PGIM Investments LLC 

655 Broad Street – 17^th Floor
Newark, New Jersey 07102 

April 19, 2021 

The Board of Directors/Trustees
of the Funds listed on Appendix A
655 Broad Street—17^th Floor
Newark, New Jersey 07102 

Re:  PGIM Investments Mutual Funds listed on Appendix A 

To the Board of Directors/Trustees:
 

PGIM Investments LLC (PGIM Investments) has contractually agreed that to the extent the Fund invests in a U.S. registered exchange-traded fund advised by PGIM Investments (each, a “PGIM ETF”), PGIM Investments will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund’s investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested or intends to invest in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund. 

Very truly yours, 

PGIM INVESTMENTS LLC 

By:/s/ Scott E. Benjamin
Name:Scott E. Benjamin
Title:Executive Vice President 

Appendix A 

The Prudential Investment Portfolios, Inc. 

PGIM Balanced Fund 

Prudential Investment Portfolios 2  

PGIM Core Conservative Bond Fund  

PGIM Core Short-Term Bond Fund 

PGIM TIPS Fund 

Prudential Investment Portfolios 3 

PGIM Global Dynamic Bond Fund 

PGIM Strategic Bond Fund 

Prudential Investment Portfolios 4 

PGIM Muni High Income Fund 

Prudential Investment Portfolios 6 

PGIM California Muni Income Fund 

Prudential Investment Portfolios 8 

PGIM Securitized Credit Fund 

Prudential Investment Portfolios 9 

PGIM Absolute Return Bond Fund 

PGIM International Bond Fund 

Prudential Investment Portfolios 12 

PGIM Short Duration Muni High Income Fund 

Prudential Investment Portfolios, Inc. 14 

PGIM Floating Rate Income Fund 

PGIM Government Income Fund 

Prudential Investment Portfolios, Inc. 15 

PGIM High Yield Fund 

PGIM Short Duration High Yield Income Fund 

Prudential Investment Portfolios, Inc. 17 

PGIM Short Duration Multi-Sector Bond Fund 

PGIM Total Return Bond Fund 

Prudential Global Total Return Fund, Inc. 

PGIM Global Total Return Fund 

PGIM Global Total Return (USD Hedged) Fund 

Prudential National Muni Fund, Inc. 

PGIM National Muni Fund 

Prudential Short-Term Corporate Bond Fund, Inc. 

PGIM Short-Term Corporate Bond Fund 

Prudential World Fund, Inc. 

PGIM Emerging Markets Debt Hard Currency Fund 

PGIM Emerging Markets Debt Local Currency Fund 

The Target Portfolio Trust 

PGIM Core Bond Fund 

PGIM Corporate Bond Fund 

PGIM Global High Yield Fund, Inc. 

PGIM High Yield Bond Fund, Inc. 

PGIM Short Duration High Yield Opportunities Fund