Prudential Investment Portfolios 16 N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-08915
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 16
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2019
Date of reporting period:	4/30/2019

Item 1 – Reports to Stockholders

PGIM INCOME BUILDER FUND

SEMIANNUAL REPORT

APRIL 30, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective:To seek income and long-term capital growth

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

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

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

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

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Table of Contents

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

PGIM Income Builder Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

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

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Income Builder Fund

April 30, 2019

PGIM Income Builder Fund 5

Your Fund’s Performance(unaudited)

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

	Total Returns as of 4/30/19 (without sales charges)	Average Annual Total Returns as of 4/30/19 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	7.80	2.14	2.90	6.71	—
Class B	7.35	1.08	2.91	6.40	—
Class C	7.47	5.08	3.06	6.40	—
Class R	7.69	6.59	3.58	6.93	—
Class Z	7.99	7.16	4.10	7.48	—
Class R6	7.88	7.17	N/A	N/A	5.68 (12/30/16)
S&P 500 Index
	9.75	13.48	11.62	15.31	—
Bloomberg Barclays US Aggregate Bond Index
	5.49	5.29	2.57	3.72	—
Lipper Flexible Portfolio Funds Average
	5.32	2.44	3.51	8.18	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

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

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

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

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

Benchmark Definitions

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

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is unmanaged and represents securities that are SEC-registered, taxable, and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 2.79%.

Lipper Flexible Portfolio Funds Average—The Lipper Flexible Portfolio Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Flexible Portfolio Funds universe for the periods noted. The funds in the Lipper Average allocate their investments to both domestic and foreign securities across traditional asset classes with a focus on total return. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 5.88%.

PGIM Income Builder Fund 7

Your Fund’s Performance(continued)

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

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 4/30/19 (%)
PGIM Total Return Bond Fund Class R6	6.0
PGIM Short Duration High Yield Income Fund Class R6	5.0
Invesco Preferred ETF,Exchange-Traded Funds	4.5
SPDR Bloomberg Barclays Convertible Securities ETF,Exchange-Traded Funds	3.0
Williams Cos., Inc. (The),Oil, Gas & Consumable Fuels	1.7

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/19 (%)
Sovereign Bonds	13.8
Equity Real Estate Investment Trusts (REITs)	13.1
Oil, Gas & Consumable Fuels	12.7
Affiliated Mutual Funds	11.0
Exchange-Traded Funds	7.5

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

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Fees and Expenses(unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Income Builder Fund 9

Fees and Expenses(continued)

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

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

PGIM Income Builder Fund		Beginning Account Value November 1, 2018		Ending Account Value April 30, 2019		Annualized Expense Ratio Based on the Six-Month  Period			Expenses Paid During the Six-Month  Period*
Class A	Actual	$	1,000.00	$	1,078.00		0.95	%	$	4.89
	Hypothetical	$	1,000.00	$	1,020.08		0.95	%	$	4.76
Class B	Actual	$	1,000.00	$	1,073.50		1.70	%	$	8.74
	Hypothetical	$	1,000.00	$	1,016.36		1.70	%	$	8.50
Class C	Actual	$	1,000.00	$	1,074.70		1.70	%	$	8.75
	Hypothetical	$	1,000.00	$	1,016.36		1.70	%	$	8.50
Class R	Actual	$	1,000.00	$	1,076.90		1.20	%	$	6.18
	Hypothetical	$	1,000.00	$	1,018.84		1.20	%	$	6.01
Class Z	Actual	$	1,000.00	$	1,079.90		0.70	%	$	3.61
	Hypothetical	$	1,000.00	$	1,021.32		0.70	%	$	3.51
Class R6	Actual	$	1,000.00	$	1,078.80		0.70	%	$	3.61
	Hypothetical	$	1,000.00	$	1,021.32		0.70	%	$	3.51

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

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Schedule of Investments(unaudited)

as of April 30, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.6%
AFFILIATED MUTUAL FUNDS    11.0%
PGIM Short Duration High Yield Income Fund (Class R6)		2,258,144	$	20,210,391
PGIM Total Return Bond Fund (Class R6)		1,690,970		24,265,413
TOTAL AFFILIATED MUTUAL FUNDS (cost $43,668,889)				44,475,804
COMMON STOCKS    41.3%
Aerospace & Defense    0.8%
Boeing Co. (The)		3,942		1,488,854
Safran SA (France)		10,517		1,536,627
				3,025,481
Banks    1.3%
Bank of America Corp.		55,663		1,702,175
BB&T Corp.		25,087		1,284,454
JPMorgan Chase & Co.		11,759		1,364,632
SunTrust Banks, Inc.		12,935		846,984
				5,198,245
Beverages    0.4%
Keurig Dr. Pepper, Inc.		51,471		1,496,262
Capital Markets    0.2%
CME Group, Inc.		2,065		369,428
Moelis & Co. (Class A Stock)		11,889		486,855
				856,283
Chemicals    0.2%
Akzo Nobel NV (Netherlands)		9,191		782,321
Commercial Services & Supplies    0.3%
Republic Services, Inc.		15,793		1,307,976
Communications Equipment    0.9%
Cisco Systems, Inc.		33,504		1,874,549
Nokia OYJ (Finland), ADR(a)		298,998		1,578,709
				3,453,258
Consumer Finance    0.2%
American Express Co.		7,927		929,282

See Notes to Financial Statements.

PGIM Income Builder Fund 11

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Telecommunication Services    0.6%
AT&T, Inc.		36,670	$	1,135,303
Verizon Communications, Inc.		21,237		1,214,544
				2,349,847
Electric Utilities    1.2%
Duke Energy Corp.		12,579		1,146,198
Edison International		27,960		1,783,009
Exelon Corp.		29,029		1,479,028
GenOn Energy Holdings, Inc. (Class A Stock)*^		1,854		268,830
Keycon Power Holdings LLC^		350		98,000
				4,775,065
Electrical Equipment    0.3%
Emerson Electric Co.		19,154		1,359,742
Entertainment    0.3%
Walt Disney Co. (The)		9,297		1,273,410
Equity Real Estate Investment Trusts (REITs)    10.6%
Activia Properties, Inc. (Japan)		140		584,860
American Tower Corp.		2,949		575,940
Americold Realty Trust		53,001		1,696,562
Apple Hospitality REIT, Inc.		175,024		2,879,145
Boston Properties, Inc.		8,970		1,234,451
CareTrust REIT, Inc.		87,432		2,120,226
Crown Castle International Corp.		3,928		494,064
DiamondRock Hospitality Co.		181,290		1,968,809
Essential Properties Realty Trust, Inc.		62,179		1,285,862
Four Corners Property Trust, Inc.		30,804		876,066
Frasers Logistics & Industrial Trust (Singapore)		594,649		516,333
Host Hotels & Resorts, Inc.		59,883		1,152,149
Invincible Investment Corp. (Japan)		4,436		2,244,966
Japan Hotel REIT Investment Corp. (Japan)		730		594,679
Kenedix Retail REIT Corp. (Japan)		364		881,388
Keppel REIT (Singapore)		945,153		846,775
LaSalle Logiport REIT (Japan)		1,219		1,306,456
Medical Properties Trust, Inc.		149,346		2,607,581
MGM Growth Properties LLC (Class A Stock)		87,258		2,814,943
Omega Healthcare Investors, Inc.		9,208		325,871
Prologis Property Mexico SA de CV (Mexico)		165,373		353,727
Prologis, Inc.		14,318		1,097,761
QTS Realty Trust, Inc. (Class A Stock)		13,258		601,250

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Regency Centers Corp.		7,580	$	509,149
STAG Industrial, Inc.		68,833		1,981,014
STORE Capital Corp.		27,298		909,569
Suntec Real Estate Investment Trust (Singapore)		1,355,370		1,843,040
Tritax Big Box REIT PLC (United Kingdom)		314,000		608,721
VICI Properties, Inc.		129,618		2,955,290
Vicinity Centres (Australia)		1,007,532		1,807,140
Warehouse REIT PLC (United Kingdom)		952,956		1,291,365
Welltower, Inc.		26,823		1,999,118
				42,964,270
Food & Staples Retailing    0.3%
Walmart, Inc.		12,696		1,305,657
Food Products    0.3%
Mondelez International, Inc. (Class A Stock)		20,970		1,066,324
Health Care Equipment & Supplies    0.8%
Abbott Laboratories		21,224		1,688,582
Zimmer Biomet Holdings, Inc.		11,070		1,363,381
				3,051,963
Hotels, Restaurants & Leisure    0.5%
McDonald’s Corp.		10,331		2,041,096
Household Products    0.2%
Procter & Gamble Co. (The)		9,027		961,195
Independent Power & Renewable Electricity Producers    0.4%
NextEra Energy Partners LP		32,885		1,513,697
Industrial Conglomerates    0.2%
Honeywell International, Inc.		4,736		822,312
Insurance    0.8%
Chubb Ltd.		13,628		1,978,785
MetLife, Inc.		26,105		1,204,224
				3,183,009
Machinery    0.2%
Caterpillar, Inc.		6,865		957,118

See Notes to Financial Statements.

PGIM Income Builder Fund 13

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining    0.3%
Anglo American PLC (South Africa)		42,775	$	1,110,627
Mortgage Real Estate Investment Trusts (REITs)    0.4%
MFA Financial, Inc.		153,332		1,151,523
Starwood Property Trust, Inc.		21,877		504,265
				1,655,788
Oil, Gas & Consumable Fuels    12.7%
Andeavor Logistics LP, MLP		19,279		646,425
Antero Midstream Corp.		92,067		1,124,138
BP PLC (United Kingdom), ADR		54,704		2,392,206
Buckeye Partners LP, MLP		13,942		466,499
Cheniere Energy Partners LP, MLP		91,468		4,008,128
Crestwood Equity Partners LP, MLP		19,913		730,608
Enable Midstream Partners LP, MLP		34,307		477,553
Enbridge, Inc. (Canada)		65,004		2,401,320
Energy Transfer LP, MLP		238,107		3,600,178
EnLink Midstream LLC, UTS		99,922		1,168,088
Enterprise Products Partners LP, MLP		123,713		3,541,903
EQM Midstream Partners LP, MLP		15,469		711,574
Equitrans Midstream Corp.		11,272		234,796
Frontera Energy Corp. (Colombia)		2,232		19,718
Gibson Energy, Inc. (Canada)		74,561		1,229,419
Kinder Morgan, Inc.		128,890		2,561,044
Magellan Midstream Partners LP, MLP		7,191		445,914
MPLX LP, MLP		34,659		1,118,099
Noble Midstream Partners LP, MLP		21,001		723,064
ONEOK, Inc.		54,155		3,678,749
Pembina Pipeline Corp. (Canada)		62,468		2,233,856
Plains All American Pipeline LP, MLP		120,136		2,781,148
Plains GP Holdings LP (Class A Stock)*		9,788		230,997
Royal Dutch Shell PLC (Netherlands) (Class A Stock), ADR		23,530		1,494,861
Tallgrass Energy LP		89,656		2,164,296
Targa Resources Corp.		63,399		2,545,470
TransCanada Corp. (Canada)		16,413		783,345
Western Midstream Partners LP, MLP		38,201		1,206,388
Williams Cos., Inc. (The)		236,145		6,689,988
				51,409,772
Pharmaceuticals    1.4%
AstraZeneca PLC (United Kingdom), ADR		63,227		2,381,129
Elanco Animal Health, Inc.*		27,426		863,919

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Eli Lilly & Co.		8,848	$	1,035,570
Merck & Co., Inc.		19,129		1,505,643
				5,786,261
Real Estate Management & Development    0.5%
LEG Immobilien AG (Germany)		4,350		507,270
New World Development Co. Ltd. (Hong Kong)		550,000		910,566
Sun Hung Kai Properties Ltd. (Hong Kong)		35,246		609,053
				2,026,889
Road & Rail    0.4%
Union Pacific Corp.		8,056		1,426,234
Semiconductors & Semiconductor Equipment    2.3%
Advanced Micro Devices, Inc.*(a)		53,427		1,476,188
Broadcom, Inc.		9,122		2,904,445
Lam Research Corp.		8,322		1,726,232
Marvell Technology Group Ltd.		56,019		1,401,595
QUALCOMM, Inc.		22,581		1,944,902
				9,453,362
Software    0.4%
Microsoft Corp.		12,456		1,626,754
Specialty Retail    1.0%
Foot Locker, Inc.		16,021		916,562
Lowe’s Cos., Inc.		9,980		1,129,137
Ross Stores, Inc.		20,312		1,983,670
				4,029,369
Tobacco    0.6%
Philip Morris International, Inc.		27,912		2,416,063
Transportation Infrastructure    0.3%
Atlantia SpA (Italy)		37,618		1,030,370
TOTAL COMMON STOCKS (cost $147,408,546)				166,645,302

See Notes to Financial Statements.

PGIM Income Builder Fund 15

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description						Shares		Value
EXCHANGE-TRADED FUNDS    7.5%
Invesco Preferred ETF							1,237,288	$	17,965,422
SPDR Bloomberg Barclays Convertible Securities ETF							227,842		12,189,547
TOTAL EXCHANGE-TRADED FUNDS (cost $28,060,717)									30,154,969
PREFERRED STOCKS    3.1%
Electric Utilities    0.1%
American Electric Power Co., Inc., CVT, 6.125%*							11,228		583,631
Equity Real Estate Investment Trusts (REITs)    2.5%
American Homes 4 Rent							50,507		1,260,150
EPR Properties							42,382		1,040,902
Investors Real Estate Trust							30,210		755,250
Monmouth Real Estate Investment Corp.							41,405		1,002,829
Pebblebrook Hotel Trust							29,259		756,052
PS Business Parks, Inc.							32,000		776,000
Public Storage(a)							50,662		1,266,550
Public Storage							51,062		1,262,253
UMH Properties, Inc.							27,913		698,941
Vornado Realty Trust							60,586		1,432,859
									10,251,786
Health Care Equipment & Supplies    0.3%
Danaher Corp., Series A, CVT, 4.750%*							956		1,007,146
Multi-Utilities    0.2%
Sempra Energy, Series A, CVT, 6.000%							8,068		862,389
TOTAL PREFERRED STOCKS (cost $12,292,648)									12,704,952
	Interest Rate			Maturity Date		Principal Amount (000)#
ASSET-BACKED SECURITIES    1.7%
Collateralized Loan Obligations
Ballyrock CLO Ltd. (Cayman Islands), Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.350%		3.947	%(c)		10/15/28		675		674,991
Battalion CLO Ltd. (Cayman Islands), Series 2016-10A, Class SUB, 144A		—	(p)		01/24/29		500		500,000

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Benefit Street Partners CLO Ltd. (Cayman Islands), Series 2015-VIIA, Class A1AR, 144A, 3 Month LIBOR + 0.780%		3.381	%(c)		07/18/27		500	$	498,023
Catamaran CLO Ltd. (Cayman Islands), Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.850%		3.432	(c)		01/27/28		750		744,720
Mountain View CLO Ltd. (Cayman Islands), Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.440%		4.058	(c)		04/15/29		650		649,878
Ocean Trails CLO Ltd. (Cayman Islands), Series 2019-07A, Class A1, 144A		—	(p)		04/17/30		500		500,000
OCP CLO Ltd. (Cayman Islands), Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 0.800%		3.397	(c)		07/15/27		500		499,417
Regatta Funding LP (Cayman Islands), Series 2013-02A, Class A1R2, 144A		—	(p)		01/15/29		500		500,000
Silvermore CLO Ltd. (Cayman Islands), Series 2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.170%		3.854	(c)		05/15/26		221		221,406
Sound Point CLO Ltd. (Cayman Islands), Series 2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290%		3.882	(c)		10/20/28		250		250,100
Trinitas CLO Ltd. (Cayman Islands), Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.390%		3.970	(c)		10/25/28		500		500,000
Venture CLO Ltd. (Cayman Islands), Series 2016-24A, Class A1D, 144A, 3 Month LIBOR + 1.420%		4.012	(c)		10/20/28		350		350,551
Wellfleet CLO Ltd. (Cayman Islands), Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 0.910%		3.502	(c)		04/20/28		350		347,318
Zais CLO Ltd. (Cayman Islands), Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.200%		3.792	(c)		07/20/31		500		492,176
TOTAL ASSET-BACKED SECURITIES (cost $6,743,696)									6,728,580
BANK LOANS    0.1%
Oil & Gas
Citgo Petroleum Corp., 2019 Incremental Term B Loan		—	(p)		03/27/24		100		99,625

See Notes to Financial Statements.

PGIM Income Builder Fund 17

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Oil & Gas (cont’d.)
Citgo Petroleum Corp., (cont’d.)
Term Loan		—	%(p)		07/29/21		100	$	99,531
TOTAL BANK LOANS (cost $196,270)									199,156
CONVERTIBLE BOND    0.2%
Insurance
AXA SA (France), Sr. Unsec’d. Notes, 144A (cost $637,389)		7.250			05/15/21		623		678,572
CORPORATE BONDS    19.9%
Aerospace & Defense    0.4%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24		1,075		1,092,952
Sr. Unsec’d. Notes, 144A		7.875			04/15/27		250		251,563
Sr. Unsec’d. Notes, 144A		8.750			12/01/21		25		27,656
TransDigm, Inc.,
Gtd. Notes		6.375			06/15/26		50		50,125
Gtd. Notes		6.500			07/15/24		50		50,656
									1,472,952
Agriculture    0.1%
Darling Ingredients, Inc., Sr. Unsec’d. Notes, 144A		5.250			04/15/27		70		71,225
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		275		246,813
									318,038
Auto Manufacturers    0.4%
Allison Transmission, Inc.,
Sr. Unsec’d. Notes, 144A		4.750			10/01/27		50		48,990
Sr. Unsec’d. Notes, 144A		5.875			06/01/29		75		77,250
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750			01/15/43		150		127,462
Sr. Unsec’d. Notes		5.291			12/08/46		450		410,102
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		5.584			03/18/24		200		210,305

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers (cont’d.)
General Motors Co.,
Sr. Unsec’d. Notes		5.000	%		10/01/28			250	$	257,288
Sr. Unsec’d. Notes		5.200			04/01/45			25		23,439
Navistar International Corp., Gtd. Notes, 144A		6.625			11/01/25			325		331,094
										1,485,930
Auto Parts & Equipment    0.4%
Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875			08/15/26			400		325,000
American Axle & Manufacturing, Inc.,
Gtd. Notes		6.250			04/01/25			150		150,767
Gtd. Notes(a)		6.250			03/15/26			300		300,000
Gtd. Notes(a)		6.500			04/01/27			200		201,462
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625			11/15/26			225		207,022
Dana Financing Luxembourg Sarl,
Gtd. Notes, 144A		5.750			04/15/25			225		229,500
Gtd. Notes, 144A		6.500			06/01/26			200		209,250
Titan International, Inc., Sr. Sec’d. Notes		6.500			11/30/23			175		168,000
										1,791,001
Banks    0.6%
Banque Centrale de Tunisie International Bond (Tunisia),
Sr. Unsec’d. Notes		5.750			01/30/25			200		182,484
Sr. Unsec’d. Notes		6.750			10/31/23		EUR	200		224,994
BBVA Bancomer SA/Texas (Mexico), Sub. Notes, 144A		6.750			09/30/22			200		217,258
CIT Group, Inc., Sub. Notes		6.125			03/09/28			250		278,437
Citigroup, Inc., Jr. Sub. Notes, Series Q		5.950	(ff)		—	(rr)		100		102,000
Development Bank of the Republic of Belarus JSC (Belarus), Sr. Unsec’d. Notes, 144A		6.750			05/02/24			220		221,118
State Savings Bank of Ukraine Via SSB #1 PLC (Ukraine), Sr. Unsec’d. Notes		9.625	(cc)		03/20/25			200		200,016

See Notes to Financial Statements.

PGIM Income Builder Fund 19

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
TC Ziraat Bankasi AS (Turkey), Sr. Unsec’d. Notes, 144A, MTN		5.125	%		09/29/23		200	$	174,322
Vnesheconombank Via VEB Finance PLC (Russia),
Sr. Unsec’d. Notes		5.942			11/21/23		400		418,948
Sr. Unsec’d. Notes		6.025			07/05/22		200		209,500
									2,229,077
Beverages    0.0%
Cott Holdings, Inc. (Canada), Gtd. Notes, 144A		5.500			04/01/25		150		151,875
Building Materials    0.4%
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A		5.700			01/11/25		200		205,400
Griffon Corp., Gtd. Notes		5.250			03/01/22		280		280,000
Masonite International Corp., Gtd. Notes, 144A		5.750			09/15/26		75		76,687
NCI Building Systems, Inc., Gtd. Notes, 144A		8.000			04/15/26		300		279,750
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A		4.750			01/15/28		200		191,750
Sr. Unsec’d. Notes, 144A		5.375			11/15/24		25		25,469
Summit Materials LLC/Summit Materials Finance Corp.,
Gtd. Notes, 144A		5.125			06/01/25		75		74,625
Gtd. Notes, 144A		6.500			03/15/27		225		232,594
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		375		385,312
									1,751,587
Chemicals    1.0%
Alpha 2 BV (Germany), Sr. Unsec’d. Notes, 144A, Cash coupon 8.750% or PIK 9.500%		8.750			06/01/23		225		223,312
Alpha 3 BV/Alpha US Bidco, Inc. (United Kingdom), Gtd. Notes, 144A		6.250			02/01/25		200		203,000
Ashland LLC, Gtd. Notes		6.875			05/15/43		275		293,562
Chemours Co. (The), Gtd. Notes		7.000			05/15/25		35		37,013

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		4.875	%		03/14/25		340	$	357,637
Cornerstone Chemical Co., Sr. Sec’d. Notes, 144A		6.750			08/15/24		210		204,225
Eurochem Finance DAC (Switzerland), Gtd. Notes, 144A		5.500			03/13/24		200		202,624
Hexion, Inc.,
Sec’d. Notes, 144A(a)(d)		13.750			02/01/22		220		45,100
Sr. Sec’d. Notes, 144A(d)		10.375			02/01/22		100		78,250
Mexichem SAB de CV (Mexico), Gtd. Notes, 144A		5.500			01/15/48		225		214,594
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250			06/01/27		300		294,750
PQ Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/22		50		51,750
Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250			04/01/25		350		330,750
SASOL Financing USA LLC (South Africa), Gtd. Notes		5.875			03/27/24		200		212,235
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes, 144A		8.000			10/01/26		150		153,945
Syngenta Finance NV (Switzerland), Gtd. Notes		5.182			04/24/28		200		204,592
TPC Group, Inc., Sr. Sec’d. Notes, 144A		8.750			12/15/20		245		242,244
Tronox Finance PLC, Gtd. Notes, 144A		5.750			10/01/25		190		185,487
Tronox, Inc., Gtd. Notes, 144A		6.500			04/15/26		160		161,400
Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A(a)		5.750			07/15/25		160		150,800
									3,847,270
Coal    0.0%
Warrior Met Coal, Inc., Sr. Sec’d. Notes, 144A		8.000			11/01/24		113		118,368
Commercial Services    0.8%
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		350		378,875

See Notes to Financial Statements.

PGIM Income Builder Fund 21

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A		5.000	%		04/15/22		95	$	94,371
Refinitiv US Holdings, Inc.,
Gtd. Notes, 144A(a)		8.250			11/15/26		720		729,670
Sr. Sec’d. Notes, 144A		6.250			05/15/26		285		292,481
Star Merger Sub, Inc., Sr. Sec’d. Notes, 144A		6.875			08/15/26		365		379,381
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28		825		818,812
Gtd. Notes		5.250			01/15/30		125		125,625
Gtd. Notes		5.500			05/15/27		150		154,500
Gtd. Notes		5.875			09/15/26		100		104,500
Gtd. Notes		6.500			12/15/26		150		160,500
Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A		9.750			08/15/26		125		132,188
									3,370,903
Computers    0.4%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750			09/01/26		755		756,887
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		200		208,000
West Corp., Gtd. Notes, 144A		8.500			10/15/25		675		594,844
									1,559,731
Distribution/Wholesale    0.1%
Global Partners LP/GLP Finance Corp.,
Gtd. Notes		6.250			07/15/22		50		50,375
Gtd. Notes		7.000			06/15/23		200		200,000
H&E Equipment Services, Inc., Gtd. Notes		5.625			09/01/25		100		101,500
									351,875
Diversified Financial Services    0.4%
LPL Holdings, Inc., Gtd. Notes, 144A		5.750			09/15/25		225		228,938
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		9.125			07/15/26		735		736,837

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Springleaf Finance Corp., Gtd. Notes		7.125	%		03/15/26		550	$	590,562
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., Sr. Unsec’d. Notes, 144A		6.750			06/01/25		110		112,338
VFH Parent LLC/Orchestra Co-Issuer, Inc., Sec’d. Notes, 144A		6.750			06/15/22		50		51,671
									1,720,346
Electric    1.2%
Calpine Corp.,
Sr. Unsec’d. Notes		5.375			01/15/23		50		50,375
Sr. Unsec’d. Notes		5.500			02/01/24		175		173,688
Sr. Unsec’d. Notes		5.750			01/15/25		1,100		1,089,000
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes		5.750			02/14/42		200		205,000
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, MTN		6.350			08/10/28		400		415,526
Sr. Unsec’d. Notes		5.750			01/26/21		340		336,940
Sr. Unsec’d. Notes, EMTN		6.750			08/06/23		400		400,920
Sr. Unsec’d. Notes, MTN		8.450			08/10/28		460		497,444
GenOn Energy, Inc./NRG Americas, Inc., Sec’d. Notes, 6 Month LIBOR + 6.500%(a)		9.392	(c)		12/01/23		148		147,185
Keystone & Conemaugh Pass-Through Certificates, Gtd. Notes, 144A		9.000			12/01/23		32		32,464
Keystone Power Pass-Through Holders LLC/Conemaugh Power Pass-Through Holders, Sub. Notes, 144A, Cash coupon 13.000% or PIK N/A		13.000			06/01/24		80		79,544
Listrindo Capital BV (Indonesia), Gtd. Notes, 144A		4.950			09/14/26		200		192,800
NRG Energy, Inc.,
Gtd. Notes		5.750			01/15/28		100		105,897
Gtd. Notes		6.625			01/15/27		100		107,000
Perusahaan Listrik Negara PT (Indonesia), Sr. Unsec’d. Notes, 144A, MTN(a)		5.450			05/21/28		420		448,495
Vistra Operations Co. LLC,
Gtd. Notes, 144A		5.500			09/01/26		325		334,750
Sr. Unsec’d. Notes, 144A		5.625			02/15/27		300		307,875
									4,924,903

See Notes to Financial Statements.

PGIM Income Builder Fund 23

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electronics    0.1%
Itron, Inc., Gtd. Notes, 144A		5.000	%		01/15/26		50	$	49,625
Sensata Technologies BV, Gtd. Notes, 144A		5.000			10/01/25		150		153,750
									203,375
Energy-Alternate Sources    0.1%
Neerg Energy Ltd. (Mauritius), Sr. Sec’d. Notes		6.000			02/13/22		200		197,265
Engineering & Construction    0.2%
AECOM,
Gtd. Notes		5.125			03/15/27		275		276,034
Gtd. Notes		5.875			10/15/24		75		79,500
GMR Hyderabad International Airport Ltd. (India), Sr. Sec’d. Notes		4.250			10/27/27		200		179,002
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		4.250			10/31/26		200		194,750
TopBuild Corp., Gtd. Notes, 144A		5.625			05/01/26		225		226,687
									955,973
Entertainment    0.8%
AMC Entertainment Holdings, Inc.,
Gtd. Notes		5.750			06/15/25		225		216,866
Gtd. Notes		5.875			11/15/26		325		302,250
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25		600		586,500
Churchill Downs, Inc., Gtd. Notes, 144A		4.750			01/15/28		100		98,000
Golden Entertainment, Inc., Sr. Unsec’d. Notes, 144A		7.625			04/15/26		75		75,188
International Game Technology PLC, Sr. Sec’d. Notes, 144A(a)		6.500			02/15/25		350		372,743
Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875			02/01/24		275		295,625
National CineMedia LLC, Sr. Unsec’d. Notes		5.750			08/15/26		225		218,812
Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625			01/15/27		225		222,187

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
Scientific Games International, Inc.,
Gtd. Notes		6.250	%		09/01/20		50	$	50,125
Gtd. Notes		6.625			05/15/21		575		580,750
Gtd. Notes, 144A		8.250			03/15/26		50		51,813
Sr. Sec’d. Notes, 144A		5.000			10/15/25		125		124,336
									3,195,195
Environmental Control    0.0%
Advanced Disposal Services, Inc., Gtd. Notes, 144A		5.625			11/15/24		100		105,000
Foods    0.4%
Albertsons Cos LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, Gtd. Notes		5.750			03/15/25		25		24,812
B&G Foods, Inc., Gtd. Notes		5.250			04/01/25		100		98,120
JBS Investments GmbH, Gtd. Notes, 144A		6.250			02/05/23		200		203,000
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.750			06/15/25		250		255,625
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., Gtd. Notes, 144A		6.500			04/15/29		270		286,200
Matterhorn Merger Sub LLC/Matterhorn Finance Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			06/01/26		25		22,313
Pilgrim’s Pride Corp.,
Gtd. Notes, 144A		5.750			03/15/25		75		76,125
Gtd. Notes, 144A		5.875			09/30/27		275		283,937
Post Holdings, Inc., Gtd. Notes, 144A		5.625			01/15/28		300		303,264
									1,553,396
Gas    0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.500			05/20/25		50		51,188
Sr. Unsec’d. Notes		5.750			05/20/27		225		232,312
Sr. Unsec’d. Notes		5.875			08/20/26		300		312,375
									595,875

See Notes to Financial Statements.

PGIM Income Builder Fund 25

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products 0.1%
Mallinckrodt International Finance SA, Gtd. Notes		4.750	%		04/15/23		275	$	199,375
Healthcare-Services    0.7%
CHS/Community Health Systems, Inc., Sec’d. Notes, 144A(a)		8.125			06/30/24		327		241,980
DaVita, Inc., Gtd. Notes		5.000			05/01/25		125		122,305
Hadrian Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			05/01/26		150		142,500
HCA, Inc.,
Gtd. Notes		5.375			02/01/25		495		520,987
Gtd. Notes		5.625			09/01/28		50		53,250
Gtd. Notes		5.875			02/01/29		75		80,719
MEDNAX, Inc.,
Gtd. Notes, 144A		6.250			01/15/27		300		306,000
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(a)		9.750			12/01/26		350		365,312
Surgery Center Holdings, Inc., Gtd. Notes, 144A		10.000			04/15/27		125		128,438
Tenet Healthcare Corp.,
Sec’d. Notes, 144A		6.250			02/01/27		175		182,438
Sr. Unsec’d. Notes(a)		6.750			06/15/23		450		459,000
Sr. Unsec’d. Notes		8.125			04/01/22		300		320,088
									2,923,017
Home Builders    0.8%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
Sr. Unsec’d. Notes, 144A		6.750			08/01/25		225		210,375
Sr. Unsec’d. Notes, 144A		9.875			04/01/27		150		156,750
Beazer Homes USA, Inc.,
Gtd. Notes		5.875			10/15/27		100		90,250
Gtd. Notes		6.750			03/15/25		225		217,125
Gtd. Notes		7.250			02/01/23		5		4,863
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.375			05/15/25		150		147,000
KB Home, Gtd. Notes		6.875			06/15/27		25		26,094
Gtd. Notes		7.000			12/15/21		125		133,750
Lennar Corp., Gtd. Notes		5.250			06/01/26		75		77,812

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
M/I Homes, Inc.,
Gtd. Notes		5.625	%		08/01/25		125	$	122,656
Gtd. Notes		6.750			01/15/21		75		76,125
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		6.500			10/01/25		200		203,500
Sr. Unsec’d. Notes, 144A		6.875			12/15/23		125		129,375
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		275		271,562
Gtd. Notes		6.000			06/01/25		125		132,500
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		225		203,625
Shea Homes LP/Shea Homes Funding Corp.,
Gtd. Notes, 144A		5.875			04/01/23		50		50,000
Gtd. Notes, 144A		6.125			04/01/25		75		73,688
Taylor Morrison Communities, Inc., Gtd. Notes		6.625			05/15/22		75		77,437
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.875			04/15/23		225		231,487
William Lyon Homes, Inc.,
Gtd. Notes		5.875			01/31/25		350		339,500
Gtd. Notes		7.000			08/15/22		150		150,750
									3,126,224
Home Furnishings    0.0%
Tempur Sealy International, Inc., Gtd. Notes		5.500			06/15/26		75		74,621
Household Products/Wares    0.1%
Spectrum Brands, Inc., Gtd. Notes		5.750			07/15/25		200		204,560
Housewares    0.0%
Scotts Miracle-Gro Co. (The), Gtd. Notes		5.250			12/15/26		100		99,250
Internet    0.1%
Zayo Group LLC/Zayo Capital, Inc., Gtd. Notes, 144A		5.750			01/15/27		575		583,625

See Notes to Financial Statements.

PGIM Income Builder Fund 27

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Iron/Steel    0.2%
Cleveland-Cliffs, Inc.,
Gtd. Notes		5.750	%		03/01/25		275	$	273,680
Sr. Unsec’d. Notes, 144A		5.875			06/01/27		325		313,219
United States Steel Corp., Sr. Unsec’d. Notes		6.250			03/15/26		100		89,750
									676,649
Lodging    0.0%
Boyd Gaming Corp., Gtd. Notes		6.000			08/15/26		100		103,875
Interval Acquisition Corp., Gtd. Notes		5.625			04/15/23		50		50,750
									154,625
Machinery-Diversified    0.1%
ATS Automation Tooling Systems, Inc. (Canada), Gtd. Notes, 144A		6.500			06/15/23		100		103,500
Cloud Crane LLC, Sec’d. Notes, 144A		10.125			08/01/24		250		268,750
RBS Global, Inc./Rexnord LLC, Gtd. Notes, 144A		4.875			12/15/25		50		50,061
									422,311
Media    1.1%
AMC Networks, Inc., Gtd. Notes		4.750			08/01/25		90		89,513
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.000			02/01/28		420		419,475
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		300		311,625
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A		9.250			02/15/24		890		957,862
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26		1,450		1,297,750
Entercom Media Corp., Sec’d. Notes, 144A		6.500			05/01/27		65		66,300
Gray Television, Inc., Gtd. Notes, 144A		5.875			07/15/26		200		206,126

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Gray Television, Inc., (cont’d.) Sr. Unsec’d. Notes, 144A		7.000	%		05/15/27		70	$	75,578
Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		6.875			08/15/23		105		109,463
Nexstar Broadcasting, Inc., Gtd. Notes, 144A		5.625			08/01/24		150		152,280
Quebecor Media, Inc. (Canada), Sr. Unsec’d. Notes		5.750			01/15/23		115		119,888
Radiate Holdco LLC/Radiate Finance, Inc.,
Sr. Unsec’d. Notes, 144A		6.625			02/15/25		150		147,375
Sr. Unsec’d. Notes, 144A		6.875			02/15/23		215		215,000
Sinclair Television Group, Inc.,
Gtd. Notes, 144A		5.125			02/15/27		100		96,000
Gtd. Notes, 144A		5.875			03/15/26		75		75,375
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		5.125			02/15/25		200		187,750
									4,527,360
Metal Fabricate/Hardware    0.1%
Novelis Corp.,
Gtd. Notes, 144A		5.875			09/30/26		150		152,437
Gtd. Notes, 144A		6.250			08/15/24		75		78,094
TriMas Corp., Gtd. Notes, 144A		4.875			10/15/25		50		49,938
Zekelman Industries, Inc., Sr. Sec’d. Notes, 144A		9.875			06/15/23		100		105,625
									386,094
Mining    0.7%
Constellium NV, Gtd. Notes, 144A		5.875			02/15/26		250		253,750
Corp. Nacional del Cobre de Chile (Chile), Sr. Unsec’d. Notes		4.875			11/04/44		400		431,056
First Quantum Minerals Ltd. (Zambia),
Gtd. Notes, 144A		6.500			03/01/24		250		235,938
Gtd. Notes, 144A		7.500			04/01/25		200		193,250
Freeport-McMoRan, Inc., Gtd. Notes		4.550			11/14/24		350		347,812
IAMGOLD Corp. (Canada), Gtd. Notes, 144A		7.000			04/15/25		140		142,800

See Notes to Financial Statements.

PGIM Income Builder Fund 29

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining (cont’d.)
Indonesia Asahan Aluminium Persero PT (Indonesia),
Sr. Unsec’d. Notes		6.530	%		11/15/28		420	$	476,936
Sr. Unsec’d. Notes, 144A		6.530			11/15/28		270		306,602
New Gold, Inc. (Canada), Gtd. Notes, 144A		6.250			11/15/22		60		54,450
Nexa Resources SA (Peru), Gtd. Notes, 144A		5.375			05/04/27		210		218,190
									2,660,784
Miscellaneous Manufacturing    0.0%
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A		7.875			11/01/24		175		164,938
Oil & Gas    3.4%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875			12/15/24		700		252,000
Antero Resources Corp., Gtd. Notes(a)		5.000			03/01/25		400		392,000
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26		275		268,125
Sr. Unsec’d. Notes, 144A		10.000			04/01/22		276		301,530
Centennial Resource Production LLC, Gtd. Notes, 144A		5.375			01/15/26		75		73,688
Chesapeake Energy Corp., Gtd. Notes		8.000			06/15/27		600		586,666
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750			02/15/20		650		669,500
CNX Resources Corp., Gtd. Notes		5.875			04/15/22		180		179,100
CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A		5.625			10/15/25		225		222,187
Denbury Resources, Inc., Sec’d. Notes, 144A		9.000			05/15/21		50		50,750
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750			01/30/28		70		74,550
Ensco Rowan PLC,
Sr. Unsec’d. Notes		4.500			10/01/24		75		60,750
Sr. Unsec’d. Notes		5.750			10/01/44		50		32,875
Sr. Unsec’d. Notes		7.750			02/01/26		225		194,625

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Extraction Oil & Gas, Inc.,
Gtd. Notes, 144A		5.625	%		02/01/26		275	$	225,500
Gtd. Notes, 144A		7.375			05/15/24		130		117,000
Gazprom OAO Via Gaz Capital SA (Russia), Sr. Unsec’d. Notes, EMTN		8.625			04/28/34		340		447,250
Hilcorp Energy I LP/Hilcorp Finance Co.,
Sr. Unsec’d. Notes, 144A		5.000			12/01/24		50		49,625
Sr. Unsec’d. Notes, 144A		5.750			10/01/25		125		125,937
Sr. Unsec’d. Notes, 144A		6.250			11/01/28		150		152,812
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsec’d. Notes, 144A		6.375			10/24/48		400		442,856
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		6.375			01/30/23		575		543,375
Gtd. Notes, 144A		7.000			03/31/24		175		165,977
Nabors Industries, Inc., Gtd. Notes		5.750			02/01/25		450		409,500
Oil & Gas Holding Co. BSCC (The) (Bahrain), Sr. Unsec’d. Notes		8.375			11/07/28		200		225,560
Pertamina Persero PT (Indonesia), Sr. Unsec’d. Notes, MTN		6.500			11/07/48		200		233,094
Petrobras Global Finance BV (Brazil),
Gtd. Notes		5.299			01/27/25		45		46,215
Gtd. Notes		5.999			01/27/28		128		131,040
Gtd. Notes		6.250			03/17/24		40		43,018
Gtd. Notes		6.900			03/19/49		105		104,869
Gtd. Notes		7.375			01/17/27		663		739,775
Gtd. Notes		8.750			05/23/26		610		731,268
Petroleos de Venezuela SA (Venezuela),
First Lien, 144A		8.500			10/27/20		385		340,725
Sr. Unsec’d. Notes(d)		5.375			04/12/27		625		131,250
Sr. Unsec’d. Notes(d)		6.000			05/16/24		115		24,725
Sr. Unsec’d. Notes(d)		6.000			11/15/26		670		145,504
Sr. Unsec’d. Notes(d)		9.000			11/17/21		150		38,915
Sr. Unsec’d. Notes(d)		9.750			05/17/35		200		55,776
Petroleos Mexicanos (Mexico),
Gtd. Notes		5.375			03/13/22		300		306,519
Gtd. Notes		6.350			02/12/48		804		711,540
Gtd. Notes		6.500			03/13/27		340		344,386
Gtd. Notes		6.500			01/23/29		130		129,772
Gtd. Notes		6.500			06/02/41		630		580,551

See Notes to Financial Statements.

PGIM Income Builder Fund 31

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petroleos Mexicanos (Mexico), (cont’d.)
Gtd. Notes, MTN		6.875	%		08/04/26		220	$	228,998
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad & Tobago), Sr. Unsec’d. Notes		6.000			05/08/22		87		83,869
Precision Drilling Corp. (Canada), Gtd. Notes, 144A		7.125			01/15/26		275		276,375
Range Resources Corp.,
Gtd. Notes(a)		4.875			05/15/25		250		230,312
Gtd. Notes		5.000			03/15/23		75		72,966
Gtd. Notes		5.875			07/01/22		135		136,519
Saka Energi Indonesia PT (Indonesia), Sr. Unsec’d. Notes, 144A		4.450			05/05/24		200		197,442
Sinopec Group Overseas Development 2012 Ltd. (China), Gtd. Notes		4.875			05/17/42		400		439,760
State Oil Co. of the Azerbaijan Republic (Azerbaijan), Sr. Unsec’d. Notes, EMTN		4.750			03/13/23		200		204,449
Sunoco LP/Sunoco Finance Corp., Gtd. Notes		5.500			02/15/26		150		152,625
Transocean Pontus Ltd., Sr. Sec’d. Notes, 144A		6.125			08/01/25		71		72,647
Transocean, Inc.,
Gtd. Notes, 144A		7.250			11/01/25		300		297,000
Gtd. Notes, 144A		7.500			01/15/26		75		73,875
WPX Energy, Inc.,
Sr. Unsec’d. Notes		5.250			09/15/24		100		103,250
Sr. Unsec’d. Notes		5.750			06/01/26		50		51,688
									13,724,455
Packaging & Containers    0.2%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 7.125% or PIK 7.875%		7.125			09/15/23		400		400,500
ARD Securities Finance SARL (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 8.750% or PIK 8.750%		8.750			01/31/23		218		215,285
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Gtd. Notes, 144A		7.000			07/15/24		125		129,219
									745,004

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals    0.2%
Bausch Health Americas, Inc., Gtd. Notes, 144A		8.500	%		01/31/27		85	$	92,597
Bausch Health Cos., Inc.,
Gtd. Notes, 144A(a)		6.125			04/15/25		425		429,781
Sr. Sec’d. Notes, 144A		5.750			08/15/27		35		36,470
Endo Dac/Endo Finance LLC/Endo Finco, Inc., Gtd. Notes, 144A		6.000			02/01/25		200		152,750
NVA Holdings, Inc., Gtd. Notes, 144A		6.875			04/01/26		225		226,688
									938,286
Pipelines    0.5%
Abu Dhabi Crude Oil Pipeline LLC (United Arab Emirates), Sr. Sec’d. Notes		4.600			11/02/47		200		211,000
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes		5.375			09/15/24		50		50,970
CNX Midstream Partners LP/CNX Midstream Finance Corp., Sr. Unsec’d. Notes, 144A		6.500			03/15/26		100		96,625
DCP Midstream Operating LP, Gtd. Notes, 144A		6.450			11/03/36		75		76,500
Energy Transfer Operating LP, Gtd. Notes		7.500			10/15/20		100		106,357
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A		7.768			12/15/37		125		153,438
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		6.875			04/15/40		175		190,312
Sr. Unsec’d. Notes, 144A		7.500			07/15/38		100		112,024
Southern Gas Corridor CJSC (Azerbaijan),
Gov’t. Gtd. Notes		6.875			03/24/26		200		225,556
Gov’t. Gtd. Notes, 144A		6.875			03/24/26		250		281,945
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28		300		305,625
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
Gtd. Notes		5.125			02/01/25		75		76,688
Gtd. Notes		5.375			02/01/27		25		25,375
									1,912,415

See Notes to Financial Statements.

PGIM Income Builder Fund 33

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate    0.3%
China Evergrande Group (China), Sr. Sec’d. Notes		8.250	%		03/23/22		200	$	191,736
Country Garden Holdings Co. Ltd. (China), Sr. Sec’d. Notes		8.000			01/27/24		200		215,857
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		150		149,625
Forestar Group, Inc., Sr. Unsec’d. Notes, 144A		8.000			04/15/24		100		102,500
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		200		201,000
Howard Hughes Corp. (The), Sr. Unsec’d. Notes, 144A		5.375			03/15/25		75		75,635
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		300		282,000
									1,218,353
Real Estate Investment Trusts (REITs)    0.1%
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375			04/15/26		50		52,803
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
Gtd. Notes		4.500			09/01/26		100		98,750
Gtd. Notes		4.500			01/15/28		150		144,000
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		5.000			10/15/27		125		125,313
Gtd. Notes		5.250			08/01/26		75		76,406
Sabra Health Care LP, Gtd. Notes		5.125			08/15/26		50		49,595
									546,867
Retail    1.0%
Beacon Roofing Supply, Inc.,
Gtd. Notes		6.375			10/01/23		75		78,000
Gtd. Notes, 144A		4.875			11/01/25		150		144,330
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		150		149,625
CEC Entertainment, Inc., Gtd. Notes		8.000			02/15/22		375		376,875
Ferrellgas LP/Ferrellgas Finance Corp.,
Gtd. Notes		6.750			06/15/23		150		132,750
Sr. Unsec’d. Notes		6.500			05/01/21		75		66,937

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Ferrellgas LP/Ferrellgas Finance Corp., (cont’d.)
Sr. Unsec’d. Notes		6.750	%		01/15/22		200	$	177,000
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp.,
Sr. Unsec’d. Notes		8.625			06/15/20		450		339,750
Sr. Unsec’d. Notes		8.625			06/15/20		175		132,125
Golden Nugget, Inc.,
Gtd. Notes, 144A		8.750			10/01/25		425		445,187
Sr. Unsec’d. Notes, 144A		6.750			10/15/24		100		102,250
L Brands, Inc.,
Gtd. Notes		5.625			10/15/23		50		51,563
Gtd. Notes		6.750			07/01/36		325		282,750
Gtd. Notes		6.875			11/01/35		150		133,125
PetSmart, Inc.,
Gtd. Notes, 144A		7.125			03/15/23		50		44,250
Sr. Sec’d. Notes, 144A(a)		5.875			06/01/25		325		294,531
Rite Aid Corp., Gtd. Notes, 144A		6.125			04/01/23		475		403,750
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625			12/01/25		450		448,875
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes		5.500			06/01/24		150		149,253
Sr. Unsec’d. Notes		5.750			03/01/25		25		24,594
Superior Plus LP/Superior General Partner, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.000			07/15/26		125		128,125
									4,105,645
Software    0.3%
Infor Software Parent LLC/Infor Software Parent, Inc., Sr. Unsec’d. Notes, 144A, Cash coupon 7.125% or PIK 7.875%		7.125			05/01/21		515		516,287
Infor US, Inc., Gtd. Notes		6.500			05/15/22		445		452,925
Informatica LLC, Sr. Unsec’d. Notes, 144A, (original cost $2,172,600; purchased 06/07/18)(f)		7.125			07/15/23		40		40,900
RP Crown Parent LLC, Gtd. Notes, 144A		7.375			10/15/24		230		239,488
									1,249,600

See Notes to Financial Statements.

PGIM Income Builder Fund 35

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications    1.5%
Anixter, Inc., Gtd. Notes, 144A		6.000	%		12/01/25		150	$	159,375
C&W Senior Financing DAC (Ireland), Sr. Unsec’d. Notes, 144A		6.875			09/15/27		200		200,198
CenturyLink, Inc.,
Sr. Unsec’d. Notes, Series P		7.600			09/15/39		80		70,000
Sr. Unsec’d. Notes, Series U		7.650			03/15/42		115		101,246
CommScope Technologies LLC,
Gtd. Notes, 144A		5.000			03/15/27		265		247,775
Gtd. Notes, 144A		6.000			06/15/25		260		264,069
CommScope, Inc., Gtd. Notes, 144A		8.250			03/01/27		100		108,000
Digicel Group One Ltd. (Jamaica), Sr. Sec’d. Notes, 144A		8.250			12/30/22		102		67,167
Digicel Group Two Ltd. (Jamaica), Sr. Unsec’d. Notes, 144A		8.250			09/30/22		98		38,220
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A(a)		6.750			03/01/23		600		424,920
Sr. Unsec’d. Notes		6.000			04/15/21		200		176,100
Embarq Corp., Sr. Unsec’d. Notes		7.995			06/01/36		275		271,219
Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes, 144A		9.750			07/15/25		335		343,794
Level 3 Financing, Inc., Gtd. Notes		5.375			01/15/24		125		126,563
MTN Mauritius Investments Ltd. (South Africa), Gtd. Notes, 144A		6.500			10/13/26		200		205,248
ORBCOMM, Inc., Sr. Sec’d. Notes, 144A(a)		8.000			04/01/24		265		273,612
Sprint Capital Corp.,
Gtd. Notes		6.875			11/15/28		261		249,907
Gtd. Notes		8.750			03/15/32		480		504,000
Sprint Corp., Gtd. Notes		7.625			02/15/25		655		661,550
Wind Tre SpA (Italy), Sr. Sec’d. Notes, 144A		5.000			01/20/26		1,325		1,211,050
Xplornet Communications, Inc. (Canada), Gtd. Notes, 144A, Cash coupon 9.625% or PIK 10.625%		9.625			06/01/22		406		402,858
									6,106,871

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation    0.2%
Kazakhstan Temir Zholy Finance BV (Kazakhstan), Gtd. Notes		6.950	%		07/10/42		200	$	235,558
Pelabuhan Indonesia III Persero PT (Indonesia), Sr. Unsec’d. Notes		4.875			10/01/24		200		208,500
XPO Logistics, Inc.,
Gtd. Notes, 144A		6.125			09/01/23		75		76,594
Gtd. Notes, 144A		6.500			06/15/22		70		71,575
Sr. Unsec’d. Notes, 144A		6.750			08/15/24		300		309,750
									901,977
Trucking & Leasing    0.2%
Avolon Holdings Funding Ltd. (Ireland),
Gtd. Notes, 144A		5.250			05/15/24		125		130,431
Gtd. Notes, 144A		5.500			01/15/23		225		235,096
Park Aerospace Holdings Ltd. (Ireland),
Gtd. Notes, 144A		4.500			03/15/23		100		101,092
Gtd. Notes, 144A		5.250			08/15/22		75		78,075
Gtd. Notes, 144A		5.500			02/15/24		175		184,468
									729,162
Water    0.1%
Aegea Finance Sarl (Brazil), Gtd. Notes		5.750			10/10/24		200		200,700
TOTAL CORPORATE BONDS (cost $80,161,604)									80,482,703
SOVEREIGN BONDS    13.8%
1MDB Global Investments Ltd. (Malaysia), Sr. Unsec’d. Notes		4.400			03/09/23		1,000		937,330
Angolan Government International Bond (Angola),
Sr. Unsec’d. Notes		9.375			05/08/48		200		214,614
Sr. Unsec’d. Notes		9.500			11/12/25		600		672,594
Sr. Unsec’d. Notes, 144A		8.250			05/09/28		200		209,107
Argentina Bonar Bonds (Argentina), Unsec’d. Notes		8.750			05/07/24		300		249,398
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		3.380	(cc)		12/31/38	EUR	200		116,082
Sr. Unsec’d. Notes		3.750	(cc)		12/31/38		180		93,872
Sr. Unsec’d. Notes		5.625			01/26/22		370		288,049
Sr. Unsec’d. Notes		6.875			01/11/48		75		49,688

See Notes to Financial Statements.

PGIM Income Builder Fund 37

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Argentine Republic Government International Bond (Argentina), (cont’d.)
Sr. Unsec’d. Notes		7.500	%		04/22/26		490	$	367,500
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	1,052		889,979
Sr. Unsec’d. Notes		8.280			12/31/33		680		503,878
Bahrain Government International Bond (Bahrain),
Sr. Unsec’d. Notes		6.750			09/20/29		200		212,000
Sr. Unsec’d. Notes		7.000			01/26/26		200		215,250
Sr. Unsec’d. Notes		7.000			10/12/28		400		432,000
Sr. Unsec’d. Notes		7.500			09/20/47		200		213,100
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes		5.333			02/15/28		270		278,775
Brazilian Government International Bond (Brazil),
Sr. Unsec’d. Notes		5.625			01/07/41		150		149,625
Sr. Unsec’d. Notes		7.125			01/20/37		135		158,287
Sr. Unsec’d. Notes		8.250			01/20/34		863		1,097,089
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		6.125			01/18/41		355		417,569
Sr. Unsec’d. Notes		7.375			09/18/37		640		833,600
Sr. Unsec’d. Notes		10.375			01/28/33		200		308,000
Congolese International Bond (Congo (Republic)), Sr. Unsec’d. Notes		6.000	(cc)		06/30/29		179		157,351
Costa Rica Government International Bond (Costa Rica),
Sr. Unsec’d. Notes		4.250			01/26/23		600		573,750
Sr. Unsec’d. Notes		7.000			04/04/44		200		192,000
Sr. Unsec’d. Notes		7.158			03/12/45		200		194,500
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes		5.875			04/18/24		630		656,775
Sr. Unsec’d. Notes		6.850			01/27/45		200		214,250
Sr. Unsec’d. Notes		7.450			04/30/44		820		927,625
Sr. Unsec’d. Notes, 144A		6.000			07/19/28		150		158,062
Ecuador Government International Bond (Ecuador),
Sr. Unsec’d. Notes		7.950			06/20/24		200		202,750
Sr. Unsec’d. Notes		8.750			06/02/23		200		212,000
Sr. Unsec’d. Notes		8.875			10/23/27		420		427,350
Sr. Unsec’d. Notes		10.500			03/24/20		400		417,604
Sr. Unsec’d. Notes		10.750			03/28/22		400		447,500
Sr. Unsec’d. Notes, 144A		7.875			01/23/28		200		192,750
Sr. Unsec’d. Notes, 144A		8.750			06/02/23		265		280,900
Sr. Unsec’d. Notes, 144A		8.875			10/23/27		200		203,500
Sr. Unsec’d. Notes, 144A		9.650			12/13/26		420		447,300
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes		5.577			02/21/23		200		198,000
Sr. Unsec’d. Notes		5.875			06/11/25		200		195,712

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Egypt Government International Bond (Egypt), (cont’d.)
Sr. Unsec’d. Notes		7.903	%		02/21/48		200	$	193,034
Sr. Unsec’d. Notes, 144A		8.700			03/01/49		210		216,379
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/11/25	EUR	100		111,704
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	300		329,515
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/11/31	EUR	220		242,928
Sr. Unsec’d. Notes, 144A, MTN		7.600			03/01/29		200		201,540
Sr. Unsec’d. Notes, 144A, MTN		8.500			01/31/47		455		462,476
Sr. Unsec’d. Notes, MTN		6.125			01/31/22		200		202,123
El Salvador Government International Bond (El Salvador),
Sr. Unsec’d. Notes		5.875			01/30/25		420		408,975
Sr. Unsec’d. Notes		7.625			02/01/41		300		307,500
Sr. Unsec’d. Notes		7.750			01/24/23		100		105,250
Sr. Unsec’d. Notes		8.250			04/10/32		280		302,400
Emirate of Dubai Government International Bonds (United Arab Emirates), Sr. Unsec’d. Notes, EMTN		5.250			01/30/43		200		211,508
Ethiopia International Bond (Ethiopia), Sr. Unsec’d. Notes		6.625			12/11/24		200		205,232
Export Credit Bank of Turkey (Turkey),
Sr. Unsec’d. Notes		6.125			05/03/24		200		181,381
Sr. Unsec’d. Notes, 144A		5.000			09/23/21		200		187,346
Export-Import Bank of India (India), Sr. Unsec’d. Notes, 144A		3.375			08/05/26		200		192,772
Gabon Government International Bond (Gabon),
Bonds		6.375			12/12/24		400		385,032
Sr. Unsec’d. Notes		6.950			06/16/25		200		194,760
Ghana Government International Bond (Ghana),
Bank Gtd. Notes		10.750			10/14/30		200		246,176
Sr. Unsec’d. Notes		7.875			08/07/23		500		525,000
Sr. Unsec’d. Notes		8.125			01/18/26		400		413,200
Sr. Unsec’d. Notes, 144A		8.950			03/26/51		205		202,745
Hellenic Republic Government Bond (Greece),
Bonds		3.000	(cc)		02/24/38	EUR	240		259,362
Bonds		3.000	(cc)		02/24/39	EUR	75		80,964
Bonds		3.000	(cc)		02/24/40	EUR	115		123,821
Honduras Government International Bond (Honduras), Sr. Unsec’d. Notes		7.500			03/15/24		400		436,000
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes		7.625			03/29/41		398		598,114
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		5.350			02/11/49		200		223,348

See Notes to Financial Statements.

PGIM Income Builder Fund 39

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia Government International Bond (Indonesia), (cont’d.)
Sr. Unsec’d. Notes		7.750	%		01/17/38		200	$	276,582
Sr. Unsec’d. Notes		8.500			10/12/35		220		316,618
Sr. Unsec’d. Notes, 144A		4.350			01/08/27		200		207,629
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	200		260,493
Sr. Unsec’d. Notes, MTN		5.125			01/15/45		200		214,601
Sr. Unsec’d. Notes, MTN		5.250			01/17/42		200		217,123
Iraq International Bond (Iraq),
Sr. Unsec’d. Notes		5.800			01/15/28		500		484,535
Sr. Unsec’d. Notes		6.752			03/09/23		600		609,156
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes		5.125			06/15/25	EUR	100		114,644
Sr. Unsec’d. Notes		5.375			07/23/24		400		389,556
Sr. Unsec’d. Notes		6.375			03/03/28		200		194,278
Sr. Unsec’d. Notes		6.625			03/22/48	EUR	270		285,045
Jamaica Government International Bond (Jamaica),
Sr. Unsec’d. Notes		7.875			07/28/45		200		241,750
Sr. Unsec’d. Notes		9.250			10/17/25		200		249,000
Jordan Government International Bond (Jordan), Sr. Unsec’d. Notes, 144A		7.375			10/10/47		200		194,387
Kazakhstan Government International Bond (Kazakhstan), Sr. Unsec’d. Notes, MTN		6.500			07/21/45		410		532,049
Kenya Government International Bond (Kenya),
Sr. Unsec’d. Notes		6.875			06/24/24		600		612,000
Sr. Unsec’d. Notes, 144A		8.250			02/28/48		200		197,290
Lebanon Government International Bond (Lebanon),
Sr. Unsec’d. Notes		6.000			01/27/23		89		77,011
Sr. Unsec’d. Notes		6.400			05/26/23		100		86,480
Sr. Unsec’d. Notes		6.650			04/22/24		85		72,675
Sr. Unsec’d. Notes		6.750			11/29/27		30		24,361
Sr. Unsec’d. Notes		6.850			05/25/29		80		64,304
Sr. Unsec’d. Notes, EMTN		6.100			10/04/22		10		8,800
Sr. Unsec’d. Notes, EMTN		6.250			05/27/22		290		255,693
Sr. Unsec’d. Notes, GMTN		6.250			11/04/24		320		266,240
Sr. Unsec’d. Notes, GMTN		6.375			03/09/20		220		215,177
Sr. Unsec’d. Notes, GMTN		6.600			11/27/26		30		24,641
Sr. Unsec’d. Notes, GMTN		6.650			02/26/30		320		253,200
Sr. Unsec’d. Notes, MTN		8.250			04/12/21		91		88,263
Malaysia Sukuk Global Bhd (Malaysia), Sr. Unsec’d. Notes, 144A		4.080			04/27/46		250		263,610
Mexican Bonos (Mexico), Bonds, Series M30		10.000			11/20/36	MXN	1,800		108,748

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes, MTN		6.050	%		01/11/40		626	$	717,552
Sr. Unsec’d. Notes, MTN		6.750			09/27/34		203		247,855
Mongolia Government International Bond (Mongolia),
Sr. Unsec’d. Notes, EMTN		8.750			03/09/24		200		220,843
Sr. Unsec’d. Notes, EMTN		10.875			04/06/21		400		440,127
Sr. Unsec’d. Notes, MTN		5.125			12/05/22		200		196,269
Namibia International Bonds (Namibia), Sr. Unsec’d. Notes		5.250			10/29/25		200		193,880
Nigeria Government International Bond (Nigeria),
Sr. Unsec’d. Notes		7.143			02/23/30		400		398,064
Sr. Unsec’d. Notes		7.625			11/21/25		200		213,472
Sr. Unsec’d. Notes		7.875			02/16/32		440		454,762
Sr. Unsec’d. Notes		9.248			01/21/49		200		217,736
Sr. Unsec’d. Notes, 144A		7.625			11/21/25		200		213,472
Sr. Unsec’d. Notes, 144A		7.696			02/23/38		200		197,220
Sr. Unsec’d. Notes, 144A		8.747			01/21/31		215		236,294
Oman Government International Bond (Oman),
Sr. Unsec’d. Notes		4.750			06/15/26		630		582,750
Sr. Unsec’d. Notes		6.500			03/08/47		400		357,000
Sr. Unsec’d. Notes		6.750			01/17/48		200		181,236
Sr. Unsec’d. Notes, 144A		6.500			03/08/47		205		182,962
Sr. Unsec’d. Notes, 144A		6.750			01/17/48		200		181,236
Pakistan Government International Bond (Pakistan), Sr. Unsec’d. Notes		6.875			12/05/27		200		198,154
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes		4.300			04/29/53		250		253,437
Sr. Unsec’d. Notes		6.700			01/26/36		155		201,500
Sr. Unsec’d. Notes		9.375			04/01/29		120		174,750
Papua New Guinea Government International Bond (Papua New Guinea), Sr. Unsec’d. Notes, 144A		8.375			10/04/28		200		214,500
Paraguay Government International Bond (Paraguay), Sr. Unsec’d. Notes		6.100			08/11/44		200		225,500
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes		5.625			11/18/50		150		191,625
Sr. Unsec’d. Notes		6.550			03/14/37		585		783,022
Sr. Unsec’d. Notes		8.750			11/21/33		125		193,750
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes		3.950			01/20/40		100		104,558
Sr. Unsec’d. Notes		7.750			01/14/31		420		589,315
Provincia de Buenos Aires (Argentina),
Sr. Unsec’d. Notes		4.000	(cc)		05/01/20	EUR	45		48,961
Sr. Unsec’d. Notes(a)		9.125			03/16/24		300		226,125

See Notes to Financial Statements.

PGIM Income Builder Fund 41

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Provincia de Buenos Aires (Argentina), (cont’d.)
Sr. Unsec’d. Notes		9.950	%		06/09/21		770	$	654,500
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes		5.103			04/23/48		200		223,250
Sr. Unsec’d. Notes, 144A		4.817			03/14/49		355		381,181
Sr. Unsec’d. Notes, 144A		5.103			04/23/48		400		446,500
Republic of Belarus International Bond (Belarus), Sr. Unsec’d. Notes, 144A		6.875			02/28/23		225		235,125
Republic of Cameroon International Bond (Cameroon), Sr. Unsec’d. Notes		9.500			11/19/25		200		214,411
Republic of South Africa Government International Bond (South Africa),
Sr. Unsec’d. Notes		4.875			04/14/26		200		198,046
Sr. Unsec’d. Notes		6.250			03/08/41		110		113,162
Sr. Unsec’d. Notes		6.300			06/22/48		200		200,269
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes		5.125			06/15/48		232		234,134
Sr. Unsec’d. Notes, 144A, MTN		4.625			04/03/49	EUR	177		214,902
Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	195		230,799
Sr. Unsec’d. Notes, MTN		6.125			01/22/44		284		328,560
Russian Foreign Bond (Russia),
Sr. Unsec’d. Notes		5.250			06/23/47		400		414,500
Sr. Unsec’d. Notes		5.625			04/04/42		200		221,708
Sr. Unsec’d. Notes		12.750			06/24/28		230		372,720
Sr. Unsec’d. Notes, 144A		4.250			06/23/27		200		201,170
Sr. Unsec’d. Notes, 144A		5.100			03/28/35		200		206,998
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes		5.250			01/16/50		400		434,042
Sr. Unsec’d. Notes, 144A		5.250			01/16/50		230		249,574
Sr. Unsec’d. Notes, MTN		4.500			04/17/30		200		210,752
Sr. Unsec’d. Notes, MTN		4.625			10/04/47		200		200,972
Sr. Unsec’d. Notes, MTN		5.000			04/17/49		200		211,350
Senegal Government International Bond (Senegal), Sr. Unsec’d. Notes, 144A		6.750			03/13/48		200		184,000
Sri Lanka Government International Bond (Sri Lanka),
Sr. Unsec’d. Notes		5.750			04/18/23		200		196,151
Sr. Unsec’d. Notes		5.875			07/25/22		210		207,656
Sr. Unsec’d. Notes		6.250			10/04/20		120		120,714
Sr. Unsec’d. Notes		6.250			07/27/21		550		553,211
Sr. Unsec’d. Notes		6.850			11/03/25		200		199,755
Sr. Unsec’d. Notes, 144A		5.750			04/18/23		200		196,151
Sr. Unsec’d. Notes, 144A		6.750			04/18/28		200		192,622
Sr. Unsec’d. Notes, 144A		6.850			03/14/24		265		267,502

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Sri Lanka Government International Bond (Sri Lanka), (cont’d.)
Sr. Unsec’d. Notes, 144A		7.850	%		03/14/29		400	$	411,320
Third Pakistan International Sukuk Co. Ltd. (The) (Pakistan),
Sr. Unsec’d. Notes		5.625			12/05/22		520		524,654
Sr. Unsec’d. Notes, 144A		5.500			10/13/21		200		201,540
Sr. Unsec’d. Notes, 144A		5.625			12/05/22		200		201,790
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes		4.875			10/09/26		640		545,805
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	200		218,444
Sr. Unsec’d. Notes		6.000			03/25/27		240		216,024
Sr. Unsec’d. Notes		6.000			01/14/41		200		162,175
Sr. Unsec’d. Notes		6.750			05/30/40		100		87,457
Sr. Unsec’d. Notes		6.875			03/17/36		624		558,480
Sr. Unsec’d. Notes		7.375			02/05/25		60		59,370
Sr. Unsec’d. Notes		7.625			04/26/29		400		389,200
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		—	(p)		05/31/40		50		31,867
Sr. Unsec’d. Notes		7.750			09/01/20		270		270,194
Sr. Unsec’d. Notes		7.750			09/01/21		424		420,133
Sr. Unsec’d. Notes		7.750			09/01/23		280		270,256
Sr. Unsec’d. Notes		7.750			09/01/24		360		343,807
Sr. Unsec’d. Notes		7.750			09/01/25		760		714,885
Sr. Unsec’d. Notes		7.750			09/01/27		100		92,111
Sr. Unsec’d. Notes		9.750			11/01/28		535		546,374
Sr. Unsec’d. Notes, 144A		—	(p)		05/31/40		35		22,307
Ukreximbank Via Biz Finance PLC (Ukraine), Sr. Unsec’d. Notes		9.625			04/27/22		100		100,339
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		5.100			06/18/50		315		330,750
Sr. Unsec’d. Notes		7.625			03/21/36		305		414,800
Venezuela Government International Bond (Venezuela),
Sr. Unsec’d. Notes(d)		7.000			03/31/38		220		60,500
Sr. Unsec’d. Notes(d)		7.750			10/13/19		110		31,075
Sr. Unsec’d. Notes(d)		9.000			05/07/23		100		29,250
Sr. Unsec’d. Notes(d)		11.950			08/05/31		300		90,000
Zambia Government International Bond (Zambia),
Sr. Unsec’d. Notes		8.500			04/14/24		200		138,917

See Notes to Financial Statements.

PGIM Income Builder Fund 43

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Zambia Government International Bond (Zambia), (cont’d.)
Unsec’d. Notes		5.375	%		09/20/22		400	$	274,000
TOTAL SOVEREIGN BONDS (cost $55,160,081)									55,475,727
TOTAL LONG-TERM INVESTMENTS (cost $374,329,840)									397,545,765
						Shares
SHORT-TERM INVESTMENTS    3.7%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)							5,881,093		5,881,093
PGIM Institutional Money Market Fund (cost $9,138,206; includes $9,113,495 of cash collateral for securities on loan)(b)(w)							9,138,475		9,141,216
TOTAL SHORT-TERM INVESTMENTS (cost $15,019,299)									15,022,309
TOTAL INVESTMENTS    102.3% (cost $389,349,139)									412,568,074
Liabilities in excess of other assets(z)    (2.3)%									(9,131,512	)
NET ASSETS    100.0%								$	403,436,562

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

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

See Notes to Financial Statements.

44

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

ZAR—South African Rand

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

ADR—American Depositary Receipt

CLO—Collateralized Loan Obligation

CVT—Convertible Security

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MLP—Master Limited Partnership

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

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

SPDR—Standard & Poor’s Depositary Receipts

UTS—Unit Trust Security

* Non-income producing security.

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $366,830 and 0.1% 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 $8,783,426; cash collateral of $9,113,495 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

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

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

(f) Indicates a restricted security; the aggregate original cost of such securities is $38,308. The aggregate value of $40,900 is 0.0% 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.

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

(rr) Perpetual security with no stated maturity 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:

See Notes to Financial Statements.

PGIM Income Builder Fund 45

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

Futures contracts outstanding at April 30, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	15	2 Year U.S. Treasury Notes		Jun. 2019	$	3,195,117	$	10,352
	8	5 Year U.S. Treasury Notes		Jun. 2019		925,125		7,339
	7	10 Year U.S. Treasury Notes		Jun. 2019		865,703		8,656
	1	20 Year U.S. Treasury Bonds		Jun. 2019		147,469		(688	)
								25,659
		Short Positions:
	16	10 Year U.S. Treasury Notes		Jun. 2019		1,978,750		(3,812	)
	2	30 Year U.S. Ultra Treasury Bonds		Jun. 2019		328,562		(4,828	)
								(8,640	)
							$	17,019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Argentine Peso,
Expiring 05/03/19	BNP Paribas S.A.	ARS	6,745	$	152,258	$	151,439	$	—	$	(819	)
Expiring 06/25/19	Citibank, N.A.	ARS	3,236		71,113		66,947		—		(4,166	)
Expiring 06/25/19	Citibank, N.A.	ARS	2,304		49,147		47,671		—		(1,476	)
Expiring 06/25/19	Citibank, N.A.	ARS	1,573		33,929		32,552		—		(1,377	)
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.	AUD	258		185,423		182,255		—		(3,168	)
Expiring 07/22/19	Morgan Stanley & Co. International PLC	AUD	520		372,515		367,469		—		(5,046	)
Brazilian Real,
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	1,704		439,105		433,391		—		(5,714	)
British Pound,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	GBP	51		66,345		66,139		—		(206	)
Chilean Peso,
Expiring 06/19/19	BNP Paribas S.A.	CLP	73,195		109,477		108,033		—		(1,444	)
Expiring 06/19/19	BNP Paribas S.A.	CLP	53,941		81,000		79,615		—		(1,385	)
Chinese Renminbi,
Expiring 07/25/19	Citibank, N.A.	CNH	611		91,103		90,711		—		(392	)
Expiring 07/25/19	JPMorgan Chase Bank, N.A.	CNH	744		111,247		110,374		—		(873	)
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.	COP	279,203		90,001		86,257		—		(3,744	)

See Notes to Financial Statements.

46

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	4,300	$	189,713	$	188,589	$	—	$	(1,124	)
Egyptian Pound,
Expiring 07/29/19	Citibank, N.A.	EGP	645		34,346		36,631		2,285		—
Expiring 07/29/19	Citibank, N.A.	EGP	578		31,261		32,852		1,591		—
Expiring 09/18/19	Citibank, N.A.	EGP	1,209		66,120		67,683		1,563		—
Expiring 10/01/19	Citibank, N.A.	EGP	3,540		192,400		197,537		5,137		—
Expiring 10/08/19	Citibank, N.A.	EGP	674		37,100		37,512		412		—
Indian Rupee,
Expiring 06/19/19	Barclays Bank PLC	INR	20,985		296,081		299,778		3,697		—
Expiring 06/19/19	Citibank, N.A.	INR	7,416		106,000		105,935		—		(65	)
Expiring 06/19/19	Citibank, N.A.	INR	5,862		84,000		83,746		—		(254	)
Expiring 06/19/19	HSBC Bank USA, N.A.	INR	11,363		163,000		162,316		—		(684	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	12,953		185,593		185,034		—		(559	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	9,249		132,000		132,126		126		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	8,485		121,000		121,212		212		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	6,501		92,850		92,873		23		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	5,829		84,000		83,271		—		(729	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	5,688		81,200		81,249		49		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	25,649		361,956		366,395		4,439		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	9,344		134,000		133,478		—		(522	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	5,476		79,000		78,226		—		(774	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	5,098		73,000		72,820		—		(180	)
Expiring 06/19/19	UBS AG	INR	6,184		89,000		88,342		—		(658	)
Indonesian Rupiah,
Expiring 06/19/19	Barclays Bank PLC	IDR	1,841,450		130,000		128,373		—		(1,627	)
Expiring 06/19/19	Barclays Bank PLC	IDR	1,437,200		100,000		100,192		192		—
Expiring 06/19/19	Barclays Bank PLC	IDR	1,269,400		88,000		88,494		494		—
Expiring 06/19/19	Barclays Bank PLC	IDR	1,260,424		88,000		87,868		—		(132	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	2,132,488		149,000		148,662		—		(338	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,930,500		135,000		134,581		—		(419	)

See Notes to Financial Statements.

PGIM Income Builder Fund 47

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,713,060	$	120,000	$	119,423	$	—	$	(577	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	1,700,321		118,000		118,535		535		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	1,593,144		112,000		111,063		—		(937	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	1,574,069		109,000		109,733		733		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	IDR	1,528,991		107,524		106,591		—		(933	)
Expiring 06/19/19	UBS AG	IDR	1,761,975		123,000		122,833		—		(167	)
Japanese Yen,
Expiring 07/19/19	Bank of America, N.A.	JPY	25,692		231,053		232,167		1,114		—
Expiring 07/19/19	Morgan Stanley & Co. International PLC	JPY	9,971		89,693		90,100		407		—
Mexican Peso,
Expiring 06/19/19	Barclays Bank PLC	MXN	1,742		89,000		91,142		2,142		—
Expiring 06/19/19	Citibank, N.A.	MXN	3,582		185,593		187,378		1,785		—
Expiring 06/19/19	Citibank, N.A.	MXN	2,044		107,000		106,934		—		(66	)
Expiring 06/19/19	Citibank, N.A.	MXN	1,775		92,850		92,868		18		—
Expiring 06/19/19	Citibank, N.A.	MXN	1,562		82,000		81,690		—		(310	)
Expiring 06/19/19	Deutsche Bank AG	MXN	11,571		590,159		605,322		15,163		—
Expiring 06/19/19	Goldman Sachs International	MXN	1,461		77,000		76,426		—		(574	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	1,820		96,000		95,233		—		(767	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	1,801		92,486		94,232		1,746		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	1,190		61,006		62,230		1,224		—
New Taiwanese Dollar,
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	12,985		421,645		421,604		—		(41	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	12,985		421,631		421,604		—		(27	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	22,147		720,446		719,113		—		(1,333	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	3,657		119,000		118,757		—		(243	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	3,386		110,000		109,950		—		(50	)

See Notes to Financial Statements.

48

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	3,102	$	101,000	$	100,711	$	—	$	(289	)
New Zealand Dollar,
Expiring 07/22/19	Citibank, N.A.	NZD	142		96,400		95,248		—		(1,152	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	803		242,000		242,342		342		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	400		121,000		120,804		—		(196	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	386		116,000		116,446		446		—
Expiring 06/19/19	BNP Paribas S.A.	PEN	311		93,999		93,714		—		(285	)
Expiring 06/19/19	BNP Paribas S.A.	PEN	267		81,000		80,683		—		(317	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	549		166,000		165,621		—		(379	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	295		89,000		89,025		25		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	256		77,000		77,321		321		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	238		72,000		71,770		—		(230	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	15,918		303,209		304,170		961		—
Expiring 06/19/19	Barclays Bank PLC	PHP	9,836		185,000		187,939		2,939		—
Expiring 06/19/19	Barclays Bank PLC	PHP	7,463		143,000		142,601		—		(399	)
Expiring 06/19/19	Barclays Bank PLC	PHP	1,133		21,788		21,641		—		(147	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	10,503		200,000		200,699		699		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	9,094		171,000		173,770		2,770		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	7,110		134,000		135,851		1,851		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	5,572		107,000		106,470		—		(530	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	5,571		107,212		106,456		—		(756	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	5,134		98,000		98,095		95		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,857		91,000		92,810		1,810		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	4,144		79,000		79,175		175		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	3,826		73,000		73,111		111		—

See Notes to Financial Statements.

PGIM Income Builder Fund 49

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	2,171	$	40,635	$	41,478	$	843	$	—
Polish Zloty,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	287		76,000		75,186		—		(814	)
Russian Ruble,
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	60,084		904,909		922,416		17,507		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	6,913		106,000		106,131		131		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	6,517		101,000		100,047		—		(953	)
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	321		237,591		235,893		—		(1,698	)
Expiring 05/10/19	Barclays Bank PLC	SGD	197		145,000		144,959		—		(41	)
Expiring 05/10/19	Barclays Bank PLC	SGD	142		105,000		104,054		—		(946	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	166		123,000		122,295		—		(705	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	127		94,000		93,732		—		(268	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	118		87,000		86,458		—		(542	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	98		73,000		72,353		—		(647	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	SGD	146		108,000		107,137		—		(863	)
Expiring 05/10/19	UBS AG	SGD	99		73,000		72,674		—		(326	)
South African Rand,
Expiring 06/13/19	BNP Paribas S.A.	ZAR	101		6,928		7,053		125		—
Expiring 06/13/19	Citibank, N.A.	ZAR	1,444		99,525		100,431		906		—
Expiring 06/13/19	Citibank, N.A.	ZAR	615		42,225		42,796		571		—
Expiring 06/13/19	Goldman Sachs International	ZAR	1,275		87,352		88,638		1,286		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	1,322		91,396		91,897		501		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	1,228		84,450		85,354		904		—
Expiring 06/13/19	Morgan Stanley & Co. International PLC	ZAR	1,413		100,000		98,279		—		(1,721	)
South Korean Won,
Expiring 06/19/19	Citibank, N.A.	KRW	211,304		185,991		181,227		—		(4,764	)
Expiring 06/19/19	Citibank, N.A.	KRW	211,215		185,700		181,150		—		(4,550	)

See Notes to Financial Statements.

50

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

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	211,268	$	185,943	$	181,196	$	—	$	(4,747	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	209,823		185,423		179,956		—		(5,467	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	157,144		139,059		134,775		—		(4,284	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	114,375		100,250		98,095		—		(2,155	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	114,345		100,250		98,069		—		(2,181	)
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.	THB	6,104		195,588		191,258		—		(4,330	)
Expiring 05/10/19	BNP Paribas S.A.	THB	2,808		90,000		87,983		—		(2,017	)
Expiring 05/10/19	Citibank, N.A.	THB	16,426		522,038		514,651		—		(7,387	)
Expiring 05/10/19	Citibank, N.A.	THB	3,537		111,000		110,820		—		(180	)
Expiring 05/10/19	Citibank, N.A.	THB	2,954		93,000		92,546		—		(454	)
Expiring 05/10/19	Citibank, N.A.	THB	2,872		90,000		89,978		—		(22	)
Expiring 05/10/19	Citibank, N.A.	THB	2,814		89,000		88,170		—		(830	)
Expiring 05/10/19	Citibank, N.A.	THB	2,810		88,074		88,049		—		(25	)
Expiring 05/10/19	Citibank, N.A.	THB	2,565		81,276		80,370		—		(906	)
Expiring 05/10/19	Citibank, N.A.	THB	2,555		80,000		80,037		37		—
Expiring 05/10/19	Citibank, N.A.	THB	1,570		49,735		49,202		—		(533	)
Expiring 05/10/19	Citibank, N.A.	THB	1,067		33,522		33,440		—		(82	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	6,104		194,306		191,258		—		(3,048	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	4,294		136,688		134,525		—		(2,163	)
Expiring 05/10/19	HSBC Bank USA, N.A.	THB	2,381		75,000		74,597		—		(403	)
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	4,693		150,000		147,023		—		(2,977	)
Expiring 05/10/19	UBS AG	THB	2,644		84,000		82,829		—		(1,171	)
Turkish Lira,
Expiring 06/13/19	Barclays Bank PLC	TRY	501		84,000		81,571		—		(2,429	)
Expiring 06/13/19	BNP Paribas S.A.	TRY	1,853		325,959		301,996		—		(23,963	)
				$	18,862,790	$	18,804,061		80,443		(139,172	)
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 07/22/19	Citibank, N.A.	AUD	265	$	185,800	$	187,110	$	—	$	(1,310	)

See Notes to Financial Statements.

PGIM Income Builder Fund 51

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	AUD	259	$	181,467	$	182,614	$	—	$	(1,147	)
Brazilian Real,
Expiring 06/04/19	Citibank, N.A.	BRL	442		113,000		112,340		660		—
Expiring 06/04/19	Citibank, N.A.	BRL	371		92,816		94,435		—		(1,619	)
Expiring 06/04/19	Citibank, N.A.	BRL	368		92,816		93,662		—		(846	)
Expiring 06/04/19	Citibank, N.A.	BRL	272		68,900		69,196		—		(296	)
Expiring 06/04/19	Goldman Sachs International	BRL	324		81,200		82,293		—		(1,093	)
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	324		83,160		82,423		737		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	319		81,200		81,142		58		—
Expiring 06/04/19	JPMorgan Chase Bank, N.A.	BRL	168		42,570		42,797		—		(227	)
British Pound,
Expiring 07/19/19	Citibank, N.A.	GBP	51		66,800		67,104		—		(304	)
Chilean Peso,
Expiring 06/19/19	Barclays Bank PLC	CLP	77,233		116,000		113,994		2,006		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	213,947		319,773		315,781		3,992		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	87,507		131,107		129,160		1,947		—
Expiring 06/19/19	BNP Paribas S.A.	CLP	83,852		123,000		123,763		—		(763	)
Expiring 06/19/19	Citibank, N.A.	CLP	247,128		371,812		364,756		7,056		—
Expiring 06/19/19	Citibank, N.A.	CLP	50,245		74,000		74,160		—		(160	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	CLP	20,017		29,700		29,545		155		—
Chinese Renminbi,
Expiring 07/25/19	Morgan Stanley & Co. International PLC	CNH	1,409		210,679		209,199		1,480		—
Colombian Peso,
Expiring 05/20/19	BNP Paribas S.A.	COP	479,867		149,268		148,249		1,019		—
Expiring 05/20/19	BNP Paribas S.A.	COP	348,864		111,167		107,777		3,390		—
Expiring 05/20/19	BNP Paribas S.A.	COP	222,790		71,729		68,829		2,900		—
Expiring 05/20/19	BNP Paribas S.A.	COP	111,390		35,865		34,413		1,452		—
Expiring 05/20/19	Citibank, N.A.	COP	1,172,939		373,108		362,367		10,741		—
Expiring 05/20/19	Citibank, N.A.	COP	289,138		92,850		89,326		3,524		—
Expiring 05/20/19	Citibank, N.A.	COP	242,550		75,000		74,933		67		—
Expiring 05/20/19	Goldman Sachs International	COP	330,439		104,000		102,085		1,915		—
Expiring 05/20/19	UBS AG	COP	246,753		78,000		76,232		1,768		—
Czech Koruna,
Expiring 07/19/19	Citibank, N.A.	CZK	2,628		114,000		115,240		—		(1,240	)

See Notes to Financial Statements.

52

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna (cont’d.),
Expiring 07/19/19	Morgan Stanley & Co. International PLC	CZK	2,665	$	116,000	$	116,854	$	—	$	(854	)
Egyptian Pound,
Expiring 07/15/19	Citibank, N.A.	EGP	475		27,149		27,083		66		—
Expiring 07/29/19	Citibank, N.A.	EGP	922		52,617		52,352		265		—
Euro,
Expiring 07/19/19	Citibank, N.A.	EUR	318		360,915		358,929		1,986		—
Expiring 07/19/19	Citibank, N.A.	EUR	16		18,245		18,341		—		(96	)
Expiring 07/19/19	Deutsche Bank AG	EUR	1,869		2,123,990		2,111,782		12,208		—
Expiring 07/19/19	Deutsche Bank AG	EUR	1,869		2,132,753		2,111,782		20,971		—
Expiring 07/19/19	The Toronto-Dominion Bank	EUR	90		101,433		101,291		142		—
Hungarian Forint,
Expiring 07/19/19	Bank of America, N.A.	HUF	184,423		649,490		642,348		7,142		—
Expiring 07/19/19	Citibank, N.A.	HUF	26,527		92,891		92,394		497		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	HUF	25,080		87,000		87,355		—		(355	)
Indian Rupee,
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	INR	2,816		40,100		40,230		—		(130	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	INR	7,708		109,290		110,116		—		(826	)
Indonesian Rupiah,
Expiring 06/19/19	Citibank, N.A.	IDR	2,281,289		158,598		159,036		—		(438	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	1,192,132		83,600		83,107		493		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	IDR	404,658		28,117		28,210		—		(93	)
Expiring 06/19/19	UBS AG	IDR	1,645,704		114,000		114,727		—		(727	)
Israeli Shekel,
Expiring 07/25/19	Bank of America, N.A.	ILS	625		176,314		174,865		1,449		—
Japanese Yen,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	11,995		107,910		108,389		—		(479	)
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	JPY	11,958		107,550		108,060		—		(510	)
Mexican Peso,
Expiring 06/19/19	Bank of America, N.A.	MXN	1,623		85,000		84,913		87		—

See Notes to Financial Statements.

PGIM Income Builder Fund 53

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 06/19/19	Citibank, N.A.	MXN	1,910	$	99,525	$	99,896	$	—	$	(371	)
Expiring 06/19/19	Goldman Sachs International	MXN	1,403		72,421		73,394		—		(973	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	MXN	3,230		168,850		168,989		—		(139	)
New Taiwanese Dollar,
Expiring 06/19/19	Barclays Bank PLC	TWD	5,851		190,000		189,981		19		—
Expiring 06/19/19	Barclays Bank PLC	TWD	3,677		120,000		119,384		616		—
Expiring 06/19/19	Barclays Bank PLC	TWD	3,361		109,000		109,131		—		(131	)
Expiring 06/19/19	Citibank, N.A.	TWD	5,699		185,103		185,055		48		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	6,203		202,000		201,395		605		—
Expiring 06/19/19	HSBC Bank USA, N.A.	TWD	2,767		90,000		89,845		155		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	3,179		103,450		103,233		217		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	3,065		100,000		99,503		497		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	TWD	2,703		88,000		87,763		237		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	TWD	2,833		92,000		91,988		12		—
New Zealand Dollar,
Expiring 07/22/19	Bank of America, N.A.	NZD	139		94,266		93,195		1,071		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	165		111,247		110,570		677		—
Expiring 07/22/19	JPMorgan Chase Bank, N.A.	NZD	139		92,706		92,728		—		(22	)
Peruvian Nuevo Sol,
Expiring 06/19/19	BNP Paribas S.A.	PEN	363		109,476		109,386		90		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PEN	263		79,026		79,234		—		(208	)
Philippine Peso,
Expiring 06/19/19	Barclays Bank PLC	PHP	8,924		170,000		170,522		—		(522	)
Expiring 06/19/19	Barclays Bank PLC	PHP	7,992		151,000		152,719		—		(1,719	)
Expiring 06/19/19	Barclays Bank PLC	PHP	7,853		148,000		150,064		—		(2,064	)
Expiring 06/19/19	Barclays Bank PLC	PHP	6,604		125,000		126,194		—		(1,194	)
Expiring 06/19/19	Barclays Bank PLC	PHP	4,608		88,000		88,043		—		(43	)
Expiring 06/19/19	Barclays Bank PLC	PHP	4,347		83,000		83,057		—		(57	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	9,371		177,000		179,066		—		(2,066	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	8,354		157,000		159,627		—		(2,627	)

See Notes to Financial Statements.

54

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	8,106	$	153,000	$	154,888	$	—	$	(1,888	)
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	PHP	7,220		138,000		137,963		37		—
Polish Zloty,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	1,611		427,255		422,595		4,660		—
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	PLN	446		116,000		116,889		—		(889	)
Russian Ruble,
Expiring 06/19/19	Citibank, N.A.	RUB	14,280		216,978		219,230		—		(2,252	)
Expiring 06/19/19	Citibank, N.A.	RUB	3,168		48,114		48,636		—		(522	)
Expiring 06/19/19	Citibank, N.A.	RUB	923		14,024		14,177		—		(153	)
Expiring 06/19/19	Morgan Stanley & Co. International PLC	RUB	5,107		78,000		78,397		—		(397	)
Singapore Dollar,
Expiring 05/10/19	Barclays Bank PLC	SGD	247		182,000		181,304		696		—
Expiring 05/10/19	Barclays Bank PLC	SGD	223		165,000		164,248		752		—
Expiring 05/10/19	Barclays Bank PLC	SGD	176		130,000		129,597		403		—
Expiring 05/10/19	Barclays Bank PLC	SGD	121		90,000		89,254		746		—
Expiring 05/10/19	Goldman Sachs International	SGD	123		91,000		90,679		321		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	SGD	97		72,000		71,612		388		—
Expiring 05/10/19	UBS AG	SGD	114		84,000		83,621		379		—
South African Rand,
Expiring 06/13/19	Citibank, N.A.	ZAR	4,891		339,348		340,081		—		(733	)
Expiring 06/13/19	Citibank, N.A.	ZAR	1,513		105,000		105,177		—		(177	)
Expiring 06/13/19	Goldman Sachs International	ZAR	4,891		341,741		340,082		1,659		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	1,362		92,486		94,728		—		(2,242	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	1,324		92,481		92,061		420		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	ZAR	955		66,400		66,423		—		(23	)
South Korean Won,
Expiring 06/19/19	Barclays Bank PLC	KRW	107,341		95,000		92,061		2,939		—
Expiring 06/19/19	Citibank, N.A.	KRW	91,120		80,000		78,150		1,850		—
Expiring 06/19/19	Goldman Sachs International	KRW	97,236		86,000		83,395		2,605		—

See Notes to Financial Statements.

PGIM Income Builder Fund 55

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	384,679	$	339,202	$	329,923	$	9,279	$	—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	201,866		173,280		173,132		148		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	145,531		125,000		124,816		184		—
Expiring 06/19/19	JPMorgan Chase Bank, N.A.	KRW	99,713		88,000		85,519		2,481		—
Expiring 06/19/19	Morgan Stanley & Co. International PLC	KRW	150,955		133,000		129,468		3,532		—
Swiss Franc,
Expiring 07/19/19	JPMorgan Chase Bank, N.A.	CHF	109		109,367		107,354		2,013		—
Thai Baht,
Expiring 05/10/19	BNP Paribas S.A.	THB	2,313		73,000		72,470		530		—
Expiring 05/10/19	Citibank, N.A.	THB	5,996		192,266		187,853		4,413		—
Expiring 05/10/19	Citibank, N.A.	THB	4,961		157,000		155,428		1,572		—
Expiring 05/10/19	Citibank, N.A.	THB	2,659		84,821		83,294		1,527		—
Expiring 05/10/19	Citibank, N.A.	THB	2,445		77,000		76,603		397		—
Expiring 05/10/19	Citibank, N.A.	THB	2,281		72,000		71,455		545		—
Expiring 05/10/19	Citibank, N.A.	THB	2,269		72,126		71,099		1,027		—
Expiring 05/10/19	Citibank, N.A.	THB	2,070		65,766		64,864		902		—
Expiring 05/10/19	Citibank, N.A.	THB	1,825		58,188		57,193		995		—
Expiring 05/10/19	Citibank, N.A.	THB	1,572		50,108		49,248		860		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	2,971		92,801		93,094		—		(293	)
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	1,815		58,161		56,850		1,311		—
Expiring 05/10/19	JPMorgan Chase Bank, N.A.	THB	978		31,317		30,657		660		—
Expiring 05/10/19	Morgan Stanley & Co. International PLC	THB	2,478		78,000		77,651		349		—
Turkish Lira,
Expiring 06/13/19	BNP Paribas S.A.	TRY	704		119,000		114,665		4,335		—
Expiring 06/13/19	Citibank, N.A.	TRY	481		82,000		78,364		3,636		—
Expiring 06/13/19	Citibank, N.A.	TRY	194		32,809		31,572		1,237		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	782		132,000		127,473		4,527		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	625		108,601		101,827		6,774		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	575		96,000		93,726		2,274		—

See Notes to Financial Statements.

56

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

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	573	$	95,000	$	93,394	$	1,606	$	—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	571		92,816		93,009		—		(193	)
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	560		94,000		91,317		2,683		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	531		88,000		86,576		1,424		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	466		81,000		75,878		5,122		—
Expiring 06/13/19	JPMorgan Chase Bank, N.A.	TRY	437		74,200		71,246		2,954		—
				$	20,179,475	$	20,033,317		181,569		(35,411	)
								$	262,012	$	(174,583	)

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.		$	220,000		$	—

Fair Value Measurements:

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

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

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

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

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

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	59,498,113	$	—	$	—
Common Stocks		147,265,915		19,012,557		366,830

See Notes to Financial Statements.

PGIM Income Builder Fund 57

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Exchange-Traded Funds	$	30,154,969	$	—	$	—
Preferred Stocks		12,704,952		—		—
Asset-Backed Securities
Collateralized Loan Obligations		—		6,728,580		—
Bank Loans		—		199,156		—
Convertible Bond		—		678,572		—
Corporate Bonds		—		80,482,703		—
Sovereign Bonds		—		55,475,727		—
Other Financial Instruments*
Futures Contracts		17,019		—		—
OTC Forward Foreign Currency Exchange Contracts		—		87,429		—
Total	$	249,640,968	$	162,664,724	$	366,830

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

Industry Classification:

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

Affiliated Mutual Funds (2.3% represents investments purchased with collateral from securities on loan)	14.7	%
Sovereign Bonds	13.8
Equity Real Estate Investment Trusts (REITs)	13.1
Oil, Gas & Consumable Fuels	12.7
Exchange-Traded Funds	7.5
Oil & Gas	3.5
Semiconductors & Semiconductor Equipment	2.3
Banks	1.9
Collateralized Loan Obligations	1.7
Pharmaceuticals	1.6
Telecommunications	1.5
Electric Utilities	1.3
Electric	1.2
Chemicals	1.2
Aerospace & Defense	1.2
Media	1.1
Entertainment	1.1
Health Care Equipment & Supplies	1.1
Retail	1.0
Specialty Retail	1.0
Insurance	1.0
Communications Equipment	0.9

Commercial Services	0.8	%
Home Builders	0.8
Healthcare-Services	0.7
Software	0.7
Mining	0.7
Tobacco	0.6
Diversified Telecommunication Services	0.6
Hotels, Restaurants & Leisure	0.5
Real Estate Management & Development	0.5
Pipelines	0.5
Auto Parts & Equipment	0.4
Building Materials	0.4
Diversified Financial Services	0.4
Mortgage Real Estate Investment Trusts (REITs)	0.4
Beverages	0.4
Computers	0.4
Foods	0.4
Independent Power & Renewable Electricity
Producers	0.4
Auto Manufacturers	0.4
Road & Rail	0.4
Electrical Equipment	0.3
Commercial Services & Supplies	0.3
Food & Staples Retailing	0.3

See Notes to Financial Statements.

58

Industry Classification (continued):

Real Estate	0.3	%
Metals & Mining	0.3
Food Products	0.3
Transportation Infrastructure	0.3
Household Products	0.2
Machinery	0.2
Engineering & Construction	0.2
Consumer Finance	0.2
Transportation	0.2
Multi-Utilities	0.2
Capital Markets	0.2
Industrial Conglomerates	0.2
Packaging & Containers	0.2
Trucking & Leasing	0.2
Iron/Steel	0.2
Gas	0.1
Internet	0.1
Real Estate Investment Trusts (REITs)	0.1
Machinery-Diversified	0.1
Metal Fabricate/Hardware	0.1
Distribution/Wholesale	0.1
Agriculture	0.1	%
Household Products/Wares	0.1
Electronics	0.1
Water	0.1
Healthcare-Products	0.1
Energy-Alternate Sources	0.1
Miscellaneous Manufacturing	0.0	*
Lodging	0.0	*
Coal	0.0	*
Environmental Control	0.0	*
Housewares	0.0	*
Home Furnishings	0.0	*
	102.3
Liabilities in excess of other assets	(2.3	)
	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 foreign exchange contracts risk and interest rate contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

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

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts	$	262,012		Unrealized depreciation on OTC forward foreign currency exchange contracts	$	174,583
Interest rate contracts	Due from/to broker—variation margin futures		26,347	*	Due from/to broker—variation margin futures		9,328	*
		$	288,359			$	183,911

See Notes to Financial Statements.

PGIM Income Builder Fund 59

Schedule of Investments(unaudited) (continued)

as of April 30, 2019

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

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

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Forward & Cross Currency Exchange Contracts
Foreign exchange contracts	$	—	$	54,221
Interest rate contracts		41,154		—
Total	$	41,154	$	54,221

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Forward &  Cross Currency Exchange Contracts
Foreign exchange contracts	$	—	$	12,117
Interest rate contracts		75,606		—
Total	$	75,606	$	12,117

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

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)		Forward Foreign Currency Exchange Contracts— Purchased(2)
$	6,356,638	$	925,417	$	14,447,573

Forward Foreign Currency Exchange Contracts— Sold(2)		Cross Currency Exchange Contracts(3)
$	16,219,151	$	179,643

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

See Notes to Financial Statements.

60

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	$	8,783,426	$	(8,783,426	)	$	—

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.	$	10,863	$	—		$	10,863		$	—	$	10,863
Barclays Bank PLC		18,602		(13,149	)		5,453			—		5,453
BNP Paribas S.A.		20,568		(39,263	)		(18,695	)		—		(18,695	)
Citibank, N.A.		58,176		(43,800	)		14,376			—		14,376
Deutsche Bank AG		48,342		—			48,342			—		48,342
Goldman Sachs International		7,786		(2,640	)		5,146			—		5,146
HSBC Bank USA, N.A.		760		(6,339	)		(5,579	)		—		(5,579	)
JPMorgan Chase Bank, N.A.		65,501		(47,445	)		18,056			—		18,056
Morgan Stanley & Co. International PLC		29,125		(18,898	)		10,227			—		10,227
The Toronto-Dominion Bank		142		—			142			—		142
UBS AG		2,147		(3,049	)		(902	)		—		(902	)
	$	262,012	$	(174,583	)	$	87,429		$	—	$	87,429

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

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

See Notes to Financial Statements.

PGIM Income Builder Fund 61

Statement of Assets & Liabilities(unaudited)

as of April 30, 2019

Assets
Investments at value, including securities on loan of $8,783,426:
Unaffiliated investments (cost $330,660,951)	$	353,069,961
Affiliated investments (cost $58,688,188)		59,498,113
Foreign currency, at value (cost $33,770)		33,765
Dividends and interest receivable		2,816,187
Receivable for Fund shares sold		1,110,234
Receivable for investments sold		840,403
Unrealized appreciation on OTC forward foreign currency exchange contracts		262,012
Deposit with broker for centrally cleared/exchange-traded derivatives		220,000
Tax reclaim receivable		31,781
Prepaid expenses		1,044
Total Assets		417,883,500
		��
Liabilities
Payable to broker for collateral for securities on loan		9,113,495
Payable for investments purchased		3,210,919
Payable for Fund shares reacquired		1,369,822
Accrued expenses and other liabilities		327,512
Unrealized depreciation on OTC forward foreign currency exchange contracts		174,583
Distribution fee payable		119,902
Management fee payable		110,366
Affiliated transfer agent fee payable		20,101
Due to broker—variation margin futures		211
Payable to custodian		27
Total Liabilities		14,446,938
Net Assets	$	403,436,562
Net assets were comprised of:
Shares of beneficial interest, at par	$	42,115
Paid-in capital in excess of par		407,402,316
Total distributable earnings (loss)		(4,007,869	)
Net assets, April 30, 2019	$	403,436,562

See Notes to Financial Statements.

62

Class A
Net asset value and redemption price per share, ($157,245,564 ÷ 16,368,459 shares of beneficial interest issued and outstanding)	$	9.61
Maximum sales charge (4.50% of offering price)		0.45
Maximum offering price to public	$	10.06
Class B
Net asset value, offering price and redemption price per share,
($1,382,973 ÷ 146,925 shares of beneficial interest issued and outstanding)	$	9.41
Class C
Net asset value, offering price and redemption price per share,
($101,793,608 ÷ 10,818,394 shares of beneficial interest issued and outstanding)	$	9.41
Class R
Net asset value, offering price and redemption price per share,
($1,902,075 ÷ 198,309 shares of beneficial interest issued and outstanding)	$	9.59
Class Z
Net asset value, offering price and redemption price per share,
($136,781,020 ÷ 14,135,225 shares of beneficial interest issued and outstanding)	$	9.68
Class R6
Net asset value, offering price and redemption price per share,
($4,331,322 ÷ 447,847 shares of beneficial interest issued and outstanding)	$	9.67

See Notes to Financial Statements.

PGIM Income Builder Fund 63

Statement of Operations(unaudited)

Six Months Ended April 30, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $58,525 foreign withholding tax)	$	5,237,711
Interest income		3,737,455
Affiliated dividend income		1,073,962
Income from securities lending, net (including affiliated income of $9,268)		41,405
Total income		10,090,533
Expenses
Management fee		1,365,251
Distribution fee(a)		763,340
Transfer agent’s fees and expenses (including affiliated expense of $48,309)(a)		207,853
Custodian and accounting fees		156,582
Shareholders’ reports		79,024
Registration fees(a)		47,508
Audit fee		25,499
Legal fees and expenses		10,090
Trustees’ fees		9,414
Miscellaneous		16,194
Total expenses		2,680,755
Less: Fee waiver and/or expense reimbursement(a)		(731,717	)
Distribution fee waiver(a)		(39,405	)
Net expenses		1,909,633
Net investment income (loss)		8,180,900
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(26,395))		2,052,059
Futures transactions		41,154
Forward and cross currency contract transactions		54,221
Foreign currency transactions		(40,462	)
		2,106,972
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $1,268,032)		18,146,609
Futures		75,606
Forward and cross currency contracts		12,117
Foreign currencies		2,558
		18,236,890
Net gain (loss) on investment and foreign currency transactions		20,343,862
Net Increase (Decrease) In Net Assets Resulting From Operations	$	28,524,762

See Notes to Financial Statements.

64

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

	Class A			Class B			Class C			Class R			Class Z			Class R6
Distribution fee		223,265			7,985			525,509			6,581			—			—
Transfer agent’s fees and expenses		82,493			3,953			49,733			1,124			70,506			44
Registration fees		8,096			7,132			8,690			7,225			9,418			6,947
Fee waiver and/or expense reimbursement		(272,340	)		(13,030	)		(186,746	)		(10,496	)		(237,521	)		(11,584	)
Distribution fee waiver		(37,211	)		—			—			(2,194	)		—			—

See Notes to Financial Statements.

PGIM Income Builder Fund 65

Statements of Changes in Net Assets(unaudited)

	Six Months Ended April 30, 2019			Year Ended October 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	8,180,900		$	15,407,565
Net realized gain (loss) on investment and foreign currency transactions		2,106,972			91,163
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		18,236,890			(21,095,379	)
Net increase (decrease) in net assets resulting from operations		28,524,762			(5,596,651	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(3,397,312	)		(5,875,719	)
Class B		(31,270	)		(60,426	)
Class C		(2,067,756	)		(3,586,836	)
Class R		(38,265	)		(39,506	)
Class Z		(3,081,877	)		(5,173,783	)
Class R6		(89,834	)		(113,903	)
		(8,706,314	)		(14,850,173	)
Tax return of capital distributions
Class A		—			(1,059,381	)
Class B		—			(10,895	)
Class C		—			(646,700	)
Class R		—			(7,123	)
Class Z		—			(932,823	)
Class R6		—			(20,537	)
		—			(2,677,459	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		36,726,523			80,250,069
Net asset value of shares issued in reinvestment of dividends and distributions		7,991,506			15,428,166
Cost of shares reacquired		(64,489,332	)		(117,650,414	)
Net increase (decrease) in net assets from Fund share transactions		(19,771,303	)		(21,972,179	)
Total increase (decrease)		47,145			(45,096,462	)
Net Assets:
Beginning of period		403,389,417			448,485,879
End of period	$	403,436,562		$	403,389,417

See Notes to Financial Statements.

66

Notes to Financial Statements(unaudited)

Prudential Investment Portfolios 16 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on July 29, 1998. The Trust currently consists of one fund: PGIM Income Builder Fund (the “Fund”) is a diversified fund for the purposes of the 1940 Act.

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

1. Accounting Policies

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

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

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of

PGIM Income Builder Fund 67

Notes to Financial Statements(unaudited) (continued)

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.

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

68

days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

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

PGIM Income Builder Fund 69

Notes to Financial Statements(unaudited) (continued)

find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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

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

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

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

70

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

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

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

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

PGIM Income Builder Fund 71

Notes to Financial Statements(unaudited) (continued)

Master Netting Arrangements:The Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a Subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

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

72

net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

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

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

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

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

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

PGIM Income Builder Fund 73

Notes to Financial Statements(unaudited) (continued)

collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

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

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

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

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

74

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

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

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

2. Agreements

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

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

PGIM Income Builder Fund 75

Notes to Financial Statements(unaudited) (continued)

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.70% of the Fund’s average daily net assets up to $1 billion and 0.65% of such assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.70% for the six months ended April 30, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.95% of average daily net assets for Class A shares, 1.70% of average daily net assets for Class B shares, 1.70% of average daily net assets for Class C shares, 1.20% of average daily net assets for Class R shares, 0.70% of average daily net assets for Class Z shares, and 0.70% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as incme and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, Class B, Class C and Class R shares, respectively. PIMS has contractually agreed through February 29, 2020 to limit such fees to 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares.

76

For the reporting period ended April 30, 2019, PIMS received $133,407 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended April 30, 2019, PIMS received $196 and $3,296 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

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

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

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

PGIM Income Builder Fund 77

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, 2019, were $210,965,994 and $231,309,034, respectively.

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

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	7,129,578	$	148,242,423	$	149,490,908	$	—	$	—	$	5,881,093		5,881,093	$	120,501
	PGIM Floating Rate Income Fund*
	4,166,038		21,488		4,113,123		20,783		(95,186)		—		—		21,235
	PGIM Institutional Money Market Fund*
	9,221,511		39,004,033		39,087,109		2,324		457		9,141,216		9,138,475		9,268	**
	PGIM Short Duration High Yield Income Fund*
	4,238,989		15,804,893		209,400		378,376		(2,467)		20,210,391		2,258,144		353,584
	PGIM Total Return Bond Fund*
	19,047,477		11,867,246		7,586,660		866,549		70,801		24,265,413		1,690,970		578,642
$	43,803,593	$	214,940,083	$	200,487,200	$	1,268,032	$	(26,395)	$	59,498,113			$	1,083,230

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

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

5. Tax Information

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

Tax Basis	$	398,424,228
Gross Unrealized Appreciation		28,591,552
Gross Unrealized Depreciation		(14,343,258	)
Net Unrealized Appreciation	$	14,248,294

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $19,799,000 which can be carried forward for an unlimited period. The Fund utilized approximately $466,000 of its capital loss carryforward during the fiscal

78

year ended October 31, 2018 to offset capital gains. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

6. Capital and Ownership

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

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

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

At reporting period end, eight shareholders of record, each holding greater than 5% of the Fund, held 68% of the Fund’s outstanding shares.

PGIM Income Builder Fund 79

Notes to Financial Statements(unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2019:
Shares sold		904,881		$	8,347,327
Shares issued in reinvestment of dividends and distributions		358,144			3,294,911
Shares reacquired		(2,313,209	)		(21,062,055	)
Net increase (decrease) in shares outstanding before conversion		(1,050,184	)		(9,419,817	)
Shares issued upon conversion from other share class(es)		755,007			7,237,196
Shares reacquired upon conversion into other share class(es)		(201,948	)		(1,910,611	)
Net increase (decrease) in shares outstanding		(497,125	)	$	(4,093,232	)
Year ended October 31, 2018:
Shares sold		2,529,383		$	24,326,647
Shares issued in reinvestment of dividends and distributions		684,537			6,526,719
Shares reacquired		(3,684,232	)		(35,181,399	)
Net increase (decrease) in shares outstanding before conversion		(470,312	)		(4,328,033	)
Shares issued upon conversion from other share class(es)		163,484			1,564,532
Shares reacquired upon conversion into other share class(es)		(598,883	)		(5,702,892	)
Net increase (decrease) in shares outstanding		(905,711	)	$	(8,466,393	)
Class B
Six months ended April 30, 2019:
Shares sold		—		$	2
Shares issued in reinvestment of dividends and distributions		3,476			31,270
Shares reacquired		(20,447	)		(188,405	)
Net increase (decrease) in shares outstanding before conversion		(16,971	)		(157,133	)
Shares reacquired upon conversion into other share class(es)		(28,515	)		(261,089	)
Net increase (decrease) in shares outstanding		(45,486	)	$	(418,222	)
Year ended October 31, 2018:
Shares sold		9,986		$	94,504
Shares issued in reinvestment of dividends and distributions		7,403			69,278
Shares reacquired		(16,011	)		(148,536	)
Net increase (decrease) in shares outstanding before conversion		1,378			15,246
Shares reacquired upon conversion into other share class(es)		(55,851	)		(525,447	)
Net increase (decrease) in shares outstanding		(54,473	)	$	(510,201	)

80

Class C	Shares			Amount
Six months ended April 30, 2019:
Shares sold		867,187		$	7,815,985
Shares issued in reinvestment of dividends and distributions		217,443			1,957,415
Shares reacquired		(1,691,043	)		(15,093,802	)
Net increase (decrease) in shares outstanding before conversion		(606,413	)		(5,320,402	)
Shares reacquired upon conversion into other share class(es)		(859,867	)		(8,039,914	)
Net increase (decrease) in shares outstanding		(1,466,280	)	$	(13,360,316	)
Year ended October 31, 2018:
Shares sold		1,893,897		$	17,817,356
Shares issued in reinvestment of dividends and distributions		413,102			3,863,201
Shares reacquired		(3,245,407	)		(30,365,820	)
Net increase (decrease) in shares outstanding before conversion		(938,408	)		(8,685,263	)
Shares reacquired upon conversion into other share class(es)		(482,459	)		(4,491,513	)
Net increase (decrease) in shares outstanding		(1,420,867	)	$	(13,176,776	)
Class R
Six months ended April 30, 2019:
Shares sold		22,536		$	211,930
Shares issued in reinvestment of dividends and distributions		4,142			38,033
Shares reacquired		(22,582	)		(210,044	)
Net increase (decrease) in shares outstanding		4,096		$	39,919
Year ended October 31, 2018:
Shares sold		140,814		$	1,346,701
Shares issued in reinvestment of dividends and distributions		4,864			46,176
Shares reacquired		(14,970	)		(142,231	)
Net increase (decrease) in shares outstanding		130,708		$	1,250,646
Class Z
Six months ended April 30, 2019:
Shares sold		2,078,757		$	19,318,489
Shares issued in reinvestment of dividends and distributions		278,312			2,580,055
Shares reacquired		(3,014,155	)		(27,479,760	)
Net increase (decrease) in shares outstanding before conversion		(657,086	)		(5,581,216	)
Shares issued upon conversion from other share class(es)		327,725			3,089,587
Shares reacquired upon conversion into other share class(es)		(23,677	)		(221,570	)
Net increase (decrease) in shares outstanding		(353,038	)	$	(2,713,199	)
Year ended October 31, 2018:
Shares sold		3,661,114		$	35,352,541
Shares issued in reinvestment of dividends and distributions		498,851			4,788,384
Shares reacquired		(5,306,867	)		(51,027,556	)
Net increase (decrease) in shares outstanding before conversion		(1,146,902	)		(10,886,631	)
Shares issued upon conversion from other share class(es)		1,025,333			9,817,130
Shares reacquired upon conversion into other share class(es)		(93,008	)		(895,480	)
Net increase (decrease) in shares outstanding		(214,577	)	$	(1,964,981	)

PGIM Income Builder Fund 81

Notes to Financial Statements(unaudited) (continued)

Class R6	Shares			Amount
Six months ended April 30, 2019:
Shares sold		110,830		$	1,032,790
Shares issued in reinvestment of dividends and distributions		9,681			89,822
Shares reacquired		(48,270	)		(455,266	)
Net increase (decrease) in shares outstanding before conversion		72,241			667,346
Shares issued upon conversion from other share class(es)		11,353			106,401
Net increase (decrease) in shares outstanding		83,594		$	773,747
Year ended October 31, 2018:
Shares sold		136,808		$	1,312,320
Shares issued in reinvestment of dividends and distributions		14,019			134,408
Shares reacquired		(81,499	)		(784,872	)
Net increase (decrease) in shares outstanding before conversion		69,328			661,856
Shares issued upon conversion from other share class(es)		24,208			233,670
Net increase (decrease) in shares outstanding		93,536		$	895,526

7. Borrowings

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

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

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

8. Risks of Investing in the Fund

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

82

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

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

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

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

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

PGIM Income Builder Fund 83

Notes to Financial Statements(unaudited) (continued)

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.

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

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

84

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Income Builder Fund 85

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												Three Months Ended October 31, 2014(a)			Year Ended July 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.12			$9.62			$9.36			$9.39			$11.90			$11.78			$11.55
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.35			0.35			0.37			0.39			0.05			0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.50			(0.46	)		0.32			0.06			(0.70	)		0.14			0.89
Total from investment operations		0.70			(0.11	)		0.67			0.43			(0.31	)		0.19			0.94
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.33	)		(0.36	)		(0.40	)		(0.44	)		(0.07	)		(0.12	)
Tax return of capital distributions		-			(0.06	)		(0.05	)		(0.06	)		-			-			-
Distributions from net realized gains		-			-			-			-			(1.76	)		-			(0.59	)
Total dividends and distributions		(0.21	)		(0.39	)		(0.41	)		(0.46	)		(2.20	)		(0.07	)		(0.71	)
Net asset value, end of period		$9.61			$9.12			$9.62			$9.36			$9.39			$11.90			$11.78
Total Return(c):		7.80%			(1.22)%			7.34%			4.76%			(2.59)%			1.63%			8.37%
Ratios/Supplemental Data:
Net assets, end of period (000)		$157,246			$153,762			$171,047			$165,090			$141,432			$84,863			$85,292
Average net assets (000)		$150,077			$169,651			$167,079			$143,159			$109,965			$84,889			$86,591
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.86%	(f)		0.85%			0.85%			0.83%			0.78%			1.03%	(f)		1.51%

See Notes to Financial Statements.

86

Class A Shares
	Six Months Ended April 30, 2019			Year Ended October 31,								Three Months Ended October 31, 2014(a)			Year Ended July 31, 2014
				2018		2017		2016		2015
Expenses before waivers and/or expense reimbursement		1.28%	(f)		1.25%		1.27%		1.30%		1.37%		1.92%	(f)		1.56%
Net investment income (loss)		4.31%	(f)		3.63%		3.69%		4.05%		3.96%		1.58%	(f)		0.43%
Portfolio turnover rate(g)		55%			114%		102%		90%		93%		140%			478%

(a) For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Income Builder Fund 87

Financial Highlights(unaudited) (continued)

Class B Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												Three Months Ended October 31, 2014(a)			Year Ended July 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.94			$9.45			$9.19			$9.23			$11.74			$11.59			$11.38
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.27			0.28			0.30			0.32			0.02			(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.49			(0.46	)		0.33			0.05			(0.70	)		0.15			0.88
Total from investment operations		0.65			(0.19	)		0.61			0.35			(0.38	)		0.17			0.84
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.27	)		(0.31	)		(0.34	)		(0.37	)		(0.02	)		(0.04	)
Tax return of capital distributions		-			(0.05	)		(0.04	)		(0.05	)		-			-			-
Distributions from net realized gains		-			-			-			-			(1.76	)		-			(0.59	)
Total dividends and distributions		(0.18	)		(0.32	)		(0.35	)		(0.39	)		(2.13	)		(0.02	)		(0.63	)
Net asset value, end of period		$9.41			$8.94			$9.45			$9.19			$9.23			$11.74			$11.59
Total Return(c):		7.35%			(2.08)%			6.69%			3.97%			(3.35)%			1.47%			7.52%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,383			$1,720			$2,332			$2,575			$3,083			$4,810			$5,180
Average net assets (000)		$1,610			$2,080			$2,532			$2,762			$3,824			$5,005			$5,826
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.61%	(f)		1.60%			1.60%			1.58%			1.51%			1.78%	(f)		2.26%
Expenses before waivers and/or expense reimbursement		3.24%	(f)		2.96%			1.97%			2.00%			2.09%			2.59%	(f)		2.26%
Net investment income (loss)		3.59%	(f)		2.88%			2.95%			3.34%			3.24%			0.80%	(f)		(0.31)%
Portfolio turnover rate(g)		55%			114%			102%			90%			93%			140%			478%

(a) For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014.

(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.

See Notes to Financial Statements.

88

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Income Builder Fund 89

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												Three Months Ended October 31, 2014(a)			Year Ended July 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.94			$9.44			$9.18			$9.23			$11.74			$11.59			$11.38
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.27			0.27			0.30			0.31			0.02			(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.49			(0.45	)		0.34			0.04			(0.69	)		0.15			0.88
Total from investment operations		0.65			(0.18	)		0.61			0.34			(0.38	)		0.17			0.84
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.27	)		(0.31	)		(0.34	)		(0.37	)		(0.02	)		(0.04	)
Tax return of capital distributions		-			(0.05	)		(0.04	)		(0.05	)		-			-			-
Distributions from net realized gains		-			-			-			-			(1.76	)		-			(0.59	)
Total dividends and distributions		(0.18	)		(0.32	)		(0.35	)		(0.39	)		(2.13	)		(0.02	)		(0.63	)
Net asset value, end of period		$9.41			$8.94			$9.44			$9.18			$9.23			$11.74			$11.59
Total Return(c):		7.47%			(1.98)%			6.69%			3.86%			(3.35)%			1.47%			7.53%
Ratios/Supplemental Data:
Net assets, end of period (000)		$101,794			$109,767			$129,397			$108,543			$75,622			$17,474			$17,887
Average net assets (000)		$105,973			$123,584			$122,174			$88,099			$44,389			$17,513			$17,793
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.61%	(f)		1.60%			1.60%			1.58%			1.55%			1.78%	(f)		2.26%

See Notes to Financial Statements.

90

Class C Shares
	Six Months Ended April 30, 2019			Year Ended October 31,								Three Months Ended October 31, 2014(a)			Year Ended July 31, 2014
				2018		2017		2016		2015
Expenses before waivers and/or expense reimbursement		1.97%	(f)		1.94%		1.98%		2.00%		2.05%		2.61%	(f)		2.26%
Net investment income (loss)		3.58%	(f)		2.88%		2.93%		3.27%		3.19%		0.82%	(f)		(0.32)%
Portfolio turnover rate(g)		55%			114%		102%		90%		93%		140%			478%

(a) For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Income Builder Fund 91

Financial Highlights(unaudited) (continued)

Class R Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												Three Months Ended October 31, 2014(a)			Year Ended July 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.10			$9.61			$9.34			$9.38			$11.89			$11.75			$11.52
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.31			0.33			0.35			0.36			0.04			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.50			(0.45	)		0.33			0.05			(0.69	)		0.15			0.89
Total from investment operations		0.69			(0.14	)		0.66			0.40			(0.33	)		0.19			0.91
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.31	)		(0.34	)		(0.38	)		(0.42	)		(0.05	)		(0.09	)
Tax return of capital distributions		-			(0.06	)		(0.05	)		(0.06	)		-			-			-
Distributions from net realized gains		-			-			-			-			(1.76	)		-			(0.59	)
Total dividends and distributions		(0.20	)		(0.37	)		(0.39	)		(0.44	)		(2.18	)		(0.05	)		(0.68	)
Net asset value, end of period		$9.59			$9.10			$9.61			$9.34			$9.38			$11.89			$11.75
Total Return(c):		7.69%			(1.58)%			7.20%			4.40%			(2.83)%			1.60%			8.13%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,902			$1,768			$610			$561			$359			$393			$288
Average net assets (000)		$1,769			$1,196			$579			$404			$427			$347			$275
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.11%	(f)		1.10%			1.10%			1.08%			1.03%			1.25%	(f)		1.76%
Expenses before waivers and/or expense reimbursement		2.56%	(f)		3.02%			1.73%			1.75%			1.82%			2.45%	(f)		2.01%
Net investment income (loss)		4.07%	(f)		3.25%			3.41%			3.76%			3.69%			1.45%	(f)		0.19%
Portfolio turnover rate(g)		55%			114%			102%			90%			93%			140%			478%

(a) For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014.

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

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

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

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

(f) Annualized.

See Notes to Financial Statements.

92

(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 Income Builder Fund 93

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended April 30, 2019			Year Ended October 31,												Three Months Ended October 31, 2014(a)			Year Ended July 31, 2014
				2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.18			$9.69			$9.42			$9.45			$11.96			$11.85			$11.62
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.37			0.38			0.40			0.41			0.06			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.51			(0.46	)		0.33			0.05			(0.69	)		0.15			0.89
Total from investment operations		0.72			(0.09	)		0.71			0.45			(0.28	)		0.21			0.97
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.36	)		(0.39	)		(0.42	)		(0.47	)		(0.10	)		(0.15	)
Tax return of capital distributions		-			(0.06	)		(0.05	)		(0.06	)		-			-			-
Distributions from net realized gains		-			-			-			-			(1.76	)		-			(0.59	)
Total dividends and distributions		(0.22	)		(0.42	)		(0.44	)		(0.48	)		(2.23	)		(0.10	)		(0.74	)
Net asset value, end of period		$9.68			$9.18			$9.69			$9.42			$9.45			$11.96			$11.85
Total Return(c):		7.99%			(1.08)%			7.67%			4.98%			(2.33)%			1.74%			8.59%
Ratios/Supplemental Data:
Net assets, end of period (000)		$136,781			$133,029			$142,478			$84,046			$74,114			$5,965			$5,287
Average net assets (000)		$130,110			$141,463			$119,795			$64,595			$45,082			$5,426			$4,306
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.61%	(f)		0.60%			0.60%			0.58%			0.56%			0.77%	(f)		1.26%
Expenses before waivers and/or expense reimbursement		0.98%	(f)		0.96%			0.98%			1.00%			1.03%			1.64%	(f)		1.26%
Net investment income (loss)		4.56%	(f)		3.87%			3.90%			4.35%			4.15%			1.87%	(f)		0.69%
Portfolio turnover rate(g)		55%			114%			102%			90%			93%			140%			478%

See Notes to Financial Statements.

94

(a) For the three month period ended October 31, 2014. The Fund changed its fiscal year end from July 31 to October 31, effective October 31, 2014.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Income Builder Fund 95

Financial Highlights(unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2019			Year Ended October 31, 2018			December 30, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.18			$9.69			$9.44
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.37			0.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.50			(0.46	)		0.31
Total from investment operations		0.71			(0.09	)		0.61
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.36	)		(0.31	)
Tax return of capital distributions		-			(0.06	)		(0.05	)
Total dividends and distributions		(0.22	)		(0.42	)		(0.36	)
Net asset value, end of period		$9.67			$9.18			$9.69
Total Return(c):		7.88%			(1.07)%			6.58%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,331			$3,343			$2,622
Average net assets (000)		$3,765			$3,088			$1,384
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.61%	(f)		0.60%			0.60%	(f)
Expenses before waivers and/or expense reimbursement		1.23%	(f)		1.32%			0.90%	(f)
Net investment income (loss)		4.54%	(f)		3.85%			3.74%	(f)
Portfolio turnover rate(g)		55%			114%			102%

(a) Commencement of offering.

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

96

∎ 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 PrincipalFinancial and Accounting Officer • Raymond A. O’Hara,Chief Legal Officer • Chad A. Earnst,Chief Compliance Officer• Dino Capasso,Deputy Chief Compliance Officer • Andrew R. French,Secretary • Jonathan D. Shain,Assistant Secretary • Claudia DiGiacomo,Assistant Secretary • Diana N. Huffman,Assistant Secretary• Peter Parrella,Assistant Treasurer • Lana Lomuti,Assistant Treasurer• Linda McMullin,Assistant Treasurer• Kelly A. Coyne,Assistant Treasurer • Charles H. Smith,Anti-Money Laundering Compliance Officer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
	PGIM Real Estate	7 Giralda Farms Madison, NJ 07940
	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website atpgiminvestments.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 topgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PGIM INCOME BUILDER FUND

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

MFSP504E2

Item 2 –	Code of Ethics – Not required, as this is not an annual filing.
Item 3 –	Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 –	Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 –	Audit Committee of Listed Registrants – Not applicable.
Item 6 –	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not applicable.
Item 8 –	Portfolio Managers ofClosed-End Management Investment Companies – Not applicable.
Item 9 –	Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 –	Controls and Procedures

(a)

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

(b)

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

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto asExhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto asExhibit EX-99.906CERT.

SIGNATURES

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

Registrant:	Prudential Investment Portfolios 16
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2019

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2019