Prudential Investment Portfolios 9 N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-09101
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 9
Address of principal executive offices:	655 Broad Street, 17th Floor Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs 655 Broad Street, 17th Floor Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2017
Date of reporting period:	04/30/2017

Item 1 – Reports to Stockholders

PRUDENTIAL ABSOLUTE RETURN BOND FUND

SEMIANNUAL REPORT

APRIL 30, 2017

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

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

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

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

The accompanying financial statements as of April 30, 2017 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Absolute Return Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2017. We are proud to announce that Prudential Investments became PGIM^® Investments, effective April 3, 2017. Why PGIM? This new name was chosen to further align with the

global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and the management and operation did not change.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial adviser 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. We’re part of PGIM, the 9th-largest 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

Prudential Absolute Return Bond Fund

June 15, 2017

Prudential Absolute Return Bond Fund 3

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/17 (without sales charges)	Average Annual Total Returns as of 4/30/17 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	2.74	0.86	1.65	1.53 (3/30/11)
Class C	2.36	3.83	1.84	1.56 (3/30/11)
Class Q	2.92	5.99	2.90	2.64 (3/30/11)
Class Z	2.86	5.85	2.85	2.57 (3/30/11)
BofAML USD LIBOR 3-Month CM Index	0.45	0.77	0.41	0.40
Lipper Alternative Credit Focus Funds Average	2.39	5.73	2.37	2.36

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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

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

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Benchmark Definitions

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

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

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

Distributions and Yields as of 4/30/17
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.10	2.06	1.99
Class C	0.07	1.41	1.34
Class Q	0.12	2.48	2.48
Class Z	0.11	2.40	2.33

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

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

Prudential Absolute Return Bond Fund 5

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 4/30/17 (%)
AAA	19.0
AA	9.7
A	8.5
BBB	17.4
BB	17.7
B	8.2
CCC	0.8
C	0.1
Not Rated	4.3
Cash/Cash Equivalents	14.4
Total Investments	100.0

Source: PGIM Fixed Income

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

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Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2017. 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 Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses

Prudential Absolute Return Bond Fund 7

Fees and Expenses (continued)

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

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

Prudential  Absolute Return Bond Fund		Beginning  Account Value November 1, 2016		Ending  Account Value April 30, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,027.40		1.15	%	$	5.78
	Hypothetical	$	1,000.00	$	1,019.09		1.15	%	$	5.76
Class C	Actual	$	1,000.00	$	1,023.60		1.90	%	$	9.53
	Hypothetical	$	1,000.00	$	1,015.37		1.90	%	$	9.49
Class Q	Actual	$	1,000.00	$	1,029.20		0.85	%	$	4.28
	Hypothetical	$	1,000.00	$	1,020.58		0.85	%	$	4.26
Class Z	Actual	$	1,000.00	$	1,028.60		0.90	%	$	4.53
	Hypothetical	$	1,000.00	$	1,020.33		0.90	%	$	4.51

*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, 2017, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2017 (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, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    82.0%
ASSET-BACKED SECURITIES    26.5%
Collateralized Loan Obligations    13.3%
A Voce CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.183	%(c)		07/15/26		13,250	$	13,250,199
AIMCO CLO (Cayman Islands),
Series 2014-AA, Class B1, 144A		3.156	(c)		07/20/26		5,000		4,985,978
Series 2014-AA, Class B2, 144A		4.580			07/20/26		1,000		1,003,272
Avery Point V CLO Ltd. (Cayman Islands), Series 2014-5A, Class A, 144A		2.618	(c)		07/17/26		4,500		4,507,385
Battalion CLO IV Ltd. (Cayman Islands), Series 2013-4A, Class A1R, 144A		2.293	(c)		10/22/25		5,000		5,000,210
Battalion CLO V Ltd. (Cayman Islands), Series 2014-5A, Class A1R, 144A		2.328	(c)		04/17/26		7,250		7,204,717
Battalion CLO VIII Ltd. (Cayman Islands), Series 2015-8A, Class A1, 144A		2.688	(c)		04/18/27		12,500		12,509,016
Benefit Street Partners CLO II Ltd. (Cayman Islands), Series 2013-IIA, Class A2B, 144A		3.339			07/15/24		10,000		10,001,495
Benefit Street Partners CLO V Ltd. (Cayman Islands), Series 2014-VA, Class AR, 144A		2.356	(c)		10/20/26		10,000		9,974,871
Brookside Mill CLO Ltd. (Cayman Islands),
Series 2013-1A, Class B1, 144A		2.908	(c)		04/17/25		5,250		5,250,860
Series 2013-1A, Class B2, 144A		3.020			04/17/25		6,200		6,199,628
Eaton Vance CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A		2.358	(c)		07/15/26		5,000		4,999,550
ECP CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1A, 144A		2.608	(c)		07/15/26		7,600		7,607,904
Flagship CLO Ltd. (Cayman Islands), Series 2014-8A, Class AR, 144A		2.408	(c)		01/16/26		2,500		2,501,279
ICG US CLO Ltd. (Cayman Islands),
Series 2014-3A, Class A1AR, 144A		—	(c)(p)		01/25/27		12,500		12,500,000
Series 2014-3A, Class A1B, 144A(g)		3.280			01/25/27		11,000		10,999,194
ING Investment Management CLO Ltd. (Cayman Islands), Series 2013-2A, Class A2B, 144A		3.070			04/25/25		2,000		1,979,483
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A		2.698	(c)		04/15/27		12,000		12,018,565
KVK CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.339	(c)		05/15/26		10,000		10,002,154
Mountain View CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A		2.396	(c)		10/15/26		7,000		7,001,410

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
OneMain Financial Issuance Trust,
Series 2014-2A, Class C, 144A		4.330	%		09/18/24		8,000	$	8,021,436
Series 2015-1A, Class B, 144A		3.850			03/18/26		2,000		2,013,223
Series 2015-2A, Class B, 144A(g)		3.100			07/18/25		5,246		5,216,082
Oportun Funding IV LLC, Series 2016-C, Class B, 144A		4.850			11/08/21		6,665		6,610,544
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-2A, Class A1A, 144A		2.656	(c)		07/20/27		12,000		12,050,405
Regatta Funding LP (Cayman Islands), Series 2013-2A, Class A1R, 144A		2.698	(c)		01/15/29		7,250		7,282,645
Regatta III Funding Ltd. (Cayman Islands), Series 2014-1A, Class A1A, 144A		2.678	(c)		04/15/26		1,500		1,507,233
Silver Spring CLO Ltd. (Cayman Islands), Series 2014-1A, Class A, 144A		2.608	(c)		10/15/26		2,729		2,732,180
Silvermore CLO Ltd. (Cayman Islands), Series 2014-1A, Class A2, 144A		3.089	(c)		05/15/26		3,800		3,800,776
Sound Point CLO Ltd. (Cayman Islands), Series 2012-1A, Class B, 144A		3.856	(c)		10/20/23		550		550,968
THL Credit Wind River CLO Ltd. (Cayman Islands),
Series 2013-2A, Class A1, 144A		2.608	(c)		01/18/26		4,750		4,752,213
Series 2014-1A, Class AR, 144A		2.338	(c)		04/18/26		4,250		4,255,012
Voya CLO Ltd. (Cayman Islands), Series 2014-3A, Class A1, 144A		2.576	(c)		07/25/26		3,250		3,255,232
Washington Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A		2.376	(c)		04/20/26		1,500		1,499,506
Wellfleet CLO Ltd. (Cayman Islands), Series 2017-1A, Class A1, 144A^		2.431	(c)		04/20/29		4,000		4,000,000
West CLO Ltd. (Cayman Islands), Series 2012-1A, Class B, 144A		4.439	(c)		10/30/23		1,750		1,749,788
									218,794,413
Non-Residential Mortgage-Backed Securities    2.9%
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-6A, Class A, 144A		2.484	(c)		05/05/27		15,250		15,275,513
OZLM Funding XV Ltd. (Cayman Islands), Series 2016-15A, Class A1, 144A		2.406	(c)		01/20/29		22,750		22,822,493
Sierra Timeshare Receivables Funding LLC, Series 2012-3A, Class A, 144A		1.870			08/20/29		122		122,360
Springleaf Funding Trust,
Series 2015-AA, Class B, 144A		3.620			11/15/24		3,430		3,435,106
Series 2015-AA, Class C, 144A		5.040			11/15/24		6,000		6,046,454
									47,701,926

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities    10.3%
Accredited Mortgage Loan Trust,
Series 2004-3, Class 2A2		2.191	%(c)		10/25/34		3,681	$	3,657,476
Series 2004-3, Class 2A5		2.071	(c)		10/25/34		1,984		1,899,952
Series 2005-3, Class M1		1.430	(c)		09/25/35		1,093		1,083,113
ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1, Class M1		1.891	(c)		09/25/33		496		485,428
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-1, Class M1		2.341	(c)		02/25/33		1,868		1,778,551
Series 2003-10, Class AV1		1.751	(c)		12/25/33		3,631		3,529,827
Series 2005-R10, Class A2C		1.321	(c)		01/25/36		346		343,461
Amortizing Residential Collateral Trust, Series 2002-BC8, Class A3		1.991	(c)		11/25/32		867		849,411
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-W5, Class M1		2.041	(c)		10/25/33		41		38,675
Series 2003-W7, Class M1		2.026	(c)		03/25/34		1,177		1,094,207
Series 2003-W8, Class M1		2.041	(c)		12/25/33		898		819,643
Series 2003-W9, Class M1		2.026	(c)		01/25/34		2,110		1,978,628
Series 2004-W6, Class AF		4.123	(c)		05/25/34		246		249,343
Series 2004-W6, Class AV5		1.791	(c)		05/25/34		587		557,557
Asset Backed Funding Certificates, Series 2004-OPT5, Class A1		1.691	(c)		06/25/34		1,452		1,373,490
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class A2		1.671	(c)		11/25/33		1,758		1,686,328
Series 2003-HE6, Class A3B		1.951	(c)		11/25/33		3,546		3,273,841
Series 2004-HE3, Class M1		1.801	(c)		06/25/34		3,134		2,975,124
Bear Stearns Asset-Backed Securities Trust, Series 2002-2, Class A1		1.651	(c)		10/25/32		1,412		1,380,923
Series 2003-3, Class A2		2.171	(c)		06/25/43		147		144,298
Series 2003-HE1, Class M1		2.086	(c)		01/25/34		2,418		2,361,304
Series 2004-FR2, Class M2		2.011	(c)		06/25/34		1,100		1,025,954
Series 2004-HE5, Class M1		1.846	(c)		07/25/34		5,039		4,838,542
Series 2004-HE11, Class M2		2.566	(c)		12/25/34		4,235		4,152,574
Chase Funding Trust, Series 2002-3, Class 2A1		1.631	(c)		08/25/32		318		291,082
Series 2003-4, Class 1A5		5.315	(c)		05/25/33		824		845,664
CIM Trust, Series 2017-3, Class A3, 144A^		2.983	(c)		01/25/57		6,609		6,608,397
Citigroup Mortgage Loan Trust, Inc., Series 2005-OPT1, Class M1		1.621	(c)		02/25/35		317		301,895
Series 2005-WF1, Class A5		5.010	(c)		11/25/34		90		92,662

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Countrywide Asset-Backed Certificates, Series 2003-BC4, Class M1		2.041	%(c)		07/25/33		1,128	$	1,075,132
Series 2004-BC4, Class M1		2.041	(c)		11/25/34		821		788,563
Series 2004-1, Class M1		1.741	(c)		03/25/34		176		170,262
Series 2004-3, Class 1A		1.411	(c)		08/25/34		8,501		7,750,961
Series 2004-6, Class 1A1		1.531	(c)		12/25/34		2,207		2,091,471
Credit-Based Asset Servicing and Securitization LLC, Series 2003-CB3, Class AF1		3.379	(c)		12/25/32		178		175,234
Series 2003-CB5, Class M1		2.011	(c)		11/25/33		839		801,789
Series 2004-CB1, Class AF1		4.520			10/25/32		1,974		1,991,141
CSMC Trust, Series 2016-RPL1, Class A1, 144A		3.934	(c)		12/26/46		6,726		6,695,807
Finance America Mortgage Loan Trust, Series 2003-1, Class M1		2.041	(c)		09/25/33		2,356		2,210,291
Series 2004-2, Class M1		1.816	(c)		08/25/34		6,671		6,324,069
First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A2		1.751	(c)		08/25/34		1,357		1,270,434
Fremont Home Loan Trust, Series 2004-4, Class M1		1.786	(c)		03/25/35		2,512		2,389,508
GSAMP Trust, Series 2003-HE2, Class A1A, 144A		1.591	(c)		08/25/33		989		923,013
Series 2004-AR1, Class A2B		2.191	(c)		06/25/34		1,422		1,405,180
Series 2004-FM1, Class M1		1.966	(c)		11/25/33		289		274,440
Series 2004-FM2, Class M1		1.741	(c)		01/25/34		2,028		1,930,842
Series 2004-NC2, Class A1B		1.891	(c)		10/25/34		1,787		1,543,972
Home Equity Asset Trust, Series 2003-6, Class M1		2.041	(c)		02/25/34		1,271		1,214,830
Series 2004-3, Class M1		1.846	(c)		08/25/34		1,431		1,328,452
Series 2004-7, Class A2		1.831	(c)		01/25/35		1,050		1,003,184
HSBC Home Equity Loan Trust U.S.A., Series 2007-3, Class A4		2.478	(c)		11/20/36		234		234,046
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1		1.421	(c)		12/25/35		916		905,127
Long Beach Mortgage Loan Trust,
Series 2003-4, Class AV1		1.611	(c)		08/25/33		1,464		1,368,004
Series 2004-2, Class A1		1.431	(c)		06/25/34		985		901,750
Mastr Asset-Backed Securities Trust,
Series 2003-OPT1, Class M2		3.766	(c)		12/25/32		1,143		1,125,266
Series 2003-WMC2, Class M2		3.466	(c)		08/25/33		1,097		1,084,169
Series 2005-NC1, Class M1		1.711	(c)		12/25/34		8,247		7,752,800
Merrill Lynch Mortgage Investors Trust, Series 2002-HE1, Class A1		1.991	(c)		08/25/32		3,550		3,455,869

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE3, Class M1		2.011	%(c)		10/25/33		3,677	$	3,488,508
Series 2003-NC6, Class M1		2.191	(c)		06/25/33		713		698,339
Series 2003-NC8, Class M1		2.041	(c)		09/25/33		699		669,714
Series 2003-NC10, Class M1		2.011	(c)		10/25/33		950		906,665
Series 2004-HE3, Class M1		1.846	(c)		03/25/34		690		655,518
Series 2004-HE4, Class M1		1.891	(c)		05/25/34		5,863		5,638,544
Series 2004-HE5, Class M1		1.936	(c)		06/25/34		978		933,081
Series 2004-NC3, Class M1		1.786	(c)		03/25/34		2,365		2,230,081
Series 2004-NC5, Class M1		1.891	(c)		05/25/34		307		286,502
Series 2004-NC6, Class M1		1.891	(c)		07/25/34		2,030		1,934,985
Series 2004-OP1, Class M1		1.861	(c)		11/25/34		1,941		1,816,225
Series 2004-WMC1, Class M1		1.921	(c)		06/25/34		147		142,795
Morgan Stanley Home Equity Loan Trust, Series 2006-1, Class A2C		1.321	(c)		12/25/35		197		197,267
OneMain Direct Auto Receivables Trust, Series 2017-1A, Class C, 144A		3.910			08/16/21		4,100		4,104,097
Option One Mortgage Accep Corp. Asset-Backed Certificates,
Series 2003-3, Class A1		1.571	(c)		06/25/33		1,724		1,619,421
Series 2003-4, Class A2		1.631	(c)		07/25/33		804		750,047
Option One Mortgage Loan Trust,
Series 2004-1, Class M1		1.891	(c)		01/25/34		1,940		1,796,140
Series 2005-1, Class A4		1.791	(c)		02/25/35		292		290,878
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2005-WCH1, Class M3		1.831	(c)		01/25/36		1,500		1,480,322
Series 2005-WCW1, Class M1		1.441	(c)		09/25/35		933		927,581
RAMP Trust, Series 2005-EFC3, Class M3		1.481	(c)		08/25/35		715		713,773
RASC Trust,
Series 2005-KS3, Class M4		1.696	(c)		04/25/35		646		645,013
Series 2005-KS11, Class M1		1.391	(c)		12/25/35		800		788,957
Saxon Asset Securities Trust, Series 2005-3, Class M1		1.451	(c)		11/25/35		336		333,974
Securitized Asset-Backed Receivables LLC Trust,
Series 2004-NC1, Class M1		1.771	(c)		02/25/34		1,383		1,303,064
Series 2004-OP1, Class M1		1.756	(c)		02/25/34		4,661		4,371,868
Specialty Underwriting & Residential Finance Trust,
Series 2003-BC4, Class M1		1.891	(c)		11/25/34		1,787		1,680,987
Series 2004-BC2, Class M1		1.816	(c)		05/25/35		2,578		2,442,085

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Specialty Underwriting & Residential Finance Trust, (cont’d.)
Series 2004-BC3, Class M1		1.921	%(c)		07/25/35		1,540	$	1,484,230
Series 2004-BC4, Class A2C		1.971	(c)		10/25/35		1,388		1,345,108
Structured Asset Investment Loan Trust,
Series 2004-1, Class A3		1.791	(c)		02/25/34		3,174		3,041,132
Series 2004-8, Class A8		1.991	(c)		09/25/34		2,123		2,029,509
Series 2004-BNC1, Class A2		1.991	(c)		09/25/34		3,976		3,856,412
Series 2005-3, Class M2		1.651	(c)		04/25/35		1,515		1,487,569
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF4, Class M1		1.391	(c)		11/25/35		5		4,667
Volt LVII LLC, Series 2017-NPL4, Class A1, 144A^		3.375			04/25/47		940		940,000
Volt XLIV LLC, Series 2016-NPL4, Class A1, 144A		4.250			04/25/46		2,962		2,989,876
									169,927,890
TOTAL ASSET-BACKED SECURITIES (cost $433,792,907)									436,424,229
BANK LOANS(c)    1.6%
Capital Goods    0.1%
Parkdean Resorts Holdco Ltd. (United Kingdom)		4.504			03/03/24	GBP	1,000		1,309,542
XPO Logistics, Inc.		3.371			11/01/21		805		809,430
									2,118,972
Chemicals    0.1%
CeramTec GmbH (Germany)		3.750			08/30/20	EUR	1,700		1,865,700
Consumer    0.3%
Motor Fuel Group (United Kingdom)		5.500			07/15/22	GBP	3,000		3,904,228
Foods    0.1%
Albertsons LLC		4.406			06/22/23		1,583		1,589,726
Healthcare & Pharmaceutical    0.4%
CHS Community Health Systems, Inc.		3.546			01/25/19		3,562		3,561,370
CHS Community Health Systems, Inc.		3.798			12/31/19		121		120,205
CHS Community Health Systems, Inc.		4.170			01/27/21		222		220,560
Valeant Pharmaceuticals International, Inc.		5.740			04/01/22		3,121		3,135,500
									7,037,635

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS(c) (Continued)
Retailers    0.3%
Douglas Holding AG (Germany)		3.750	%		08/12/22	EUR	2,000	$	2,191,612
Euro Garages (United Kingdom)		5.867			01/30/23	GBP	2,100		2,721,868
									4,913,480
Technology    0.3%
BMC Software Finance, Inc.		5.109			09/10/20		1,915		1,923,012
First Data Corp.		2.988			06/02/20		3,209		3,215,393
First Data Corp.		4.121			07/10/22		210		210,920
									5,349,325
TOTAL BANK LOANS (cost $28,027,706)									26,779,066
COMMERCIAL MORTGAGE-BACKED SECURITIES    3.5%
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A1A		5.361			02/10/51		1,045		1,056,970
COMM Mortgage Trust,
Series 2012-CR1, Class XA, IO		2.062	(c)		05/15/45		11,894		920,298
Series 2013-CR7, Class A3		2.929			03/10/46		265		267,920
Series 2015-LC19, Class XB, IO, 144A		0.357	(c)		02/10/48		123,049		2,329,121
Commercial Mortgage Loan Trust, Series 2008-LS1, Class A1A		6.310	(c)		12/10/49		1,157		1,169,397
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class XB, IO		0.399	(c)		04/15/50		66,743		1,253,887
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A (original cost $13,906,686; purchased 12/09/16)(f)(g)		3.935	(c)		12/10/36		15,500		14,504,066
FHLMC Multifamily Structured Pass-Through Certificates,
Series K007, Class X1, IO		1.226	(c)		04/25/20		4,226		111,129
Series K008, Class X1, IO		1.772	(c)		06/25/20		20,678		776,796
Series K010, Class X1, IO		0.457	(c)		10/25/20		20,377		117,267
Series K018, Class X1, IO		1.531	(c)		01/25/22		15,750		827,779
Series K020, Class X1, IO		1.573	(c)		05/25/22		20,591		1,229,012
Series K021, Class X1, IO		1.609	(c)		06/25/22		4,244		265,561
Series K025, Class X1, IO		1.003	(c)		10/25/22		94,144		3,722,071
Series K055, Class X1, IO		1.502	(c)		03/25/26		23,280		2,298,232
Series K710, Class X1, IO		1.886	(c)		05/25/19		461		13,083
Series K711, Class X1, IO		1.811	(c)		07/25/19		3,769		107,813

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
GS Mortgage Securities Corp. II,
Series 2013-GC10, Class XB, IO, 144A		0.642	%(c)		02/10/46		103,126	$	2,755,341
Series 2014-GC20, Class XB, IO		0.491	(c)		04/10/47		28,307		802,478
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class XB, IO		0.474	(c)		08/15/47		45,056		1,012,129
Series 2015-C27, Class XB, IO		0.586	(c)		02/15/48		52,766		1,572,459
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2007-CB20, Class A4		5.794	(c)		02/12/51		30		30,272
Series 2007-LD11, Class A4		6.004	(c)		06/15/49		169		169,209
Series 2013-LC11, Class XB, IO		0.747	(c)		04/15/46		34,956		1,026,372
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C5, Class XB, IO, 144A		0.341	(c)		08/15/45		65,968		874,650
Series 2013-C8, Class XB, IO, 144A		0.497	(c)		12/15/48		68,276		1,626,942
Morgan Stanley Capital I Trust, Series 2015-XLF1, Class B, 144A		2.744	(c)		08/14/31		8,400		8,410,331
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class XB, IO, 144A		0.494	(c)		04/10/46		140,883		3,181,955
Wachovia Bank Commercial Mortgage Trust,
Series 2007-C32, Class A1A		5.922	(c)		06/15/49		484		482,867
Series 2007-C33, Class A4		6.179	(c)		02/15/51		13		12,646
Series 2007-C34, Class A1A		5.608	(c)		05/15/46		4,735		4,760,350
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $58,764,828)									57,688,403
CORPORATE BONDS    33.2%
Airlines    0.6%
American Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass Through Certificates(h)		4.000			01/15/27		2,964		3,052,911
Continental Airlines, Inc., Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates		5.983			10/19/23		899		988,576
Series 2012-2, Class A, Pass-Through Certificates		4.000			04/29/26		106		110,136
Series 2012-3, Class C, Pass-Through Certificates		6.125			04/29/18		3,000		3,108,750
Delta Air Lines, Inc., Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates		6.821			02/10/24		724		829,035
Series 2011-1, Class A, Pass-Through Certificates		5.300			10/15/20		63		66,323
United Airlines Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates		4.300			02/15/27		2,149		2,254,013
									10,409,744

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers    0.2%
General Motors Co., Sr. Unsec’d. Notes		6.250	%		10/02/43		2,230	$	2,436,226
Jaguar Land Rover Automotive PLC (United Kingdom), Sr. Unsec’d. Notes, 144A		2.200			01/15/24	EUR	450		489,646
									2,925,872
Auto Parts & Equipment    0.4%
Lear Corp.,
Gtd. Notes		5.250			01/15/25		5,375		5,700,978
Gtd. Notes		5.375			03/15/24		1,410		1,490,511
									7,191,489
Banks    5.6%
Bank of America Corp.,
Jr. Sub. Notes(a)		5.125	(c)		12/31/49		2,175		2,185,875
Jr. Sub. Notes		6.100	(c)		12/31/49		8,820		9,448,425
Sr. Unsec’d. Notes, MTN		4.443	(c)		01/20/48		1,560		1,588,623
Sr. Unsec’d. Notes, MTN		5.000			01/21/44		690		757,016
Citigroup, Inc.,
Jr. Sub. Notes		5.950	(c)		12/31/49		12,685		13,339,546
Sr. Unsec’d. Notes		8.125			07/15/39		1,455		2,140,957
Sub. Notes		4.400			06/10/25		405		416,685
Sub. Notes		4.750			05/18/46		395		394,060
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes(a)		3.750			03/26/25		1,200		1,198,920
Credit Suisse New York (Switzerland), Sr. Unsec’d. Notes, MTN		3.625			09/09/24		2,375		2,437,016
Discover Bank,
Sr. Unsec’d. Notes		4.200			08/08/23		5,500		5,781,463
Sub. Notes		7.000			04/15/20		800		892,841
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes		5.375	(c)		12/31/49		5,225		5,417,019
Sr. Unsec’d. Notes		3.850			01/26/27		3,940		4,003,800
Sr. Unsec’d. Notes		6.250			02/01/41		345		435,310
Sr. Unsec’d. Notes, MTN		4.800			07/08/44		2,105		2,259,711
JPMorgan Chase & Co.,
Jr. Sub. Notes		5.150	(c)		12/31/49		3,725		3,762,250
Jr. Sub. Notes		6.000	(c)		12/31/49		7,707		8,159,786
Jr. Sub. Notes		6.100	(c)		12/31/49		3,400		3,646,500
Jr. Sub. Notes		7.900	(c)		04/29/49		130		135,850
Morgan Stanley,
Jr. Sub. Notes		5.450	(c)		12/31/49		13,110		13,421,362
Sr. Unsec’d. Notes		4.375			01/22/47		2,435		2,463,536

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Morgan Stanley, (cont’d.)
Sr. Unsec’d. Notes, MTN		6.375	%		07/24/42		700	$	906,644
Sub. Notes, MTN		4.100			05/22/23		1,710		1,775,019
People’s United Bank, Sub. Notes		4.000			07/15/24		1,125		1,132,917
State Street Corp., Jr. Sub. Notes		5.250	(c)		12/31/49		3,555		3,732,750
									91,833,881
Beverages    0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		8.200			01/15/39		250		382,597
Coca-Cola Icecek A/S (Turkey), Sr. Unsec’d. Notes, 144A		4.750			10/01/18		950		976,207
Constellation Brands, Inc., Gtd. Notes		6.000			05/01/22		450		512,868
Molson Coors Brewing Co., Gtd. Notes		2.000			05/01/17		50		50,000
									1,921,672
Biotechnology    0.0%
Amgen, Inc., Sr. Unsec’d. Notes		4.663			06/15/51		439		442,280
Celgene Corp., Sr. Unsec’d. Notes		2.125			08/15/18		30		30,120
									472,400
Building Materials    1.6%
Building Materials Corp. of America, Sr. Unsec’d. Notes, 144A(g)		5.375			11/15/24		5,825		6,072,562
Cemex Finance LLC (Mexico),
Sr. Sec’d. Notes, 144A		9.375			10/12/22		1,125		1,210,781
Sr. Sec’d. Notes, RegS		9.375			10/12/22		600		645,750
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A		4.750			01/11/22	EUR	1,600		1,814,427
CeramTec Group GmbH (Germany),
Gtd. Notes, 144A (original cost $500,000; purchased 07/25/13)(f)(g)		8.250			08/15/21	EUR	500		577,357
Gtd. Notes, RegS (original cost $530,000; purchased 02/24/16)(f)(g)		8.250			08/15/21	EUR	500		577,357
Griffon Corp., Gtd. Notes		5.250			03/01/22		6,450		6,595,125
Johnson Controls International PLC, Sr. Unsec’d. Notes		4.250			03/01/21		3,090		3,282,572
Owens Corning, Inc., Gtd. Notes		4.200			12/15/22		125		131,002
Unifrax I LLC/Unifrax Holding Co., Gtd. Notes, 144A(g)		7.500			02/15/19		3,120		3,120,312
US Concrete, Inc., Gtd. Notes		6.375			06/01/24		2,400		2,508,000
									26,535,245
Chemicals    0.9%
Agrium, Inc. (Canada),
Sr. Unsec’d. Notes		4.900			06/01/43		1,350		1,420,377
Sr. Unsec’d. Notes		6.125			01/15/41		170		200,972

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Ashland, Inc., Sr. Unsec’d. Notes		6.875	%		05/15/43		4,100	$	4,489,500
CF Industries, Inc.,
Gtd. Notes		4.950			06/01/43		1,765		1,486,430
Gtd. Notes(a)		5.375			03/15/44		1,300		1,132,625
Gtd. Notes		6.875			05/01/18		160		167,152
Gtd. Notes		7.125			05/01/20		125		136,250
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		4.625			10/01/44		15		15,460
Sr. Unsec’d. Notes		5.250			11/15/41		125		139,422
Sr. Unsec’d. Notes		9.400			05/15/39		95		153,062
Eastman Chemical Co., Sr. Unsec’d. Notes		4.650			10/15/44		1,210		1,237,478
LYB International Finance BV,
Gtd. Notes		4.875			03/15/44		1,160		1,200,979
Gtd. Notes		5.250			07/15/43		415		447,822
LyondellBasell Industries NV, Sr. Unsec’d. Notes		4.625			02/26/55		2,765		2,588,706
									14,816,235
Commercial Services    0.5%
AMN Healthcare, Inc., Gtd. Notes, 144A		5.125			10/01/24		550		555,500
Ashtead Capital, Inc. (United Kingdom), Sec’d. Notes, 144A		6.500			07/15/22		1,925		1,999,594
ERAC USA Finance LLC,
Gtd. Notes, 144A(g)		6.700			06/01/34		110		133,699
Gtd. Notes, 144A(g)		7.000			10/15/37		1,725		2,168,165
United Rentals North America, Inc.,
Gtd. Notes(a)		5.500			07/15/25		925		967,485
Gtd. Notes		5.500			05/15/27		1,600		1,646,000
									7,470,443
Computers    0.1%
NCR Corp., Gtd. Notes		6.375			12/15/23		790		846,880
Distribution/Wholesale    0.1%
H&E Equipment Services, Inc., Gtd. Notes		7.000			09/01/22		2,000		2,091,200
Diversified Financial Services    0.3%
Capital One Bank USA NA, Sub. Notes		3.375			02/15/23		2,065		2,079,172
Grain Spectrum Funding II LLC, Sec’d. Notes, 144A		3.290			10/10/34		755		756,208
International Lease Finance Corp., Sr. Unsec’d. Notes		6.250			05/15/19		25		26,947
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		175		192,877
Navient Corp.,
Sr. Unsec’d. Notes, MTN(a)		4.875			06/17/19		970		1,001,428
Sr. Unsec’d. Notes, MTN		5.500			01/15/19		185		192,169
									4,248,801

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric    1.7%
Calpine Corp.,
Sr. Unsec’d. Notes(a)		5.375	%		01/15/23		1,080	$	1,063,800
Sr. Unsec’d. Notes(a)		5.750			01/15/25		3,575		3,458,812
DPL, Inc.,
Sr. Unsec’d. Notes		6.750			10/01/19		1,650		1,728,375
Sr. Unsec’d. Notes		7.250			10/15/21		1,475		1,578,250
Duke Energy Carolinas LLC, First Ref. Mtge.		4.000			09/30/42		50		49,964
Dynegy, Inc.,
Gtd. Notes(a)		6.750			11/01/19		5,850		5,937,750
Gtd. Notes(a)		7.375			11/01/22		6,925		6,630,687
FirstEnergy Corp., Sr. Unsec’d. Notes		2.750			03/15/18		950		955,891
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		800		886,494
NextEra Energy Capital Holdings, Inc., Gtd. Notes		3.625			06/15/23		1,575		1,608,806
NRG Energy, Inc.,
Gtd. Notes		6.250			05/01/24		1,748		1,741,882
Gtd. Notes		6.625			03/15/23		823		835,345
Gtd. Notes		7.625			01/15/18		1,456		1,504,194
South Carolina Electric & Gas Co., First Mtge.		4.350			02/01/42		130		126,775
Westar Energy, Inc., First Mtge.		4.100			04/01/43		325		328,657
									28,435,682
Electronics    0.4%
Jabil Circuit, Inc.,
Sr. Unsec’d. Notes		4.700			09/15/22		1,045		1,097,250
Sr. Unsec’d. Notes		5.625			12/15/20		5,400		5,805,000
Techem Energy Metering Service GmbH & Co. KG (Germany), Gtd. Notes, 144A, MTN		7.875			10/01/20	EUR	125		141,782
Techem GmbH (Germany), Sr. Sec’d. Notes, 144A		6.125			10/01/19	EUR	200		225,215
									7,269,247
Entertainment    1.4%
AMC Entertainment Holdings, Inc., Gtd. Notes, 144A		6.375			11/15/24	GBP	1,875		2,586,994
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes		5.375			06/01/24		1,015		1,050,525
Cinemark USA, Inc.,
Gtd. Notes		4.875			06/01/23		5,500		5,582,500
Gtd. Notes		5.125			12/15/22		3,200		3,296,000
CPUK Finance Ltd. (United Kingdom), Sec’d. Notes, 144A		7.000			02/28/42	GBP	2,550		3,468,007
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A(g)		5.000			08/01/18		4,615		4,649,613

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
Scientific Games International, Inc., Gtd. Notes		10.000	%		12/01/22		2,000	$	2,170,000
									22,803,639
Food    0.8%
Ingles Markets, Inc., Sr. Unsec’d. Notes		5.750			06/15/23		5,250		5,276,250
JBS Investments GmbH (Brazil), Sr. Unsec’d. Notes, 144A(a)		7.750			10/28/20		2,650		2,778,392
JBS USA LLC/JBS USA Finance, Inc. (Brazil),
Gtd. Notes, 144A(a)(g)		7.250			06/01/21		2,000		2,055,000
Gtd. Notes, 144A(a)(g)		7.250			06/01/21		1,000		1,027,500
Gtd. Notes, RegS(g)		8.250			02/01/20		1,500		1,536,750
									12,673,892
Forest & Paper Products    0.7%
Cascades, Inc. (Canada), Gtd. Notes, 144A		5.500			07/15/22		3,000		3,022,500
Georgia-Pacific LLC,
Gtd. Notes, 144A(g)		5.400			11/01/20		35		38,419
Sr. Unsec’d. Notes(g)(h)		7.375			12/01/25		400		510,286
International Paper Co.,
Sr. Unsec’d. Notes		4.800			06/15/44		2,770		2,833,211
Sr. Unsec’d. Notes		6.000			11/15/41		610		734,207
Sr. Unsec’d. Notes		9.375			05/15/19		100		114,254
Smurfit Kappa Acquisitions (Ireland), Sr. Sec’d. Notes, 144A		4.875			09/15/18		3,647		3,738,175
									10,991,052
Gas    0.2%
AGL Capital Corp., Gtd. Notes		4.400			06/01/43		1,375		1,357,661
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41		700		842,836
Dominion Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		125		132,674
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A(g)		6.375			03/30/38		551		571,055
									2,904,226
Healthcare-Services    2.6%
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750			11/15/22		450		452,197

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Aetna, Inc., (cont’d.)
Sr. Unsec’d. Notes		4.125	%		11/15/42		325	$	324,214
Sr. Unsec’d. Notes		4.500			05/15/42		530		559,020
Anthem, Inc.,
Sr. Unsec’d. Notes		4.650			01/15/43		120		123,922
Sr. Unsec’d. Notes		5.100			01/15/44		515		563,501
CHS/Community Health Systems, Inc., Gtd. Notes(a)		8.000			11/15/19		5,300		5,157,642
Cigna Corp., Sr. Unsec’d. Notes		5.375			02/15/42		350		410,415
HCA, Inc.,
Gtd. Notes		5.375			02/01/25		4,500		4,685,625
Gtd. Notes(a)		5.875			05/01/23		2,000		2,176,400
Sr. Sec’d. Notes		5.250			04/15/25		2,000		2,149,380
HealthSouth Corp.,
Gtd. Notes		5.125			03/15/23		1,200		1,204,500
Gtd. Notes		5.750			11/01/24		2,900		2,954,375
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.200			02/01/22		25		25,374
Sr. Unsec’d. Notes		4.625			11/15/20		4,500		4,807,548
MEDNAX, Inc., Gtd. Notes, 144A		5.250			12/01/23		2,650		2,709,625
Select Medical Corp., Gtd. Notes(a)		6.375			06/01/21		7,821		7,996,972
Tenet Healthcare Corp.,
Sr. Sec’d. Notes(a)		4.375			10/01/21		2,125		2,122,344
Sr. Sec’d. Notes		6.250			11/01/18		600		628,884
Sr. Unsec’d. Notes(a)		8.125			04/01/22		1,700		1,725,500
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.950			10/15/42		175		173,864
Sr. Unsec’d. Notes(a)		4.375			03/15/42		1,055		1,102,402
									42,053,704
Home Builders    1.8%
CalAtlantic Group, Inc., Gtd. Notes		8.375			05/15/18		4,553		4,826,180
KB Home, Gtd. Notes(a)		7.500			09/15/22		3,425		3,872,391
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		5,850		6,127,875
PulteGroup, Inc., Gtd. Notes		5.500			03/01/26		4,000		4,220,000
Taylor Morrison Communities, Inc./Monarch Communities, Inc., Gtd. Notes, 144A		5.250			04/15/21		6,700		6,885,791
William Lyon Homes, Inc., Gtd. Notes		5.750			04/15/19		3,000		3,030,000
									28,962,237

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance    1.2%
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		5.950	%		10/15/36		215	$	254,700
Sr. Unsec’d. Notes		6.100			10/01/41		280		343,315
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.250			06/15/23		1,975		2,102,235
Gtd. Notes, 144A		4.850			08/01/44		1,000		1,031,448
Gtd. Notes, 144A		4.950			05/01/22		75		82,132
Gtd. Notes, 144A		6.500			05/01/42		1,530		1,929,367
Lincoln National Corp., Sr. Unsec’d. Notes		7.000			06/15/40		695		911,498
Markel Corp.,
Sr. Unsec’d.Notes		4.900			07/01/22		2,020		2,203,547
Sr. Unsec’d. Notes		5.000			03/30/43		3,125		3,276,338
Principal Financial Group, Inc., Gtd. Notes		4.350			05/15/43		975		1,002,518
Swiss Re Treasury US Corp. (Switzerland), Gtd. Notes, 144A		4.250			12/06/42		795		793,587
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A(h)		4.900			09/15/44		1,950		2,144,368
Sub. Notes, 144A		6.850			12/16/39		640		873,106
TIAA Asset Management Finance LLC, Sr. Unsec’d. Notes, 144A(g)		2.950			11/01/19		1,720		1,747,682
W.R. Berkley Corp., Sr. Unsec’d. Notes		4.625			03/15/22		1,435		1,545,977
									20,241,818
Internet    0.2%
Netflix, Inc., Sr. Unsec’d. Notes, 144A		3.625			05/15/27	EUR	2,600		2,864,044
Iron/Steel    0.0%
Vale Overseas Ltd. (Brazil), Gtd. Notes(a)		6.250			08/10/26		638		697,206
Leisure Time    0.1%
Silversea Cruise Finance Ltd. (Bahamas), Sr. Sec’d. Notes, 144A		7.250			02/01/25		2,225		2,358,500
Lodging    0.9%
FelCor Lodging LP,
Gtd. Notes		6.000			06/01/25		3,400		3,629,500
Sr. Sec’d. Notes		5.625			03/01/23		1,050		1,105,241
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/21		4,500		4,702,500
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.250			09/15/22		75		76,743
Sr. Unsec’d. Notes		7.150			12/01/19		550		614,411
MGM Resorts International, Gtd. Notes		6.000			03/15/23		3,600		3,933,000
									14,061,395

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Machinery-Diversified    0.0%
Xylem, Inc., Sr. Unsec’d. Notes		4.875	%		10/01/21		50	$	54,510
Media    2.5%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Gtd. Notes(a)		5.750			01/15/24		1,100		1,157,750
Gtd. Notes, 144A		5.125			05/01/23		2,625		2,739,844
Gtd. Notes, 144A		5.375			05/01/25		1,650		1,720,125
Gtd. Notes, 144A		5.875			05/01/27		5,075		5,398,531
Cequel Communications Holdings I LLC/Cequel Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		5,500		5,623,750
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		706		721,885
Sr. Unsec’d. Notes, 144A		6.375			09/15/20		2,958		3,048,603
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		1,525		1,747,757
Sr. Sec’d. Notes		6.834			10/23/55		485		569,029
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes		6.500			11/15/22		135		137,700
Gtd. Notes(a)		6.500			11/15/22		365		378,231
CSC Holdings LLC, Sr. Unsec’d. Notes		7.875			02/15/18		1,040		1,084,200
Liberty Interactive LLC, Sr. Unsec’d. Notes(a)		8.250			02/01/30		2,500		2,681,000
Myriad International Holdings BV (South Africa), Gtd. Notes, 144A		6.375			07/28/17		3,000		3,027,750
TEGNA, Inc., Gtd. Notes, 144A		4.875			09/15/21		1,625		1,677,812
Time Warner, Inc., Gtd. Notes		3.800			02/15/27		1,350		1,344,068
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec’d. Notes, 144A, MTN		5.125			01/21/23	EUR	502		574,290
Univision Communications, Inc., Sr. Sec’d. Notes, 144A(g)		6.750			09/15/22		3,000		3,142,500
Videotron Ltd. (Canada),
Gtd. Notes		5.000			07/15/22		3,000		3,180,300
Gtd. Notes, 144A		5.375			06/15/24		865		911,494
									40,866,619
Mining    0.3%
Eldorado Gold Corp. (Canada), Sr. Unsec’d. Notes, 144A(a)		6.125			12/15/20		2,375		2,440,312
Southern Copper Corp. (Peru), Sr. Unsec’d. Notes		6.750			04/16/40		2,575		2,923,538
									5,363,850

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Miscellaneous Manufacturing    0.2%
Actuant Corp., Gtd. Notes(a)		5.625	%		06/15/22		3,075	$	3,171,094
General Electric Co., Sr. Unsec’d. Notes		4.125			10/09/42		50		51,633
Pentair Finance SA (United Kingdom), Gtd. Notes		1.875			09/15/17		50		50,057
									3,272,784
Oil & Gas    0.7%
Anadarko Petroleum Corp., Sr. Unsec’d. Notes		6.450			09/15/36		750		888,816
California Resources Corp.,
Gtd. Notes		6.000			11/15/24		65		46,150
Sec’d. Notes, 144A		8.000			12/15/22		600		459,000
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		4.450			09/15/42		1,070		923,885
Denbury Resources, Inc., Gtd. Notes(a)		5.500			05/01/22		2,000		1,490,000
Nabors Industries, Inc.,
Gtd. Notes		4.625			09/15/21		762		769,620
Gtd. Notes		6.150			02/15/18		80		82,000
Noble Energy, Inc.,
Sr. Unsec’d. Notes		4.150			12/15/21		500		528,418
Sr. Unsec’d. Notes		5.250			11/15/43		395		413,229
Sr. Unsec’d. Notes		6.000			03/01/41		1,390		1,567,147
Reliance Holding USA, Inc. (India), Gtd. Notes, 144A		5.400			02/14/22		1,750		1,915,552
Sasol Financing International PLC (South Africa), Gtd. Notes		4.500			11/14/22		2,800		2,844,240
									11,928,057
Oil & Gas Services    0.0%
Cameron International Corp., Sr. Unsec’d. Notes		5.950			06/01/41		100		119,131
Packaging & Containers    0.3%
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	1,825		2,221,363
Horizon Parent Holdings Sarl (France), Sr. Sec’d. Notes, PIK, 144A		8.250			02/15/22	EUR	825		945,449
WestRock RKT Co.,
Gtd. Notes		4.450			03/01/19		35		36,434
Gtd. Notes		4.900			03/01/22		1,190		1,297,859
									4,501,105
Pharmaceuticals    0.7%
AbbVie, Inc., Sr. Unsec’d. Notes		4.500			05/14/35		4,085		4,105,511
Actavis Funding SCS,
Gtd. Notes		4.550			03/15/35		4,020		4,048,208
Gtd. Notes(a)		4.750			03/15/45		337		343,232

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Catalent Pharma Solutions, Inc., Sr. Unsec’d. Notes, 144A		4.750	%		12/15/24	EUR	980	$	1,134,814
Valeant Pharmaceuticals International, Inc.,
Sr. Sec’d. Notes, 144A		6.500			03/15/22		600		614,250
Sr. Unsec’d. Notes, 144A(a)		6.125			04/15/25		1,275		941,269
									11,187,284
Pipelines    0.4%
DCP Midstream LLC, Sr. Unsec’d. Notes, 144A		5.350			03/15/20		227		236,931
DCP Midstream Operating LP, Gtd. Notes		2.500			12/01/17		225		225,281
Enterprise Products Operating LLC, Sr. Unsec’d. Notes(a)		4.950			10/15/54		2,700		2,740,387
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		4.200			12/01/42		125		115,619
Sr. Unsec’d. Notes		4.250			02/01/21		1,950		2,060,409
Sr. Unsec’d. Notes		5.150			10/15/43		1,350		1,450,699
MPLX LP, Sr. Unsec’d. Notes		5.200			03/01/47		145		148,468
Western Gas Partners LP, Sr. Unsec’d. Notes		4.000			07/01/22		75		77,052
									7,054,846
Real Estate Investment Trusts (REITs)    1.0%
Mack-Cali Realty LP, Sr. Unsec’d. Notes		2.500			12/15/17		100		100,264
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325			03/24/25	EUR	3,775		4,194,929
Rialto Holdings LLC/Rialto Corp., Gtd. Notes, 144A		7.000			12/01/18		7,100		7,206,500
Sabra Health Care LP/Sabra Capital Corp.,
Gtd. Notes		5.375			06/01/23		1,965		1,994,475
Gtd. Notes		5.500			02/01/21		1,500		1,556,250
Trust F/1401 (Mexico), Sr. Unsec’d. Notes, 144A		5.250			12/15/24		2,000		2,060,200
									17,112,618
Retail    1.3%
Claire’s Stores, Inc., Sr. Sec’d. Notes, 144A		9.000			03/15/19		475		219,688
CVS Health Corp.,
Sr. Unsec’d. Notes(a)		5.125			07/20/45		1,765		1,972,500
Sr. Unsec’d. Notes		5.300			12/05/43		475		536,492
Douglas GmbH (Germany), Sr. Sec’d. Notes, 144A		6.250			07/15/22	EUR	1,200		1,425,015
Grupo Unicomer Co. Ltd. (El Salvador), Sr. Unsec’d. Notes, 144A		7.875			04/01/24		2,080		2,241,200
L Brands, Inc., Gtd. Notes(a)		5.625			02/15/22		6,205		6,554,031

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Landry’s, Inc., Sr. Unsec’d. Notes, 144A(g)		6.750	%		10/15/24		2,750	$	2,880,625
Macy’s Retail Holdings, Inc., Gtd. Notes		4.300			02/15/43		705		545,550
PVH Corp., Sr. Unsec’d. Notes(a)		4.500			12/15/22		2,255		2,311,375
QVC, Inc., Sr. Sec’d. Notes		5.125			07/02/22		1,625		1,703,192
Tops Holding LLC/Tops Markets II Corp., Sr. Sec’d. Notes, 144A(g)		8.000			06/15/22		1,950		1,706,250
									22,095,918
Savings & Loans    0.0%
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		325		332,616
Semiconductors    0.5%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes, 144A		3.875			01/15/27		2,905		2,947,840
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500			02/01/25		2,100		2,194,500
Sensata Technologies BV, Gtd. Notes, 144A(a)		5.000			10/01/25		2,750		2,808,438
									7,950,778
Software    0.3%
First Data Corp., Gtd. Notes, 144A(a)		7.000			12/01/23		4,150		4,449,630
Telecommunications    2.0%
AT&T, Inc.,
Sr. Unsec’d. Notes		4.500			03/09/48		795		716,492
Sr. Unsec’d. Notes		4.750			05/15/46		1,520		1,423,804
Sr. Unsec’d. Notes		4.800			06/15/44		575		543,919
Bharti Airtel International Netherlands BV (India), Gtd. Notes, 144A		5.125			03/11/23		3,725		3,924,131
CenturyLink, Inc., Sr. Unsec’d. Notes		5.150			06/15/17		2,035		2,042,631
CommScope Technologies Finance LLC, Sr. Unsec’d. Notes, 144A		6.000			06/15/25		1,225		1,306,156
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21		2,275		2,337,563
Digicel Group Ltd. (Jamaica),
Gtd. Notes, 144A		6.750			03/01/23		2,050		1,947,500
Sr. Unsec’d. Notes, RegS		8.250			09/30/20		1,500		1,372,500
Sprint Communications, Inc.,
Gtd. Notes, 144A(g)		7.000			03/01/20		2,000		2,185,000
Gtd. Notes, 144A(g)		9.000			11/15/18		4,802		5,252,188
TBG Global Pte Ltd. (Indonesia), Gtd. Notes, RegS		4.625			04/03/18		1,885		1,906,206
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.672			03/15/55		1,011		922,982
Sr. Unsec’d. Notes(h)		5.012			08/21/54		3,010		2,920,970

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC (Russia),
Sr. Unsec’d. Notes, 144A		9.125	%		04/30/18		1,300	$	1,385,800
Sr. Unsec’d. Notes, RegS		9.125			04/30/18		2,335		2,489,110
									32,676,952
Textiles    0.2%
Mohawk Industries, Inc., Sr. Unsec’d. Notes		3.850			02/01/23		104		106,902
Springs Industries, Inc., Sr. Sec’d. Notes		6.250			06/01/21		3,425		3,532,031
									3,638,933
Transportation    0.4%
AP Moeller-Maersk A/S (Denmark), Unsec’d. Notes, 144A		2.550			09/22/19		2,450		2,463,776
Onorato Armatori SpA (Italy), Sr. Unsec’d. Notes, 144A(a)		7.750			02/15/23	EUR	3,000		3,379,012
Union Pacific Corp., Sr. Unsec’d. Notes		3.799			10/01/51		207		195,802
									6,038,590
Trucking & Leasing    0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A(g)		2.875			07/17/18		450		455,391
TOTAL CORPORATE BONDS (cost $534,938,887)									546,180,116
MUNICIPAL BONDS    0.8%
California    0.5%
Bay Area Toll Authority, BABs, Revenue Bonds		6.263			04/01/49		550		758,994
Los Angeles Department of Water & Power,
BABs, Revenue Bonds		6.008			07/01/39		3,610		4,484,198
BABs, Revenue Bonds		6.574			07/01/45		585		822,744
University of California,
BABs, Revenue Bonds		5.770			05/15/43		390		482,032
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		625		624,256
Taxable, Revenue Bonds, Series J		4.131			05/15/45		675		671,274
									7,843,498

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Colorado    0.1%
Regional Transportation District, BABs, Revenue Bonds, Series 2010B		5.844	%		11/01/50		1,190	$	1,563,577
Illinois    0.0%
Chicago O’Hare International Airport, BABs, Revenue Bonds		6.395			01/01/40		360		477,511
New Jersey    0.2%
New Jersey State Turnpike Authority, Revenue Bonds, Series F, BABs		7.414			01/01/40		2,000		2,894,280
Rutgers State University, BABs, Revenue Bonds		5.665			05/01/40		200		237,450
									3,131,730
New York    0.0%
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		75		73,790
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		400		530,140
									603,930
Ohio    0.0%
Ohio State University, Taxable, Revenue Bonds, Series A		4.800			06/01/2111		180		179,253
Texas    0.0%
City Public Service Board of San Antonio, BABs, Taxable, Revenue Bonds		4.427			02/01/42		120		127,798
TOTAL MUNICIPAL BONDS (cost $13,862,448)									13,927,297
NON-CORPORATE FOREIGN AGENCIES    3.4%
Banco de Costa Rica (Croatia), Gov’t. Gtd. Notes, RegS		5.250			08/12/18		3,328		3,376,655
Bank Nederlandse Gemeenten NV (Netherlands), Sr. Unsec’d. Notes, 144A, MTN		2.375			02/01/22		3,000		3,030,525
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes, RegS		5.333			02/15/28		4,470		4,414,125
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes, 144A		4.875			01/15/24		1,350		1,398,938

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
NON-CORPORATE FOREIGN AGENCIES (Continued)
Development Bank of Japan, Inc. (Japan), Gov’t. Gtd. Notes, GMTN, RegS		2.125	%		01/30/19		3,000	$	3,004,119
Dexia Credit Local SA (France), Gov’t. Liquid Gtd. Notes, 144A		1.875			09/15/21		2,000		1,938,896
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, 144A		4.950			07/19/22		730		760,324
Sr. Unsec’d. Notes, 144A		6.510			03/07/22		3,420		3,806,652
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		1.750			07/31/18		3,000		3,002,190
Gov’t. Gtd. Notes, RegS		1.875			11/13/19		4,000		3,978,700
Japan Finance Organization for Municipalities (Japan), Sr. Unsec’d. Notes, EMTN, RegS		1.375			02/05/18		6,000		5,977,608
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, RegS		7.000			05/05/20		4,140		4,544,784
Sr. Unsec’d. Notes, 144A		3.875			04/19/22		820		821,187
Sr. Unsec’d. Notes, 144A, MTN		9.125			07/02/18		2,285		2,454,547
Majapahit Holding BV (Indonesia),
Gtd. Notes, RegS		7.750			01/20/20		2,180		2,456,860
Gtd. Notes, RegS		8.000			08/07/19		2,250		2,517,075
National Savings Bank (Sri Lanka), Sr. Unsec’d. Notes, RegS		8.875			09/18/18		1,000		1,062,770
Petrobras Global Finance BV (Brazil),
Gtd. Notes		6.125			01/17/22		200		209,570
Gtd. Notes		7.375			01/17/27		560		602,168
Gtd. Notes		8.375			05/23/21		3,875		4,388,438
Russian Agricultural Bank OJSC Via RSHB Capital SA (Russia),
Sr. Unsec’d. Notes, 144A		6.299			05/15/17		325		325,445
Sr. Unsec’d. Notes, 144A		7.750			05/29/18		1,485		1,567,875
TOTAL NON-CORPORATE FOREIGN AGENCIES (cost $54,749,166)									55,639,451
RESIDENTIAL MORTGAGE-BACKED SECURITIES    5.7%
Banc of America Funding Corp.,
Series 2014-R2, Class 2A1, 144A		1.201	(c)		05/26/37		2,892		2,768,389
Series 2014-R5, Class 1A1, 144A		2.928	(c)		09/26/45		4,162		4,080,303
Series 2015-R3, Class 1A1, 144A		1.181	(c)		03/27/36		13,649		13,059,190
Series 2015-R3, Class 6A1, 144A		1.161	(c)		05/27/36		3,353		3,240,316
Series 2015-R4, Class 4A1, 144A		3.500	(c)		07/26/36		3,461		3,457,146
Bayview Opportunity Master Fund Iiib Trust, Series 2017-CRT2, Class M, 144A		2.992	(c)		11/25/27		1,039		1,037,955
Bayview Opportunity Master Fund IVb Trust, Series 2017-CRT1, Class M, 144A		3.142	(c)		10/25/28		1,785		1,786,417
Chase Mortgage Finance Trust, Series 2007-A1, Class 1A3		3.360	(c)		02/25/37		249		246,047

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
CSMC Trust, Series 2016-12R, Class 1A1, 144A		3.280	%(c)		02/28/47		4,495	$	4,523,246
Fannie Mae Connecticut Avenue Securities,
Series 2013-CO1, Class M2		6.241	(c)		10/25/23		3,540		4,092,358
Series 2017-C01, Class 1M2		4.541	(c)		07/25/29		970		1,005,104
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2015-DNA1, Class M3		4.291	(c)		10/25/27		2,000		2,169,786
Series 2017-DNA1, Class M2		4.241	(c)		07/25/29		1,610		1,642,179
GSMSC Resecuritization Trust,
Series 2015-3R, Class 1A1, 144A		1.122	(c)		01/26/37		3,764		3,634,561
Series 2015-3R, Class 1A2, 144A		1.122	(c)		01/26/37		1,670		1,504,800
Series 2015-3R, Class 2A1, 144A		1.122	(c)		10/26/36		4,653		4,436,161
Series 2015-3R, Class 2A2, 144A		1.122	(c)		10/26/36		1,400		1,127,683
Series 2015-4R, Class A1, 144A		0.918	(c)		03/26/37		9,122		8,715,444
Series 2015-4R, Class A2, 144A		0.918	(c)		03/26/37		2,702		2,301,091
JPMorgan Mortgage Trust, Series 2007-A1, Class 4A1		3.198	(c)		07/25/35		239		238,327
LSTAR Securities Investment Trust (Cayman Islands),
Series 2015-8, Class A2, 144A		4.483	(c)		08/01/20		7,500		7,551,794
Series 2015-9, Class A1, 144A^		2.983	(c)		10/01/20		3,317		3,323,832
Series 2016-1, Class A1, 144A		2.983	(c)		01/01/21		4,747		4,695,021
Series 2016-3, Class A, 144A		2.983	(c)		09/01/21		1,902		1,898,916
Series 2016-5, Class A1, 144A		2.983	(c)		11/01/21		2,019		2,014,870
Series 2017-1, Class A, 144A		2.983	(c)		01/01/22		3,864		3,854,114
Series 2017-3, Class A1, 144A^		2.990	(c)		04/01/22		3,930		3,899,558
Structured Asset Securities Corp., Series 2003-37A, Class 3A7		3.287	(c)		12/25/33		982		966,187
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-30, Class 2A1		5.079	(c)		10/25/33		358		364,048
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-EE, Class 2A1		3.057	(c)		12/25/34		199		200,667
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $91,794,583)									93,835,510
SOVEREIGN BONDS    3.6%
Argentine Republic Government International Bond (Argentina), Sr. Unsec’d. Notes		6.875			04/22/21		7,175		7,849,450
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A		7.500			05/06/21		500		555,000
Sr. Unsec’d. Notes, RegS		7.500			05/06/21		2,890		3,207,900
Hellenic Republic Government International Bond (Greece), Sr. Unsec’d. Notes, EMTN(g)		3.800			08/08/17	JPY	1,010,000		8,877,218
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		2.110			10/26/17	JPY	100,000		895,841
Sr. Unsec’d. Notes		6.375			03/29/21		6,470		7,311,100

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes, 144A		3.375	%		07/30/25	EUR	2,975	$	3,469,478
Sr. Unsec’d. Notes, 144A, MTN		3.750			06/14/28	EUR	775		905,330
Kingdom of Belgium Government International Bond (Belgium), Unsec’d. Notes		5.000			04/24/18	GBP	2,165		2,925,868
Mongolia Government International Bond (Mongolia), Sr. Unsec’d. Notes, MTN, RegS		4.125			01/05/18		3,765		3,749,940
Peru Enhanced Pass-Through Finance Ltd. (Peru), Pass-Through Certificates, RegS		1.610	(s)		05/31/18		161		158,404
Portugal Government International Bond (Portugal), Unsec’d. Notes, MTN, RegS		5.125			10/15/24		14,500		14,154,175
Provincia de Buenos Aires (Argentina), Sr. Unsec’d. Notes, 144A		9.950			06/09/21		1,050		1,212,960
Tokyo Metropolitan Government (Japan), Sr. Unsec’d. Notes, RegS		2.125			05/19/20		2,500		2,485,750
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		5.625			03/30/21		1,450		1,536,623
TOTAL SOVEREIGN BONDS (cost $59,825,814)									59,295,037
U.S. TREASURY OBLIGATIONS    3.6%
U.S. Treasury Bonds(h)(k)(hh)		2.500			02/15/45		38,760		35,320,050
U.S. Treasury Bonds(h)(hh)		2.500			05/15/46		4,110		3,732,714
U.S. Treasury Bonds(h)(hh)		2.875			11/15/46		5,245		5,155,263
U.S. Treasury Notes		0.750			07/31/18		250		248,652
U.S. Treasury Notes(hh)		2.250			02/15/27		2,365		2,358,071
U.S. Treasury Strips Coupon(k)		2.143	(s)		11/15/28		1,820		1,357,290
U.S. Treasury Strips Coupon(hh)		2.174	(s)		05/15/29		4,420		3,246,004
U.S. Treasury Strips Coupon(k)		2.783	(s)		08/15/29		2,100		1,531,230
U.S. Treasury Strips Coupon		2.878	(s)		05/15/31		2,100		1,445,672
U.S. Treasury Strips Coupon(k)(hh)		3.042	(s)		11/15/35		4,200		2,471,557
U.S. Treasury Strips Coupon(hh)		3.202	(s)		08/15/40		4,200		2,062,473
TOTAL U.S. TREASURY OBLIGATIONS (cost $59,047,926)									58,928,976
						Shares
COMMON STOCK    0.1%
Oil, Gas & Consumable Fuels
Pacific Exploration and Production Corp. (Colombia)*(a) (cost $2,719,465)							66,217		1,951,422
TOTAL LONG-TERM INVESTMENTS (cost $1,337,523,730)									1,350,649,507

See Notes to Financial Statements.

32

Description						Shares		Value		��
SHORT-TERM INVESTMENTS    20.9%
AFFILIATED MUTUAL FUNDS    16.4%
Prudential Investment Portfolios 2 -Prudential Core Ultra Short Bond Fund(w)							206,920,796	$	206,920,796
Prudential Investment Portfolios 2 -Prudential Institutional Money Market Fund (cost $62,664,331; includes $62,618,258 of cash collateral for securities on loan)(b)(w)							62,662,597		62,675,129
TOTAL AFFILIATED MUTUAL FUNDS (cost $269,585,127)									269,595,925
	Interest Rate			Maturity Date		Principal Amount (000)#
FOREIGN TREASURY OBLIGATIONS    4.1%
Japan Treasury Bill		0.000	%(ss)		06/12/17	JPY	1,085,000		9,734,350
Japan Treasury Bill		0.000	(ss)		06/19/17	JPY	2,500,000		22,430,029
Japan Treasury Bill		0.000	(ss)		07/03/17	JPY	3,870,000		34,723,907
TOTAL FOREIGN TREASURY OBLIGATIONS (cost $67,881,792)									66,888,286
				Counterparty		Notional Amount (000)#
OPTIONS PURCHASED*    0.4%
Call Options    0.2%
10 Year U.S. Treasury Notes Futures, expiring 05/26/17, Strike Price $125.00							211		217,594
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.40					Citigroup Global Markets	EUR	2,200		272,131
Currency Option Euro vs South African Rand, expiring 04/04/18, Strike Price 15.00					Goldman Sachs & Co.	EUR	1,000		88,955
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 19.25					Citigroup Global Markets		7,500		483,154
Interest Rate Swaptions,
Receive a fixed rate of 1.375% and pay a floating rate based on 3 Month LIBOR, expiring 10/31/17					JPMorgan Chase		294,040		295,069
Receive a fixed rate of 1.95% and pay a floating rate based on 3 Month LIBOR, expiring 10/31/17					JPMorgan Chase		294,040		2,052,461
									3,409,364

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Counterparty		Notional Amount (000)#		Value
OPTIONS PURCHASED* (Continued)
Put Options    0.2%
Interest Rate Swaptions,
Pay a fixed rate of 2.75% and receive a floating rate based on 3 Month LIBOR, expiring 04/05/18		Barclays Capital Group		18,060	$	723,915
Pay a fixed rate of 2.75% and receive a floating rate based on 3 Month LIBOR, expiring 04/20/18		Citigroup Global Markets		1,560		64,768
Pay a fixed rate of 2.75% and receive a floating rate based on 3 Month LIBOR, expiring 04/20/18		Barclays Capital Group		16,500		685,043
Pay a fixed rate of 2.75% and receive a floating rate based on 3 Month LIBOR, expiring 05/03/18		Barclays Capital Group		18,060		771,996
Pay a fixed rate of 3.60% and receive a floating rate based on 3 Month LIBOR, expiring 04/05/18		Barclays Capital Group		18,060		111,556
Pay a fixed rate of 3.60% and receive a floating rate based on 3 Month LIBOR, expiring 04/20/18		Citigroup Global Markets		1,560		10,425
Pay a fixed rate of 3.60% and receive a floating rate based on 3 Month LIBOR, expiring 04/20/18		Barclays Capital Group		16,500		110,271
Pay a fixed rate of 3.60% and receive a floating rate based on 3 Month LIBOR, expiring 05/03/18		Barclays Capital Group		18,060		128,872
						2,606,846
TOTAL OPTIONS PURCHASED (cost $6,000,654)						6,016,210
TOTAL SHORT-TERM INVESTMENTS (cost $343,467,573)						342,500,421
TOTAL INVESTMENTS BEFORE OPTIONS WRITTEN    102.9% (cost $1,680,991,303)						1,693,149,928
OPTIONS WRITTEN*    (0.2)%
Call Options    (0.1)%
10 Year U.S. Treasury Notes Futures, expiring 05/26/17, Strike Price $128.00				211		(16,484	)
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.80		Citigroup Global Markets	EUR	2,200		(128,948	)
Currency Option Euro vs South African Rand, expiring 04/04/18, Strike Price 17.00		Goldman Sachs & Co.	EUR	1,000		(37,378	)
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 21.25		Citigroup Global Markets		7,500		(211,151	)
Interest Rate Swaptions,
Pay a fixed rate of 1.625% and receive a floating rate based on 3 Month LIBOR, expiring 10/30/17		JPMorgan Chase		294,040		(728,337	)
Pay a fixed rate of 1.70% and receive a floating rate based on 3 Month LIBOR, expiring 10/30/17		JPMorgan Chase		294,040		(941,016	)
						(2,063,314	)

See Notes to Financial Statements.

34

Description	Counterparty		Notional Amount (000)#		Value
OPTIONS WRITTEN* (Continued)
Put Options    (0.1)%
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.20		Citigroup Global Markets	EUR	2,200	$	(16,989	)
Currency Option Euro vs South African Rand, expiring 04/04/18, Strike Price 14.00		Goldman Sachs & Co.	EUR	1,000		(17,057	)
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 17.75		Citigroup Global Markets		7,500		(83,681	)
Interest Rate Swaptions,
Receive a fixed rate of 3.05% and pay a floating rate based on 3 Month LIBOR, expiring 04/05/18		Barclays Capital Group		18,060		(388,143	)
Receive a fixed rate of 3.05% and pay a floating rate based on 3 Month LIBOR, expiring 04/20/18		Barclays Capital Group		16,500		(373,262	)
Receive a fixed rate of 3.05% and pay a floating rate based on 3 Month LIBOR, expiring 04/20/18		Citigroup Global Markets		1,560		(35,290	)
Receive a fixed rate of 3.05% and pay a floating rate based on 3 Month LIBOR, expiring 05/03/18		Barclays Capital Group		18,060		(426,212	)
Receive a fixed rate of 3.35% and pay a floating rate based on 3 Month LIBOR, expiring 04/05/18		Barclays Capital Group		18,060		(198,478	)
Receive a fixed rate of 3.35% and pay a floating rate based on 3 Month LIBOR, expiring 04/20/18		Barclays Capital Group		16,500		(193,920	)
Receive a fixed rate of 3.35% and pay a floating rate based on 3 Month LIBOR, expiring 04/20/18		Citigroup Global Markets		1,560		(18,334	)
Receive a fixed rate of 3.35% and pay a floating rate based on 3 Month LIBOR, expiring 05/03/18		Barclays Capital Group		18,060		(224,377	)
						(1,975,743	)
TOTAL OPTIONS WRITTEN (premiums received $4,150,986)						(4,039,057	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    102.7% (cost $1,676,840,317)						1,689,110,871
Liabilities in excess of other assets(z)    (2.7)%						(45,039,272	)
NET ASSETS    100.0%					$	1,644,071,599

The following abbreviations are used in the semiannual report:

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

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

ABS—Asset-Backed Security

AUD—Australian Dollar

BABs—Build America Bonds

BBR—New Zealand Bank Bill Rate

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

bps—Basis Points

BRL—Brazilian Real

CAD—Canadian Dollar

CDO—Collateralized Debt Obligation

CDS—Credit Default Swap

CDX—Credit Derivative Index

CHF—Swiss Franc

CLO—Collateralized Loan Obligation

CLP—Chilean Peso

CMBX—Commercial Mortgage Backed Securities Index

CNH—Chinese Renminbi

COP—Colombian Peso

CPI—Consumer Price Index

CZK—Czech Koruna

EMTN—Euro Medium Term Note

EUR—Euro

FHLMC—Federal Home Loan Mortgage Corp.

GBP—British Pound

GMTN—Global Medium Term Note

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

IO—Interest Only

JPY—Japanese Yen

KRW—South Korean Won

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

MXN—Mexican Peso

NOK—Norwegian Krone

NSA—Non-Seasonally Adjusted

NZD—New Zealand Dollar

OIS—Overnight Index Swap

OTC—Over-the-counter

PHP—Philippine Peso

PIK—Payment-in-Kind

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

STRIPS—Separate Trading of Registered Interest and Principal of Securities

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USOIS—United States Overnight Index Swap

ZAR—South African Rand

See Notes to Financial Statements.

36

* Non-income producing security.

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $18,784,424 and 1.1% 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 $61,126,656; cash collateral of $62,618,258 (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, 2017.

(f) Indicates a restricted security; the aggregate original cost of such securities is $14,936,686. The aggregate value, $15,658,780, is approximately 1.0% of net assets.

(g) Indicates a security that has been deemed illiquid; the aggregate value of $80,004,271 is approximately 4.9% of net assets.

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

(hh) Represents security, or a portion thereof, segregated as collateral for centrally cleared swap agreements.

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

(p) Interest rate not available as of April 30, 2017.

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

(ss) Represents zero coupon bond.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.

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

Futures contracts outstanding at April 30, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	35	10 Year Euro-Bund		Jun. 2017	$	6,167,343	$	6,167,949	$	606
	5,044	10 Year U.S. Treasury Notes		Jun. 2017		625,767,038		634,125,375		8,358,337
	212	30 Year U.S. Ultra Treasury Bonds		Jun. 2017		34,454,323		34,542,750		88,427
										8,447,370
		Short Positions:
	386	2 Year U.S. Treasury Notes		Jun. 2017		83,584,780		83,611,219		(26,439	)
	37	5 Year Euro-Bobl		Jun. 2017		5,301,082		5,314,503		(13,421	)
	2,023	5 Year U.S. Treasury Notes		Jun. 2017		238,022,804		239,535,844		(1,513,040	)
	490	20 Year U.S. Treasury Bonds		Jun. 2017		73,095,866		74,954,687		(1,858,821	)
	36	Euro-Schatz. DUA Index		Jun. 2017		4,404,545		4,401,473		3,072
										(3,408,649	)
									$	5,038,721

U.S. Treasury Obligations with a combined market value of $5,939,007 have been segregated with Citigroup Global Markets to cover requirements for open futures contracts at April 30, 2017.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward foreign currency exchange contracts outstanding at April 30, 2017:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/12/2017	Citigroup Global Markets	AUD	7,573	$	5,700,000	$	5,663,535	$	(36,465	)
Expiring 07/12/2017	UBS AG	AUD	7,425		5,623,850		5,552,425		(71,425	)
Brazilian Real,
Expiring 05/03/2017	Barclays Capital Group	BRL	11,310		3,605,541		3,560,475		(45,066	)
Expiring 05/03/2017	Goldman Sachs & Co.	BRL	11,310		3,583,948		3,560,475		(23,473	)
Expiring 06/02/2017	Citigroup Global Markets	BRL	11,310		3,531,852		3,532,089		237
Expiring 06/02/2017	Goldman Sachs & Co.	BRL	12,561		3,960,001		3,922,672		(37,329	)
Expiring 06/02/2017	Goldman Sachs & Co.	BRL	11,310		3,528,547		3,532,090		3,543
Canadian Dollar,
Expiring 07/12/2017	Citigroup Global Markets	CAD	7,247		5,437,720		5,315,115		(122,605	)
Expiring 07/12/2017	UBS AG	CAD	5,400		4,075,517		3,960,539		(114,978	)
Expiring 07/12/2017	UBS AG	CAD	2,484		1,863,412		1,822,140		(41,272	)
Colombian Peso,
Expiring 07/12/2017	UBS AG	COP	455,979		157,316		153,298		(4,018	)
Expiring 07/12/2017	UBS AG	COP	455,979		158,134		153,297		(4,837	)
Czech Koruna,
Expiring 07/12/2017	Goldman Sachs & Co.	CZK	64,779		2,606,781		2,641,664		34,883
Expiring 07/12/2017	UBS AG	CZK	64,779		2,608,985		2,641,663		32,678
Expiring 07/12/2017	UBS AG	CZK	44,934		1,810,480		1,832,396		21,916
Euro,
Expiring 07/27/2017	UBS AG	EUR	12,704		13,754,000		13,902,622		148,622
Hungarian Forint,
Expiring 07/21/2017	Bank of America	HUF	565,567		1,938,168		1,972,740		34,572
Expiring 07/21/2017	UBS AG	HUF	633,150		2,180,000		2,208,476		28,476
Indian Rupee,
Expiring 06/08/2017	Bank of America	INR	168,448		2,501,270		2,603,307		102,037
Expiring 06/08/2017	Barclays Capital Group	INR	179,509		2,770,416		2,774,252		3,836
Expiring 06/08/2017	Citigroup Global Markets	INR	196,969		2,926,078		3,044,088		118,010
Expiring 06/08/2017	UBS AG	INR	64,447		994,711		996,011		1,300
Indonesian Rupiah,
Expiring 06/16/2017	Citigroup Global Markets	IDR	9,352,236		694,559		697,770		3,211
Expiring 06/16/2017	UBS AG	IDR	83,491,200		6,240,000		6,229,279		(10,721	)
Expiring 07/17/2017	Citigroup Global Markets	IDR	64,429,754		4,720,128		4,789,450		69,322
Israeli Shekel,
Expiring 07/21/2017	Citigroup Global Markets	ILS	14,096		3,854,595		3,902,930		48,335
Expiring 07/21/2017	Citigroup Global Markets	ILS	1,199		327,200		332,068		4,868
Japanese Yen,
Expiring 07/27/2017	Citigroup Global Markets	JPY	328,451		3,020,000		2,957,384		(62,616	)

See Notes to Financial Statements.

38

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
Mexican Peso,
Expiring 06/08/2017	Citigroup Global Markets	MXN	24,598	$	1,292,800	$	1,297,639	$	4,839
Expiring 06/08/2017	Citigroup Global Markets	MXN	23,461		1,212,350		1,237,652		25,302
Expiring 06/08/2017	Goldman Sachs & Co.	MXN	146,124		7,399,457		7,708,717		309,260
Expiring 06/08/2017	Goldman Sachs & Co.	MXN	15,664		808,399		826,342		17,943
Expiring 06/08/2017	Goldman Sachs & Co.	MXN	15,658		808,400		826,026		17,626
Expiring 06/08/2017	JPMorgan Chase	MXN	23,467		1,212,350		1,237,967		25,617
Expiring 06/08/2017	UBS AG	MXN	52,931		2,618,544		2,792,346		173,802
Expiring 06/08/2017	UBS AG	MXN	41,717		2,100,572		2,200,743		100,171
Expiring 06/08/2017	UBS AG	MXN	29,448		1,492,664		1,553,514		60,850
Expiring 03/27/2018	Citigroup Global Markets	MXN	61,272		3,080,000		3,090,968		10,968
New Taiwanese Dollar,
Expiring 06/08/2017	UBS AG	TWD	55,102		1,833,974		1,829,232		(4,742	)
New Zealand Dollar,
Expiring 07/12/2017	Citigroup Global Markets	NZD	6,964		4,880,000		4,772,910		(107,090	)
Expiring 07/12/2017	JPMorgan Chase	NZD	5,865		4,075,455		4,019,849		(55,606	)
Expiring 07/12/2017	UBS AG	NZD	6,817		4,766,250		4,671,797		(94,453	)
Norwegian Krone,
Expiring 07/21/2017	Goldman Sachs & Co.	NOK	4,185		491,344		487,894		(3,450	)
Expiring 07/21/2017	Goldman Sachs & Co.	NOK	4,166		488,900		485,683		(3,217	)
Expiring 07/21/2017	UBS AG	NOK	42,752		5,019,257		4,984,257		(35,000	)
Expiring 07/21/2017	UBS AG	NOK	4,190		491,345		488,531		(2,814	)
Expiring 07/21/2017	UBS AG	NOK	4,168		488,900		485,897		(3,003	)
Expiring 07/21/2017	UBS AG	NOK	4,125		484,011		480,928		(3,083	)
Philippine Peso,
Expiring 07/12/2017	JPMorgan Chase	PHP	119,206		2,398,994		2,376,722		(22,272	)
Expiring 07/12/2017	UBS AG	PHP	61,910		1,240,000		1,234,359		(5,641	)
Polish Zloty,
Expiring 07/21/2017	UBS AG	PLN	12,395		3,135,483		3,193,279		57,796
Russian Ruble,
Expiring 07/07/2017	Bank of America	RUB	76,248		1,323,885		1,318,738		(5,147	)
Expiring 07/07/2017	Citigroup Global Markets	RUB	167,571		2,927,667		2,898,209		(29,458	)
Expiring 07/07/2017	Citigroup Global Markets	RUB	56,390		994,710		975,291		(19,419	)
Expiring 07/07/2017	Goldman Sachs & Co.	RUB	76,248		1,322,828		1,318,738		(4,090	)
Singapore Dollar,
Expiring 06/16/2017	Citigroup Global Markets	SGD	7,123		5,106,501		5,100,729		(5,772	)
South African Rand,
Expiring 07/07/2017	Citigroup Global Markets	ZAR	27,864		2,090,000		2,060,615		(29,385	)
Expiring 07/07/2017	Citigroup Global Markets	ZAR	6,044		433,288		446,948		13,660

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
Swedish Krona,
Expiring 07/21/2017	UBS AG	SEK	58,619	$	6,563,069	$	6,647,597	$	84,528
Swiss Franc,
Expiring 07/27/2017	UBS AG	CHF	1,771		1,790,001		1,789,463		(538	)
Turkish Lira,
Expiring 05/08/2017	Bank of America	TRY	2,962		798,600		832,062		33,462
Expiring 05/08/2017	Bank of America	TRY	2,934		779,050		824,220		45,170
Expiring 05/08/2017	UBS AG	TRY	4,207		1,147,179		1,181,553		34,374
				$	171,269,436	$	171,931,665		662,229
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/12/2017	Citigroup Global Markets	AUD	3,637	$	2,718,860	$	2,720,187	$	(1,327	)
Expiring 07/12/2017	Goldman Sachs & Co.	AUD	5,500		4,120,985		4,113,147		7,838
Expiring 07/12/2017	Goldman Sachs & Co.	AUD	3,164		2,380,356		2,366,417		13,939
Expiring 07/12/2017	UBS AG	AUD	2,725		2,037,759		2,037,704		55
Expiring 07/12/2017	UBS AG	AUD	1,204		900,292		900,154		138
Brazilian Real,
Expiring 05/03/2017	Citigroup Global Markets	BRL	11,310		3,560,090		3,560,476		(386	)
Expiring 05/03/2017	Goldman Sachs & Co.	BRL	11,310		3,556,730		3,560,475		(3,745	)
British Pound,
Expiring 07/27/2017	Bank of America	GBP	7,448		9,572,352		9,671,999		(99,647	)
Expiring 04/24/2018	Citigroup Global Markets	GBP	2,179		2,852,558		2,854,572		(2,014	)
Canadian Dollar,
Expiring 07/12/2017	UBS AG	CAD	12,713		9,430,000		9,324,109		105,891
Chilean Peso,
Expiring 07/12/2017	Citigroup Global Markets	CLP	643,473		974,959		960,772		14,187
Expiring 07/12/2017	JPMorgan Chase	CLP	2,392,840		3,670,000		3,572,759		97,241
Chinese Renminbi,
Expiring 07/26/2017	Citigroup Global Markets	CNH	15,136		2,184,855		2,181,988		2,867
Expiring 07/26/2017	UBS AG	CNH	12,736		1,833,975		1,836,036		(2,061	)
Colombian Peso,
Expiring 07/12/2017	Goldman Sachs & Co.	COP	918,049		315,599		308,642		6,957
Euro,
Expiring 07/27/2017	Citigroup Global Markets	EUR	32,389		35,574,628		35,444,215		130,413
Expiring 07/27/2017	Citigroup Global Markets	EUR	3,362		3,668,680		3,678,848		(10,168	)
Expiring 07/27/2017	Goldman Sachs & Co.	EUR	12,269		13,191,901		13,426,720		(234,819	)
Expiring 07/27/2017	Goldman Sachs & Co.	EUR	5,186		5,581,001		5,675,408		(94,407	)

See Notes to Financial Statements.

40

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Sale Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
Indian Rupee,
Expiring 06/08/2017		UBS AG	INR	73,315	$	1,125,240	$	1,133,058	$	(7,818	)
Israeli Shekel,
Expiring 07/21/2017		UBS AG	ILS	15,041		4,109,999		4,164,462		(54,463	)
Japanese Yen,
Expiring 06/12/2017		JPMorgan Chase	JPY	1,090,000		9,850,819		9,794,865		55,954
Expiring 06/19/2017		Goldman Sachs & Co.	JPY	2,500,000		22,606,839		22,472,367		134,472
Expiring 07/03/2017		Bank of America	JPY	200,000		1,834,072		1,798,914		35,158
Expiring 07/03/2017		Morgan Stanley	JPY	2,867,113		26,488,970		25,788,442		700,528
Expiring 07/03/2017		Morgan Stanley	JPY	1,000,000		9,047,268		8,994,568		52,700
Expiring 07/27/2017		Citigroup Global Markets	JPY	510,072		4,616,019		4,592,706		23,313
Expiring 07/27/2017		UBS AG	JPY	204,005		1,835,405		1,836,869		(1,464	)
Expiring 07/27/2017		UBS AG	JPY	141,898		1,282,280		1,277,657		4,623
Expiring 07/27/2017		UBS AG	JPY	141,666		1,282,280		1,275,567		6,713
Mexican Peso,
Expiring 06/08/2017		Citigroup Global Markets	MXN	55,549		2,927,668		2,930,472		(2,804	)
Expiring 06/08/2017		UBS AG	MXN	103,446		5,450,000		5,457,212		(7,212	)
New Taiwanese Dollar,
Expiring 06/08/2017		Citigroup Global Markets	TWD	142,952		4,650,347		4,745,616		(95,269	)
Expiring 06/08/2017		Citigroup Global Markets	TWD	56,129		1,850,000		1,863,334		(13,334	)
Expiring 06/08/2017		UBS AG	TWD	34,920		1,133,594		1,159,263		(25,669	)
New Zealand Dollar,
Expiring 07/12/2017		Citigroup Global Markets	NZD	12,344		8,572,285		8,460,110		112,175
Expiring 07/12/2017		Citigroup Global Markets	NZD	3,927		2,718,860		2,691,440		27,420
Expiring 07/12/2017		UBS AG	NZD	2,948		2,037,758		2,020,546		17,212
Norwegian Krone,
Expiring 07/21/2017		Citigroup Global Markets	NOK	48,871		5,690,000		5,697,679		(7,679	)
Expiring 07/21/2017		JPMorgan Chase	NOK	13,593		1,588,891		1,584,770		4,121
Polish Zloty,
Expiring 07/21/2017		UBS AG	PLN	11,275		2,840,000		2,904,765		(64,765	)
Russian Ruble,
Expiring 07/07/2017		Barclays Capital Group	RUB	14,310		250,000		247,497		2,503
Expiring 07/07/2017		Goldman Sachs & Co.	RUB	38,221		654,800		661,043		(6,243	)
Expiring 07/07/2017		UBS AG	RUB	38,291		654,800		662,266		(7,466	)
Singapore Dollar,
Expiring 06/16/2017		Citigroup Global Markets	SGD	3,400		2,405,440		2,434,924		(29,484	)
Expiring 06/16/2017		UBS AG	SGD	5,129		3,668,681		3,673,112		(4,431	)
Expiring 06/16/2017		UBS AG	SGD	3,742		2,651,018		2,679,528		(28,510	)
Expiring 06/16/2017		UBS AG	SGD	2,554		1,831,829		1,828,886		2,943
Expiring 06/16/2017		UBS AG	SGD	2,551		1,831,828		1,827,104		4,724
Expiring 06/16/2017		UBS AG	SGD	1,661		1,190,000		1,189,706		294

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Sale Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d.):
South African Rand,
Expiring 07/07/2017		Citigroup Global Markets	ZAR	28,739	$	2,183,562	$	2,125,349	$	58,213
Expiring 07/07/2017		Citigroup Global Markets	ZAR	24,278		1,846,638		1,795,386		51,252
South Korean Won,
Expiring 06/21/2017		Barclays Capital Group	KRW	3,285,641		2,890,000		2,889,127		873
Expiring 06/21/2017		JPMorgan Chase	KRW	2,746,248		2,398,994		2,414,828		(15,834	)
Swedish Krona,
Expiring 07/21/2017		UBS AG	SEK	59,183		6,640,000		6,711,535		(71,535	)
Swiss Franc,
Expiring 07/27/2017		Citigroup Global Markets	CHF	1,809		1,829,977		1,827,974		2,003
Turkish Lira,
Expiring 05/08/2017		Goldman Sachs & Co.	TRY	5,925		1,569,742		1,664,306		(94,564	)
Expiring 05/08/2017		UBS AG	TRY	2,862		780,000		803,854		(23,854	)
					$	266,941,483	$	266,275,735		665,748
									$	1,327,977

Cross currency exchange contracts outstanding at April 30, 2017:

Settlement	Type		Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation (Depreciation)			Counterparty
OTC cross currency exchange contracts:
07/12/2017		Buy	EUR	6,405		CZK	172,779	$	(42,161	)		Citigroup Global Markets
07/12/2017		Buy	EUR	1,888		CZK	51,018		(15,855	)		Citigroup Global Markets
07/12/2017		Buy	EUR	1,341		CZK	36,218		(10,469	)		Citigroup Global Markets
07/12/2017		Buy	CZK	84,803		EUR	3,203		(43,831	)		Citigroup Global Markets
04/06/2018		Buy	BRL	3,308		EUR	911		(35,156	)		Citigroup Global Markets
04/06/2018		Buy	ZAR	6,875		EUR	432		6,818			Goldman Sachs & Co.
								$	(140,654	)

See Notes to Financial Statements.

42

Credit default swap agreements outstanding at April 30, 2017:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on asset-backed securities—Sell Protection(2)^:
Ameriquest Home Equity		05/30/17		1.500%		348	$	44	$	—	$	44	Goldman Sachs & Co.
Ameriquest Home Equity		05/30/17		1.500%		229		29		—		29	Goldman Sachs & Co.
Ameriquest Home Equity		05/30/17		1.500%		211		26		—		26	Goldman Sachs & Co.
Ameriquest Home Equity		05/30/17		1.500%		348		44		—		44	Goldman Sachs & Co.
Banc of America Commercial Mortgage Trust		05/30/17		1.500%		43		66		—		66	Goldman Sachs & Co.
Banc of America Commercial Mortgage Trust		05/30/17		1.500%		59		91		—		91	Goldman Sachs & Co.
Bear Stearns Asset Backed Securities Trust		05/30/17		1.500%		159		20		—		20	Goldman Sachs & Co.
Bear Stearns Asset Backed Securities Trust		05/30/17		1.500%		552		69		—		69	Goldman Sachs & Co.
Chase Mortgage		05/30/17		1.500%		694		87		—		87	Goldman Sachs & Co.
Chase Mortgage		05/30/17		1.500%		650		81		—		81	Goldman Sachs & Co.
Chase Mortgage		05/30/17		1.500%		212		27		—		27	Goldman Sachs & Co.
Citigroup Commercial Mortgage Trust		05/30/17		1.500%		168		259		—		259	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		456		702		—		702	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		65		100		—		100	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		163		27		—		27	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		115		177		—		177	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		59		91		—		91	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		67		103		—		103	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		469		720		—		720	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		122		187		—		187	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/17		1.500%		80		123		—		123	Goldman Sachs & Co.
Commercial Mortgage Pass Through Certificate		05/30/17		1.500%		99		152		—		152	Goldman Sachs & Co.
Countrywide Home Equity		05/30/17		1.500%		227		28		—		28	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.		05/02/17		1.500%		658		905		—		905	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.		05/02/17		1.500%		360		495		—		495	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.		05/02/17		1.500%		142		195		—		195	Goldman Sachs & Co.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Credit default swap agreements outstanding at April 30, 2017 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on asset-backed securities—Sell Protection(2)^ (cont’d):
GS Mortgage Securities Trust		05/30/17		1.500%		351	$	541	$	—	$	541	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/17		1.500%		230		354		—		354	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/17		1.500%		77		118		—		118	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/17		1.500%		92		141		—		141	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/17		1.500%		180		276		—		276	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/17		1.500%		421		646		—		646	Goldman Sachs & Co.
GSAMP Home Equity		05/30/17		1.500%		214		27		—		27	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities Trust		05/30/17		1.500%		35		54		—		54	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities Trust		05/30/17		1.500%		236		362		—		362	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities Trust		05/30/17		1.500%		65		100		—		100	Goldman Sachs & Co.
Lehman Home Equity		05/30/17		1.500%		444		56		—		56	Goldman Sachs & Co.
LNR CDO Ltd.		05/11/17		1.500%		2,264		3,206		—		3,206	Goldman Sachs & Co.
Long Beach Home Equity		05/30/17		1.500%		400		50		—		50	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/17		1.500%		42		64		—		64	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/17		1.500%		108		166		—		166	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/17		1.500%		91		140		—		140	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/17		1.500%		73		112		—		112	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/17		1.500%		529		812		—		812	Goldman Sachs & Co.
Option One Home Equity		05/30/17		1.500%		710		89		—		89	Goldman Sachs & Co.
UBS Barclays Commercial Mortgage Trust		05/30/17		1.500%		52		80		—		80	Goldman Sachs & Co.

See Notes to Financial Statements.

44

Credit default swap agreements outstanding at April 30, 2017 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on asset-backed securities—Sell Protection(2)^ (cont’d):
Wells Fargo Home Equity		05/30/17		1.500%		287	$	36	$	—	$	36	Goldman Sachs & Co.
WF-RBS Commercial Mortgage Trust		05/30/17		1.500%		71		109		—		109	Goldman Sachs & Co.
WF-RBS Commercial Mortgage Trust		05/30/17		1.500%		55		85		—		85	Goldman Sachs & Co.
WF-RBS Commercial Mortgage Trust		05/30/17		1.500%		107		165		—		165	Goldman Sachs & Co.
							$	12,637	$	—	$	12,637

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2017(5)			Value at Trade Date			Value at April 30, 2017		Unrealized Appreciation (Depreciation)
Centrally cleared credit default swaps on corporate and/or sovereign issues—Sell Protection(2):
Anadarko Petroleum Corp.		06/20/21		1.000%		750		0.893	%	$	(56,543	)	$	4,099	$	60,642
AT&T, Inc.		06/20/21		1.000%		6,540		0.669	%		47,134			94,200		47,066
CIT Group Inc.		06/20/18		5.000%		2,740		0.152	%		175,137			168,092		(7,045	)
Eastman Chemical Co.		06/20/21		1.000%		4,860		0.445	%		46,754			112,629		65,875
Ford Motor Co.		06/20/21		5.000%		8,000		0.911	%		1,391,644			1,328,619		(63,025	)
										$	1,604,126		$	1,707,639	$	103,513

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2017(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on corporate and/or sovereign Issues—Sell Protection(2):
Deutsche Bank AS		06/20/17		1.000%		13,040		0.144	%	$	34,484		$	(212,002	)	$	246,486	BNP Paribas SA
Kingdom of Saudi Arabia		12/20/21		1.000%		7,700		0.775	%		86,270			(156,938	)		243,208	Barclays Capital Group
People’s Republic of China		03/20/22		1.000%		5,000		0.777	%		57,671			(79,787	)		137,458	Deutsche Bank AG
Petroleo Brasileiro SA		06/20/18		1.000%		3,750		0.726	%		16,124			(287,530	)		303,654	Morgan Stanley
Petroleos Mexicanos		12/20/18		1.000%		8,000		0.766	%		39,910			4,232			35,678	Citigroup Global Markets
Petroleos Mexicanos		06/20/23		1.000%		9,450		2.436	%		(734,003	)		(1,224,841	)		490,838	BNP Paribas SA

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Credit default swap agreements outstanding at April 30, 2017 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2017(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on corporate and/or sovereign Issues—Sell Protection(2) (cont’d):
Republic of Indonesia		09/20/20		1.000%		8,000		0.821	%	$	56,526		$	(322,295	)	$	378,821		Barclays Capital Group
Republic of Indonesia		06/20/21		1.000%		2,100		1.005	%		2,073			(83,337	)		85,410		JPMorgan Chase
Republic of Italy		09/20/20		1.000%		12,000		1.364	%		(127,648	)		(63,450	)		(64,198	)	JPMorgan Chase
Republic of Panama Government		09/20/20		1.000%		1,700		0.728	%		17,261			(43,542	)		60,803		Deutsche Bank AG
Republic of Portugal		12/20/20		1.000%		1,800		1.872	%		(51,801	)		(63,832	)		12,031		Goldman Sachs & Co.
Republic of Turkey		09/20/20		1.000%		2,000		1.346	%		(20,330	)		(148,017	)		127,687		Barclays Capital Group
United Mexico States Government		12/20/20		1.000%		7,000		0.775	%		63,913			(123,938	)		187,851		Goldman Sachs & Co.
										$	(559,550	)	$	(2,805,277	)	$	2,245,727

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2017(4)			Unrealized Appreciation (Depreciation)
Centrally cleared credit default swap on credit indices—Buy Protection(1):
CDX.NA.IG.28.V1		06/20/22		1.000%		50,000	$	(779,965	)	$	(931,633	)	$	(151,668	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value(4)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%		3,500	$	(16,411	)	$	44,114		$	(60,525	)		Credit Suisse First Boston Corp.
CMBX.NA.6.AA		05/11/63		1.500%		23,500		(110,188	)		312,157			(422,345	)		Credit Suisse First Boston Corp.
CMBX.NA.6.AA		05/11/63		1.500%		23,000		(107,843	)		268,547			(376,390	)		Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%		7,000		(32,822	)		38,818			(71,640	)		UBS AG
CMBX.NA.6.AA		05/11/63		1.500%		8,000		(37,511	)		(489,693	)		452,182			Credit Suisse First Boston Corp.
CMBX.NA.6.AA		05/11/63		1.500%		20,000		(93,777	)		(669,506	)		575,729			JPMorgan Chase
							$	(398,552	)	$	(495,563	)	$	97,011

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection

See Notes to Financial Statements.

46

seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

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

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

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

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

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

Currency swap agreements outstanding at April 30, 2017:

Notional Amount (000)#		Fund Receives	Notional Amount (000)#			Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
	OTC currency swap agreements:
	1,817	3 Month LIBOR		GBP	1,200	3 Month GBP LIBOR minus 14.25 bps	Barclays Capital Group		04/05/18	$	265,065		$	—		$	265,065
	43	3 Month LIBOR plus 208 bps		EUR	35	4.250%	Citigroup Global Markets		07/14/17		3,241			(4,000	)		7,241
	79	3 Month LIBOR plus 220 bps		EUR	65	4.250%	Citigroup Global Markets		07/14/17		5,814			(6,770	)		12,584
	9,427	3 Month LIBOR		JPY	961,510	3 Month JPY LIBOR minus 31.25 bps	Deutsche Bank AG		05/14/17		827,794			—			827,794
	2,656	3 Month LIBOR		GBP	1,745	3 Month GBP LIBOR minus 9.50 bps	Hong Kong & Shanghai Bank		06/04/18		399,202			—			399,202
	3,310	3 Month JPY LIBOR plus 54.25 bps		JPY	400,000	0.155%	JPMorgan Chase		10/26/17		(277,787	)		—			(277,787	)
										$	1,223,329		$	(10,770	)	$	1,234,099

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward rate agreements outstanding at April 30, 2017:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2017			Unrealized Appreciation (Depreciation)
	Centrally cleared forward rate agreement:
	5,213,100		12/20/17		1.568%	3 Month LIBOR(1)	$	—	$	(1,120,754	)	$	(1,120,754	)

Interest rate swap agreements outstanding at April 30, 2017:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2017			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
EUR	16,000		08/13/17		0.099%	1 Day EUR OIS(1)	$	239		$	(79,354	)	$	(79,593	)
EUR	6,600		02/23/26		0.324%	1 Day EUR OIS(1)		220			78,459			78,239
GBP	3,200		02/23/21		0.639%	1 Day GBP OIS(1)		229			(38,355	)		(38,584	)
MXN	89,000		10/15/26		6.445%	28 Day Mexican Interbank Rate(1)		43			(341,239	)		(341,282	)
MXN	182,400		12/09/26		7.780%	28 Day Mexican Interbank Rate(1)		(91,711	)		226,710			318,421
NZD	45,930		12/15/17		2.125%	3 Month BBR(2)		138			187,152			187,014
	118,130		08/19/17		0.524%	1 Day USOIS(1)		256			229,453			229,197
	470,690		09/09/17		0.539%	1 Day USOIS(1)		63,645			1,035,545			971,900
	114,900		10/21/17		0.590%	1 Day USOIS(1)		253			298,676			298,423
	111,480		11/01/17		0.639%	1 Day USOIS(1)		401			257,468			257,067
	230,920		11/14/17		0.675%	1 Day USOIS(1)		(20,052	)		514,102			534,154
	116,245		11/22/17		0.716%	1 Day USOIS(1)		412			231,287			230,875
	127,210		01/07/18		1.093%	1 Day USOIS(1)		—			2,819			2,819
	346,000		01/26/18		1.124%	3 Month LIBOR(1)		(66,156	)		(385,913	)		(319,757	)
	906,555		01/31/18		1.278%	1 Day USOIS(1)		—			(11,243	)		(11,243	)
	154,300		02/08/18		0.884%	3 Month LIBOR(1)		500			620,846			620,346
	61,940		07/11/18		0.947%	3 Month LIBOR(1)		291			218,441			218,150
	42,075		10/07/18		1.253%	1 Day USOIS(1)		—			(10,550	)		(10,550	)
	58,600		11/09/18		1.160%	3 Month LIBOR(1)		(22,226	)		110,752			132,978
	116,540		11/17/18		1.080%	1 Day USOIS(1)		412			343,336			342,924
	175,200		11/18/18		0.911%	1 Day USOIS(1)		(9,360	)		798,668			808,028
	76,310		11/22/18		1.297%	3 Month LIBOR(1)		325			(43,529	)		(43,854	)
	91,845		04/04/20		—(3)	—(3)		—			(29,304	)		(29,304	)
	263,500		05/15/21		2.202%	3 Month LIBOR(1)		(3,255,762	)		(5,855,739	)		(2,599,977	)
	72,470		05/31/21		1.849%	3 Month LIBOR(2)		433			67,532			67,099
	79,680		05/31/21		1.948%	3 Month LIBOR(2)		476			393,610			393,134
	363,990		05/31/21		1.953%	3 Month LIBOR(2)		435,959			1,867,622			1,431,663
	191,000		05/31/21		1.980%	3 Month LIBOR(2)		931			1,188,937			1,188,006
	2,570		07/31/21		2.290%	3 Month LIBOR(1)		(42,741	)		(53,419	)		(10,678	)
	56,400		08/31/21		2.015%	3 Month LIBOR(2)		(48,563	)		267,092			315,655
	5,870		11/22/21		1.792%	3 Month LIBOR(2)		38			9,476			9,438
	10,815		03/22/22		2.175%	U.S. CPI Urban Consumers NSA Index(1)		(1,883	)		(53,735	)		(51,852	)

See Notes to Financial Statements.

48

Interest rate swap agreements outstanding at April 30, 2017 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2017			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d):
	15,925		04/04/22		—(4)	—(4)	$	—		$	(7,666	)	$	(7,666	)
	167,900		06/30/22		2.020%	3 Month LIBOR(1)		1,057			(1,583,797	)		(1,584,854	)
	24,000		04/03/23		2.015%	3 Month LIBOR(1)		387,010			(21,137	)		(408,147	)
	16,300		06/20/23		2.604%	3 Month LIBOR(1)		(423,982	)		(679,462	)		(255,480	)
	101,900		09/24/23		2.903%	3 Month LIBOR(1)		(4,887,263	)		(5,457,533	)		(570,270	)
	51,250		11/15/23		2.209%	3 Month LIBOR(1)		430			(525,581	)		(526,011	)
	160		11/15/23		2.217%	3 Month LIBOR(1)		(181	)		(1,718	)		(1,537	)
	124,000		11/15/23		2.230%	3 Month LIBOR(1)		827			(1,433,774	)		(1,434,601	)
	33,365		02/15/24		2.167%	3 Month LIBOR(1)		(305,726	)		(135,428	)		170,298
	29,150		02/15/24		2.183%	3 Month LIBOR(1)		(26,924	)		(148,403	)		(121,479	)
	98,000		08/15/24		2.559%	3 Month LIBOR(1)		(1,570,311	)		(3,327,965	)		(1,757,654	)
	56,550		09/09/24		2.558%	3 Month LIBOR(1)		(904,582	)		(1,851,119	)		(946,537	)
	4,300		02/23/25		2.232%	3 Month LIBOR(1)		181			(37,894	)		(38,075	)
	44,450		02/25/25		2.208%	3 Month LIBOR(1)		453			(313,041	)		(313,494	)
	9,975		04/28/26		1.809%	3 Month LIBOR(1)		136			327,279			327,143
	10,815		03/22/27		2.283%	U.S. CPI Urban Consumers NSA Index(2)		—			51,935			51,935
	21,875		05/03/32		2.434%	3 Month LIBOR(2)		—			47,148			47,148
	17,310		05/03/37		2.508%	3 Month LIBOR(1)		—			(55,356	)		(55,356	)
	8,500		02/15/40		3.192%	3 Month LIBOR(1)		(567,614	)		(1,100,007	)		(532,393	)
	14,000		02/15/41		2.647%	3 Month LIBOR(1)		402			(409,010	)		(409,412	)
	5,520		11/15/41		1.869%	3 Month LIBOR(1)		33,885			644,864			610,979
	1,300		12/12/42		2.590%	3 Month LIBOR(1)		65,802			(30,658	)		(96,460	)
	13,400		08/21/44		3.190%	3 Month LIBOR(1)		(926,224	)		(1,927,329	)		(1,001,105	)
	4,000		07/02/45		2.937%	3 Month LIBOR(1)		222			(390,126	)		(390,348	)
	3,755		09/27/46		1.380%	1 Day USOIS(1)		218			599,326			599,108
							$	(12,175,437	)	$	(15,720,849	)	$	(3,545,412	)

Cash of $21,109,000 and U.S. Treasury Obligations with a combined market value of $16,859,318 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared interest rate and credit default swap contracts at April 30, 2017.

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

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

(3) The Fund pays the floating rate of 3 Month LIBOR plus 12 bps and receives the floating rate of 6 Month LIBOR.

(4) The Fund pays the floating rate of 6 Month LIBOR and receives the floating rate of 3 Month LIBOR plus 11.75 bps.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Total return swap agreements outstanding at April 30, 2017:

Counterparty	Termination Date		Long (Short) Notional Amount (000)#		Description	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(1)
OTC total return swap agreements:
Credit Suisse First Boston Corp.		01/12/41		12,486	Pay variable payments based on 1 Month LIBOR and receive fixed payments based on the IOS. FN30.450.10 Index	$	(3,614	)	$	(38,632	)	$	35,018

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

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, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Collateralized Loan Obligations	$	—	$	214,794,413	$	4,000,000
Non-Residential Mortgage-Backed Securities		—		47,701,926		—
Residential Mortgage-Backed Securities		—		162,379,493		7,548,397
Bank Loans		—		26,779,066		—
Commercial Mortgage-Backed Securities		—		57,688,403		—
Corporate Bonds		—		546,180,116		—
Municipal Bonds		—		13,927,297		—
Non-Corporate Foreign Agencies		—		55,639,451		—
Residential Mortgage-Backed Securities		—		86,612,120		7,223,390
Sovereign Bonds		—		59,295,037		—
U.S. Treasury Obligations		—		58,928,976		—
Common Stock		1,951,422		—		—
Affiliated Mutual Funds		269,595,925		—		—

See Notes to Financial Statements.

50

	Level 1			Level 2			Level 3
Foreign Treasury Obligations	$	—		$	66,888,286		$	—
Options Purchased		217,594			5,798,616			—
Options Written		(16,484	)		(4,022,573	)		—
Other Financial Instruments*
Futures Contracts		5,038,721			—			—
OTC Forward Foreign Currency Exchange Contracts		—			1,327,977			—
OTC Cross Currency Exchange Contracts		—			(140,654	)		—
OTC Credit Default Swap Agreements		—			(958,102	)		12,637
Centrally Cleared Credit Default Swap Agreements		—			(48,155	)		—
OTC Currency Swap Agreements		—			1,223,329			—
Centrally Cleared Forward Rate Agreements		—			(1,120,754	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(3,545,412	)		—
OTC Total Return Swap Agreement		—			(3,614	)		—
Total	$	276,787,178		$	1,395,325,242		$	18,784,424

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

	Asset-Backed Securities— Collateralized Loan Obligations		Asset-Backed Securities— Residential Mortgage- Backed Securities			Bank Loans			Residential Mortgage- Backed Securities			Forward Rate Agreements			Credit Default Swaps
Balance as of 10/31/16	$	—	$	—		$	1,462,445		$	15,706,240		$	(5,076	)	$	17,900
Realized gain (loss)		—		190			23,610			125,577			—	**		—
Change in unrealized appreciation (depreciation)***		—		12,127			(16,371	)		191,406			5,076			(5,263	)
Purchases/Exchanges/Issuances		4,000,000		7,637,418			—			3,890,960			—			—
Sales/Paydowns		—		(101,338	)		(1,469,684	)		(17,045,559	)		—			—
Accrued discounts/premiums		—		—			—			21,569			—			—
Transfer into Level 3		—		—			—			4,333,197			—			—
Balance as of 04/30/17	$	4,000,000	$	7,548,397		$	—		$	7,223,390		$	—		$	12,637

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

** The realized loss incurred during the period for other financial instruments was $18,006.

*** Of which, $64,089 was relating to securities held at the reporting period end.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

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

Level 3 Securities	Fair Value as of April 30, 2017		Valuation Methodology		Unobservable Inputs
Asset-Backed Securities—Collateralized Loan Obligations	$	4,000,000		Market Approach		Single Broker Indicative Quote
Asset-Backed Securities—Residential Mortgage-Backed Securities		7,548,397		Market Approach		Single Broker Indicative Quote
Residential Mortgage-Backed Securities		7,223,390		Market Approach		Single Broker Indicative Quote
Credit Default Swaps		12,637		Market Approach		Single Broker Indicative Quote
	$	18,784,424

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

Investments in Securities	Amount Transferred		Level Transfer		Logic
Residential Mortgage-Backed Securities	$	4,333,197		L2 to L3	Evaluated Bid to Single Broker Indicative Quote

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, 2017 were as follows:

Affiliated Mutual Funds (including 3.8% of collateral for securities on loan)	16.4	%
Residential Mortgage-Backed Securities	16.0
Collateralized Loan Obligations	13.3
Banks	5.6
Foreign Treasury Obligations	4.1
Sovereign Bonds	3.6
U.S. Treasury Obligations	3.6
Commercial Mortgage-Backed Securities	3.5
Non-Corporate Foreign Agencies	3.4
Non-Residential Mortgage-Backed Securities	2.9
Healthcare-Services	2.6
Media	2.5
Telecommunications	2.0
Home Builders	1.8
Electric	1.7
Building Materials	1.6
Entertainment	1.4
Retail	1.3
Insurance	1.2
Real Estate Investment Trusts (REITs)	1.0	%
Chemicals	1.0
Lodging	0.9
Municipal Bonds	0.8
Food	0.8
Forest & Paper Products	0.7
Oil & Gas	0.7
Pharmaceuticals	0.7
Airlines	0.6
Semiconductors	0.5
Commercial Services	0.5
Electronics	0.4
Auto Parts & Equipment	0.4
Pipelines	0.4
Healthcare & Pharmaceutical	0.4
Options Purchased	0.4
Transportation	0.4
Mining	0.3
Technology	0.3
Retailers	0.3

See Notes to Financial Statements.

52

Industry (cont’d.)
Packaging & Containers	0.3	%
Software	0.3
Diversified Financial Services	0.3
Consumer	0.3
Textiles	0.2
Miscellaneous Manufacturing	0.2
Auto Manufacturers	0.2
Gas	0.2
Internet	0.2
Leisure Time	0.1
Capital Goods	0.1
Distribution/Wholesale	0.1
Oil, Gas & Consumable Fuels	0.1
Beverages	0.1	%
Foods	0.1
Computers	0.1
Iron/Steel	0.0	*
Biotechnology	0.0	*
Trucking & Leasing	0.0	*
Savings & Loans	0.0	*
Oil & Gas Services	0.0	*
Machinery-Diversified	0.0	*
	102.9
Options Written	(0.2	)
Liabilities in excess of other assets	(2.7	)
	100.0	%

* Less than +/- 0.05%

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

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

Fair values of derivative instruments as of April 30, 2017 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Credit contracts	Unrealized appreciation on OTC swap agreements	$	3,350,473		Unrealized depreciation on OTC swap agreements	$	995,098
Credit contracts	Premiums paid for OTC swap agreements		667,868		Premiums received for OTC swap agreements		3,968,708
Credit contracts	Due from/to broker—variation margin swaps		173,583	*	Due from/to broker—variation margin swaps		221,738	*
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		3,347,934		Unrealized depreciation on OTC forward foreign currency exchange contracts		2,019,957

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Fair values of derivative instruments as of April 30, 2017 as presented in the Statement of Assets and Liabilities (continued):

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts	$	6,818		Unrealized depreciation on OTC cross currency exchange contracts	$	147,472
Foreign exchange contracts	Unaffiliated Investments		844,240		Options written outstanding, at value		495,204
Interest rate contracts	Due from/to broker—variation margin futures		8,450,442	*	Due from/to broker—variation margin futures		3,411,721	*
Interest rate contracts	Due from/to broker—variation margin swaps		10,442,141	*	Due from/to broker—variation margin swaps		15,108,307	*
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,546,904		Unrealized depreciation on OTC swap agreements		277,787
Interest rate contracts	—		—		Premiums received for OTC swap agreements		49,402
Interest rate contracts	Unaffiliated investments		5,171,970		Options written outstanding, at value		3,543,853
Total		$	34,002,373			$	30,239,247

* 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, 2017 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures			Forward and Cross Currency Contracts(2)			Forward Rate Agreements		Swaps			Total
Credit contracts	$	—		$	—	$	—		$	—		$	—	$	1,886,601		$	1,886,601
Foreign exchange contracts		—			—		—			(2,836,240	)		—		—			(2,836,240	)
Interest rate contracts		(1,333,770	)		336,643		(32,670,280	)		—			52,704		(3,375,558	)		(36,990,261	)
	$	(1,333,770	)	$	336,643	$	(32,670,280	)	$	(2,836,240	)	$	52,704	$	(1,488,957	)	$	(37,939,900	)

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

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

See Notes to Financial Statements.

54

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(3)			Options Written		Futures		Forward and Cross Currency Contracts(4)			Forward Rate Agreements			Swaps		Total
Credit contracts	$	—		$	—	$	—	$	—		$	—		$	1,868,289	$	1,868,289
Foreign exchange contracts		(59	)		32,102		—		1,540,452			—			—		1,572,495
Interest rate contracts		15,615			79,827		14,112,706		—			(1,115,678	)		33,933,772		47,026,242
										��
	$	15,556		$	111,929	$	14,112,706	$	1,540,452		$	(1,115,678	)	$	35,802,061	$	50,467,026

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

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

For the six months ended April 30, 2017, the average volume of derivative activities are as follows:

Options Purchased(1)		Options Written(4)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)		Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(2)
$	2,000,218	$	242,007,509	$	853,440,518	$	359,430,254	$	120,020,154	$	159,511,447	$	31,251,943

Credit Default Swap Agreements— Buy Protection(4)		Credit Default Swap Agreements— Sell Protection(4)		Currency Swap Agreements(4)		Forward Rate Agreements(4)		Interest Rate Swap Agreements(4)		Total Swap Agreements(4)
$	50,000,000	$	247,238,667	$	42,575,333	$	1,808,100,000	$	4,655,885,060	$	20,781,333

(1) Cost.

(2) Value at Trade Date.

(3) Value at Settlement Date.

(4) Notional Amount in USD.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

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 Amounts of Recognized Assets(3)		Collateral Received(4)			Net Amount
Securities on Loan	$	61,126,656	$	(61,126,656	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts Available for Offset			Collateral Received(4)			Net Amount
Bank of America	$	250,399	$	(104,794	)	$	(145,605	)	$	—
Barclays Capital Group		3,553,646		(2,476,708	)		(1,076,938	)		—
BNP Paribas SA		737,324		(737,324	)		—			—
Citigroup Global Markets		1,610,808		(1,227,910	)		—			382,898
Credit Suisse First Boston Corp.		843,471		(843,471	)		—			—
Deutsche Bank AG		1,294,602		(499,719	)		(618,079	)		176,804
Goldman Sachs & Co.		854,753		(747,542	)		—			107,211
Hong Kong & Shanghai Bank		399,202		—			(399,202	)		—
JPMorgan Chase		3,191,602		(2,921,343	)		—			270,259
Morgan Stanley		1,056,882		(287,530	)		(750,000	)		19,352
UBS AG		925,924		(767,413	)		—			158,511
	$	14,718,613

See Notes to Financial Statements.

56

Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset		Collateral Pledged(4)		Net Amount
Bank of America	$	(104,794	)	$	104,794	$	—	$	—
Barclays Capital Group		(2,476,708	)		2,476,708		—		—
BNP Paribas SA		(1,436,843	)		737,324		699,519		—
Citigroup Global Markets		(1,227,910	)		1,227,910		—		—
Credit Suisse First Boston Corp.		(1,011,195	)		843,471		167,724		—
Deutsche Bank AG		(499,719	)		499,719		—		—
Goldman Sachs & Co.		(747,542	)		747,542		—		—
Hong Kong & Shanghai Bank		—			—		—		—
JPMorgan Chase		(2,921,343	)		2,921,343		—		—
Morgan Stanley		(287,530	)		287,530		—		—
UBS AG		(767,413	)		767,413		—		—
	$	(11,480,997	)

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

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

(3) Amount represents market value.

(4) 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.

Prudential Absolute Return Bond Fund 57

Statement of Assets & Liabilities (unaudited)

as of April 30, 2017

Assets
Investments at value, including securities on loan of $61,126,656:
Unaffiliated investments (cost $1,411,406,176)	$	1,423,554,003
Affiliated investments (cost $269,585,127)		269,595,925
Cash		123
Foreign currency, at value (cost $3,307,779)		3,309,031
Deposit with broker for centrally cleared swaps		21,109,000
Cash segregated for counterparty—OTC		142,000
Interest and dividends receivable		12,015,680
Receivable for investments sold		6,331,360
Unrealized appreciation on OTC swap agreements		4,897,377
Receivable for Fund shares sold		4,751,429
Unrealized appreciation on OTC forward foreign currency exchange contracts		3,347,934
Premiums paid for OTC swap agreements		667,868
Due from broker—variation margin futures		338,802
Due from broker—variation margin swaps		143,482
Unrealized appreciation on OTC cross currency exchange contracts		6,818
Tax reclaim receivable		1,469
Prepaid expenses		5,839
Total Assets		1,750,218,140
Liabilities
Payable to broker for collateral for securities on loan		62,618,258
Payable for investments purchased		25,590,023
Options written outstanding, at value (premiums received $4,150,986)		4,039,057
Premium received for OTC swap agreements		4,018,110
Payable for Fund shares reacquired		2,916,844
Unrealized depreciation on OTC forward foreign currency exchange contracts		2,019,957
Unrealized depreciation on OTC swap agreements		1,272,885
Management fee payable		995,287
Dividends payable		884,644
Accrued expenses and other liabilities		669,372
Cash segregated from counterparty—OTC		750,000
Unrealized depreciation on OTC cross currency exchange contracts		147,472
Distribution fee payable		114,018
Affiliated transfer agent fee payable		110,614
Total Liabilities		106,146,541
Net Assets	$	1,644,071,599
Net assets were comprised of:
Shares of beneficial interest, at par	$	168,152
Paid-in capital in excess of par		1,699,960,393
		1,700,128,545
Distributions in excess of net investment income		(6,532,986	)
Accumulated net realized loss on investment and foreign currency transactions		(66,777,417	)
Net unrealized appreciation on investments and foreign currencies		17,253,457
Net assets, April 30, 2017	$	1,644,071,599

See Notes to Financial Statements.

58

Class A
Net asset value and redemption price per share ($133,668,200 ÷ 13,712,747 shares of beneficial interest issued and outstanding)	$	9.75
Maximum sales charge (4.50% of offering price)		0.46
Maximum offering price to public	$	10.21
Class C
Net asset value, offering price and redemption price per share ($106,099,281 ÷ 10,853,263 shares of beneficial interest issued and outstanding)	$	9.78
Class Q
Net asset value, offering price and redemption price per share ($339,015,670 ÷ 34,751,368 shares of beneficial interest issued and outstanding)	$	9.76
Class Z
Net asset value, offering price and redemption price per share ($1,065,288,448 ÷ 108,834,597 shares of beneficial interest issued and outstanding)	$	9.79

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 59

Statement of Operations (unaudited)

Six Months Ended April 30, 2017

Net Investment Income (Loss)
Income
Interest income	$	26,984,454
Affiliated dividend income		734,354
Income from securities lending, net (including affiliated income of $34,853)		170,552
Total income		27,889,360
Expenses
Management fee		6,275,775
Distribution fee—Class A		204,247
Distribution fee—Class C		548,706
Transfer agent’s fees and expenses (including affiliated expense of $261,140)		1,005,000
Custodian and accounting fees		165,000
Shareholders’ reports		53,000
Registration fees		35,000
Audit fee		31,000
Trustees’ fees		14,000
Legal fees and expenses		14,000
Commitment fee on syndicated credit agreement		7,000
Miscellaneous		18,356
Total expenses		8,371,084
Less: Expense reimbursement		(616,373	)
Net expenses		7,754,711
Net investment income (loss)		20,134,649
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $2,003)		(8,004,413	)
Futures transactions		(32,670,280	)
Options written transactions		336,643
Swap agreement transactions		(1,488,957	)
Foreign currency transactions		605,037
Forward rate agreements		52,704
		(41,169,266	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(620))		13,676,904
Futures		14,112,706
Options written		111,929
Swap agreements		35,802,061
Foreign currencies		1,418,020
Forward rate agreement		(1,115,678	)
		64,005,942
Net gain (loss) on investment and foreign currency transactions		22,836,676
Net Increase (Decrease) In Net Assets Resulting From Operations	$	42,971,325

See Notes to Financial Statements.

60

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2017			Year Ended October 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	20,134,649		$	54,432,562
Net realized gain (loss) on investment and foreign currency transactions		(41,169,266	)		(7,385,746	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		64,005,942			5,935,891
Net increase (decrease) in net assets resulting from operations		42,971,325			52,982,707
Dividends and Distributions
Dividends from net investment income
Class A		(1,726,156	)		(3,937,295	)
Class C		(763,621	)		(1,419,933	)
Class Q		(2,773,001	)		(2,935,476	)
Class Z		(12,720,406	)		(24,849,029	)
		(17,983,184	)		(33,141,733	)
Tax return of capital distributions
Class A		—			(1,373,095	)
Class C		—			(495,189	)
Class Q		—			(1,023,721	)
Class Z		—			(8,665,867	)
		—			(11,557,872	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		364,639,302			378,115,109
Net asset value of shares issued in reinvestment of dividends and distributions		13,096,429			32,218,965
Cost of shares reacquired		(269,598,129	)		(1,291,525,424	)
Net increase (decrease) in net assets from Fund share transactions		108,137,602			(881,191,350	)
Total increase (decrease)		133,125,743			(872,908,248	)
Net Assets:
Beginning of period		1,510,945,856			2,383,854,104
End of period	$	1,644,071,599		$	1,510,945,856

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 61

Notes to Financial Statements (unaudited)

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

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

Note 1. Accounting Policies

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

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

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

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Common stocks 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.

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 is 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 recent transaction prices for identical or comparable securities. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques.

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy.

OTC 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 include 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

Prudential Absolute Return Bond Fund 63

Notes to Financial Statements (unaudited) (continued)

derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing significant 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.

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

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

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser

64

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

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

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

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

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the 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 holdings of foreign currencies, forward currency contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currency transactions.

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

Prudential Absolute Return Bond Fund 65

Notes to Financial Statements (unaudited) (continued)

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

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

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

Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or specific receivables and payables denominated in a foreign currency. The contracts are valued daily at current exchange rates and any unrealized gain (loss) is included in net unrealized appreciation (depreciation) on foreign currencies. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on foreign currency transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of

66

the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life.

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

Options: The Fund purchased and wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates or foreign currency exchange rates, with respect to securities which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

Prudential Absolute Return Bond Fund 67

Notes to Financial Statements (unaudited) (continued)

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

Swap Agreements: The Fund entered into credit default, interest rate and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with counterparty (“OTC-traded”) or through a central clearing facility, such as a registered commodities exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on investments. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Payments received or paid by the Fund are recorded as realized gains (losses) upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Portfolio of Investments.

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

Credit Default Swaps: Credit default swaps (“CDS”) involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a

68

protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund sold protection using credit default swaps to take an active short position with respect to the likelihood of a particular issuer’s default. The Fund’s maximum risk of loss from counterparty credit risk for purchased credit default swaps is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Portfolio of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as indicators of the current status of the payment/performance risk. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

Prudential Absolute Return Bond Fund 69

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

70

Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

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

As of April 30, 2017, 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, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

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

Payment-In-Kind: The Fund may invest 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 may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in 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. Loans are subject to

Prudential Absolute Return Bond Fund 71

Notes to Financial Statements (unaudited) (continued)

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

Net investment income or loss (other than distribution fees which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Dividends and Distributions: The Fund expects to declare dividends each business day and pay monthly from net investment income and pay distributions from net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and 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 amongst distributions in excess of net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

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 interest are recorded, net of reclaimable amounts, at the time the related income is earned.

72

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

Note 2. Agreements

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of .80% of the Fund’s average daily net assets up to $2.5 billion, .775% of the average daily net assets up to $5 billion and .75% of the average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursement was .80% for the six months ended April 30, 2017. The effective management fee rate, net of waivers and/or expense reimbursement, was .72%.

PGIM Investments has contractually agreed through February 28, 2018 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .90% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class C, Class Q and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q and Class Z shares of the Fund. Pursuant to the Distribution plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .25% and 1% of the average daily net assets of the Class A and C shares, respectively.

Prudential Absolute Return Bond Fund 73

Notes to Financial Statements (unaudited) (continued)

PIMS has advised the Fund that it has received $77,279 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2017, it has received $13,206 and $2,482, in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of 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 permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the period ended April 30, 2017, PGIM, Inc. was compensated $23,425 for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for six months ended April 30, 2017, were $303,425,117 and $452,203,660, respectively.

74

Transactions in options written during the six months ended April 30, 2017, were as follows:

	Notional Amount (000)			Premiums Received
Options outstanding at October 31, 2016		—		$	—
Written options		723,613			4,585,407
Expired options		(3,686	)		(203,122	)
Closed options		(1,876	)		(231,299	)
Options outstanding at April 30, 2017		718,051		$	4,150,986

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2017 were as follows:

Tax Basis	$	1,688,387,982
Appreciation		23,435,393
Depreciation		(18,673,447	)
Net Unrealized Appreciation	$	4,761,946

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, 2016 of approximately $34,561,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

Note 6. Capital

The Fund offers Class A, Class C, Class Q and Class Z shares. Class A shares are sold with a front-end sales charge of up to 4.50%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Class C shares are sold with a CDSC of 1% on shares redeemed during the first 12 months after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A

Prudential Absolute Return Bond Fund 75

Notes to Financial Statements (unaudited) (continued)

shares at net asset value. Class Q and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

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

At reporting period end, seven shareholders of record held 75% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

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

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2017:
Shares sold		3,425,859		$	33,040,869
Shares issued in reinvestment of dividends and distributions		138,048			1,330,793
Shares reacquired		(4,632,853	)		(44,563,058	)
Net increase (decrease) in shares outstanding before conversion		(1,068,946	)		(10,191,396	)
Shares issued upon conversion from other share class(es)		143,566			1,382,966
Shares reacquired upon conversion into other share class(es)		(5,971,230	)		(57,745,417	)
Net increase (decrease) in shares outstanding		(6,896,610	)	$	(66,553,847	)
Year ended October 31, 2016:
Shares sold		3,440,458		$	32,494,477
Shares issued in reinvestment of dividends and distributions		440,040			4,141,204
Shares reacquired		(14,830,739	)		(138,911,852	)
Net increase (decrease) in shares outstanding before conversion		(10,950,241	)		(102,276,171	)
Shares issued upon conversion from other share class(es)		236,862			2,227,068
Shares reacquired upon conversion into other share class(es)		(1,938,955	)		(18,349,729	)
Net increase (decrease) in shares outstanding		(12,652,334	)	$	(118,398,832	)

76

Class C	Shares			Amount
Six months ended April 30, 2017:
Shares sold		691,299		$	6,694,255
Shares issued in reinvestment of dividends and distributions		63,303			612,942
Shares reacquired		(1,825,835	)		(17,635,331	)
Net increase (decrease) in shares outstanding before conversion		(1,071,233	)		(10,328,134	)
Shares reacquired upon conversion into other share class(es)		(346,921	)		(3,352,766	)
Net increase (decrease) in shares outstanding		(1,418,154	)	$	(13,680,900	)
Year ended October 31, 2016:
Shares sold		791,028		$	7,508,773
Shares issued in reinvestment of dividends and distributions		161,297			1,523,492
Shares reacquired		(5,247,367	)		(49,413,539	)
Net increase (decrease) in shares outstanding before conversion		(4,295,042	)		(40,381,274	)
Shares issued upon conversion from other share class(es)		7,065			66,762
Shares reacquired upon conversion into other share class(es)		(444,614	)		(4,219,724	)
Net increase (decrease) in shares outstanding		(4,732,591	)	$	(44,534,236	)
Class Q
Six months ended April 30, 2017:
Shares sold		2,790,643		$	26,945,292
Shares issued in reinvestment of dividends and distributions		233,120			2,253,369
Shares reacquired		(3,156,893	)		(30,681,188	)
Net increase (decrease) in shares outstanding before conversion		(133,130	)		(1,482,527	)
Shares issued upon conversion from other share class(es)		17,546,616			170,377,524
Shares reacquired upon conversion into other share class(es)		(970,790	)		(9,446,962	)
Net increase (decrease) in shares outstanding		16,442,696		$	159,448,035
Year ended October 31, 2016:
Shares sold		808,821		$	7,619,847
Shares issued in reinvestment of dividends and distributions		419,707			3,965,545
Shares reacquired		(873,487	)		(8,265,086	)
Net increase (decrease) in shares outstanding before conversion		355,041			3,320,306
Shares issued upon conversion from other share class(es)		2,012,539			19,107,874
Net increase (decrease) in shares outstanding		2,367,580		$	22,428,180
Class Z
Six months ended April 30, 2017:
Shares sold		30,791,152		$	297,958,886
Shares issued in reinvestment of dividends and distributions		917,421			8,899,325
Shares reacquired		(18,301,232	)		(176,718,552	)
Net increase (decrease) in shares outstanding before conversion		13,407,341			130,139,659
Shares issued upon conversion from other share class(es)		7,236,615			70,286,999
Shares reacquired upon conversion into other share class(es)		(17,590,844	)		(171,502,344	)
Net increase (decrease) in shares outstanding		3,053,112		$	28,924,314
Year ended October 31, 2016:
Shares sold		34,920,821		$	330,492,012
Shares issued in reinvestment of dividends and distributions		2,388,839			22,588,724
Shares reacquired		(116,138,163	)		(1,094,934,947	)
Net increase (decrease) in shares outstanding before conversion		(78,828,503	)		(741,854,211	)
Shares issued upon conversion from other shares class(es)		2,343,730			22,263,641
Shares reacquired upon conversion into other share class(es)		(2,217,019	)		(21,095,892	)
Net increase (decrease) in shares outstanding		(78,701,792	)	$	(740,686,462	)

Prudential Absolute Return Bond Fund 77

Notes to Financial Statements (unaudited) (continued)

Note 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 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .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 each 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.

The Fund did not utilize the SCA during the six months ended April 30, 2017.

Note 8. Recent Accounting Pronouncements and Reporting Updates

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Note 9. Other

At the Trust’s Board meeting in March, 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent fees (including sub-transfer agent and networking fees) and Blue Sky fees. The impact to the net assets of the Fund and individual share classes is not ascertainable at the present time. PGIM Investments expects to implement the changes by December 31, 2017.

78

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.59			$9.48			$9.79			$9.82			$9.92			$9.72
Income (loss) from investment operations:
Net investment income (loss)		.12			.25			.23			.25			.21			.22
Net realized and unrealized gain (loss) on investment transactions		.14			.06			(.30	)		.02			(.03	)		.30
Total from investment operations		.26			.31			(.07	)		.27			.18			.52
Less Dividends and Distributions:
Dividends from net investment income		(.10	)		(.15	)		(.21	)		(.30	)		(.23	)		(.30	)
Tax return of capital		-			(.05	)		(.03	)		-			(.05	)		-
Distributions from net realized gains		-			-			-			-			-			(.02	)
Total dividends and distributions		(.10	)		(.20	)		(.24	)		(.30	)		(.28	)		(.32	)
Net asset value, end of period		$9.75			$9.59			$9.48			$9.79			$9.82			$9.92
Total Return(b):		2.74%			3.36%			(.78)%			2.76%			1.86%			5.49%
Ratios/Supplemental Data:
Net assets, end of period (000)		$133,668			$197,713			$315,214			$452,955			$469,604			$91,250
Average net assets (000)		$164,752			$246,082			$383,950			$483,199			$303,234			$18,023
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.15%	(e)		1.15%			1.15%			1.15%			1.14%			1.11%
Expenses before waivers and/or expense reimbursement		1.25%	(e)		1.24%			1.24%			1.27%			1.28%			1.54%
Net investment income (loss)		2.41%	(e)		2.67%			2.39%			2.58%			2.17%			2.53%
Portfolio turnover rate		32%	(f)		38%			64%			64%			125%			152%

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

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

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 79

Financial Highlights(unaudited)(continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.62			$9.51			$9.82			$9.85			$9.94			$9.73
Income (loss) from investment operations:
Net investment income (loss)		.08			.18			.16			.18			.14			.16
Net realized and unrealized gain (loss) on investment transactions		.15			.06			(.31	)		.01			(.02	)		.29
Total from investment operations		.23			.24			(.15	)		.19			.12			.45
Less Dividends and Distributions:
Dividends from net investment income		(.07	)		(.10	)		(.13	)		(.22	)		(.16	)		(.22	)
Tax return of capital		-			(.03	)		(.03	)		-			(.05	)		-
Distributions from net realized gains		-			-			-			-			-			(.02	)
Total dividends and distributions		(.07	)		(.13	)		(.16	)		(.22	)		(.21	)		(.24	)
Net asset value, end of period		$9.78			$9.62			$9.51			$9.82			$9.85			$9.94
Total Return(b):		2.36%			2.59%			(1.51)%			1.97%			1.18%			4.78%
Ratios/Supplemental Data:
Net assets, end of period (000)		$106,099			$118,092			$161,679			$195,312			$172,326			$28,708
Average net assets (000)		$110,653			$135,510			$183,419			$183,745			$97,736			$7,066
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.90%	(d)		1.90%			1.90%			1.90%			1.89%			1.88%
Expenses before waivers and/or expense reimbursement		1.99%	(d)		1.99%			1.97%			1.97%			1.98%			2.39%
Net investment income (loss)		1.66%	(d)		1.91%			1.62%			1.81%			1.41%			1.86%
Portfolio turnover rate		32%	(e)		38%			64%			64%			125%			152%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

80

Class Q Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.61			$9.49			$9.81			$9.83			$9.94			$9.73
Income (loss) from investment operations:
Net investment income (loss)		.13			.28			.25			.28			.27			.30
Net realized and unrealized gain (loss) on investment transactions		.14			.07			(.30	)		.03			(.06	)		.26
Total from investment operations		.27			.35			(.05	)		.31			.21			.56
Less Dividends and Distributions:
Dividends from net investment income		(.12	)		(.17	)		(.24	)		(.33	)		(.27	)		(.33	)
Tax return of capital		-			(.06	)		(.03	)		-			(.05	)		-
Distributions from net realized gains		-			-			-			-			-			(.02	)
Total dividends and distributions		(.12	)		(.23	)		(.27	)		(.33	)		(.32	)		(.35	)
Net asset value, end of period		$9.76			$9.61			$9.49			$9.81			$9.83			$9.94
Total Return(b):		2.81%			3.81%			(.57)%			3.16%			2.10%			5.99%
Ratios/Supplemental Data:
Net assets, end of period (000)		$339,016			$175,887			$151,294			$19,025			$17,829			$1
Average net assets (000)		$223,965			$158,967			$125,910			$18,604			$3,144			$1
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.85%	(d)		.84%			.85%			.85%			.90%			.89%
Expenses before waivers and/or expense reimbursement		.85%	(d)		.84%			.85%			.85%			.94%			1.54%
Net investment income (loss)		2.73%	(d)		2.97%			2.61%			2.87%			2.87%			3.11%
Portfolio turnover rate		32%	(e)		38%			64%			64%			125%			152%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Absolute Return Bond Fund 81

Financial Highlights(unaudited)(continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.64			$9.52			$9.83			$9.86			$9.95			$9.74
Income (loss) from investment operations:
Net investment income (loss)		.13			.27			.25			.27			.24			.27
Net realized and unrealized gain (loss) on investment transactions		.13			.08			(.30	)		.02			(.02	)		.28
Total from investment operations		.26			.35			(.05	)		.29			.22			.55
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.17	)		(.23	)		(.32	)		(.26	)		(.32	)
Tax return of capital		-			(.06	)		(.03	)		-			(.05	)		-
Distributions from net realized gains		-			-			-			-			-			(.02	)
Total dividends and distributions		(.11	)		(.23	)		(.26	)		(.32	)		(.31	)		(.34	)
Net asset value, end of period		$9.79			$9.64			$9.52			$9.83			$9.86			$9.95
Total Return(b):		2.75%			3.71%			(.53)%			3.00%			2.21%			5.81%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,065,288			$1,019,254			$1,755,667			$2,070,862			$1,201,383			$82,364
Average net assets (000)		$1,082,645			$1,396,060			$2,029,397			$1,484,697			$672,382			$34,383
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.90%	(d)		.90%			.90%			.90%			.90%			.89%
Expenses before waivers and/or expense reimbursement		.99%	(d)		.99%			.97%			.97%			.99%			1.50%
Net investment income (loss)		2.65%	(d)		2.91%			2.61%			2.79%			2.43%			2.92%
Portfolio turnover rate		32%	(e)		38%			64%			64%			125%			152%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

82

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL ABSOLUTE RETURN BOND FUND

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

MF213E2    

     PRUDENTIAL QMA LARGE-CAP CORE EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2017

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

Objective: Long-term after-tax growth of capital

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

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

The accompanying financial statements as of April 30, 2017 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential QMA Large-Cap Core Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2017. We are proud to announce that Prudential Investments became PGIM^® Investments, effective April 3, 2017. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and the management and operation did not change.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial adviser 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. We’re part of PGIM, the 9th-largest 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

Prudential QMA Large-Cap Core Equity Fund

June 15, 2017

Prudential QMA Large-Cap Core Equity Fund 3

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/17 (without sales charges)	Average Annual Total Returns as of 4/30/17 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	12.92	9.75	11.78	5.46	—
Class B	12.45	10.27	12.10	5.28	—
Class C	12.44	14.17	12.21	5.28	—
Class Q	5.85**	N/A	N/A	N/A	N/A (12/28/16)
Class Z	12.96	16.34	13.34	6.32	—
S&P 500 Index	13.31	17.90	13.66	7.15	—
Lipper Large-Cap Core Funds Average	12.59	16.28	12.13	6.30	—

*Not annualized

**Since inception

Source: PGIM Investments LLC and Lipper Inc.

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

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

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

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

Benchmark Definitions

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

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

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

Prudential QMA Large-Cap Core Equity Fund 5

Your Fund’s Performance (unaudited)

Five Largest Holdings expressed as a percentage of net assets as of 4/30/17 (%)
Apple, Inc., Technology Hardware, Storage & Peripherals	3.9
Facebook, Inc., Internet Software & Services	2.2
JPMorgan Chase & Co., Banks	2.2
Alphabet, Inc. (Class C Stock), Internet Software & Services	1.8
Bank of America Corp., Banks	1.8

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/17 (%)
Banks	7.6
Oil, Gas & Consumable Fuels	6.6
Internet Software & Services	6.2
Technology Hardware, Storage & Peripherals	5.4
Software	5.1

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

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Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2017. 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 Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these

Prudential QMA Large-Cap Core Equity Fund 7

Fees and Expenses (continued)

additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential  QMA Large-Cap Core Equity Fund		Beginning  Account Value November 1, 2016		Ending  Account Value April 30, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,129.20		0.82	%	$	4.33
	Hypothetical	$	1,000.00	$	1,020.73		0.82	%	$	4.11
Class B	Actual	$	1,000.00	$	1,124.50		1.57	%	$	8.27
	Hypothetical	$	1,000.00	$	1,017.01		1.57	%	$	7.85
Class C	Actual	$	1,000.00	$	1,124.40		1.57	%	$	8.27
	Hypothetical	$	1,000.00	$	1,017.01		1.57	%	$	7.85
Class Q	Actual**	$	1,000.00	$	1,058.50		0.35	%	$	1.21
	Hypothetical	$	1,000.00	$	1,023.06		0.35	%	$	1.76
Class Z	Actual	$	1,000.00	$	1,129.60		0.59	%	$	3.12
	Hypothetical	$	1,000.00	$	1,021.87		0.59	%	$	2.96

*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, 2017, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 123 day period ended April 30, 2017 due to the Fund’s inception date of December 28, 2016.

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Schedule of Investments (unaudited)

as of April 30, 2017

Description	Shares		Value
LONG-TERM INVESTMENTS    98.5%
COMMON STOCKS
CONSUMER DISCRETIONARY    10.8%
Auto Components    0.6%
Adient PLC		1,400	$	102,984
Cooper-Standard Holdings, Inc.*		2,100		237,447
Dana, Inc.		6,600		128,172
Lear Corp.		4,800		684,768
Tenneco, Inc.		3,400		214,302
				1,367,673
Automobiles    1.4%
Ford Motor Co.		126,200		1,447,514
General Motors Co.		46,800		1,621,152
				3,068,666
Hotels, Restaurants & Leisure    1.9%
Biglari Holdings, Inc.*		200		85,326
Extended Stay America, Inc.		20,900		364,496
McDonald’s Corp.		21,200		2,966,516
Yum China Holdings, Inc.*		24,600		839,352
				4,255,690
Household Durables    1.1%
D.R. Horton, Inc.		14,500		476,905
NVR, Inc.*		240		506,700
Taylor Morrison Home Corp. (Class A Stock)*		8,700		200,970
Whirlpool Corp.		6,900		1,281,192
				2,465,767
Internet & Direct Marketing Retail    1.1%
Amazon.com, Inc.*		2,200		2,034,978
FTD Cos., Inc.*		10,800		216,000
Nutrisystem, Inc.		5,700		304,665
				2,555,643
Media    2.6%
Comcast Corp. (Class A Stock)		41,500		1,626,385
Discovery Communications, Inc. (Class C Stock)*		8,000		223,840
TEGNA, Inc.		15,500		394,940
Time Warner, Inc.		5,100		506,277
Tribune Media Co. (Class A Stock)		3,800		138,928

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Shares		Value
CONSUMER DISCRETIONARY (Continued)
Media (cont’d.)
Twenty-First Century Fox, Inc. (Class A Stock)		11,200	$	342,048
Twenty-First Century Fox, Inc. (Class B Stock)		20,600		615,116
Viacom, Inc. (Class B Stock)		28,000		1,191,680
Walt Disney Co. (The)		6,300		728,280
				5,767,494
Specialty Retail    2.1%
Burlington Stores, Inc.*		3,600		356,112
Michaels Cos., Inc. (The)*		9,000		210,240
Ross Stores, Inc.		26,800		1,742,000
Tilly’s, Inc. (Class A Stock)		5,700		54,492
TJX Cos., Inc. (The)		22,500		1,769,400
Ulta Beauty, Inc.*		2,100		591,024
				4,723,268
Textiles, Apparel & Luxury Goods    0.0%
Culp, Inc.		3,000		96,300
CONSUMER STAPLES    7.8%
Beverages    1.4%
National Beverage Corp.		1,300		115,167
PepsiCo, Inc.		25,894		2,933,272
				3,048,439
Food & Staples Retailing    2.2%
CVS Health Corp.		22,400		1,846,656
Kroger Co. (The)		10,600		314,290
Wal-Mart Stores, Inc.		35,370		2,659,117
				4,820,063
Food Products    2.1%
Archer-Daniels-Midland Co.		35,300		1,614,975
Conagra Brands, Inc.		31,300		1,213,814
Lamb Weston Holdings, Inc.		9,466		395,206
Tyson Foods, Inc. (Class A Stock)		23,400		1,503,684
				4,727,679
Household Products    0.8%
Kimberly-Clark Corp.		8,900		1,154,775
Procter & Gamble Co. (The)		7,864		686,763
				1,841,538

See Notes to Financial Statements.

10

Description	Shares		Value
CONSUMER STAPLES (Continued)
Personal Products    0.0%
Avon Products, Inc.*		3,700	$	17,945
Tobacco    1.3%
Altria Group, Inc.		42,100		3,021,938
ENERGY    6.7%
Energy Equipment & Services    0.1%
McDermott International, Inc.*		17,600		115,104
Oil, Gas & Consumable Fuels    6.6%
Chevron Corp.		14,884		1,588,123
ConocoPhillips		36,700		1,758,297
Devon Energy Corp.		30,900		1,220,241
Exxon Mobil Corp.		47,474		3,876,252
Kinder Morgan, Inc.		58,800		1,213,044
Marathon Petroleum Corp.		28,300		1,441,602
Newfield Exploration Co.*		15,400		533,148
ONEOK, Inc.		7,900		415,619
Phillips 66		4,650		369,954
Tesoro Corp.		9,300		741,303
Valero Energy Corp.		21,600		1,395,576
Williams Cos., Inc. (The)		13,700		419,631
				14,972,790
FINANCIALS    14.6%
Banks    7.6%
Bank of America Corp.		169,468		3,955,383
BB&T Corp.		7,500		323,850
Citigroup, Inc.		39,800		2,352,976
JPMorgan Chase & Co.		55,600		4,837,200
PNC Financial Services Group, Inc. (The)		12,800		1,532,800
Regions Financial Corp.		19,300		265,375
U.S. Bancorp		7,991		409,778
Wells Fargo & Co.		64,464		3,470,742
				17,148,104
Capital Markets    3.1%
Ameriprise Financial, Inc.		7,700		984,445
BlackRock, Inc.		4,500		1,730,565
Goldman Sachs Group, Inc. (The)		10,400		2,327,520
Raymond James Financial, Inc.		8,500		633,420

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Shares		Value
FINANCIALS (Continued)
Capital Markets (cont’d.)
S&P Global, Inc.		6,100	$	818,559
State Street Corp.		4,100		343,990
				6,838,499
Consumer Finance    1.5%
Capital One Financial Corp.		12,200		980,636
Discover Financial Services		22,700		1,420,793
Navient Corp.		32,400		492,480
Nelnet, Inc. (Class A Stock)		12,000		540,120
				3,434,029
Diversified Financial Services    0.6%
Berkshire Hathaway, Inc. (Class B Stock)*		6,600		1,090,386
Leucadia National Corp.		13,100		332,609
				1,422,995
Insurance    1.6%
Aflac, Inc.		18,300		1,370,304
Allstate Corp. (The)		19,200		1,560,768
Unum Group		14,400		667,152
				3,598,224
Mortgage Real Estate Investment Trusts (REITs)    0.2%
Chimera Investment Corp.		17,500		356,300
HEALTH CARE    15.2%
Biotechnology    3.6%
AbbVie, Inc.		35,000		2,307,900
Amgen, Inc.		13,400		2,188,488
Biogen, Inc.*		5,100		1,383,171
Bioverativ, Inc.*		2,550		149,965
Celgene Corp.*		17,500		2,170,875
				8,200,399
Health Care Equipment & Supplies    4.1%
Abbott Laboratories		36,200		1,579,768
Baxter International, Inc.		26,900		1,497,792
Becton, Dickinson & Co.		8,700		1,626,639
C.R. Bard, Inc.		3,700		1,137,676
Danaher Corp.		16,600		1,383,278
Hill-Rom Holdings, Inc.		1,600		121,024

See Notes to Financial Statements.

12

Description	Shares		Value
HEALTH CARE (Continued)
Health Care Equipment & Supplies (cont’d.)
Hologic, Inc.*		9,400	$	424,410
Medtronic PLC		13,400		1,113,406
Stryker Corp.		2,100		286,377
				9,170,370
Health Care Providers & Services    3.6%
Aetna, Inc.		14,300		1,931,501
Anthem, Inc.		9,900		1,761,111
HCA Holdings, Inc.*		11,300		951,573
UnitedHealth Group, Inc.		19,700		3,445,136
				8,089,321
Life Sciences Tools & Services    0.4%
Thermo Fisher Scientific, Inc.		5,700		942,381
Pharmaceuticals    3.5%
Allergan PLC		8,200		1,999,652
Bristol-Myers Squibb Co.		6,000		336,300
Johnson & Johnson		21,299		2,629,788
Merck & Co., Inc.		2,700		168,291
Mylan NV*		3,200		119,520
Pfizer, Inc.		71,934		2,440,001
Zoetis, Inc.		3,900		218,829
				7,912,381
INDUSTRIALS    9.6%
Aerospace & Defense    3.4%
BWX Technologies, Inc.		4,900		240,933
General Dynamics Corp.		9,600		1,860,384
Huntington Ingalls Industries, Inc.		5,100		1,024,539
Lockheed Martin Corp.		4,200		1,131,690
Northrop Grumman Corp.		8,100		1,992,276
Orbital ATK, Inc.		1,100		108,900
Raytheon Co.		5,200		807,092
Spirit AeroSystems Holdings, Inc. (Class A Stock)		8,600		491,576
				7,657,390
Air Freight & Logistics    0.7%
FedEx Corp.		8,600		1,631,420

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Shares		Value
INDUSTRIALS (Continued)
Airlines    1.1%
Southwest Airlines Co.		34,800	$	1,956,456
United Continental Holdings, Inc.*		8,700		610,827
				2,567,283
Building Products    0.1%
Universal Forest Products, Inc.		1,900		181,051
Commercial Services & Supplies    0.1%
Steelcase, Inc. (Class A Stock)		10,200		173,910
Construction & Engineering    0.3%
Argan, Inc.		2,600		173,810
EMCOR Group, Inc.		4,100		269,534
MasTec, Inc.*		7,400		326,710
				770,054
Electrical Equipment    0.7%
Emerson Electric Co.		25,100		1,513,028
Industrial Conglomerates    0.9%
3M Co.		7,500		1,468,725
General Electric Co.		22,179		642,969
				2,111,694
Machinery    1.2%
Cummins, Inc.		4,800		724,512
Fortive Corp.		6,400		404,864
Illinois Tool Works, Inc.		4,500		621,405
Ingersoll-Rand PLC		2,200		195,250
Kadant, Inc.		2,600		161,590
Lydall, Inc.*		3,000		157,200
Oshkosh Corp.		4,700		326,133
				2,590,954
Professional Services    0.1%
Insperity, Inc.		1,200		109,620
Road & Rail    1.0%
AMERCO		400		149,784
Union Pacific Corp.		18,400		2,060,064
				2,209,848

See Notes to Financial Statements.

14

Description	Shares		Value
INFORMATION TECHNOLOGY    23.5%
Communications Equipment    1.2%
Cisco Systems, Inc.		75,350	$	2,567,175
NETGEAR, Inc.*		3,200		150,880
				2,718,055
Electronic Equipment, Instruments & Components    0.1%
Sanmina Corp.*		7,500		279,375
Internet Software & Services    6.2%
Akamai Technologies, Inc.*		18,100		1,103,014
Alphabet, Inc. (Class C Stock)*		4,577		4,146,579
Alphabet, Inc. (Class A Stock)*		2,870		2,653,372
eBay, Inc.*		32,400		1,082,484
Facebook, Inc. (Class A Stock)*		33,300		5,003,325
				13,988,774
IT Services    2.3%
Accenture PLC (Class A Stock)		16,100		1,952,930
Cognizant Technology Solutions Corp. (Class A Stock)*		15,500		933,565
CSRA, Inc.		2,600		75,608
DST Systems, Inc.		1,400		172,354
DXC Technology Co.*		5,154		388,303
First Data Corp. (Class A Stock)*		18,100		282,722
International Business Machines Corp.		6,870		1,101,192
Leidos Holdings, Inc.		3,800		200,108
Sykes Enterprises, Inc.*		3,200		95,392
				5,202,174
Semiconductors & Semiconductor Equipment    3.2%
Advanced Energy Industries, Inc.*		4,200		309,960
Applied Materials, Inc.		46,600		1,892,426
Intel Corp.		31,200		1,127,880
Micron Technology, Inc.*		51,100		1,413,937
QUALCOMM, Inc.		6,600		354,684
Texas Instruments, Inc.		24,600		1,947,828
				7,046,715
Software    5.1%
Adobe Systems, Inc.*		14,200		1,899,108
Citrix Systems, Inc.*		1,700		137,598
Dell Technologies, Inc. (Class V Stock)*		48		3,221
Electronic Arts, Inc.*		16,500		1,564,530
Intuit, Inc.		12,100		1,515,041

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Shares		Value
INFORMATION TECHNOLOGY (Continued)
Software (cont’d.)
Manhattan Associates, Inc.*		6,600	$	308,154
Microsoft Corp.		48,800		3,340,848
Oracle Corp.		57,900		2,603,184
				11,371,684
Technology Hardware, Storage & Peripherals    5.4%
Apple, Inc.		61,520		8,837,348
Hewlett Packard Enterprise Co.		60,000		1,117,800
HP, Inc.		78,800		1,483,016
Seagate Technology PLC		16,800		707,784
				12,145,948
MATERIALS    4.0%
Chemicals    2.2%
Chemours Co. (The)		29,800		1,200,642
GCP Applied Technologies, Inc.*		2,000		65,800
Huntsman Corp.		7,100		175,867
LyondellBasell Industries NV (Class A Stock)		17,200		1,457,872
Sherwin-Williams Co. (The)		4,500		1,506,060
Trinseo SA		7,700		511,280
				4,917,521
Containers & Packaging    0.4%
Greif, Inc. (Class A Stock)		4,100		240,342
Owens-Illinois, Inc.*		400		8,728
Packaging Corp. of America		7,300		721,094
				970,164
Metals & Mining    1.3%
Nucor Corp.		12,300		754,359
Southern Copper Corp. (Peru)		17,000		601,290
Steel Dynamics, Inc.		40,700		1,470,898
				2,826,547
Paper & Forest Products    0.1%
KapStone Paper & Packaging Corp.		13,300		280,497
REAL ESTATE    2.2%
Equity Real Estate Investment Trusts (REITs)    1.8%
GEO Group, Inc. (The)		5,850		194,922
Prologis, Inc.		13,300		723,653

See Notes to Financial Statements.

16

Description	Shares		Value
REAL ESTATE (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Ryman Hospitality Properties, Inc.		2,600	$	165,828
American Tower Corp.		13,400		1,687,596
CoreCivic, Inc.		9,100		313,495
Xenia Hotels & Resorts, Inc.		56,800		991,728
				4,077,222
Real Estate Management & Development    0.4%
CBRE Group, Inc. (Class A Stock)*		24,300		870,183
TELECOMMUNICATIONS SERVICES    1.2%
Diversified Telecommunication Services    1.2%
AT&T, Inc.		17,354		687,739
Verizon Communications, Inc.		43,300		1,987,903
				2,675,642
Wireless Telecommunication Services    0.0%
United States Cellular Corp.*		1,200		47,016
UTILITIES    2.9%
Electric Utilities    1.1%
Exelon Corp.		40,100		1,388,663
FirstEnergy Corp.		39,600		1,185,624
				2,574,287
Gas Utilities    0.3%
Atmos Energy Corp.		800		64,816
UGI Corp.		10,900		546,744
				611,560
Independent Power & Renewable Electricity Producers    1.0%
AES Corp.		111,100		1,256,541
NRG Energy, Inc.		63,200		1,068,080
				2,324,621
Multi-Utilities    0.5%
CenterPoint Energy, Inc.		2,700		77,031
MDU Resources Group, Inc.		6,800		182,920
NiSource, Inc.		34,900		846,325
				1,106,276
TOTAL LONG-TERM INVESTMENTS (cost $144,495,505)				221,529,513

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Shares		Value
SHORT-TERM INVESTMENTS    1.5%
AFFILIATED MUTUAL FUNDS    1.3%
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(a)		2,926,998	$	2,926,998
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $394)(a)		394		394
TOTAL AFFILIATED MUTUAL FUNDS (cost $2,927,392)				2,927,392
	Principal Amount (000)#
U.S. TREASURY OBLIGATION    0.2%
U.S. Treasury Bill, 0.650%, 06/15/17 (cost $399,677)(b)(c)		400		399,673
TOTAL SHORT-TERM INVESTMENTS (cost $3,327,069)				3,327,065
TOTAL INVESTMENTS    100.0% (cost $147,822,574)				224,856,578
Liabilities in excess of other assets(d)				(100,449	)
NET ASSETS    100.0%			$	224,756,129

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

* Non-income producing security.

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

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

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

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

See Notes to Financial Statements.

18

Futures contracts outstanding at April 30, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2017		Unrealized Appreciation (Depreciation)
		Long Position:
	28	S&P 500 E-Mini Index		Jun. 2017	$	3,330,427	$	3,332,700	$	2,273

A U.S. Treasury Obligation with a market value of $399,673 has been segregated with Goldman Sachs & Co. to cover requirements for open futures contracts at April 30, 2017.

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 ratesand 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, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Consumer Discretionary	$	24,300,501	$	—	$	—
Consumer Staples		17,477,602		—		—
Energy		15,087,894		—		—
Financials		32,798,151		—		—
Health Care		34,314,852		—		—
Industrials		21,516,252		—		—
Information Technology		52,752,725		—		—
Materials		8,994,729		—		—
Real Estate		4,947,405		—		—
Telecommunications Services		2,722,658		—		—
Utilities		6,616,744		—		—
Affiliated Mutual Funds		2,927,392		—		—
U.S. Treasury Obligation		—		399,673		—

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

	Level 1		Level 2		Level 3
Other Financial Instruments*
Futures Contracts	$	2,273	$	—	$	—
Total	$	224,459,178	$	399,673	$	—

* 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.

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

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, 2017 were as follows:

Information Technology	23.5	%
Health Care	15.2
Financials	14.6
Consumer Discretionary	10.8
Industrials	9.6
Consumer Staples	7.8
Energy	6.7
Materials	4.0
Utilities	2.9
Real Estate	2.2	%
Affiliated Mutual Funds	1.3
Telecommunications Services	1.2
U.S. Treasury Obligation	0.2
	100.0
Liabilities in excess of other assets	—
	100.0	%

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

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity contracts risk. 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.

See Notes to Financial Statements.

20

Fair values of derivative instruments as of April 30, 2017 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Equity contracts	Due from/do broker— variation margin futures	$	2,273	*	—	$	—

* 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, 2017 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	273,795

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	21,505

For the six months ended April 30, 2017, the Fund’s average value at trade date for futures contracts-long positions was $3,922,348.

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 21

Statement of Assets & Liabilities (unaudited)

as of April 30, 2017

Assets
Investments at value:
Unaffiliated investments (cost $144,895,182)	$	221,929,186
Affiliated investments (cost $2,927,392)		2,927,392
Receivable for Fund shares sold		459,007
Dividends receivable		230,806
Tax reclaim receivable		525
Prepaid expenses		709
Total Assets		225,547,625
Liabilities
Payable for Fund shares reacquired		576,697
Accrued expenses		91,397
Distribution fee payable		50,969
Management fee payable		44,075
Affiliated transfer agent fee payable		20,354
Due to broker—variation margin futures		8,004
Total Liabilities		791,496
Net Assets	$	224,756,129
Net assets were comprised of:
Shares of beneficial interest, at par	$	13,589
Paid-in capital in excess of par		140,023,100
		140,036,689
Undistributed net investment income		829,194
Accumulated net realized gain on investment transactions		6,853,969
Net unrealized appreciation on investments		77,036,277
Net assets, April 30, 2017	$	224,756,129

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share ($102,899,532 ÷ 6,189,118 shares of beneficial interest issued and outstanding)	$	16.63
Maximum sales charge (5.50% of offering price)		0.97
Maximum offering price to public	$	17.60
Class B
Net asset value, offering price and redemption price per share
($2,327,540 ÷ 151,864 shares of beneficial interest issued and outstanding)	$	15.33
Class C
Net asset value, offering price and redemption price per share
($33,581,065 ÷ 2,188,437 shares of beneficial interest issued and outstanding)	$	15.34
Class Q
Net asset value, offering price and redemption price per share
($34,964,984 ÷ 2,057,052 shares of beneficial interest issued and outstanding)	$	17.00
Class Z
Net asset value, offering price and redemption price per share
($50,983,008 ÷ 3,002,194 shares of beneficial interest issued and outstanding)	$	16.98

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 23

Statement of Operations (unaudited)

Six Months Ended April 30, 2017

Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	2,129,485
Affiliated dividend income		13,165
Interest income		753
Income from securities lending, net (including affiliated income of $50)		389
Total income		2,143,792
Expenses
Management fee		436,953
Distribution fee—Class A		142,525
Distribution fee—Class B		11,548
Distribution fee—Class C		189,281
Transfer agent’s fees and expenses (including affiliated expense of $44,000)		123,000
Registration fees		44,000
Custodian and accounting fees		34,000
Shareholders’ reports		16,000
Audit fee		12,000
Legal fees and expenses		10,000
Trustees’ fees		7,000
Miscellaneous		7,376
Total expenses		1,033,683
Less: Expense subsidy		(101,319	)
Distribution fee waiver-Class A		(23,755	)
Net expenses		908,609
Net investment income (loss)		1,235,183
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of ($25))		6,667,668
Futures transactions		273,795
		6,941,463
Net change in unrealized appreciation (depreciation) on:
Investments		17,348,021
Futures		21,505
		17,369,526
Net gain (loss) on investment transactions		24,310,989
Net Increase (Decrease) In Net Assets Resulting From Operations	$	25,546,172

See Notes to Financial Statements.

24

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2017			Year Ended October 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,235,183		$	1,769,071
Net realized gain (loss) on investment transactions		6,941,463			8,868,421
Net change in unrealized appreciation (depreciation) on investments		17,369,526			(4,644,002	)
Net increase (decrease) in net assets resulting from operations		25,546,172			5,993,490
Dividends and Distributions
Dividends from net investment income
Class A		(856,818	)		(774,919	)
Class B		(6,885	)		(5,279	)
Class C		(126,338	)		(81,031	)
Class Z		(837,894	)		(852,298	)
		(1,827,935	)		(1,713,527	)
Distributions from net realized gains
Class A		(3,797,694	)		(4,028,233	)
Class B		(96,656	)		(123,545	)
Class C		(1,773,534	)		(1,896,176	)
Class Z		(2,963,939	)		(3,445,643	)
		(8,631,823	)		(9,493,597	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		23,557,095			26,627,981
Net asset value of shares issued in reinvestment of dividends and distributions		10,162,081			10,951,763
Cost of shares reacquired		(26,074,451	)		(40,951,564	)
Net increase (decrease) in net assets from Fund share transactions		7,644,725			(3,371,820	)
Total increase (decrease)		22,731,139			(8,585,454	)
Net Assets:
Beginning of period		202,024,990			210,610,444
End of period (a)	$	224,756,129		$	202,024,990
(a) Includes undistributed net investment income of:	$	829,194		$	1,421,946

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 25

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

The Trust currently consists of four funds: Prudential QMA Large-Cap Core Equity Fund (the “Fund”, formerly Prudential Large-Cap Core Equity Fund), Prudential Absolute Return Bond Fund, Prudential Select Real Estate Fund and Prudential Real Estate Income Fund. These financial statements relate to Prudential QMA Large-Cap Core Equity Fund, a diversified fund. The financial statements of the Prudential Absolute Return Bond Fund, Prudential Select Real Estate Fund and Prudential Real Estate Income Fund are not presented herein.

The Fund’s investment objective is long-term growth of capital.

Note 1. Accounting Policies

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

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

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

26

Common and preferred stocks, exchange-traded funds, and derivative instruments such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued

Prudential QMA Large-Cap Core Equity Fund 27

Notes to Financial Statements (unaudited) (continued)

pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

Master Netting Arrangements: The Fund may be 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

28

enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

Securities Lending: The Fund may lend 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. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an accrual basis. Expenses are recorded on the accrual basis, which may require the use of certain estimates by management that may differ from actual.

Net investment income or loss (other than distribution fees which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Dividends and Distributions: The Fund expects to pay dividends from net investment income 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 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 amongst distributions in excess of net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

Prudential QMA Large-Cap Core Equity Fund 29

Notes to Financial Statements (unaudited) (continued)

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

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

Note 2. Agreements

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

Effective December 9, 2016, the management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of .35% of the Fund’s average daily net assets up to and including $5 billion and .34% of the Fund’s average daily net assets in excess of $5 billion. Prior to December 9, 2016, the management fee paid to PGIM Investments was accrued daily and payable monthly at an annual rate of .65% of the Fund’s average daily net assets up to and including $500 million and .60% of the Fund’s average daily net assets in excess of $500 million. The effective management fee rate, before any waivers and/or expense reimbursement was .41% for the six months ended April 30, 2017. The effective management fee rate, net of waivers and/or expense reimbursement, was .32%.

Effective December 9, 2016, PGIM Investments has contractually agreed through February 28, 2018 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, transfer agency expenses (including sub-transfer agency and networking fees), taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .35% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by

30

the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

Pursuant to the Distribution plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, 1% and 1% of the average daily net assets of the Class A, Class B and C shares, respectively. PIMS has contractually agreed through February 28, 2018 to limit such fees to .25% of the averse daily net assets of the Class A shares.

PIMS has advised the Fund that it has received $42,630 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2017, it has received $569 and $2,733 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively.

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

Note 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of 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 permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM

Prudential QMA Large-Cap Core Equity Fund 31

Notes to Financial Statements (unaudited) (continued)

Investments. For the period ended April 30, 2017, PGIM, Inc. was compensated $67 for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities for six months ended April 30, 2017, were $87,483,772 and $89,089,436, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2017 were as follows:

Tax Basis	$	147,873,681
Appreciation		77,503,160
Depreciation		(520,263	)
Net Unrealized Appreciation	$	76,982,897

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

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

Note 6. Capital

The Fund offers Class A, Class B, Class C, Class Q and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.50%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Class B shares are sold with a CDSC which declines from 5% to zero depending upon the period of time the shares are held. Class B shares will automatically convert to Class A shares approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months

32

after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Q and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

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

The Trust has authorized an unlimited number of shares of beneficial interest at $.001 par value divided into five classes, designated Class A, Class B, Class C, Class Q and Class Z.

As of April 30, 2017, Prudential, through its affiliates, owned 623 shares of Class Q. At reporting period end, four shareholders of record held 52% of the Fund’s outstanding shares.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2017:
Shares sold		620,296		$	10,152,759
Shares issued in reinvestment of dividends and distributions		283,780			4,492,233
Shares reacquired		(425,432	)		(6,876,490	)
Net increase (decrease) in shares outstanding before conversion		478,644			7,768,502
Shares issued upon conversion from other share class(es)		30,798			508,727
Shares reacquired upon conversion into other share class(es)		(75,738	)		(1,226,696	)
Net increase (decrease) in shares outstanding		433,704		$	7,050,533
Year ended October 31, 2016:
Shares sold		452,917		$	6,798,596
Shares issued in reinvestment of dividends and distributions		320,176			4,668,169
Shares reacquired		(627,853	)		(9,479,684	)
Net increase (decrease) in shares outstanding before conversion		145,240			1,987,081
Shares issued upon conversion from other share class(es)		33,899			516,900
Shares reacquired upon conversion into other share class(es)		(10,357	)		(161,318	)
Net increase (decrease) in shares outstanding		168,782		$	2,342,663
Class B
Six months ended April 30, 2017:
Shares sold		29,173		$	430,864
Shares issued in reinvestment of dividends and distributions		6,633			97,048
Shares reacquired		(14,574	)		(218,178	)
Net increase (decrease) in shares outstanding before conversion		21,232			309,734
Shares reacquired upon conversion into other share class(es)		(18,480	)		(282,644	)
Net increase (decrease) in shares outstanding		2,752		$	27,090
Year ended October 31, 2016:
Shares sold		19,444		$	275,278
Shares issued in reinvestment of dividends and distributions		8,828			119,535
Shares reacquired		(26,494	)		(365,317	)
Net increase (decrease) in shares outstanding before conversion		1,778			29,496
Shares reacquired upon conversion into other share class(es)		(34,070	)		(480,472	)
Net increase (decrease) in shares outstanding		(32,292	)	$	(450,976	)

Prudential QMA Large-Cap Core Equity Fund 33

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2017:
Shares sold		131,827		$	1,975,588
Shares issued in reinvestment of dividends and distributions		124,849			1,829,037
Shares reacquired		(597,045	)		(8,946,758	)
Net increase (decrease) in shares outstanding before conversion		(340,369	)		(5,142,133	)
Shares reacquired upon conversion into other share class(es)		(211,112	)		(3,155,511	)
Net increase (decrease) in shares outstanding		(551,481	)	$	(8,297,644	)
Year ended October 31, 2016:
Shares sold		247,662		$	3,502,745
Shares issued in reinvestment of dividends and distributions		141,301			1,916,041
Shares reacquired		(260,669	)		(3,626,640	)
Net increase (decrease) in shares outstanding before conversion		128,294			1,792,146
Shares reacquired upon conversion into other share class(es)		(23,953	)		(341,855	)
Net increase (decrease) in shares outstanding		104,341		$	1,450,291
Class Q
Period ended April 30, 2017*:
Shares sold		254,643		$	4,261,079
Shares reacquired		(75,131	)		(1,257,337	)
Net increase (decrease) in shares outstanding before conversion		179,512			3,003,742
Shares issued upon conversion from other share class(es)		1,877,540			30,153,300
Net increase (decrease) in shares outstanding		2,057,052		$	33,157,042
Class Z
Six months ended April 30, 2017:
Shares sold		411,041		$	6,736,805
Shares issued in reinvestment of dividends and distributions		231,812			3,743,763
Shares reacquired		(532,509	)		(8,775,688	)
Net increase (decrease) in shares outstanding before conversion		110,344			1,704,880
Shares issued upon conversion from other share class(es)		251,818			4,156,125
Shares reacquired upon conversion into other share class(es)		(1,877,540	)		(30,153,300	)
Net increase (decrease) in shares outstanding		(1,515,378	)	$	(24,292,295	)
Year ended October 31, 2016:
Shares sold		1,054,880		$	16,051,362
Shares issued in reinvestment of dividends and distributions		285,869			4,248,018
Shares reacquired		(1,783,223	)		(27,479,923	)
Net increase (decrease) in shares outstanding before conversion		(442,474	)		(7,180,543	)
Shares issued upon conversion from other shares class(es)		30,619			482,907
Shares reacquired upon conversion into other share class(es)		(1,046	)		(16,162	)
Net increase (decrease) in shares outstanding		(412,901	)	$	(6,713,798	)

* Commencement of operations was December 28, 2016.

34

Note 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 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .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.

The Fund did not utilize the SCA during the six months ended April 30, 2017.

Note 8. Recent Accounting Pronouncements and Reporting Updates

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Note 9. Other

At the Series’ Board meeting in March, 2017, the Board of Directors approved a change in the methodology of allocating certain expenses, like Transfer Agent fees (including sub-transfer agent and networking fees) and Blue Sky fees. The impact to the net assets of the Fund and individual share classes is not ascertainable at the present time. PGIM Investments expects to implement the changes by December 31, 2017.

Prudential QMA Large-Cap Core Equity Fund 35

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.49			$15.92			$16.55			$15.23			$12.70			$11.84
Income (loss) from investment operations:
Net investment income (loss)		.10			.14			.14			.11			.14			.11
Net realized and unrealized gain (loss) on investment transactions		1.86			.29			.55			2.46			3.01			1.65
Total from investment operations		1.96			.43			.69			2.57			3.15			1.76
Less Dividends and Distributions:
Dividends from net investment income		(.15	)		(.14	)		(.11	)		(.13	)		(.13	)		(.11	)
Distributions from net realized gains		(.67	)		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)
Total dividends and distributions		(.82	)		(.86	)		(1.32	)		(1.25	)		(.62	)		(.90	)
Net asset value, end of period		$16.63			$15.49			$15.92			$16.55			$15.23			$12.70
Total Return(b):		12.92%			3.02%			4.20%			18.09%			26.00%			16.16%
Ratios/Supplemental Data:
Net assets, end of period (000)		$102,900			$89,169			$88,920			$88,561			$81,558			$70,475
Average net assets (000)		$95,809			$88,443			$90,171			$86,047			$76,459			$65,277
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.82%	(d)		1.17%			1.14%			1.16%			1.20%			1.20%
Expenses before waivers and/or expense reimbursement		.96%	(d)		1.22%			1.19%			1.21%			1.30%			1.40%
Net investment income (loss)		1.19%	(d)		.91%			.89%			.74%			.99%			.95%
Portfolio turnover rate		41%	(e)		89%			112%			91%			94%			89%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

36

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$14.30			$14.75			$15.43			$14.29			$11.96			$11.20
Income (loss) from investment operations:
Net investment income (loss)		.04			.03			.02			-	(d)		.03			.03
Net realized and unrealized gain (loss) on investment transactions		1.71			.27			.51			2.29			2.84			1.55
Total from investment operations		1.75			.30			.53			2.29			2.87			1.58
Less Dividends and Distributions:
Dividends from net investment income		(.05	)		(.03	)		-	(d)		(.03	)		(.05	)		(.03	)
Distributions from net realized gains		(.67	)		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)
Total dividends and distributions		(.72	)		(.75	)		(1.21	)		(1.15	)		(.54	)		(.82	)
Net asset value, end of period		$15.33			$14.30			$14.75			$15.43			$14.29			$11.96
Total Return(b):		12.45%			2.31%			3.42%			17.16%			25.02%			15.29%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,328			$2,132			$2,676			$3,052			$3,275			$3,029
Average net assets (000)		$2,329			$2,348			$3,018			$3,150			$3,085			$3,496
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.57%	(f)		1.92%			1.89%			1.91%			1.95%			1.95%
Expenses before waivers and/or expense reimbursement		1.65%	(f)		1.92%			1.89%			1.91%			2.00%			2.11%
Net investment income (loss)		.46%	(f)		.19%			.15%			-	(e)		.25%			.22%
Portfolio turnover rate		41%	(g)		89%			112%			91%			94%			89%

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

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

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

(d) Less than $.005 per share.

(e) Less than .005%.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 37

Financial Highlights (unaudited)(continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$14.31			$14.77			$15.45			$14.30			$11.97			$11.21
Income (loss) from investment operations:
Net investment income (loss)		.04			.02			.02			-	(d)		.03			.02
Net realized and unrealized gain (loss) on investment transactions		1.71			.27			.51			2.30			2.84			1.56
Total from investment operations		1.75			.29			.53			2.30			2.87			1.58
Less Dividends and Distributions:
Dividends from net investment income		(.05	)		(.03	)		-	(d)		(.03	)		(.05	)		(.03	)
Distributions from net realized gains		(.67	)		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)
Total dividends and distributions		(.72	)		(.75	)		(1.21	)		(1.15	)		(.54	)		(.82	)
Net asset value, end of period		$15.34			$14.31			$14.77			$15.45			$14.30			$11.97
Total Return(b):		12.44%			2.24%			3.42%			17.21%			24.99%			15.28%
Ratios/Supplemental Data:
Net assets, end of period (000)		$33,581			$39,218			$38,919			$37,681			$32,128			$20,134
Average net assets (000)		$38,174			$38,344			$38,738			$35,817			$23,702			$20,445
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.57%	(e)		1.92%			1.89%			1.91%			1.95%			1.95%
Expenses before waivers and/or expense reimbursement		1.67%	(e)		1.92%			1.89%			1.91%			2.00%			2.10%
Net investment income (loss)		.46%	(e)		.16%			.14%			(.01)%			.20%			.20%
Portfolio turnover rate		41%	(f)		89%			112%			91%			94%			89%

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

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

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

38

Class Q Shares
	December 28, 2016(a) through April 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.06
Income (loss) from investment operations:
Net investment income (loss)		.08
Net realized and unrealized gain (loss) on investments		.86
Total from investment operations		.94
Net asset value, end of period		$17.00
Total Return(c):		5.85%
Ratios/Supplemental Data:
Net assets, end of period (000)		$34,965
Average net assets (000)		$31,839
Ratios to average net assets:
Expense after waivers and/or expense reimbursement		.35%	(d)
Expense before waivers and/or expense reimbursement		.47%	(d)
Net investment income (loss)		.96%	(d)
Portfolio turnover rate		41%	(e)

(a) Commencement of operations.

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential QMA Large-Cap Core Equity Fund 39

Financial Highlights (unaudited)(continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2017			2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$15.83			$16.24			$16.86			$15.49			$12.91			$12.03
Income (loss) from investment operations:
Net investment income (loss)		.12			.18			.18			.16			.17			.15
Net realized and unrealized gain (loss) on investment transactions		1.89			.31			.55			2.49			3.06			1.67
Total from investment operations		2.01			.49			.73			2.65			3.23			1.82
Less Dividends and Distributions:
Dividends from net investment income		(.19	)		(.18	)		(.14	)		(.16	)		(.16	)		(.15	)
Distributions from net realized gains		(.67	)		(.72	)		(1.21	)		(1.12	)		(.49	)		(.79	)
Total dividends and distributions		(.86	)		(.90	)		(1.35	)		(1.28	)		(.65	)		(.94	)
Net asset value, end of period		$16.98			$15.83			$16.24			$16.86			$15.49			$12.91
Total Return(b):		12.96%			3.35%			4.41%			18.39%			26.28%			16.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$50,983			$71,506			$80,096			$42,134			$34,851			$34,551
Average net assets (000)		$56,894			$75,803			$57,677			$38,052			$37,799			$32,953
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.59%	(d)		.92%			.89%			.91%			.95%			.95%
Expenses before waivers and/or expense reimbursement		.68%	(d)		.92%			.89%			.91%			1.00%			1.10%
Net investment income (loss)		1.50%	(d)		1.18%			1.12%			.99%			1.25%			1.21%
Portfolio turnover rate		41%	(e)		89%			112%			91%			94%			89%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

40

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Quantitative Management Associates LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL QMA LARGE-CAP CORE EQUITY FUND

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

MF187E2    

     PRUDENTIAL REAL ESTATE INCOME FUND

SEMIANNUAL REPORT

APRIL 30, 2017

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

Objective: To seek income and capital appreciation

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

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

The accompanying financial statements as of April 30, 2017 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Real Estate Income Fund informative and useful. The report covers performance for the six-month period ended April 30, 2017. We are proud to announce that Prudential Investments became PGIM^® Investments, effective April 3, 2017. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and the management and operation did not change.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial adviser 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. We’re part of PGIM, the 9th-largest 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

Prudential Real Estate Income Fund

June 15, 2017

Prudential Real Estate Income Fund 3

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/17 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 4/30/17 (with sales charges)
		One Year (%)	Since Inception (%)
Class A	2.47	2.09	0.46 (6/3/15)
Class C	2.11	6.24	2.74 (6/3/15)
Class Q	5.22**	N/A	N/A (12/28/16)
Class Z	2.70	8.40	3.78 (6/3/15)
Custom Blend Index	3.06	2.61	—
Lipper Global Real Estate Funds Average	3.56	2.54	—

*Not annualized

**Since inception

Source: PGIM Investments LLC and Lipper Inc.

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

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

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

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Benchmark Definitions

Custom Blend Index—The Custom Blend Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Real Estate Net Index (80%), which is an unmanaged index and reflects the stock performance of companies engaged in specific aspects of the major real estate markets/regions of the world; and the BofA Merrill Lynch 7% Constrained REIT Preferred Securities Index (20%), which is an unmanaged index that is a subset of the BofA Merrill Lynch Fixed Rate Preferred Securities Index including all REIT-issued preferred securities. The average annual total return for the Custom Blend Index measured from the month-end closest to the inception date through 4/30/17 is 3.78% for Class A, Class C, and Class Z shares. Class Q shares have been in existence for less than one year and have no average annual total return performance information available.

Lipper Global Real Estate Funds Average—The Lipper Global Real Estate Funds Average includes funds that invest at least 25% but less than 75% of their equity portfolios in shares of companies engaged in the real estate industry that are strictly outside of the US or whose securities are principally traded outside of the US. The average annual total return for the Lipper Average measured from the month-end closest to the inception date through 4/30/17 is 2.33% for Class A, Class C, and Class Z shares. Class Q shares have been in existence for less than one year and have no average annual total return performance information available.

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

Five Largest Holdings expressed as a percentage of net assets as of 4/30/17 (%)
Community Healthcare Trust, Inc., Health Care REITs	6.4
MedEquities Realty Trust, Inc., Health Care REITs	5.9
Omega Healthcare Investors, Inc., Health Care REITs	5.1
Cache Logistics Trust (Singapore), Industrial REITs	4.6
Medical Properties Trust, Inc., Health Care REITs	4.5

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/17 (%)
Health Care REITs	29.5
Retail REITs	23.2
Hotel & Resort REITs	17.5
Industrial REITs	13.6
Diversified REITs	10.2

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

Prudential Real Estate Income Fund 5

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, 2017. 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 Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses

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

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

Prudential Real Estate Income Fund		Beginning  Account Value November 1, 2016		Ending  Account Value April 30, 2017	Annualized Expense  Ratio Based on the Six-Month Period	Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$1,024.70	1.35%	$	6.78
	Hypothetical	$	1,000.00	$1,018.10	1.35%	$	6.76
Class C	Actual	$	1,000.00	$1,021.10	2.10%	$	10.52
	Hypothetical	$	1,000.00	$1,014.38	2.10%	$	10.49
Class Q	Actual**	$	1,000.00	$1,052.20	1.10%	$	3.80
	Hypothetical	$	1,000.00	$1,019.34	1.10%	$	5.51
Class Z	Actual	$	1,000.00	$1,027.00	1.10%	$	5.53
	Hypothetical	$	1,000.00	$1,019.34	1.10%	$	5.51

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2017, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**”Actual” expenses are calculated using the 123 day period ended April 30, 2017 due to the Fund’s inception date of December 28, 2016.

Prudential Real Estate Income Fund 7

Schedule of Investments (unaudited)

as of April 30, 2017

Description	Shares		Value
LONG-TERM INVESTMENTS    99.8%
COMMON STOCKS    81.1%
Diversified REITs    7.7%
Lexington Realty Trust		20,482	$	208,302
Spirit Realty Capital, Inc.		40,824		384,562
Suntec Real Estate Investment Trust (Singapore)		155,068		196,371
				789,235
Health Care REITs    29.5%
Care Capital Properties, Inc.		8,970		241,024
Community Healthcare Trust, Inc.		26,471		654,363
MedEquities Realty Trust, Inc.		51,241		605,669
Medical Properties Trust, Inc.		35,623		465,593
Omega Healthcare Investors, Inc.		15,819		522,027
Physicians Realty Trust		4,880		95,843
Sabra Health Care		4,126		112,186
Senior Housing Properties Trust		11,740		252,645
Ventas, Inc.		1,439		92,110
				3,041,460
Hotel & Resort REITs    14.4%
Chesapeake Lodging Trust		14,697		342,587
DiamondRock Hospitality Co.		9,104		100,235
Invincible Investment Corp. (Japan)		897		343,577
MGM Growth Properties LLC (Class A Stock)		12,506		357,922
Park Hotels & Resorts, Inc.		13,185		338,459
				1,482,780
Industrial REITs    9.9%
Ascendas Real Estate Investment Trust (Singapore)		68,400		125,363
Cache Logistics Trust (Singapore)		766,596		474,456
Frasers Logistics & Industrial Trust (Singapore)		313,646		226,585
STAG Industrial, Inc.		7,383		194,616
				1,021,020
Office REITs    2.9%
alstria office REIT-AG (Germany)		7,255		95,951
Keppel REIT (Singapore)		262,968		199,467
				295,418
Residential REITs    0.0%
Empiric Student Property PLC (United Kingdom)		302		428

See Notes to Financial Statements.

Prudential Real Estate Income Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Retail REITs    16.7%
CBL & Associates Properties, Inc.		25,805	$	238,696
DDR Corp.		28,399		306,993
Eurocommercial Properties NV (Netherlands)		5,098		198,086
Mapletree Commercial Trust (Singapore)		180,997		206,662
Retail Properties of America, Inc. (Class A Stock)		5,916		78,920
Slate Retail REIT (Canada)		10,608		116,334
Starhill Global REIT (Singapore)		309,747		170,653
Washington Prime Group, Inc.		28,245		248,556
Wereldhave NV (Netherlands)		3,419		157,431
				1,722,331
TOTAL COMMON STOCKS (cost $8,285,514)				8,352,672
PREFERRED STOCKS    18.7%
Diversified REITs    2.5%
Gramercy Property Trust		9,700		256,856
Hotel & Resort REITs    3.1%
Pebblebrook Hotel Trust(a)		3,348		86,278
Sunstone Hotel Investors, Inc.(a)		8,900		228,196
				314,474
Industrial REITs    3.7%
Monmouth Real Estate Investment Corp.		3,600		90,576
Rexford Industrial Realty, Inc.		5,800		145,006
STAG Industrial, Inc.		5,350		143,701
				379,283
Residential REITs    2.9%
American Homes 4 Rent		11,550		298,568
Retail REITs    6.5%
CBL & Associates Properties, Inc.(a)		1,650		38,527
Cedar Realty Trust, Inc.(a)		6,450		165,378
GGP, Inc.		7,200		182,376
Pennsylvania Real Estate Investment Trust		11,000		285,560
				671,841

See Notes to Financial Statements.

10

Description	Shares		Value
PREFERRED STOCKS (Continued)
Specialized REITs    0.0%
DuPont Fabros Technology, Inc.		13	$	356
TOTAL PREFERRED STOCKS (cost $1,882,978)				1,921,378
TOTAL LONG-TERM INVESTMENTS (cost $10,168,492)				10,274,050
SHORT-TERM INVESTMENTS    3.0%
AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		78,115		78,115
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $227,011; includes $226,735 of cash collateral for securities on loan)(b)(w)		226,965		227,010
TOTAL SHORT-TERM INVESTMENTS (cost $305,126)				305,125
TOTAL INVESTMENTS    102.8% (cost $10,473,618)				10,579,175
Liabilities in excess of other assets    (2.8)%				(283,950	)
NET ASSETS    100.0%			$	10,295,225

The following abbreviations are used in the semiannual report:

REITs—Real Estate Investment Trusts

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $222,004; cash collateral of $226,735 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

Prudential Real Estate Income Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

The following is a summary of the inputs used as of April 30, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified REITs	$	592,864	$	196,371	$	—
Health Care REITs		3,041,460		—		—
Hotel & Resort REITs		1,139,203		343,577		—
Industrial REITs		194,616		826,404		—
Office REITs		—		295,418		—
Residential REITs		—		428		—
Retail REITs		989,499		732,832		—
Preferred Stocks
Diversified REITs		256,856		—		—
Hotel & Resort REITs		314,474		—		—
Industrial REITs		379,283		—		—
Residential REITs		298,568		—		—
Retail REITs		671,841		—		—
Specialized REITs		356		—		—
Affiliated Mutual Funds		305,125		—		—
Total	$	8,184,145	$	2,395,030	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

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, 2017 were as follows:

Health Care REITs	29.5	%
Retail REITs	23.2
Hotel & Resort REITs	17.5
Industrial REITs	13.6
Diversified REITs	10.2
Affiliated Mutual Funds (including 2.2% of collateral for securities on loan)	3.0
Residential REITs	2.9	%
Office REITs	2.9
Specialized REITs	0.0	*
	102.8
Liabilities in excess of other assets	(2.8	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

12

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

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

Offsetting of financial instruments/transactions assets and liabilities:

Description	Gross Amounts of Recognized Assets(1)		Collateral Received(2)			Net Amount
Securities on Loan	$	222,004	$	(222,004	)	$	—

(1) Amount represents marktet value.

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

See Notes to Financial Statements.

Prudential Real Estate Income Fund 13

Statement of Assets & Liabilities (unaudited)

as of April 30, 2017

Assets
Investments at value, including securities on loan of $222,004:
Unaffiliated investments (cost $10,168,492)	$	10,274,050
Affiliated investments (cost $305,126)		305,125
Dividends and interest receivable		31,353
Receivable from advisor		8,131
Tax reclaim receivable		1,698
Prepaid expenses		275
Total assets		10,620,632
Liabilities
Payable to broker for collateral for securities on loan		226,735
Payable for investments purchased		69,124
Accrued expenses and other liabilities		28,942
Distribution fee payable		403
Affiliated transfer agent fee payable		203
Total liabilities		325,407
Net Assets	$	10,295,225
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,064
Paid-in capital in excess of par		10,342,233
		10,343,297
Distributions in excess of net investment income		(75,980	)
Accumulated net realized loss on investment and foreign currency transactions		(77,601	)
Net unrealized appreciation on investments and foreign currencies		105,509
Net assets, April 30, 2017	$	10,295,225

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($702,138 ÷ 72,576 shares of beneficial interest issued and outstanding)	$	9.67
Maximum sales charge (5.50% of offering price)		0.56
Maximum offering price to public	$	10.23
Class C
Net asset value, offering price and redemption price per share, ($301,185 ÷ 31,132 shares of beneficial interest issued and outstanding)	$	9.67
Class Q
Net asset value, offering price and redemption price per share, ($10,521 ÷ 1,087 shares of beneficial interest issued and outstanding)	$	9.68
Class Z
Net asset value, offering price and redemption price per share, ($9,281,381 ÷ 958,920 shares of beneficial interest issued and outstanding)	$	9.68

See Notes to Financial Statements.

Prudential Real Estate Income Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2017

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $7,096)	$	234,645
Income from securities lending, net (including affiliated income of $86)		905
Affiliated dividend income		666
Total income		236,216
Expenses
Management fee		35,242
Distribution fee—Class A		1,071
Distribution fee—Class C		1,579
Registration fees		28,000
Custodian and accounting fees		26,000
Audit fee		15,000
Legal fees and expenses		12,000
Shareholders’ reports		11,000
Trustees’ fees		5,000
Transfer agent’s fees and expenses (including affiliated expense of $500)		1,000
Miscellaneous		7,656
Total expenses		143,548
Less: Management fee waiver and/or expense reimbursement		(92,441	)
Distribution fee waiver—Class A		(179	)
Net expenses		50,928
Net investment income (loss)		185,288
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $41)		14,859
Foreign currency transactions		(166	)
		14,693
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(33))		138,475
Foreign currencies		2
		138,477
Net gain (loss) on investment and foreign currency transactions		153,170
Net Increase (Decrease) In Net Assets Resulting From Operations	$	338,458

See Notes to Financial Statements.

16

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2017			Year Ended October 31, 2016
Increase (Decrease) In Net Assets
Operations
Net investment income (loss)	$	185,288		$	206,945
Net realized gain (loss) on investment and foreign currency transactions		14,693			55,424
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		138,477			103,089
Net increase (decrease) in net assets resulting from operations		338,458			365,458
Dividends from net investment income
Class A		(16,833	)		(11,790	)
Class C		(6,371	)		(6,735	)
Class Q		(149	)		—
Class Z		(205,227	)		(308,719	)
		(228,580	)		(327,244	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		4,026,057			1,198,822
Net asset value of shares issued in reinvestment of dividends and distributions		227,375			327,133
Cost of shares reacquired		(538,044	)		(26,047	)
Net increase (decrease) in net assets from Fund share transactions		3,715,388			1,499,908
Total increase (decrease)		3,825,266			1,538,122
Net Assets:
Beginning of period		6,469,959			4,931,837
End of period	$	10,295,225		$	6,469,959

See Notes to Financial Statements.

Prudential Real Estate Income Fund 17

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of four portfolios: Prudential Select Real Estate Fund, Prudential Real Estate Income Fund, Prudential QMA Large-Cap Core Equity Fund and Prudential Absolute Return Bond Fund. These financial statements relate only to Prudential Real Estate Income Fund (the “Fund”). The financial statements of the other portfolios are not presented herein. The Trust was organized as a business trust in Delaware on September 18, 1998. The Fund commenced investment operations on June 3, 2015.

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

Note 1. Accounting Policies

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

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

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

18

Common and preferred stocks, exchange-traded funds, and derivative instruments such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

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

Prudential Real Estate Income Fund 19

Notes to Financial Statements (unaudited) (continued)

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.

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

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.

20

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in 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. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

Net investment income or loss (other than distribution fees which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

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

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

Concentration of Risk for REITs: Real estate securities are subject to the same 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

Prudential Real Estate Income Fund 21

Notes to Financial Statements (unaudited) (continued)

subject to the risks of default or of prepayments 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 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 REITs, while mortgage REITs may be affected by the quality of any credit extended. 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. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

Dividends and Distributions: The Fund expects to pay dividends from net investment income quarterly. Distributions from net realized capital and currency gains, if any, are declared and paid annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and 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 amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

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 are recorded, net of reclaimable amounts, at the time the related income is earned.

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

Note 2. Agreements

The Trust, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investments

22

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of .80% of the Fund’s average daily net assets up to and including $1 billion, .78% of the next $2 billion, .76% of the next $2 billion, .75% of the next $5 billion and .74% of the Fund’s average daily net assets in excess of $10 billion. For the six months ended April 30, 2017, the effective management fee rate before any waivers and/or expense reimbursement was .80%. For the six months ended April 30, 2017, the waiver and/or expense reimbursement exceeded the effective management fee rate.

PGIM Investments has contractually agreed through February 28, 2018 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to 1.10% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30% and 1% of the average daily net assets of the Class A and C shares, respectively. PIMS has contractually agreed through February 28, 2018 to limit such fees to .25% of the average daily net assets of Class A shares.

PIMS has advised the Fund that it has received $5,012 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2017, it has received $203 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

Prudential Real Estate Income Fund 23

Notes to Financial Statements (unaudited) (continued)

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

Note 3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and its securities lending cash collateral in the 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. For the period ended April 30, 2017, PGIM, Inc., was compensated $58 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the six months ended April 30, 2017, were $8,977,674 and $5,238,620, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2017 were as follows:

Tax Basis	$	10,591,140
Appreciation		377,414
Depreciation		(389,379	)
Net Unrealized Depreciation	$	(11,965	)

24

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, 2016 of approximately $21,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

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

Note 6. Capital

The Fund offers Class A, Class C, Class Q and Class Z shares. Class A shares are sold with a frontend sales charge of up to 5.50%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A shares CDSC is waived for purchases by certain retirement and/or benefit plans. Class C shares are sold with a CDSC of 1% on shares redeemed within the first 12 months of purchase. Class Q and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for a sale to a limited group of investors.

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

The Trust has authorized an unlimited number of shares of beneficial interest, $.001 par value per share, divided into classes, designated Class A, Class C, Class Q and Class Z.

As of April 30, 2017, Prudential, through its affiliates, owned 1,104 of Class A, 1,089 of Class C, 1,087 of Class Q and 555,634 of Class Z shares of the Fund, respectively. At reporting period end, two shareholders of record held 90% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Prudential Real Estate Income Fund 25

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2017:
Shares sold		22,203		$	210,187
Shares issued in reinvestment of dividends and distributions		1,678			16,158
Shares reacquired		(17,196	)		(165,729	)
Net increase (decrease) in shares outstanding		6,685		$	60,616
Year ended October 31, 2016:
Shares sold		63,740		$	626,085
Shares issued in reinvestment of dividends and distributions		1,199			11,679
Shares reacquired		(2,470	)		(24,165	)
Net increase (decrease) in shares outstanding		62,469		$	613,599
Class C
Six months ended April 30, 2017:
Shares sold		10,582		$	99,325
Shares issued in reinvestment of dividends and distributions		663			6,371
Shares reacquired		(12,359	)		(118,304	)
Net increase (decrease) in shares outstanding before conversion		(1,114	)		(12,608	)
Shares reacquired upon conversion into other share class(es)		(1,001	)		(9,843	)
Net increase (decrease) in shares outstanding		(2,115	)	$	(22,451	)
Year ended October 31, 2016:
Shares sold		31,258		$	296,223
Shares issued in reinvestment of dividends and distributions		689			6,735
Shares reacquired		(31	)		(313	)
Net increase (decrease) in shares outstanding before conversion		31,916		$	302,645
Class Q
Period ended April 30, 2017*:
Shares sold		1,072		$	10,000
Shares issued in reinvestment of dividends and distributions		15			149
Net increase (decrease) in shares outstanding		1,087		$	10,149
Class Z
Six months ended April 30, 2017:
Shares sold		392,452		$	3,706,545
Shares issued in reinvestment of dividends and distributions		21,216			204,697
Shares reacquired		(26,154	)		(254,011	)
Net increase (decrease) in shares outstanding before conversion		387,514			3,657,231
Shares issued upon conversion from other share class(es)		999			9,843
Net increase (decrease) in shares outstanding		388,513		$	3,667,074
Year ended October 31, 2016:
Shares sold		28,115		$	276,514
Shares issued in reinvestment of dividends and distributions		32,928			308,719
Shares reacquired		(155	)		(1,569	)
Net increase (decrease) in shares outstanding before conversion		60,888		$	583,664

* Commencement of operations was December 28, 2016.

26

Note 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 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .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 each 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.

The Fund did not utilize the SCA during the six months ended April 30, 2017.

Note 8. Recent Accounting Pronouncements and Reporting Updates

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Note 9. Other

At the Trust’s Board meeting in March, 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent fees (including sub-transfer agent and networking fees) and Blue Sky fees. The impact to the net assets of the Fund and individual share classes is not ascertainable at the present time. PGIM Investments expects to implement the changes by December 31, 2017.

Prudential Real Estate Income Fund 27

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2017			Year Ended October 31, 2016			June 3, 2015(b) through October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.20			.24			.13
Net realized and unrealized gain (loss) on investment transactions		.04			.39			(.38	)
Total from investment operations		.24			.63			(.25	)
Less Dividends:
Dividends from net investment income		(.23	)		(.56	)		(.16	)
Net asset value, end of period		$9.67			$9.66			$9.59
Total Return(a)		2.47%			6.92%			(2.55)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$702			$637			$33
Average net assets (000)		$720			$186			$24
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.35%	(e)		1.35%			1.36%	(e)
Expense before waivers and/or expense reimbursement		3.51%	(e)		3.37%			9.50%	(e)
Net investment income (loss)		4.11%	(e)		2.45%			3.15%	(e)
Portfolio turnover rate		59%	(f)		113%			98%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

28

Class C Shares
	Six Months Ended April 30, 2017			Year Ended October 31, 2016			June 3, 2015(b) through October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.66			$9.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.16			.19			.11
Net realized and unrealized gain (loss) on investment transactions		.04			.38			(.40	)
Total from investment operations		.20			.57			(.29	)
Less Dividends:
Dividends from net investment income		(.19	)		(.49	)		(.13	)
Net asset value, end of period		$9.67			$9.66			$9.58
Total Return(a)		2.11%			6.22%			(2.91)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$301			$321			$13
Average net assets (000)		$318			$151			$11
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		2.10%	(e)		2.10%			2.13%	(e)
Expense before waivers and/or expense reimbursement		4.22%	(e)		4.78%			10.11%	(e)
Net investment income (loss)		3.40%	(e)		1.98%			2.87%	(e)
Portfolio turnover rate		59%	(f)		113%			98%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Real Estate Income Fund 29

Financial Highlights (unaudited) (continued)

Class Q Shares
	December 28, 2016(b) through April 30, 2017
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.33
Income (loss) from investment operations:
Net investment income (loss)		.10
Net realized and unrealized gain (loss) on investment transactions		.39
Total from investment operations		.49
Less Dividends:
Dividends from net investment income		(.14	)
Net asset value, end of period		$9.68
Total Return(a)		5.22%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11
Average net assets (000)		$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.10%	(e)
Expense before waivers and/or expense reimbursement		3.02%	(e)
Net investment income (loss)		3.20%	(e)
Portfolio turnover rate		59%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

30

Class Z Shares
	Six Months Ended April 30, 2017			Year Ended October 31, 2016			June 3, 2015(b) through October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.20			.38			.16
Net realized and unrealized gain (loss) on investment transactions		.06			.28			(.41	)
Total from investment operations		.26			.66			(.25	)
Less Dividends:
Dividends from net investment income		(.24	)		(.59	)		(.16	)
Net asset value, end of period		$9.68			$9.66			$9.59
Total Return(a)		2.70%			7.19%			(2.47)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,281			$5,512			$4,886
Average net assets (000)		$7,838			$5,008			$4,868
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.10%	(e)		1.10%			1.10%	(e)
Expense before waivers and/or expense reimbursement		3.20%	(e)		4.85%			8.98%	(e)
Net investment income (loss)		4.25%	(e)		3.98%			4.08%	(e)
Portfolio turnover rate		59%	(f)		113%			98%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Real Estate Income Fund 31

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Real Estate	7 Giralda Farms Madison, NJ 07940
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month.

Mutual Funds:

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

PRUDENTIAL REAL ESTATE INCOME FUND

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

MF228E2    

     PRUDENTIAL SELECT REAL ESTATE FUND

SEMIANNUAL REPORT

APRIL 30, 2017

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

Objective: Capital appreciation and income

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

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

The accompanying financial statements as of April 30, 2017 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Select Real Estate Fund informative and useful. The report covers performance for the six-month period ended April 30, 2017. We are proud to announce that Prudential Investments became PGIM^® Investments, effective April 3, 2017. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and the management and operation did not change.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial adviser 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. We’re part of PGIM, the 9th-largest 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

Prudential Select Real Estate Fund

June 15, 2017

Prudential Select Real Estate Fund 3

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/17 (without sales charges)	Average Annual Total Returns as of 4/30/17 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	3.79	–1.52	2.12 (8/1/14)
Class C	3.31	2.34	3.43 (8/1/14)
Class Q	3.84	4.40	4.47 (8/1/14)
Class Z	3.89	4.44	4.52 (8/1/14)
FTSE EPRA/NAREIT Developed Real Estate Net Index**	3.28	2.13	3.29
S&P 500 Index	13.31	17.90	10.27
S&P Developed Property Net Index**	4.09	3.11	3.78
Lipper Global Real Estate Funds Average	3.56	2.54	3.13

*Not annualized

**The Fund’s primary benchmark is the FTSE EPRA/NAREIT Developed Real Estate Net Index and the S&P Developed Property Net Index has been discontinued as a benchmark for the Fund. The Fund’s Manager believes that the FTSE EPRA/NAREIT Developed Real Estate Net Index provides a more appropriate basis for Fund performance comparisons.

Source: PGIM Investments LLC and Lipper Inc.

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

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

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

Benchmark Definitions

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

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

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

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

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

Prudential Select Real Estate Fund 5

Your Fund’s Performance (continued)

Five Largest Holdings expressed as a percentage of net assets as of 4/30/17 (%)
Hudson Pacific Properties, Inc., Office REITs	3.8
Camden Property Trust, Residential REITs	3.6
Equity Residential, Residential REITs	3.4
Federal Realty Investment Trust, Retail REITs	3.4
CubeSmart, Specialized REITs	3.3

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/17 (%)
Retail REITs	18.5
Residential REITs	16.0
Specialized REITs	13.5
Diversified REITs	11.9
Office REITs	9.8

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

6 Visit our website at pgiminvestments.com

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2017. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Prudential Select Real Estate Fund 7

Fees and Expenses (continued)

expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential  Select Real Estate Fund		Beginning  Account Value November 1, 2016		Ending  Account Value April 30, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,037.90		1.30	%	$	6.57
	Hypothetical	$	1,000.00	$	1,018.35		1.30	%	$	6.51
Class C	Actual	$	1,000.00	$	1,033.10		2.05	%	$	10.33
	Hypothetical	$	1,000.00	$	1,014.63		2.05	%	$	10.24
Class Q	Actual	$	1,000.00	$	1,038.40		1.05	%	$	5.31
	Hypothetical	$	1,000.00	$	1,019.59		1.05	%	$	5.26
Class Z	Actual	$	1,000.00	$	1,038.90		1.05	%	$	5.31
	Hypothetical	$	1,000.00	$	1,019.59		1.05	%	$	5.26

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2017, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2017 (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, 2017

Description	Shares		Value
LONG-TERM INVESTMENTS    99.3%
COMMON STOCKS
Diversified Real Estate Activities    3.6%
Sumitomo Realty & Development Co. Ltd. (Japan)		4,215	$	113,871
Sun Hung Kai Properties Ltd. (Hong Kong)		7,034		105,404
				219,275
Diversified REITs    11.9%
Empire State Realty Trust, Inc. (Class A Stock)		4,439		92,331
Forest City Realty Trust, Inc. (Class A Stock)		8,350		188,710
Hibernia REIT PLC (Ireland)		70,630		98,067
ICADE (France)		838		62,227
Spirit Realty Capital, Inc.		17,500		164,850
Suntec Real Estate Investment Trust (Singapore)		100,675		127,490
				733,675
Health Care REITs    9.5%
Community Healthcare Trust, Inc.		2,511		62,072
MedEquities Realty Trust, Inc.		10,690		126,356
Medical Properties Trust, Inc.		11,329		148,070
Omega Healthcare Investors, Inc.		1,700		56,100
Physicians Realty Trust		4,720		92,701
Ventas, Inc.		1,500		96,015
				581,314
Hotel & Resort REITs    5.2%
MGM Growth Properties LLC (Class A Stock)		6,000		171,720
Park Hotels & Resorts, Inc.		5,900		151,453
				323,173
Industrial REITs    5.8%
LaSalle Logiport REIT (Japan)		97		92,138
Rexford Industrial Realty, Inc.		5,566		138,816
STAG Industrial, Inc.		4,700		123,892
				354,846
Office REITs    9.8%
Columbia Property Trust, Inc.		5,500		123,750
Hudson Pacific Properties, Inc.		6,800		233,648
Keppel REIT (Singapore)		160,630		121,842
SL Green Realty Corp.		1,200		125,916
				605,156

See Notes to Financial Statements.

Prudential Select Real Estate Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Development    1.4%
Kennedy Wilson Europe Real Estate PLC (United Kingdom)		6,414	$	86,304
Real Estate Operating Companies    4.1%
First Capital Realty, Inc. (Canada)		9,300		135,169
TLG Immobilien AG (Germany)		5,698		115,299
				250,468
Residential REITs    16.0%
Camden Property Trust		2,700		222,291
Empiric Student Property PLC (United Kingdom)		83,283		118,139
Equity Residential		3,280		211,822
Invitation Homes, Inc.*		5,000		107,750
Irish Residential Properties REIT PLC (Ireland)		73,398		104,720
Mid-America Apartment Communities, Inc.		1,500		148,815
Sun Communities, Inc.		813		67,975
				981,512
Retail REITs    18.5%
British Land Co. PLC (The) (United Kingdom)		8,200		69,726
DDR Corp.		12,800		138,368
Federal Realty Investment Trust		1,590		208,115
Kenedix Retail REIT Corp. (Japan)		61		132,870
Macerich Co. (The)		2,500		156,075
Retail Properties of America, Inc. (Class A Stock)		15,089		201,287
Simon Property Group, Inc.		500		82,630
Taubman Centers, Inc.		2,350		146,993
				1,136,064
Specialized REITs    13.5%
CoreSite Realty Corp.		1,200		117,420
CubeSmart		8,000		202,720
Extra Space Storage, Inc.		1,645		124,247
Four Corners Property Trust, Inc.		6,990		163,076
Life Storage, Inc.		1,500		117,585
QTS Realty Trust, Inc. (Class A Stock)		2,000		106,880
				831,928
TOTAL LONG-TERM INVESTMENTS (cost $6,115,745)				6,103,715

See Notes to Financial Statements.

10

Description	Shares		Value
SHORT-TERM INVESTMENT    5.0%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $303,747)(a)		303,747	$	303,747
TOTAL INVESTMENTS    104.3% (cost $6,419,492)				6,407,462
Liabilities in excess of other assets    (4.3)%				(262,899	)
NET ASSETS    100.0%			$	6,144,563

The following abbreviations are used in the semiannual report:

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trusts

* Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified Real Estate Activities	$	—	$	219,275	$	—
Diversified REITs		445,891		287,784		—
Health Care REITs		581,314		—		—
Hotel & Resort REITs		323,173		—		—
Industrial REITs		262,708		92,138		—
Office REITs		483,314		121,842		—
Real Estate Development		—		86,304		—
Real Estate Operating Companies		135,169		115,299		—

See Notes to Financial Statements.

Prudential Select Real Estate Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

	Level 1		Level 2		Level 3
Common Stocks (continued)
Residential REITs	$	758,653	$	222,859	$	—
Retail REITs		933,468		202,596		—
Specialized REITs		831,928		—		—
Affiliated Mutual Fund		303,747		—		—
Total	$	5,059,365	$	1,348,097	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

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, 2017 were as follows:

Retail REITs	18.5	%
Residential REITs	16.0
Specialized REITs	13.5
Diversified REITs	11.9
Office REITs	9.8
Health Care REITs	9.5
Industrial REITs	5.8
Hotel & Resort REITs	5.2
Affiliated Mutual Fund	5.0
Real Estate Operating Companies	4.1	%
Diversified Real Estate Activities	3.6
Real Estate Development	1.4
	104.3
Liabilities in excess of other assets	(4.3	)
	100.0	%

See Notes to Financial Statements.

12

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of April 30, 2017

Assets
Investments at value:
Unaffiliated investments (cost $6,115,745)	$	6,103,715
Affiliated investments (cost $303,747)		303,747
Foreign currency, at value (cost $2,549)		2,556
Receivable for investments sold		22,017
Due from manager		9,712
Dividends receivable		9,065
Tax reclaim receivable		739
Receivable for Fund shares sold		155
Prepaid expenses		275
Total assets		6,451,981
Liabilities
Payable for investments purchased		233,700
Accrued expenses		23,532
Accrued shareholders’ reports fees		16,873
Accrued registration fees		16,742
Accrued audit fees		16,293
Affiliated transfer agent fee payable		156
Distribution fee payable		122
Total liabilities		307,418
Net Assets	$	6,144,563
Net assets were comprised of:
Shares of beneficial interest, at par	$	616
Paid-in capital in excess of par		6,169,432
		6,170,048
Distributions in excess of net investment income		(12,292	)
Accumulated net realized loss on investment and foreign currency transactions		(1,197	)
Net unrealized depreciation on investments and foreign currencies		(11,996	)
Net assets, April 30, 2017	$	6,144,563

See Notes to Financial Statements.

14

Class A
Net asset value and redemption price per share, ($265,028 ÷ 26,246 shares of beneficial interest issued and outstanding)	$	10.10
Maximum sales charge (5.50% of offering price)		0.59
Maximum offering price to public	$	10.69
Class C
Net asset value, offering price and redemption price per share, ($81,382 ÷ 8,132 shares of beneficial interest issued and outstanding)	$	10.01
Class Q
Net asset value, offering price and redemption price per share, ($5,650,253 ÷ 566,644 shares of beneficial interest issued and outstanding)	$	9.97
Class Z
Net asset value, offering price and redemption price per share, ($147,900 ÷ 14,618 shares of beneficial interest issued and outstanding)	$	10.12

See Notes to Financial Statements.

Prudential Select Real Estate Fund 15

Statement of Operations (unaudited)

Six Months Ended April 30, 2017

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $3,318)	$	63,858
Affiliated dividend income		906
Total income		64,764
Expenses
Management fee		23,650
Distribution fee—Class A		335
Distribution fee—Class C		329
Registration fees		27,000
Custodian and accounting fees		25,000
Audit fee		16,000
Legal fees and expenses		10,000
Shareholders’ reports		9,000
Trustees’ fees		5,000
Transfer agent’s fees and expenses (including affiliated expense of $400)		1,000
Miscellaneous		6,820
Total expenses		124,134
Less: Management fee waiver and/or expense reimbursement		(92,429	)
Distribution fee waiver—Class A		(56	)
Net expenses		31,649
Net investment income (loss)		33,115
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		40,767
Foreign currency transactions		(999	)
		39,768
Net change in unrealized appreciation (depreciation) on:
Investments		150,813
Foreign currencies		211
		151,024
Net gain (loss) on investment and foreign currency transactions		190,792
Net Increase (Decrease) In Net Assets Resulting From Operations	$	223,907

See Notes to Financial Statements.

16

Statement of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2017			Year Ended October 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	33,115		$	123,586
Net realized gain (loss) on investment and foreign currency transactions		39,768			141,152
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		151,024			(262,492	)
Net increase (decrease) in net assets resulting from operations		223,907			2,246
Dividends and Distributions
Dividends from net investment income
Class A		(856	)		(3,136	)
Class C		(126	)		(677	)
Class Q		(29,375	)		(184,388	)
Class Z		(721	)		(4,261	)
		(31,078	)		(192,462	)
Distributions from net realized gains
Class A		(4,612	)		(3,969	)
Class C		(1,220	)		(1,433	)
Class Q		(125,625	)		(215,530	)
Class Z		(3,060	)		(5,495	)
		(134,517	)		(226,427	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		120,008			341,596
Net asset value of shares issued in reinvestment of dividends and distributions		165,594			418,881
Cost of shares reacquired		(22,792	)		(147,504	)
Net increase (decrease) in net assets from Fund share transactions		262,810			612,973
Total increase (decrease)		321,122			196,330
Net Assets:
Beginning of period		5,823,441			5,627,111
End of period	$	6,144,563		$	5,823,441

See Notes to Financial Statements.

Prudential Select Real Estate Fund 17

Notes to Financial Statements (unaudited)

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

Note 1. Accounting Policies

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

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

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

Common and preferred stocks, exchange-traded funds, and derivative instruments such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security

18

principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or

Prudential Select Real Estate Fund 19

Notes to Financial Statements (unaudited) (continued)

contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

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

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

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

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

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

20

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

Concentration of Risk for REITs: An investment in the Fund will be closely linked to the performance of the real estate markets. Real estate securities are subject to the same 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 prepayments 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 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 REITs, while mortgage REITs may be affected by the quality of any credit extended. 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. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

Net investment income or loss (other than distribution fees, which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class), and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

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

Prudential Select Real Estate Fund 21

Notes to Financial Statements (unaudited) (continued)

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

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 are recorded, net of reclaimable amounts, at the time the related income is earned.

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

Note 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. PGIM Investments has entered into a subadvisory agreement with PGIM Real Estate, formerly known as Prudential Real Estate Investors (“PREI”), which is a business unit of PGIM, Inc. The subadvisory agreement provides that PGIM Real Estate will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM Real Estate is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of PGIM Real Estate, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of .80% of the Fund’s average daily net assets up to and including $1 billion, .78% of the next $2 billion, .76% of the next $2 billion, .75% of the next $5 billion and .74% of the Fund’s average daily net assets in excess of $10 billion. For the six months ended April 30, 2017, the effective management fee rate before any waivers and/or expense reimbursement was .80%. For the six months ended April 30, 2017, the waiver and/or expense reimbursement exceeded the effective management fee rate.

PGIM Investments has contractually agreed through February 28, 2018 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to 1.05% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

22

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, C, Q and Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and C shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q or Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30% and 1% of the average daily net assets of the Class A and C shares, respectively. PIMS has contractually agreed through February 28, 2018 to limit such fees to .25% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it has received $661 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2017. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2017, there were no contingent deferred sales charges imposed.

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

Note 3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common trustees, and/or common officers. Such transactions are subject to ratification by the Board.

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

Note 4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the six months ended April 30, 2017, were $4,197,475 and $3,762,687 respectively.

Prudential Select Real Estate Fund 23

Notes to Financial Statements (unaudited) (continued)

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2017 were as follows:

Tax Basis	$	6,469,778
Appreciation		247,445
Depreciation		(309,761	)
Net Unrealized Depreciation	$	(62,316	)

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

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

Note 6. Capital

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

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

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

As of April 30, 2017, Prudential, through its affiliates, owned 1,110 Class A shares, 1,096 Class C shares, 566,644 Class Q shares and 1,116 Class Z shares of the Fund, which represents 92% of the Fund’s outstanding shares.

24

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2017:
Shares sold		7,575		$	75,679
Shares issued in reinvestment of dividends and distributions		558			5,467
Shares reacquired		(361	)		(3,528	)
Net increase (decrease) in shares outstanding		7,772		$	77,618
Year ended October 31, 2016:
Shares sold		14,750		$	152,673
Shares issued in reinvestment of dividends and distributions		709			7,104
Shares reacquired		(2,707	)		(24,987	)
Net increase (decrease) in shares outstanding		12,752			134,790
Shares reacquired upon conversion into other share class(es)		(52	)		(567	)
Net increase (decrease) in shares outstanding		12,700		$	134,223
Class C
Six months ended April 30, 2017:
Shares sold		3,438		$	34,300
Shares issued in reinvestment of dividends and distributions		138			1,346
Shares reacquired		(1,381	)		(13,527	)
Net increase (decrease) in shares outstanding		2,195		$	22,119
Year ended October 31, 2016:
Shares sold		2,332		$	24,001
Shares issued in reinvestment of dividends and distributions		212			2,110
Net increase (decrease) in shares outstanding		2,544		$	26,111
Class Q
Six months ended April 30, 2017:
Shares issued in reinvestment of dividends and distributions		15,993		$	155,000
Net increase (decrease) in shares outstanding		15,993		$	155,000
Year ended October 31, 2016:
Shares issued in reinvestment of dividends and distributions		40,399		$	399,911
Net increase (decrease) in shares outstanding		40,399		$	399,911
Class Z
Six months ended April 30, 2017:
Shares sold		1,009		$	10,029
Shares issued in reinvestment of dividends and distributions		385			3,781
Shares reacquired		(586	)		(5,737	)
Net increase (decrease) in shares outstanding		808		$	8,073
Year ended October 31, 2016:
Shares sold		16,305		$	164,922
Shares issued in reinvestment of dividends and distributions		974			9,756
Shares reacquired		(13,445	)		(122,517	)
Net increase (decrease) in shares outstanding		3,834			52,161
Shares issued upon conversion from other share class(es)		52			567
Net increase (decrease) in shares outstanding		3,886		$	52,728

Prudential Select Real Estate Fund 25

Notes to Financial Statements (unaudited) (continued)

Note 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 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .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.

The Fund did not utilize the SCA during the six months ended April 30, 2017.

Note 8. Recent Accounting Pronouncements and Reporting Updates

On October 13, 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Note 9. Other

At the Trust’s Board meeting in March, 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent Fees (including sub-transfer agent and networking fees) and Blue Sky fees. The impact to the net assets of the Fund and individual share classes is not ascertainable at the present time. PGIM Investments expects to implement the changes by December 31, 2017.

26

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,						August 1, 2014(b) through October 31,
	2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$10.00			$10.71			$10.30			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.04			.17			.09			.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.33			(.18	)		.41			.29
Total from investment operations		.37			(.01	)		.50			.30
Less Dividends and Distributions:
Dividends from net investment income		(.04	)		(.28	)		-			-
Distributions from net realized gains		(.23	)		(.42	)		(.09	)		-
Total dividends and distributions		(.27	)		(.70	)		(.09	)		-
Net asset value, end of period		$10.10			$10.00			$10.71			$10.30
Total Return(a)		3.79%			.01%			4.85%			3.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$265			$185			$62			$18
Average net assets (000)		$225			$119			$27			$15
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.30%	(e)		1.33%			1.35%			1.35%	(e)
Expense before waivers and/or expense reimbursement		4.73%	(e)		4.81%			5.16%			20.58%	(e)
Net investment income (loss)		.80%	(e)		1.70%			.86%			.46%	(e)
Portfolio turnover rate		65%	(f)		158%			150%			18%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Select Real Estate Fund 27

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,						August 1, 2014(b) through October 31,
	2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.94			$10.60			$10.28			$10.00
Income (loss) from investment operations:
Net investment income (loss)		-	(g)		.11			(.03	)		(.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.32			(.18	)		.44			.29
Total from investment operations		.32			(.07	)		.41			.28
Less Dividends and Distributions:
Dividends from net investment income		(.02	)		(.17	)		-			-
Distributions from net realized gains		(.23	)		(.42	)		(.09	)		-
Total dividends and distributions		(.25	)		(.59	)		(.09	)		-
Net asset value, end of period		$10.01			$9.94			$10.60			$10.28
Total Return(a)		3.31%			(.63)%			3.98%			2.80%
Ratios/Supplemental Data:
Net assets, end of period (000)		$81			$59			$36			$10
Average net assets (000)		$66			$48			$46			$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		2.05%	(e)		2.08%			2.10%			2.10%	(e)
Expense before waivers and/or expense reimbursement		5.44%	(e)		5.64%			5.54%			20.42%	(e)
Net investment income (loss)		-%	(e)(h)		1.08%			(.30)%			(.26)%	(e)
Portfolio turnover rate		65%	(f)		158%			150%			18%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

(g) Less than $.005 per share.

(h) Less than .005%.

See Notes to Financial Statements.

28

Class Q Shares
	Six Months Ended April 30,			Year Ended October 31,						August 1, 2014(b) through October 31,
	2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.88			$10.63			$10.31			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.06			.22			.10			.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.31			(.20	)		.41			.29
Total from investment operations		.37			.02			.51			.31
Less Dividends and Distributions:
Dividends from net investment income		(.05	)		(.35	)		(.10	)		-
Distributions from net realized gains		(.23	)		(.42	)		(.09	)		-
Total dividends and distributions		(.28	)		(.77	)		(.19	)		-
Net asset value, end of period		$9.97			$9.88			$10.63			$10.31
Total Return(a)		3.84%			.30%			5.01%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,650			$5,441			$5,423			$5,165
Average net assets (000)		$5,530			$5,413			$5,288			$4,983
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.05%	(e)		1.08%			1.10%			1.10%	(e)
Expense before waivers and/or expense reimbursement		4.16%	(e)		4.40%			4.51%			14.06%	(e)
Net investment income (loss)		1.15%	(e)		2.18%			.96%			.75%	(e)
Portfolio turnover rate		65%	(f)		158%			150%			18%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential Select Real Estate Fund 29

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,						August 1, 2014(b) through October 31,
	2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$10.02			$10.74			$10.31			$10.00
Income (loss) from investment operations:
Net investment income (loss)		.06			.21			.10			.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.32			(.18	)		.42			.29
Total from investment operations		.38			.03			.52			.31
Less Dividends and Distributions:
Dividends from net investment income		(.05	)		(.33	)		-			-
Distributions from net realized gains		(.23	)		(.42	)		(.09	)		-
Total dividends and distributions		(.28	)		(.75	)		(.09	)		-
Net asset value, end of period		$10.12			$10.02			$10.74			$10.31
Total Return(a)		3.89%			.36%			5.04%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$148			$138			$107			$10
Average net assets (000)		$140			$139			$39			$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.05%	(e)		1.08%			1.10%			1.10%	(e)
Expense before waivers and/or expense reimbursement		4.46%	(e)		4.82%			5.16%			19.50%	(e)
Net investment income (loss)		1.12%	(e)		2.09%			.98%			.77%	(e)
Portfolio turnover rate		65%	(f)		158%			150%			18%	(f)

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

(b) Commencement of operations.

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

30

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Real Estate	7 Giralda Farms Madison, NJ 07940
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL SELECT REAL ESTATE FUND

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

MF223E2    

PRUDENTIAL INTERNATIONAL BOND FUND

SEMIANNUAL REPORT

APRIL 30, 2017

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

Objective: Total return, made up of current income and capital appreciation

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

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

The accompanying financial statements as of April 30, 2017 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential International Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2017. We are proud to announce that Prudential Investments became PGIM^® Investments, effective April 3, 2017. Why PGIM? This new name was chosen to further align with the global investment management businesses of Prudential Financial, which rebranded from Prudential Investment Management in January 2016. This new name allows for one brand and reflects our ability and commitment to delivering investment solutions to clients around the globe. Please keep in mind that only the Fund adviser’s name was changed: the name of your Fund and the management and operation did not change.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial adviser 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. We’re part of PGIM, the 9th-largest 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

Prudential International Bond Fund

June 15, 2017

Prudential International Bond Fund 3

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/17 (without sales charges)
	Since Inception* (%)
Class A	2.93 (12/14/16)
Class C	2.65 (12/14/16)
Class Q	3.03 (12/14/16)
Class Z	3.03 (12/14/16)
Bloomberg Barclays Global Aggregate ex USD Index	1.04
Lipper International Income Funds Average	4.24

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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

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Benchmark Definitions

Bloomberg Barclays Global Aggregate ex USD (USD Hedged) Index—Provides a broad-based measure of the global investment-grade fixed income markets. The Index includes government, government agency, corporate, and securitized non-US investment-grade fixed income investments, all issued in currencies other than the US dollar and with maturities of more than one year. The index is US dollar hedged.

The Lipper International Income Funds Average—Invest primarily in non-US dollar and US dollar debt securities of issuers located in at least three countries, excluding the US, except in periods of market weakness.

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

Distributions and Yields as of 4/30/17
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.07	0.81	-3.89
Class C	0.04	0.11	-4.81
Class Q	0.08	1.11	0.24
Class Z	0.08	1.10	-3.81

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

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

Prudential International Bond Fund 5

Credit Quality expressed as a percentage of total investments as of 4/30/17 (%)
AAA	20.5
AA	13.1
A	20.4
BBB	22.6
BB	14.5
B	4.3
Not Rated	0.3
Cash/Cash Equivalents	4.4
Total Investments	100.0

Source: PGIM Fixed Income

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

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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, 2017. 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 Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your

Prudential International Bond Fund 7

Fees and Expenses (continued)

Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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

Prudential  International Return Bond Fund		Beginning  Account Value November 1, 2016		Ending  Account Value April 30, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,029.30		0.99	%	$	3.80
	Hypothetical	$	1,000.00	$	1,019.89		0.99	%	$	4.96
Class C	Actual	$	1,000.00	$	1,026.50		1.74	%	$	6.67
	Hypothetical	$	1,000.00	$	1,016.17		1.74	%	$	8.70
Class Q	Actual**	$	1,000.00	$	1,030.30		0.74	%	$	2.84
	Hypothetical	$	1,000.00	$	1,021.12		0.74	%	$	3.71
Class Z	Actual	$	1,000.00	$	1,030.30		0.74	%	$	2.84
	Hypothetical	$	1,000.00	$	1,021.12		0.74	%	$	3.71

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2017, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2017 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 138 day period ended April 30, 2017 due to the Fund’s inception date of December 14, 2016.

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Schedule of Investments (unaudited)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    94.7%
ASSET-BACKED SECURITIES    2.9%
United Kingdom    2.1%
Alba PLC (United Kingdom), Series 2007-1, Class B, RegS		0.584	%(c)		03/17/39	GBP	93	$	108,729
Paragon Mortgages PLC (United Kingdom),
Series 12X, Class B1B, RegS		0.151	(c)		11/15/38	EUR	100		97,620
Series 10X, Class B1A, RegS		0.884	(c)		06/15/41	GBP	114		133,950
Ripon Mortgages (United Kingdom),Series 1A, Class A1, 144A		1.572	(c)		08/20/56	GBP	100		128,327
RMAC Securities PLC (United Kingdom), Series 2006-NS3X, Class M1C, RegS		1.000	(s)		06/12/44	EUR	73		71,384
									540,010
United States    0.8%
CIM Trust, Series 2017-3, Class A, 144A^		2.983	(c)		01/25/57		98		98,486
OneMain Direct Auto Receivables Trust, Series 2017-1A, Class C, 144A		3.910			08/16/21		100		100,100
									198,586
TOTAL ASSET-BACKED SECURITIES (cost $722,098)									738,596
CORPORATE BONDS    23.9%
Australia    0.8%
European Investment Bank (Australia), Sr. Unsec’d. Notes, EMTN		0.500			10/26/23	AUD	160		98,240
Transurban Finance Co. Pty Ltd. (Australia), Sr. Sec’d. Notes, EMTN, RegS		2.000			08/28/25	EUR	100		114,577
									212,817
Austria    0.9%
Jab Holdings BV (Austria), Gtd. Notes, RegS		1.750			05/25/23	EUR	200		225,861
Brazil    0.4%
Petrobras Global Finance BV (Brazil), Gtd. Notes		3.750			01/14/21	EUR	100		113,641
China    0.9%
State Grid Europe Development PLC (China), Gtd. Notes, RegS		1.500			01/26/22	EUR	200		224,028
France    1.1%
BNP Paribas SA (France), Sub. Notes, EMTN, RegS		2.250			01/11/27	EUR	100		109,205
TOTAL SA (France), Jr. Sub. Notes, EMTN, RegS		3.875			12/31/49	EUR	150		175,105
									284,310

See Notes to Financial Statements.

Prudential International Bond Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Germany    2.4%
Allianz SE (Germany), Sub. Notes, RegS		5.625	%		10/17/42	EUR	200	$	262,234
Commerzbank AG (Germany), Sub. Notes, EMTN		7.750			03/16/21	EUR	100		133,550
IHO Verwaltungs GmbH (Germany), Sr. Sec’d. Notes, PIK, RegS		3.750			09/15/26	EUR	100		113,063
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec’d. Notes, RegS		4.000			01/15/25	EUR	100		114,594
									623,441
Ireland    0.4%
Smurfit Kappa Acquisitions (Ireland), Gtd. Notes, RegS		2.750			02/01/25	EUR	100		111,926
Italy    0.5%
Telecom Italia SpA Milano (Italy), Sr. Unsec’d. Notes, EMTN, RegS		3.250			01/16/23	EUR	100		117,904
Luxembourg    0.5%
B&M European Value Retail SA (Luxembourg), Sr. Sec’d. Notes, 144A, MTN		4.125			02/01/22	GBP	100		134,970
Mexico    0.5%
Petroleos Mexicanos (Mexico), Gtd. Notes, EMTN, RegS		5.125			03/15/23	EUR	100		121,053
Netherlands    1.6%
Nederlandse Waterschapsbank NV (Netherlands), Sr. Unsec’d. Notes, EMTN		5.200			03/31/25	CAD	200		175,866
UPCB Finance Iv Ltd. (Netherlands), Sr. Sec’d. Notes, RegS		4.000			01/15/27	EUR	100		112,661
Ziggo Secured Finance BV (Netherlands), Sr. Sec’d. Notes, RegS		3.750			01/15/25	EUR	100		113,442
									401,969
Norway     0.5%
Silk Bidco AS (Norway), Sr. Sec’d. Notes, RegS		7.500			02/01/22	EUR	100		116,827
Russia    0.4%
Gazprom Oao Via Gaz Capital SA (Russia), Sr. Unsec’d. Notes, EMTN, RegS		3.389			03/20/20	EUR	100		114,966
Spain    0.9%
Merlin Properties Socimi SA (Spain), Sr. Unsec’d. Notes, EMTN, RegS		2.375			05/23/22	EUR	100		114,345
NH Hotel Group SA (Spain), Sr. Sec’d. Notes, RegS		3.750			10/01/23	EUR	100		113,592
									227,937

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United Kingdom    4.2%
Arrow Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, RegS		5.125	%		09/15/24	GBP	100	$	135,595
Barclays PLC (United Kingdom), Sub. Notes, EMTN, RegS		2.625	(c)		11/11/25	EUR	150		167,055
EI Group PLC (United Kingdom), First Mortgage, RegS		6.375			02/15/22	GBP	100		139,081
FCE Bank PLC (United Kingdom), Sr. Unsec’d. Notes, EMTN, RegS		1.615			05/11/23	EUR	150		168,057
SELP Finance Sarl (United Kingdom), Gtd. Notes, RegS		1.250			10/25/23	EUR	100		107,101
Tesco PLC (United Kingdom), Sr. Unsec’d. Notes, EMTN		5.000			03/24/23	GBP	80		114,491
Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec’d. Notes, RegS		5.500			01/15/25	GBP	90		122,979
William Hill PLC (United Kingdom), Gtd. Notes, RegS		4.875			09/07/23	GBP	100		135,025
									1,089,384
United States    7.9%
Adient Global Holdings Ltd., Gtd. Notes, RegS		3.500			08/15/24	EUR	100		111,517
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	100		121,718
Belden, Inc., Gtd. Notes, RegS		4.125			10/15/26	EUR	100		111,653
Catalent Pharma Solutions, Inc., Gtd. Notes, RegS		4.750			12/15/24	EUR	100		115,797
Hanesbrands Finance Luxembourg SCA, Gtd. Notes, RegS		3.500			06/15/24	EUR	100		112,712
International Game Technology PLC, Sr. Sec’d. Notes, RegS		4.750			02/15/23	EUR	100		118,995
Kraft Heinz Foods Co., Gtd. Notes, RegS		2.250			05/25/28	EUR	100		110,570
Liberty Mutual Group, Inc., Gtd. Notes, RegS		2.750			05/04/26	EUR	100		117,323
LKQ Italia Bondco SpA, Gtd. Notes, RegS		3.875			04/01/24	EUR	100		116,169
Morgan Stanley, Sr. Unsec’d. Notes, GMTN		1.000			12/02/22	EUR	200		219,549
PVH Corp., Sr. Unsec’d. Notes, RegS		3.625			07/15/24	EUR	100		113,202
Quintiles Ims, Inc., Gtd. Notes, RegS		3.500			10/15/24	EUR	100		112,094
Spectrum Brands, Inc., Gtd. Notes, RegS		4.000			10/01/26	EUR	100		113,398
VWR Funding, Inc., Gtd. Notes, RegS		4.625			04/15/22	EUR	100		113,632
Xylem, Inc. Ny, Sr. Unsec’d. Notes		2.250			03/11/23	EUR	100		116,505
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		1.414			12/13/22	EUR	100		110,831
Sr. Unsec’d. Notes		2.425			12/13/26	EUR	100		113,003
									2,048,668
TOTAL CORPORATE BONDS (cost $5,923,406)									6,169,702
FOREIGN GOVERNMENT BONDS    61.6%
Argentina    0.4%
Argentine Republic Government International Bond (Argentina), Sr. Unsec’d. Notes, RegS		3.875			01/15/22	EUR	100		109,332

See Notes to Financial Statements.

Prudential International Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
FOREIGN GOVERNMENT BONDS (Continued)
Australia    1.4%
Australia Government Bond (Australia),
Sr. Unsec’d. Notes, RegS		4.250	%		04/21/26	AUD	400	$	340,721
Sr. Unsec’d. Notes, RegS		3.000			03/21/47	AUD	50		33,759
									374,480
Belgium    5.1%
Kingdom of Belgium Government Bond (Belgium), Unsec’d. Notes		4.000			03/28/22	EUR	1,000		1,319,810
Brazil    0.9%
Brazilian Government International Bond (Brazil), Sr. Unsec’d. Notes		2.875			04/01/21	EUR	200		228,208
Bulgaria    1.2%
Bulgaria Government International Bond (Bulgaria), Sr. Unsec’d. Notes, RegS		2.950			09/03/24	EUR	260		311,568
Canada    3.4%
Canadian Government Bond (Canada), Bonds		1.500			06/01/26	CAD	910		668,042
Province of British Columbia (Canada), Unsec’d. Notes		7.875			11/30/23	CAD	200		197,408
									865,450
Colombia    1.0%
Colombia Government International Bond (Colombia), Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	200		251,084
Cyprus    1.9%
Cyprus Government International Bond (Cyprus), Sr. Unsec’d. Notes, EMTN, RegS		3.750			07/26/23	EUR	435		499,204
France    4.4%
French Republic Government Bond OAT (France), Bonds, RegS		3.000			04/25/22	EUR	900		1,134,093
Germany    2.4%
Bundesrepublik Deutschland (Germany),
Bonds, RegS		0.353	(s)		08/15/26	EUR	450		479,157
Bonds, RegS		2.500			08/15/46	EUR	100		147,054
									626,211
Greece    2.8%
Hellenic Republic Government Bond (Greece),
RegS		3.000	(c)		02/24/23	EUR	50		46,926
Sr. Unsec’d. Notes, 144A, RegS		3.375			07/17/17	EUR	50		54,091
Sr. Unsec’d. Notes, 144A, RegS		4.750			04/17/19	EUR	585		619,112
									720,129

See Notes to Financial Statements.

12

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
FOREIGN GOVERNMENT BONDS (Continued)
Hungary    0.4%
Hungary Government International Bond (Hungary), Sr. Unsec’d. Notes, RegS		5.750%		06/11/18	EUR	100	$	116,109
Indonesia    0.9%
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes, MTN, RegS		3.750		06/14/28	EUR	200		233,634
Ireland    0.7%
Ireland Government Bond (Ireland), Bonds, RegS		2.400		05/15/30	EUR	150		184,701
Italy    8.7%
Italy Buoni Poliennali del Tesoro, (Italy),
Bonds, RegS		1.650		04/23/20	EUR	130		148,782
Bonds, RegS		4.500		03/01/26	EUR	1,000		1,304,020
Bonds		3.750		09/01/24	EUR	640		791,600
								2,244,402
Japan    3.5%
Japan Government Twenty Year Bond (Japan), Sr. Unsec’d. Notes		0.500		09/20/36	JPY	100,000		890,110
Mexico    0.9%
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes		2.750		04/22/23	EUR	200		234,940
Norway    1.1%
Kommunalbanken As (Norway), Sr. Unsec’d. Notes, EMTN		5.320		03/05/18	NZD	400		280,615
Peru    1.0%
Peruvian Government International Bond (Peru), Sr. Unsec’d. Notes		3.750		03/01/30	EUR	200		254,591
Portugal    2.8%
Portugal Obrigacoes do Tesouro OT (Portugal),
Sr. Unsec’d. Notes, 144A, RegS		3.875		02/15/30	EUR	200		216,908
Sr. Unsec’d. Notes, 144A, RegS		5.650		02/15/24	EUR	390		499,481
								716,389
Romania    0.9%
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A, MTN		2.375		04/19/27	EUR	100		108,338
Sr. Unsec’d. Notes, MTN, RegS		3.875		10/29/35	EUR	100		114,387
								222,725

See Notes to Financial Statements.

Prudential International Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
FOREIGN GOVERNMENT BONDS (Continued)
South Korea    1.4%
Export-Import Bank of Korea (South Korea),
Sr. Unsec’d. Notes, EMTN, RegS		2.000	%		04/30/20	EUR	100	$	115,158
Sr. Unsec’d. Notes, MTN, RegS		3.500			07/28/21	NZD	150		101,566
Sr. Unsec’d. Notes, EMTN, RegS^		4.460			09/26/19	NZD	200		139,782
									356,506
Spain    7.8%
Instituto de Credito Oficial (Spain), Gov’t. Gtd. Notes, EMTN		5.000			03/31/20	CAD	160		126,641
Spain Government Bond (Spain),
Sr. Unsec’d. Notes, 144A, RegS		4.650			07/30/25	EUR	870		1,191,294
Sr. Unsec’d. Notes, 144A, RegS		5.850			01/31/22	EUR	500		686,279
									2,004,214
Turkey    0.9%
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		4.350			11/12/21	EUR	200		236,705
United Kingdom    5.7%
United Kingdom Gilt (United Kingdom), Bonds, RegS(hh)		4.250			03/07/36	GBP	800		1,473,744
TOTAL FOREIGN GOVERNMENT BONDS (cost $15,453,098)									15,888,954
COLLATERALIZED MORTGAGE OBLIGATIONS    6.3%
Cayman Islands    1.0%
West CLO Ltd. (Cayman Islands), Series 2012-1A, Class B, 144A		4.439	(c)		10/30/23		250		249,970
Netherlands    2.1%
St Paul’s CLO VII DAC (Netherlands), Series 7A, Class B2, 144A		2.400			04/30/30	EUR	500		552,127
United Kingdom    3.2%
Carlyle Global Market Strategies Euro (United Kingdom), Series 14-2A, Class A, 144A		2.250			08/15/27	EUR	750		820,615
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (cost $1,594,818)									1,622,712
TOTAL LONG-TERM INVESTMENTS (cost $23,693,420)									24,419,964

See Notes to Financial Statements.

14

Description			Shares		Value
SHORT-TERM INVESTMENTS    2.9%
AFFILIATED MUTUAL FUND    2.3%
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $593,406)(w)				593,406	$	593,406
	Counterparty		Notional Amount (000)#
OPTIONS PURCHASED*    0.6%
Call Options    0.2%
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.40		Citigroup Global Markets	EUR	100		12,370
Currency Option Euro vs South African Rand, expiring 11/28/17, Strike Price 22.00		BNP Paribas	EUR	400		942
Currency Option Euro vs Turkish Lira, expiring 02/26/18, Strike Price 6.00		BNP Paribas	EUR	500		1,335
Currency Option United States Dollar vs Brazilian Real, expiring 09/27/17, Strike Price 4.75		Morgan Stanley		750		479
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 19.25		Citigroup Global Markets		300		19,326
iTraxx.XO.27.V1, expiring 07/19/17, Strike Price 287.50		Morgan Stanley	EUR	1,500		18,546
						52,998
Put Options    0.4%
Currency Option Australian Dollar vs Japanese Yen
expiring 10/05/17, Strike Price 60.00		BNP Paribas	AUD	3,000		1,589
expiring 04/25/18, Strike Price 81.00		BNP Paribas	AUD	3,000		94,435
iTraxx.XO.27.V1
expiring 05/17/17, Strike Price 425.00		BNP Paribas	EUR	1,500		37
expiring 06/21/17, Strike Price 237.50		BNP Paribas	EUR	1,500		706
						96,767
TOTAL OPTIONS PURCHASED (cost $144,215)						149,765
TOTAL SHORT-TERM INVESTMENTS (cost $737,621)						743,171
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    97.6% (cost $24,431,041)						25,163,135

See Notes to Financial Statements.

Prudential International Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Description	Counterparty		Notional Amount (000)#		Value
OPTIONS WRITTEN*    (0.6)%
Call Options    (0.3)%
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.80		Citigroup Global Markets	EUR	100	$	(5,861	)
Currency Option Euro vs South African Rand, expiring 09/26/18, Strike Price 22.00		BNP Paribas	EUR	400		(7,369	)
Currency Option Euro vs Turkish Lira, expiring 04/26/19, Strike Price 6.00		BNP Paribas	EUR	500		(17,601	)
Currency Option United States Dollar vs Brazilian Real
expiring 09/26/2018, Strike Price 5.00		Morgan Stanley		750		(9,216	)
expiring 02/26/2018, Strike Price 6.00		Hong Kong & Shanghai Bank		500		(622	)
expiring 04/26/2019, Strike Price 5.00		Hong Kong & Shanghai Bank		500		(10,025	)
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 21.25		Citigroup Global Markets		300		(8,446	)
iTraxx.XO.27.V1
expiring 06/21/2017, Strike Price 262.50		BNP Paribas	EUR	1,500		(5,212	)
expiring 07/19/2017, Strike Price 250.00		Morgan Stanley	EUR	1,500		(3,257	)
						(67,609	)
Put Options    (0.3)%
Currency Option Australian Dollar vs Japanese Yen, expiring 04/25/18, Strike Price 72.50		BNP Paribas	AUD	6,000		(74,563	)
Currency Option Euro vs Brazilian Real, expiring 04/04/18, Strike Price 3.20		Citigroup Global Markets	EUR	100		(772	)
Currency Option United States Dollar vs Mexican Peso, expiring 03/23/18, Strike Price 17.75		Citigroup Global Markets		300		(3,347	)
iTraxx.XO.27.V1, expiring 07/19/17, Strike Price 425.00		Morgan Stanley	EUR	1,500		(1,123	)
						(79,805	)
TOTAL OPTIONS WRITTEN (premiums received $163,237)						(147,414	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    97.0% (cost $24,267,804)						25,015,721
Other assets in excess of liabilities(z)    3.0%						764,510
NET ASSETS    100.0%					$	25,780,231

The following abbreviations are used in the semiannual report:

* Non-income producing security.

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

See Notes to Financial Statements.

16

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

GMTN—Global Medium Term Note

iTraxx—International Credit Derivative Index

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OAT—Obligations Assimiilables du Tresor (French Treasury Bond)

OTC—Over-the-counter

PIK—Payment-in-Kind

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

REITs—Real Estate Investment Trusts

STIBOR—Stockholm Interbank Offered Rate

TELBOR—Tel Aviv Interbank Offered Rate

WIBOR—Warsaw Interbank Offered Rate

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

See Notes to Financial Statements.

Prudential International Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

TWD—New Taiwanese Dollar

USD—United States Dollar

ZAR—South African Rand

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $238,268 and 0.9% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2017.

(hh) Represents security, or a portion thereof, segregated as collateral for centrally cleared swap agreements.

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

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

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

Futures contracts outstanding at April 30, 2017:

Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	3	10 Year Australian Treasury Bonds		Jun. 2017	$	2,147,100	$	2,154,844	$	7,744
	4	10 Year U.K. Gilt		Jun. 2017		664,129		664,543		414
	2	10 Year Japanese Bonds		Jun. 2017		2,694,056		2,709,486		15,430
	2	30 Year Euro Buxl		Jun. 2017		367,007		368,532		1,525
	10	Euro-OAT		Jun. 2017		1,604,661		1,632,209		27,548
										52,661
		Short Positions:
	12	5 Year Euro-Bobl		Jun. 2017		1,724,014		1,723,622		392
	2	10 Year Canadian Government Bonds		Jun. 2017		200,271		204,476		(4,205	)
	9	10 Year Euro-Bund		Jun. 2017		1,597,525		1,586,044		11,481
	43	Euro Schatz. DUA Index		Jun. 2017		5,255,921		5,257,315		(1,394	)
										6,274
									$	58,935

Cash and foreign currency of $180,338 has been segregated with Citigroup Global Markets to cover requirements for open futures contracts at April 30, 2017.

Forward foreign currency exchange contracts outstanding at April 30, 2017:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Argentine Peso,
Expiring 05/15/17	Citigroup Global Markets	ARS	447	$	27,619	$	28,756	$	1,137
Expiring 07/06/17	Citigroup Global Markets	ARS	1,449		89,900		90,989		1,089
Expiring 07/06/17	Citigroup Global Markets	ARS	2,934		183,723		184,219		496

See Notes to Financial Statements.

18

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Australian Dollar,
Expiring 07/12/17	Citigroup Global Markets	AUD	21	$	16,000	$	15,799	$	(201	)
Expiring 07/12/17	Citigroup Global Markets	AUD	35		26,000		26,044		44
Expiring 07/12/17	Citigroup Global Markets	AUD	106		80,000		79,486		(514	)
Expiring 07/12/17	UBS AG	AUD	40		30,000		29,792		(208	)
Expiring 07/12/17	UBS AG	AUD	137		103,800		102,478		(1,322	)
Expiring 07/31/17	Morgan Stanley	AUD	61		45,486		45,538		52
Brazilian Real,
Expiring 05/03/17	Barclays Capital Group	BRL	589		187,821		185,370		(2,451	)
Expiring 05/03/17	Goldman Sachs & Co.	BRL	589		186,696		185,370		(1,326	)
Expiring 06/02/17	Citigroup Global Markets	BRL	589		183,982		183,921		(61	)
Expiring 06/02/17	Goldman Sachs & Co.	BRL	589		183,809		183,921		112
Expiring 06/02/17	Goldman Sachs & Co.	BRL	598		187,000		186,623		(377	)
Expiring 07/31/17	Citigroup Global Markets	BRL	6		2,000		1,998		(2	)
Expiring 07/31/17	Citigroup Global Markets	BRL	16		5,000		4,921		(79	)
Expiring 07/31/17	Citigroup Global Markets	BRL	103		32,334		31,807		(527	)
British Pound,
Expiring 07/27/17	Citigroup Global Markets	GBP	47		60,000		60,525		525
Expiring 07/27/17	Goldman Sachs & Co.	GBP	136		175,170		176,874		1,704
Expiring 07/27/17	JPMorgan Chase	GBP	470		605,083		610,358		5,275
Canadian Dollar,
Expiring 07/12/17	Citigroup Global Markets	CAD	136		102,330		100,026		(2,304	)
Expiring 07/12/17	UBS AG	CAD	31		23,000		22,510		(490	)
Expiring 07/12/17	UBS AG	CAD	102		76,812		74,647		(2,165	)
Colombian Peso,
Expiring 07/12/17	Citigroup Global Markets	COP	97,427		34,000		32,746		(1,254	)
Expiring 07/12/17	UBS AG	COP	39,506		13,630		13,278		(352	)
Expiring 07/12/17	UBS AG	COP	39,506		13,700		13,278		(422	)
Czech Koruna,
Expiring 07/12/17	Citigroup Global Markets	CZK	1,694		68,000		69,085		1,085
Expiring 07/12/17	Goldman Sachs & Co.	CZK	2,470		99,409		100,753		1,344
Expiring 07/12/17	UBS AG	CZK	2,167		87,332		88,401		1,069
Expiring 07/12/17	UBS AG	CZK	2,470		99,494		100,753		1,259
Euro,
Expiring 07/27/17	Citigroup Global Markets	EUR	327		359,172		357,880		(1,292	)
Expiring 07/27/17	UBS AG	EUR	472		511,000		516,574		5,574
Expiring 07/31/17	Goldman Sachs & Co.	EUR	17		19,000		19,003		3
Hungarian Forint,
Expiring 07/21/17	Bank of America	HUF	33,800		115,830		117,904		2,074
Expiring 07/21/17	JPMorgan Chase	HUF	26,221		90,000		91,469		1,469

See Notes to Financial Statements.

Prudential International Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Indian Rupee,
Expiring 06/08/17	Citigroup Global Markets	INR	1,614	$	24,000	$	24,932	$	932
Expiring 06/08/17	Citigroup Global Markets	INR	2,963		45,000		45,780		780
Expiring 06/08/17	Citigroup Global Markets	INR	13,947		207,185		215,483		8,298
Expiring 06/08/17	JPMorgan Chase	INR	8,133		125,000		125,651		651
Expiring 06/08/17	UBS AG	INR	1,321		20,000		20,416		416
Expiring 06/08/17	UBS AG	INR	1,660		25,200		25,647		447
Expiring 06/08/17	UBS AG	INR	2,301		35,000		35,553		553
Expiring 06/08/17	UBS AG	INR	2,525		38,971		39,012		41
Expiring 06/08/17	UBS AG	INR	9,177		136,298		141,795		5,497
Expiring 06/08/17	UBS AG	INR	9,177		136,298		141,795		5,497
Indonesian Rupiah,
Expiring 06/16/17	Barclays Capital Group	IDR	269,280		20,100		20,086		(14	)
Expiring 06/16/17	UBS AG	IDR	2,649,240		198,000		197,609		(391	)
Expiring 07/17/17	Citigroup Global Markets	IDR	3,093,994		226,667		229,940		3,273
Israeli Shekel,
Expiring 07/21/17	Citigroup Global Markets	ILS	10		2,600		2,639		39
Expiring 07/21/17	Citigroup Global Markets	ILS	672		183,867		186,186		2,319
Japanese Yen,
Expiring 07/27/17	Citigroup Global Markets	JPY	50,029		460,000		450,502		(9,498	)
Expiring 07/27/17	UBS AG	JPY	1,878		17,000		16,910		(90	)
Mexican Peso,
Expiring 06/08/17	JPMorgan Chase	MXN	609		31,450		32,105		655
Expiring 06/08/17	Citigroup Global Markets	MXN	318		16,000		16,766		766
Expiring 06/08/17	Citigroup Global Markets	MXN	385		20,000		20,296		296
Expiring 06/08/17	Citigroup Global Markets	MXN	388		20,000		20,457		457
Expiring 06/08/17	Citigroup Global Markets	MXN	609		31,450		32,097		647
Expiring 06/08/17	Citigroup Global Markets	MXN	1,113		58,500		58,701		201
Expiring 06/08/17	Goldman Sachs & Co.	MXN	488		25,200		25,742		542
Expiring 06/08/17	Goldman Sachs & Co.	MXN	488		25,200		25,751		551
Expiring 06/08/17	Goldman Sachs & Co.	MXN	4,335		219,515		228,620		9,105
Expiring 06/08/17	UBS AG	MXN	116		6,000		6,125		125
Expiring 06/08/17	UBS AG	MXN	237		12,000		12,512		512
Expiring 06/08/17	UBS AG	MXN	278		14,000		14,665		665
Expiring 06/08/17	UBS AG	MXN	278		14,000		14,675		675
Expiring 06/08/17	UBS AG	MXN	1,005		50,584		52,980		2,396
Expiring 06/08/17	UBS AG	MXN	1,282		63,410		67,598		4,188
Expiring 06/08/17	UBS AG	MXN	2,089		110,457		110,183		(274	)
Expiring 03/27/18	Citigroup Global Markets	MXN	2,387		120,000		120,380		380

See Notes to Financial Statements.

20

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
New Taiwanese Dollar,
Expiring 06/08/17	Citigroup Global Markets	TWD	1,266	$	41,000	$	42,039	$	1,039
Expiring 06/08/17	Citigroup Global Markets	TWD	2,093		69,000		69,480		480
Expiring 06/08/17	Citigroup Global Markets	TWD	2,316		76,000		76,895		895
Expiring 06/08/17	Citigroup Global Markets	TWD	2,731		90,000		90,656		656
Expiring 06/08/17	UBS AG	TWD	277		9,001		9,208		207
Expiring 06/08/17	UBS AG	TWD	1,333		44,000		44,248		248
Expiring 06/08/17	UBS AG	TWD	1,948		64,832		64,670		(162	)
New Zealand Dollar,
Expiring 07/12/17	Citigroup Global Markets	NZD	23		16,000		15,682		(318	)
Expiring 07/12/17	Citigroup Global Markets	NZD	128		90,000		88,021		(1,979	)
Expiring 07/12/17	UBS AG	NZD	25		17,000		16,853		(147	)
Expiring 07/12/17	UBS AG	NZD	51		36,000		35,217		(783	)
Expiring 07/12/17	UBS AG	NZD	125		86,877		85,732		(1,145	)
Expiring 07/12/17	UBS AG	NZD	172		120,000		117,616		(2,384	)
Norwegian Krone,
Expiring 07/21/17	Goldman Sachs & Co.	NOK	109		12,840		12,756		(84	)
Expiring 07/21/17	Goldman Sachs & Co.	NOK	110		12,904		12,814		(90	)
Expiring 07/21/17	Goldman Sachs & Co.	NOK	1,096		128,685		127,781		(904	)
Expiring 07/21/17	UBS AG	NOK	108		12,712		12,631		(81	)
Expiring 07/21/17	UBS AG	NOK	109		12,839		12,761		(78	)
Expiring 07/21/17	UBS AG	NOK	110		12,904		12,830		(74	)
Expiring 07/21/17	UBS AG	NOK	180		21,000		21,013		13
Expiring 07/21/17	UBS AG	NOK	402		47,000		46,892		(108	)
Peruvian Nuevo Sol,
Expiring 07/26/17	UBS AG	PEN	211		64,707		64,590		(117	)
Expiring 07/27/17	Barclays Capital Group	PEN	33		10,000		9,998		(2	)
Expiring 07/27/17	Citigroup Global Markets	PEN	93		28,539		28,537		(2	)
Philippine Peso,
Expiring 07/12/17	Citigroup Global Markets	PHP	598		12,000		11,916		(84	)
Expiring 07/12/17	UBS AG	PHP	3,098		62,000		61,765		(235	)
Expiring 07/12/17	UBS AG	PHP	5,517		110,900		109,987		(913	)
Polish Zloty,
Expiring 07/21/17	UBS AG	PLN	693		175,256		178,484		3,228
Russian Ruble,
Expiring 07/07/17	Bank of America	RUB	5,082		88,240		87,859		(381	)
Expiring 07/07/17	Barclays Capital Group	RUB	1,145		20,000		19,791		(209	)
Expiring 07/07/17	Citigroup Global Markets	RUB	1,093		19,000		18,894		(106	)
Expiring 07/07/17	Citigroup Global Markets	RUB	2,209		38,973		38,195		(778	)

See Notes to Financial Statements.

Prudential International Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Russian Ruble, (cont’d.)
Expiring 07/07/17	Citigroup Global Markets	RUB	4,400	$	76,970	$	76,073	$	(897	)
Expiring 07/07/17	Goldman Sachs & Co.	RUB	5,082		88,170		87,859		(311	)
Expiring 07/07/17	UBS AG	RUB	2,498		43,600		43,190		(410	)
Singapore Dollar,
Expiring 06/16/17	Citigroup Global Markets	SGD	42		30,000		30,017		17
Expiring 06/16/17	Citigroup Global Markets	SGD	105		75,600		75,516		(84	)
Expiring 06/16/17	UBS AG	SGD	10		7,000		7,003		3
Expiring 06/16/17	UBS AG	SGD	13		9,000		9,028		28
Expiring 06/16/17	UBS AG	SGD	56		40,000		39,991		(9	)
South African Rand,
Expiring 07/07/17	Citigroup Global Markets	ZAR	1,136		81,455		83,993		2,538
Expiring 07/07/17	UBS AG	ZAR	390		29,000		28,856		(144	)
Expiring 07/07/17	UBS AG	ZAR	906		68,000		66,995		(1,005	)
Expiring 07/31/17	JPMorgan Chase	ZAR	111		8,261		8,187		(74	)
South Korean Won,
Expiring 06/21/17	Barclays Capital Group	KRW	102,321		90,000		89,975		(25	)
Swedish Krona,
Expiring 07/21/17	Goldman Sachs & Co.	SEK	341		39,000		38,640		(360	)
Expiring 07/21/17	UBS AG	SEK	1,917		214,594		217,382		2,788
Swiss Franc,
Expiring 07/27/17	UBS AG	CHF	99		100,000		99,983		(17	)
Thai Baht,
Expiring 05/17/17	Citigroup Global Markets	THB	279		8,000		8,067		67
Expiring 05/17/17	Citigroup Global Markets	THB	344		10,000		9,937		(63	)
Expiring 05/17/17	Citigroup Global Markets	THB	917		26,000		26,502		502
Expiring 05/17/17	Citigroup Global Markets	THB	2,370		69,000		68,514		(486	)
Expiring 05/17/17	UBS AG	THB	1,144		33,000		33,078		78
Turkish Lira,
Expiring 04/28/17	Bank of America	TRY	138		36,700		38,804		2,104
Expiring 04/28/17	UBS AG	TRY	34		9,100		9,563		463
Expiring 04/28/17	UBS AG	TRY	73		20,000		20,571		571
Expiring 05/08/17	Bank of America	TRY	106		28,500		29,676		1,176
Expiring 05/08/17	UBS AG	TRY	34		9,000		9,513		513
Expiring 05/08/17	UBS AG	TRY	87		23,706		24,402		696
Expiring 05/08/17	UBS AG	TRY	183		50,000		51,498		1,498
Expiring 07/31/17	Citigroup Global Markets	TRY	15		4,000		3,994		(6	)
				$	9,840,949	$	9,895,303	$	54,354

See Notes to Financial Statements.

22

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts:
Argentine Peso,
Expiring 07/06/17	Citigroup Global Markets	ARS	1,768	$	110,000	$	110,988	$	(988	)
Australian Dollar,
Expiring 07/12/17	Citigroup Global Markets	AUD	68		51,164		51,188		(24	)
Expiring 07/12/17	Goldman Sachs & Co.	AUD	68		51,400		51,202		198
Expiring 07/12/17	Goldman Sachs & Co.	AUD	45		34,000		33,778		222
Expiring 07/12/17	UBS AG	AUD	743		556,029		555,926		103
Expiring 07/12/17	UBS AG	AUD	102		76,428		76,348		80
Expiring 07/12/17	UBS AG	AUD	51		38,406		38,404		2
Expiring 07/31/17	UBS AG	AUD	23		17,000		16,890		110
Brazilian Real,
Expiring 05/03/17	Citigroup Global Markets	BRL	589		185,453		185,370		83
Expiring 05/03/17	Goldman Sachs & Co.	BRL	589		185,278		185,370		(92	)
Expiring 06/02/17	Goldman Sachs & Co.	BRL	381		120,000		118,821		1,179
Expiring 07/31/17	UBS AG	BRL	42		13,000		13,060		(60	)
Expiring 07/31/17	UBS AG	BRL	20		6,000		6,013		(13	)
Expiring 07/31/17	UBS AG	BRL	16		5,000		4,973		27
Expiring 09/28/18	Morgan Stanley	BRL	314		90,000		89,828		172
Expiring 04/30/19	Hong Kong & Shanghai Bank	BRL	211		58,000		58,304		(304	)
British Pound,
Expiring 07/27/17	UBS AG	GBP	32		41,001		41,057		(56	)
Expiring 07/27/17	Bank of America	GBP	2,643		3,396,765		3,432,324		(35,559	)
Canadian Dollar,
Expiring 07/12/17	Goldman Sachs & Co.	CAD	26		19,000		18,934		66
Expiring 07/12/17	UBS AG	CAD	1,578		1,183,162		1,156,990		26,172
Expiring 07/12/17	UBS AG	CAD	175		130,000		128,544		1,456
Expiring 07/12/17	UBS AG	CAD	46		34,000		33,771		229
Expiring 07/12/17	UBS AG	CAD	32		24,000		23,507		493
Expiring 07/12/17	Goldman Sachs & Co.	CAD	27		19,968		19,859		109
Expiring 07/12/17	UBS AG	CAD	20		14,984		15,011		(27	)
Chilean Peso,
Expiring 07/12/17	Citigroup Global Markets	CLP	46,447		70,375		69,344		1,031
Expiring 07/12/17	JPMorgan Chase	CLP	52,160		80,000		77,873		2,127
Expiring 07/12/17	UBS AG	CLP	48,270		74,000		72,066		1,934
Chinese Renminbi,
Expiring 07/26/17	Citigroup Global Markets	CNH	1,324		191,070		190,464		606
Expiring 07/26/17	UBS AG	CNH	450		64,832		64,784		48
Expiring 07/26/17	UBS AG	CNH	448		64,707		64,491		216
Colombian Peso,
Expiring 07/12/17	Goldman Sachs & Co.	COP	79,413		27,300		26,691		609

See Notes to Financial Statements.

Prudential International Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Czech Koruna,
Expiring 07/12/17	UBS AG	CZK	3,494	$	140,000	$	142,486	$	(2,486	)
Euro,
Expiring 07/27/17	Citigroup Global Markets	EUR	17,366		19,073,432		19,005,414		68,018
Expiring 07/27/17	Citigroup Global Markets	EUR	119		129,567		129,939		(372	)
Expiring 07/27/17	Goldman Sachs & Co.	EUR	414		445,609		453,586		(7,977	)
Expiring 07/27/17	JPMorgan Chase	EUR	88		95,982		96,032		(50	)
Expiring 07/27/17	JPMorgan Chase	EUR	73		79,796		79,894		(98	)
Expiring 07/27/17	UBS AG	EUR	84		90,000		91,495		(1,495	)
Expiring 07/27/17	UBS AG	EUR	68		74,630		74,683		(53	)
Expiring 07/31/17	JPMorgan Chase	EUR	2		2,161		2,162		(1	)
Hungarian Forint,
Expiring 07/21/17	UBS AG	HUF	9,925		34,000		34,623		(623	)
Expiring 07/21/17	UBS AG	HUF	2,904		10,000		10,131		(131	)
Indian Rupee,
Expiring 06/08/17	Barclays Capital Group	INR	3,900		60,000		60,257		(257	)
Expiring 06/08/17	Citigroup Global Markets	INR	791		12,000		12,224		(224	)
Expiring 06/08/17	UBS AG	INR	8,301		127,400		128,251		(851	)
Indonesian Rupiah,
Expiring 06/16/17	Citigroup Global Markets	IDR	1,264,193		93,887		94,297		(410	)
Expiring 06/16/17	UBS AG	IDR	2,140,800		160,000		159,684		316
Expiring 06/16/17	UBS AG	IDR	549,400		41,000		40,980		20
Israeli Shekel,
Expiring 07/21/17	UBS AG	ILS	586		160,000		162,132		(2,132	)
Japanese Yen,
Expiring 07/27/17	Citigroup Global Markets	JPY	151,876		1,374,441		1,367,619		6,822
Expiring 07/27/17	UBS AG	JPY	10,997		101,000		99,028		1,972
Expiring 07/27/17	UBS AG	JPY	7,217		64,932		64,989		(57	)
Expiring 07/27/17	UBS AG	JPY	5,028		45,435		45,275		160
Expiring 07/27/17	UBS AG	JPY	4,680		42,136		42,143		(7	)
Expiring 07/27/17	UBS AG	JPY	5,020		45,436		45,202		234
Expiring 07/31/17	JPMorgan Chase	JPY	6,775		60,875		61,022		(147	)
Mexican Peso,
Expiring 06/08/17	UBS AG	MXN	4,555		239,999		240,244		(245	)
New Taiwanese Dollar,
Expiring 06/08/17	Citigroup Global Markets	TWD	9,301		302,578		308,802		(6,224	)
Expiring 06/08/17	Citigroup Global Markets	TWD	3,733		123,000		123,937		(937	)
Expiring 06/08/17	Citigroup Global Markets	TWD	2,399		79,000		79,655		(655	)
Expiring 06/08/17	Citigroup Global Markets	TWD	1,327		44,000		44,058		(58	)
Expiring 06/08/17	Citigroup Global Markets	TWD	940		31,000		31,221		(221	)
Expiring 06/08/17	Citigroup Global Markets	TWD	548		18,000		18,185		(185	)

See Notes to Financial Statements.

24

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
New Taiwanese Dollar, (cont’d.)
Expiring 06/08/17	UBS AG	TWD	2,272	$	73,759	$	75,435	$	(1,676	)
Expiring 06/08/17	UBS AG	TWD	966		32,000		32,063		(63	)
Expiring 06/08/17	UBS AG	TWD	699		23,000		23,213		(213	)
New Zealand Dollar,
Expiring 07/12/17	Citigroup Global Markets	NZD	1,142		792,844		782,430		10,414
Expiring 07/12/17	Citigroup Global Markets	NZD	74		51,165		50,646		519
Expiring 07/12/17	UBS AG	NZD	56		38,406		38,080		326
Norwegian Krone,
Expiring 07/21/17	Citigroup Global Markets	NOK	2,061		240,000		240,331		(331	)
Expiring 07/21/17	UBS AG	NOK	281		33,000		32,755		245
Philippine Peso,
Expiring 07/12/17	Bank of America	PHP	11,089		219,498		221,073		(1,575	)
Expiring 07/12/17	UBS AG	PHP	6,491		129,999		129,397		602
Polish Zloty,
Expiring 07/21/17	UBS AG	PLN	675		170,000		173,875		(3,875	)
Russian Ruble,
Expiring 07/07/17	Goldman Sachs & Co.	RUB	2,821		48,325		48,764		(439	)
Expiring 07/07/17	UBS AG	RUB	2,826		48,325		48,855		(530	)
Singapore Dollar,
Expiring 06/16/17	Citigroup Global Markets	SGD	46		32,294		32,691		(397	)
Expiring 06/16/17	Citigroup Global Markets	SGD	22		16,000		16,009		(9	)
Expiring 06/16/17	UBS AG	SGD	181		129,567		129,726		(159	)
Expiring 06/16/17	UBS AG	SGD	90		64,908		64,805		103
Expiring 06/16/17	UBS AG	SGD	90		64,907		64,741		166
Expiring 06/16/17	UBS AG	SGD	89		62,776		63,452		(676	)
Expiring 06/16/17	UBS AG	SGD	35		25,000		25,291		(291	)
South African Rand,
Expiring 07/07/17	Citigroup Global Markets	ZAR	1,126		85,550		83,240		2,310
Expiring 07/07/17	Citigroup Global Markets	ZAR	951		72,350		70,317		2,033
Expiring 07/07/17	Citigroup Global Markets	ZAR	267		20,000		19,712		288
South Korean Won,
Expiring 06/21/17	Barclays Capital Group	KRW	53,768		47,000		47,280		(280	)
Expiring 06/21/17	Citigroup Global Markets	KRW	125,430		109,481		110,295		(814	)
Expiring 06/21/17	UBS AG	KRW	126,659		110,900		111,376		(476	)
Expiring 06/21/17	UBS AG	KRW	101,184		89,000		88,975		25
Swedish Krona,
Expiring 07/21/17	UBS AG	SEK	2,050		230,000		232,504		(2,504	)

See Notes to Financial Statements.

Prudential International Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Forward foreign currency exchange contracts outstanding at April 30, 2017 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation (Depreciation)
OTC forward foreign currency exchange contracts (cont’d):
Swiss Franc,
Expiring 07/27/17	Citigroup Global Markets	CHF	46	$	46,000	$	46,009	$	(9	)
Expiring 07/27/17	UBS AG	CHF	229		231,103		231,021		82
Expiring 07/27/17	UBS AG	CHF	38		38,000		37,999		1
Thai Baht,
Expiring 05/17/17	Citigroup Global Markets	THB	421		12,019		12,174		(155	)
Turkish Lira,
Expiring 05/08/17	Goldman Sachs & Co.	TRY	279		73,903		78,308		(4,405	)
Expiring 05/08/17	JPMorgan Chase	TRY	748		202,809		209,966		(7,157	)
Expiring 05/08/17	UBS AG	TRY	33		9,001		9,337		(336	)
				$	34,106,507	$	34,063,968		42,539
								$	96,893

Cross currency exchange contracts outstanding at April 30, 2017:

Settlement	Type		Notional Amount (000)		In Exchange For (000)		Unrealized Appreciation (Depreciation)			Counterparty
OTC cross currency exchange contracts:
07/12/2017		Buy	CZK	1,590	EUR	60	$	(820	)		Citigroup Global Markets
07/12/2017		Buy	EUR	215	CZK	5,801		(1,423	)		Citigroup Global Markets
07/12/2017		Buy	EUR	24	CZK	652		(204	)		Citigroup Global Markets
07/12/2017		Buy	EUR	17	CZK	463		(134	)		Citigroup Global Markets
07/21/2017		Buy	PLN	152	EUR	36		404			UBS AG
04/06/2018		Buy	BRL	149	EUR	41		(1,606	)		Citigroup Global Markets
04/27/2018		Buy	AUD	157	JPY	12,824		(161	)		BNP Paribas
09/28/2018		Buy	EUR	50	ZAR	784		1,977			BNP Paribas
04/30/2019		Buy	EUR	107	TRY	520		(117	)		BNP Paribas
							$	(2,084	)

See Notes to Financial Statements.

26

Credit default swap agreements outstanding at April 30, 2017:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2017(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on corporate and/or sovereign Issues—Buy Protection(1):
Republic of Korea		06/20/18		1.000%		1,000		0.207	%	$	(10,248	)	$	(8,383	)	$	(1,865	)	Barclays Capital Group
OTC credit default swaps on corporate and/or sovereign Issues—Sell Protection(2):
Federation of Russia		12/20/26		1.000%		100		2.222	%	$	(9,635	)	$	(10,974	)	$	1,339		Barclays Capital Group
Republic of Hungary		06/20/22		1.000%		450		1.133	%		(2,377	)		(2,888	)		511		Citigroup Global Markets
Republic of Korea		06/20/22		1.000%		500		0.565	%		11,220			9,981			1,239		Barclays Capital Group
										$	(792	)	$	(3,881	)	$	3,089

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2017(4)			Unrealized Appreciation (Depreciation)
Centrally cleared credit default swaps on credit indices—Sell Protection(2):
CDX.EM.27.V1		06/20/22		1.000%		1,700	$	(92,140	)	$	(73,696	)	$	18,444
iTraxx.XO.27.V1		06/20/22		5.000%	EUR	270		28,111			33,784			5,673
							$	(64,029	)	$	(39,912	)	$	24,117

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

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

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

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

See Notes to Financial Statements.

Prudential International Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

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

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

Currency swap agreements outstanding at April 30, 2017:

Notional Amount (000)#		Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty		Termination Date		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	OTC currency swap agreements:
TRY	1,538	11.270%		419	3 Month LIBOR		Morgan Stanley		04/19/22	$	20,026		$	—	$	20,026
	215	3 Month LIBOR	TRY	790	10.725%		Morgan Stanley		04/19/27		(12,288	)		—		(12,288	)
										$	7,738		$	—	$	7,738

Interest rate swap agreements outstanding at April 30, 2017:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2017			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
CAD	3,500		12/22/18		1.178%	3 Month Canadian Banker’s Acceptances(2)	$	—		$	8,705		$	8,705
CAD	680		04/05/22		1.445%	3 Month Canadian Banker’s Acceptance(1)		7			(2,485	)		(2,492	)
EUR	160		06/28/32		0.785%	6 Month EURIBOR(2)		(9,666	)		(8,794	)		872
GBP	265		02/26/32		—(3)	—(3)		—			467			467
HUF	95,000		01/12/27		4.150%	6 Month BUBOR(2)		—			3,634			3,634
JPY	180,000		12/22/36		0.641%	6 Month JPY LIBOR(2)		—			11,128			11,128
JPY	18,500		02/28/37		0.681%	6 Month JPY LIBOR(2)		—			2,105			2,105
JPY	45,000		12/22/41		0.732%	6 Month JPY LIBOR(2)		—			1,776			1,776
JPY	6,200		04/07/42		0.803%	6 Month JPY LIBOR(2)		—			1,027			1,027
MXN	4,685		12/09/26		7.780%	28 Day Mexican Interbank Rate(2)		(1,031	)		5,896			6,927

See Notes to Financial Statements.

28

Interest rate swap agreements outstanding at April 30, 2017 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2017		Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d):
NZD	600		01/10/27		3.420%	3 Month New Zealand Bank Bill(2)	$	—		$	6,238	$	6,238
PLN	1,000		01/10/27		3.030%	6 Month WIBOR(2)		—			5,496		5,496
SEK	2,500		12/30/26		1.106%	3 Month STIBOR(2)		—			3,186		3,186
							$	(10,690	)	$	38,379	$	49,069

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
	OTC swap agreements:
ILS	1,150		01/12/27		1.975%	3 Month TELBOR(2)	$	3,202		$	—		$	3,202		Citigroup Global Markets
KRW	850,000		01/06/27		1.800%	3 Month KWCDC(2)		(5,592	)		(19	)		(5,573	)	Citigroup Global Markets
							$	(2,390	)	$	(19	)	$	(2,371	)

Cash of $278,000 and a Foreign Treasury Obligation with a market value of $515,810 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared credit default and interest rate swap contracts at April 30, 2017.

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

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

(3) The Fund pays the floating rate of 3 Month GBP LIBOR plus 3.1 bps and receives the floating rate of 6 Month GBP LIBOR.

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.

See Notes to Financial Statements.

Prudential International Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

The following is a summary of the inputs used as of April 30, 2017 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
United Kingdom	$	—	$	540,010	$	—
United States		—		100,100		98,486
Corporate Bonds
Australia		—		212,817		—
Austria		—		225,861		—
Brazil		—		113,641		—
China		—		224,028		—
France		—		284,310		—
Germany		—		623,441		—
Ireland		—		111,926		—
Italy		—		117,904		—
Luxembourg		—		134,970		—
Mexico		—		121,053		—
Netherlands		—		401,969		—
Norway		—		116,827		—
Russia		—		114,966		—
Spain		—		227,937		—
United Kingdom		—		1,089,384		—
United States		—		2,048,668		—
Foreign Government Bonds
Argentina		—		109,332		—
Australia		—		374,480		—
Belgium		—		1,319,810		—
Brazil		—		228,208		—
Bulgaria		—		311,568		—
Canada		—		865,450		—
Colombia		—		251,084		—
Cyprus		—		499,204		—
France		—		1,134,093		—
Germany		—		626,211		—
Greece		—		720,129		—
Hungary		—		116,109		—
Indonesia		—		233,634		—
Ireland		—		184,701		—
Italy		—		2,244,402		—
Japan		—		890,110		—
Mexico		—		234,940		—
Norway		—		280,615		—
Peru		—		254,591		—
Portugal		—		716,389		—

See Notes to Financial Statements.

30

	Level 1		Level 2			Level 3
Foreign Government Bonds (continued)
Romania	$	—	$	222,725		$	—
South Korea		—		216,724			139,782
Spain		—		2,004,214			—
Turkey		—		236,705			—
United Kingdom		—		1,473,744			—
Collateralized Mortgage Obligations
Cayman Islands		—		249,970			—
Netherlands		—		552,127			—
United Kingdom		—		820,615			—
Affiliated Mutual Fund		593,406		—			—
Options Purchased		—		149,765			—
Options Written		—		(147,414	)		—
Other Financial Instruments*
Futures Contracts		58,935		—			—
OTC Forward Foreign Currency Exchange Contracts		—		96,893			—
OTC Cross Currency Exchange Contracts		—		(2,084	)		—
OTC Credit Default Swap Agreements		—		(11,040	)		—
Centrally Cleared Credit Default Swap Agreements		—		24,117			—
OTC Currency Swap Agreements		—		7,738			—
Centrally Cleared Interest Rate Swap Agreements		—		49,069			—
OTC Interest Rate Swap Agreements		—		(2,390	)		—
Total	$	652,341	$	24,346,350		$	238,268

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

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2017 were as follows:

Foreign Government Bonds	61.6	%
Collateralized Mortgage Obligations	6.3
Banks	3.2
Residential Mortgage-Backed Securities	2.5
Affiliated Mutual Fund	2.3
Oil & Gas	2.0
Media	1.9
Insurance	1.5
Retail	1.4
Auto Parts & Equipment	1.3	%
Entertainment	1.0
Investment Companies	0.9
Electric	0.9
Real Estate Investment Trusts (REITs)	0.9
Food	0.8
Healthcare-Products	0.8
Auto Manufacturers	0.7
Options Purchased	0.6

See Notes to Financial Statements.

Prudential International Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

Industry (cont’d.)
Diversified Financial Services	0.5	%
Containers & Packaging	0.5
Telecommunications	0.5
Transportation	0.5
Diversified Machinery	0.5
Pharmaceuticals	0.5
Commercial Services	0.4
Distribution/Wholesale	0.4
Lodging	0.4
Household Products/Wares	0.4
Apparel	0.4
Software	0.4	%
Forest Products & Paper	0.4
Electrical Components & Equipment	0.4
Non-Residential Mortgage-Backed Securities	0.4
Multi-National	0.4
	97.6
Options Written	(0.6	)
Other assets in excess of liabilities	3.0
	100.0	%

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

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

Fair values of derivative instruments as of April 30, 2017 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Credit contracts	Due from/to broker—variation margin swaps	$	24,117	*	—	$	—	*
Credit contracts	Premiums paid for OTC swap agreements		9,981		Premiums received for OTC swap agreements		22,245
Credit contracts	Unaffiliated investments		19,289		Options written outstanding, at value		9,592
Credit contracts	Unrealized appreciation on OTC swap agreements		3,089		Unrealized depreciation on OTC swap agreements		1,865
Foreign exchange contracts	Unaffiliated investments		130,476		Options written outstanding, at value		137,822
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		2,381		Unrealized depreciation on OTC cross currency exchange contracts		4,465
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		226,951		Unrealized depreciation on OTC forward foreign currency exchange contracts		130,058
Interest rate contracts	Due from/to broker—variation margin futures		64,534	*	Due from/to broker—variation margin futures		5,599	*

See Notes to Financial Statements.

32

Fair values of derivative instruments as of April 30, 2017 as presented in the Statement of Assets and Liabilities (continued):

	Asset Derivatives				Liability Derivatives
Interest rate contracts	Due from/to broker—variation margin swaps	$	51,561	*	Due from/to broker—variation margin swaps	$	2,492	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		19
Interest rate contracts	Unrealized appreciation on OTC swap agreements		23,228		Unrealized depreciation on OTC swap agreements		17,861
Total		$	555,607			$	332,018

* 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 period ended April 30, 2017 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)		Options Written		Futures		Forward & Cross Currency Contracts(2)			Swaps			Total
Credit contracts	$	3,368	$	3,048	$	—	$	—		$	26,945		$	33,361
Foreign exchange contracts		—		—		—		(616,869	)		—			(616,869	)
Interest rate contracts		—		—		29,764		—			(1,478	)	$	28,286
Total	$	3,368	$	3,048	$	29,764	$	(616,869	)	$	25,467		$	(555,222	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(3)			Options Written		Futures		Forward & Cross Currency Contracts(4)		Swaps		Total
Credit contracts	$	7,982		$	3,158	$	—	$	—	$	25,341	$	36,481
Foreign exchange contracts		(2,432	)		12,665		—		94,809		—		105,042
Interest rate contracts		—			—		58,935		—		54,436		113,371
Total	$	5,550		$	15,823	$	58,935	$	94,809	$	79,777	$	254,894

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

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

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

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

See Notes to Financial Statements.

Prudential International Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

For the period ended April 30, 2017, the average volume of derivative activities are as follows:

Options Purchased(1)		Options Written(4)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	72,108	$	6,471,443	$	6,526,998	$	6,256,707	$	8,316,610

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(2)		Credit Default Swap Agreements— Buy Protection(4)		Credit Default Swap Agreements— Sell Protection(4)		Currency Swap Agreements(4)		Interest Rate Swap Agreements(4)
$	32,597,938	$	973,076	$	500,000	$	2,658,125	$	317,000	$	7,832,821

(1) Cost.

(2) Value at Trade Date.

(3) Value at Settlement Date.

(4) Notional Amount in USD.

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

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

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts Available for Offset			Collateral Received(3)		Net Amount
Bank of America	$	5,354	$	(5,354	)	$	—	$	—
Barclays Capital Group		12,559		(12,559	)		—		—
BNP Paribas		101,021		(101,021	)		—		—
Citigroup Global Markets		156,491		(63,641	)		—		92,850
Goldman Sachs & Co.		15,744		(15,744	)		—		—
Hong Kong & Shanghai Bank		—		—			—		—
JPMorgan Chase		10,177		(7,527	)		—		2,650
Morgan Stanley		39,275		(25,884	)		—		13,391
UBS AG		74,774		(32,561	)		—		42,213
	$	415,395

See Notes to Financial Statements.

34

Counterparty	Gross Amounts of Recognized Liabilities(2)			Gross Amounts Available for Offset		Collateral Pledged(3)		Net Amount
Bank of America	$	(37,515	)	$	5,354	$	—	$	(32,161	)
Barclays Capital Group		(24,460	)		12,559		—		(11,901	)
BNP Paribas		(105,023	)		101,021		—		(4,002	)
Citigroup Global Markets		(63,641	)		63,641		—		—
Goldman Sachs & Co.		(16,365	)		15,744		—		(621	)
Hong Kong & Shanghai Bank		(10,951	)		—		—		(10,951	)
JPMorgan Chase		(7,527	)		7,527		—		—
Morgan Stanley		(25,884	)		25,884		—		—
UBS AG		(32,561	)		32,561		—		—
	$	(323,927	)

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

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

(3) Collateral amount disclosed by the Fund is limited to the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

Prudential International Bond Fund 35

Statement of Assets & Liabilities (unaudited)

as of April 30, 2017

Assets
Investments at value:
Unaffiliated investments (cost $23,837,635)	$	24,569,729
Affiliated investments (cost $593,406)		593,406
Foreign currency, at value (cost $93,906)		94,036
Deposit with broker for futures and centrally cleared swaps		458,338
Unrealized appreciation on OTC forward foreign currency exchange contracts		226,951
Interest receivable		213,648
Receivable for investments sold		30,520
Unrealized appreciation on OTC swap agreements		26,317
Premium paid for OTC swap agreements		9,981
Receivable from advisor		8,297
Unrealized appreciation on OTC cross currency exchange contracts		2,381
Due from broker—variation margin swaps		1,187
Due from broker—variation margin futures		349
Prepaid expenses		460
Total assets		26,235,600
Liabilities
Options written outstanding, at value (premiums received $163,237)		147,414
Payable for investments purchased		130,683
Unrealized depreciation on OTC forward foreign currency exchange contracts		130,058
Premium received for OTC swap agreements		22,264
Unrealized depreciation on OTC swap agreements		19,726
Unrealized depreciation on OTC cross currency exchange contracts		4,465
Accrued expenses		697
Affiliated transfer agent fee payable		51
Distribution fee payable		11
Total liabilities		455,369
Net Assets	$	25,780,231
Net assets were comprised of:
Common stock, at par	$	2,524
Paid-in capital in excess of par		25,241,918
		25,244,442
Distributions in excess of net investment income		(113,483	)
Accumulated net realized loss on investment and foreign currency transactions		(336,433	)
Net unrealized appreciation on investments and foreign currencies		985,705
Net assets, April 30, 2017	$	25,780,231

See Notes to Financial Statements.

36

Class A
Net asset value and redemption price per share,
($10,342 ÷ 1,013 shares of common stock issued and outstanding)	$	10.21
Maximum sales charge (4.50% of offering price)		0.48
Maximum offering price to public	$	10.69
Class C
Net asset value, offering price and redemption price per share,
($10,257 ÷ 1,004.4 shares of common stock issued and outstanding)	$	10.21
Class Q
Net asset value, offering price and redemption price per share,
($25,749,336 ÷ 2,521,208 shares of common stock issued and outstanding)	$	10.21
Class Z
Net asset value, offering price and redemption price per share,
($10,296 ÷ 1,008 shares of common stock issued and outstanding)	$	10.21

See Notes to Financial Statements.

Prudential International Bond Fund 37

Statement of Operations (unaudited)

Period* Ended April 30, 2017

Net Investment Income (Loss)
Income
Interest income	$	156,445
Affiliated dividend income		5,161
Total income		161,606
Expenses
Management fee		47,739
Distribution fee—Class A		10
Distribution fee—Class C		38
Custodian and accounting fees		29,000
Registration fees		27,000
Legal fees and expenses		19,000
Audit fee		17,000
Shareholders’ reports		13,000
Trustees’ fees		3,000
Transfer agent’s fees and expenses (including affiliated expense of $100)		500
Miscellaneous		11,066
Total expenses		167,353
Less: Management fee waiver and/or expense reimbursement		(96,650	)
Net expenses		70,703
Net investment income (loss)		90,903
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		19,076
Futures transactions		29,764
Options written transactions		3,048
Swap agreements transactions		25,467
Foreign currency transactions		(413,788	)
		(336,433	)
Net change in unrealized appreciation (depreciation) on:
Investments		732,094
Futures		58,935
Written Options		15,823
Swap agreements		79,777
Foreign currencies		99,076
		985,705
Net gain (loss) on investment and foreign currency transactions		649,272
Net Increase (Decrease) In Net Assets Resulting From Operations	$	740,175

* Commencement of operations was December 14, 2016.

See Notes to Financial Statements.

38

Statement of Changes in Net Assets (unaudited)

	December 14, 2016* through April 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	90,903
Net realized gain (loss) on investment and foreign currency transactions		(336,433	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		985,705
Net increase (decrease) in net assets resulting from operations		740,175
Dividends from net investment income
Class A		(72	)
Class C		(45	)
Class Q		(204,187	)
Class Z		(82	)
		(204,386	)
Fund share transactions
Net proceeds from shares sold		25,040,056
Net asset value of shares issued in reinvestment of dividends and distributions		204,386
Net increase (decrease) in net assets from Fund share transactions		25,244,442
Total increase (decrease)		25,780,231
Net Assets:
Beginning of period		—
End of period	$	25,780,231

* Commencement of operations.

See Notes to Financial Statements.

Prudential International Bond Fund 39

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) registered under the Investment Company Act of 1940, as amended (“1940 Act”) as an open-end management investment company and currently consists of five funds: Prudential QMA Large-Cap Core Equity Fund, Prudential Absolute Return Bond Fund, Prudential Select Real Estate Fund, Prudential Real Estate Income Fund and Prudential International Bond Fund (the “Fund”). These financial statements relate to Prudential International Bond Fund, a non-diversified fund. The financial statements of the other funds are not presented herein. The Trust was organized as a business trust in Delaware on September 18, 1998. The Fund commenced investment operations on December 14, 2016.

The Fund’s investment objective is to seek total return, made up of current income and capital appreciation.

Note 1. Accounting Policies

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

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

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

40

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.

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 recent transaction prices for identical or comparable securities.

OTC 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 include 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 significant unobservable inputs in the

Prudential International Bond Fund 41

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

42

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

Concentration of Risk: The ability of debt securities issuers (other than those issued or guaranteed by the U.S. Government) held by the Fund to meet its obligations may be affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability or the level of governmental supervision and regulation of foreign securities markets.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily

Prudential International Bond Fund 43

Notes to Financial Statements (unaudited) (continued)

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, value of equities or foreign currency exchange rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Financial futures contracts involve elements of risk in excess of the amounts reflected on the Statement of Assets and Liabilities. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Forward Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate between two parties. The Fund enters into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on foreign currencies. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts.

This gain (loss), if any, is included in net realized gain (loss) on foreign currency transactions. Upon entering into these contracts, risks may arise 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. A Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life.

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

Options: The Fund purchased and wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of

44

equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone.

When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

Swap Agreements: The Fund may enter into credit default, interest rate, total return and other forms of swap agreements. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered commodities exchange. Swap agreements are valued daily at current market value and any

Prudential International Bond Fund 45

Notes to Financial Statements (unaudited) (continued)

change in value is included in the net unrealized appreciation or depreciation on investments. Centrally cleared swaps pay or receive an amount, known as “variation margin”, based on daily changes in the valuation of a swap contract. Payments received or paid by the Fund are recorded as realized gains (losses) upon termination or maturity of the swap. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

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

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

As a seller of protection on credit default swap agreements, the Fund generally receives from the buyer of protection an agreed upon payment throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases investment

46

risk because, in addition to its total assets, the Fund may be subject to investment exposure on the notional amount of the swap.

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

Master Netting Arrangements: The 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.

Prudential International Bond Fund 47

Notes to Financial Statements (unaudited) (continued)

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the Fund 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, 2017, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected

48

on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. 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 the accrual basis, which may require the use of certain estimates by management that may differ from actual.

Net investment income or loss (other than distribution fees, which are charged directly to the respective class), and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Dividends and Distributions: The Fund expects to pay dividends 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 amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

Taxes: It is the Fund’s policy 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 interest are recorded, net of reclaimable amounts, at the time the related income is earned.

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

Note 2. Agreements

The Trust, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of PGIM, Inc., the

Prudential International Bond Fund 49

Notes to Financial Statements (unaudited) (continued)

cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of .50% of the Fund’s average daily net assets up to $2 billion and .485% of the average daily net assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursement was .50% for the period ended April 30, 2017. The management fee amount waived exceeded the management fee for the period ended April 30, 2017.

PGIM Investments has contractually agreed through February 28, 2018 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to .74% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .25% and 1% of the average daily net assets of the Class A and C shares, respectively.

PIMS has advised the Fund that it has not received any front-end sales charges resulting from sales of Class A shares during the period ended April 30, 2017. From these fees, if any, PIMS pays such sales charges to affiliated broker-dealers, which in turn pays commissions to salespersons and incurs other distribution costs.

PIMS has advised the Fund that for the period ended April 30, 2017, it did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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

Note 3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common trustees, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Earnings from the Core Fund is disclosed on the Statement of Operations as “Affiliated dividend income”.

Note 4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for period ended April 30, 2017, were $32,663,322 and $9,030,541, respectively.

Transactions in options written during the period ended April 30, 2017, were as follows:

	Notional Amount			Premiums Received
Options outstanding at beginning of period		—			—
Written options		16,950,000		$	173,009
Expired options		—			—
Closed options		(3,000,000	)		(9,772	)
Options outstanding at April 30, 2017		13,950,000		$	163,237

Prudential International Bond Fund 51

Notes to Financial Statements (unaudited) (continued)

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2017 were as follows:

Tax Basis	$	24,431,041
Appreciation		799,079
Depreciation		(66,985	)
Net Unrealized Appreciation	$	732,094

Management has analyzed the Fund’s tax positions 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 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.

Note 6. Capital

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

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

As of April 30, 2017, Prudential owned all of the shares of the Fund, with the exception of 6 shares of Class A.

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

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Transactions in shares of beneficial interest were as follows:

Class A	Shares		Amount
Period* ended April 30, 2017:
Shares sold		1,006	$	10,056
Shares issued in reinvestment of dividends and distributions		7		72
Net increase (decrease) in shares outstanding		1,013	$	10,128
Class C
Period* ended April 30, 2017:
Shares sold		1,000	$	10,000
Shares issued in reinvestment of dividends and distributions		4		45
Net increase (decrease) in shares outstanding		1,004	$	10,045
Class Q
Period* ended April 30, 2017:
Shares sold		2,501,000	$	25,010,000
Shares issued in reinvestment of dividends and distributions		20,208		204,187
Net increase (decrease) in shares outstanding		2,521,208	$	25,214,187
Class Z	Shares		Amount
Period* ended April 30, 2017:
Shares sold		1,000	$	10,000
Shares issued in reinvestment of dividends and distributions		8		82
Net increase (decrease) in shares outstanding		1,008	$	10,082

* Commencement of operations was December 14, 2016.

Note 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 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. For 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.

The Fund did not utilize the SCA during the period ended April 30, 2017.

Note 8. Recent Accounting Pronouncement and Reporting Update

On October 13, 2016, the Securities and Exchange Commission (the “SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment

Prudential International Bond Fund 53

Notes to Financial Statements (unaudited) (continued)

companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.

Note 9. Other

At the Trust’s Board meeting in March, 2017, the Board of Trustees approved a change in the methodology of allocating certain expenses, like Transfer Agent (including sub-transfer agent and networking fees) and Blue Sky fees. The impact to the net assets of the Fund and individual share classes is not ascertainable at the present time. PGIM Investments expects to implement the changes by December 31, 2017.

54

Financial Highlights (unaudited)

Class A Shares
	December 14, 2016(a) through April 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.00
Income (loss) from investment operations:
Net investment income (loss)		.03
Net realized and unrealized gain (loss) on investments		.25
Total from investment operations		.28
Less Dividends:
Dividends from net investment income		(.07	)
Net asset value, end of period		$10.21
Total Return(c):		2.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		.99%	(e)
Expense before waivers and/or expense reimbursement		6.15%	(e)
Net investment income (loss)		.70%	(e)
Portfolio turnover rate		38%	(f)

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential International Bond Fund 55

Financial Highlights (unaudited) (continued)

Class C Shares
	December 14, 2016(a) through April 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.00
Income (loss) from investment operations:
Net investment income (loss)		-
Net realized and unrealized gain (loss) on investments		.25
Total from investment operations		.25
Less Dividends:
Dividends from net investment income		(.04	)
Net asset value, end of period		$10.21
Total Return(c):		2.55%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.74%	(e)
Expense before waivers and/or expense reimbursement		6.89%	(e)
Net investment income (loss)		(.04)%	(e)
Portfolio turnover rate		38%	(f)

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

56

Class Q Shares
	December 14, 2016(a) through April 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.00
Income (loss) from investment operations:
Net investment income (loss)		.04
Net realized and unrealized gain (loss) on investments		.25
Total from investment operations		.29
Less Dividends:
Dividends from net investment income		(.08	)
Net asset value, end of period		$10.21
Total Return(c):		2.93%
Ratios/Supplemental Data:
Net assets, end of period (000)		$25,749
Average net assets (000)		$25,223
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		.74%	(e)
Expense before waivers and/or expense reimbursement		1.75%	(e)
Net investment income (loss)		.95%	(e)
Portfolio turnover rate		38%	(f)

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

Prudential International Bond Fund 57

Financial Highlights (unaudited) (continued)

Class Z Shares
	December 14, 2016(a) through April 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.00
Income (loss) from investment operations:
Net investment income (loss)		.04
Net realized and unrealized gain (loss) on investments		.25
Total from investment operations		.29
Less Dividends:
Dividends from net investment income		(.08	)
Net asset value, end of period		$10.21
Total Return(c):		2.93%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10
Average net assets (000)		$10
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		.74%	(e)
Expense before waivers and/or expense reimbursement		5.87%	(e)
Net investment income (loss)		.95%	(e)
Portfolio turnover rate		38%	(f)

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) Not annualized.

See Notes to Financial Statements.

58

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO SCHEDULE

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

Mutual Funds:

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

PRUDENTIAL INTERNATIONAL BOND FUND

SHARE CLASS	A	C	Q	Z
NASDAQ	PXBAX	PXBCX	PXBQX	PXBZX
CUSIP	74441J738	74441J720	74441J712	74441J696

MF234E2

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

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

(a)

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

(b)

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

Item 12 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

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

Registrant:	Prudential Investment Portfolios 9
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	June 19, 2017

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 19, 2017
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	June 19, 2017