,
Expiring 07/17/20	Barclays Bank PLC	PLN	3,212		767,000		774,038		—		(7,038	)
Expiring 07/17/20	Barclays Bank PLC	PLN	2,125		507,000		512,047		—		(5,047	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	PLN	1,975		470,000		475,993		—		(5,993	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	3,187		765,000		767,944		—		(2,944	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	2,952		703,000		711,321		—		(8,321	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	2,687		642,300		647,504		—		(5,204	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	2,328		559,000		560,882		—		(1,882	)
Expiring 07/17/20	UBS AG	PLN	2,417		578,000		582,432		—		(4,432	)
Expiring 07/17/20	UBS AG	PLN	2,010		481,000		484,335		—		(3,335	)
Russian Ruble,
Expiring 05/29/20	BNP Paribas S.A.	RUB	73,391		973,000		981,140		—		(8,140	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	RUB	79,804		1,030,000		1,066,872		—		(36,872	)
Expiring 06/17/20	Barclays Bank PLC	RUB	108,250		1,420,650		1,443,019		—		(22,369	)
Expiring 06/17/20	Barclays Bank PLC	RUB	40,266		532,592		536,770		—		(4,178	)
Expiring 06/17/20	Barclays Bank PLC	RUB	33,805		435,758		450,639		—		(14,881	)
Expiring 06/17/20	Barclays Bank PLC	RUB	28,970		358,000		386,179		—		(28,179	)
Expiring 06/17/20	Barclays Bank PLC	RUB	27,381		339,000		365,001		—		(26,001	)
Expiring 06/17/20	Barclays Bank PLC	RUB	21,833		293,000		291,042		1,958		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	RUB	94,965		1,296,306		1,265,920		30,386		—

See Notes to Financial Statements.

80

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 10/30/20	Morgan Stanley & Co. International PLC	RUB	166,727	$	2,568,000	$	2,185,046	$	382,954	$	—
Expiring 12/23/20	BNP Paribas S.A.	RUB	1,267,728		17,197,000		16,512,916		684,084		—
Expiring 02/26/21	JPMorgan Chase Bank, N.A.	RUB	400,732		4,730,630		5,182,746		—		(452,116	)
Expiring 04/28/21	Goldman Sachs International	RUB	378,125		4,928,000		4,859,398		68,602		—
Expiring 04/29/21	Deutsche Bank AG	RUB	203,421		3,000,000		2,613,940		386,060		—
Singapore Dollar,
Expiring 06/17/20	Barclays Bank PLC	SGD	1,544		1,078,000		1,095,333		—		(17,333	)
Expiring 06/17/20	Citibank, N.A.	SGD	3,891		2,725,000		2,759,547		—		(34,547	)
Expiring 06/17/20	HSBC Bank USA, N.A.	SGD	1,141		788,000		809,333		—		(21,333	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	3,627		2,584,400		2,572,599		11,801		—
South African Rand,
Expiring 05/29/20	Bank of America, N.A.	ZAR	12,643		731,000		679,927		51,073		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	12,492		746,000		671,844		74,156		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	10,311		638,000		554,526		83,474		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	10,136		576,000		545,105		30,895		—
Expiring 05/29/20	Bank of America, N.A.	ZAR	9,029		481,000		485,613		—		(4,613	)
Expiring 05/29/20	Barclays Bank PLC	ZAR	20,281		1,089,000		1,090,759		—		(1,759	)
Expiring 05/29/20	Citibank, N.A.	ZAR	24,268		1,352,000		1,305,180		46,820		—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	28,970		1,828,000		1,558,043		269,957		—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	14,231		910,000		765,342		144,658		—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	9,973		626,000		536,372		89,628		—
Expiring 05/29/20	HSBC Bank USA, N.A.	ZAR	7,556		417,000		406,386		10,614		—
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	ZAR	31,070		1,714,000		1,670,990		43,010		—
Expiring 06/17/20	Bank of America, N.A.	ZAR	17,657		962,000		947,886		14,114		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 81

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 06/17/20	Bank of America, N.A.	ZAR	6,685	$	352,000	$	358,898	$	—	$	(6,898	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	5,194		272,000		278,843		—		(6,843	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	4,478		233,000		240,388		—		(7,388	)
Expiring 06/17/20	Barclays Bank PLC	ZAR	4,192		220,000		225,050		—		(5,050	)
Expiring 06/17/20	Citibank, N.A.	ZAR	9,839		538,000		528,192		9,808		—
Expiring 06/17/20	Citibank, N.A.	ZAR	6,223		344,000		334,057		9,943		—
Expiring 06/17/20	HSBC Bank USA, N.A.	ZAR	7,143		459,350		383,450		75,900		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	106,368		6,620,488		5,710,306		910,182		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	14,348		779,000		770,242		8,758		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	4,461		235,000		239,498		—		(4,498	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	21,715		1,408,716		1,165,776		242,940		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	4,130		219,000		221,735		—		(2,735	)
Expiring 07/29/20	BNP Paribas S.A.	ZAR	134,737		8,256,000		7,204,749		1,051,251		—
Expiring 09/30/20	Barclays Bank PLC	ZAR	20,493		1,321,557		1,089,822		231,735		—
Expiring 09/30/20	Goldman Sachs International	ZAR	26,420		1,651,000		1,405,020		245,980		—
Expiring 09/30/20	Morgan Stanley & Co. International PLC	ZAR	89,765		6,105,000		4,773,689		1,331,311		—
Expiring 01/29/21	Deutsche Bank AG	ZAR	143,766		9,153,000		7,563,364		1,589,636		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	ZAR	79,569		5,129,000		4,186,015		942,985		—
Expiring 02/26/21	Bank of America, N.A.	ZAR	83,161		4,252,223		4,365,440		—		(113,217	)
Expiring 02/26/21	Barclays Bank PLC	ZAR	20,579		1,158,651		1,080,288		78,363		—
Expiring 02/26/21	Goldman Sachs International	ZAR	47,013		2,484,000		2,467,891		16,109		—
Expiring 12/23/21	Barclays Bank PLC	ZAR	44,623		2,407,116		2,265,634		141,482		—
Expiring 12/23/21	Goldman Sachs International	ZAR	7,752		489,000		393,576		95,424		—

See Notes to Financial Statements.

82

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won,
Expiring 05/29/20	Bank of America, N.A.	KRW	1,825,033	$	1,499,000	$	1,502,888	$	—	$	(3,888	)
Expiring 05/29/20	Barclays Bank PLC	KRW	3,704,699		3,063,000		3,050,767		12,233		—
Expiring 05/29/20	Barclays Bank PLC	KRW	1,833,577		1,499,000		1,509,924		—		(10,924	)
Expiring 05/29/20	Citibank, N.A.	KRW	835,169		702,000		687,750		14,250		—
Expiring 05/29/20	HSBC Bank USA, N.A.	KRW	1,598,030		1,299,000		1,315,955		—		(16,955	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	KRW	3,280,248		2,694,647		2,701,237		—		(6,590	)
Expiring 05/29/20	JPMorgan Chase Bank, N.A.	KRW	2,258,485		1,886,000		1,859,830		26,170		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	6,250,669		5,364,000		5,147,337		216,663		—
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	2,764,143		2,199,000		2,276,233		—		(77,233	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	1,316,016		1,065,000		1,083,721		—		(18,721	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	501,230		409,000		412,755		—		(3,755	)
Expiring 06/17/20	Credit Suisse International	KRW	10,422,782		8,817,995		8,586,238		231,757		—
Expiring 06/17/20	HSBC Bank USA, N.A.	KRW	1,225,911		997,000		1,009,900		—		(12,900	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	1,648,232		1,391,970		1,357,805		34,165		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	1,652,408		1,391,970		1,361,246		30,724		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	1,646,357		1,390,857		1,356,261		34,596		—
Expiring 06/17/20	UBS AG	KRW	1,650,876		1,391,970		1,359,984		31,986		—
Expiring 10/30/20	Citibank, N.A.	KRW	8,968,024		7,636,000		7,410,433		225,567		—
Expiring 10/30/20	Deutsche Bank AG	KRW	8,680,971		7,503,000		7,173,236		329,764		—
Expiring 04/29/21	Citibank, N.A.	KRW	2,817,066		2,327,000		2,340,725		—		(13,725	)
Expiring 07/30/21	Deutsche Bank AG	KRW	7,666,728		6,536,000		6,395,666		140,334		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 83

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swiss Franc,
Expiring 07/15/20	JPMorgan Chase Bank, N.A.	CHF	1,313	$	1,351,000	$	1,362,844	$	—	$	(11,844	)
Expiring 07/15/20	Morgan Stanley & Co. International PLC	CHF	778		803,000		807,829		—		(4,829	)
Expiring 07/15/20	UBS AG	CHF	1,143		1,186,000		1,186,277		—		(277	)
Expiring 10/30/20	Bank of America, N.A.	CHF	8,238		8,718,000		8,581,169		136,831		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	CHF	2,938		3,097,043		3,060,758		36,285		—
Thai Baht,
Expiring 06/17/20	Barclays Bank PLC	THB	24,199		746,000		747,933		—		(1,933	)
Expiring 06/17/20	Credit Suisse International	THB	87,622		2,776,000		2,708,222		67,778		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	95,044		2,990,000		2,937,605		52,395		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	53,059		1,686,144		1,639,936		46,208		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC	TRY	10,937		1,739,514		1,545,881		193,633		—
Expiring 06/17/20	Barclays Bank PLC	TRY	8,797		1,390,000		1,243,424		146,576		—
Expiring 06/17/20	Barclays Bank PLC	TRY	8,463		1,329,231		1,196,205		133,026		—
Expiring 06/17/20	Barclays Bank PLC	TRY	6,940		993,976		980,955		13,021		—
Expiring 06/17/20	Barclays Bank PLC	TRY	6,694		993,961		946,104		47,857		—
Expiring 06/17/20	Barclays Bank PLC	TRY	4,261		597,000		602,279		—		(5,279	)
Expiring 06/17/20	Citibank, N.A.	TRY	6,308		1,001,417		891,560		109,857		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TRY	8,263		1,269,353		1,167,958		101,395		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TRY	7,150		1,093,000		1,010,652		82,348		—
Expiring 06/30/20	Barclays Bank PLC	TRY	48,559		6,842,134		6,831,430		10,704		—
Expiring 06/30/20	Citibank, N.A.	TRY	16,668		1,734,392		2,344,855		—		(610,463	)
Expiring 06/30/20	Citibank, N.A.	TRY	10,788		1,120,000		1,517,678		—		(397,678	)
Expiring 06/30/20	JPMorgan Chase Bank, N.A.	TRY	15,609		2,128,000		2,195,931		—		(67,931	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC	TRY	72,659		11,029,000		10,221,979		807,021		—
Expiring 07/29/20	Barclays Bank PLC	TRY	20,902		2,832,389		2,912,727		—		(80,338	)
Expiring 07/29/20	Citibank, N.A.	TRY	12,403		2,021,000		1,728,350		292,650		—
Expiring 10/30/20	Deutsche Bank AG	TRY	6,298		829,000		851,331		—		(22,331	)

See Notes to Financial Statements.

84

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 10/30/20	Goldman Sachs International	TRY	4,906	$	707,000	$	663,112	$	43,888	$	—
Expiring 12/23/20	Deutsche Bank AG	TRY	6,842		1,041,000		908,932		132,068		—
Expiring 02/26/21	Citibank, N.A.	TRY	28,332		3,483,000		3,685,398		—		(202,398	)
Expiring 02/26/21	Citibank, N.A.	TRY	15,186		1,803,614		1,975,403		—		(171,789	)
Expiring 02/26/21	Goldman Sachs International	TRY	20,013		3,005,000		2,603,267		401,733		—
Expiring 02/26/21	JPMorgan Chase Bank, N.A.	TRY	19,750		2,372,386		2,569,033		—		(196,647	)
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	67,636		9,365,000		8,797,865		567,135		—
Expiring 05/28/21	Goldman Sachs International	TRY	9,428		1,264,000		1,190,187		73,813		—
				$	1,246,137,326	$	1,192,219,646		63,215,455		(9,297,775	)
								$	74,878,497	$	(71,203,372	)

Cross currency exchange contracts outstanding at April 30, 2020:

Settlement	Type	Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
07/17/20	Buy	EUR	2,397	CZK	64,954	$	1,587	$	—			Citibank, N.A.
07/29/20	Buy	EUR	12,064	TRY	116,743		—		(3,022,881	)		BNP Paribas S.A.
07/29/20	Buy	TRY	85,432	EUR	7,021		4,196,463		—			Morgan Stanley & Co. International PLC
08/31/20	Buy	EUR	4,722	ZAR	91,087		331,093		—			Morgan Stanley & Co. International PLC
08/31/20	Buy	ZAR	40,549	EUR	2,298		—		(362,642	)		Goldman Sachs International
09/30/20	Buy	GBP	2,436	JPY	323,817		44,275		—			Bank of America, N.A.
09/30/20	Buy	JPY	52,751	GBP	403		—		(14,987	)		Bank of America, N.A.
09/30/20	Buy	JPY	315,601	GBP	2,217		154,940		—			Bank of America, N.A.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 85

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Settlement	Type	Notional Amount (000)			In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
10/30/20	Buy		EUR	8,940		GBP	7,848	$	—	$	(54,565	)	Morgan Stanley & Co. International PLC
10/30/20	Buy		GBP	6,115		EUR	7,119		—		(125,587	)	Bank of America, N.A.
11/27/20	Buy		AUD	5,929		JPY	441,711		—		(268,496	)	Morgan Stanley & Co. International PLC
11/30/20	Buy		JPY	1,016,141		AUD	12,805		1,162,304		—		Morgan Stanley & Co. International PLC
12/23/20	Buy		EUR	572		ZAR	10,356		83,622		—		Goldman Sachs International
12/23/20	Buy		EUR	1,187		ZAR	20,389		231,704		—		Morgan Stanley & Co. International PLC
12/30/20	Buy		JPY	154,422		AUD	2,095		80,708		—		Deutsche Bank AG
12/30/20	Buy		JPY	771,852		AUD	10,480		397,844		—		Deutsche Bank AG
01/29/21	Buy		AUD	766		JPY	55,707		—		(22,883	)	Morgan Stanley & Co. International PLC
01/29/21	Buy		AUD	5,348		JPY	360,776		104,115		—		Deutsche Bank AG
05/28/21	Buy		AUD	3,758		JPY	274,221		—		(128,273	)	Deutsche Bank AG
05/28/21	Buy		AUD	35,699		JPY	2,280,809		1,827,246		—		Citibank, N.A.
05/28/21	Buy		JPY	389,110		AUD	5,610		1,194		—		Morgan Stanley & Co. International PLC
07/30/21	Buy		AUD	7,614		JPY	525,556		13,152		—		Morgan Stanley & Co. International PLC
07/30/21	Buy		JPY	704,780		AUD	9,748		283,604		—		Morgan Stanley & Co. International PLC
10/31/23	Buy		AUD	6,309		JPY	422,703		—		(106	)	Deutsche Bank AG
10/31/23	Buy		JPY	648,099		AUD	9,489		119,247		—		Morgan Stanley & Co. International PLC
								$	9,033,098	$	(4,000,420	)

See Notes to Financial Statements.

86

Credit default swap agreements outstanding at April 30, 2020:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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		0.608	%	$	50,312		$	(2,654	)	$	52,966		Barclays Bank PLC
People’s Republic of China (D01)		06/20/23		1.000%(Q)		13,750		0.215	%		355,789			(9,731	)		365,520		Barclays Bank PLC
Republic of Argentina (D01)		06/20/23		1.000%(Q)		3,750		283.185	%		(2,849,357	)		(2,654	)		(2,846,703	)	Barclays Bank PLC
Republic of Brazil (D01)		06/20/23		1.000%(Q)		18,750		2.511	%		(835,606	)		(13,269	)		(822,337	)	Barclays Bank PLC
Republic of Chile (D01)		06/20/23		1.000%(Q)		3,750		0.681	%		41,788			(2,654	)		44,442		Barclays Bank PLC
Republic of Colombia (D01)		06/20/23		1.000%(Q)		5,000		1.819	%		(119,546	)		(3,538	)		(116,008	)	Barclays Bank PLC
Republic of Indonesia (D01)		06/20/23		1.000%(Q)		5,000		1.324	%		(43,954	)		(3,538	)		(40,416	)	Barclays Bank PLC
Republic of Panama (D01)		06/20/23		1.000%(Q)		3,750		1.059	%		(2,527	)		(2,654	)		127		Barclays Bank PLC
Republic of Peru (D01)		06/20/23		1.000%(Q)		3,750		0.670	%		43,038			(2,654	)		45,692		Barclays Bank PLC
Republic of Philippines (D01)		06/20/23		1.000%(Q)		3,750		0.471	%		66,530			(2,654	)		69,184		Barclays Bank PLC
Republic of South Africa (D01)		06/20/23		1.000%(Q)		11,250		3.753	%		(898,598	)		(7,961	)		(890,637	)	Barclays Bank PLC
Republic of Turkey (D01)		06/20/23		1.000%(Q)		17,500		5.784	%		(2,330,814	)		(12,385	)		(2,318,429	)	Barclays Bank PLC
Russian Federation (D01)		06/20/23		1.000%(Q)		11,250		1.195	%		(54,719	)		(7,961	)		(46,758	)	Barclays Bank PLC
United Mexican States (D01)		06/20/23		1.000%(Q)		16,250		1.990	%		(472,226	)		(11,500	)		(460,726	)	Barclays Bank PLC
Federation of Malaysia (D02)		06/20/23		1.000%(Q)		3,000		0.608	%		40,250			(3,761	)		44,011		Citibank, N.A.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 87

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
People’s Republic of China (D02)		06/20/23		1.000%(Q)		11,000		0.215	%	$	284,631		$	(13,790	)	$	298,421		Citibank, N.A.
Republic of Argentina (D02)		06/20/23		1.000%(Q)		3,000		283.185	%		(2,279,485	)		(3,761	)		(2,275,724	)	Citibank, N.A.
Republic of Brazil (D02)		06/20/23		1.000%(Q)		15,000		2.511	%		(668,485	)		(18,804	)		(649,681	)	Citibank, N.A.
Republic of Chile (D02)		06/20/23		1.000%(Q)		3,000		0.681	%		33,430			(3,761	)		37,191		Citibank, N.A.
Republic of Colombia (D02)		06/20/23		1.000%(Q)		4,000		1.819	%		(95,637	)		(5,014	)		(90,623	)	Citibank, N.A.
Republic of Indonesia (D02)		06/20/23		1.000%(Q)		4,000		1.324	%		(35,163	)		(5,014	)		(30,149	)	Citibank, N.A.
Republic of Panama (D02)		06/20/23		1.000%(Q)		3,000		1.059	%		(2,022	)		(3,761	)		1,739		Citibank, N.A.
Republic of Peru (D02)		06/20/23		1.000%(Q)		3,000		0.670	%		34,430			(3,761	)		38,191		Citibank, N.A.
Republic of Philippines (D02)		06/20/23		1.000%(Q)		3,000		0.471	%		53,224			(3,761	)		56,985		Citibank, N.A.
Republic of South Africa (D02)		06/20/23		1.000%(Q)		9,000		3.753	%		(718,879	)		(11,283	)		(707,596	)	Citibank, N.A.
Republic of Turkey (D02)		06/20/23		1.000%(Q)		14,000		5.784	%		(1,864,651	)		(17,551	)		(1,847,100	)	Citibank, N.A.
Russian Federation (D02)		06/20/23		1.000%(Q)		9,000		1.195	%		(43,776	)		(11,283	)		(32,493	)	Citibank, N.A.
United Mexican States (D02)		06/20/23		1.000%(Q)		13,000		1.990	%		(377,781	)		(16,240	)		(361,541	)	Citibank, N.A.
										$	(12,689,804	)	$	(207,352	)	$	(12,482,452	)

See Notes to Financial Statements.

88

Credit default swap agreements outstanding at April 30, 2020 (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)**:
CDX.EM.29.V1 (D01)		06/20/23		1.000%(Q)		121,250	$	6,815,386	$	(24,432	)	$	6,839,818	Barclays Bank PLC
CDX.EM.29.V1 (D02)		06/20/23		1.000%(Q)		97,000		5,452,309		1,561			5,450,748	Citibank, N.A.
							$	12,267,695	$	(22,871	)	$	12,290,566

** The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D02).

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities - Sell Protection(2)^:
Alcentra CLO	05/20/20		0.500%(M)		EUR	398		*		$	146	$	—	$	146	Goldman Sachs International
AMMC CLO Ltd.	05/20/20		0.500%(M)			13		0.500	%		4		—		4	Goldman Sachs International
Apollo Credit Management International Ltd.	05/20/20		1.000%(M)		EUR	700		1.000	%		512		—		512	Goldman Sachs International
Arrowmark CLO	05/20/20		1.000%(M)			233		*			156		—		156	Goldman Sachs International
BHPT	05/28/20		1.250%(M)			571		1.500	%		40		—		40	Goldman Sachs International
BlackRock CLO	05/20/20		0.500%(M)		EUR	410		*			150		—		150	Goldman Sachs International
BlackRock CLO	05/20/20		0.500%(M)		EUR	407		0.500	%		149		—		149	Goldman Sachs International
BlackRock CLO	05/20/20		1.000%(M)		EUR	178		*			130		—		130	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 89

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at April 30, 2020(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.):
BlueMountain CLO	05/20/20		1.000%(M)		EUR	635		0.500	%	$	464	$	—	$	464	Goldman Sachs International
BlueMountain CLO	05/20/20		0.500%(M)		EUR	482		0.500	%		176		—		176	Goldman Sachs International
BlueMountain CLO	05/20/20		0.500%(M)			54		0.500	%		18		—		18	Goldman Sachs International
Canyon CLO	05/20/20		0.500%(M)			76		*			25		—		25	Goldman Sachs International
Carlyle CLO	05/20/20		1.000%(M)		EUR	1,696		*			1,240		—		1,240	Goldman Sachs International
Carlyle CLO	05/20/20		0.500%(M)			179		*			60		—		60	Goldman Sachs International
Citigroup Commercial Mortgage Trust	05/28/20		1.250%(M)			146		8.693	%		10		—		10	Goldman Sachs International
COMM Mortgage Trust	05/28/20		1.250%(M)			456		4.550	%		32		—		32	Goldman Sachs International
COMM Mortgage Trust	05/28/20		1.250%(M)			336		19.740	%		23		—		23	Goldman Sachs International
COMM Mortgage Trust	05/28/20		1.250%(M)			318		4.550	%		22		—		22	Goldman Sachs International
COMM Mortgage Trust	05/28/20		1.250%(M)			239		6.940	%		17		—		17	Goldman Sachs International
COMM Mortgage Trust	05/28/20		1.250%(M)			234		6.940	%		16		—		16	Goldman Sachs International
COMM Mortgage Trust	05/28/20		1.250%(M)			162		0.227	%		11		—		11	Goldman Sachs International

See Notes to Financial Statements.

90

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at April 30, 2020(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	05/28/20		1.250%(M)			162		7.460	%	$	11	$	—	$	11	Goldman Sachs International
Covenant	05/20/20		0.500%(M)			69		0.500	%		23		—		23	Goldman Sachs International
Crestline Denali Capital	05/20/20		0.500%(M)			318		0.500	%		106		—		106	Goldman Sachs International
CSAM CLO	05/20/20		1.000%(M)		EUR	587		*			429		—		429	Goldman Sachs International
CSAM CLO	05/20/20		0.500%(M)			308		0.500	%		103		—		103	Goldman Sachs International
CSAM CLO	05/20/20		0.500%(M)			246		0.500	%		82		—		82	Goldman Sachs International
CVC CLO	05/20/20		1.000%(M)		EUR	756		*			552		—		552	Goldman Sachs International
CVC CLO	05/20/20		0.500%(M)		EUR	445		0.500	%		163		—		163	Goldman Sachs International
CVC CLO	05/20/20		0.500%(M)		EUR	365		*			133		—		133	Goldman Sachs International
DFG CLO	05/20/20		0.500%(M)			232		0.500	%		77		—		77	Goldman Sachs International
Eagle RE Ltd.	05/29/20		1.250%(M)			638		*			44		—		44	Goldman Sachs International
GLG Silvermine CLO	05/20/20		0.500%(M)			208		0.500	%		69		—		69	Goldman Sachs International
GMAC Home Equity	05/29/20		1.250%(M)			349		*			24		—		24	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 91

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)			Implied Credit Spread at April 30, 2020(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.):
GS Mortgage Securities Trust	05/28/20		1.250%(M)			507		11.990	%	$	35	$	—	$	35	Goldman Sachs International
GS Mortgage Securities Trust	05/28/20		1.250%(M)			190		14.866	%		13		—		13	Goldman Sachs International
GSAMP Home Equity	05/29/20		1.250%(M)			360		*			25		—		25	Goldman Sachs International
GSO CLO	05/20/20		0.500%(M)		EUR	350		0.500	%		128		—		128	Goldman Sachs International
GSO CLO	05/20/20		0.500%(M)		EUR	199		0.500	%		73		—		73	Goldman Sachs International
GSRPM Mortgage Loan Trust	05/29/20		1.250%(M)			175		*			6		—		6	Goldman Sachs International
Guggenheim CLO	05/20/20		0.500%(M)			1,312		*			437		—		437	Goldman Sachs International
HPS CLO	05/20/20		0.500%(M)			27		0.500	%		9		—		9	Goldman Sachs International
ICG CLO	05/20/20		0.500%(M)			184		0.500	%		61		—		61	Goldman Sachs International
Investcorp CLO	05/20/20		0.500%(M)		EUR	334		0.500	%		122		—		122	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust	05/28/20		1.250%(M)			436		*			30		—		30	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust	05/28/20		1.250%(M)			328		*			23		—		23	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust	05/28/20		1.250%(M)			131		*			9		—		9	Goldman Sachs International

See Notes to Financial Statements.

92

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Loomis Sayles & Company LP	05/20/20		0.500%(M)		33		0.500	%	$	11	$	—	$	11	Goldman Sachs International
MJX CLO	05/20/20		0.500%(M)		268		49.970	%		89		—		89	Goldman Sachs International
Morgan Stanley BAML Trust	05/28/20		1.250%(M)		234		6.940	%		16		—		16	Goldman Sachs International
Morgan Stanley Capital I Trust	05/28/20		1.250%(M)		215		*			15		—		15	Goldman Sachs International
Morgan Stanley Capital I Trust	05/28/20		1.250%(M)		133		31.072	%		9		—		9	Goldman Sachs International
Oaktree CLO	05/20/20		0.500%(M)	EUR	176		0.500	%		64		—		64	Goldman Sachs International
Octagon CLO	05/20/20		0.500%(M)		226		0.500	%		75		—		75	Goldman Sachs International
ONEX CLO	05/20/20		0.500%(M)		508		*			169		—		169	Goldman Sachs International
ONEX CLO	05/20/20		0.500%(M)		224		0.500	%		75		—		75	Goldman Sachs International
ONEX CLO	05/20/20		0.500%(M)		112		0.500	%		37		—		37	Goldman Sachs International
Permira Advisers LLC	05/20/20		0.500%(M)	EUR	498		0.500	%		182		—		182	Goldman Sachs International
Pinebridge CLO	05/20/20		0.500%(M)	EUR	347		0.500	%		127		—		127	Goldman Sachs International
Pretium	05/20/20		0.500%(M)		3,086		0.500	%		1,028		—		1,028	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 93

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Sallie Mae Bank	05/28/20		1.750%(M)		14,375		*		$	4,193	$	(3,494	)	$	7,687	Goldman Sachs International
Sallie Mae Bank	05/28/20		1.750%(M)		14,375		*			4,193		(3,494	)		7,687	Goldman Sachs International
Saratoga CLO	05/20/20		0.500%(M)		2,700		*			900		—			900	Goldman Sachs International
Shenkman Capital	05/20/20		0.500%(M)		159		0.500	%		53		—			53	Goldman Sachs International
Shenkman Capital	05/20/20		0.500%(M)		27		0.500	%		9		—			9	Goldman Sachs International
Sound Point CLO Ltd.	05/20/20		0.500%(M)		519		*			173		—			173	Goldman Sachs International
Steele Creek	05/20/20		0.500%(M)		744		*			248		—			248	Goldman Sachs International
Steele Creek	05/20/20		0.500%(M)		247		0.500	%		82		—			82	Goldman Sachs International
Symphony CLO	05/20/20		0.500%(M)		262		0.500	%		87		—			87	Goldman Sachs International
TCW CLO	05/20/20		1.000%(M)		232		*			155		—			155	Goldman Sachs International
THL CLO	05/20/20		0.500%(M)		107		*			36		—			36	Goldman Sachs International
Tikehau CLO	05/20/20		1.000%(M)	EUR	2,068		1.000	%		1,510		—			1,510	Goldman Sachs International
WAMU POA	05/29/20		1.250%(M)		134		*			9		—			9	Goldman Sachs International

See Notes to Financial Statements.

94

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities - Sell Protection(2)^ (cont’d.):
Wellfleet CLO		05/20/20		0.500%(M)		548		*		$	183	$	—		$	183	Goldman Sachs International
Wellfleet CLO		05/20/20		0.500%(M)		26		49.970	%		9		—			9	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		665		*			46		—			46	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		164		8.937	%		11		—			11	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		148		4.670	%		10		—			10	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		120		*			8		—			8	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		257		*			18		—			18	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		175		*			12		—			12	Goldman Sachs International
WF-RBS Commercial Mortgage Trust		05/28/20		1.250%(M)		62		*			4		—			4	Goldman Sachs International
										$	20,034	$	(6,988	)	$	27,022

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	06/20/23		1.000%(Q)		1,000	$	18,140		$	62,360		$	(44,220	)	Bank of America, N.A.
Kingdom of Spain	06/20/23		1.000%(Q)		4,400		(54,425	)		(70,234	)		15,809		Bank of America, N.A.
Republic of Argentina	06/20/21		5.000%(Q)		3,315		2,436,825			886,899			1,549,926		Morgan Stanley & Co. International PLC
Republic of Argentina	06/20/22		5.000%(Q)		1,200		890,019			534,659			355,360		Citibank, N.A.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 95

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont’d.):
United Mexican States		06/20/23		1.000%(Q)		1,400	$	40,684	$	5,587		$	35,097	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		1,385		40,248		13,715			26,533	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		460		13,368		5,110			8,258	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		460		13,368		4,684			8,684	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		455		13,222		1,688			11,534	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		240		6,975		958			6,017	Citibank, N.A.
United Mexican States		12/20/24		1.000%(Q)		1,000		61,210		(11,044	)		72,254	Barclays Bank PLC
United Mexican States		12/20/24		1.000%(Q)		440		26,934		2,877			24,057	Citibank, N.A.
							$	3,506,568	$	1,437,259		$	2,069,309

Reference Entity/ Obligation	Termination Date	Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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):
AT&T Inc.	06/20/20		1.000%(Q)		5,000		0.903	%	$	6,519		$	5,937		$	582		BNP Paribas S.A.
Barclays Bank PLC	06/20/20		1.000%(Q)	EUR	2,300		0.351	%		5,260			3,043			2,217		Citibank, N.A.
Boeing Co.	12/20/21		1.000%(Q)		5,300		4.030	%		(245,420	)		47,227			(292,647	)	Bank of America, N.A.
General Electric Co.	06/20/20		1.000%(Q)		8,835		1.233	%		7,393			8,802			(1,409	)	Bank of America, N.A.
Hellenic Republic	06/20/23		1.000%(Q)		1,000		2.099	%		(31,944	)		(77,795	)		45,851		Bank of America, N.A.
Hellenic Republic	12/20/23		1.000%(Q)		10,000		2.228	%		(412,779	)		(948,705	)		535,926		Bank of America, N.A.
Hellenic Republic	06/20/24		1.000%(Q)		1,000		2.325	%		(50,349	)		(168,517	)		118,168		Barclays Bank PLC
Hellenic Republic	12/20/25		1.000%(Q)		10,000		2.605	%		(806,167	)		(1,498,571	)		692,404		Bank of America, N.A.
Hellenic Republic	12/20/25		1.000%(Q)		3,700		2.605	%		(298,282	)		(554,670	)		256,388		Bank of America, N.A.
Kingdom of Saudi Arabia	06/20/24		1.000%(Q)		885		1.493	%		(16,493	)		3,362			(19,855	)	Morgan Stanley & Co. International PLC
Kingdom of Spain	06/20/23		1.000%(Q)		4,400		0.893	%		19,784			48,517			(28,733	)	Bank of America, N.A.

See Notes to Financial Statements.

96

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Petroleos Mexicanos		06/20/23		1.000%(Q)		9,450		9.283	%	$	(2,042,080	)	$	(891,572	)	$	(1,150,508	)	BNP Paribas S.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,165		9.283	%		(251,749	)		(46,881	)		(204,868	)	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,155		9.283	%		(249,587	)		(55,792	)		(193,795	)	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		9.283	%		(83,195	)		(19,058	)		(64,137	)	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		9.283	%		(83,196	)		(18,713	)		(64,483	)	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		380		9.283	%		(82,116	)		(15,364	)		(66,752	)	Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		195		9.283	%		(42,139	)		(7,843	)		(34,296	)	Citibank, N.A.
Petroleos Mexicanos		12/20/24		1.000%(Q)		1,000		8.941	%		(281,052	)		(48,461	)		(232,591	)	Barclays Bank PLC
Petroleos Mexicanos		12/20/24		1.000%(Q)		440		8.941	%		(123,662	)		(38,529	)		(85,133	)	Citibank, N.A.
Republic of Argentina		06/20/24		5.000%(Q)		3,315		250.258	%		(2,471,768	)		(1,363,757	)		(1,108,011	)	Morgan Stanley & Co. International PLC
Republic of Argentina		06/20/24		5.000%(Q)		1,200		250.258	%		(894,758	)		(614,115	)		(280,643	)	Citibank, N.A.
Republic of Ecuador		12/20/20		5.000%(Q)		1,000		302.577	%		(647,058	)		(16,884	)		(630,174	)	Barclays Bank PLC
Republic of Indonesia		09/20/20		1.000%(Q)		8,000		0.649	%		20,440			(80,291	)		100,731		Barclays Bank PLC
Republic of Serbia		06/20/21		1.000%(Q)		5,000		0.528	%		32,861			36,581			(3,720	)	BNP Paribas S.A.
United Mexican States		12/20/20		1.000%(Q)		7,000		0.884	%		13,408			(43,688	)		57,096		Goldman Sachs International
										$	(9,008,129	)	$	(6,355,737	)	$	(2,652,392	)

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Value at Trade Date			Value at April 30, 2020		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.33.V1	12/20/29	1.000%(Q)	174,375	$	(223,219	)	$	1,456,606	$	1,679,825

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 97

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Implied Credit Spread at April 30, 2020(4)	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.33.V3	12/20/24	5.000%(Q)	28,894	6.534%	$	(2,167,074	)	$	(1,489,679	)	$	677,395

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)	Counterparty
OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):
CDX.Beijing 1Y 30% - 100%^††		12/20/20		0.000%		23,800		*	$	(14,117	)	$	(8,849	)	$(5,268)	Citibank, N.A.
CMBX.NA.6.AA		05/11/63		1.500%(M)		10,000		*		(299,111	)		108,838		(407,949)	Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%(M)		2,000		*		(59,823	)		(64,477	)	4,654	JPMorgan Securities LLC
									$	(373,051	)	$	35,512		$(408,563)

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.

See Notes to Financial Statements.

98

(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.

†† See the table below for the swap constituents. To the extent that any swap is composed of the greater than 50 constituents, the Fund is only required to disclose the top 50.

The following table represents the individual positions and related values of underlying securities of CDX.Beijing 1Y 30% - 100% Index credit default swap with Citibank, N.A., as of April 30, 2020, termination date 12/20/20:

Credit Default Swaps:

Reference Entity	Notional		Market Value			% of Total Index Value
Diamond Offshore Drilling, Inc.		1,000,000	$	(907,267	)		1.08	%
Whiting Petroleum Corp.		1,000,000		(894,910	)		1.08	%
Transocean, Inc.		1,000,000		(250,224	)		1.08	%
TUI AG		1,000,000		(166,308	)		1.08	%
Royal Caribbean Cruises Ltd.		1,000,000		(118,997	)		1.08	%
Avis Budget Group, Inc.		1,000,000		(96,324	)		1.08	%
United States Steel Corp.		1,000,000		(71,443	)		1.08	%
Realogy Group LLC		1,000,000		(61,590	)		1.08	%
American Axle & Manufacturing, Inc.		1,000,000		(52,988	)		1.08	%
Iceland Bondco PLC		1,000,000		(52,974	)		1.08	%
Murphy Oil Corp.		1,000,000		(42,409	)		1.08	%
Ford Motor Co.		1,000,000		(41,691	)		1.08	%
Encana Corp.		1,000,000		(30,997	)		1.08	%
Hapag-Lloyd AG		1,000,000		(28,237	)		1.08	%
Ford Motor Credit Co. LLC		1,000,000		(21,534	)		1.08	%
Rolls-Royce PLC		1,000,000		(18,951	)		1.08	%
Goodyear Tire & Rubber Co. (The)		1,000,000		(16,352	)		1.08	%
International Lease Finance Corp.		1,000,000		(14,944	)		1.08	%
Nordstrom, Inc.		1,000,000		(13,569	)		1.08	%
Univision Communications, Inc.		1,000,000		(13,054	)		1.08	%

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 99

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Reference Entity	Notional		Market Value			% of Total Index Value
CIT Group, Inc.		1,000,000		(11,856	)		1.08	%
Valeo SA		1,000,000		(10,636	)		1.08	%
General Motors Co.		1,000,000		(10,337	)		1.08	%
Renault SA		1,000,000		(9,528	)		1.08	%
Gap, Inc. (The)		1,000,000		(9,510	)		1.08	%
Vale SA		1,000,000		(9,316	)		1.08	%
thyssenkrupp AG		1,000,000		(8,259	)		1.08	%
Expedia Group, Inc.		1,000,000		(8,167	)		1.08	%
Toll Brothers, Inc.		1,000,000		(7,441	)		1.08	%
America Movil SAB de CV		1,000,000		(6,978	)		1.08	%
Next PLC		1,000,000		(6,658	)		1.08	%
AT&T Inc.		1,000,000		(6,554	)		1.08	%
Arconic, Inc.		1,000,000		(6,488	)		1.08	%
Aegon NV		1,000,000		(6,135	)		1.08	%
Matterhorn Telecom Holding S.A		1,000,000		(5,867	)		1.08	%
Ceconomy AG		1,000,000		(5,765	)		1.08	%
INEOS Group Holdings SA		1,000,000		(5,581	)		1.08	%
Liberty Interactive LLC		1,000,000		(5,547	)		1.08	%
Stonegate Pub Company Financing PLC		1,000,000		(5,466	)		1.08	%
Heathrow Funding Ltd.		1,000,000		(5,154	)		1.08	%
Ally Financial, Inc.		1,000,000		(5,085	)		1.08	%
Premier Foods PLC		1,000,000		(4,842	)		1.08	%
Banco de Sabadell SA		1,000,000		(4,431	)		1.08	%
Volkswagen AG		1,000,000		(4,343	)		1.08	%
Altice France SA		1,000,000		(4,231	)		1.08	%
M.D.C. Holdings, Inc.		1,000,000		(3,904	)		1.08	%
UPC Holding BV		1,000,000		(3,563	)		1.08	%
Daimler AG		1,000,000		(3,550	)		1.08	%
Meritor, Inc.		1,000,000		(3,512	)		1.08	%
Yum! Brands, Inc.		1,000,000		(3,510	)		1.08	%
			$	3,106,977

Interest rate swap agreements outstanding at April 30, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	16,900		02/13/30	1.210%(S)	6 Month BBSW(2)(S)	$	(78	)	$	322,496		$	322,574
BRL	66,745		01/02/25	5.903%(T)	1 Day BROIS(2)(T)		—			(170,816	)		(170,816	)
BRL	18,614		01/02/25	6.640%(T)	1 Day BROIS(2)(T)		—			93,126			93,126
BRL	21,128		01/02/25	6.670%(T)	1 Day BROIS(2)(T)		—			113,054			113,054

See Notes to Financial Statements.

100

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
BRL	17,000		01/04/27	6.912%(T)	1 Day BROIS(2)(T)	$	—		$	(12,037	)	$	(12,037	)
CNH	51,840		06/14/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		184			351,731			351,547
CNH	147,000		06/28/24	2.901%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			996,377			996,377
CNH	43,300		09/19/24	2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(40	)		315,654			315,694
CNH	37,800		10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(23	)		255,663			255,686
COP	11,070,000		02/18/25	4.505%(Q)	1 Day COOIS(2)(Q)		—			104,472			104,472
COP	12,642,920		02/21/25	4.565%(Q)	1 Day COOIS(2)(Q)		—			128,095			128,095
COP	7,821,000		02/18/30	5.072%(Q)	1 Day COOIS(2)(Q)		—			63,055			63,055
COP	5,472,000		02/18/30	5.081%(Q)	1 Day COOIS(2)(Q)		—			45,174			45,174
COP	7,813,000		02/24/30	5.078%(Q)	1 Day COOIS(2)(Q)		—			63,766			63,766
EUR	79,640		05/11/20	(0.054)%(A)	6 Month EURIBOR(1)(S)		(190,612	)		(100,910	)		89,702
EUR	17,665		05/11/21	0.100%(A)	6 Month EURIBOR(1)(S)		(92,520	)		(125,430	)		(32,910	)
EUR	20,545		05/11/22	0.156%(A)	6 Month EURIBOR(1)(S)		43,876			(299,488	)		(343,364	)
EUR	15,410		05/11/23	0.650%(A)	6 Month EURIBOR(1)(S)		(342,416	)		(654,515	)		(312,099	)
EUR	350		05/11/39	1.100%(A)	1 Day EONIA(2)(A)		76,560			98,168			21,608
GBP	4,050		05/08/24	0.950%(A)	1 Day SONIA(1)(A)		(128,381	)		(184,221	)		(55,840	)
GBP	4,000		05/08/26	1.000%(A)	1 Day SONIA(1)(A)		(91,874	)		(269,460	)		(177,586	)
GBP	4,465		05/08/29	1.100%(A)	1 Day SONIA(1)(A)		(300,329	)		(488,121	)		(187,792	)
GBP	1,100		05/08/34	1.200%(A)	1 Day SONIA(1)(A)		(61,374	)		(196,178	)		(134,804	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 101

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
HUF	277,000		02/13/30	1.595%(A)	6 Month BUBOR(2)(S)	$	—		$	9,081		$	9,081
HUF	4,370,000		02/14/30	1.605%(A)	6 Month BUBOR(2)(S)		—			153,913			153,913
HUF	1,234,000		02/18/30	1.803%(A)	6 Month BUBOR(2)(S)		—			113,929			113,929
JPY	7,870,930		12/17/20	0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(10,392	)		(10,392	)
NZD	6,000		02/14/30	1.523%(S)	3 Month BBR(2)(Q)		—			269,058			269,058
	2,064,435		05/11/20	1.763%(S)	3 Month LIBOR(1)(Q)		37,134,218			(9,176,563	)		(46,310,781	)
	214,000		06/15/21	1.830%(S)	3 Month LIBOR(2)(Q)		—			4,810,235			4,810,235
	540,245		09/15/21	1.480%(S)	3 Month LIBOR(2)(Q)		517,187			8,887,040			8,369,853
	387,600		09/15/21	1.604%(S)	3 Month LIBOR(2)(Q)		1,619,760			6,708,973			5,089,213
	153,360		05/11/24	2.139%(S)	3 Month LIBOR(1)(Q)		(2,649,463	)		(11,954,883	)		(9,305,420	)
	36,550		09/09/24	2.558%(S)	3 Month LIBOR(1)(Q)		(584,659	)		(3,549,409	)		(2,964,750	)
	4,300		02/23/25	2.232%(S)	3 Month LIBOR(1)(Q)		181			(381,952	)		(382,133	)
	44,450		02/25/25	2.208%(S)	3 Month LIBOR(1)(Q)		453			(3,896,677	)		(3,897,130	)
	53,535		02/15/27	1.899%(A)	1 Day USOIS(1)(A)		38,163			(6,182,134	)		(6,220,297	)
	5,554		02/15/27	2.067%(A)	1 Day USOIS(1)(A)		(7,728	)		(707,609	)		(699,881	)
	9,360		05/15/27	1.823%(A)	1 Day USOIS(1)(A)		—			(1,048,529	)		(1,048,529	)
	44,715		08/15/28	2.579%(A)	1 Day USOIS(1)(A)		(540,639	)		(8,773,601	)		(8,232,962	)
	165,270		05/11/29	2.000%(S)	3 Month LIBOR(1)(Q)		(2,793,744	)		(21,609,460	)		(18,815,716	)
	8,700		02/14/30	1.382%(A)	1 Day USOIS(1)(A)		—			(865,375	)		(865,375	)
	10,510		11/15/45	0.508%(A)	1 Day USOIS(1)(A)		(18,924	)		166,253			185,177
	4,130		11/15/45	1.044%(A)	1 Day USOIS(1)(A)		—			(468,206	)		(468,206	)

See Notes to Financial Statements.

102

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	6,175		11/15/45	1.253%(A)	1 Day USOIS(1)(A)	$	(308,750	)	$	(1,012,197	)	$	(703,447	)
	36,820		05/11/49	2.300%(S)	3 Month LIBOR(1)(Q)		2,359,433			(14,921,138	)		(17,280,571	)
	95		05/11/49	2.500%(A)	1 Day USOIS(1)(A)		(16,853	)		(50,998	)		(34,145	)
	9,800		03/13/50	0.530%(A)	1 Day USOIS(1)(A)		—			128,006			128,006
ZAR	76,100		02/11/30	7.481%(Q)	3 Month JIBAR(2)(Q)		(3,500	)		(106,227	)		(102,727	)
ZAR	99,200		02/28/30	7.500%(Q)	3 Month JIBAR(2)(Q)		(30,743	)		(129,279	)		(98,536	)
ZAR	52,900		03/02/30	7.625%(Q)	3 Month JIBAR(2)(Q)		1,415			(50,210	)		(51,625	)
ZAR	54,300		03/12/30	7.840%(Q)	3 Month JIBAR(2)(Q)		(515	)		(6,758	)		(6,243	)
ZAR	36,000		03/12/30	7.900%(Q)	3 Month JIBAR(2)(Q)		(356	)		4,352			4,708
ZAR	100,000		03/18/30	10.650%(Q)	3 Month JIBAR(2)(Q)		—			(12,123	)		(12,123	)
ZAR	10,700		03/27/30	9.150%(Q)	3 Month JIBAR(2)(Q)		(232	)		55,708			55,940
ZAR	19,100		04/01/30	8.600%(Q)	3 Month JIBAR(2)(Q)		(87	)		56,124			56,211
ZAR	45,000		04/03/30	9.300%(Q)	3 Month JIBAR(2)(Q)		(967	)		259,749			260,716
						$	33,626,623		$	(62,841,644	)	$	(96,468,267	)

(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, 2020:

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

3,453

$

14,034

$

(8,559

)

$

22,593

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 103

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

(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	$	1,782,405	$	(6,911,141	)	$	17,322,196	$	(18,456,113	)

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.	$	33,635,000	$	15,030,154

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Automobiles	$	—	$	11,437,271	$	—
Collateralized Loan Obligations		—		264,030,010		—
Consumer Loans		—		31,771,491		—
Home Equity Loans		—		19,877,306		—
Other		—		2,665,861		—
Residential Mortgage-Backed Securities		—		58,962,908		—
Student Loans		—		50,037,940		—
Bank Loans		—		42,234,241		15,692,074
Commercial Mortgage-Backed Securities		—		142,158,135		—
Corporate Bonds		—		526,769,378		—
Municipal Bonds		—		33,534,982		—
Residential Mortgage-Backed Securities		—		81,020,884		24,542,153

See Notes to Financial Statements.

104

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds	$	—		$	145,572,152		$	—
U.S. Treasury Obligations		—			24,396,767			—
Common Stock		427,932			—			—
Affiliated Mutual Funds		78,551,842			—			—
Options Purchased		—			170,650,079			—
Total	$	78,979,774		$	1,605,119,405		$	40,234,227
Liabilities
Options Written	$	—		$	(172,379,489	)	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	36,184,275		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			74,878,497			—
OTC Cross Currency Exchange Contracts		—			9,033,098			—
OTC Packaged Credit Default Swap Agreements		—			13,271,117			—
Centrally Cleared Credit Default Swap Agreements		—			2,357,220			—
OTC Credit Default Swap Agreements		—			3,666,658			20,034
Centrally Cleared Interest Rate Swap Agreements		—			22,469,970			—
OTC Total Return Swap Agreement		—			14,034			—
Total	$	36,184,275		$	125,690,594		$	20,034
Liabilities
Futures Contracts	$	(40,657,782	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(71,203,372	)		—
OTC Cross Currency Exchange Contracts		—			(4,000,420	)		—
OTC Packaged Credit Default Swap Agreements		—			(13,693,226	)		—
OTC Credit Default Swap Agreements		—			(9,527,153	)		(14,117	)
Centrally Cleared Interest Rate Swap Agreements		—			(118,938,237	)		—
Total	$	(40,657,782	)	$	(217,362,408	)	$	(14,117	)

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

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

	Bank Loans		Residential Mortgage-Backed Securities		Options Written		OTC Credit Default Swap Agreements
Balance as of 10/31/19	$	14,301,819	$	26,300,000	$	—	$	30,838
Realized gain (loss)		—		—		28,440		27,944

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 105

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Bank Loans			Residential Mortgage-Backed Securities			Options Written			OTC Credit Default Swap Agreements
Change in unrealized appreciation (depreciation)	$	(4,103,755	)	$	(442,224	)	$	(28,990	)	$	5,917
Purchases/Exchanges/Issuances		5,958,900			—			—			—
Sales/Paydowns		—			(1,315,623	)		550			(58,782	)
Accrued discount/premium		—			—			—			—
Transfers into of Level 3		—			—			—			—
Transfers out of Level 3		(464,890	)		—			—			—
Balance as of 4/30/20	$	15,692,074		$	24,542,153		$	—		$	5,917
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	(4,103,755	)	$	(442,224	)	$	—		$	5,917

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, 2020		Valuation Methodology		Unobservable Inputs
Bank Loans	$	5,532,947		Market Approach		Single Broker Indicative Quote
Bank Loans		10,159,127		Formula Pricing		Estimated Enterprise Value
Residential Mortgage-Backed Securities		24,542,153		Market Approach		Single Broker Indicative Quote
OTC Credit Default Swap Agreements		5,917		Market Approach		Single Broker Indicative Quote
	$	40,240,144

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	$464,890	L3 to L2	Single Broker Indicative Quote to Multiple Broker Quotes

Industry Classification:

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

Collateralized Loan Obligations	17.0	%	Affiliated Mutual Funds (5.1% represents investments purchased with collateral from securities on loan)	5.1	%
Options Purchased	11.0		Student Loans	3.2
Residential Mortgage-Backed Securities	10.6		Retail	2.8
Sovereign Bonds	9.4		Chemicals	2.8
Commercial Mortgage-Backed Securities	9.2		Oil & Gas	2.6
Banks	5.7

See Notes to Financial Statements.

106

Industry Classification (continued):

Pharmaceuticals	2.5	%	Computers	0.2	%
Commercial Services	2.4		Miscellaneous Manufacturing	0.2
Electric	2.3		Engineering & Construction	0.2
Municipal Bonds	2.2		Other	0.2
Consumer Loans	2.1		Leisure Time	0.2
U.S. Treasury Obligations	1.6		Water	0.1
Home Builders	1.5		Internet	0.1
Foods	1.4		Mining	0.1
Home Equity Loans	1.3		Advertising	0.1
Telecommunications	1.2		Lodging	0.1
Media	1.2		Energy-Alternate Sources	0.1
Pipelines	0.9		Forest Products & Paper	0.0	*
Building Materials	0.9		Agriculture	0.0	*
Insurance	0.8		Oil, Gas & Consumable Fuels	0.0	*
Auto Manufacturers	0.8		Beverages	0.0	*
Entertainment	0.7		Savings & Loans	0.0	*
Automobiles	0.7		Oil & Gas Services	0.0	*
Aerospace & Defense	0.7		Textiles	0.0	*
Packaging & Containers	0.7		Electronics	0.0	*
Electrical Components & Equipment	0.7		Machinery-Diversified	0.0	*
Diversified Financial Services	0.6			111.3
Auto Parts & Equipment	0.6		Options Written	(11.1	)
Real Estate	0.5		Liabilities in excess of other assets	(0.2	)
Healthcare-Services	0.4			100.0	%
Software	0.4
Gas	0.4
Airlines	0.3
Real Estate Investment Trusts (REITs)	0.3
Healthcare-Products	0.2

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

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 107

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	2,357,220	*	—	$	—
Credit contracts	Premiums paid for OTC swap agreements		1,782,405		Premiums received for OTC swap agreements		6,902,582
Credit contracts	—		—		Options written outstanding, at value		1,084,486
Credit contracts	Unrealized appreciation on OTC swap agreements		17,299,603		Unrealized depreciation on OTC swap agreements		18,456,113
Foreign exchange contracts	Unaffiliated investments		168,409,074		Options written outstanding, at value		171,295,003
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		9,033,098		Unrealized depreciation on OTC cross currency exchange contracts		4,000,420
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		74,878,497		Unrealized depreciation on OTC forward foreign currency exchange contracts		71,203,372
Interest rate contracts	Due from/to broker-variation margin futures		36,184,275	*	Due from/to broker-variation margin futures		40,657,782	*
Interest rate contracts	Due from/to broker-variation margin swaps		22,469,970	*	Due from/to broker-variation margin swaps		118,938,237	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		8,559
Interest rate contracts	Unaffiliated investments		2,241,005		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		22,593		—		—
		$	334,677,740			$	432,546,554

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

See Notes to Financial Statements.

108

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

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written			Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(275,019	)	$	(5,975,393	)$		—	$	—	$	(17,726,109	)
Foreign exchange contracts		(50,335,355	)		47,531,044			—		10,446,893		—
Interest rate contracts		(77,000	)		28,440			70,573,411		—		(199,002,404	)
Total	$	(50,687,374	)	$	41,584,091		$	70,573,411	$	10,446,893	$	(216,728,513	)

(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		Swaps
Credit contracts	$	36,687	$	(919,090	)	$	—	$	—	$	(2,510,336	)
Foreign exchange contracts		110,624,570		(108,798,574	)		—		1,776,813		—
Interest rate contracts		824,979		(28,990	)		2,473,138		—		96,906,485
Total	$	111,486,236	$	(109,746,654	)	$	2,473,138	$	1,776,813	$	94,396,149

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

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

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	115,237,941	$	4,431,708,268	$	1,753,530,886	$	3,244,468,424	$	920,598,563

Forward Foreign Currency Exchange Contracts—Sold(3)		Cross Currency Exchange Contracts(4)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	1,205,132,057	$	185,025,213	$	6,068,013,702	$	460,180,000

Credit Default Swap Agreements— Sell Protection(2)		Total Return Swap Agreements(2)
$	496,192,168	$	3,638,333

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 109

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

(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.

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	$	77,747,080	$	(77,747,080	)	$	—

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.	$	27,216,196	$	(31,944,596	)	$	(4,728,400	)	$	4,728,400		$	—
Barclays Bank PLC		10,148,860		(13,943,944	)		(3,795,084	)		2,952,156			(842,928	)
BNP Paribas S.A.		4,007,634		(8,337,569	)		(4,329,935	)		2,451,545			(1,878,390	)
Citibank, N.A.		63,271,959		(63,570,958	)		(298,999	)		—			(298,999	)
Credit Suisse International		429,067		(467,303	)		(38,236	)		38,236			—
Deutsche Bank AG		60,357,167		(52,411,664	)		7,945,503			(7,945,503	)		—
Goldman Sachs International		26,498,142		(22,712,291	)		3,785,851			(3,228,564	)		557,287
HSBC Bank USA, N.A.		4,742,408		(2,457,541	)		2,284,867			(2,284,867	)		—
JPMorgan Chase Bank, N.A.		3,201,151		(5,116,459	)		(1,915,308	)		876,407			(1,038,901	)
JPMorgan Securities LLC		4,654		(64,477	)		(59,823	)		—			(59,823	)
Morgan Stanley & Co. International PLC		73,230,765		(71,614,583	)		1,616,182			—			1,616,182

See Notes to Financial Statements.

110

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
The Toronto-Dominion Bank	$	242,163	$	(269,654	)	$	(27,491	)	$	27,491		$	—
UBS AG		316,109		(39,496	)		276,613			(273,135	)		3,478
	$	273,666,275	$	(272,950,535	)	$	715,740		$	(2,657,834	)	$	(1,942,094	)

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

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 111

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value, including securities on loan of $77,747,080:
Unaffiliated investments (cost $1,718,276,786)	$	1,645,781,564
Affiliated investments (cost $78,500,846)		78,551,842
Cash segregated for counterparty - OTC		4,458,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		74,878,497
Receivable for investments sold		40,723,043
Deposit with broker for centrally cleared/exchange-traded derivatives		33,635,000
Receivable for Fund shares sold		17,829,502
Unrealized appreciation on OTC swap agreements		17,322,196
Dividends and interest receivable		14,873,332
Unrealized appreciation on OTC cross currency exchange contracts		9,033,098
Premiums paid for OTC swap agreements		1,782,405
Due from broker—variation margin swaps		16,659
Prepaid expenses		359,395
Total Assets		1,939,244,533
Liabilities
Options written outstanding, at value (proceeds received $122,159,622)		172,379,489
Payable to broker for collateral for securities on loan		78,408,998
Unrealized depreciation on OTC forward foreign currency exchange contracts		71,203,372
Payable for Fund shares reacquired		27,106,320
Unrealized depreciation on OTC swap agreements		18,456,113
Premiums received for OTC swap agreements		6,911,141
Payable to custodian		4,905,321
Unrealized depreciation on OTC cross currency exchange contracts		4,000,420
Payable for investments purchased		3,503,201
Due to broker—variation margin futures		1,538,354
Dividends payable		806,054
Management fee payable		704,368
Accrued expenses and other liabilities		665,978
Distribution fee payable		89,805
Affiliated transfer agent fee payable		7,895
Total Liabilities		390,686,829
Net Assets	$	1,548,557,704
Net assets were comprised of:
Shares of beneficial interest, at par	$	184,235
Paid-in capital in excess of par		1,948,358,057
Total distributable earnings (loss)		(399,984,588	)
Net assets, April 30, 2020	$	1,548,557,704

See Notes to Financial Statements.

112

Class A
Net asset value and redemption price per share, ($100,339,762 ÷ 11,982,111 shares of beneficial interest issued and outstanding)	$	8.37
Maximum sales charge (3.25% of offering price)		0.28
Maximum offering price to public	$	8.65
Class C
Net asset value, offering price and redemption price per share, ($82,380,297 ÷ 9,807,570 shares of beneficial interest issued and outstanding)	$	8.40
Class Z
Net asset value, offering price and redemption price per share, ($1,246,074,584 ÷ 148,134,762 shares of beneficial interest issued and outstanding)	$	8.41
Class R6
Net asset value, offering price and redemption price per share, ($119,763,061 ÷ 14,310,075 shares of beneficial interest issued and outstanding)	$	8.37

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 113

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Interest income	$	46,910,545
Affiliated dividend income		928,253
Income from securities lending, net (including affiliated income of $192,407)		396,889
Unaffiliated dividend income (net of $6,126 foreign withholding tax)		33,954
Total income		48,269,641
Expenses
Management fee		6,479,237
Distribution fee(a)		644,381
Transfer agent’s fees and expenses (including affiliated expense of $21,630)(a)		1,152,950
Custodian and accounting fees		195,856
Shareholders’ reports		86,250
Registration fees(a)		66,514
Audit fee		33,478
Trustees’ fees		23,059
Legal fees and expenses		15,012
Miscellaneous		44,540
Total expenses		8,741,277
Less: Fee waiver and/or expense reimbursement(a)		(291,982	)
Net expenses		8,449,295
Net investment income (loss)		39,820,346
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(92,708))		(90,862,480	)
Futures transactions		70,573,411
Forward and cross currency contract transactions		10,446,893
Options written transactions		41,584,091
Swap agreement transactions		(216,728,513	)
Foreign currency transactions		(3,442,551	)
		(188,429,149	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $23,018)		(53,304,633	)
Futures		2,473,138
Forward and cross currency contracts		1,776,813
Options written		(109,746,654	)
Swap agreements		94,396,149
Foreign currencies		533,403
		(63,871,784	)
Net gain (loss) on investment and foreign currency transactions		(252,300,933	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(212,480,587	)

See Notes to Financial Statements.

114

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

	Class A			Class C			Class Z			Class R6
Distribution fee		161,633			482,748			—			—
Transfer agent’s fees and expenses		49,017			38,709			1,061,888			3,336
Registration fees		13,116			9,804			33,666			9,928
Fee waiver and/or expense reimbursement		(2,752	)		(2,018	)		(285,596	)		(1,616	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 115

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	39,820,346		$	86,214,716
Net realized gain (loss) on investment and foreign currency transactions		(188,429,149	)		214,221,484
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(63,871,784	)		(181,283,240	)
Net increase (decrease) in net assets resulting from operations		(212,480,587	)		119,152,960
Dividends and Distributions
Distributions from distributable earnings
Class A		(6,315,424	)		(8,223,808	)
Class C		(4,347,012	)		(5,131,810	)
Class Z		(94,143,740	)		(127,037,946	)
Class R6		(4,167,163	)		(5,142,914	)
		(108,973,339	)		(145,536,478	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		469,777,119			1,253,284,816
Net asset value of shares issued in reinvestment of dividends and distributions		92,368,743			118,802,617
Cost of shares reacquired		(1,061,633,289	)		(1,594,437,537	)
Net increase (decrease) in net assets from Fund share transactions		(499,487,427	)		(222,350,104	)
Total increase (decrease)		(820,941,353	)		(248,733,622	)
Net Assets:
Beginning of period		2,369,499,057			2,618,232,679
End of period	$	1,548,557,704		$	2,369,499,057

See Notes to Financial Statements.

116

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 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 when the NYSE is closed (including weekends and holidays). Because such foreign

PGIM Absolute Return Bond Fund 117

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.

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

118

classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

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

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

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

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net 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

PGIM Absolute Return Bond Fund 119

Notes to Financial Statements (unaudited) (continued)

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

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

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

120

currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

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

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

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

PGIM Absolute Return Bond Fund 121

Notes to Financial Statements (unaudited) (continued)

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

122

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

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

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

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

PGIM Absolute Return Bond Fund 123

Notes to Financial Statements (unaudited) (continued)

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

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

124

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

PGIM Absolute Return Bond Fund 125

Notes to Financial Statements (unaudited) (continued)

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

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

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

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is

126

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 in the Statement of Operations.

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.

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

PGIM Absolute Return Bond Fund 127

Notes to Financial Statements (unaudited) (continued)

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

The Manager has entered into 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. The Manager 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.

Effective December 13, 2019, the management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.59% of the Fund’s average daily net assets up to and including $2.5 billion, 0.565% of the next $2.5 billion and 0.54% of the average daily net assets in excess of $5 billion. Prior to December 13, 2019, the management fee paid to the Manager was 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

128

$2.5 billion and 0.60% of the average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.61% for the reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.73% 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 such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for 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, 2020, PIMS received $50,129 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $8,415 and $8,253 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 Absolute Return Bond Fund 129

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 Trust’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures.

For the reporting period ended April 30, 2020, the Fund’s purchase and sales transactions under Rule 17a-7 and realized loss as a result of 17a-7 sales transactions were as follows:

	Purchases	Sales	Realized Loss
Absolute Return Bond	$—	$48,097,396	$(9,914,794)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $237,486,087 and $658,477,833, respectively.

130

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

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*
$	178,177,086	$	389,548,697	$	567,702,969	$	—	$	—		$	22,814		22,814	$	928,253
	PGIM Institutional Money Market Fund*
	144,109,020		146,453,376		211,963,678		23,018		(92,708	)		78,529,028		78,544,737		192,407	**
$	322,286,106	$	536,002,073	$	779,666,647	$	23,018	$	(92,708	)	$	78,551,842			$	1,120,660

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

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

5. Tax Information

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

Tax Basis	$	1,676,698,951
Gross Unrealized Appreciation		310,153,108
Gross Unrealized Depreciation		(531,037,546	)
Net Unrealized Depreciation	$	(220,884,438	)

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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more prior to July 15, 2019 ($500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end 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

PGIM Absolute Return Bond Fund 131

Notes to Financial Statements (unaudited) (continued)

a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

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

	Number of Shares	Percentage of Outstanding  Shares
Class A	1,179	—%*
Class R6	5,693,715	40%

* Amount represents less than 1% of outstanding shares.

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

Affiliated		Unaffiliated
Number of         Shareholders	Percentage of     Outstanding Shares		Number of         Shareholders	Percentage of     Outstanding Shares
—	—%		9	86%

132

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		1,890,564		$	17,953,137
Shares issued in reinvestment of dividends and distributions		544,652			5,098,937
Shares reacquired		(5,270,675	)		(47,682,716	)
Net increase (decrease) in shares outstanding before conversion		(2,835,459	)		(24,630,642	)
Shares issued upon conversion from other share class(es)		628,304			5,797,300
Shares reacquired upon conversion into other share class(es)		(496,765	)		(4,561,028	)
Net increase (decrease) in shares outstanding		(2,703,920	)	$	(23,394,370	)
Year ended October 31, 2019:
Shares sold		4,442,099		$	43,073,266
Shares issued in reinvestment of dividends and distributions		689,827			6,662,583
Shares reacquired		(6,378,260	)		(61,800,433	)
Net increase (decrease) in shares outstanding before conversion		(1,246,334	)		(12,064,584	)
Shares issued upon conversion from other share class(es)		1,689,345			16,378,210
Shares reacquired upon conversion into other share class(es)		(884,547	)		(8,584,142	)
Net increase (decrease) in shares outstanding		(441,536	)	$	(4,270,516	)
Class C
Six months ended April 30, 2020:
Shares sold		953,732		$	9,086,876
Shares issued in reinvestment of dividends and distributions		384,711			3,615,948
Shares reacquired		(1,773,670	)		(15,945,441	)
Net increase (decrease) in shares outstanding before conversion		(435,227	)		(3,242,617	)
Shares reacquired upon conversion into other share class(es)		(326,932	)		(3,090,608	)
Net increase (decrease) in shares outstanding		(762,159	)	$	(6,333,225	)
Year ended October 31, 2019:
Shares sold		2,984,321		$	29,019,658
Shares issued in reinvestment of dividends and distributions		448,654			4,344,042
Shares reacquired		(2,673,798	)		(25,968,771	)
Net increase (decrease) in shares outstanding before conversion		759,177			7,394,929
Shares reacquired upon conversion into other share class(es)		(1,023,713	)		(9,963,113	)
Net increase (decrease) in shares outstanding		(264,536	)	$	(2,568,184	)
Class Z
Six months ended April 30, 2020:
Shares sold		41,178,899		$	384,145,928
Shares issued in reinvestment of dividends and distributions		8,443,709			79,494,643
Shares reacquired		(110,555,371	)		(982,473,038	)
Net increase (decrease) in shares outstanding before conversion		(60,932,763	)		(518,832,467	)
Shares issued upon conversion from other share class(es)		667,341			6,188,321
Shares reacquired upon conversion into other share class(es)		(482,137	)		(4,422,251	)
Net increase (decrease) in shares outstanding		(60,747,559	)	$	(517,066,397	)
Year ended October 31, 2019:
Shares sold		119,018,503		$	1,158,478,172
Shares issued in reinvestment of dividends and distributions		10,582,780			102,671,705
Shares reacquired		(139,843,800	)		(1,358,727,738	)
Net increase (decrease) in shares outstanding before conversion		(10,242,517	)		(97,577,861	)
Shares issued upon conversion from other share class(es)		1,195,240			11,644,060
Shares reacquired upon conversion into other share class(es)		(1,001,402	)		(9,741,366	)
Net increase (decrease) in shares outstanding		(10,048,679	)	$	(95,675,167	)

PGIM Absolute Return Bond Fund 133

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares			Amount
Six months ended April 30, 2020:
Shares sold		7,102,416		$	58,591,178
Shares issued in reinvestment of dividends and distributions		448,907			4,159,215
Shares reacquired		(1,738,940	)		(15,532,094	)
Net increase (decrease) in shares outstanding before conversion		5,812,383			47,218,299
Shares issued upon conversion from other share class(es)		10,392			88,266
Net increase (decrease) in shares outstanding		5,822,775		$	47,306,565
Year ended October 31, 2019:
Shares sold		2,344,839		$	22,713,720
Shares issued in reinvestment of dividends and distributions		530,628			5,124,287
Shares reacquired		(15,116,581	)		(147,940,595	)
Net increase (decrease) in shares outstanding before conversion		(12,241,114	)		(120,102,588	)
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		(12,213,565	)	$	(119,836,237	)

7. Borrowings

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

	SCA
Term of Commitment	10/3/2019 – 10/1/2020
Total Commitment	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

134

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, 2020. The average daily balance for the 7 days that the Fund had loans outstanding during the period was approximately $46,584,857, borrowed at a weighted average interest rate of 2.04%. The maximum loan outstanding amount during the period was $65,306,000. At April 30, 2020, the Fund did not have an outstanding loan amount.

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

PGIM Absolute Return Bond Fund 135

Notes to Financial Statements (unaudited) (continued)

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

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

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

Market and Credit Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. 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.

136

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

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 effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM Absolute Return Bond Fund 137

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.73			$9.82			$9.93			$9.59			$9.48			$9.79
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.31			0.27			0.23			0.25			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.07	)		0.13			(0.05	)		0.33			0.06			(0.30	)
Total from investment operations		(0.91	)		0.44			0.22			0.56			0.31			(0.07	)
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.53	)		(0.33	)		(0.22	)		(0.15	)		(0.21	)
Tax return of capital distributions		-			-			-			-			(0.05	)		(0.03	)
Distributions from net realized gains		(0.30	)		-			-			-			-			-
Total dividends and distributions		(0.45	)		(0.53	)		(0.33	)		(0.22	)		(0.20	)		(0.24	)
Net asset value, end of period		$8.37			$9.73			$9.82			$9.93			$9.59			$9.48
Total Return(b):		(9.77)%			4.71%			2.21%			5.95%			3.36%			(0.78)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$100,340			$142,879			$148,609			$119,969			$197,713			$315,214
Average net assets (000)		$130,017			$147,612			$142,613			$145,290			$246,082			$383,950
Ratios to average net assets(c)(d)(e):
Expenses after waivers and/or expense reimbursement		0.98%	(f)		1.02%			1.03%			1.15%			1.15%			1.15%
Expenses before waivers and/or expense reimbursement		0.98%	(f)		1.02%			1.04%			1.22%			1.24%			1.24%
Net investment income (loss)		3.54%	(f)		3.24%			2.72%			2.31%			2.67%			2.39%
Portfolio turnover rate(g)		13%			50%			52%			72%			38%			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.

138

Class C Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.76			$9.85			$9.96			$9.62			$9.51			$9.82
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.24			0.19			0.15			0.18			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.07	)		0.13			(0.05	)		0.34			0.06			(0.31	)
Total from investment operations		(0.94	)		0.37			0.14			0.49			0.24			(0.15	)
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.46	)		(0.25	)		(0.15	)		(0.10	)		(0.13	)
Tax return of capital distributions		-			-			-			-			(0.03	)		(0.03	)
Distributions from net realized gains		(0.30	)		-			-			-			-			-
Total dividends and distributions		(0.42	)		(0.46	)		(0.25	)		(0.15	)		(0.13	)		(0.16	)
Net asset value, end of period		$8.40			$9.76			$9.85			$9.96			$9.62			$9.51
Total Return(b):		(9.98)%			3.80%			1.43%			5.16%			2.59%			(1.51)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$82,380			$103,133			$106,734			$98,789			$118,092			$161,679
Average net assets (000)		$97,080			$107,605			$102,866			$106,174			$135,510			$183,419
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.74%	(e)		1.78%			1.79%			1.90%			1.90%			1.90%
Expenses before waivers and/or expense reimbursement		1.74%	(e)		1.78%			1.80%			1.97%			1.99%			1.97%
Net investment income (loss)		2.78%	(e)		2.46%			1.93%			1.58%			1.91%			1.62%
Portfolio turnover rate(f)		13%			50%			52%			72%			38%			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.

PGIM Absolute Return Bond Fund 139

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.77			$9.86			$9.97			$9.64			$9.52			$9.83
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.34			0.30			0.25			0.27			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.08	)		0.13			(0.06	)		0.33			0.08			(0.30	)
Total from investment operations		(0.90	)		0.47			0.24			0.58			0.35			(0.05	)
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.56	)		(0.35	)		(0.25	)		(0.17	)		(0.23	)
Tax return of capital distributions		-			-			-			-			(0.06	)		(0.03	)
Distributions from net realized gains		(0.30	)		-			-			-			-			-
Total dividends and distributions		(0.46	)		(0.56	)		(0.35	)		(0.25	)		(0.23	)		(0.26	)
Net asset value, end of period		$8.41			$9.77			$9.86			$9.97			$9.64			$9.52
Total Return(b):		(9.61)%			5.00%			2.48%			6.08%			3.71%			(0.53)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,246,075			$2,040,949			$2,159,518			$1,277,401			$1,019,254			$1,755,667
Average net assets (000)		$1,831,859			$2,155,699			$1,679,461			$1,121,943			$1,396,060			$2,029,397
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.73%	(e)		0.73%			0.75%			0.90%			0.90%			0.90%
Expenses before waivers and/or expense reimbursement		0.76%	(e)		0.79%			0.81%			0.96%			0.99%			0.97%
Net investment income (loss)		3.77%	(e)		3.51%			3.01%			2.59%			2.91%			2.61%
Portfolio turnover rate(f)		13%			50%			52%			72%			38%			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.

140

Class R6 Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.72			$9.82			$9.94			$9.61			$9.49			$9.81
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.35			0.29			0.26			0.28			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.06	)		0.12			(0.05	)		0.32			0.07			(0.30	)
Total from investment operations		(0.88	)		0.47			0.24			0.58			0.35			(0.05	)
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.57	)		(0.36	)		(0.25	)		(0.17	)		(0.24	)
Tax return of capital distributions		-			-			-			-			(0.06	)		(0.03	)
Distributions from net realized gains		(0.30	)		-			-			-			-			-
Total dividends and distributions		(0.47	)		(0.57	)		(0.36	)		(0.25	)		(0.23	)		(0.27	)
Net asset value, end of period		$8.37			$9.72			$9.82			$9.94			$9.61			$9.49
Total Return(b):		(9.53)%			4.94%			2.42%			6.15%			3.81%			(0.57)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$119,763			$82,538			$203,372			$346,253			$175,887			$151,294
Average net assets (000)		$93,619			$88,570			$329,668			$270,229			$158,967			$125,910
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.66%	(e)		0.70%			0.74%			0.90%			0.84%			0.85%
Expenses before waivers and/or expense reimbursement		0.66%	(e)		0.71%			0.75%			0.90%			0.84%			0.85%
Net investment income (loss)		3.90%	(e)		3.59%			2.95%			2.64%			2.97%			2.61%
Portfolio turnover rate(f)		13%			50%			52%			72%			38%			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 141

Fund Liquidity Risk Management Program (unaudited)

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

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

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

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

142

∎ 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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

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

Mutual Funds:

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

PGIM 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, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2020 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

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, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA Large-Cap Core Equity Fund

June 15, 2020

PGIM QMA Large-Cap Core Equity Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–6.81	–9.61	5.74	9.76	—
Class B	–7.21	–9.73	5.93	9.52	—
Class C	–7.15	–5.94	6.14	9.57	—
Class Z	–6.71	–4.07	7.20	10.66	—
Class R6	–6.65	–3.96	N/A	N/A	7.88 (12/28/16)
S&P 500 Index
	–3.15	0.88	9.12	11.69	—

Average Annual Total Returns as of 4/30/20 Since Inception (%)
	Class R6 (12/28/16)
S&P 500 Index	10.37

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

4 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 the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (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 reinvestment of dividends and/or capital gains. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. See the supplement included with this shareholder report for details.

Benchmark Definitions

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

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

PGIM QMA Large-Cap Core Equity Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/20

Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	6.3%
Apple, Inc.	Technology Hardware, Storage & Peripherals	5.7%
Amazon.com, Inc.	Internet & Direct Marketing Retail	2.8%
Facebook, Inc. (Class A Stock)	Interactive Media & Services	2.8%
Procter & Gamble Co. (The)	Household Products	1.8%
Intel Corp.	Semiconductors & Semiconductor Equipment	1.8%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.6%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.5%
AT&T, Inc.	Diversified Telecommunication Services	1.4%
Johnson & Johnson	Pharmaceuticals	1.3%

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

6 Visit our website at pgiminvestments.com

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM QMA Large-Cap Core Equity Fund 7

Fees and Expenses

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, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	931.90		0.72	%	$	3.46
	Hypothetical	$	1,000.00	$	1,021.28		0.72	%	$	3.62
Class B	Actual	$	1,000.00	$	927.90		1.58	%	$	7.57
	Hypothetical	$	1,000.00	$	1,017.01		1.58	%	$	7.92
Class C	Actual	$	1,000.00	$	928.50		1.44	%	$	6.90
	Hypothetical	$	1,000.00	$	1,017.70		1.44	%	$	7.22
Class Z	Actual	$	1,000.00	$	932.90		0.48	%	$	2.31
	Hypothetical	$	1,000.00	$	1,022.48		0.48	%	$	2.41
Class R6	Actual	$	1,000.00	$	933.50		0.35	%	$	1.68
	Hypothetical	$	1,000.00	$	1,023.12		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 182 days in the six-month period ended April 30, 2020, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    98.7%
COMMON STOCKS
Aerospace & Defense    2.5%
General Dynamics Corp.		16,920	$	2,210,090
Howmet Aerospace, Inc.		143,647		1,877,466
Huntington Ingalls Industries, Inc.		5,600		1,071,896
Lockheed Martin Corp.		12,333		4,798,277
Northrop Grumman Corp.		5,404		1,786,941
Raytheon Technologies Corp.		24,550		1,591,086
				13,335,756
Air Freight & Logistics    0.4%
United Parcel Service, Inc. (Class B Stock)(a)		20,800		1,968,928
Airlines    0.1%
Copa Holdings SA (Panama) (Class A Stock)		8,900		393,469
Automobiles    0.3%
General Motors Co.		82,400		1,836,696
Banks    3.1%
Bank of America Corp.		200,816		4,829,625
BankUnited, Inc.		9,800		194,138
CIT Group, Inc.		33,500		635,830
Citigroup, Inc.		106,478		5,170,572
Fifth Third Bancorp		12,732		237,961
JPMorgan Chase & Co.		18,481		1,769,740
PacWest Bancorp		14,700		297,528
Popular, Inc. (Puerto Rico)		17,300		667,607
Signature Bank		4,600		493,028
Sterling Bancorp		18,900		233,037
Synovus Financial Corp.		32,000		672,320
Wells Fargo & Co.		58,100		1,687,805
				16,889,191
Beverages    2.0%
Coca-Cola Co. (The)		94,837		4,352,070
Keurig Dr. Pepper, Inc.		109,038		2,885,145
Monster Beverage Corp.*		24,300		1,501,983
PepsiCo, Inc.		14,100		1,865,289
				10,604,487

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology    3.0%
AbbVie, Inc.(a)		72,051	$	5,922,592
Alexion Pharmaceuticals, Inc.*		3,384		363,679
Biogen, Inc.*		6,566		1,948,986
Gilead Sciences, Inc.		38,672		3,248,448
Vertex Pharmaceuticals, Inc.*		18,291		4,594,699
				16,078,404
Building Products    0.8%
American Woodmark Corp.*		7,100		365,011
Carrier Global Corp.*		17,050		301,956
Johnson Controls International PLC		85,722		2,495,367
Universal Forest Products, Inc.		29,833		1,226,733
				4,389,067
Capital Markets    2.7%
Affiliated Managers Group, Inc.		34,069		2,383,467
Ameriprise Financial, Inc.		26,859		3,087,174
Bank of New York Mellon Corp. (The)		75,400		2,830,516
Evercore, Inc. (Class A Stock)		6,800		350,880
Goldman Sachs Group, Inc. (The)		12,877		2,361,899
LPL Financial Holdings, Inc.		7,700		463,694
Morgan Stanley		60,875		2,400,301
Stifel Financial Corp.		14,900		659,772
				14,537,703
Chemicals    2.5%
Cabot Corp.		9,800		332,122
Corteva, Inc.		92,600		2,425,194
DuPont de Nemours, Inc.		19,353		909,978
Eastman Chemical Co.		28,800		1,742,688
Huntsman Corp.		29,963		503,678
Koppers Holdings, Inc.*		11,500		181,240
Linde PLC (United Kingdom)		4,600		846,354
LyondellBasell Industries NV (Class A Stock)		33,900		1,964,505
PolyOne Corp.		11,000		256,190
PPG Industries, Inc.		5,500		499,565
Sherwin-Williams Co. (The)		7,157		3,838,800
				13,500,314
Commercial Services & Supplies    0.0%
Deluxe Corp.		4,100		115,497

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Communications Equipment    0.9%
Cisco Systems, Inc.		117,382	$	4,974,649
Construction & Engineering    0.2%
EMCOR Group, Inc.		12,577		799,017
Construction Materials    0.1%
Eagle Materials, Inc.		12,200		744,322
Consumer Finance    0.4%
Capital One Financial Corp.		18,085		1,171,185
Discover Financial Services		6,500		279,305
OneMain Holdings, Inc.		26,812		649,118
				2,099,608
Containers & Packaging    0.1%
Sealed Air Corp.		14,500		414,555
Distributors    0.6%
LKQ Corp.*		119,992		3,137,791
Diversified Consumer Services    0.2%
frontdoor, Inc.*		23,960		927,492
Diversified Financial Services    0.8%
Berkshire Hathaway, Inc. (Class B Stock)*		23,274		4,360,617
Diversified Telecommunication Services    2.6%
AT&T, Inc.		245,035		7,466,216
CenturyLink, Inc.		9,514		101,039
Verizon Communications, Inc.		113,650		6,529,193
				14,096,448
Electric Utilities    1.6%
Exelon Corp.		90,745		3,364,824
NRG Energy, Inc.		79,108		2,652,491
PPL Corp.		30,400		772,768
Southern Co. (The)		33,620		1,907,263
				8,697,346
Electrical Equipment    0.2%
Atkore International Group, Inc.*		31,721		772,089

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components    0.2%
Jabil, Inc.		34,300	$	975,492
SYNNEX Corp.		2,800		245,168
				1,220,660
Energy Equipment & Services    0.1%
Matrix Service Co.*		9,500		99,180
TechnipFMC PLC (United Kingdom)		42,800		381,348
				480,528
Entertainment    1.4%
Activision Blizzard, Inc.		55,900		3,562,507
Electronic Arts, Inc.*		34,800		3,976,248
				7,538,755
Equity Real Estate Investment Trusts (REITs)    2.2%
Apple Hospitality REIT, Inc.		54,901		531,442
Brixmor Property Group, Inc.		29,300		335,485
Colony Capital, Inc.		5,714		13,199
CoreCivic, Inc.		8,273		108,542
Crown Castle International Corp.		12,600		2,008,818
Diversified Healthcare Trust		6,281		19,534
EPR Properties		7,000		205,940
Gaming & Leisure Properties, Inc.		41,700		1,177,608
GEO Group, Inc. (The)		64,952		823,591
Prologis, Inc.		46,300		4,131,349
Retail Properties of America, Inc. (Class A Stock)		30,000		186,000
Ryman Hospitality Properties, Inc.		8,905		314,703
Service Properties Trust		46,800		324,324
Spirit Realty Capital, Inc.		13,200		406,032
WP Carey, Inc.		11,000		723,580
Xenia Hotels & Resorts, Inc.		30,243		293,357
				11,603,504
Food & Staples Retailing    1.4%
Kroger Co. (The)		43,600		1,378,196
Walgreens Boots Alliance, Inc.(a)		77,101		3,337,702
Walmart, Inc.		24,993		3,037,899
				7,753,797

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products    1.9%
Archer-Daniels-Midland Co.		68,390	$	2,540,005
Bunge Ltd.		46,600		1,848,622
Kraft Heinz Co. (The)		43,000		1,304,190
Pilgrim’s Pride Corp.*		58,141		1,279,102
Tyson Foods, Inc. (Class A Stock)		48,487		3,015,406
				9,987,325
Gas Utilities    0.4%
UGI Corp.		74,352		2,243,943
Health Care Equipment & Supplies    4.4%
Baxter International, Inc.		30,041		2,667,040
Becton, Dickinson & Co.		13,100		3,308,143
Danaher Corp.		8,400		1,373,064
Dentsply Sirona, Inc.		59,400		2,520,936
Edwards Lifesciences Corp.*		18,100		3,936,750
Hologic, Inc.*		31,378		1,572,038
Medtronic PLC		54,265		5,297,892
Stryker Corp.(a)		14,728		2,745,741
				23,421,604
Health Care Providers & Services    3.8%
Anthem, Inc.		16,066		4,510,208
Cigna Corp.		27,187		5,322,671
CVS Health Corp.		63,540		3,910,887
Humana, Inc.		8,200		3,130,924
UnitedHealth Group, Inc.		11,400		3,334,158
				20,208,848
Hotels, Restaurants & Leisure    0.9%
Marriott Vacations Worldwide Corp.		5,600		464,800
McDonald’s Corp.		23,700		4,445,172
RCI Hospitality Holdings, Inc.		6,900		86,457
				4,996,429
Household Durables    0.2%
D.R. Horton, Inc.		13,000		613,860
M/I Homes, Inc.*		9,400		239,324
Meritage Homes Corp.*		3,600		189,216
				1,042,400

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Household Products     1.8%
Procter & Gamble Co. (The)		82,986	$	9,781,560
Independent Power & Renewable Electricity Producers     0.5%
AES Corp. (The)		80,000		1,060,000
Vistra Energy Corp.		79,500		1,553,430
				2,613,430
Industrial Conglomerates     1.5%
3M Co.		21,600		3,281,472
General Electric Co.		580,271		3,945,843
Honeywell International, Inc.		6,800		964,920
				8,192,235
Insurance     2.7%
Allstate Corp. (The)		26,799		2,725,994
American Equity Investment Life Holding Co.		16,500		346,830
American International Group, Inc.		83,458		2,122,337
Axis Capital Holdings Ltd.		7,000		256,200
Chubb Ltd.		11,700		1,263,717
Lincoln National Corp.		63,600		2,255,892
MetLife, Inc.		95,540		3,447,083
National General Holdings Corp.		8,400		159,852
Old Republic International Corp.		12,500		199,375
Principal Financial Group, Inc.		17,600		640,816
Unum Group		52,631		918,411
				14,336,507
Interactive Media & Services     6.0%
Alphabet, Inc. (Class A Stock)*		6,594		8,880,140
Alphabet, Inc. (Class C Stock)*		5,868		7,913,937
Facebook, Inc. (Class A Stock)*		72,580		14,857,851
TripAdvisor, Inc.		33,700		672,989
				32,324,917
Internet & Direct Marketing Retail     3.9%
Amazon.com, Inc.*		6,092		15,071,608
Booking Holdings, Inc.*		2,734		4,047,878
PetMed Express, Inc.		13,100		518,367

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Internet & Direct Marketing Retail (cont’d.)
Qurate Retail, Inc. (Class A Stock)*		5,491	$	44,230
Stamps.com, Inc.*		8,100		1,281,987
				20,964,070
IT Services     4.7%
Accenture PLC (Class A Stock)		31,359		5,807,373
Automatic Data Processing, Inc.		5,000		733,450
Cognizant Technology Solutions Corp. (Class A Stock)		61,400		3,562,428
DXC Technology Co.		62,700		1,136,751
International Business Machines Corp.		32,530		4,084,467
KBR, Inc.		15,000		303,900
Leidos Holdings, Inc.		29,175		2,882,782
PayPal Holdings, Inc.*		12,400		1,525,200
Perspecta, Inc.		32,300		696,711
Visa, Inc. (Class A Stock)(a)		24,125		4,311,620
				25,044,682
Leisure Products     0.2%
Brunswick Corp.		23,000		1,097,560
Life Sciences Tools & Services     0.4%
Charles River Laboratories International, Inc.*		2,600		376,142
IQVIA Holdings, Inc.*		11,133		1,587,454
Thermo Fisher Scientific, Inc.		214		71,622
				2,035,218
Machinery     0.7%
Crane Co.		6,900		375,705
Gates Industrial Corp. PLC*		43,300		371,947
Mueller Industries, Inc.		11,546		299,041
Oshkosh Corp.		28,951		1,955,061
Otis Worldwide Corp.*		8,525		434,008
Timken Co. (The)		2,200		82,676
Wabash National Corp.		34,300		281,260
				3,799,698
Media     0.9%
Discovery, Inc. (Class A Stock)*(a)		22,700		508,934
Discovery, Inc. (Class C Stock)*		58,128		1,186,392

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Media (cont’d.)
Nexstar Media Group, Inc. (Class A Stock)		6,700	$	469,268
ViacomCBS, Inc. (Class B Stock)(a)		166,165		2,868,008
				5,032,602
Metals & Mining     0.1%
Nucor Corp.		9,400		387,186
Mortgage Real Estate Investment Trusts (REITs)     0.1%
Invesco Mortgage Capital, Inc.		32,500		98,800
Starwood Property Trust, Inc.		46,600		603,004
				701,804
Multiline Retail     0.9%
Target Corp.		43,700		4,795,638
Multi-Utilities     1.5%
Dominion Energy, Inc.		52,051		4,014,694
MDU Resources Group, Inc.		8,100		181,926
Public Service Enterprise Group, Inc.		11,800		598,378
Sempra Energy		27,200		3,368,720
				8,163,718
Oil, Gas & Consumable Fuels     2.2%
Cheniere Energy, Inc.*		8,100		378,189
Chevron Corp.		4,700		432,400
ConocoPhillips		10,208		429,757
Diamondback Energy, Inc.(a)		29,900		1,301,846
Exxon Mobil Corp.		13,861		644,121
HollyFrontier Corp.		12,258		405,004
Kinder Morgan, Inc.		210,703		3,209,007
ONEOK, Inc.		13,000		389,090
Phillips 66		39,072		2,858,898
Pioneer Natural Resources Co.		1,400		125,034
Valero Energy Corp.		27,300		1,729,455
World Fuel Services Corp.		667		16,675
				11,919,476
Personal Products     0.0%
Coty, Inc. (Class A Stock)		37,600		204,920

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals     4.3%
Bristol-Myers Squibb Co.		105,000	$	6,385,050
Eli Lilly & Co.		11,200		1,731,968
Johnson & Johnson		46,958		7,045,579
Merck & Co., Inc.		87,727		6,960,260
Pfizer, Inc.		24,400		935,984
				23,058,841
Professional Services     0.1%
Barrett Business Services, Inc.		3,500		171,220
Heidrick & Struggles International, Inc.		4,236		95,056
				266,276
Real Estate Management & Development     0.0%
Jones Lang LaSalle, Inc.		1,800		190,044
Road & Rail     0.3%
CSX Corp.		20,741		1,373,676
Semiconductors & Semiconductor Equipment     5.1%
Applied Materials, Inc.		77,900		3,870,072
Intel Corp.		157,841		9,467,303
Micron Technology, Inc.*		31,600		1,513,324
NVIDIA Corp.		22,900		6,693,212
QUALCOMM, Inc.		61,400		4,830,338
Skyworks Solutions, Inc.		10,600		1,101,128
				27,475,377
Software     9.2%
Adobe, Inc.*		12,283		4,343,760
Intuit, Inc.		16,002		4,317,499
Microsoft Corp.		187,584		33,616,929
Oracle Corp.		106,579		5,645,490
SS&C Technologies Holdings, Inc.		26,800		1,478,288
				49,401,966
Specialty Retail     2.5%
Asbury Automotive Group, Inc.*		8,004		540,270
AutoNation, Inc.*		24,236		902,549
Best Buy Co., Inc.		8,900		682,897
Group 1 Automotive, Inc.		3,261		184,540
Home Depot, Inc. (The)		21,900		4,814,277

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description					Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Lowe’s Cos., Inc.						43,800	$	4,588,050
TJX Cos., Inc. (The)						36,800		1,805,040
								13,517,623
Technology Hardware, Storage & Peripherals     5.7%
Apple, Inc.						104,445		30,685,941
Xerox Holdings Corp.						2,256		41,262
								30,727,203
Textiles, Apparel & Luxury Goods     0.2%
Capri Holdings Ltd.*						34,100		520,025
PVH Corp.(a)						13,142		646,981
								1,167,006
Tobacco     0.8%
Altria Group, Inc.						115,041		4,515,359
Trading Companies & Distributors     0.4%
BMC Stock Holdings, Inc.*						48,993		1,041,101
GMS, Inc.*						22,900		420,902
WESCO International, Inc.*						22,821		590,380
								2,052,383
TOTAL LONG-TERM INVESTMENTS (cost $477,600,041)								530,312,214
SHORT-TERM INVESTMENTS     4.8%
AFFILIATED MUTUAL FUNDS     4.5%
PGIM Core Ultra Short Bond Fund(w)						6,234,012		6,234,012
PGIM Institutional Money Market Fund (cost $18,089,415; includes $18,082,030 of cash collateral for securities on loan)(b)(w)						18,106,168		18,102,546
TOTAL AFFILIATED MUTUAL FUNDS (cost $24,323,427)								24,336,558
	Interest Rate		Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATIONS(k)(n)    0.3%
U.S. Treasury Bills		0.000%		09/17/20		100		99,960

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Bills		0.070	%		02/25/21		400	$	399,507
U.S. Treasury Bills		0.259			06/18/20		1,100		1,099,861
TOTAL U.S. TREASURY OBLIGATIONS (cost $1,599,387)									1,599,328
TOTAL SHORT-TERM INVESTMENTS (cost $25,922,814)									25,935,886
TOTAL INVESTMENTS    103.5% (cost $503,522,855)									556,248,100
Liabilities in excess of other assets(z)    (3.5)%									(18,915,596	)
NET ASSETS    100.0%								$	537,332,504

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

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

S&P—Standard & Poor’s

* 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 $17,276,521; cash collateral of $18,082,030 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(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, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Position:
	51	S&P 500 E-Mini Index		Jun. 2020	$	7,401,120	$	1,210,858

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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	$	—	$	1,599,328

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	13,335,756	$	—	$	—
Air Freight & Logistics		1,968,928		—		—
Airlines		393,469		—		—
Automobiles		1,836,696		—		—
Banks		16,889,191		—		—
Beverages		10,604,487		—		—
Biotechnology		16,078,404		—		—
Building Products		4,389,067		—		—
Capital Markets		14,537,703		—		—
Chemicals		13,500,314		—		—
Commercial Services & Supplies		115,497		—		—
Communications Equipment		4,974,649		—		—
Construction & Engineering		799,017		—		—
Construction Materials		744,322		—		—
Consumer Finance		2,099,608		—		—
Containers & Packaging		414,555		—		—
Distributors		3,137,791		—		—
Diversified Consumer Services		927,492		—		—
Diversified Financial Services		4,360,617		—		—
Diversified Telecommunication Services		14,096,448		—		—
Electric Utilities		8,697,346		—		—
Electrical Equipment		772,089		—		—
Electronic Equipment, Instruments & Components		1,220,660		—		—
Energy Equipment & Services		480,528		—		—

See Notes to Financial Statements.

20

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Entertainment	$	7,538,755	$	—	$	—
Equity Real Estate Investment Trusts (REITs)		11,603,504		—		—
Food & Staples Retailing		7,753,797		—		—
Food Products		9,987,325		—		—
Gas Utilities		2,243,943		—		—
Health Care Equipment & Supplies		23,421,604		—		—
Health Care Providers & Services		20,208,848		—		—
Hotels, Restaurants & Leisure		4,996,429		—		—
Household Durables		1,042,400		—		—
Household Products		9,781,560		—		—
Independent Power & Renewable Electricity Producers		2,613,430		—		—
Industrial Conglomerates		8,192,235		—		—
Insurance		14,336,507		—		—
Interactive Media & Services		32,324,917		—		—
Internet & Direct Marketing Retail		20,964,070		—		—
IT Services		25,044,682		—		—
Leisure Products		1,097,560		—		—
Life Sciences Tools & Services		2,035,218		—		—
Machinery		3,799,698		—		—
Media		5,032,602		—		—
Metals & Mining		387,186		—		—
Mortgage Real Estate Investment Trusts (REITs)		701,804		—		—
Multiline Retail		4,795,638		—		—
Multi-Utilities		8,163,718		—		—
Oil, Gas & Consumable Fuels		11,919,476		—		—
Personal Products		204,920		—		—
Pharmaceuticals		23,058,841		—		—
Professional Services		266,276		—		—
Real Estate Management & Development		190,044		—		—
Road & Rail		1,373,676		—		—
Semiconductors & Semiconductor Equipment		27,475,377		—		—
Software		49,401,966		—		—
Specialty Retail		13,517,623		—		—
Technology Hardware, Storage & Peripherals		30,727,203		—		—
Textiles, Apparel & Luxury Goods		1,167,006		—		—
Tobacco		4,515,359		—		—
Trading Companies & Distributors		2,052,383		—		—
Affiliated Mutual Funds		24,336,558		—		—
U.S. Treasury Obligations		—		1,599,328		—
Total	$	554,648,772	$	1,599,328	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	1,210,858	$	—	$	—

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Industry Classification:

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

Software	9.2	%
Interactive Media & Services	6.0
Technology Hardware, Storage & Peripherals	5.7
Semiconductors & Semiconductor Equipment	5.1
IT Services	4.7
Affiliated Mutual Funds (3.4% represents investments purchased with collateral from securities on loan)	4.5
Health Care Equipment & Supplies	4.4
Pharmaceuticals	4.3
Internet & Direct Marketing Retail	3.9
Health Care Providers & Services	3.8
Banks	3.1
Biotechnology	3.0
Capital Markets	2.7
Insurance	2.7
Diversified Telecommunication Services	2.6
Specialty Retail	2.5
Chemicals	2.5
Aerospace & Defense	2.5
Oil, Gas & Consumable Fuels	2.2
Equity Real Estate Investment Trusts (REITs)	2.2
Beverages	2.0
Food Products	1.9
Household Products	1.8
Electric Utilities	1.6
Industrial Conglomerates	1.5
Multi-Utilities	1.5
Food & Staples Retailing	1.4
Entertainment	1.4
Media	0.9
Hotels, Restaurants & Leisure	0.9
Communications Equipment	0.9
Multiline Retail	0.9
Tobacco	0.8
Building Products	0.8
Diversified Financial Services	0.8

Machinery	0.7	%
Distributors	0.6
Independent Power & Renewable Electricity Producers	0.5
Gas Utilities	0.4
Consumer Finance	0.4
Trading Companies & Distributors	0.4
Life Sciences Tools & Services	0.4
Air Freight & Logistics	0.4
Automobiles	0.3
U.S. Treasury Obligations	0.3
Road & Rail	0.3
Electronic Equipment, Instruments & Components	0.2
Textiles, Apparel & Luxury Goods	0.2
Leisure Products	0.2
Household Durables	0.2
Diversified Consumer Services	0.2
Construction & Engineering	0.2
Electrical Equipment	0.2
Construction Materials	0.1
Mortgage Real Estate Investment Trusts (REITs)	0.1
Energy Equipment & Services	0.1
Containers & Packaging	0.1
Airlines	0.1
Metals & Mining	0.1
Professional Services	0.1
Personal Products	0.0	*
Real Estate Management & Development	0.0	*
Commercial Services & Supplies	0.0	*
	103.5
Liabilities in excess of other assets	(3.5	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

22

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

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

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	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	$	1,210,858	*	—	$	—

* 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, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(1,973,361	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	1,127,950

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

Futures Contracts— Long Positions(1)
$	7,857,287

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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	$	17,276,521	$	(17,276,521	)	$	—

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

See Notes to Financial Statements.

24

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value, including securities on loan of $17,276,521:
Unaffiliated investments (cost $479,199,428)	$	531,911,542
Affiliated investments (cost $24,323,427)		24,336,558
Receivable for Fund shares sold		946,312
Dividends and interest receivable		606,533
Prepaid expenses		1,443
Total Assets		557,802,388
Liabilities
Payable to broker for collateral for securities on loan		18,082,030
Payable for Fund shares reacquired		1,913,524
Due to broker—variation margin futures		105,677
Management fee payable		102,130
Accrued expenses and other liabilities		96,297
Distribution fee payable		89,796
Affiliated transfer agent fee payable		80,430
Total Liabilities		20,469,884
Net Assets	$	537,332,504
Net assets were comprised of:
Shares of beneficial interest, at par	$	39,445
Paid-in capital in excess of par		508,513,636
Total distributable earnings (loss)		28,779,423
Net assets, April 30, 2020	$	537,332,504

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 25

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Class A
Net asset value and redemption price per share, ($354,530,385 ÷ 26,088,668 shares of beneficial interest issued and outstanding)	$	13.59
Maximum sales charge (5.50% of offering price)		0.79
Maximum offering price to public	$	14.38
Class B
Net asset value, offering price and redemption price per share, ($5,335,862 ÷ 444,205 shares of beneficial interest issued and outstanding)	$	12.01
Class C
Net asset value, offering price and redemption price per share, ($22,476,724 ÷ 1,868,160 shares of beneficial interest issued and outstanding)	$	12.03
Class Z
Net asset value, offering price and redemption price per share, ($62,741,183 ÷ 4,475,000 shares of beneficial interest issued and outstanding)	$	14.02
Class R6
Net asset value, offering price and redemption price per share, ($92,248,350 ÷ 6,569,255 shares of beneficial interest issued and outstanding)	$	14.04

See Notes to Financial Statements.

26

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,364 foreign withholding tax)	$	5,889,550
Affiliated dividend income		65,457
Income from securities lending, net (including affiliated income of $13,313)		13,360
Interest income		2,520
Total income		5,970,887
Expenses
Management fee		1,006,925
Distribution fee(a)		741,812
Transfer agent’s fees and expenses (including affiliated expense of $199,748)(a)		342,900
Custodian and accounting fees		49,631
Registration fees(a)		39,910
Shareholders’ reports		23,522
Audit fee		12,148
Trustees’ fees		11,583
Legal fees and expenses		9,857
SEC registration fees		3,590
Miscellaneous		13,243
Total expenses		2,255,121
Less: Fee waiver and/or expense reimbursement(a)		(212,967	)
Distribution fee waiver(a)		(96,610	)
Net expenses		1,945,544
Net investment income (loss)		4,025,343
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(12,133))		(1,931,020	)
Futures transactions		(1,973,361	)
		(3,904,381	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $10,485)		(39,947,740	)
Futures		1,127,950
		(38,819,790	)
Net gain (loss) on investment transactions		(42,724,171	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(38,698,828	)

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 27

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		579,662			33,348			128,802			—			—
Transfer agent’s fees and expenses		260,620			21,431			18,557			41,626			666
Registration fees		8,836			7,474			7,786			7,989			7,825
Fee waiver and/or expense reimbursement		(120,581	)		(22,672	)		(20,285	)		(21,918	)		(27,511	)
Distribution fee waiver		(96,610	)		—			—			—			—

See Notes to Financial Statements.

28

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	4,025,343		$	6,622,672
Net realized gain (loss) on investment transactions		(3,904,381	)		25,838,005
Net change in unrealized appreciation (depreciation) on investments		(38,819,790	)		30,886,038
Net increase (decrease) in net assets resulting from operations		(38,698,828	)		63,346,715
Dividends and Distributions
Distributions from distributable earnings
Class A		(16,111,961	)		(18,490,996	)
Class B		(283,506	)		(302,126	)
Class C		(1,067,236	)		(5,561,134	)
Class Z		(2,719,310	)		(10,679,222	)
Class R6		(3,898,963	)		(13,527,645	)
		(24,080,976	)		(48,561,123	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		61,293,858			77,592,760
Net asset value of shares issued in reinvestment of dividends and distributions		23,767,624			47,878,127
Net asset value of shares issued in merger		—			302,901,376
Cost of shares reacquired		(78,498,017	)		(125,442,700	)
Net increase (decrease) in net assets from Fund share transactions		6,563,465			302,929,563
Total increase (decrease)		(56,216,339	)		317,715,155
Net Assets:
Beginning of period		593,548,843			275,833,688
End of period	$	537,332,504		$	593,548,843

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 29

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 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 securities trade in markets that are open on weekends and U.S. holidays, the values of some

30

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.

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

PGIM QMA Large-Cap Core Equity Fund 31

Notes to Financial Statements (unaudited) (continued)

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(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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

32

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

PGIM QMA Large-Cap Core Equity Fund 33

Notes to Financial Statements (unaudited) (continued)

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

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.

34

2. Agreements

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

The Manager has entered into a subadvisory agreement with QMA LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. The Manager 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, 2020.

The Manager has contractually agreed through February 28, 2021, 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, the Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.72% of average daily net assets for Class A shares, 1.58% of average daily net assets for Class B shares and 1.44% of average daily net assets for Class C 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. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year

PGIM QMA Large-Cap Core Equity Fund 35

Notes to Financial Statements (unaudited) (continued)

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 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 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 28, 2021 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, 2020, PIMS received $141,244 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $633 and $781 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 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. In addition to the realized and

36

unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended April 30, 2020, were $234,055,486 and $249,518,436, respectively.

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

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*
$	6,423,846	$	48,119,061	$	48,308,895	$	—	$	—		$	6,234,012		6,234,012	$	65,457
	PGIM Institutional Money Market Fund*
	14,884,784		49,332,410		46,113,000		10,485		(12,133	)		18,102,546		18,106,168		13,313	**
$	21,308,630	$	97,451,471	$	94,421,895	$	10,485	$	(12,133	)	$	24,336,558			$	78,770

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

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

PGIM QMA Large-Cap Core Equity Fund 37

Notes to Financial Statements (unaudited) (continued)

5. Tax Information

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

Tax Basis	$	527,266,801
Gross Unrealized Appreciation		97,725,594
Gross Unrealized Depreciation		(67,533,437	)
Net Unrealized Appreciation	$	30,192,157

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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class 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. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

38

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

	Number of Shares		Percentage of Outstanding Shares
Class A		1,759		—	%*
Class C		7		—	%*
Class R6		6,481,495		99	%

* Amount represents less than 1% of outstanding shares.

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	3	35%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		683,163		$	9,574,859
Shares issued in reinvestment of dividends and distributions		1,034,820			15,853,443
Shares reacquired		(2,142,543	)		(30,760,115	)
Net increase (decrease) in shares outstanding before conversion		(424,560	)		(5,331,813	)
Shares issued upon conversion from other share class(es)		162,490			2,404,892
Shares reacquired upon conversion into other share class(es)		(65,105	)		(976,558	)
Net increase (decrease) in shares outstanding		(327,175	)	$	(3,903,479	)
Year ended October 31, 2019:
Shares sold		761,029		$	10,817,244
Shares issued in reinvestment of dividends and distributions		1,358,711			18,098,031
Shares reacquired		(3,043,542	)		(43,453,974	)
Shares issued in merger		18,170,342			246,957,022
Net increase (decrease) in shares outstanding before conversion		17,246,540			232,418,323
Shares issued upon conversion from other share class(es)		2,977,009			43,297,324
Shares reacquired upon conversion into other share class(es)		(123,103	)		(1,774,004	)
Net increase (decrease) in shares outstanding		20,100,446		$	273,941,643

PGIM QMA Large-Cap Core Equity Fund 39

Notes to Financial Statements (unaudited) (continued)

Class B	Shares			Amount
Six months ended April 30, 2020:
Shares sold		39		$	733
Shares issued in reinvestment of dividends and distributions		20,811			282,819
Shares reacquired		(33,337	)		(441,456	)
Net increase (decrease) in shares outstanding before conversion		(12,487	)		(157,904	)
Shares reacquired upon conversion into other share class(es)		(114,260	)		(1,518,824	)
Net increase (decrease) in shares outstanding		(126,747	)	$	(1,676,728	)
Year ended October 31, 2019:
Shares sold		5,899		$	74,605
Shares issued in reinvestment of dividends and distributions		25,098			298,161
Shares reacquired		(77,046	)		(969,073	)
Shares issued in merger		601,023			7,463,434
Net increase (decrease) in shares outstanding before conversion		554,974			6,867,127
Shares reacquired upon conversion into other share class(es)		(92,338	)		(1,183,107	)
Net increase (decrease) in shares outstanding		462,636		$	5,684,020
Class C
Six months ended April 30, 2020:
Shares sold		144,614		$	1,854,823
Shares issued in reinvestment of dividends and distributions		77,367			1,052,190
Shares reacquired		(267,522	)		(3,269,539	)
Net increase (decrease) in shares outstanding before conversion		(45,541	)		(362,526	)
Shares reacquired upon conversion into other share class(es)		(117,356	)		(1,533,343	)
Net increase (decrease) in shares outstanding		(162,897	)	$	(1,895,869	)
Year ended October 31, 2019:
Shares sold		429,007		$	4,934,902
Shares issued in reinvestment of dividends and distributions		453,060			5,391,413
Shares reacquired		(858,841	)		(10,641,489	)
Shares issued in merger		3,343,920			40,253,040
Net increase (decrease) in shares outstanding before conversion		3,367,146			39,937,866
Shares reacquired upon conversion into other share class(es)		(3,304,919	)		(42,825,682	)
Net increase (decrease) in shares outstanding		62,227		$	(2,887,816	)

40

Class Z	Shares			Amount
Six months ended April 30, 2020:
Shares sold		830,794		$	11,423,108
Shares issued in reinvestment of dividends and distributions		169,741			2,680,209
Shares reacquired		(917,752	)		(13,062,544	)
Net increase (decrease) in shares outstanding before conversion		82,783			1,040,773
Shares issued upon conversion from other share class(es)		98,011			1,517,330
Shares reacquired upon conversion into other share class(es)		(455	)		(7,583	)
Net increase (decrease) in shares outstanding		180,339		$	2,550,520
Year ended October 31, 2019:
Shares sold		908,083		$	12,719,109
Shares issued in reinvestment of dividends and distributions		770,451			10,562,877
Shares reacquired		(1,681,624	)		(24,493,319	)
Shares issued in merger		539,047			7,514,605
Net increase (decrease) in shares outstanding before conversion		535,957			6,303,272
Shares issued upon conversion from other share class(es)		166,429			2,450,314
Shares reacquired upon conversion into other share class(es)		(3,376	)		(56,957	)
Net increase (decrease) in shares outstanding		699,010		$	8,696,629
Class R6
Six months ended April 30, 2020:
Shares sold		2,763,858		$	38,440,335
Shares issued in reinvestment of dividends and distributions		246,614			3,898,963
Shares reacquired		(2,234,990	)		(30,964,363	)
Net increase (decrease) in shares outstanding before conversion		775,482			11,374,935
Shares issued upon conversion from other share class(es)		7,046			114,086
Net increase (decrease) in shares outstanding		782,528		$	11,489,021
Year ended October 31, 2019:
Shares sold		3,400,731		$	49,046,900
Shares issued in reinvestment of dividends and distributions		985,980			13,527,645
Shares reacquired		(3,097,223	)		(45,884,845	)
Shares issued in merger		49,044			713,275
Net increase (decrease) in shares outstanding before conversion		1,338,532			17,402,975
Shares issued upon conversion from other share class(es)		6,026			92,112
Net increase (decrease) in shares outstanding		1,344,558		$	17,495,087

7. Borrowings

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

	SCA
Term of Commitment	10/3/2019 – 10/1/2020
Total Commitment	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%

PGIM QMA Large-Cap Core Equity Fund 41

Notes to Financial Statements (unaudited)(continued)

	SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

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

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

8. Risks of Investing in the Fund

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

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

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

42

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

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.

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

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.

PGIM QMA Large-Cap Core Equity Fund 43

Notes to Financial Statements (unaudited) (continued)

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 funds 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
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.

** Balances updated due to capital stock activity that occured on the merger date.

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 Fund 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					PGIM QMA Large-Cap Core Equity Fund
Class	Net assets**		Unrealized Appreciation on Investments		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

** Balances updated due to capital stock activity that occured on the merger date.

44

On December 6, 2018, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PGIM Growth Allocation 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 May 7, 2019 and the reorganization took place on June 21, 2019.

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 Growth Allocation Fund	$	103,285,240	$	101,038,779

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

The acquisition was accomplished by a tax-free exchange of the following shares on June 21, 2019:

Merged Fund			Acquiring Fund
PGIM Growth Allocation Fund			PGIM QMA Large-Cap Core Equity Fund
Class	Shares		Class		Shares		Value
A		6,542,127		A		5,814,665	$	85,591,875
B		347,206		B		322,743		4,221,475
C		924,805		C		859,786		11,263,198
R*		3,448
R6		34,903		R6		30,652		465,906
Z		177,146		Z		155,969		2,366,047

* 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 Fund 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 Growth Allocation Fund					PGIM QMA Large-Cap Core Equity Fund
Class	Net assets		Unrealized Appreciation on Investments		Class		Net assets
A	$	85,547,474	$	1,849,179		A	$	318,962,457
B		4,221,475		91,196		B		4,297,642

PGIM QMA Large-Cap Core Equity Fund 45

Notes to Financial Statements (unaudited) (continued)

Merged Fund					Acquiring Fund
PGIM Growth Allocation Fund					PGIM QMA Large-Cap Core Equity Fund
Class	Net assets		Unrealized Appreciation on Investments		Class		Net assets
C	$	11,263,198	$	243,949		C	$	19,072,550
R		44,401		959
R6		465,906		10,065		R6		81,276,224
Z		2,366,047		51,113		Z		64,334,299

Assuming the acquisition had been completed on November 1, 2018, the Acquiring Fund’s unaudited pro forma results of operations for the year ended October 31, 2019 would have been as follows:

Acquiring Fund	Net investment income (a)		Net realized and unrealized gain/loss on investments (b)		Net increase in net assets resulting from operations
PGIM QMA Large-Cap Core Equity Fund	$	8,267,062	$	46,438,251	$	54,705,313

(a) Net investment income as reported in the Statement of Operations (year ended October 31, 2019) of the Acquiring Fund, plus net investment income from the Merged Funds pre-merger as follows: PGIM QMA Defensive Equity Fund $511,886 and PGIM Growth Allocation Fund $1,132,504.

(b) Net realized and unrealized gain/loss on investments as reported in the Statement of Operations (year ended October 31, 2019) of the Acquiring Fund, plus net realized and unrealized gain (loss) on investments from the Merged Funds pre-merger as follows: PGIM QMA Defensive Equity Fund $(8,084,016) and PGIM Growth Allocation $(2,201,776).

Since both the Merged Funds 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 Funds that have been included in the Acquiring Fund’s Statement of Operations since December 14, 2018 and June 21, 2019.

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,

46

and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM QMA Large-Cap Core Equity Fund 47

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.17			$16.76			$18.37			$15.49			$15.92			$16.55
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.18			0.20			0.19			0.14			0.14
Net realized and unrealized gain (loss) on investment transactions		(1.06	)		1.19			0.80			3.51			0.29			0.55
Total from investment operations		(0.96	)		1.37			1.00			3.70			0.43			0.69
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.22	)		(0.18	)		(0.15	)		(0.14	)		(0.11	)
Distributions from net realized gains		(0.43	)		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(0.62	)		(2.96	)		(2.61	)		(0.82	)		(0.86	)		(1.32	)
Net asset value, end of period		$13.59			$15.17			$16.76			$18.37			$15.49			$15.92
Total Return(b):		(6.81)%			10.61%			5.67%			24.73%			3.02%			4.20%
Ratios/Supplemental Data:
Net assets, end of period (000)		$354,530			$400,634			$105,855			$113,343			$89,169			$88,920
Average net assets (000)		$388,565			$302,864			$112,391			$101,852			$88,443			$90,171
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.72%	(e)		0.74%			0.72%			0.77%			1.17%			1.14%
Expenses before waivers and/or expense reimbursement		0.83%	(e)		0.87%			0.86%			0.93%			1.22%			1.19%
Net investment income (loss)		1.36%	(e)		1.27%			1.14%			1.13%			0.91%			0.89%
Portfolio turnover rate(f)(g)		41%			88%			95%			89%			89%			112%

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

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

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

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

(e) Annualized.

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

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

See Notes to Financial Statements.

48

Class B Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.43			$15.15			$16.87			$14.30			$14.75			$15.43
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.05			0.03			0.06			0.03			0.02
Net realized and unrealized gain (loss) on investment transactions		(0.94	)		1.05			0.74			3.23			0.27			0.51
Total from investment operations		(0.91	)		1.10			0.77			3.29			0.30			0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.08	)		(0.06	)		(0.05	)		(0.03	)		-	(b)
Distributions from net realized gains		(0.43	)		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(0.51	)		(2.82	)		(2.49	)		(0.72	)		(0.75	)		(1.21	)
Net asset value, end of period		$12.01			$13.43			$15.15			$16.87			$14.30			$14.75
Total Return(c):		(7.21)%			9.65%			4.67%			23.75%			2.31%			3.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,336			$7,668			$1,641			$2,291			$2,132			$2,676
Average net assets (000)		$6,706			$5,430			$1,953			$2,311			$2,348			$3,018
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.58%	(f)		1.59%			1.67%			1.52%			1.92%			1.89%
Expenses before waivers and/or expense reimbursement		2.26%	(f)		2.24%			2.45%			1.63%			1.92%			1.89%
Net investment income (loss)		0.50%	(f)		0.40%			0.20%			0.40%			0.19%			0.15%
Portfolio turnover rate(g)(h)		41%			88%			95%			89%			89%			112%

(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) 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.

(h) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

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, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.46			$15.20			$16.89			$14.31			$14.77			$15.45
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.08			0.07			0.06			0.02			0.02
Net realized and unrealized gain (loss) on investment transactions		(0.94	)		1.03			0.73			3.24			0.27			0.51
Total from investment operations		(0.90	)		1.11			0.80			3.30			0.29			0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.11	)		(0.06	)		(0.05	)		(0.03	)		-	(b)
Distributions from net realized gains		(0.43	)		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(0.53	)		(2.85	)		(2.49	)		(0.72	)		(0.75	)		(1.21	)
Net asset value, end of period		$12.03			$13.46			$15.20			$16.89			$14.31			$14.77
Total Return(c):		(7.15)%			9.77%			4.91%			23.80%			2.24%			3.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$22,477			$27,333			$29,930			$31,518			$39,218			$38,919
Average net assets (000)		$25,902			$36,812			$31,783			$34,697			$38,344			$38,738
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.44%	(f)		1.47%			1.44%			1.53%			1.92%			1.89%
Expenses before waivers and/or expense reimbursement		1.60%	(f)		1.54%			1.55%			1.64%			1.92%			1.89%
Net investment income (loss)		0.64%	(f)		0.59%			0.43%			0.40%			0.16%			0.14%
Portfolio turnover rate(g)(h)		41%			88%			95%			89%			89%			112%

(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) 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.

(h) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

See Notes to Financial Statements.

50

Class Z Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.65			$17.20			$18.78			$15.83			$16.24			$16.86
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.24			0.25			0.24			0.18			0.18
Net realized and unrealized gain (loss) on investment transactions		(1.10	)		1.21			0.82			3.57			0.31			0.55
Total from investment operations		(0.98	)		1.45			1.07			3.81			0.49			0.73
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.26	)		(0.22	)		(0.19	)		(0.18	)		(0.14	)
Distributions from net realized gains		(0.43	)		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(0.65	)		(3.00	)		(2.65	)		(0.86	)		(0.90	)		(1.35	)
Net asset value, end of period		$14.02			$15.65			$17.20			$18.78			$15.83			$16.24
Total Return(b):		(6.71)%			10.91%			5.98%			24.93%			3.35%			4.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$62,741			$67,192			$61,857			$56,066			$71,506			$80,096
Average net assets (000)		$65,199			$65,923			$62,456			$54,787			$75,803			$57,677
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.48%	(e)		0.48%			0.46%			0.54%			0.92%			0.89%
Expenses before waivers and/or expense reimbursement		0.55%	(e)		0.54%			0.55%			0.64%			0.92%			0.89%
Net investment income (loss)		1.60%	(e)		1.59%			1.40%			1.42%			1.18%			1.12%
Portfolio turnover rate(f)(g)		41%			88%			95%			89%			89%			112%

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

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

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

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

(e) Annualized.

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

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

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, 2020			Year Ended October 31,						December 28, 2016(a) through October 31, 2017
				2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$15.68			$17.23			$18.81			$16.06
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.26			0.27			0.21
Net realized and unrealized gain (loss) on investment transactions		(1.10	)		1.21			0.82			2.54
Total from investment operations		(0.97	)		1.47			1.09			2.75
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.28	)		(0.24	)		-
Distributions from net realized gains		(0.43	)		(2.74	)		(2.43	)		-
Total dividends and distributions		(0.67	)		(3.02	)		(2.67	)		-
Net asset value, end of period		$14.04			$15.68			$17.23			$18.81
Total Return(c):		(6.65)%			11.05%			6.10%			17.12%
Ratios/Supplemental Data:
Net assets, end of period (000)		$92,248			$90,722			$76,551			$58,304
Average net assets (000)		$92,176			$86,249			$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%			0.35%	(f)
Expenses before waivers and/or expense reimbursement		0.41%	(f)		0.41%			0.44%			0.47%	(f)
Net investment income (loss)		1.72%	(f)		1.72%			1.51%			1.44%	(f)
Portfolio turnover rate(g)(h)		41%			88%			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) 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.

(h) Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions (if any).

See Notes to Financial Statements.

52

Fund Liquidity Risk Management Program (Unaudited)

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

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

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

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

PGIM QMA Large-Cap Core Equity Fund 53

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

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

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

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

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s 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 • Claudia DiGiacomo, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

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

Mutual Funds:

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

PGIM 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, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2020 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

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, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Real Estate Income Fund

June 15, 2020

PGIM Real Estate Income Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	–25.97	–22.03	–1.42 (6/3/15)
Class C	–26.17	–18.79	–0.98 (6/3/15)
Class Z	–25.79	–17.21	0.04 (6/3/15)
Class R6	–25.84	–17.26	–0.61 (12/28/16)
Custom Blend Index
	–20.09	–13.61	—

Average Annual Total Returns as of 4/30/20 Since Inception (%)
	Class A (6/3/15)	Class C (6/3/15)	Class Z (6/3/15)	Class R6 (12/28/16)
Custom Blend Index	1.07	1.07	1.07	0.61

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

4 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 the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	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

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.

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

PGIM Real Estate Income Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/20

Ten Largest Holdings	Real Estate Sectors	% of Net Assets
Brandywine Realty Trust	Office REITs	5.8%
MGM Growth Properties LLC (Class A Stock)	Hotel & Resort REITs	5.5%
Omega Healthcare Investors, Inc.	Health Care REITs	5.1%
Stockland (Australia)	Diversified REITs	5.0%
Global Medical REIT, Inc.	Health Care REITs	4.8%
Four Corners Property Trust, Inc.	Specialized REITs	4.2%
Healthpeak Properties, Inc.	Health Care REITs	3.7%
New World Development Co. Ltd. (Hong Kong)	Diversified Real Estate Activities	3.7%
Physicians Realty Trust	Health Care REITs	3.5%
American Homes 4 Rent	Residential REITs	3.4%

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

6 Visit our website at pgiminvestments.com

Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Real Estate Income Fund 7

Fees and Expenses (continued)

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

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

PGIM Real Estate Income Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	740.30		1.36	%	$	5.88
	Hypothetical	$	1,000.00	$	1,018.10		1.36	%	$	6.82
Class C	Actual	$	1,000.00	$	738.30		2.12	%	$	9.16
	Hypothetical	$	1,000.00	$	1,014.32		2.12	%	$	10.62
Class Z	Actual	$	1,000.00	$	742.10		1.11	%	$	4.81
	Hypothetical	$	1,000.00	$	1,019.34		1.11	%	$	5.57
Class R6	Actual	$	1,000.00	$	741.60		1.11	%	$	4.81
	Hypothetical	$	1,000.00	$	1,019.34		1.11	%	$	5.57

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

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS    73.7%
Diversified Real Estate Activities    5.4%
New World Development Co. Ltd. (Hong Kong)		259,510	$	305,515
Sun Hung Kai Properties Ltd. (Hong Kong)		10,110		138,229
				443,744
Diversified REITs    8.7%
Activia Properties, Inc. (Japan)		25		73,530
American Assets Trust, Inc.		5,099		144,404
Nomura Real Estate Master Fund, Inc. (Japan)		79		90,769
Stockland (Australia)		221,921		415,296
				723,999
Health Care REITs    19.9%
Global Medical REIT, Inc.		38,006		396,022
Healthpeak Properties, Inc.		11,932		311,902
Medical Properties Trust, Inc.		13,584		232,830
Omega Healthcare Investors, Inc.		14,472		421,859
Physicians Realty Trust		18,873		291,022
				1,653,635
Hotel & Resort REITs    5.5%
MGM Growth Properties LLC (Class A Stock)		17,965		452,179
Industrial REITs    4.7%
Mapletree Logistics Trust (Singapore)		138,617		175,810
Summit Industrial Income REIT (Canada)		29,028		216,467
				392,277
Office REITs    14.0%
Brandywine Realty Trust		43,119		481,208
Corporate Office Properties Trust		5,423		143,276
Cousins Properties, Inc.		2,143		64,654
Dexus (Australia)		12,466		74,306
Keppel REIT (Singapore)		283,440		211,938
NSI NV (Netherlands)		4,516		181,330
				1,156,712
Real Estate Operating Companies    1.4%
Swire Properties Ltd. (Hong Kong)		42,123		118,556

See Notes to Financial Statements.

PGIM Real Estate Income Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Retail REITs    8.3%
Frasers Centrepoint Trust (Singapore)		120,676	$	181,248
Link REIT (Hong Kong)		19,989		179,754
Realty Income Corp.		3,545		194,691
Supermarket Income REIT PLC (United Kingdom)		96,000		129,053
				684,746
Specialized REITs    5.8%
Four Corners Property Trust, Inc.		15,796		353,672
Life Storage, Inc.		1,494		130,860
				484,532
TOTAL COMMON STOCKS (cost $6,366,587)				6,110,380
PREFERRED STOCKS    25.8%
Diversified REITs    4.6%
Gladstone Commercial Corp.		9,539		200,319
PS Business Parks, Inc.		7,124		179,881
				380,200
Industrial REITs    5.5%
Monmouth Real Estate Investment Corp.		9,938		242,884
Rexford Industrial Realty, Inc.		8,674		214,595
				457,479
Office REITs    5.6%
Office Properties Income Trust		9,733		222,302
Vornado Realty Trust		11,019		246,054
				468,356
Residential REITs    8.3%
American Homes 4 Rent		12,170		284,656
Investors Real Estate Trust		8,199		205,795
UMH Properties, Inc.		8,353		197,298
				687,749

See Notes to Financial Statements.

10

Description	Shares		Value
PREFERRED STOCKS (Continued)
Specialized REITs    1.8%
EPR Properties		7,938	$	148,361
TOTAL PREFERRED STOCKS (cost $2,276,436)				2,142,145
TOTAL LONG-TERM INVESTMENTS (cost $8,643,023)				8,252,525
SHORT-TERM INVESTMENT    0.8%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $68,520)(w)		68,520		68,520
TOTAL INVESTMENTS    100.3% (cost $8,711,543)				8,321,045
Liabilities in excess of other assets    (0.3)%				(23,603	)
NET ASSETS    100.0%			$	8,297,442

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

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

(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, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Australia	$	—	$	489,602	$	—
Canada		216,467		—		—
Hong Kong		—		742,054		—
Japan		—		164,299		—

See Notes to Financial Statements.

PGIM Real Estate Income Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Netherlands	$	—	$	181,330	$	—
Singapore		—		568,996		—
United Kingdom		—		129,053		—
United States		3,618,579		—		—
Preferred Stocks
United States		2,142,145		—		—
Affiliated Mutual Fund		68,520		—		—
Total	$	6,045,711	$	2,275,334	$	—

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, 2020 were as follows:

Health Care REITs	19.9	%
Office REITs	19.6
Diversified REITs	13.3
Industrial REITs	10.2
Retail REITs	8.3
Residential REITs	8.3
Specialized REITs	7.6
Hotel & Resort REITs	5.5

Diversified Real Estate Activities	5.4	%
Real Estate Operating Companies	1.4
Affiliated Mutual Fund	0.8
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

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

The Fund did not hold any derivative instruments as of April 30, 2020, accordingly, no derivative positions were presented in the Statement of Assets and Liabilities.

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

For the six months ended April 30, 2020, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

12

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)
Equity contracts	$	(1,879	)

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value:
Unaffiliated investments (cost $8,643,023)	$	8,252,525
Affiliated investments (cost $68,520)		68,520
Foreign currency, at value (cost $8)		8
Receivable for investments sold		49,351
Dividends receivable		35,599
Due from Manager		12,458
Tax reclaim receivable		4,758
Receivable for Fund shares sold		693
Prepaid expenses		271
Total Assets		8,424,183
Liabilities
Payable for investments purchased		73,612
Custodian and accounting fees payable		19,539
Audit fee payable		16,036
Shareholders’ reports payable		14,866
Accrued expenses and other liabilities		1,754
Distribution fee payable		491
Affiliated transfer agent fee payable		324
Payable for Fund shares reacquired		119
Total Liabilities		126,741
Net Assets	$	8,297,442
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,120
Paid-in capital in excess of par		10,494,078
Total distributable earnings (loss)		(2,197,756	)
Net assets, April 30, 2020	$	8,297,442

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($669,659 ÷ 90,577 shares of beneficial interest issued and outstanding)	$	7.39
Maximum sales charge (5.50% of offering price)		0.43
Maximum offering price to public	$	7.82
Class C
Net asset value, offering price and redemption price per share, ($456,351 ÷ 61,711 shares of beneficial interest issued and outstanding)	$	7.39
Class Z
Net asset value, offering price and redemption price per share, ($6,892,305 ÷ 929,616 shares of beneficial interest issued and outstanding)	$	7.41
Class R6
Net asset value, offering price and redemption price per share, ($279,127 ÷ 37,724 shares of beneficial interest issued and outstanding)	$	7.40

See Notes to Financial Statements.

PGIM Real Estate Income Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $9,365 foreign withholding tax)	$	343,065
Affiliated dividend income		1,388
Income from securities lending, net (including affiliated income of $15)		91
Total income		344,544
Expenses
Management fee		53,650
Distribution fee(a)		4,370
Custodian and accounting fees		31,895
Registration fees(a)		24,146
Audit fee		16,036
Shareholders’ reports		14,871
Legal fees and expenses		9,089
Transfer agent’s fees and expenses (including affiliated expense of $884)(a)		8,484
Trustees’ fees		5,561
Miscellaneous		9,373
Total expenses		177,475
Less: Fee waiver and/or expense reimbursement(a)		(98,422	)
Distribution fee waiver(a)		(205	)
Net expenses		78,848
Net investment income (loss)		265,696
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $38)		(1,191,867	)
Foreign currency transactions		(3,310	)
		(1,195,177	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,986,760	)
Foreign currencies		(129	)
		(1,986,889	)
Net gain (loss) on investment and foreign currency transactions		(3,182,066	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,916,370	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		1,227			3,143			—			—
Registration fees		6,338			6,339			6,508			4,961
Transfer agent’s fees and expenses		930			421			7,090			43
Fee waiver and/or expense reimbursement		(11,672	)		(10,044	)		(70,302	)		(6,404	)
Distribution fee waiver		(205	)		—			—			—

See Notes to Financial Statements.

16

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	265,696		$	416,669
Net realized gain (loss) on investment and foreign currency transactions		(1,195,177	)		1,055,898
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(1,986,889	)		1,676,454
Net increase (decrease) in net assets resulting from operations		(2,916,370	)		3,149,021
Dividends and Distributions
Distributions from distributable earnings
Class A		(55,113	)		(26,656	)
Class C		(43,270	)		(15,965	)
Class Z		(954,473	)		(480,561	)
Class R6		(12,769	)		(4,594	)
		(1,065,625	)		(527,776	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		2,464,138			9,084,615
Net asset value of shares issued in reinvestment of dividends and distributions		1,060,070			525,036
Cost of shares reacquired		(9,407,074	)		(2,047,899	)
Net increase (decrease) in net assets from Fund share transactions		(5,882,866	)		7,561,752
Total increase (decrease)		(9,864,861	)		10,182,997
Net Assets:
Beginning of period		18,162,303			7,979,306
End of period	$	8,297,442		$	18,162,303

See Notes to Financial Statements.

PGIM Real Estate Income 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 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.

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 Real Estate Income 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(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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

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

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

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

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

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

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

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

PGIM Real Estate Income Fund 21

Notes to Financial Statements (unaudited) (continued)

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 in the Statement of Operations.

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

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.

22

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

The Manager has entered into an amended and restated subadvisory agreement with PGIM, Inc. (which provides subadvisory services to the Fund through its business unit, PGIM Real Estate) and PGIM Real Estate (UK) Limited (formerly PGIM Fund Management Limited), an indirect wholly-owned subsidiary of PGIM, Inc. (together, the “Subadvisers”). The subadvisory agreement provides that the Subadvisers will provide investment advisory services to the Fund with respect to the assets of the Fund allocated to them by the Manager. In connection therewith, the Subadvisers are obligated to keep certain books and records of the Fund. The Manager pays for the services of the Subadvisers, the cost of

PGIM Real Estate Income Fund 23

Notes to Financial Statements (unaudited) (continued)

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 reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 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 the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The 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 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed through February 28, 2021 to limit such fees to 0.25% of the average daily net assets of Class A shares.

24

For the reporting period ended April 30, 2020, PIMS received $7,298 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $3 in 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”).

3. Other Transactions with Affiliates

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

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

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $17,078,646 and $23,545,324, respectively.

PGIM Real Estate Income Fund 25

Notes to Financial Statements (unaudited) (continued)

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

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*
$744,697	$	6,361,117	$	7,037,294	$	—	$	—	$	68,520		68,520	$	1,388
PGIM Institutional Money Market Fund*
354,273		380,645		734,956		—		38		—		—		15	**
$1,098,970	$	6,741,762	$	7,772,250	$	—	$	38	$	68,520			$	1,403

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

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

5. Tax Information

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

Tax Basis	$	9,257,671
Gross Unrealized Appreciation		247,227
Gross Unrealized Depreciation		(1,183,853	)
Net Unrealized Depreciation	$	(936,626	)

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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class 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

26

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 charges and are available exclusively for sale to a limited group of investors.

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

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

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

	Number of Shares		Percentage of Outstanding Shares
Class Z		676,249		73	%
Class R6		1,326		4	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	60%	2	29%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		34,015		$	314,278
Shares issued in reinvestment of dividends and distributions		5,600			52,621
Shares reacquired		(34,848	)		(326,278	)
Net increase (decrease) in shares outstanding		4,767		$	40,621
Year ended October 31, 2019:
Shares sold		42,526		$	417,140
Shares issued in reinvestment of dividends and distributions		2,679			25,672
Shares reacquired		(31,794	)		(294,954	)
Net increase (decrease) in shares outstanding before conversion		13,411			147,858
Shares issued upon conversion from other share class(es)		1,443			14,218
Net increase (decrease) in shares outstanding		14,854		$	162,076

PGIM Real Estate Income Fund 27

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2020:
Shares sold		15,656		$	164,622
Shares issued in reinvestment of dividends and distributions		4,515			43,271
Shares reacquired		(18,370	)		(168,033	)
Net increase (decrease) in shares outstanding		1,801		$	39,860
Year ended October 31, 2019:
Shares sold		32,053		$	291,635
Shares issued in reinvestment of dividends and distributions		1,676			15,965
Shares reacquired		(10,795	)		(94,916	)
Net increase (decrease) in shares outstanding before conversion		22,934			212,684
Shares reacquired upon conversion into other share class(es)		(1,442	)		(14,218	)
Net increase (decrease) in shares outstanding		21,492		$	198,466
Class Z
Six months ended April 30, 2020:
Shares sold		165,903		$	1,710,121
Shares issued in reinvestment of dividends and distributions		98,570			951,409
Shares reacquired		(874,214	)		(8,827,881	)
Net increase (decrease) in shares outstanding		(609,741	)	$	(6,166,351	)
Year ended October 31, 2019:
Shares sold		864,219		$	8,266,388
Shares issued in reinvestment of dividends and distributions		48,986			478,805
Shares reacquired		(165,877	)		(1,609,190	)
Net increase (decrease) in shares outstanding		747,328		$	7,136,003
Class R6
Six months ended April 30, 2020:
Shares sold		32,113		$	275,117
Shares issued in reinvestment of dividends and distributions		1,417			12,769
Shares reacquired		(10,658	)		(84,882	)
Net increase (decrease) in shares outstanding		22,872		$	203,004
Year ended October 31, 2019:
Shares sold		11,145		$	109,452
Shares issued in reinvestment of dividends and distributions		474			4,594
Shares reacquired		(4,780	)		(48,839	)
Net increase (decrease) in shares outstanding		6,839		$	65,207

7. Borrowings

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

28

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

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

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager 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, 2020. The average daily balance for the 24 days that the Fund had loans outstanding during the period was approximately $510,458, borrowed at a weighted average interest rate of 2.69%. The maximum loan outstanding amount during the period was $1,929,000. At April 30, 2020, the Fund did not have an outstanding loan amount.

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.

PGIM Real Estate Income Fund 29

Notes to Financial Statements (unaudited) (continued)

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

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.

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

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

30

will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

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

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Real Estate Income Fund 31

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,												June 3, 2015(a) through October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.66			$8.76			$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.28			0.34			0.39			0.24			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.77	)		1.97			(0.63	)		0.05			0.39			(0.38	)
Total from investment operations		(2.62	)		2.25			(0.29	)		0.44			0.63			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.59	)		(0.35	)		(0.50	)		(0.48	)		(0.56	)		(0.16	)
Tax return of capital distributions		-			-			(0.07	)		-			-			-
Distributions from net realized gains		(0.06	)		-			-			-			-			-
Total dividends and distributions		(0.65	)		(0.35	)		(0.57	)		(0.48	)		(0.56	)		(0.16	)
Net asset value, end of period		$7.39			$10.66			$8.76			$9.62			$9.66			$9.59
Total Return(c):		(25.97)%			26.26%			(3.15)%			4.60%			6.92%			(2.55)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$670			$915			$621			$914			$637			$33
Average net assets (000)		$823			$677			$878			$744			$186			$24
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.36%	(f)		1.35%			1.36%			1.35%			1.35%			1.36%	(f)
Expenses before waivers and/or expense reimbursement		4.26%	(f)		4.65%			4.85%			3.30%			3.37%			9.50%	(f)
Net investment income (loss)		3.26%	(f)		2.91%			3.73%			4.00%			2.45%			3.15%	(f)
Portfolio turnover rate(g)		127%			257%			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.

32

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,												June 3, 2015(a) through October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.66			$8.76			$9.62			$9.66			$9.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.21			0.27			0.32			0.19			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.79	)		1.97			(0.63	)		0.05			0.38			(0.40	)
Total from investment operations		(2.66	)		2.18			(0.36	)		0.37			0.57			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income		(0.55	)		(0.28	)		(0.44	)		(0.41	)		(0.49	)		(0.13	)
Tax return of capital distributions		-			-			(0.06	)		-			-			-
Distributions from net realized gains		(0.06	)		-			-			-			-			-
Total dividends and distributions		(0.61	)		(0.28	)		(0.50	)		(0.41	)		(0.49	)		(0.13	)
Net asset value, end of period		$7.39			$10.66			$8.76			$9.62			$9.66			$9.58
Total Return(c):		(26.17)%			25.34%			(3.85)%			3.83%			6.22%			(2.91)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$456			$639			$336			$293			$321			$13
Average net assets (000)		$632			$510			$314			$309			$151			$11
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.12%	(f)		2.10%			2.11%			2.10%			2.10%			2.13%	(f)
Expenses before waivers and/or expense reimbursement		5.32%	(f)		5.86%			8.85%			4.00%			4.78%			10.11%	(f)
Net investment income (loss)		2.71%	(f)		2.21%			2.98%			3.29%			1.98%			2.87%	(f)
Portfolio turnover rate(g)		127%			257%			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 33

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,												June 3, 2015(a) through October 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.69			$8.78			$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.31			0.39			0.40			0.38			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.82	)		1.98			(0.64	)		0.06			0.28			(0.41	)
Total from investment operations		(2.62	)		2.29			(0.25	)		0.46			0.66			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.60	)		(0.38	)		(0.52	)		(0.50	)		(0.59	)		(0.16	)
Tax return of capital distributions		-			-			(0.07	)		-			-			-
Distributions from net realized gains		(0.06	)		-			-			-			-			-
Total dividends and distributions		(0.66	)		(0.38	)		(0.59	)		(0.50	)		(0.59	)		(0.16	)
Net asset value, end of period		$7.41			$10.69			$8.78			$9.62			$9.66			$9.59
Total Return(c):		(25.79)%			26.62%			(2.70)%			4.85%			7.19%			(2.47)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,892			$16,451			$6,951			$10,681			$5,512			$4,886
Average net assets (000)		$11,794			$12,060			$8,632			$8,961			$5,008			$4,868
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.11%	(f)		1.10%			0.98%			1.10%			1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		2.31%	(f)		2.31%			2.81%			2.96%			4.85%			8.98%	(f)
Net investment income (loss)		4.10%	(f)		3.17%			4.25%			4.17%			3.98%			4.08%	(f)
Portfolio turnover rate(g)		127%			257%			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.

34

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,						December 28, 2016(a) through October 31,
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.67			$8.76			$9.62			$9.33
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.31			0.25			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.75	)		1.98			(0.52	)		0.38
Total from investment operations		(2.61	)		2.29			(0.27	)		0.69
Less Dividends and Distributions:
Dividends from net investment income		(0.60	)		(0.38	)		(0.50	)		(0.40	)
Tax return of capital distributions		-			-			(0.09	)		-
Distributions from net realized gains		(0.06	)		-			-			-
Total dividends and distributions		(0.66	)		(0.38	)		(0.59	)		(0.40	)
Net asset value, end of period		$7.40			$10.67			$8.76			$9.62
Total Return(c):		(25.84)%			26.54%			(2.92)%			7.43%
Ratios/Supplemental Data:
Net assets, end of period (000)		$279			$158			$70			$11
Average net assets (000)		$238			$115			$17			$11
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.11%	(f)		1.10%			1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		6.53%	(f)		8.55%			91.97%			2.79%	(f)
Net investment income (loss)		2.99%	(f)		3.15%			2.70%			3.78%	(f)
Portfolio turnover rate(g)		127%			257%			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 35

Fund Liquidity Risk Management Program (Unaudited)

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

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

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

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

36

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Real Estate PGIM Real Estate (UK) Limited	7 Giralda Farms Madison, NJ 07940 Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

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

Mutual Funds:

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

PGIM 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, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2020 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

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, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Select Real Estate Fund

June 15, 2020

PGIM Select Real Estate Fund 3

Your Fund’s Performance

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

		Average Annual Total Returns as of 4/30/20
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	–15.28	–9.39	3.26	4.04 (8/1/14)
Class C	–15.55	–5.73	3.63	4.27 (8/1/14)
Class Z	–15.15	–3.87	4.69	5.33 (8/1/14)
Class R6	–15.15	–3.84	4.69	5.32 (8/1/14)
FTSE EPRA/NAREIT Developed Index
	–24.04	–17.51	–0.40	0.50
S&P 500 Index
	–3.15	0.88	9.12	9.63

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

4 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 the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	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.

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

PGIM Select Real Estate Fund 5

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 4/30/20

Ten Largest Holdings	Real Estate Sectors	% of Net Assets
Prologis, Inc.	Industrial REITs	6.5%
Invitation Homes, Inc.	Residential REITs	5.1%
Americold Realty Trust	Industrial REITs	4.2%
Essex Property Trust, Inc.	Residential REITs	3.8%
Kojamo OYJ (Finland)	Real Estate Operating Companies	3.7%
Equity LifeStyle Properties, Inc.	Residential REITs	3.6%
Link REIT (Hong Kong)	Retail REITs	3.1%
Segro PLC (United Kingdom)	Industrial REITs	3.1%
Physicians Realty Trust	Health Care REITs	3.1%
Nippon Prologis REIT, Inc. (Japan)	Industrial REITs	3.0%

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

6 Visit our website at pgiminvestments.com

Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Select Real Estate Fund 7

Fees and Expenses (continued)

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

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

PGIM Select Real Estate Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	847.20		1.30	%	$	5.97
	Hypothetical	$	1,000.00	$	1,018.40		1.30	%	$	6.52
Class C	Actual	$	1,000.00	$	844.50		2.05	%	$	9.40
	Hypothetical	$	1,000.00	$	1,014.67		2.05	%	$	10.27
Class Z	Actual	$	1,000.00	$	848.50		1.05	%	$	4.83
	Hypothetical	$	1,000.00	$	1,019.64		1.05	%	$	5.27
Class R6	Actual	$	1,000.00	$	848.50		1.05	%	$	4.83
	Hypothetical	$	1,000.00	$	1,019.64		1.05	%	$	5.27

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

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    99.6%
COMMON STOCKS
Diversified Real Estate Activities    8.2%
Mitsubishi Estate Co. Ltd. (Japan)		42,653	$	695,647
New World Development Co. Ltd. (Hong Kong)		568,283		669,025
Sun Hung Kai Properties Ltd. (Hong Kong)		55,769		762,501
Tokyu Fudosan Holdings Corp. (Japan)		104,410		517,378
				2,644,551
Diversified REITs    3.1%
American Assets Trust, Inc.		13,752		389,456
Nomura Real Estate Master Fund, Inc. (Japan)		373		428,566
Stockland (Australia)		91,979		172,127
				990,149
Health Care REITs    7.3%
Healthpeak Properties, Inc.		17,471		456,692
Omega Healthcare Investors, Inc.		17,035		496,570
Physicians Realty Trust		64,408		993,172
Primary Health Properties PLC (United Kingdom)		204,656		397,208
				2,343,642
Hotel & Resort REITs    2.7%
Apple Hospitality REIT, Inc.		19,824		191,896
MGM Growth Properties LLC (Class A Stock)		18,685		470,302
Park Hotels & Resorts, Inc.		21,545		204,893
				867,091
Industrial REITs    31.2%
Americold Realty Trust		43,829		1,340,729
Goodman Group (Australia)		55,763		477,822
Mapletree Logistics Trust (Singapore)		601,197		762,509
Mitsui Fudosan Logistics Park, Inc. (Japan)		242		956,809
Nippon Prologis REIT, Inc. (Japan)		353		972,580
Prologis, Inc.		23,394		2,087,447
Rexford Industrial Realty, Inc.		20,946		852,921
Segro PLC (United Kingdom)		95,699		998,871
Summit Industrial Income REIT (Canada)		84,097		627,125
Warehouses De Pauw CVA (Belgium)		34,834		953,819
				10,030,632

See Notes to Financial Statements.

PGIM Select Real Estate Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Office REITs    4.9%
alstria office REIT-AG (Germany)		49,241	$	739,799
Kilroy Realty Corp.		13,527		842,191
				1,581,990
Real Estate Operating Companies    7.5%
Kojamo OYJ (Finland)		65,977		1,189,534
VGP NV (Belgium)		3,040		352,496
Vonovia SE (Germany)		17,620		869,943
				2,411,973
Residential REITs    22.5%
AvalonBay Communities, Inc.		5,370		875,042
Canadian Apartment Properties REIT (Canada)		22,897		787,935
Equity LifeStyle Properties, Inc.		19,360		1,167,602
Essex Property Trust, Inc.		4,963		1,211,468
Ingenia Communities Group (Australia)		377,619		903,111
Invitation Homes, Inc.		69,410		1,641,546
UDR, Inc.		17,018		637,664
				7,224,368
Retail REITs    6.1%
Brixmor Property Group, Inc.		17,268		197,719
Link REIT (Hong Kong)		112,540		1,012,030
Realty Income Corp.		13,797		757,731
				1,967,480
Specialized REITs    6.1%
Equinix, Inc.		1,126		760,275
Four Corners Property Trust, Inc.		35,510		795,069
SBA Communications Corp.		1,430		414,586
				1,969,930
TOTAL INVESTMENTS    99.6% (cost $31,755,592)				32,031,806
Other assets in excess of liabilities    0.4%				137,271
NET ASSETS    100.0%			$	32,169,077

See Notes to Financial Statements.

10

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

CVA—Certificate Van Aandelen (Bearer)

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Australia	$	—	$	1,553,060	$	—
Belgium		—		1,306,315		—
Canada		1,415,060		—		—
Finland		—		1,189,534		—
Germany		—		1,609,742		—
Hong Kong		—		2,443,556		—
Japan		—		3,570,980		—
Singapore		—		762,509		—
United Kingdom		—		1,396,079		—
United States		16,784,971		—		—
Total	$	18,200,031	$	13,831,775	$	—

Sector Classification:

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

Industrial REITs	31.2	%
Residential REITs	22.5
Diversified Real Estate Activities	8.2
Real Estate Operating Companies	7.5
Health Care REITs	7.3
Retail REITs	6.1
Specialized REITs	6.1
Office REITs	4.9

Diversified REITs	3.1	%
Hotel & Resort REITs	2.7
	99.6
Other assets in excess of liabilities	0.4
	100.0	%

See Notes to Financial Statements.

PGIM Select Real Estate Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

The Fund did not hold any derivative instruments as of April 30, 2020, accordingly, no derivative positions were presented in the Statement of Assets and Liabilities.

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

For the six months ended April 30, 2020, the Fund did not have any net realized gain (loss) on derivatives 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	Rights(1)
Equity contracts	$	(2,854	)

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

See Notes to Financial Statements.

12

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Unaffiliated investments (cost $31,755,592)	$	32,031,806
Receivable for investments sold		3,698,152
Receivable for Fund shares sold		781,034
Dividends receivable		62,701
Tax reclaim receivable		11,369
Prepaid expenses		271
Total Assets		36,585,333
Liabilities
Payable to custodian		3,528,662
Payable for Fund shares reacquired		663,540
Payable for investments purchased		158,986
Accrued expenses and other liabilities		55,466
Management fee payable		7,253
Distribution fee payable		1,214
Affiliated transfer agent fee payable		1,135
Total Liabilities		4,416,256
Net Assets	$	32,169,077
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,048
Paid-in capital in excess of par		35,806,231
Total distributable earnings (loss)		(3,640,202	)
Net assets, April 30, 2020	$	32,169,077

See Notes to Financial Statements.

PGIM Select Real Estate Fund 13

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Class A
Net asset value and redemption price per share, ($4,155,550 ÷ 391,332 shares of beneficial interest issued and outstanding)	$	10.62
Maximum sales charge (5.50% of offering price)		0.62
Maximum offering price to public	$	11.24
Class C
Net asset value, offering price and redemption price per share, ($503,099 ÷ 47,920 shares of beneficial interest issued and outstanding)	$	10.50
Class Z
Net asset value, offering price and redemption price per share, ($12,867,166 ÷ 1,209,918 shares of beneficial interest issued and outstanding)	$	10.63
Class R6
Net asset value, offering price and redemption price per share, ($14,643,262 ÷ 1,399,212 shares of beneficial interest issued and outstanding)	$	10.47

See Notes to Financial Statements.

14

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $19,277 foreign withholding tax)	$	395,973
Affiliated dividend income		5,072
Total income		401,045
Expenses
Management fee		127,948
Distribution fee(a)		9,131
Custodian and accounting fees		37,434
Registration fees(a)		25,724
Audit fee		17,237
Shareholders’ reports		11,812
Legal fees and expenses		9,101
Transfer agent’s fees and expenses (including affiliated expense of $3,379)(a)		7,700
Trustees’ fees		5,570
Miscellaneous		8,889
Total expenses		260,546
Less: Fee waiver and/or expense reimbursement(a)		(83,195	)
Distribution fee waiver(a)		(1,134	)
Net expenses		176,217
Net investment income (loss)		224,828
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(3,485,938	)
Foreign currency transactions		(6,439	)
		(3,492,377	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,516,557	)
Foreign currencies		1,484
		(2,515,073	)
Net gain (loss) on investment and foreign currency transactions		(6,007,450	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(5,782,622	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		6,803			2,328			—			—
Registration fees		6,265			6,264			6,931			6,264
Transfer agent’s fees and expenses		3,085			209			4,330			76
Fee waiver and/or expense reimbursement		(16,417	)		(7,197	)		(28,183	)		(31,398	)
Distribution fee waiver		(1,134	)		—			—			—

See Notes to Financial Statements.

PGIM Select Real Estate Fund 15

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	224,828		$	204,706
Net realized gain (loss) on investment and foreign currency transactions		(3,492,377	)		877,695
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(2,515,073	)		2,856,431
Net increase (decrease) in net assets resulting from operations		(5,782,622	)		3,938,832
Dividends and Distributions
Distributions from distributable earnings
Class A		(224,004	)		(105,398	)
Class C		(21,508	)		(2,117	)
Class Z		(430,619	)		(22,724	)
Class R6		(845,491	)		(276,839	)
		(1,521,622	)		(407,078	)
Fund share transactions
Net proceeds from shares sold		20,476,447			16,624,282
Net asset value of shares issued in reinvestment of dividends and distributions		1,520,455			407,047
Cost of shares reacquired		(10,825,044	)		(964,311	)
Net increase (decrease) in net assets from Fund share transactions		11,171,858			16,067,018
Total increase (decrease)		3,867,614			19,598,772
Net Assets:
Beginning of period		28,301,463			8,702,691
End of period	$	32,169,077		$	28,301,463

See Notes to Financial Statements.

16

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 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.

PGIM Select Real Estate Fund 17

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.

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

18

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(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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

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

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

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

PGIM Select Real Estate Fund 19

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

20

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

The Manager has entered into an amended and restated subadvisory agreement with PGIM, Inc. (which provides subadvisory services to the Fund through its business unit, PGIM Real Estate) and PGIM Real Estate (UK) Limited (formerly PGIM Fund Management Limited), an indirect wholly-owned subsidiary of PGIM, Inc. (together, the “Subadvisers”). The

PGIM Select Real Estate Fund 21

Notes to Financial Statements (unaudited) (continued)

subadvisory agreement provides that the Subadvisers will provide investment advisory services to the Fund with respect to the assets of the Fund allocated to them by the Manager. In connection therewith, the Subadvisers are obligated to keep certain books and records of the Fund. The Manager pays for the services of the Subadvisers, the cost of compensation of officers of the Fund, occupancy and certain clerical and 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 reporting period ended April 30, 2020.

The Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 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. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The 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.

22

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 28, 2021 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, 2020, PIMS received $11,121 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS received $83 in 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”).

3. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), 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. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.

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

PGIM Select Real Estate Fund 23

Notes to Financial Statements (unaudited) (continued)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $57,700,670 and $47,393,059, 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, 2020, 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*
$	560,924	$	21,988,447	$	22,549,371	$	—	$	—	$	—		—	$	5,072

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

5. Tax Information

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

Tax Basis	$	32,159,421
Gross Unrealized Appreciation		1,881,732
Gross Unrealized Depreciation		(2,009,347	)
Net Unrealized Depreciation	$	(127,615	)

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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class 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

24

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 charges and are available exclusively for sale to a limited group of investors.

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

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

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

	Number of Shares		Percentage of Outstanding Shares
Class A		251,691		64	%
Class C		1,211		3	%
Class R6		1,390,783		99	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
4	54%	4	42%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		138,077		$	1,681,902
Shares issued in reinvestment of dividends and distributions		18,276			222,844
Shares reacquired		(102,453	)		(1,165,831	)
Net increase (decrease) in shares outstanding		53,900		$	738,915
Year ended October 31, 2019:
Shares sold		132,295		$	1,594,096
Shares issued in reinvestment of dividends and distributions		9,974			105,367
Shares reacquired		(57,723	)		(654,383	)
Net increase (decrease) in shares outstanding		84,546		$	1,045,080

PGIM Select Real Estate Fund 25

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2020:
Shares sold		20,448		$	253,364
Shares issued in reinvestment of dividends and distributions		1,772			21,508
Shares reacquired		(1,223	)		(12,148	)
Net increase (decrease) in shares outstanding		20,997		$	262,724
Year ended October 31, 2019:
Shares sold		21,221		$	249,773
Shares issued in reinvestment of dividends and distributions		204			2,117
Shares reacquired		(4	)		(47	)
Net increase (decrease) in shares outstanding		21,421		$	251,843
Class Z
Six months ended April 30, 2020:
Shares sold		1,391,281		$	16,253,353
Shares issued in reinvestment of dividends and distributions		35,638			430,612
Shares reacquired		(699,330	)		(7,562,346	)
Net increase (decrease) in shares outstanding		727,589		$	9,121,619
Year ended October 31, 2019:
Shares sold		499,090		$	6,150,445
Shares issued in reinvestment of dividends and distributions		1,847			22,724
Shares reacquired		(24,885	)		(309,881	)
Net increase (decrease) in shares outstanding		476,052		$	5,863,288
Class R6
Six months ended April 30, 2020:
Shares sold		217,866		$	2,287,828
Shares issued in reinvestment of dividends and distributions		70,417			845,491
Shares reacquired		(207,690	)		(2,084,719	)
Net increase (decrease) in shares outstanding		80,593		$	1,048,600
Year ended October 31, 2019:
Shares sold		706,723		$	8,629,968
Shares issued in reinvestment of dividends and distributions		26,210			276,839
Net increase (decrease) in shares outstanding		732,933		$	8,906,807

7. Borrowings

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

	SCA
Term of Commitment	10/3/2019 – 10/1/2020

26

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

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

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager 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, 2020. The average daily balance for the 12 days that the Fund had loans outstanding during the period was approximately $382,667, borrowed at a weighted average interest rate of 2.25%. The maximum loan outstanding amount during the period was $1,168,000. At April 30, 2020, the Fund did not have an outstanding loan amount.

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.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its

PGIM Select Real Estate Fund 27

Notes to Financial Statements (unaudited) (continued)

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

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.

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

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

28

when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

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

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Select Real Estate Fund 29

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.18			$10.33			$10.54			$10.00			$10.71			$10.30
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.16			0.12			0.12			0.17			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.00	)		3.10			(0.08	)		0.76			(0.18	)		0.41
Total from investment operations		(1.93	)		3.26			0.04			0.88			(0.01	)		0.50
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.21	)		(0.25	)		(0.11	)		(0.28	)		-
Distributions from net realized gains		(0.26	)		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.63	)		(0.41	)		(0.25	)		(0.34	)		(0.70	)		(0.09	)
Net asset value, end of period		$10.62			$13.18			$10.33			$10.54			$10.00			$10.71
Total Return(b):		(15.28)%			32.64%			0.37%			9.08%			0.01%			4.85%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,156			$4,447			$2,612			$256			$185			$62
Average net assets (000)		$4,560			$3,205			$1,645			$242			$119			$27
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.30%	(e)		1.30%			1.30%			1.30%			1.33%			1.35%
Expenses before waivers and/or expense reimbursement		2.07%	(e)		3.04%			4.02%			4.63%			4.81%			5.16%
Net investment income (loss)		1.22%	(e)		1.36%			1.14%			1.15%			1.70%			0.86%
Portfolio turnover rate(f)		153%			242%			202%			142%			158%			150%

(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.

30

Class C Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.03			$10.23			$10.44			$9.94			$10.60			$10.28
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.06			0.09			0.04			0.11			(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.98	)		3.08			(0.12	)		0.75			(0.18	)		0.44
Total from investment operations		(1.95	)		3.14			(0.03	)		0.79			(0.07	)		0.41
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.14	)		(0.18	)		(0.06	)		(0.17	)		-
Distributions from net realized gains		(0.26	)		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.58	)		(0.34	)		(0.18	)		(0.29	)		(0.59	)		(0.09	)
Net asset value, end of period		$10.50			$13.03			$10.23			$10.44			$9.94			$10.60
Total Return(b):		(15.55)%			31.59%			(0.34)%			8.11%			(0.63)%			3.98%
Ratios/Supplemental Data:
Net assets, end of period (000)		$503			$351			$56			$69			$59			$36
Average net assets (000)		$468			$148			$64			$70			$48			$46
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.05%	(e)		2.05%			2.05%			2.05%			2.08%			2.10%
Expenses before waivers and/or expense reimbursement		5.14%	(e)		11.73%			29.08%			5.33%			5.64%			5.54%
Net investment income (loss)		0.52%	(e)		0.54%			0.91%			0.36%			1.08%			(0.30)%
Portfolio turnover rate(f)		153%			242%			202%			142%			158%			150%

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

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Select Real Estate Fund 31

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.20			$10.34			$10.56			$10.02			$10.74			$10.31
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.19			0.22			0.15			0.21			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.01	)		3.11			(0.16	)		0.76			(0.18	)		0.42
Total from investment operations		(1.93	)		3.30			0.06			0.91			0.03			0.52
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.24	)		(0.28	)		(0.14	)		(0.33	)		-
Distributions from net realized gains		(0.26	)		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.64	)		(0.44	)		(0.28	)		(0.37	)		(0.75	)		(0.09	)
Net asset value, end of period		$10.63			$13.20			$10.34			$10.56			$10.02			$10.74
Total Return(b):		(15.15)%			33.02%			0.51%			9.32%			0.36%			5.04%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12,867			$6,366			$65			$154			$138			$107
Average net assets (000)		$11,058			$1,621			$145			$148			$139			$39
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.05%	(e)		1.05%			1.05%			1.05%			1.08%			1.10%
Expenses before waivers and/or expense reimbursement		1.56%	(e)		2.85%			14.17%			4.35%			4.82%			5.16%
Net investment income (loss)		1.32%	(e)		1.48%			2.07%			1.43%			2.09%			0.98%
Portfolio turnover rate(f)		153%			242%			202%			142%			158%			150%

(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.

32

Class R6 Shares
	Six Months Ended April 30, 2020			Year Ended October 31,
				2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.00			$10.19			$10.40			$9.88			$10.63			$10.31
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.18			0.20			0.14			0.22			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.98	)		3.07			(0.13	)		0.75			(0.20	)		0.41
Total from investment operations		(1.89	)		3.25			0.07			0.89			0.02			0.51
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.24	)		(0.28	)		(0.14	)		(0.35	)		(0.10	)
Distributions from net realized gains		(0.26	)		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.64	)		(0.44	)		(0.28	)		(0.37	)		(0.77	)		(0.19	)
Net asset value, end of period		$10.47			$13.00			$10.19			$10.40			$9.88			$10.63
Total Return(b):		(15.15)%			33.02%			0.62%			9.25%			0.30%			5.01%
Ratios/Supplemental Data:
Net assets, end of period (000)		$14,643			$17,138			$5,970			$5,932			$5,441			$5,423
Average net assets (000)		$16,076			$8,739			$6,039			$5,687			$5,413			$5,288
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.05%	(e)		1.05%			1.05%			1.05%			1.08%			1.10%
Expenses before waivers and/or expense reimbursement		1.44%	(e)		2.25%			3.07%			4.02%			4.40%			4.51%
Net investment income (loss)		1.54%	(e)		1.56%			1.89%			1.42%			2.18%			0.96%
Portfolio turnover rate(f)		153%			242%			202%			142%			158%			150%

(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 Select Real Estate Fund 33

Fund Liquidity Risk Management Program (Unaudited)

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

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

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

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

34 Visit our website at pgiminvestments.com

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Real Estate PGIM Real Estate (UK) Limited	7 Giralda Farms Madison, NJ 07940 Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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

Mutual Funds:

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

PGIM 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, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Table of Contents

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

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

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2020 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

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, 2020.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM International Bond Fund

June 15, 2020

PGIM International Bond Fund 3

Your Fund’s Performance

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

	(without sales charges)	Average Annual Total Returns as of 4/30/20 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	–3.46	1.49	4.60 (12/14/16)
Class C	–3.75	3.23	4.83 (12/14/16)
Class Z	–3.30	5.20	5.90 (12/14/16)
Class R6	–3.28	5.23	5.91 (12/14/16)
Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index
	1.38	6.45	4.53

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

4 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	3.25% of the public offering price.	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 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.

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

PGIM International Bond Fund 5

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/20
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.76	1.74	–3.93
Class C	0.72	1.06	–4.74
Class Z	0.77	2.15	1.38
Class R6	0.78	2.20	1.52

*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 4/30/20 (%)
AAA	11.5
AA	5.3
A	19.2
BBB	32.5
BB	10.2
B	6.1
CCC	1.2
CC	0.2
Not Rated	9.2
Cash/Cash Equivalents	4.6
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.

6 Visit our website at pgiminvestments.com

Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM International Bond Fund 7

Fees and Expenses (continued)

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

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

PGIM International Bond Fund		Beginning Account Value November 1, 2019		Ending Account Value April 30, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	965.40		0.99	%	$	4.84
	Hypothetical	$	1,000.00	$	1,019.94		0.99	%	$	4.97
Class C	Actual	$	1,000.00	$	962.50		1.74	%	$	8.49
	Hypothetical	$	1,000.00	$	1,016.21		1.74	%	$	8.72
Class Z	Actual	$	1,000.00	$	967.00		0.64	%	$	3.13
	Hypothetical	$	1,000.00	$	1,021.68		0.64	%	$	3.22
Class R6	Actual	$	1,000.00	$	967.20		0.61	%	$	2.98
	Hypothetical	$	1,000.00	$	1,021.83		0.61	%	$	3.07

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

8 Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    90.4%
ASSET-BACKED SECURITIES    5.5%
Cayman Islands    2.8%
Anchorage Capital CLO Ltd., Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		2.488	%(c)		07/22/32		250	$	236,710
BlueMountain CLO Ltd., Series 2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.310% (Cap N/A, Floor 1.310%)		3.005	(c)		08/20/32		250		231,068
HPS Loan Management Ltd., Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.122	(c)		07/22/32		250		239,473
OZLM Ltd., Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)		2.525	(c)		07/20/32		250		232,305
Silver Creek CLO Ltd., Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		2.375	(c)		07/20/30		250		242,220
									1,181,776
Ireland    1.3%
St Paul’s CLO DAC, Series 07A, Class B2R, 144A		2.400			04/30/30	EUR	500		534,323
Netherlands    0.3%
North Westerly CLO BV, Series IV-A, Class A2R, 144A		1.250			01/15/26	EUR	137		150,175
United States    1.1%
Oportun Funding LLC, Series 2019-A, Class B, 144A		3.870			08/08/25		100		73,480
PNMAC GMSR Issuer Trust, Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		3.137	(c)		08/25/25		100		82,810

See Notes to Financial Statements.

PGIM International Bond Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
SoFi Alternative Trust, Series 2019-D, Class 1PT, 144A		2.460	%(cc)		01/16/46		173	$	176,652
TH MSR Issuer Trust, Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		3.287	(c)		06/25/24		150		122,280
									455,222
TOTAL ASSET-BACKED SECURITIES (cost $2,519,643)									2,321,496
COMMERCIAL MORTGAGE-BACKED SECURITIES    3.3%
Canada     0.0%
Real Estate Asset Liquidity Trust, Series 2020-01A, Class A1, 144A		2.381	(cc)		02/12/55	CAD	25		18,123
United Kingdom     0.6%
Salus European Loan Conduit DAC, Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 6.500%, Floor 1.500%)		2.122	(c)		01/23/29	GBP	200		246,291
United States    2.7%
BX Commercial Mortgage Trust,
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		3.464	(c)		10/15/36		191		173,856
Series 2020-BXLP, Class G, 144A, 1 Month LIBOR + 2.500% (Cap N/A, Floor 2.500%)		3.314	(c)		12/15/36		400		358,593
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		3.464	(c)		05/15/36		200		183,861
MKT Mortgage Trust, Series 2020-525M, Class F, 144A		2.941	(cc)		02/12/40		250		204,620
Morgan Stanley Capital I Trust, Series 2019-MEAD, Class E, 144A		3.177			11/10/36		300		223,532
									1,144,462
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $1,585,100)									1,408,876

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS    25.4%
Australia    0.3%
Transurban Finance Co. Pty Ltd., Sr. Sec’d. Notes, EMTN		2.000	%		08/28/25		EUR	100	$	112,987
Brazil    0.3%
Petrobras Global Finance BV, Gtd. Notes		5.375			10/01/29		GBP	100		112,383
China    1.3%
Aircraft Finance Co. Ltd., Sr. Sec’d. Notes, Series B		4.100			03/29/26			200		212,908
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750			06/14/22		EUR	100		107,200
State Grid Europe Development 2014 PLC, Gtd. Notes, Series A		1.500			01/26/22		EUR	200		222,037
										542,145
France    1.2%
Altice France SA,
Sr. Sec’d. Notes		3.375			01/15/28		EUR	100		103,113
Sr. Sec’d. Notes, 144A		2.500			01/15/25		EUR	100		103,595
Sr. Sec’d. Notes, 144A		3.375			01/15/28		EUR	100		103,113
Loxam SAS, Sr. Sub. Notes		5.750			07/15/27		EUR	150		115,106
SNCF Reseau, Sr. Unsec’d. Notes		4.700			06/01/35		CAD	100		95,970
										520,897
Germany    1.7%
Allianz SE, Jr. Sub. Notes		3.375	(ff)		—	(rr)	EUR	200		233,282
Commerzbank AG, Sub. Notes, EMTN		7.750			03/16/21		EUR	100		113,857
Deutsche Bank AG, Sr. Unsec’d. Notes, EMTN		4.300			05/19/20		CNH	1,000		141,315
Techem Verwaltungsgesellschaft 674 mbH, Sr. Sec’d. Notes		6.000			07/30/26		EUR	100		108,986
Volkswagen International Finance NV, Gtd. Notes		2.700	(ff)		—	(rr)	EUR	100		105,063
										702,503

See Notes to Financial Statements.

PGIM International Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Hong Kong    0.3%
HKT Capital No 3 Ltd., Gtd. Notes		1.650	%		04/10/27	EUR	100	$	111,894
Iceland    0.2%
Landsvirkjun, Gov’t. Gtd. Notes, EMTN		—	(p)		07/24/26	EUR	100		107,711
Indonesia    0.2%
Perusahaan Listrik Negara PT, Sr. Unsec’d. Notes, 144A		1.875			11/05/31	EUR	100		94,954
Italy    0.5%
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa, Sr. Unsec’d. Notes		1.375			07/20/22	EUR	100		109,793
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500	(ff)		10/27/47	EUR	100		122,748
									232,541
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250			12/05/23	CHF	50		51,615
Gtd. Notes		3.638			06/20/22	CHF	50		51,475
									103,090
Luxembourg    1.1%
ARD Finance SA, Sr. Sec’d. Notes, 144A, Cash coupon 5.000% or PIK 5.750%		5.000			06/30/27	EUR	100		99,185
Matterhorn Telecom SA, Sr. Sec’d. Notes		3.125			09/15/26	EUR	200		214,920
Picard Bondco SA, Gtd. Notes(a)		5.500			11/30/24	EUR	150		155,356
									469,461
Mexico    1.0%
Petroleos Mexicanos, Gtd. Notes		3.625			11/24/25	EUR	500		432,967

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Netherlands    1.8%
Nederlandse Waterschapsbank NV, Sr. Unsec’d. Notes, EMTN		5.200	%		03/31/25	CAD	200	$	172,499
Starfruit Finco BV/Starfruit US Holdco LLC, Gtd. Notes		6.500			10/01/26	EUR	150		156,470
United Group BV, Sr. Sec’d. Notes, 144A		3.125			02/15/26	EUR	200		206,193
Ziggo Bond Co. BV, Gtd. Notes, 144A		3.375			02/28/30	EUR	200		207,082
									742,244
Peru    0.4%
Peru Enhanced Pass-Through Finance Ltd., Pass-Through Certificates		1.963	(s)		06/02/25		184		168,605
Poland    0.7%
Bank Gospodarstwa Krajowego, Gov’t. Gtd. Notes		1.625			04/30/28	EUR	250		286,206
Russia    0.6%
Gazprom PJSC Via Gaz Capital SA, Sr. Unsec’d. Notes		2.500			03/21/26	EUR	200		219,227
Russian Railways Via RZD Capital PLC, Sr. Unsec’d. Notes		0.898			10/03/25	CHF	50		49,566
									268,793
Spain    0.8%
CaixaBank SA, Sub. Notes, EMTN		2.250	(ff)		04/17/30	EUR	200		209,427
Codere Finance 2 Luxembourg SA, Sr. Sec’d. Notes		6.750			11/01/21	EUR	100		42,571
NH Hotel Group SA, Sr. Sec’d. Notes		3.750			10/01/23	EUR	90		87,243
									339,241
Supranational Bank    0.6%
European Bank for Reconstruction & Development, Sr. Unsec’d. Notes, EMTN		6.450			12/13/22	IDR	408,000		26,880

See Notes to Financial Statements.

PGIM International Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Supranational Bank (cont’d.)
European Investment Bank,
Sr. Unsec’d. Notes, 144A, EMTN		5.400	%		01/05/45	CAD	100	$	118,217
Sr. Unsec’d. Notes, EMTN		0.500			10/26/23	AUD	160		102,859
									247,956
United Arab Emirates    0.8%
Abu Dhabi National Energy Co. PJSC, Sr. Unsec’d. Notes, EMTN		2.750			05/02/24	EUR	100		110,004
Emirates NBD Bank PJSC, Sr. Unsec’d. Notes, MTN		4.750			02/09/28	AUD	100		69,916
First Abu Dhabi Bank PJSC, Sr. Unsec’d. Notes, EMTN		4.800			06/01/21	CNH	1,000		144,962
									324,882
United Kingdom    1.6%
Barclays PLC, Sub. Notes, EMTN		2.000	(ff)		02/07/28	EUR	100		106,821
eG Global Finance PLC, Sr. Sec’d. Notes, 144A		6.250			10/30/25	EUR	100		98,816
Pinewood Finance Co. Ltd., Sr. Sec’d. Notes, 144A		3.250			09/30/25	GBP	100		125,652
Royal Bank of Scotland Group PLC, Sr. Unsec’d. Notes, EMTN		2.000	(ff)		03/08/23	EUR	100		110,084
Tesco PLC, Sr. Unsec’d. Notes, EMTN		5.000			03/24/23	GBP	80		109,057
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes		5.000			04/15/27	GBP	100		126,026
									676,456
United States    9.8%
Adient Global Holdings Ltd., Gtd. Notes		3.500			08/15/24	EUR	100		86,572
Air Products and Chemicals, Inc., Sr. Unsec’d. Notes, EMTN		0.500			05/05/28	EUR	350		386,047
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27	EUR	100		111,879
Banff Merger Sub, Inc., Sr. Unsec’d. Notes		8.375			09/01/26	EUR	100		100,464
Bank of America Corp., Sr. Unsec’d. Notes, EMTN		0.589	(s)		05/31/21	EUR	85		109,564

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Comcast Corp.,
Gtd. Notes		0.750	%		02/20/32	EUR	100	$	108,257
DH Europe Finance II Sarl, Gtd. Notes		0.200			03/18/26	EUR	300		320,912
Diamond BC BV, Sr. Unsec’d. Notes		5.625			08/15/25	EUR	125		102,075
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26	EUR	300		327,111
Fidelity National Information Services, Inc.,
Gtd. Notes		1.100			07/15/24	EUR	100		111,709
Sr. Unsec’d. Notes		0.625			12/03/25	EUR	100		108,555
Sr. Unsec’d. Notes		1.500			05/21/27	EUR	100		113,293
Fiserv, Inc.,
Sr. Unsec’d. Notes		0.375			07/01/23	EUR	100		108,274
Sr. Unsec’d. Notes		2.250			07/01/25	GBP	100		128,288
Honeywell International, Inc.,
Sr. Unsec’d. Notes		—	(p)		03/10/24	EUR	200		215,007
Sr. Unsec’d. Notes		0.750			03/10/32	EUR	100		106,952
Kraft Heinz Foods Co., Gtd. Notes		2.250			05/25/28	EUR	100		108,399
Marsh & McLennan Cos., Inc., Sr. Unsec’d. Notes		1.349			09/21/26	EUR	100		110,323
Medtronic Global Holdings SCA,
Gtd. Notes		1.000			07/02/31	EUR	100		113,590
Gtd. Notes		1.125			03/07/27	EUR	100		114,991
Morgan Guaranty Trust Co., Sr. Unsec’d. Notes		1.388	(s)		01/21/27	ITL	50,000		27,391
Morgan Stanley,
Sr. Unsec’d. Notes, EMTN		0.637	(ff)		07/26/24	EUR	100		108,599
Sr. Unsec’d. Notes, GMTN		1.000			12/02/22	EUR	100		110,315
PerkinElmer, Inc., Sr. Unsec’d. Notes		0.600			04/09/21	EUR	100		109,214
Refinitiv US Holdings, Inc., Sr. Unsec’d. Notes		6.875			11/15/26	EUR	100		116,560
Spectrum Brands, Inc., Gtd. Notes		4.000			10/01/26	EUR	100		102,150
Stryker Corp., Sr. Unsec’d. Notes		2.625			11/30/30	EUR	100		124,899
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		0.500			03/01/28	EUR	100		106,771
Verizon Communications, Inc., Sr. Unsec’d. Notes		1.250			04/08/30	EUR	100		115,292

See Notes to Financial Statements.

PGIM International Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		1.414	%		12/13/22	EUR	100	$	108,947
Sr. Unsec’d. Notes		2.425			12/13/26	EUR	100		112,733
									4,135,133
TOTAL CORPORATE BONDS (cost $11,333,102)									10,733,049
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.8%
Bermuda    0.2%
Bellemeade Re Ltd., Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		2.087	(c)		04/25/28		93		89,455
United Kingdom    0.3%
Paragon Mortgages PLC, Series 10X, Class B1A, 3 Month GBP LIBOR + 0.540% (Cap N/A, Floor 0.000%)		1.027	(c)		06/15/41	GBP	94		101,577
United States    1.3%
CIM Trust, Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		2.985	(c)		01/25/57		50		48,589
Credit Suisse Mortgage Trust, Series 2020-WL01, Class A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)^		2.347	(c)		12/25/59		255		254,605
Legacy Mortgage Asset Trust, Series 2019-PR01, Class A1, 144A		3.858			09/25/59		95		90,471
Series 2020-GS01, Class A1, 144A		2.882			10/25/59		98		92,406
LSTAR Securities Investment Trust, Series 2019-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		2.485	(c)		04/01/24		81		77,117
									563,188
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $778,106)									754,220

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS    53.9%
Argentina    0.4%
Argentine Republic Government International Bond, Sr. Unsec’d. Notes		7.820	%		12/31/33	EUR	516	$	178,765
Belgium    0.3%
Kingdom of Belgium Government Bond, Sr. Unsec’d. Notes, Series 88, 144A		1.700			06/22/50	EUR	90		127,972
Brazil    2.2%
Brazil Loan Trust 1, Gov’t. Gtd. Notes		5.477			07/24/23		75		76,269
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		520		519,799
Brazilian Government International Bond, Sr. Unsec’d. Notes		2.875			04/01/21	EUR	300		330,039
									926,107
Bulgaria    0.3%
Bulgaria Government International Bond, Sr. Unsec’d. Notes, EMTN		3.125			03/26/35	EUR	115		147,240
Canada    0.8%
Province of British Columbia, Unsec’d. Notes		7.875			11/30/23	CAD	200		178,471
Province of Nova Scotia Canada, Unsec’d. Notes		3.450			06/01/45	CAD	100		87,459
Province of Saskatchewan Canada, Unsec’d. Notes		2.750			12/02/46	CAD	100		76,780
									342,710
China    2.3%
China Government Bond,
Sr. Unsec’d. Notes		3.480			06/29/27	CNH	3,000		448,237
Sr. Unsec’d. Notes		3.900			07/04/36	CNH	1,000		153,734
Export-Import Bank of China (The), Sr. Unsec’d. Notes		4.400			05/14/24	CNH	2,000		301,068
People’s Bank of China, Sr. Unsec’d. Notes		2.900			11/11/20	CNH	500		71,127
									974,166

See Notes to Financial Statements.

PGIM International Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Colombia    1.6%
Colombia Government International Bond, Sr. Unsec’d. Notes, EMTN		3.875	%		03/22/26	EUR	600	$	687,191
Croatia    0.6%
Croatia Government International Bond, Sr. Unsec’d. Notes		2.700			06/15/28	EUR	200		231,772
Cyprus    3.4%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		2.375			09/25/28	EUR	200		226,149
Sr. Unsec’d. Notes, EMTN		2.750			02/26/34	EUR	200		233,136
Sr. Unsec’d. Notes, EMTN		3.750			07/26/23	EUR	500		593,099
Sr. Unsec’d. Notes, EMTN		4.250			11/04/25	EUR	300		373,018
									1,425,402
Germany    0.8%
Bundesrepublik Deutschland Bundesanleihe,
Bonds		—	(p)		08/15/29	EUR	200		232,094
Bonds(k)		1.000			08/15/25	EUR	95		114,124
									346,218
Greece    4.2%
Hellenic Republic Government Bond,
Bonds		3.650	(cc)		02/24/23	EUR	150		173,192
Bonds		3.650	(cc)		02/24/24	EUR	75		87,789
Bonds		3.650	(cc)		02/24/25	EUR	85		100,588
Bonds		3.650	(cc)		02/24/26	EUR	85		102,173
Bonds		3.650	(cc)		02/24/27	EUR	195		236,533
Bonds		3.650	(cc)		02/24/28	EUR	177		216,683
Bonds		3.650	(cc)		02/24/29	EUR	50		61,281
Bonds		3.650	(cc)		02/24/30	EUR	200		246,998
Bonds		3.650	(cc)		02/24/31	EUR	140		173,733
Bonds		3.650	(cc)		02/24/42	EUR	5		6,760
Bonds		4.200			01/30/42	EUR	190		274,176
Hellenic Republic Government International Bond, Sr. Unsec’d. Notes		5.200			07/17/34	EUR	60		83,913
									1,763,819

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary    0.2%
Hungary Government Bond, Bonds, Series 28A		6.750	%		10/22/28	HUF	10,000	$	42,786
Hungary Government International Bond, Sr. Unsec’d. Notes		4.300			12/19/21	CNH	200		28,972
									71,758
Indonesia    2.4%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		0.900			02/14/27	EUR	100		97,641
Sr. Unsec’d. Notes		1.400			10/30/31	EUR	100		95,339
Sr. Unsec’d. Notes		1.450			09/18/26	EUR	100		102,136
Sr. Unsec’d. Notes		1.750			04/24/25	EUR	200		210,403
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24	EUR	140		151,795
Sr. Unsec’d. Notes, EMTN		2.625			06/14/23	EUR	100		110,208
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	200		234,512
									1,002,034
Ireland    0.5%
Ireland Government Bond, Bonds		2.400			05/15/30	EUR	150		201,888
Israel    0.8%
Israel Government International Bond,
Sr. Unsec’d. Notes		2.750			07/03/30		200		209,911
Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	100		114,524
									324,435
Italy    7.2%
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800			03/01/67	EUR	150		168,590
Sr. Unsec’d. Notes, 144A		1.450			03/01/36	EUR	145		145,328
Sr. Unsec’d. Notes, 144A		3.350			03/01/35	EUR	690		874,148
Italy Certificati di Credito del Tesoro, Bonds, Series EU, 6 Month EURIBOR + 0.550%		0.103	(c)		09/15/25	EUR	130		134,224
Repubic of Italy Government International Bond Strips Coupon, Sr. Unsec’d. Notes		1.737	(s)		02/20/31	EUR	35		30,386
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes		2.875			10/17/29		200		188,570
Sr. Unsec’d. Notes, EMTN		5.345			01/27/48	EUR	50		80,876

See Notes to Financial Statements.

PGIM International Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Italy (cont’d.)
Republic of Italy Government International Bond, (cont’d.)
Sr. Unsec’d. Notes, EMTN		6.000	%		08/04/28	GBP	205	$	316,281
Sr. Unsec’d. Notes, MTN		5.125			07/31/24	EUR	875		1,106,735
									3,045,138
Japan    0.3%
Japan Government Thirty Year Bond, Bonds, Series 63		0.400			06/20/49	JPY	6,000		55,582
Japan Government Twenty Year Bond, Bonds, Series 165		0.500			06/20/38	JPY	8,000		77,377
									132,959
Kazakhstan    0.3%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		2.375			11/09/28	EUR	115		125,418
Mexico    1.4%
Mexico Government International Bond,
Sr. Unsec’d. Notes		2.875			04/08/39	EUR	100		91,260
Sr. Unsec’d. Notes, EMTN		1.750			04/17/28	EUR	300		293,414
Sr. Unsec’d. Notes, GMTN		1.625			03/06/24	EUR	185		195,130
									579,804
New Zealand    0.2%
New Zealand Local Government Funding Agency Bond, Gov’t. Gtd. Notes		3.500			04/14/33	NZD	100		72,590
Peru    1.3%
Peruvian Government International Bond,
Sr. Unsec’d. Notes		2.392			01/23/26		55		55,989
Sr. Unsec’d. Notes		2.750			01/30/26	EUR	100		118,078
Sr. Unsec’d. Notes		3.750			03/01/30	EUR	300		382,999
									557,066
Philippines    0.2%
Philippine Government International Bond, Sr. Unsec’d. Notes, EMTN		0.875			05/17/27	EUR	100		103,114

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Portugal    4.7%
Portugal Government International Bond, Sr. Unsec’d. Notes		4.090	%		06/03/22	CNH	600	$	86,838
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	755		1,066,856
Sr. Unsec’d. Notes, 144A		4.100			04/15/37	EUR	380		599,414
Sr. Unsec’d. Notes, 144A		4.100			02/15/45	EUR	150		249,873
									2,002,981
Qatar    0.5%
Qatar Government International Bond, Sr. Unsec’d. Notes, 144A		3.400			04/16/25		200		212,808
Romania    0.7%
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500			02/08/30	EUR	100		103,284
Sr. Unsec’d. Notes, EMTN		3.500			04/03/34	EUR	50		53,013
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	100		108,993
Unsec’d. Notes, 144A, MTN		2.124			07/16/31	EUR	40		37,947
									303,237
Russia    0.7%
Russian Federal Bond-OFZ, Bonds, Series 6224		6.900			05/23/29	RUB	3,000		43,170
Russian Foreign Bond-Eurobond, Sr. Unsec’d. Notes		2.875			12/04/25	EUR	200		234,325
									277,495
Saudi Arabia    0.3%
Saudi Government International Bond, Sr. Unsec’d. Notes, 144A		2.000			07/09/39	EUR	125		125,392
Senegal    0.2%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100		95,040
Serbia    0.4%
Serbia International Bond, Sr. Unsec’d. Notes, 144A		1.500			06/26/29	EUR	200		189,518

See Notes to Financial Statements.

PGIM International Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
South Africa    0.3%
Republic of South Africa Government Bond,
Sr. Unsec’d. Notes, Series 2030		8.000	%		01/31/30	ZAR	1,500	$	69,756
Sr. Unsec’d. Notes, Series 2040		9.000			01/31/40	ZAR	1,000		42,751
									112,507
South Korea    0.3%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, 144A, MTN		8.000			05/15/24	IDR	600,000		40,218
Sr. Unsec’d. Notes, MTN		3.500			07/28/21	NZD	150		94,527
									134,745
Spain    7.1%
Instituto de Credito Oficial, Gov’t. Gtd. Notes, GMTN		0.963			09/22/22	SEK	1,000		104,126
Spain Government Bond,
Bonds, 144A		5.150			10/31/28	EUR	185		278,989
Sr. Unsec’d. Notes, 144A		0.500			04/30/30	EUR	25		26,806
Sr. Unsec’d. Notes, 144A		1.400			04/30/28	EUR	70		81,816
Sr. Unsec’d. Notes, 144A		1.450			10/31/27	EUR	265		311,043
Sr. Unsec’d. Notes, 144A(k)		1.450			04/30/29	EUR	120		140,822
Sr. Unsec’d. Notes, 144A(k)		1.850			07/30/35	EUR	325		396,385
Sr. Unsec’d. Notes, 144A(k)		4.650			07/30/25	EUR	870		1,175,630
Spain Government International Bond, Sr. Unsec’d. Notes, EMTN		5.250			04/06/29	GBP	315		504,476
									3,020,093
Turkey    0.7%
Turkey Government International Bond,
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	200		209,524
Sr. Unsec’d. Notes, EMTN		3.250			06/14/25	EUR	100		98,079
									307,603
Ukraine    1.4%
Ukraine Government International Bond,
Sr. Unsec’d. Notes		6.750			06/20/26	EUR	500		485,568
Sr. Unsec’d. Notes, 144A		4.375			01/27/30	EUR	100		84,474
									570,042

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
United Kingdom    4.9%
Transport for London, Sr. Unsec’d. Notes, EMTN		3.875	%		07/23/42	GBP	100	$	179,495
United Kingdom Gilt,
Bonds		3.250			01/22/44	GBP	50		100,023
Bonds(k)		4.250			03/07/36	GBP	800		1,590,100
Bonds(k)		4.500			12/07/42	GBP	80		184,788
									2,054,406
TOTAL SOVEREIGN BONDS (cost $23,113,370)									22,773,433
U.S. GOVERNMENT AGENCY OBLIGATIONS    0.5%
Indonesia Government USAID Bond Gov’t. Gtd. Notes		8.900			06/01/21	USD	8		7,845
Tennessee Valley Authority Sr. Unsec’d. Notes		5.625			06/07/32	GBP	100		187,509
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $195,516)									195,354
TOTAL LONG-TERM INVESTMENTS (cost $39,524,837)									38,186,428
						Shares
SHORT-TERM INVESTMENTS    9.5%
AFFILIATED MUTUAL FUNDS    9.5%
PGIM Core Ultra Short Bond Fund(w)							3,886,479		3,886,479
PGIM Institutional Money Market Fund (cost $111,102; includes $111,007 of cash collateral for securities on loan)(b)(w)							111,439		111,417

See Notes to Financial Statements.

PGIM International Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Description	Value
AFFILIATED MUTUAL FUNDS (Continued)
TOTAL AFFILIATED MUTUAL FUNDS (cost $3,997,581)	$	3,997,896
OPTIONS PURCHASED*~    0.0% (cost $405)		16,433
TOTAL SHORT-TERM INVESTMENTS (cost $3,997,986)		4,014,329
TOTAL INVESTMENTS    99.9% (cost $43,522,823)		42,200,757
Other assets in excess of liabilities(z)    0.1%		52,108
NET ASSETS    100.0%	$	42,252,865

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

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

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

KZT—Kazakhstani Tenge

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

See Notes to Financial Statements.

24

TRY—Turkish Lira

TWD—New Taiwanese Dollar

UAH—Ukraine Hryvna

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

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

CPI—Consumer Price Index

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

HICP—Harmonised Index of Consumer Prices

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OAT—Obligations Assimilables du Tresor

OFZ—Obligatsyi Federal’novo Zaima (Federal Loan Obligations)

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SIBOR—Singapore Interbank Offered Rate

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TELBOR—Tel Aviv Interbank Offered Rate

USAID—United States Agency for International Development

USOIS—United States Overnight Index Swap

See Notes to Financial Statements.

PGIM International Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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 instrument. The aggregate value of Level 3 instruments is $255,217 and 0.6% 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 $106,631; cash collateral of $111,007 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

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

(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.

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

(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		Barclays Bank PLC		07/12/21		0.11	%		—		71	$	1,231
2-Year 10 CMS Curve CAP		Call		Bank of America, N.A.		08/16/21		0.15	%		—		172		2,785
2-Year 10 CMS Curve CAP		Call		Bank of America, N.A.		08/20/21		0.15	%		—		342		5,622
2-Year 10 CMS Curve CAP		Call		Bank of America, N.A.		09/13/21		0.14	%		—		340		5,765
2-Year 10 CMS Curve CAP		Call		Barclays Bank PLC		11/09/21		0.21	%		—		69		1,030
Total Options Purchased (cost $405)														$	16,433

Futures contracts outstanding at April 30, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	1	10 Year Canadian Government Bonds		Jun. 2020	$	107,324	$	6,443
	1	10 Year U.S. Ultra Treasury Notes		Jun. 2020		157,031		9,834
	3	30 Year Euro Buxl		Jun. 2020		720,631		25,706

See Notes to Financial Statements.

26

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

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions (cont’d):
	19	30 Year U.S. Ultra Treasury Bonds		Jun. 2020	$	4,270,844	$	309,945
	1	Euro-OAT		Jun. 2020		185,012		372
								352,300
		Short Positions:
	88	2 Year U.S. Treasury Notes		Jun. 2020		19,397,813		(294,000	)
	48	5 Year Euro-Bobl		Jun. 2020		7,151,079		(27,812	)
	13	5 Year U.S. Treasury Notes		Jun. 2020		1,631,297		(4,419	)
	25	10 Year Euro-Bund		Jun. 2020		4,778,728		(62,660	)
	1	10 Year U.S. Treasury Notes		Jun. 2020		139,063		(423	)
	5	20 Year U.S. Treasury Bonds		Jun. 2020		905,156		(14,027	)
	45	Euro Schatz Index		Jun. 2020		5,537,631		6,455
								(396,886	)
							$	(44,586	)

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International	BRL	912	$	163,695	$	167,729	$	4,034	$	—
Expiring 05/05/20	HSBC Bank USA, N.A.	BRL	1,190		210,286		218,833		8,547		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC	BRL	1,227		217,357		225,572		8,215		—
Expiring 06/02/20	JPMorgan Chase Bank, N.A.	BRL	284		50,240		52,072		1,832		—
British Pound,
Expiring 05/05/20	BNP Paribas S.A.	GBP	2,596		3,205,690		3,269,285		63,595		—
Canadian Dollar,
Expiring 07/20/20	BNP Paribas S.A.	CAD	163		116,000		116,797		797		—
Chinese Renminbi,
Expiring 05/11/20	Citibank, N.A.	CNH	1,020		144,000		144,055		55		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	1,274		183,000		179,878		—		(3,122	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	909		128,000		128,420		420		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	462		64,641		65,280		639		—
Expiring 05/14/21	Citibank, N.A.	CNH	961		137,666		134,294		—		(3,372	)

See Notes to Financial Statements.

PGIM International Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	CZK	260	$	10,346	$	10,526	$	180	$	—
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.	EGP	329		20,189		20,754		565		—
Expiring 06/17/20	Citibank, N.A.	EGP	337		20,614		20,962		348		—
Expiring 06/17/20	Citibank, N.A.	EGP	125		7,659		7,799		140		—
Expiring 06/17/20	Citibank, N.A.	EGP	118		7,112		7,338		226		—
Euro,
Expiring 05/05/20	Deutsche Bank AG	EUR	9,060		9,852,054		9,928,760		76,706		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	EUR	9,060		9,832,340		9,928,760		96,420		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	EUR	231		253,448		253,653		205		—
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC	HUF	30,930		96,000		96,055		55		—
Expiring 07/17/20	BNP Paribas S.A.	HUF	19,814		60,000		61,534		1,534		—
Expiring 07/17/20	Citibank, N.A.	HUF	23,214		72,000		72,092		92		—
Indian Rupee,
Expiring 06/17/20	HSBC Bank USA, N.A.	INR	7,465		96,000		98,319		2,319		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	10,420		136,000		137,238		1,238		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	9,237		119,000		121,665		2,665		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	8,505		109,000		112,022		3,022		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	8,258		106,000		108,761		2,761		—
Expiring 06/17/20	The Toronto-Dominion Bank	INR	7,430		101,858		97,862		—		(3,996	)
Indonesian Rupiah,
Expiring 06/17/20	BNP Paribas S.A.	IDR	703,924		49,499		46,018		—		(3,481	)
Expiring 06/17/20	BNP Paribas S.A.	IDR	180,303		12,544		11,787		—		(757	)
Expiring 06/17/20	Citibank, N.A.	IDR	415,633		26,083		27,172		1,089		—
Expiring 06/17/20	Credit Suisse International	IDR	452,340		31,358		29,571		—		(1,787	)
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	2,074,587		133,000		135,624		2,624		—
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	89,552		6,065		5,854		—		(211	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC	ILS	383		107,000		110,099		3,099		—
Expiring 06/17/20	Barclays Bank PLC	ILS	315		87,000		90,624		3,624		—
Expiring 06/17/20	Citibank, N.A.	ILS	368		105,000		105,794		794		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ILS	408		117,000		117,088		88		—

See Notes to Financial Statements.

28

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel (cont’d.),
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ILS	79	$	21,757	$	22,722	$	965	$	—
Japanese Yen,
Expiring 05/15/20	Citibank, N.A.	JPY	5,488		51,523		51,148		—		(375	)
Expiring 07/17/20	BNP Paribas S.A.	JPY	9,972		92,000		93,035		1,035		—
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	13,500		125,940		125,956		16		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC	JPY	1,340		12,500		12,503		3		—
Expiring 07/17/20	The Toronto-Dominion Bank	JPY	24,839		231,881		231,751		—		(130	)
Kazakhstani Tenge,
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	KZT	13,337		34,595		31,263		—		(3,332	)
Expiring 05/11/20	JPMorgan Chase Bank, N.A.	KZT	6,210		16,144		14,556		—		(1,588	)
Expiring 06/30/20	Morgan Stanley & Co. International PLC	KZT	7,040		14,869		16,224		1,355		—
Mexican Peso,
Expiring 06/17/20	Citibank, N.A.	MXN	3,269		156,157		134,589		—		(21,568	)
Expiring 06/17/20	Goldman Sachs International	MXN	1,060		44,441		43,632		—		(809	)
New Taiwanese Dollar,
Expiring 06/17/20	BNP Paribas S.A.	TWD	1,206		40,739		40,898		159		—
Peruvian Nuevo Sol,
Expiring 06/17/20	BNP Paribas S.A.	PEN	352		101,000		104,058		3,058		—
Expiring 06/17/20	Citibank, N.A.	PEN	386		115,000		114,022		—		(978	)
Expiring 06/17/20	HSBC Bank USA, N.A.	PEN	436		127,000		128,688		1,688		—
Philippine Peso,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	7,146		139,000		141,208		2,208		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	5,445		107,000		107,602		602		—
Polish Zloty,
Expiring 07/17/20	UBS AG	PLN	199		47,616		47,947		331		—
Russian Ruble,
Expiring 06/17/20	Barclays Bank PLC	RUB	7,502		112,521		100,009		—		(12,512	)
Expiring 06/17/20	Citibank, N.A.	RUB	4,353		60,250		58,030		—		(2,220	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	RUB	3,850		48,700		51,329		2,629		—
Singapore Dollar,
Expiring 06/17/20	Barclays Bank PLC	SGD	206		144,000		145,966		1,966		—

See Notes to Financial Statements.

PGIM International Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 06/17/20	Credit Suisse International	SGD	217	$	152,000	$	153,690	$	1,690	$	—
Expiring 06/17/20	Goldman Sachs International	SGD	193		136,000		136,966		966		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	207		149,728		147,124		—		(2,604	)
South African Rand,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	1,117		64,000		59,964		—		(4,036	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	219		11,565		11,737		172		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	514		29,233		27,612		—		(1,621	)
South Korean Won,
Expiring 06/17/20	Citibank, N.A.	KRW	74,101		59,139		61,044		1,905		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	36,606		30,144		30,156		12		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	16,936		13,926		13,952		26		—
Swedish Krona,
Expiring 07/15/20	Citibank, N.A.	SEK	860		87,001		88,168		1,167		—
Expiring 07/15/20	Morgan Stanley & Co. International PLC	SEK	816		81,000		83,741		2,741		—
Thai Baht,
Expiring 06/17/20	Barclays Bank PLC	THB	3,417		105,000		105,619		619		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	4,114		126,000		127,149		1,149		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	3,829		117,000		118,359		1,359		—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	3,519		108,000		108,754		754		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	THB	1,641		50,414		50,733		319		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC	TRY	349		50,000		49,264		—		(736	)
Expiring 06/17/20	Barclays Bank PLC	TRY	306		44,000		43,194		—		(806	)
Ukraine Hryvna,
Expiring 05/26/20	Citibank, N.A.	UAH	560		22,325		20,519		—		(1,806	)
Expiring 05/26/20	Citibank, N.A.	UAH	311		12,385		11,415		—		(970	)
Expiring 05/27/20	Citibank, N.A.	UAH	509		20,289		18,659		—		(1,630	)
				$	29,508,526	$	29,750,901		316,822		(74,447	)

See Notes to Financial Statements.

30

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/20/20	HSBC Bank USA, N.A.	AUD	1,455	$	931,225	$	948,435	$	—	$	(17,210	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	AUD	99		65,000		64,707		293		—
Brazilian Real,
Expiring 05/05/20	Goldman Sachs International	BRL	595		116,426		109,293		7,133		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	BRL	236		44,456		43,425		1,031		—
Expiring 05/05/20	JPMorgan Chase Bank, N.A.	BRL	216		39,600		39,767		—		(167	)
Expiring 05/05/20	Morgan Stanley & Co. International PLC	BRL	2,069		405,729		380,370		25,359		—
Expiring 05/05/20	Morgan Stanley & Co. International PLC	BRL	214		39,600		39,279		321		—
Expiring 06/02/20	Goldman Sachs International	BRL	912		163,296		167,322		—		(4,026	)
Expiring 06/02/20	HSBC Bank USA, N.A.	BRL	1,190		209,819		218,301		—		(8,482	)
Expiring 06/02/20	Morgan Stanley & Co. International PLC	BRL	1,227		216,873		225,024		—		(8,151	)
British Pound,
Expiring 05/05/20	Citibank, N.A.	GBP	2,596		3,003,999		3,269,285		—		(265,286	)
Expiring 06/02/20	BNP Paribas S.A.	GBP	2,596		3,206,214		3,269,669		—		(63,455	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	GBP	752		930,568		947,531		—		(16,963	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	GBP	82		103,602		103,448		154		—
Canadian Dollar,
Expiring 07/20/20	Barclays Bank PLC	CAD	87		62,621		62,480		141		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC	CAD	1,802		1,297,574		1,294,678		2,896		—
Expiring 07/20/20	Morgan Stanley & Co. International PLC	CAD	67		47,718		48,353		—		(635	)
Chilean Peso,
Expiring 06/17/20	Citibank, N.A.	CLP	13,827		16,065		16,582		—		(517	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	130,630		156,434		156,660		—		(226	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	48,116		56,250		57,704		—		(1,454	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	46,342		54,300		55,577		—		(1,277	)
Expiring 06/17/20	HSBC Bank USA, N.A.	CLP	36,827		44,372		44,165		207		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	184,825		221,057		221,655		—		(598	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	65,969		78,000		79,114		—		(1,114	)

See Notes to Financial Statements.

PGIM International Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	25,507	$	30,144	$	30,590	$	—	$	(446	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	CLP	11,915		13,926		14,289		—		(363	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	CLP	81,967		98,000		98,300		—		(300	)
Expiring 06/17/20	The Toronto-Dominion Bank	CLP	72,225		85,676		86,617		—		(941	)
Chinese Renminbi,
Expiring 05/11/20	Bank of America, N.A.	CNH	282		40,278		39,847		431		—
Expiring 05/11/20	Bank of America, N.A.	CNH	164		23,279		23,191		88		—
Expiring 05/11/20	Barclays Bank PLC	CNH	353		49,975		49,830		145		—
Expiring 05/11/20	Citibank, N.A.	CNH	8,598		1,227,369		1,214,455		12,914		—
Expiring 05/11/20	Citibank, N.A.	CNH	845		120,000		119,418		582		—
Expiring 05/11/20	Credit Suisse International	CNH	1,115		157,000		157,524		—		(524	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	959		135,000		135,453		—		(453	)
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	898		128,000		126,825		1,175		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	479		68,400		67,665		735		—
Expiring 05/11/20	HSBC Bank USA, N.A.	CNH	461		66,000		65,164		836		—
Expiring 05/11/20	Morgan Stanley & Co. International PLC	CNH	755		105,900		106,641		—		(741	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	961		137,889		134,294		3,595		—
Colombian Peso,
Expiring 06/17/20	BNP Paribas S.A.	COP	394,752		103,896		99,281		4,615		—
Expiring 06/17/20	Citibank, N.A.	COP	212,155		54,000		53,358		642		—
Expiring 06/17/20	Citibank, N.A.	COP	190,209		47,000		47,838		—		(838	)
Expiring 06/17/20	Citibank, N.A.	COP	49,301		14,271		12,399		1,872		—
Expiring 06/17/20	Goldman Sachs International	COP	193,193		47,524		48,589		—		(1,065	)
Expiring 06/17/20	Goldman Sachs International	COP	182,271		47,000		45,842		1,158		—
Expiring 06/17/20	Goldman Sachs International	COP	171,796		49,499		43,207		6,292		—
Expiring 06/17/20	HSBC Bank USA, N.A.	COP	64,154		18,363		16,135		2,228		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	COP	183,418		47,000		46,130		870		—
Czech Koruna,
Expiring 07/17/20	Morgan Stanley & Co. International PLC	CZK	1,780		71,000		72,038		—		(1,038	)
Egyptian Pound,
Expiring 05/18/20	Citibank, N.A.	EGP	244		15,310		15,413		—		(103	)

See Notes to Financial Statements.

32

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Egyptian Pound (cont’d.),
Expiring 05/18/20	Citibank, N.A.	EGP	85	$	5,322	$	5,343	$	—	$	(21	)
Expiring 06/17/20	Citibank, N.A.	EGP	399		24,707		24,847		—		(140	)
Expiring 06/17/20	Citibank, N.A.	EGP	181		11,161		11,252		—		(91	)
Euro,
Expiring 05/05/20	Deutsche Bank AG	EUR	9,060		9,816,305		9,928,760		—		(112,455	)
Expiring 05/05/20	UBS AG	EUR	9,060		9,815,644		9,928,760		—		(113,116	)
Expiring 06/02/20	Deutsche Bank AG	EUR	9,060		9,858,061		9,934,255		—		(76,194	)
Expiring 06/02/20	JPMorgan Chase Bank, N.A.	EUR	9,060		9,838,727		9,934,254		—		(95,527	)
Expiring 07/17/20	Barclays Bank PLC	EUR	900		975,628		987,825		—		(12,197	)
Expiring 07/17/20	Barclays Bank PLC	EUR	598		653,850		655,875		—		(2,025	)
Expiring 07/17/20	BNP Paribas S.A.	EUR	122		133,000		134,030		—		(1,030	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	583		635,344		639,430		—		(4,086	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	231		253,830		254,044		—		(214	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	126		138,044		138,123		—		(79	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	EUR	82		90,647		90,415		232		—
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	583		635,110		639,429		—		(4,319	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	EUR	121		132,300		132,405		—		(105	)
Expiring 12/02/20	Citibank, N.A.	EUR	1,877		2,127,904		2,066,698		61,206		—
Hungarian Forint,
Expiring 07/17/20	Barclays Bank PLC	HUF	23,321		71,000		72,425		—		(1,425	)
Expiring 07/17/20	Barclays Bank PLC	HUF	18,584		56,000		57,713		—		(1,713	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	HUF	29,296		88,321		90,980		—		(2,659	)
Indian Rupee,
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	4,419		56,793		58,199		—		(1,406	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	INR	3,593		46,000		47,324		—		(1,324	)
Indonesian Rupiah,
Expiring 06/17/20	Barclays Bank PLC	IDR	944,118		59,000		61,721		—		(2,721	)
Expiring 06/17/20	HSBC Bank USA, N.A.	IDR	1,104,483		69,000		72,204		—		(3,204	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	IDR	898,344		54,000		58,728		—		(4,728	)
Israeli Shekel,
Expiring 06/17/20	Barclays Bank PLC	ILS	590		154,000		169,507		—		(15,507	)

See Notes to Financial Statements.

PGIM International Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel (cont’d.),
Expiring 06/17/20	BNP Paribas S.A.	ILS	285	$	81,309	$	81,872	$	—	$	(563	)
Expiring 06/17/20	Citibank, N.A.	ILS	130		36,960		37,314		—		(354	)
Expiring 06/17/20	Goldman Sachs International	ILS	462		131,040		132,747		—		(1,707	)
Japanese Yen,
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	88,139		811,877		822,333		—		(10,456	)
Expiring 07/17/20	JPMorgan Chase Bank, N.A.	JPY	5,030		47,092		46,929		163		—
Mexican Peso,
Expiring 06/17/20	HSBC Bank USA, N.A.	MXN	937		39,000		38,578		422		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	2,303		108,549		94,841		13,708		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	988		42,100		40,663		1,437		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	MXN	722		29,300		29,720		—		(420	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	MXN	1,349		66,000		55,536		10,464		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	MXN	714		29,400		29,414		—		(14	)
New Taiwanese Dollar,
Expiring 06/17/20	HSBC Bank USA, N.A.	TWD	4,146		140,000		140,623		—		(623	)
Expiring 06/17/20	UBS AG	TWD	5,124		172,000		173,781		—		(1,781	)
Expiring 06/17/20	UBS AG	TWD	3,288		111,000		111,528		—		(528	)
New Zealand Dollar,
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	796		477,111		487,771		—		(10,660	)
Expiring 07/20/20	JPMorgan Chase Bank, N.A.	NZD	109		64,592		66,561		—		(1,969	)
Norwegian Krone,
Expiring 07/15/20	Citibank, N.A.	NOK	596		58,000		58,224		—		(224	)
Expiring 07/15/20	Morgan Stanley & Co. International PLC	NOK	427		40,685		41,685		—		(1,000	)
Peruvian Nuevo Sol,
Expiring 06/17/20	Citibank, N.A.	PEN	653		190,053		192,843		—		(2,790	)
Philippine Peso,
Expiring 06/17/20	HSBC Bank USA, N.A.	PHP	6,218		122,000		122,873		—		(873	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	PHP	2,180		42,670		43,072		—		(402	)
Polish Zloty,
Expiring 07/17/20	Barclays Bank PLC	PLN	402		96,000		96,881		—		(881	)

See Notes to Financial Statements.

34

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty (cont’d.),
Expiring 07/17/20	Barclays Bank PLC	PLN	356	$	85,000	$	85,846	$	—	$	(846	)
Expiring 07/17/20	Morgan Stanley & Co. International PLC	PLN	52		12,500		12,601		—		(101	)
Russian Ruble,
Expiring 06/17/20	Barclays Bank PLC	RUB	3,402		44,650		45,353		—		(703	)
Expiring 06/17/20	Barclays Bank PLC	RUB	1,484		19,635		19,789		—		(154	)
Expiring 06/17/20	Barclays Bank PLC	RUB	1,246		16,065		16,614		—		(549	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	RUB	2,865		39,105		38,188		917		—
Singapore Dollar,
Expiring 06/17/20	BNP Paribas S.A.	SGD	168		118,000		118,999		—		(999	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	SGD	102		72,500		72,169		331		—
South African Rand,
Expiring 06/17/20	Bank of America, N.A.	ZAR	1,028		56,000		55,178		822		—
Expiring 06/17/20	Bank of America, N.A.	ZAR	516		28,637		27,716		921		—
Expiring 06/17/20	Barclays Bank PLC	ZAR	953		50,000		51,148		—		(1,148	)
Expiring 06/17/20	HSBC Bank USA, N.A.	ZAR	264		16,967		14,163		2,804		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	5,351		333,037		287,251		45,786		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	1,492		81,000		80,089		911		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	ZAR	1,275		66,700		68,425		—		(1,725	)
Expiring 06/17/20	Morgan Stanley & Co. International PLC	ZAR	762		49,452		40,924		8,528		—
South Korean Won,
Expiring 06/17/20	Citibank, N.A.	KRW	38,395		31,780		31,630		150		—
Expiring 06/17/20	Credit Suisse International	KRW	387,907		328,182		319,557		8,625		—
Expiring 06/17/20	HSBC Bank USA, N.A.	KRW	120,523		98,000		99,286		—		(1,286	)
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	KRW	60,882		51,416		50,154		1,262		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	61,036		51,416		50,281		1,135		—
Expiring 06/17/20	Morgan Stanley & Co. International PLC	KRW	60,484		51,097		49,826		1,271		—
Expiring 06/17/20	UBS AG	KRW	60,979		51,416		50,235		1,181		—
Swedish Krona,
Expiring 07/15/20	Barclays Bank PLC	SEK	1,966		193,937		201,712		—		(7,775	)
Swiss Franc,
Expiring 07/15/20	Citibank, N.A.	CHF	52		52,972		53,612		—		(640	)

See Notes to Financial Statements.

PGIM International Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht,
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	5,128	$	162,948	$	158,482	$	4,466	$	—
Expiring 06/17/20	HSBC Bank USA, N.A.	THB	3,851		120,000		119,013		987		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	THB	3,374		107,000		104,271		2,729		—
Turkish Lira,
Expiring 06/17/20	Barclays Bank PLC	TRY	537		85,398		75,892		9,506		—
Expiring 06/17/20	Barclays Bank PLC	TRY	330		51,801		46,617		5,184		—
Expiring 06/17/20	Barclays Bank PLC	TRY	311		44,556		43,972		584		—
Expiring 06/17/20	Barclays Bank PLC	TRY	299		44,372		42,236		2,136		—
Expiring 06/17/20	Citibank, N.A.	TRY	232		36,790		32,754		4,036		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TRY	471		72,000		66,575		5,425		—
Expiring 06/17/20	JPMorgan Chase Bank, N.A.	TRY	326		50,119		46,116		4,003		—
				$	66,023,381	$	66,650,166		277,045		(903,830	)
								$	593,867	$	(978,277	)

Cross currency exchange contracts outstanding at April 30, 2020:

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation		Counterparty
OTC Cross Currency Exchange Contracts:
07/17/20	Buy	EUR	81		CZK	2,195	$	54	$	—	Citibank, N.A.

Credit default swap agreements outstanding at April 30, 2020:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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)**:
Federal Republic of Brazil		12/20/22		1.000%(Q)		600		2.350	%	$	(20,129	)	$	(545	)	$	(19,584	)	Citibank, N.A.
Government of Malaysia		12/20/22		1.000%(Q)		120		0.527	%		1,637			(109	)		1,746		Citibank, N.A.
People’s Republic of China		12/20/22		1.000%(Q)		400		0.183	%		9,139			(363	)		9,502		Citibank, N.A.

See Notes to Financial Statements.

36

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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 Argentina		12/20/22		1.000%(Q)		120		305.010	%	$	(90,928	)	$	(109	)	$	(90,819	)	Citibank, N.A.
Republic of Chile		12/20/22		1.000%(Q)		120		0.604	%		1,395			(109	)		1,504		Citibank, N.A.
Republic of Colombia		12/20/22		1.000%(Q)		160		1.690	%		(2,679	)		(145	)		(2,534	)	Citibank, N.A.
Republic of Indonesia		12/20/22		1.000%(Q)		160		1.192	%		(613	)		(145	)		(468	)	Citibank, N.A.
Republic of Panama		12/20/22		1.000%(Q)		120		0.968	%		241			(109	)		350		Citibank, N.A.
Republic of Peru		12/20/22		1.000%(Q)		120		0.597	%		1,418			(109	)		1,527		Citibank, N.A.
Republic of Philippines		12/20/22		1.000%(Q)		120		0.407	%		2,023			(109	)		2,132		Citibank, N.A.
Republic of South Africa		12/20/22		1.000%(Q)		360		3.655	%		(23,565	)		(327	)		(23,238	)	Citibank, N.A.
Republic of Turkey		12/20/22		1.000%(Q)		600		5.767	%		(68,209	)		(545	)		(67,664	)	Citibank, N.A.
Russian Federation		12/20/22		1.000%(Q)		360		1.121	%		(719	)		(327	)		(392	)	Citibank, N.A.
United Mexican States		12/20/22		1.000%(Q)		520		1.863	%		(11,018	)		(473	)		(10,545	)	Citibank, N.A.
										$	(202,007	)	$	(3,524	)	$	(198,483	)

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

$

194,966

$

(970

)

$

195,936

Citibank, N.A.

** The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/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 any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s).

See Notes to Financial Statements.

PGIM International Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2020(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:

Alcentra CLO

05/20/20

0.500%(M)

EUR

16

*

$

6

$

—

$

6

Goldman Sachs International

American Money Management Corporation

05/20/20

0.500%(M)

1

*

—

—

—

Goldman Sachs International

Apollo Credit Management International Limited

05/20/20

1.000%(M)

EUR

28

*

20

—

20

Goldman Sachs International

ArrowMark CLO

05/20/20

1.000%(M)

EUR

9

*

6

—

6

Goldman Sachs International

BHP Trust

05/28/20

1.250%(M)

23

*

2

—

2

Goldman Sachs International

BlackRock CLO

05/20/20

0.500%(M)

EUR

16

*

6

—

6

Goldman Sachs International

BlackRock CLO

05/20/20

0.500%(M)

EUR

16

*

6

—

6

Goldman Sachs International

BlackRock CLO

05/20/20

1.000%(M)

EUR

7

*

5

—

5

Goldman Sachs International

BlueMountain CLO

05/20/20

1.000%(M)

EUR

25

*

18

—

18

Goldman Sachs International

BlueMountain CLO

05/20/20

0.500%(M)

EUR

19

*

7

—

7

Goldman Sachs International

BlueMountain CLO

05/20/20

0.500%(M)

2

*

1

—

1

Goldman Sachs International

Canyon CLO

05/20/20

0.500%(M)

3

*

1

—

1

Goldman Sachs International

Carlyle CLO

05/20/20

1.000%(M)

EUR

67

*

49

—

49

Goldman Sachs International

See Notes to Financial Statements.

38

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Carlyle CLO		05/20/20		0.500%(M)		7		*	$	2	$	—	$	2	Goldman Sachs International
Citigroup Commercial Mortgage Trust		05/28/20		1.250%(M)		6		*		—		—		—	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		18		*		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		13		*		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		13		*		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		10		*		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		9		*		1		—		1	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		6		*		—		—		—	Goldman Sachs International
COMM Mortgage Trust		05/28/20		1.250%(M)		6		*		—		—		—	Goldman Sachs International
Covenant		05/20/20		0.500%(M)		3		*		1		—		1	Goldman Sachs International
Crestline Denali Capital		05/20/20		0.500%(M)		13		*		4		—		4	Goldman Sachs International
CSAM CLO		05/20/20		1.000%(M)	EUR	23		*		17		—		17	Goldman Sachs International
CSAM CLO		05/20/20		0.500%(M)		12		*		4		—		4	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
CSAM CLO		05/20/20		0.500%(M)		10		*	$	3	$	—	$	3	Goldman Sachs International
CVC CLO		05/20/20		1.000%(M)	EUR	30		*		22		—		22	Goldman Sachs International
CVC CLO		05/20/20		0.500%(M)	EUR	18		*		6		—		6	Goldman Sachs International
CVC CLO		05/20/20		0.500%(M)	EUR	15		*		5		—		5	Goldman Sachs International
DFG CLO		05/20/20		0.500%(M)	EUR	9		*		3		—		3	Goldman Sachs International
Eagle Re Ltd.		05/29/20		1.250%(M)		25		*		2		—		2	Goldman Sachs International
GLG Silvermine CLO		05/20/20		0.500%(M)		8		*		3		—		3	Goldman Sachs International
GMAC Home Equity		05/29/20		1.250%(M)		14		*		1		—		1	Goldman Sachs International
GS Mortgage Securities Trust		05/28/20		1.250%(M)		20		*		1		—		1	Goldman Sachs International
GS Mortgage Securities Trust		05/28/20		1.250%(M)		8		*		1		—		1	Goldman Sachs International
GSAMP Home Equity		05/29/20		1.250%(M)		14		*		1		—		1	Goldman Sachs International
GSO CLO		05/20/20		0.500%(M)	EUR	14		*		5		—		5	Goldman Sachs International
GSO CLO		05/20/20		0.500%(M)	EUR	8		*		3		—		3	Goldman Sachs International

See Notes to Financial Statements.

40

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
GSR Mortgage Loan Trust		05/29/20		1.250%(M)		7		*	$	—	$	—	$	—	Goldman Sachs International
Guggenheim CLO		05/20/20		0.500%(M)		52		*		17		—		17	Goldman Sachs International
HPS CLO		05/20/20		0.500%(M)		1		*		—		—		—	Goldman Sachs International
ICG CLO		05/20/20		0.500%(M)		7		*		2		—		2	Goldman Sachs International
Investcorp CLO		05/20/20		0.500%(M)	EUR	13		*		5		—		5	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250%(M)		17		*		1		—		1	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250%(M)		13		*		1		—		1	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		05/28/20		1.250%(M)		5		*		—		—		—	Goldman Sachs International
Loomis Sayles & Company LP		05/20/20		0.500%(M)		1		*		—		—		—	Goldman Sachs International
MJX CLO		05/20/20		0.500%(M)		11		*		4		—		4	Goldman Sachs International
Morgan Stanley BAML Trust		05/28/20		1.250%(M)		9		*		1		—		1	Goldman Sachs International
Morgan Stanley Capital I Trust		05/28/20		1.250%(M)		9		*		1		—		1	Goldman Sachs International
Morgan Stanley Capital I Trust		05/28/20		1.250%(M)		5		*		—		—		—	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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		05/20/20		0.500%(M)	EUR	7		*	$	3	$	—		$	3	Goldman Sachs International
Octagon CLO		05/20/20		0.500%(M)		9		*		3		—			3	Goldman Sachs International
ONEX CLO		05/20/20		0.500%(M)		20		*		7		—			7	Goldman Sachs International
ONEX CLO		05/20/20		0.500%(M)		9		*		3		—			3	Goldman Sachs International
ONEX CLO		05/20/20		0.500%(M)		4		*		1		—			1	Goldman Sachs International
Permira Advisers LLC		05/20/20		0.500%(M)	EUR	20		*		7		—			7	Goldman Sachs International
PineBridge CLO		05/20/20		0.500%(M)	EUR	14		*		5		—			5	Goldman Sachs International
Pretium		05/20/20		0.500%(M)		123		*		41		—			41	Goldman Sachs International
RBS Commercial Mortgage Trust		05/28/20		1.250%(M)		2		*		—		—			—	Goldman Sachs International
Sallie Mae Bank		05/28/20		1.750%(M)		572		*		167		(139	)		306	Goldman Sachs International
Sallie Mae Bank		05/28/20		1.750%(M)		572		*		167		(139	)		306	Goldman Sachs International
Saratoga CLO		05/20/20		0.500%(M)		107		*		36		—			36	Goldman Sachs International
Shenkman Capital		05/20/20		0.500%(M)		6		*		2		—			2	Goldman Sachs International

See Notes to Financial Statements.

42

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Shenkman Capital		05/20/20		0.500%(M)		1		*	$	—	$	—	$	—	Goldman Sachs International
Sound Point CLO Ltd.		05/20/20		0.500%(M)		21		*		7		—		7	Goldman Sachs International
Steele Creek		05/20/20		0.500%(M)		30		*		10		—		10	Goldman Sachs International
Steele Creek		05/20/20		0.500%(M)	EUR	10		*		3		—		3	Goldman Sachs International
Symphony CLO		05/20/20		0.500%(M)		10		*		3		—		3	Goldman Sachs International
TCW CLO		05/20/20		1.000%(M)	EUR	9		*		6		—		6	Goldman Sachs International
THL CLO		05/20/20		0.500%(M)		4		*		1		—		1	Goldman Sachs International
Tikehau CLO		05/20/20		1.000%(M)	EUR	82		*		60		—		60	Goldman Sachs International
WAMU POA		05/29/20		1.250%(M)		5		*		—		—		—	Goldman Sachs International
WellFleet CLO		05/20/20		0.500%(M)		22		*		7		—		7	Goldman Sachs International
WellFleet CLO		05/20/20		0.500%(M)		1		*		—		—		—	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		26		*		2		—		2	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		7		*		—		—		—	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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		05/28/20		1.250%(M)		6		*	$	—	$	—		$	—	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		05/28/20		1.250%(M)		5		*		—		—			—	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		10		*		1		—			1	Goldman Sachs International
Wells Fargo Home Equity		05/29/20		1.250%(M)		7		*		—		—			—	Goldman Sachs International
									$	790	$	(278	)	$	1,068

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	$	4,037		$	4,227		$	(190	)	Barclays Bank PLC
Kingdom of Spain		06/20/23		1.000%(Q)		100		(1,237	)		(1,596	)		359		Bank of America, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)		80		454			54			400		Citibank, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)		75		427			52			375		Citibank, N.A.
Republic of Argentina		06/20/24		5.000%(Q)		160		119,301			86,294			33,007		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		230		1,925			2,083			(158	)	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)	EUR	210		3,302			1,918			1,384		Barclays Bank PLC
Republic of Italy		06/20/28		1.000%(Q)	EUR	105		7,940			5,323			2,617		Barclays Bank PLC
							$	136,149		$	98,355		$	37,794

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at April 30, 2020(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):

Barclays Bank PLC

06/20/20

1.000%(Q)

EUR

100

0.351

%

$

228

$

132

$

96

Citibank, N.A.

See Notes to Financial Statements.

44

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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.):
Boeing Co.		12/20/21		1.000%(Q)		100		4.030	%	$	(4,631	)	$	891		$	(5,522	)	Bank of America, N.A.
Bombardier, Inc.		06/20/20		5.000%(Q)		100		32.943	%		(3,223	)		419			(3,642	)	JPMorgan Chase Bank, N.A.
Citigroup Inc.		06/20/20		1.000%(Q)		150		0.268	%		331			162			169		Morgan Stanley & Co. International PLC
Commonwealth of Australia		12/20/24		1.000%(Q)		100		0.259	%		3,549			2,500			1,049		Barclays Bank PLC
DP World PLC		12/20/24		1.000%(Q)		100		3.133	%		(9,006	)		436			(9,442	)	Barclays Bank PLC
Federal Republic of Germany		06/20/25		0.250%(Q)		90		0.234	%		100			227			(127	)	Bank of America, N.A.
General Electric Co.		06/20/20		1.000%(Q)		120		1.233	%		100			112			(12	)	Goldman Sachs International
Generalitat de Cataluna		12/20/22		1.000%(Q)		110		2.623	%		(4,363	)		(8,337	)		3,974		Citibank, N.A.
JPMorgan Chase & Co.		06/20/20		1.000%(Q)		200		0.359	%		415			239			176		BNP Paribas S.A.
Kingdom of Belgium		06/20/25		1.000%(Q)		45		0.404	%		1,419			1,477			(58	)	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		830		0.893	%		3,732			5,435			(1,703	)	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		100		0.893	%		449			977			(528	)	Bank of America, N.A.
Kingdom of Spain		06/20/25		1.000%(Q)		60		1.189	%		(494	)		(594	)		100		Bank of America, N.A.
Republic of Argentina		06/20/29		5.000%(Q)		160		173.902	%		(119,513	)		(93,664	)		(25,849	)	Citibank, N.A.
Republic of Chile		06/20/20		1.000%(Q)		100		0.205	%		229			125			104		Bank of America, N.A.
Republic of France		12/20/23		0.250%(Q)		100		0.323	%		(237	)		(198	)		(39	)	Barclays Bank PLC
Republic of France		06/20/25		0.250%(Q)		220		0.435	%		(2,009	)		(2,122	)		113		JPMorgan Chase Bank, N.A.
Republic of France		06/20/25		0.250%(Q)		110		0.435	%		(1,004	)		(1,116	)		112		Credit Suisse International
Republic of France		06/20/25		0.250%(Q)		100		0.435	%		(913	)		(560	)		(353	)	Bank of America, N.A.
Republic of Hungary		06/20/22		1.000%(Q)		450		0.369	%		6,619			(1,193	)		7,812		Citibank, N.A.

See Notes to Financial Statements.

PGIM International Bond Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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 Indonesia		06/20/23		1.000%(Q)		220		1.324	%	$	(1,934	)	$	(888	)	$	(1,046	)	Citibank, N.A.
Republic of Ireland		06/20/27		1.000%(Q)		100		0.522	%		3,447			1,796			1,651		Morgan Stanley & Co. International PLC
Republic of Italy		06/20/23		1.000%(Q)		375		1.869	%		(9,419	)		(9,558	)		139		Morgan Stanley & Co. International PLC
Republic of Italy		06/20/23		1.000%(Q)		350		1.869	%		(8,791	)		(12,327	)		3,536		Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		230		1.869	%		(5,777	)		(7,558	)		1,781		Citibank, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q)		115		0.982	%		199			—			199		Citibank, N.A.
Republic of Panama		06/20/20		1.000%(Q)		100		0.366	%		206			103			103		Citibank, N.A.
Republic of Panama		06/20/22		1.000%(Q)		100		0.833	%		474			380			94		Citibank, N.A.
Republic of Peru		06/20/20		1.000%(Q)		100		0.197	%		231			118			113		Bank of America, N.A.
Republic of Portugal		12/20/23		1.000%(Q)		100		0.933	%		356			(40	)		396		Morgan Stanley & Co. International PLC
Republic of South Africa		12/20/23		1.000%(Q)		400		3.870	%		(38,166	)		(15,672	)		(22,494	)	Bank of America, N.A.
Republic of Turkey		06/20/23		1.000%(Q)		80		5.784	%		(10,655	)		(7,244	)		(3,411	)	BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		40		5.784	%		(5,328	)		(3,456	)		(1,872	)	BNP Paribas S.A.
Republic of Ukraine		12/20/23		5.000%(Q)		100		7.117	%		(5,990	)		5,210			(11,200	)	Deutsche Bank AG
Royal Caribbean Cruises Ltd.		06/20/20		5.000%(Q)		80		19.456	%		(1,133	)		436			(1,569	)	Morgan Stanley & Co. International PLC
Russian Federation		12/20/22		1.000%(Q)		50		1.121	%		(100	)		(70	)		(30	)	Citibank, N.A.
Russian Federation		06/20/23		1.000%(Q)		200		1.195	%		(973	)		(2,414	)		1,441		Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		150		1.195	%		(730	)		(1,518	)		788		Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		60		1.195	%		(292	)		(713	)		421		BNP Paribas S.A.

See Notes to Financial Statements.

46

Credit default swap agreements outstanding at April 30, 2020 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(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		12/20/26		1.000%(Q)		100		1.923	%	$	(5,622	)	$	(7,447	)	$	1,825		Barclays Bank PLC
State of Illinois		12/20/22		1.000%(Q)		100		3.522	%		(5,929	)		(2,096	)		(3,833	)	Citibank, N.A.
State of Illinois		12/20/24		1.000%(Q)		100		3.816	%		(10,627	)		(4,608	)		(6,019	)	Goldman Sachs International
United Kingdom of Great Britain and Northern Ireland		06/20/25		1.000%(Q)		90		0.356	%		3,061			2,955			106		Bank of America, N.A.
										$	(231,714	)	$	(159,263	)	$	(72,451	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.NA.HY.34.V1		06/20/25		5.000%(Q)		2,970		6.251	%	$	(169,290	)	$	(135,190	)	$	34,100
CDX.NA.IG.34.V1		06/20/25		1.000%(Q)		1,630		0.865	%		9,844			12,836			2,992
iTraxx.EUR.32.V1		12/20/24		1.000%(Q)	EUR	1,000		0.803	%		30,585			11,197			(19,388	)
iTraxx.EUR.33.V1		06/20/25		1.000%(Q)	EUR	5,100		0.806	%		(9,769	)		61,668			71,437
iTraxx.XO.33.V1		06/20/25		5.000%(Q)	EUR	3,000		4.912	%		(36,918	)		31,577			68,495
										$	(175,548	)	$	(17,912	)	$	157,636

Reference Entity/ Obligation	Termination Date		Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2020(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.Beijing 1Y 30% - 100%^		12/20/20		0.000	%		300		*		$	(178	)	$	(112	)	$	(66	)	Citibank, N.A.
CDX.EM.27.V2		06/20/22		1.000	%(Q)		485		3.138	%		(20,808	)		(8,913	)		(11,895	)	Citibank, N.A.
CMBX.NA.6.AA		05/11/63		1.500	%(M)		200		*			(5,983	)		(1,081	)		(4,902	)	JPMorgan Securities LLC
											$	(26,969	)	$	(10,106	)	$	(16,863	)

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.

See Notes to Financial Statements.

PGIM International Bond Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

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.

* 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, 2020:

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

$

5,541

$

—

$

5,541

See Notes to Financial Statements.

48

Inflation swap agreements outstanding at April 30, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR	200		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—	$	(11,001	)	$	(11,001	)
EUR	200		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		10,422			10,422
							$	—	$	(579	)	$	(579	)

(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, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	560		09/25/22		2.958%(S)	6 Month BBSW(2)(S)	$	—		$	19,327		$	19,327
AUD	380		11/27/28		2.847%(S)	6 Month BBSW(2)(S)		(6	)		44,244			44,250
AUD	350		12/03/29		2.700%(S)	6 Month BBSW(2)(S)		35,519			40,302			4,783
AUD	150		05/09/32		3.140%(S)	6 Month BBSW(2)(S)		(4	)		24,988			24,992
AUD	165		07/19/32		3.130%(S)	6 Month BBSW(2)(S)		(5	)		27,076			27,081
BRL	287		01/02/25		6.540%(T)	1 Day BROIS(2)(T)		—			1,124			1,124
BRL	1,710		01/02/25		6.670%(T)	1 Day BROIS(2)(T)		—			9,060			9,060
BRL	657		01/02/25		9.475%(T)	1 Day BROIS(2)(T)		—			32,681			32,681
BRL	724		01/02/25		9.943%(T)	1 Day BROIS(2)(T)		—			44,361			44,361
BRL	305		01/02/25		11.080%(T)	1 Day BROIS(2)(T)		—			22,445			22,445
BRL	98		01/02/25		12.090%(T)	1 Day BROIS(2)(T)		—			8,560			8,560
BRL	1,008		01/04/27		6.490%(T)	1 Day BROIS(2)(T)		—			(7,573	)		(7,573	)
BRL	1,027		01/04/27		6.493%(T)	1 Day BROIS(2)(T)		—			(7,206	)		(7,206	)
BRL	1,091		01/02/29		7.250%(T)	1 Day BROIS(2)(T)		—			(3,816	)		(3,816	)
CAD	620		04/05/22		1.445%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(18,076	)		7,307			25,383
CAD	200		12/03/28		2.600%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		1,894			20,369			18,475
CAD	320		05/30/37		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(16,025	)		34,956			50,981
CAD	50		01/09/38		2.720%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		—			8,492			8,492
CAD	150		05/30/47		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(8,007	)		21,391			29,398

See Notes to Financial Statements.

PGIM International Bond Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CHF	210		04/03/28		0.410%(A)	6 Month CHF LIBOR(2)(S)	$	1,810		$	15,795		$	13,985
CHF	140		01/31/29		0.260%(A)	6 Month CHF LIBOR(2)(S)		—			9,347			9,347
CHF	80		04/03/33		0.687%(A)	6 Month CHF LIBOR(2)(S)		3,339			10,912			7,573
CLP	47,300		07/12/29		3.135%(S)	1 Day CLOIS(2)(S)		—			3,179			3,179
CLP	91,000		11/22/29		3.203%(S)	1 Day CLOIS(2)(S)		—			6,583			6,583
CLP	100,000		02/10/30		3.010%(S)	1 Day CLOIS(2)(S)		—			5,077			5,077
CNH	800		08/15/23		3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(10	)		5,613			5,623
CNH	800		03/13/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			5,415			5,415
CNH	1,400		04/01/24		2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			9,278			9,278
CNH	2,440		06/20/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		3			16,551			16,548
CNH	2,300		09/03/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(4	)		15,613			15,617
CNH	2,600		10/10/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2	)		17,585			17,587
CNH	1,780		11/01/24		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(7	)		15,484			15,491
CNH	2,500		02/04/25		2.600%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			13,705			13,705
CNH	3,900		03/06/25		2.425%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(15	)		16,902			16,917
CNH	6,000		03/12/25		2.400%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(2	)		24,939			24,941
COP	907,840		07/27/28		6.200%(Q)	1 Day COOIS(2)(Q)		9,889			28,001			18,112
CZK	22,450		05/31/20		2.138%(A)	3 Month PRIBOR(1)(Q)		—			(14,085	)		(14,085	)
CZK	6,000		11/17/22		1.505%(A)	6 Month PRIBOR(2)(S)		(16	)		5,241			5,257
CZK	21,000		01/27/24		1.923%(A)	6 Month PRIBOR(2)(S)		—			39,574			39,574
CZK	6,700		01/31/24		1.930%(A)	6 Month PRIBOR(1)(S)		—			(12,699	)		(12,699	)
CZK	12,700		03/31/24		0.710%(A)	6 Month PRIBOR(1)(S)		—			(1,329	)		(1,329	)
CZK	2,200		06/29/27		1.175%(A)	6 Month PRIBOR(1)(S)		5,359			(2,994	)		(8,353	)

See Notes to Financial Statements.

50

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CZK	8,760		01/27/30		1.573%(A)	6 Month PRIBOR(1)(S)	$	—		$	(26,121	)	$	(26,121	)
CZK	5,145		03/31/30		0.710%(A)	6 Month PRIBOR(2)(S)		—			(2,049	)		(2,049	)
EUR	620		05/11/22		(0.250)%(A)	1 Day EONIA(2)(A)		6,255			5,176			(1,079	)
EUR	225		04/27/30		(0.016)%(A)	6 Month EURIBOR(2)(S)		—			3,439			3,439
EUR	1,335		06/28/32		0.785%(A)	6 Month EURIBOR(2)(S)		(89,832	)		169,820			259,652
EUR	35		05/05/39		0.044%(A)	6 Month EURIBOR(2)(S)		—			44			44
EUR	60		05/11/49		1.450%(A)	6 Month EURIBOR(2)(S)		1,732			30,496			28,764
GBP	125		05/08/24		0.950%(A)	1 Day SONIA(1)(A)		(1,930	)		(5,686	)		(3,756	)
GBP	50		05/08/29		1.100%(A)	1 Day SONIA(2)(A)		2,925			5,387			2,462
GBP	125		05/08/46		1.250%(A)	1 Day SONIA(2)(A)		27,514			44,468			16,954
HKD	2,390		03/13/21		2.138%(Q)	3 Month HIBOR(2)(Q)		(4	)		3,506			3,510
HKD	2,700		03/13/21		2.145%(Q)	3 Month HIBOR(2)(Q)		(4	)		3,987			3,991
HKD	1,405		09/03/26		1.538%(Q)	3 Month HIBOR(1)(Q)		(8	)		(6,873	)		(6,865	)
HUF	177,300		07/02/20		1.065%(A)	6 Month BUBOR(2)(S)		(301	)		5,306			5,607
HUF	95,000		01/12/27		4.150%(A)	6 Month BUBOR(2)(S)		—			39,839			39,839
HUF	99,345		06/12/28		3.750%(A)	6 Month BUBOR(2)(S)		—			32,138			32,138
HUF	26,000		07/15/29		1.650%(A)	6 Month BUBOR(2)(S)		—			2,294			2,294
JPY	309,920		12/17/20		0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(409	)		(409	)
JPY	76,810		01/29/21		(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			82			82
JPY	301,250		12/20/24		0.126%(S)	6 Month JPY LIBOR(2)(S)		(6,292	)		26,265			32,557
JPY	46,500		07/04/28		0.282%(S)	6 Month JPY LIBOR(2)(S)		4,000			11,238			7,238
JPY	57,765		12/03/28		0.200%(S)	6 Month JPY LIBOR(2)(S)		5,197			10,447			5,250
JPY	180,000		12/22/36		0.641%(S)	6 Month JPY LIBOR(2)(S)		—			140,085			140,085
JPY	18,500		02/28/37		0.681%(S)	6 Month JPY LIBOR(2)(S)		—			15,481			15,481
JPY	95,000		07/26/37		0.676%(S)	6 Month JPY LIBOR(2)(S)		—			80,194			80,194
JPY	9,150		01/04/38		0.757%(S)	6 Month JPY LIBOR(2)(S)		—			9,083			9,083
JPY	8,000		12/03/38		0.600%(S)	6 Month JPY LIBOR(2)(S)		2,617			5,958			3,341

See Notes to Financial Statements.

PGIM International Bond Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	20,000		10/04/39		0.203%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	318		$	318
JPY	30,000		12/03/39		0.650%(S)	6 Month JPY LIBOR(2)(S)		20,402			25,606			5,204
JPY	100,000		01/16/40		0.343%(S)	6 Month JPY LIBOR(2)(S)		—			27,483			27,483
JPY	35,000		02/06/40		0.223%(S)	6 Month JPY LIBOR(2)(S)		—			1,727			1,727
JPY	45,000		12/22/41		0.731%(S)	6 Month JPY LIBOR(2)(S)		—			47,848			47,848
JPY	6,200		04/07/42		0.803%(S)	6 Month JPY LIBOR(2)(S)		—			7,426			7,426
JPY	7,400		07/04/43		0.763%(S)	6 Month JPY LIBOR(2)(S)		—			8,709			8,709
JPY	25,000		11/24/47		0.888%(S)	6 Month JPY LIBOR(2)(S)		—			41,513			41,513
KRW	700,000		01/07/21		1.733%(Q)	3 Month KWCDC(2)(Q)		—			3,365			3,365
KRW	75,700		04/17/29		1.740%(Q)	3 Month KWCDC(2)(Q)		—			3,819			3,819
KRW	184,000		04/27/30		1.065%(Q)	3 Month KRW LIBOR(2)(Q)		—			394			394
MXN	2,080		06/11/27		7.210%(M)	28 Day Mexican Interbank Rate(2)(M)		506			6,794			6,288
MXN	4,020		02/27/29		8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		945			25,211			24,266
NOK	10,100		01/24/22		1.880%(A)	6 Month NIBOR(2)(S)		5			18,886			18,881
NOK	4,100		01/24/25		1.823%(A)	6 Month NIBOR(1)(S)		(4	)		(20,936	)		(20,932	)
NOK	1,500		12/11/28		2.177%(A)	6 Month NIBOR(2)(S)		—			16,826			16,826
NOK	500		02/07/29		2.083%(A)	6 Month NIBOR(2)(S)		869			5,194			4,325
NZD	300		05/01/20		3.628%(S)	3 Month BBR(2)(Q)		8,462			2,769			(5,693	)
NZD	470		01/10/27		3.420%(S)	3 Month BBR(2)(Q)		—			58,640			58,640
NZD	70		11/28/28		2.950%(S)	3 Month BBR(2)(Q)		1,860			8,716			6,856
NZD	90		07/22/29		1.768%(S)	3 Month BBR(2)(Q)		—			5,485			5,485
NZD	80		11/05/29		1.393%(S)	3 Month BBR(2)(Q)		—			3,152			3,152
PLN	1,120		08/24/23		2.390%(A)	6 Month WIBOR(2)(S)		—			20,177			20,177
PLN	935		11/13/23		2.570%(A)	6 Month WIBOR(2)(S)		—			17,723			17,723
PLN	500		04/11/24		2.020%(A)	6 Month WIBOR(2)(S)		—			7,487			7,487
PLN	1,300		06/21/24		1.750%(A)	6 Month WIBOR(2)(S)		—			18,836			18,836
PLN	1,000		01/10/27		3.030%(A)	6 Month WIBOR(2)(S)		—			38,747			38,747
PLN	620		06/12/28		3.070%(A)	6 Month WIBOR(1)(S)		—			(31,050	)		(31,050	)
PLN	508		11/13/28		2.998%(A)	6 Month WIBOR(1)(S)		—			(23,935	)		(23,935	)
SEK	2,500		12/30/26		1.106%(A)	3 Month STIBOR(2)(Q)		—			16,161			16,161
SEK	300		07/11/28		1.141%(A)	3 Month STIBOR(2)(Q)		524			2,461			1,937
SEK	990		11/28/28		1.188%(A)	3 Month STIBOR(2)(Q)		—			8,328			8,328

See Notes to Financial Statements.

52

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	1,000		06/20/29		0.550%(A)	3 Month STIBOR(2)(Q)	$	—		$	2,674		$	2,674
SEK	1,500		01/24/30		0.605%(A)	3 Month STIBOR(2)(Q)		—			4,218			4,218
SGD	380		05/21/23		2.030%(S)	6 Month SIBOR(1)(S)		—			(12,198	)		(12,198	)
SGD	135		03/19/24		2.025%(S)	6 Month SIBOR(2)(S)		—			5,196			5,196
SGD	200		05/21/28		2.436%(S)	6 Month SIBOR(2)(S)		—			18,120			18,120
SGD	90		02/14/29		2.285%(S)	6 Month SIBOR(2)(S)		—			7,616			7,616
	1,140		03/16/21		0.109%(A)	1 Day USOIS(1)(A)		—			(450	)		(450	)
	1,162		06/09/21		0.395%(A)	1 Day USOIS(1)(A)		—			(4,864	)		(4,864	)
	1,700		09/12/21		0.260%(A)	1 Day USOIS(1)(A)		—			(5,264	)		(5,264	)
	1,155		03/10/22		0.330%(A)	1 Day USOIS(1)(A)		—			(6,326	)		(6,326	)
	2,100		04/25/23		0.000%(Q)	3 Month LIBOR(2)(Q)		—			20			20
	150		08/15/44		2.392%(A)	1 Day USOIS(1)(A)		—			(64,513	)		(64,513	)
	731		11/15/45		0.508%(A)	1 Day USOIS(1)(A)		10,088			11,564			1,476
	175		11/15/45		0.553%(A)	1 Day USOIS(1)(A)		—			864			864
ZAR	10,560		03/13/21		7.180%(Q)	3 Month JIBAR(2)(Q)		(1	)		14,958			14,959
ZAR	9,480		03/13/24		7.500%(Q)	3 Month JIBAR(1)(Q)		10			(39,821	)		(39,831	)
ZAR	2,035		06/30/27		8.015%(Q)	3 Month JIBAR(2)(Q)		(13	)		6,797			6,810
ZAR	1,700		11/07/27		8.360%(Q)	3 Month JIBAR(2)(Q)		(34	)		7,314			7,348
ZAR	3,500		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		6			9,998			9,992
ZAR	2,820		03/13/29		8.055%(Q)	3 Month JIBAR(2)(Q)		(9	)		4,801			4,810
ZAR	2,000		10/03/29		7.580%(Q)	3 Month JIBAR(2)(Q)		—			(1,412	)		(1,412	)
							$	11,119		$	1,518,542		$	1,507,423

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Interest Rate Swap Agreements:
CLP	85,000		11/15/27		4.130%(S)	1 Day CLOIS(2)(S)	$	15,095	$	—	$	15,095	Morgan Stanley & Co. International PLC
CLP	55,000		12/20/27		4.260%(S)	1 Day CLOIS(2)(S)		9,979		—		9,979	Morgan Stanley & Co. International PLC
CLP	19,100		01/23/28		4.245%(S)	1 Day CLOIS(2)(S)		3,452		—		3,452	Morgan Stanley & Co. International PLC
CLP	33,000		01/26/28		4.210%(S)	1 Day CLOIS(2)(S)		5,936		—		5,936	Morgan Stanley & Co. International PLC
CLP	23,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		4,436		—		4,436	Citibank, N.A.
CNH	500		04/02/26		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		5,091		—		5,091	Citibank, N.A.

See Notes to Financial Statements.

PGIM International Bond Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Interest rate swap agreements outstanding at April 30, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
COP	123,000		01/23/28		6.035%(Q)	1 Day COOIS(2)(Q)	$	3,453		$	—		$	3,453		Morgan Stanley & Co. International PLC
COP	336,000		01/26/28		6.000%(Q)	1 Day COOIS(2)(Q)		9,078			—			9,078		Morgan Stanley & Co. International PLC
COP	263,000		02/01/28		6.020%(Q)	1 Day COOIS(2)(Q)		7,623			—			7,623		Morgan Stanley & Co. International PLC
COP	118,000		07/12/29		5.165%(Q)	1 Day COOIS(2)(Q)		1,283			—			1,283		Morgan Stanley & Co. International PLC
ILS	1,150		01/12/27		1.975%(A)	3 Month TELBOR(2)(Q)		34,348			—			34,348		Citibank, N.A.
ILS	390		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)		14,837			—			14,837		JPMorgan Chase Bank, N.A.
ILS	115		02/07/29		1.965%(A)	3 Month TELBOR(2)(Q)		3,894			—			3,894		JPMorgan Chase Bank, N.A.
ILS	450		04/24/30		0.710%(A)	3 Month TELBOR(2)(Q)		(13	)		(4	)		(9	)	Goldman Sachs International
KRW	850,000		01/06/27		1.800%(Q)	3 Month KWCDC(2)(Q)		37,117			(15	)		37,132		Citibank, N.A.
MYR	1,000		11/27/23		3.900%(Q)	3 Month KLIBOR(2)(Q)		14,156			(2	)		14,158		Citibank, N.A.
MYR	200		11/19/29		3.245%(Q)	3 Month KLIBOR(2)(Q)		3,938			—			3,938		Morgan Stanley & Co. International PLC
MYR	200		02/04/30		3.060%(Q)	3 Month KLIBOR(2)(Q)		3,236			—			3,236		Morgan Stanley & Co. International PLC
THB	20,000		08/08/20		1.840%(S)	6 Month BIBOR(2)(S)		2,402			—			2,402		Citibank, N.A.
THB	3,500		02/14/29		2.180%(S)	6 Month THBFIX(2)(S)		11,002			—			11,002		Citibank, N.A.
ZAR	3,300		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)		(10,189	)		(31	)		(10,158	)	Deutsche Bank AG
ZAR	3,100		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)		12,200			26			12,174		Deutsche Bank AG
							$	192,354		$	(26	)	$	192,380

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

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

See Notes to Financial Statements.

54

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	124,107	$	(199,919)	$	486,293	$	(341,371	)

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	—	$	1,914,247
J.P. Morgan Securities LLC		340,000		278,268
Total	$	340,000	$	2,192,515

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Cayman Islands	$	—	$	1,181,776	$	—
Ireland		—		534,323		—
Netherlands		—		150,175		—
United States		—		455,222		—
Commercial Mortgage-Backed Securities
Canada		—		18,123		—
United Kingdom		—		246,291		—
United States		—		1,144,462		—
Corporate Bonds
Australia		—		112,987		—
Brazil		—		112,383		—
China		—		542,145		—
France		—		520,897		—
Germany		—		702,503		—
Hong Kong		—		111,894		—
Iceland		—		107,711		—
Indonesia		—		94,954		—
Italy		—		232,541		—
Kazakhstan		—		103,090		—

See Notes to Financial Statements.

PGIM International Bond Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Corporate Bonds (continued)
Luxembourg	$	—	$	469,461	$	—
Mexico		—		432,967		—
Netherlands		—		742,244		—
Peru		—		168,605		—
Poland		—		286,206		—
Russia		—		268,793		—
Spain		—		339,241		—
Supranational Bank		—		247,956		—
United Arab Emirates		—		324,882		—
United Kingdom		—		676,456		—
United States		—		4,135,133		—
Residential Mortgage-Backed Securities
Bermuda		—		89,455		—
United Kingdom		—		101,577		—
United States		—		308,583		254,605
Sovereign Bonds
Argentina		—		178,765		—
Belgium		—		127,972		—
Brazil		—		926,107		—
Bulgaria		—		147,240		—
Canada		—		342,710		—
China		—		974,166		—
Colombia		—		687,191		—
Croatia		—		231,772		—
Cyprus		—		1,425,402		—
Germany		—		346,218		—
Greece		—		1,763,819		—
Hungary		—		71,758		—
Indonesia		—		1,002,034		—
Ireland		—		201,888		—
Israel		—		324,435		—
Italy		—		3,045,138		—
Japan		—		132,959		—
Kazakhstan		—		125,418		—
Mexico		—		579,804		—
New Zealand		—		72,590		—
Peru		—		557,066		—
Philippines		—		103,114		—
Portugal		—		2,002,981		—
Qatar		—		212,808		—
Romania		—		303,237		—
Russia		—		277,495		—
Saudi Arabia		—		125,392		—
Senegal		—		95,040		—
Serbia		—		189,518		—
South Africa		—		112,507		—
South Korea		—		134,745		—
Spain		—		3,020,093		—
Turkey		—		307,603		—
Ukraine		—		570,042		—
United Kingdom		—		2,054,406		—
U.S. Government Agency Obligations		—		195,354		—

See Notes to Financial Statements.

56

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Affiliated Mutual Funds	$	3,997,896		$	—		$	—
Options Purchased		—			16,433			—
Total	$	3,997,896		$	37,948,256		$	254,605
Other Financial Instruments*
Assets
Futures Contracts	$	358,755		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			593,867			—
OTC Cross Currency Exchange Contracts		—			54			—
OTC Packaged Credit Default Swap Agreements		—			210,819			—
Centrally Cleared Credit Default Swap Agreements		—			177,024			—
OTC Credit Default Swap Agreements		—			162,531			790
OTC Currency Swap Agreement		—			5,541			—
Centrally Cleared Inflation Swap Agreement		—			10,422			—
Centrally Cleared Interest Rate Swap Agreements		—			1,819,231			—
OTC Interest Rate Swap Agreements		—			202,556			—
Total	$	358,755		$	3,182,045		$	790
Liabilities
Futures Contracts	$	(403,341	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(978,277	)		—
OTC Packaged Credit Default Swap Agreements		—			(217,860	)		—
Centrally Cleared Credit Default Swap Agreement		—			(19,388	)		—
OTC Credit Default Swap Agreements		—			(284,887	)		(178	)
Centrally Cleared Inflation Swap Agreement		—			(11,001	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(311,808	)		—
OTC Interest Rate Swap Agreements		—			(10,202	)		—
Total	$	(403,341	)	$	(1,833,423	)	$	(178	)

* 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, 2020 were as follows:

Sovereign Bonds	53.9	%
Affiliated Mutual Funds (0.3% represents investments purchased with collateral from securities on loan)	9.5
Collateralized Loan Obligations	4.4	%
Banks	4.1
Commercial Mortgage-Backed Securities	3.3
Healthcare-Products	2.5

See Notes to Financial Statements.

PGIM International Bond Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Industry Classification (continued):

Oil & Gas	1.8	%
Residential Mortgage-Backed Securities	1.8
Telecommunications	1.8
Chemicals	1.8
Insurance	1.5
Software	1.3
Electric	1.2
Commercial Services	1.2
Diversified Financial Services	1.1
Media	1.0
Electronics	1.0
Foods	0.9
Electrical Components & Equipment	0.8
Multi-National	0.6
Transportation	0.5
Internet	0.5
U.S. Government Agency Obligations	0.5
Student Loan	0.4
Entertainment	0.4
Consumer Loans	0.4	%
Other	0.3
Auto Manufacturers	0.2
Household Products/Wares	0.2
Computers	0.2
Packaging & Containers	0.2
Retail	0.2
Lodging	0.2
Auto Parts & Equipment	0.2
Options Purchased	0.0	*
	99.9
Other assets in excess of liabilities	0.1
	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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

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

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker—variation margin swaps	$	177,024	*	Due from/to broker—variation margin swaps	$	19,388	*
Credit contracts	Premiums paid for OTC swap agreements		124,081		Premiums received for OTC swap agreements		199,867
Credit contracts	Unrealized appreciation on OTC swap agreements		278,205		Unrealized depreciation on OTC swap agreements		331,204
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		54		—		—

See Notes to Financial Statements.

58

	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	$	593,867		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	978,277
Interest rate contracts	Due from/to broker—variation margin futures		358,755	*	Due from/to broker—variation margin futures		403,341	*
Interest rate contracts	Due from/to broker—variation margin swaps		1,829,653	*	Due from/to broker—variation margin swaps		322,809	*
Interest rate contracts	Premiums paid for OTC swap agreements		26		Premiums received for OTC swap agreements		52
Interest rate contracts	Unaffiliated investments		16,433		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		208,088		Unrealized depreciation on OTC swap agreements		10,167
		$	3,586,186			$	2,265,105

* 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, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Futures		Forward &  Cross Currency Exchange Contracts		Swaps
Credit contracts	$	—		$	—	$	—	$	(746,951	)
Foreign exchange contracts		—			—		1,108,314		—
Interest rate contracts		(545	)		826,384		—		(1,152,176	)
Total	$	(545	)	$	826,384	$	1,108,314	$	(1,899,127	)

(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)		Futures		Forward &  Cross Currency Exchange Contracts		Swaps
Credit contracts	$	—	$	—	$	—	$	(27,674	)

See Notes to Financial Statements.

PGIM International Bond Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2020

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)		Futures			Forward &  Cross Currency Exchange Contracts		Swaps
Foreign exchange contracts	$	—	$	—		$	60,541	$	—
Interest rate contracts		6,038		(112,280	)		—		951,725
Total	$	6,038	$	(112,280	)	$	60,541	$	924,051

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

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

Options Purchased(1)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	587	$	17,076,777	$	39,547,543	$	30,574,184
Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	63,851,024	$	97,620	$	60,542,918	$	4,995,385

Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Inflation Swap Agreements(2)
$	18,837,590	$	138,000	$	442,693

(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.

60

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	$	106,631	$	(106,631	)	$	—

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.	$	32,957	$	(61,534	)	$	(28,577	)	$	—	$	(28,577	)
Barclays Bank PLC		50,599		(79,014	)		(28,415	)		—		(28,415	)
BNP Paribas S.A.		75,629		(86,981	)		(11,352	)		—		(11,352	)
Citibank, N.A.		551,583		(689,386	)		(137,803	)		—		(137,803	)
Credit Suisse International		10,427		(3,427	)		7,000			—		7,000
Deutsche Bank AG		94,116		(210,038	)		(115,922	)		—		(115,922	)
Goldman Sachs International		20,763		(18,537	)		2,226			—		2,226
HSBC Bank USA, N.A.		32,720		(38,421	)		(5,701	)		—		(5,701	)
JPMorgan Chase Bank, N.A.		213,557		(172,630	)		40,927			—		40,927
JPMorgan Securities LLC		—		(5,983	)		(5,983	)		—		(5,983	)
Morgan Stanley & Co. International PLC		136,891		(33,124	)		103,767			—		103,767
The Toronto-Dominion Bank		—		(5,067	)		(5,067	)		—		(5,067	)
UBS AG		1,512		(115,425	)		(113,913	)		—		(113,913	)
	$	1,220,754	$	(1,519,567	)	$	(298,813	)	$	—	$	(298,813	)

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

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

See Notes to Financial Statements.

PGIM International Bond Fund 61

Statement of Assets and Liabilities (unaudited)

as of April 30, 2020

Assets
Investments at value, including securities on loan of $106,631:
Unaffiliated investments (cost $39,525,242)	$	38,202,861
Affiliated investments (cost $3,997,581)		3,997,896
Cash		137,444
Foreign currency, at value (cost $76,716)		78,079
Unrealized appreciation on OTC forward foreign currency exchange contracts		593,867
Unrealized appreciation on OTC swap agreements		486,293
Dividends and interest receivable		421,663
Deposit with broker for centrally cleared/exchange-traded derivatives		340,000
Premiums paid for OTC swap agreements		124,107
Receivable for investments sold		106,344
Due from Manager		9,760
Unrealized appreciation on OTC cross currency exchange contracts		54
Prepaid expenses and other assets		3,390
Total Assets		44,501,758
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		978,277
Payable for investments purchased		382,246
Unrealized depreciation on OTC swap agreements		341,371
Premiums received for OTC swap agreements		199,919
Payable to broker for collateral for securities on loan		111,007
Accrued expenses and other liabilities		102,040
Due to broker—variation margin futures		73,657
Due to broker—variation margin swaps		44,429
Payable for Fund shares reacquired		15,474
Distribution fee payable		294
Affiliated transfer agent fee payable		157
Dividends payable		22
Total Liabilities		2,248,893
Net Assets	$	42,252,865
Net assets were comprised of:
Shares of beneficial interest, at par	$	4,341
Paid-in capital in excess of par		43,027,196
Total distributable earnings (loss)		(778,672	)
Net assets, April 30, 2020	$	42,252,865

See Notes to Financial Statements.

62

Class A
Net asset value and redemption price per share, ($ 327,435 ÷ 33,642 shares of beneficial interest issued and outstanding)	$	9.73
Maximum sales charge (3.25% of offering price)		0.33
Maximum offering price to public	$	10.06
Class C
Net asset value, offering price and redemption price per share, ($ 288,636 ÷ 29,664 shares of beneficial interest issued and outstanding)	$	9.73
Class Z
Net asset value, offering price and redemption price per share, ($ 11,224,200 ÷ 1,153,232 shares of beneficial interest issued and outstanding)	$	9.73
Class R6
Net asset value, offering price and redemption price per share, ($ 30,412,594 ÷ 3,124,516 shares of beneficial interest issued and outstanding)	$	9.73

See Notes to Financial Statements.

PGIM International Bond Fund 63

Statement of Operations (unaudited)

Six Months Ended April 30, 2020

Net Investment Income (Loss)
Income
Interest income	$	478,030
Affiliated dividend income		24,807
Income from securities lending, net (including affiliated income of $106)		295
Total income		503,132
Expenses
Management fee		97,947
Distribution fee(a)		1,090
Custodian and accounting fees		68,640
Registration fees(a)		30,389
Audit fee		25,192
Shareholders’ reports		21,699
Legal fees and expenses		9,033
Trustees’ fees		5,461
Transfer agent’s fees and expenses (including affiliated expense of $394)(a)		3,015
Miscellaneous		8,405
Total expenses		270,871
Less: Fee waiver and/or expense reimbursement(a)		(149,446	)
Net expenses		121,425
Net investment income (loss)		381,707
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $5)		(63,267	)
Futures transactions		826,384
Forward and cross currency contract transactions		1,108,314
Swap agreement transactions		(1,899,127	)
Foreign currency transactions		(48,063	)
		(75,759	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $315)		(2,881,066	)
Futures		(112,280	)
Forward and cross currency contracts		60,541
Swap agreements		924,051
Foreign currencies		(10,048	)
		(2,018,802	)
Net gain (loss) on investment and foreign currency transactions		(2,094,561	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(1,712,854	)

See Notes to Financial Statements.

64

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

	Class A			Class C			Class Z			Class R6
Distribution fee		398			692			—			—
Registration fees		7,619			7,619			7,576			7,575
Transfer agent’s fees and expenses		390			59			2,531			35
Fee waiver and/or expense reimbursement		(8,759	)		(7,995	)		(31,111	)		(101,581	)

See Notes to Financial Statements.

PGIM International Bond Fund 65

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2020			Year Ended October 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	381,707		$	533,311
Net realized gain (loss) on investment and foreign currency transactions		(75,759	)		2,960,835
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(2,018,802	)		1,315,639
Net increase (decrease) in net assets resulting from operations		(1,712,854	)		4,809,785
Dividends and Distributions
Distributions from distributable earnings
Class A		(20,326	)		(11,478	)
Class C		(4,261	)		(1,697	)
Class Z		(332,147	)		(67,729	)
Class R6		(2,303,576	)		(2,664,029	)
		(2,660,310	)		(2,744,933	)
Fund share transactions
Net proceeds from shares sold		16,465,734			3,412,549
Net asset value of shares issued in reinvestment of dividends and distributions		2,659,635			2,744,737
Cost of shares reacquired		(7,698,556	)		(152,333	)
Net increase (decrease) in net assets from Fund share transactions		11,426,813			6,004,953
Total increase (decrease)		7,053,649			8,069,805
Net Assets:
Beginning of period		35,199,216			27,129,411
End of period	$	42,252,865		$	35,199,216

See Notes to Financial Statements.

66

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 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 67

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

68

derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under

PGIM International Bond Fund 69

Notes to Financial Statements (unaudited) (continued)

Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

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

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

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

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

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

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or

70

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

Options: The Fund purchased or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment 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

PGIM International Bond Fund 71

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

72

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.

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.

PGIM International Bond Fund 73

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

74

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

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

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

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

PGIM International Bond Fund 75

Notes to Financial Statements (unaudited) (continued)

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

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

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

76

investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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

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

2. Agreements

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

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income and PGIM Limited, each of which is a business unit of PGIM, Inc.. 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. The Manager 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

PGIM International Bond Fund 77

Notes to Financial Statements (unaudited) (continued)

such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the reporting period ended April 30, 2020.

Effective December 1, 2019, the Manager has contractually agreed, through February 28, 2021, 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, 0.63% of average daily net assets for Class Z shares and 0.58% of average daily net assets for Class R6 shares. Prior to December 1, 2019 the Manager had contractually agreed, 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 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. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for the fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class 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, 2020, PIMS has not received front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2020, PIMS did not receive any contingent deferred sales charges imposed upon

78

redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

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

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2020, were $12,333,678 and $3,912,833, 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, 2020, is presented as follows:

PGIM International Bond Fund 79

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*
$	594,002	$	20,332,814	$	17,040,337	$	—	$	—	$	3,886,479		3,886,479	$	24,807
	PGIM Institutional Money Market Fund*
	—		122,744		11,647		315		5		111,417		111,439		106	**
$	594,002	$	20,455,558	$	17,051,984	$	315	$	5	$	3,997,896			$	24,913

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

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

5. Tax Information

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

Tax Basis	$	44,290,361
Gross Unrealized Appreciation		4,362,029
Gross Unrealized Depreciation		(5,146,985	)
Net Unrealized Depreciation	$	(784,956	)

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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the three fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more prior to July 15, 2019 ($500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end 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

80

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 charges and are available exclusively for sale to a limited group of investors.

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

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

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

			Percentage of
	Number of Shares		Outstanding Shares
Class C		1,205		4	%
Class R6		3,118,455		99.8	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	72%	1	23%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2020:
Shares sold		34,409		$	354,589
Shares issued in reinvestment of dividends and distributions		1,926			19,722
Shares reacquired		(27,367	)		(266,816	)
Net increase (decrease) in shares outstanding		8,968		$	107,495
Year ended October 31, 2019:
Shares sold		14,370		$	149,593
Shares issued in reinvestment of dividends and distributions		1,130			11,282
Shares reacquired		(917	)		(9,195	)
Net increase (decrease) in shares outstanding		14,583		$	151,680

PGIM International Bond Fund 81

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2020:
Shares sold		26,167		$	265,956
Shares issued in reinvestment of dividends and distributions		422			4,265
Shares reacquired		(1,101	)		(10,893	)
Net increase (decrease) in shares outstanding		25,488		$	259,328
Year ended October 31, 2019:
Shares sold		2,472		$	25,000
Shares issued in reinvestment of dividends and distributions		170			1,697
Net increase (decrease) in shares outstanding		2,642		$	26,697
Class Z
Six months ended April 30, 2020:
Shares sold		1,557,483		$	15,844,802
Shares issued in reinvestment of dividends and distributions		32,648			332,071
Shares reacquired		(756,807	)		(7,420,696	)
Net increase (decrease) in shares outstanding		833,324		$	8,756,177
Year ended October 31, 2019:
Shares sold		309,343		$	3,161,755
Shares issued in reinvestment of dividends and distributions		6,505			67,729
Shares reacquired		(11,600	)		(122,988	)
Net increase (decrease) in shares outstanding		304,248		$	3,106,496
Class R6
Six months ended April 30, 2020:
Shares sold		28		$	387
Shares issued in reinvestment of dividends and distributions		224,593			2,303,577
Shares reacquired		(16	)		(151	)
Net increase (decrease) in shares outstanding		224,605		$	2,303,813
Year ended October 31, 2019:
Shares sold		7,485		$	76,201
Shares issued in reinvestment of dividends and distributions		268,505			2,664,029
Shares reacquired		(1,950	)		(20,150	)
Net increase (decrease) in shares outstanding		274,040		$	2,720,080

7. Borrowings

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

	SCA
Term of Commitment	10/3/2019 – 10/1/2020

82

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

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

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

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

8. Risks of Investing in the Fund

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

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

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

PGIM International Bond Fund 83

Notes to Financial Statements (unaudited) (continued)

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.

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

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer

84

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.

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

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 adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM International Bond Fund 85

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,						December 14, 2016(a) through October 31,
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.83			$10.22			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.14			0.12			0.07
Net realized and unrealized gain (loss) oninvestment and foreign currency transactions		(0.42	)		1.43			(0.08	)		0.57
Total from investment operations		(0.34	)		1.57			0.04			0.64
Less Dividends and Distributions:
Dividends from net investment income		(0.59	)		(0.96	)		(0.26	)		-
Tax return of capital distributions		-			-			-			(0.20	)
Distributions from net realized gains		(0.17	)		-			-			-
Total dividends and distributions		(0.76	)		(0.96	)		(0.26	)		(0.20	)
Net asset value, end of period		$9.73			$10.83			$10.22			$10.44
Total Return(c):		(3.46)%			16.52%			0.40%			6.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$327			$267			$103			$91
Average net assets (000)		$320			$163			$99			$38
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.99%	(f)		0.99%			0.99%			0.99%	(f)
Expenses before waivers and/or expense reimbursement		6.49%	(f)		9.63%			17.44%			3.39%	(f)
Net investment income (loss)		1.59%	(f)		1.35%			1.14%			0.85%	(f)
Portfolio turnover rate(g)		12%			49%			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.

86

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,						December 14, 2016(a) through October 31,
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.83			$10.22			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.03			0.04			-
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.42	)		1.46			(0.07	)		0.57
Total from investment operations		(0.38	)		1.49			(0.03	)		0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.55	)		(0.88	)		(0.19	)		-
Tax return of capital distributions		-			-			-			(0.13	)
Distributions from net realized gains		(0.17	)		-			-			-
Total dividends and distributions		(0.72	)		(0.88	)		(0.19	)		(0.13	)
Net asset value, end of period		$9.73			$10.83			$10.22			$10.44
Total Return(c):		(3.75)%			15.65%			(0.34)%			5.73%
Ratios/Supplemental Data:
Net assets, end of period (000)		$289			$45			$16			$11
Average net assets (000)		$139			$31			$13			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.74%	(f)		1.74%			1.74%			1.74%	(f)
Expenses before waivers and/or expense reimbursement		13.29%	(f)		43.49%			124.78%			3.26%	(f)
Net investment income (loss)		0.79%	(f)		0.33%			0.41%			0.06%	(f)
Portfolio turnover rate(g)		12%			49%			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 87

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,						December 14, 2016(a) through October 31,
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.83			$10.23			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.14			0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.43	)		1.45			(0.07	)		0.57
Total from investment operations		(0.33	)		1.59			0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.60	)		(0.99	)		(0.29	)		-
Tax return of capital distributions		-			-			-			(0.22	)
Distributions from net realized gains		(0.17	)		-			-			-
Total dividends and distributions		(0.77	)		(0.99	)		(0.29	)		(0.22	)
Net asset value, end of period		$9.73			$10.83			$10.23			$10.44
Total Return(c):		(3.30)%			16.80%			0.75%			6.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11,224			$3,466			$160			$11
Average net assets (000)		$7,803			$1,763			$140			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.64%	(f)		0.74%			0.74%			0.74%	(f)
Expenses before waivers and/or expense reimbursement		1.44%	(f)		2.16%			12.47%			2.24%	(f)
Net investment income (loss)		1.87%	(f)		1.28%			1.43%			1.09%	(f)
Portfolio turnover rate(g)		12%			49%			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.

88

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,						December 14, 2016(a) through October 31,
	2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.84			$10.23			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.18			0.14			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.43	)		1.42			(0.06	)		0.57
Total from investment operations		(0.33	)		1.60			0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.61	)		(0.99	)		(0.29	)		-
Tax return of capital distributions		-			-			-			(0.22	)
Distributions from net realized gains		(0.17	)		-			-			-
Total dividends and distributions		(0.78	)		(0.99	)		(0.29	)		(0.22	)
Net asset value, end of period		$9.73			$10.84			$10.23			$10.44
Total Return(c):		(3.28)%			16.81%			0.75%			6.65%
Ratios/Supplemental Data:
Net assets, end of period (000)		$30,413			$31,421			$26,850			$26,654
Average net assets (000)		$31,132			$29,104			$26,854			$25,767
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.61%	(f)		0.74%			0.74%			0.74%	(f)
Expenses before waivers and/or expense reimbursement		1.27%	(f)		1.40%			1.55%			1.99%	(f)
Net investment income (loss)		1.98%	(f)		1.75%			1.39%			1.07%	(f)
Portfolio turnover rate(g)		12%			49%			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 89

Fund Liquidity Risk Management Program (Unaudited)

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

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

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

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

90

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Fixed Income PGIM Limited	655 Broad Street Newark, NJ 07102 Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

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

Mutual Funds:

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

PGIM 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 required, as this is not an annual filing.

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

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

Item 13 – Exhibits

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

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

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

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

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

SIGNATURES

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

Registrant:	Prudential Investment Portfolios 9
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2020

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

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

EX-99.CERT

Item 13

Prudential Investment Portfolios 9

Semi-Annual period ending 4/30/20

File No. 811-09101

CERTIFICATIONS

I, Stuart S. Parker, certify that:

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

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

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

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

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

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

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

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

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

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

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

June 17, 2020	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer

Item 13

Prudential Investment Portfolios 9

Semi-Annual period ending 4/30/20

File No. 811-09101

CERTIFICATIONS

I, Christian J. Kelly, certify that:

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

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

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

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

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

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

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

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

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

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

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

June 17, 2020	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and
	Accounting Officer

EX-99.ACCT

KPMG LLP (KPMG) served as the independent registered public accounting firm of the Funds, included in Appendix A, each a Fund of Prudential Investment Portfolios 9, for the fiscal years ended October 31, 2019 and October 31, 2018. KPMG's reports on the financial statements for the fiscal years ended October 31, 2019 and October 31, 2018 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle. During such fiscal year- ends and through December 12, 2019, the date of dismissal, (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Funds' financial statements for such period, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On December 12, 2019, the Audit Committee and the Trust's Board of Trustees approved the engagement of PricewaterhouseCoopers LLP (PwC), to serve as the independent registered public accounting firm for Funds' fiscal year ending October 31, 2020, thereby replacing KPMG effective upon completion of their October 31, 2019 audits and issuance of their reports thereon. During the Funds' fiscal years ended October 31, 2019 and October 31, 2018 and through December 12, 2019, neither Prudential Investment Portfolios 9, nor the Funds, nor anyone on their behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

Appendix A:

PGIM Absolute Return Bond Fund PGIM International Bond Fund

PGIM QMA Large-Cap Core Equity Fund PGIM Real Estate Income Fund

PGIM Select Real Estate Fund

June 24, 2020

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for the Prudential Investment Portfolios 9 Funds included in Appendix A, and under the dates included in Appendix A, we reported on the financial statements of the Prudential Investment Portfolios 9 Funds as of and for the years ended October 31, 2019 and 2018. On December 12, 2019, we were dismissed as independent registered public accountant effective upon completion of the audits and issuance of our reports thereon included in Appendix A.

We have read the statements made by Prudential Investment Portfolios 9 included under Item 13(a)(4) of Form N-CSR dated June 24, 2020, and we agree with such statements except that we are not in a position to agree or disagree with the statements that (1) the Audit Committee and Prudential Investment Portfolios 9's Board of Trustees approved the engagement of PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm, and (2) neither Prudential Investment Portfolios 9, nor the Funds, nor anyone on their behalf, consulted with PwC on items which: (i) concerned the application of accounting principles to a specified transaction, or the type of audit opinion that might be rendered on the Funds' financial statements; or

(ii)concerned the subject of a disagreement or reportable events. Very truly yours,

KPMG LLP

Appendix A

Fund	Audit Opinion Date
PGIM Absolute Return Bond Fund	December 19, 2019
PGIM International Bond Fund	December 19, 2019
PGIM QMA Large-Cap Core Equity Fund	December 19, 2019
PGIM Real Estate Income Fund	December 16, 2019
PGIM Select Real Estate Fund	December 19, 2019

EX-99.906CERT

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Prudential Investment Portfolios 9

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

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

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

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