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:	10/31/2018
Date of reporting period:	4/30/2018

Item 1 – Reports to Stockholders

PGIM ABSOLUTE RETURN BOND FUND

(Formerly known as Prudential Absolute Return Bond Fund)

SEMIANNUAL REPORT

APRIL 30, 2018

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

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

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

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

The accompanying financial statements as of April 30, 2018 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. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

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

PGIM Absolute Return Bond Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Absolute Return Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Absolute Return Bond Fund

June 15, 2018

*The Prudential Day One Funds did not change their names.

PGIM Absolute Return Bond Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/18 (without sales charges)	Average Annual Total Returns as of 4/30/18 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Class A	1.58	0.04	1.51	1.98 (3/30/11)
Class C	1.20	2.96	1.69	1.89 (3/30/11)
Class Z	1.71	5.01	2.70	2.91 (3/30/11)
Class R6**	1.73	5.03	2.73	2.97 (3/30/11)
ICE BofAML USD LIBOR 3-Month CM Index
	0.69	1.31	0.59	0.53
Bloomberg Barclays US Aggregate Bond Index
	–1.87	–0.32	1.47	2.78
Lipper Alternative Credit Focus Funds Average
	0.51	2.61	1.75	2.60

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

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

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

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

*Formerly known as Class Q shares.

Benchmark Definitions

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

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

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

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

PGIM Absolute Return Bond Fund 7

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/18
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.15	2.53	2.53
Class C	0.11	1.88	1.88
Class Z	0.16	2.91	2.88
Class R6***	0.16	2.95	2.92

*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.

***Formerly known as Class Q shares.

Credit Quality expressed as a percentage of total investments as of 4/30/18 (%)
AAA	32.7
AA	4.4
A	6.0
BBB	14.7
BB	14.5
B	10.4
CCC	0.6
CC	0.2
C	0.1
Not Rated	7.1
Cash/Cash Equivalents	9.4
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, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Absolute Return Bond Fund 9

Fees and Expenses (continued)

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

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

PGIM  Absolute Return Bond Fund		Beginning  Account Value November 1, 2017		Ending  Account Value April 30, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,015.80		1.06	%	$	5.30
	Hypothetical	$	1,000.00	$	1,019.54		1.06	%	$	5.31
Class C	Actual	$	1,000.00	$	1,012.00		1.82	%	$	9.08
	Hypothetical	$	1,000.00	$	1,015.77		1.82	%	$	9.10
Class Z	Actual	$	1,000.00	$	1,017.10		0.78	%	$	3.90
	Hypothetical	$	1,000.00	$	1,020.93		0.78	%	$	3.91
Class R6**	Actual	$	1,000.00	$	1,017.30		0.77	%	$	3.85
	Hypothetical	$	1,000.00	$	1,020.98		0.77	%	$	3.86

*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, 2018, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments (unaudited)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    87.9%
ASSET-BACKED SECURITIES    34.5%
Automobiles    0.2%
OneMain Direct Auto Receivables Trust,
Series 2017-1A, Class C, 144A		3.910	%		08/16/21		4,100	$	4,037,594
Series 2017-2A, Class E, 144A		4.740			11/14/25		1,200		1,189,808
									5,227,402
Collateralized Loan Obligations    25.6%
A Voce CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.160%		3.508	(c)		07/15/26		13,250		13,269,727
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-6A, Class AR, 144A, 3 Month LIBOR + 1.270%		3.618	(c)		07/15/30		1,750		1,760,885
Armada Euro CLO (Ireland),
Series 2A, Class A1, 144A, 3 Month EURIBOR + 0.76%		0.760	(c)		11/15/31	EUR	12,500		15,053,466
Series 2A, Class A3, 144A		1.500			11/15/31	EUR	2,500		3,002,391
ArrowMark Colorado Holdings (Cayman Islands), Series 2017-6A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.628	(c)		07/15/29		2,500		2,515,330
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2014-1A, Class AR2, 144A, 3 Month LIBOR + 1.260%		3.608	(c)		07/16/29		2,000		2,007,800
Series 2017-8A, Class A, 144A, 3 Month LIBOR + 1.300%		3.648	(c)		01/16/30		4,500		4,523,103
Aurium CLO (Ireland),
Series 4A, Class A1, 144A, 3 Month EURIBOR + 0.75%		0.750	(c)		01/16/31	EUR	15,500		18,676,593
Series 4A, Class A2, 144A		1.620			01/16/31	EUR	3,100		3,729,142
Babson Euro CLO (Netherlands), Series 2015-1A, Class A1R, 144A, 3 Month EURIBOR + 0.820%		0.492	(c)		10/25/29	EUR	4,000		4,829,161
Bain Capital Euro CLO (Ireland), Series 2018-1A, Class A, 144A		—	(p)		04/20/32	EUR	10,000		12,076,356
Battalion CLO Ltd. (Cayman Islands),
Series 2014-5A, Class A1R, 144A, 3 Month LIBOR + 1.170%		3.523	(c)		04/17/26		7,250		7,269,685
Series 2015-8A, Class A1R, 144A, 3 Month LIBOR + 1.340%		3.695	(c)		07/18/30		2,000		2,014,121
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.598	(c)		07/15/29		3,500		3,521,045

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Benefit Street Partners CLO Ltd. (Cayman Islands), (cont’d.)
Series 2014-VA, Class AR, 144A, 3 Month LIBOR + 1.200%		3.559	%(c)		10/20/26		10,000	$	10,027,514
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.598	(c)		10/15/30		9,250		9,281,924
Bosphorus CLO Designated Activity Co. (Ireland), Series 4A, Class A, 144A		—	(p)		12/15/30	EUR	10,000		12,069,340
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class BR, 144A, 3 Month LIBOR + 1.350%		3.054	(c)		01/17/28		4,000		3,960,181
Carlyle Global Market Strategies Euro CLO (Ireland), Series 2015-3A, Class A1BR, 144A		1.150			07/15/30	EUR	8,500		10,121,519
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-2A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.579	(c)		07/20/31		3,000		3,009,574
Catamaran CLO (Cayman Islands), Series 2014-1A, Class A1AR, 144A, 3 Month LIBOR + 1.260%		3.619	(c)		04/22/30		10,500		10,597,554
CIFC Funding Ltd. (Cayman Islands), Series 2015-1A, Class ARR, 144A, 3 Month LIBOR + 1.110%		3.472	(c)		01/22/31		8,000		8,064,320
Eaton Vance CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A, 3 Month LIBOR + 1.200%		3.548	(c)		07/15/26		5,000		5,004,457
ECP CLO Ltd. (Cayman Islands), Series 2014-6A, Class A1A, 144A, 3 Month LIBOR + 1.450%		3.798	(c)		07/15/26		7,600		7,612,258
Elevation CLO (Cayman Islands), Series 2017-7A, Class A, 144A, 3 Month LIBOR + 1.220%		2.824	(c)		07/15/30		4,000		4,005,274
Ellington CLO Ltd. (Cayman Islands), Series 2017-2A, Class A, 144A, 3 Month LIBOR + 1.700%		3.467	(c)		02/15/29		20,000		20,100,208
Flagship CLO Ltd. (Cayman Islands), Series 2014-8A, Class AR, 144A, 3 Month LIBOR + 1.250%		3.598	(c)		01/16/26		2,500		2,504,464
Highbridge Loan Management Ltd. (Cayman Islands), Series 6A-2015, Class A1R, 144A, 3 Month LIBOR + 1.000%		2.845	(c)		02/05/31		15,250		15,269,018
ICG US CLO Ltd. (Cayman Islands), Series 2017-2A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.642	(c)		10/23/29		3,000		3,020,532
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-1A, Class A, 144A, 3 Month LIBOR + 1.540%		3.888	(c)		04/15/27		12,000		12,012,554
Jubilee CLO (Netherlands), Series 2017-19A, Class A1, 144A, 3 Month EURIBOR + 0.800%		0.800	(c)		07/15/30	EUR	1,500		1,809,097

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180%		3.528	%(c)		01/15/31		8,000	$	8,042,529
Series 18, Class A, 144A, 3 Month LIBOR + 1.270%		3.625	(c)		07/18/30		8,000		8,039,694
KVK CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.139	(c)		05/15/26		10,000		10,009,182
Marlay Park CLO (Ireland), Series 1A, Class A1A, 3 Month EURIBOR + 0.74%		0.740	(c)		10/15/30	EUR	12,000		14,451,023
MJX Venture Management LLC (Cayman Islands), Series 2017-29RR, Class A, 144A, 3 Month LIBOR + 1.630%^		3.480	(c)		09/08/30		12,800		12,624,640
Mountain View CLO Ltd. (Cayman Islands),
Series 2014-1A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.588	(c)		10/15/26		7,000		7,013,327
Series 2017-2A, Class A, 144A, 3 Month LIBOR + 1.210%		3.075	(c)		01/16/31		8,000		7,999,382
North Westerly CLO BV (Netherlands), Series IV-A, Class A2R, 144A		1.250			01/15/26	EUR	1,500		1,809,857
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		3.608	(c)		07/15/30		5,750		5,817,041
OZLM Ltd. (Cayman Islands),
Series 2014-6A, Class A2AS, 144A, 3 Month LIBOR + 1.750%		4.103	(c)		04/17/31		4,000		3,999,944
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.609	(c)		10/30/30		3,000		3,021,860
Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		3.849	(c)		01/20/29		22,750		22,893,218
Series 2018-20A, Class A2, 144A^		4.103			04/20/31		3,000		3,000,000
OZLME Designated Activity Co. (Netherlands),
Series 3A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		08/24/30	EUR	38,000		46,103,432
Series 3A, Class A2, 144A		1.150			08/24/30	EUR	8,000		9,648,866
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1R2, 144A, 3 Month LIBOR + 1.130%		3.483	(c)		01/17/31		10,000		10,068,448
Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.192	(c)		05/21/29		10,200		10,249,741
Series 2015-2A, Class A1AR, 144A, 3 Month LIBOR + 1.270%		3.629	(c)		07/20/30		5,750		5,786,365

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Regatta Funding LP (Cayman Islands),
Series 2013-2A, Class A1R, 144A, 3 Month LIBOR + 1.540%		3.888	%(c)		01/15/29		7,250	$	7,293,352
Series 2017-1A, Class A, 144A, 3 Month LIBOR + 1.250%		3.603	(c)		10/17/30		4,750		4,779,229
Romark WM-R Ltd. (Cayman Islands), Series 2018-1A, Class A1, 144A, 3 Month LIBOR + 1.030%		2.776	(c)		04/20/31		1,500		1,499,982
Shackleton CLO Ltd. (Cayman Islands), Series 2017-11A, Class A, 144A, 3 Month LIBOR + 1.270%		3.109	(c)		08/15/30		2,500		2,515,538
Sound Point CLO Ltd. (Cayman Islands),
Series 2015-2A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.239	(c)		07/20/27		7,500		7,496,684
Series 2017-2A, Class A, 144A, 3 Month LIBOR + 1.280%		3.640	(c)		07/25/30		8,500		8,566,175
Series 2017-3A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.579	(c)		10/20/30		8,750		8,813,212
THL Credit Wind River CLO Ltd. (Cayman Islands), Series 2014-1A, Class AR, 144A, 3 Month LIBOR + 1.180%		3.535	(c)		04/18/26		4,250		4,255,347
TICP CLO Ltd. (Cayman Islands), Series 2017-7A, Class AS, 144A, 3 Month LIBOR + 1.230%		3.578	(c)		07/15/29		5,500		5,524,237
Trinitas CLO Ltd. (Cayman Islands),
Series 2015-3A, Class BR, 144A, 3 Month LIBOR + 1.400%		3.748	(c)		07/15/27		10,000		10,008,419
Series 2017-6A Class A, 144A, 3 Month LIBOR + 1.320%		3.680	(c)		07/25/29		9,750		9,816,234
Series 2017-7A, Class A, 144A, 3 Month LIBOR + 1.210%		3.570	(c)		01/25/31		4,500		4,531,829
Series 2017-7A, Class B, 144A, 3 Month LIBOR + 1.600%		3.960	(c)		01/25/31		3,000		3,009,451
Tryon Park CLO Ltd. (Cayman Islands), Series 2013-1A, Class A2R, 144A, 3 Month LIBOR + 1.500%		3.848	(c)		04/15/29		4,000		3,999,892
Venture CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.228	(c)		07/15/27		7,500		7,493,205
Voya CLO Ltd. (Cayman Islands),
Series 2013-1A, Class A1AR, 144A, 3 Month LIBOR + 1.210%		3.558	(c)		10/15/30		2,750		2,769,600

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Voya CLO Ltd. (Cayman Islands), (cont’d.)
Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 0.900%		3.255	%(c)		01/18/29		19,000	$	18,995,309
Voya Euro CLO Designated Activity Co. (Ireland), Series 1A, Class A, 144A		0.750			10/15/30	EUR	13,000		15,664,239
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-1A, Class A1, 144A, 3 Month LIBOR + 1.320%		3.679	(c)		04/20/29		4,000		4,023,460
Series 2017-2A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.609	(c)		10/20/29		7,000		7,022,243
Series 2017-3A, Class A1, 144A, 3 Month LIBOR + 1.150%		2.881	(c)		01/17/31		10,500		10,543,823
York CLO Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.512	(c)		01/22/31		3,000		3,017,686
Zais CLO Ltd. (Cayman Islands),
Series 2017-1A, Class A1, 144A, 3 Month LIBOR + 1.370%		3.718	(c)		07/15/29		8,750		8,814,116
Series 2017-2A, Class A, 144A, 3 Month LIBOR + 1.290%		3.638	(c)		04/15/30		4,750		4,816,633
									588,567,037
Consumer Loans    2.4%
Lendmark Funding Trust,
Series 2017-1A, Class B, 144A		3.770			12/22/25		1,300		1,288,625
Series 2017-2A, Class C, 144A		4.330			05/20/26		700		691,635
OneMain Financial Issuance Trust,
Series 2014-2A, Class C, 144A		4.330			09/18/24		9,050		9,075,612
Series 2015-1A, Class B, 144A		3.850			03/18/26		2,000		2,006,973
Series 2015-2A, Class B, 144A		3.100			07/18/25		5,246		5,243,120
Series 2015-2A, Class C, 144A		4.320			07/18/25		2,100		2,094,374
Series 2017-1A, Class A2, 144A, 1 Month LIBOR + 0.800%		2.697	(c)		09/14/32		4,300		4,313,735
Series 2017-1A, Class C, 144A		3.350			09/14/32		700		682,885
Oportun Funding LLC,
Series 2016-C, Class B, 144A		4.850			11/08/21		6,665		6,684,701
Series 2017-B, Class B, 144A		4.260			10/10/23		7,500		7,476,630
PNMAC GMSR Issuer Trust,
Series 2017-GT2, Class A, 144A, 1 Month LIBOR + 4.000%		5.897	(c)		08/25/23		3,800		3,800,000
Series 2018-FT1, Class A, 144A, 1 Month LIBOR + 2.350%^		4.248	(c)		04/25/23		3,200		3,212,000
Springleaf Funding Trust,
Series 2015-AA, Class B, 144A		3.620			11/15/24		3,430		3,419,721
Series 2015-AA, Class C, 144A		5.040			11/15/24		6,000		5,988,005
									55,978,016

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans    3.1%
Accredited Mortgage Loan Trust,
Series 2004-3, Class 2A2, 1 Month LIBOR + 1.200%		3.097	%(c)		10/25/34		3,154	$	3,216,396
Series 2004-3, Class 2A5, 1 Month LIBOR + 1.080%		2.977	(c)		10/25/34		1,757		1,787,101
Series 2005-3, Class M1, 1 Month LIBOR + 0.450%		2.320	(c)		09/25/35		354		353,978
Ameriquest Mortgage Securities, Inc.,
Asset-Backed Pass-Through Certificates, Series 2003-1, Class M1, 1 Month LIBOR + 1.350%		3.247	(c)		02/25/33		1,620		1,600,713
Asset-Backed Pass-Through Certificates, Series 2003-10, Class AV1, 1 Month LIBOR + 0.760%		2.657	(c)		12/25/33		2,936		2,919,116
Argent Securities, Inc.,
Asset-Backed Pass-Through Certificates, Series 2003-W5, Class M1, 1 Month LIBOR + 1.050%		2.947	(c)		10/25/33		26		26,302
Asset-Backed Pass-Through Certificates, Series 2003-W7, Class M1, 1 Month LIBOR + 1.035%		2.932	(c)		03/25/34		963		965,089
Asset-Backed Pass-Through Certificates, Series 2003-W8, Class M1, 1 Month LIBOR + 1.050%		2.947	(c)		12/25/33		745		749,625
Asset-Backed Pass-Through Certificates, Series 2003-W9, Class M1, 1 Month LIBOR + 1.035%		2.932	(c)		01/25/34		1,897		1,899,186
Asset-Backed Pass-Through Certificates, Series 2004-W6, Class AF		4.123			05/25/34		203		210,003
Asset-Backed Pass-Through Certificates, Series 2004-W6, Class AV5, 1 Month LIBOR + 0.800%		2.697	(c)		05/25/34		587		562,922
Asset Backed Funding Certificates Trust, Series 2004-OPT5, Class A1, 1 Month LIBOR + 0.700%		2.597	(c)		06/25/34		1,260		1,229,282
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2003-HE6, Class A2, 1 Month LIBOR + 0.680%		2.577	(c)		11/25/33		1,758		1,699,496
Series 2003-HE6, Class A3B, 1 Month LIBOR + 0.960%		2.857	(c)		11/25/33		3,546		3,422,985

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Asset-Backed Securities Corp. Home Equity Loan Trust, (cont’d.)
Series 2004-HE3, Class M1, 1 Month LIBOR + 0.810%		2.707	%(c)		06/25/34		2,809	$	2,801,677
Bear Stearns Asset-Backed Securities Trust,
Series 2002-2, Class A1, 1 Month LIBOR + 0.660%		2.557	(c)		10/25/32		1,004		1,007,649
Series 2003-3, Class A2, 1 Month LIBOR + 1.180%		3.077	(c)		06/25/43		120		118,100
Series 2003-HE1, Class M1, 1 Month LIBOR + 1.095%		2.992	(c)		01/25/34		2,418		2,442,942
Series 2004-FR2, Class M2, 1 Month LIBOR + 1.020%		2.917	(c)		06/25/34		1,100		1,113,608
Series 2004-HE11, Class M2, 1 Month LIBOR + 1.575%		3.472	(c)		12/25/34		3,285		3,362,684
Series 2004-HE5, Class M1, 1 Month LIBOR + 0.855%		2.752	(c)		07/25/34		5,039		5,014,808
Home Equity Asset Trust,
Series 2003-6, Class M1, 1 Month LIBOR + 1.050%		2.947	(c)		02/25/34		1,143		1,119,386
Series 2004-7, Class A2, 1 Month LIBOR + 0.840%		2.737	(c)		01/25/35		1,050		1,058,242
Mastr Asset-Backed Securities Trust,
Series 2003-WMC2, Class M2, 1 Month LIBOR + 2.475%		4.372	(c)		08/25/33		1,059		1,097,325
Series 2005-NC1, Class M1, 1 Month LIBOR + 0.720%		2.617	(c)		12/25/34		8,247		8,124,590
Merrill Lynch Mortgage Investors Trust, Series 2002-HE1, Class A1, 1 Month LIBOR + 1.000%		2.897	(c)		08/25/32		2,908		2,861,130
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE3, Class M1, 1 Month LIBOR + 1.020%		2.917	(c)		10/25/33		2,940		2,939,215
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020%		2.917	(c)		10/25/33		782		774,124
Series 2003-NC8, Class M1, 1 Month LIBOR + 1.050%		2.947	(c)		09/25/33		618		613,017
Series 2004-HE4, Class M1, 1 Month LIBOR + 0.900%		2.797	(c)		05/25/34		5,213		5,202,103
Series 2004-HE5, Class M1, 1 Month LIBOR + 0.945%		2.842	(c)		06/25/34		830		830,653
Series 2004-OP1, Class M1, 1 Month LIBOR + 0.870%		2.767	(c)		11/25/34		1,941		1,934,793

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Morgan Stanley Home Equity Loan Trust, Series 2006-1, Class A2C, 1 Month LIBOR + 0.330%		2.227	%(c)		12/25/35		146	$	145,800
New Residential Mortgage Trust, Series 2018-1A, Class A1A, 144A		4.000	(cc)		12/25/57		3,319		3,375,714
Option One Mortgage Accep Corp. Asset-Backed Certificates, Series 2003-4, Class A2, 1 Month LIBOR + 0.640%		2.537	(c)		07/25/33		761		753,687
Option One Mortgage Loan Trust,
Series 2004-1, Class M1, 1 Month LIBOR + 0.900%		2.797	(c)		01/25/34		1,735		1,723,078
Series 2005-1, Class A4, 1 Month LIBOR + 0.800%		2.697	(c)		02/25/35		143		142,758
RAMP Trust, Series 2005-EFC3, Class M3, 1 Month LIBOR + 0.490%		2.387	(c)		08/25/35		135		134,908
RASC Trust, Series 2005-KS11, Class M1, 1 Month LIBOR + 0.400%		2.297	(c)		12/25/35		566		566,364
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC1, Class M1, 1 Month LIBOR + 0.780%		2.677	(c)		02/25/34		1,178		1,187,052
									71,087,601
Residential Mortgage-Backed Securities    2.7%
Amortizing Residential Collateral Trust, Series 2002-BC8, Class A3, 1 Month LIBOR + 1.000%		2.897	(c)		11/25/32		682		680,194
Chase Funding Trust,
Series 2002-3, Class 2A1, 1 Month LIBOR + 0.640%		2.537	(c)		08/25/32		312		305,967
Series 2003-4, Class 1A5		5.255			05/25/33		720		729,178
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-OPT1, Class M1, 1 Month LIBOR + 0.630%		2.527	(c)		02/25/35		317		315,053
Series 2005-WF1, Class A5		5.010	(cc)		11/25/34		35		35,625
Countrywide Asset-Backed Certificates,
Series 2003-BC4, Class M1, 1 Month LIBOR + 1.050%		2.947	(c)		07/25/33		939		935,122
Series 2004-1, Class M1, 1 Month LIBOR + 0.750%		2.647	(c)		03/25/34		141		142,072

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Countrywide Asset-Backed Certificates, (cont’d.)
Series 2004-3, Class 1A, 1 Month LIBOR + 0.420%		2.317	%(c)		08/25/34		7,986	$	7,572,623
Series 2004-6, Class 1A1, 1 Month LIBOR + 0.540%		2.437	(c)		12/25/34		1,970		1,932,765
Series 2004-BC4, Class M1, 1 Month LIBOR + 1.050%		2.947	(c)		11/25/34		671		672,001
Credit-Based Asset Servicing and Securitization LLC,
Series 2003-CB3, Class AF1		3.379			12/25/32		141		139,703
Series 2003-CB5, Class M1, 1 Month LIBOR + 1.020%		2.917	(c)		11/25/33		736		718,337
CSMC Trust, Series 2016-RPL1, Class A1, 144A, 1 Month LIBOR + 3.150%		5.037	(c)		12/26/46		5,348		5,517,009
Finance America Mortgage Loan Trust,
Series 2003-1, Class M1, 1 Month LIBOR + 1.050%		2.947	(c)		09/25/33		1,948		1,895,525
Series 2004-2, Class M1, 1 Month LIBOR + 0.825%		2.722	(c)		08/25/34		5,611		5,538,005
First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A2, 1 Month LIBOR + 0.760%		2.657	(c)		08/25/34		1,118		1,090,581
Fremont Home Loan Trust, Series 2004-4, Class M1, 1 Month LIBOR + 0.795%		2.692	(c)		03/25/35		2,512		2,487,184
GSAMP Trust,
Series 2003-HE2, Class A1A, 144A, 1 Month LIBOR + 0.600%		2.497	(c)		08/25/33		885		863,371
Series 2004-AR1, Class A2B, 1 Month LIBOR + 1.200%		3.097	(c)		06/25/34		1,422		1,411,496
Series 2004-NC2, Class A1B, 1 Month LIBOR + 0.900%		2.797	(c)		10/25/34		1,787		1,703,114
Series 2007-HE1, Class A1, 1 Month LIBOR + 0.140%		2.037	(c)		03/25/47		2,513		2,374,398
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1, 1 Month LIBOR + 0.430%		2.327	(c)		12/25/35		530		529,702
Long Beach Mortgage Loan Trust,
Series 2003-4, Class AV1, 1 Month LIBOR + 0.620%		2.517	(c)		08/25/33		1,464		1,456,718
Series 2004-2, Class A1, 1 Month LIBOR + 0.440%		2.337	(c)		06/25/34		985		969,978
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2004-NC5, Class M1, 1 Month LIBOR + 0.900%		2.797	(c)		05/25/34		273		271,437
Series 2004-NC6, Class M1, 1 Month LIBOR + 0.900%		2.797	(c)		07/25/34		1,729		1,686,158

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Park Place Securities, Inc.,
Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M3, 1 Month LIBOR + 0.840%		2.737	%(c)		01/25/36		1,086	$	1,089,961
Asset-Backed Pass-Through Certificates, Series 2005-WCW1, Class M1, 1 Month LIBOR + 0.450%		2.347	(c)		09/25/35		445		445,197
Specialty Underwriting & Residential Finance Trust,
Series 2003-BC4, Class M1, 1 Month LIBOR + 0.900%		2.797	(c)		11/25/34		1,471		1,411,924
Series 2004-BC2, Class M1, 1 Month LIBOR + 0.825%		2.722	(c)		05/25/35		2,200		2,193,729
Series 2004-BC4, Class A2C, 1 Month LIBOR + 0.980%		2.877	(c)		10/25/35		1,333		1,308,875
Structured Asset Investment Loan Trust,
Series 2004-8, Class A8, 1 Month LIBOR + 1.000%		2.897	(c)		09/25/34		2,123		2,079,454
Series 2004-BNC1, Class A2, 1 Month LIBOR + 1.000%		2.897	(c)		09/25/34		3,488		3,488,807
Series 2005-3, Class M2, 1 Month LIBOR + 0.660%		2.557	(c)		04/25/35		1,081		1,082,194
Towd Point Mortgage Trust, Series 2017-4, Class A1, 144A		2.750	(cc)		06/25/57		3,769		3,699,380
VOLT LVII LLC, Series 2017-NPL4, Class A1, 144A		3.375			04/25/47		432		431,093
VOLT LX LLC, Series 2017-NPL7, Class A1, 144A		3.250			06/25/47		565		562,127
VOLT LXIII LLC, Series 2017-NP10, Class A1, 144A		3.000			10/25/47		2,365		2,344,447
									62,110,504
Student Loans    0.5%
SLM Student Loan Trust, Series 2007-2, Class B, 3 Month LIBOR + 0.170%		2.530	(c)		07/25/25		11,503		10,571,452
TOTAL ASSET-BACKED SECURITIES (cost $786,911,024)									793,542,012
BANK LOANS    1.4%
Capital Goods    0.1%
Richmond UK Bidco, Ltd. (United Kingdom), Facility B, 1 Month GBP LIBOR + 4.250%		4.760	(c)		03/03/24	GBP	971		1,318,764

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Consumer    0.2%
CD&R Firefly Bidco, Ltd. (United Kingdom), Facility B1, 3 Month GBP LIBOR + 4.500%		5.210	%(c)		07/15/22	GBP	3,000	$	4,123,675
Diversified Financial Services    0.2%
McAfee LLC,
Closing Date USD Term Loan, 1 Month LIBOR + 4.500%		6.400	(c)		09/30/24		3,259		3,297,031
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.400	(c)		09/29/25		1,950		1,974,375
									5,271,406
Foods    0.2%
Flora Food Group (United Kingdom), Term Loan		—	(p)		02/28/25	GBP	3,700		5,049,888
Gaming    0.1%
Cyan Blue Holdco 3, Ltd. (United Kingdom), First Lien Term B Loan, 3 Month GBP LIBOR + 4.000%		4.710	(c)		08/23/24	GBP	1,104		1,519,100
Health Care & Pharmaceutical    0.1%
Avantor, Inc., Initial Euro Term Loan, 1 Month EURIBOR + 4.250%		4.250	(c)		11/21/24	EUR	1,372		1,665,613
Nidda Healthcare Holdings AG, Facility B1 - GBP		—	(p)		09/20/24		1,700		2,340,892
									4,006,505
Oil & Gas    0.3%
EG American LLC, Term Loan^		—	(p)		02/01/26		1,150		1,144,250
Euro Garages, Ltd. (United Kingdom),
Term Loan		—	(p)		02/28/25		3,600		4,516,418
Term Loan		—	(p)		03/31/26		675		811,732
									6,472,400
Technology    0.2%
BMC Software Finance, Inc., Initial B-2 U.S. Term Loan, 1 Month LIBOR + 3.250%		5.150	(c)		09/10/22		1,888		1,894,371
First Data Corp., 2020 Term A Loan, 1 Month LIBOR + 1.750%		3.650	(c)		06/02/20		3,047		3,048,779
									4,943,150
TOTAL BANK LOANS (cost $33,001,095)									32,704,888

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.0%
BANK, Series 2017-BNK8, Class A3		3.229	%		11/15/50		1,300	$	1,249,959
BBCMS Mortgage Trust, Series 2018-TALL, Class D, 144A, 1 Month LIBOR + 1.449%		3.345	(c)		03/15/37		16,400		16,297,295
COMM Mortgage Trust,
Series 2012-CR1, Class XA, IO		2.051	(cc)		05/15/45		11,564		705,484
Series 2013-CR7, Class A3		2.929			03/10/46		200		195,709
Series 2015-LC19, Class XB, IO, 144A		0.356	(cc)		02/10/48		123,049		2,040,029
CSAIL Commercial Mortgage Trust,
Series 2015-C1, Class XB, IO		0.397	(cc)		04/15/50		66,743		1,113,033
Series 2018-cx11, Class A3		4.095			04/15/51		9,000		9,210,605
CSMC Trust,
Series 2017-LSTK, Class D, 144A		3.442	(cc)		04/05/33		6,850		6,704,072
Series 2017-LSTK, Class E, 144A		3.442	(cc)		04/05/33		12,575		12,239,984
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A		3.935	(cc)		12/10/36		15,500		14,008,554
FHLMC Multifamily Structured Pass-Through Certificates,
Series K007, Class X1, IO		1.205	(cc)		04/25/20		4,127		67,846
Series K008, Class X1, IO		1.682	(cc)		06/25/20		18,522		487,159
Series K010, Class X1, IO		0.321	(cc)		10/25/20		18,142		73,261
Series K018, Class X1, IO		1.509	(cc)		01/25/22		15,379		616,528
Series K020, Class X1, IO		1.556	(cc)		05/25/22		20,107		941,568
Series K021, Class X1, IO		1.593	(cc)		06/25/22		4,149		205,315
Series K025, Class X1, IO		0.989	(cc)		10/25/22		92,156		2,973,495
Series K055, Class X1, IO		1.501	(cc)		03/25/26		23,165		2,042,299
Series K066, Class X1,IO		0.891	(cc)		06/25/27		237,148		13,660,426
Series K710, Class X1, IO		1.860	(cc)		05/25/19		444		5,555
Series K711, Class X1, IO		1.802	(cc)		07/25/19		3,679		48,080
GS Mortgage Securities Corp., Series 2013-GC10, Class XB, IO, 144A		0.643	(cc)		02/10/46		103,126		2,285,303
GS Mortgage Securities Trust,
Series 2014-GC20, Class XB, IO		0.492	(cc)		04/10/47		28,307		698,042
Series 2017-GS7, Class A3		3.167			08/10/50		16,900		16,095,979
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class XB, IO		0.476	(cc)		08/15/47		45,056		908,572
Series 2015-C27, Class XB, IO		0.586	(cc)		02/15/48		52,766		1,352,150
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class XB, IO		0.644	(cc)		04/15/46		34,956		840,404
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C5, Class XB, IO, 144A		0.400	(cc)		08/15/45		65,968		736,368
Series 2013-C8, Class XB, IO, 144A		0.497	(cc)		12/15/48		68,276		1,332,256

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Capital I Trust, Series 2015-XLF1, Class B, 144A, 1 Month LIBOR + 1.750%		3.647	%(c)		08/14/31		7,709	$	7,731,887
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class XB, IO, 144A		0.474	(cc)		04/10/46		140,883		2,575,510
Wells Fargo Commercial Mortgage Trust,
Series 2017-C39, Class A4		3.157			09/15/50		15,000		14,350,923
Series 2017-C40, Class A3		3.317			10/15/50		3,380		3,280,718
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $139,877,689)									137,074,368
CONVERTIBLE BOND    0.1%
Investment Companies
Aabar Investments PJSC, Sr. Unsec’d. Notes, MTN (cost $2,420,287)		0.500			03/27/20	EUR	2,100		2,352,099
CORPORATE BONDS    30.7%
Airlines    0.3%
American Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass Through Certificates		4.000			01/15/27		2,783		2,784,197
Continental Airlines, Inc., Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates		5.983			10/19/23		856		910,928
Series 2012-2, Class A, Pass-Through Certificates		4.000			04/29/26		97		97,082
Delta Air Lines, Inc., Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates		6.821			02/10/24		671		737,473
Series 2011-1, Class A, Pass-Through Certificates		5.300			10/15/20		53		53,936
United Airlines Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates		4.300			02/15/27		2,027		2,054,307
									6,637,923
Apparel    0.1%
PVH Corp., Sr. Unsec’d. Notes, 144A		3.125			12/15/27	EUR	2,175		2,600,665
Auto Manufacturers    0.2%
BMW U.S. Capital LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.749	(c)		04/12/21		820		822,795
Gtd. Notes, 144A		3.100			04/12/21		1,095		1,091,944
General Motors Co., Sr. Unsec’d. Notes(h)		6.250			10/02/43		2,230		2,381,741
									4,296,480

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment    0.3%
Lear Corp.,
Sr. Unsec’d. Notes		5.250	%		01/15/25		5,375	$	5,660,236
Sr. Unsec’d. Notes		5.375			03/15/24		1,410		1,475,893
									7,136,129
Banks    5.6%
Banco de Costa Rica (Costa Rica), Gov’t. Gtd. Notes		5.250			08/12/18		3,328		3,333,824
Banco do Brasil SA (Brazil), Gtd. Notes		3.875			10/10/22		3,000		2,886,000
Bank of America Corp.,
Jr. Sub. Notes		5.125			12/31/49		2,175		2,202,405
Jr. Sub. Notes		6.100			12/31/49		8,820		9,139,725
Sr. Unsec’d. Notes, GMTN		3.593			07/21/28		1,555		1,481,371
Sr. Unsec’d. Notes, MTN		3.824			01/20/28		620		604,337
Sr. Unsec’d. Notes, MTN		4.443			01/20/48		1,295		1,297,762
Bank of Baroda (India), Sr. Unsec’d. Notes, 144A		4.875			07/23/19		5,000		5,071,420
Caixa Economica Federal (Brazil), Sub. Notes		7.250			07/23/24		5,400		5,578,578
Citigroup, Inc.,
Jr. Sub. Notes		5.950			12/31/49		12,685		13,113,119
Sr. Unsec’d. Notes		3.200			10/21/26		1,145		1,067,232
Sr. Unsec’d. Notes		8.125			07/15/39		1,020		1,477,293
Sub. Notes		4.400			06/10/25		405		404,616
Sub. Notes		4.750			05/18/46		395		385,019
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN		3.625			09/09/24		2,375		2,353,806
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.750			03/26/25		1,200		1,161,934
Development Bank of Japan, Inc. (Japan),
Gov’t. Gtd. Notes, GMTN		2.125			01/30/19		3,000		2,987,598
Sr. Unsec’d. Notes, GMTN		2.000			10/19/21		400		384,202
Dexia Credit Local SA (France),
Gov’t. Liquid Gtd. Notes		1.875			01/29/20		750		737,718
Gov’t. Liquid Gtd. Notes, 144A		1.875			09/15/21		2,000		1,923,050
Gov’t. Liquid Gtd. Notes, 144A		2.500			01/25/21		1,500		1,480,479
Gov’t. Liquid Gtd. Notes, MTN		2.250			01/30/19		1,000		997,510
Discover Bank,
Sr. Unsec’d. Notes		4.200			08/08/23		5,500		5,564,081
Sub. Notes		7.000			04/15/20		800		850,294

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes		5.375	%		12/31/49		5,225	$	5,342,563
Sr. Unsec’d. Notes		3.814			04/23/29		1,660		1,587,654
Sr. Unsec’d. Notes		3.850			01/26/27		3,940		3,804,154
Sr. Unsec’d. Notes		4.223			05/01/29		4,280		4,207,072
Sr. Unsec’d. Notes, MTN		4.800			07/08/44		1,605		1,646,238
JPMorgan Chase & Co.,
Jr. Sub. Notes		5.150			12/31/49		3,725		3,687,750
Jr. Sub. Notes, 3 Month LIBOR + 3.470%		5.829	(c)		12/31/49		130		130,975
Jr. Sub. Notes		6.000			12/31/49		7,707		7,839,406
Jr. Sub. Notes		6.100			12/31/49		3,400		3,523,250
Morgan Stanley,
Jr. Sub. Notes		5.450			12/31/49		13,110		13,323,038
Sr. Unsec’d. Notes		4.375			01/22/47		1,925		1,871,387
Sr. Unsec’d. Notes, GMTN		3.772			01/24/29		1,070		1,028,423
Sr. Unsec’d. Notes, MTN		3.591			07/22/28		1,125		1,069,545
Sr. Unsec’d. Notes, MTN		3.971			07/22/38		465		435,071
Sr. Unsec’d. Notes, MTN		6.375			07/24/42		225		283,216
Sub. Notes, MTN		4.100			05/22/23		1,710		1,721,327
National Savings Bank (Sri Lanka), Sr. Unsec’d. Notes		8.875			09/18/18		1,000		1,013,200
People’s United Bank, Sub. Notes		4.000			07/15/24		1,125		1,119,662
Russian Agricultural Bank OJSC Via RSHB Capital SA (Russia), Sr. Unsec’d. Notes, 144A		7.750			05/29/18		1,485		1,487,970
State Street Corp., Jr. Sub. Notes		5.250			12/31/49		3,555		3,652,763
Turkiye Garanti Bankasi AS (Turkey), Sr. Unsec’d. Notes, 144A		5.875			03/16/23		2,435		2,442,198
									127,700,235
Beverages    0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		8.200			01/15/39		250		364,847
Central American Bottling Corp. (Guatemala), Gtd. Notes, 144A		5.750			01/31/27		1,500		1,536,600
Coca-Cola Icecek A/S (Turkey), Sr. Unsec’d. Notes, 144A		4.750			10/01/18		950		953,403
									2,854,850
Biotechnology    0.1%
Amgen, Inc., Sr. Unsec’d. Notes		4.663			06/15/51		439		438,608
Celgene Corp., Sr. Unsec’d. Notes		4.350			11/15/47		2,100		1,943,241
									2,381,849

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Building Materials    0.8%
Griffon Corp., Gtd. Notes		5.250	%		03/01/22		6,450	$	6,448,065
Johnson Controls International PLC, Sr. Unsec’d. Notes		4.250			03/01/21		3,090		3,156,399
Owens Corning, Inc., Gtd. Notes		4.200			12/15/22		125		127,152
Standard Industries Inc., Sr. Unsec’d. Notes, 144A		5.375			11/15/24		5,000		5,065,625
US Concrete, Inc., Gtd. Notes		6.375			06/01/24		2,400		2,481,000
									17,278,241
Chemicals    0.8%
Ashland, Inc., Gtd. Notes		6.875			05/15/43		4,100		4,387,000
CF Industries, Inc.,
Gtd. Notes		4.950			06/01/43		1,765		1,478,188
Gtd. Notes		5.375			03/15/44		1,300		1,138,774
Gtd. Notes		7.125			05/01/20		59		62,909
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		5.250			11/15/41		140		151,046
Sr. Unsec’d. Notes		9.400			05/15/39		95		148,899
Eastman Chemical Co., Sr. Unsec’d. Notes		4.650			10/15/44		1,210		1,223,380
Kraton Polymers LLC/ Kraton Polymers Capital Corp., Gtd. Notes, 144A		10.500			04/15/23		3,300		3,650,625
LYB International Finance BV,
Gtd. Notes		4.875			03/15/44		1,160		1,194,159
Gtd. Notes		5.250			07/15/43		415		446,066
LyondellBasell Industries NV, Sr. Unsec’d. Notes		4.625			02/26/55		2,765		2,636,860
Mexichem SAB de CV (Mexico), Gtd. Notes, 144A		5.500			01/15/48		480		437,400
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900			06/01/43		1,350		1,371,478
Sr. Unsec’d. Notes		6.125			01/15/41		170		198,503
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes		3.450			08/01/25		635		616,067
									19,141,354
Commercial Services    0.7%
ERAC USA Finance LLC,
Gtd. Notes, 144A		6.700			06/01/34		110		134,208
Gtd. Notes, 144A		7.000			10/15/37		1,725		2,201,640
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25		4,125		4,434,375
SNCF Reseau EPIC (France), Sr. Unsec’d. Notes, EMTN		2.000			10/13/20		2,200		2,151,270
United Rentals North America, Inc.,
Gtd. Notes		4.875			01/15/28		875		829,063
Gtd. Notes		5.500			07/15/25		925		948,125
Gtd. Notes		5.500			05/15/27		1,600		1,592,000
Western Union Co. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		2.704	(c)		05/22/19		4,300		4,313,792
									16,604,473

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers    0.0%
NCR Corp., Gtd. Notes		6.375	%		12/15/23		790	$	817,650
Distribution/Wholesale    0.1%
Global Partners LP/GLP Finance Corp., Gtd. Notes		6.250			07/15/22		2,425		2,425,000
Diversified Financial Services    0.2%
Grain Spectrum Funding II LLC, Sec’d. Notes, 144A		3.290			10/10/34		737		733,350
International Lease Finance Corp., Sr. Unsec’d. Notes		6.250			05/15/19		25		25,820
Intrum Justitia AB (Sweden), Sr. Unsec’d. Notes, 144A		3.125			07/15/24	EUR	1,225		1,451,408
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		175		186,892
Navient Corp.,
Sr. Unsec’d. Notes, MTN		4.875			06/17/19		970		978,488
Sr. Unsec’d. Notes, MTN		5.500			01/15/19		185		187,590
Peru Enhanced Pass-Through Finance Ltd. (Peru), Pass-Through Certificates		1.610	(s)		05/31/18		54		53,120
									3,616,668
Electric    1.7%
AES Panama SRL (Panama), Sr. Unsec’d. Notes, 144A		6.000			06/25/22		3,015		3,112,987
Calpine Corp.,
Sr. Unsec’d. Notes(a)		5.375			01/15/23		1,080		1,035,450
Sr. Unsec’d. Notes(a)		5.750			01/15/25		8,775		8,051,940
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes, 144A		4.875			01/15/24		1,350		1,382,062
DPL, Inc.,
Sr. Unsec’d. Notes		6.750			10/01/19		816		840,480
Sr. Unsec’d. Notes		7.250			10/15/21		1,475		1,604,210
Duke Energy Carolinas LLC, First Ref. Mtge.		4.000			09/30/42		50		49,786
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		800		898,482
Majapahit Holding BV (Indonesia), Gtd. Notes		7.750			01/20/20		2,180		2,329,984
NextEra Energy Capital Holdings, Inc., Gtd. Notes		3.625			06/15/23		1,575		1,569,730
NRG Energy, Inc.,
Gtd. Notes		6.250			05/01/24		2,048		2,117,120
Gtd. Notes		6.250			07/15/22		4,000		4,100,000
South Carolina Electric & Gas Co., First Mtge.		4.350			02/01/42		130		124,113
Vistra Energy Corp.,
Gtd. Notes		7.375			11/01/22		6,925		7,297,219
Gtd. Notes, 144A		8.125			01/30/26		3,250		3,562,812
Westar Energy, Inc., First Mtge.		4.100			04/01/43		325		325,883
									38,402,258

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electronics    0.3%
Jabil, Inc.,
Sr. Unsec’d. Notes		4.700	%		09/15/22		80	$	82,072
Sr. Unsec’d. Notes		5.625			12/15/20		5,400		5,658,120
									5,740,192
Energy - Alternate Sources    0.2%
Neerg Energy Ltd. (Mauritius), Sr. Sec’d. Notes		6.000			02/13/22		850		832,671
Rio Energy SA/UGEN SA/UENSA SA (Argentina), Sr. Sec’d. Notes, 144A		6.875			02/01/25		3,220		3,139,500
									3,972,171
Entertainment    1.0%
AMC Entertainment Holdings, Inc.,
Gtd. Notes(a)		5.875			11/15/26		400		389,500
Gtd. Notes		6.375			11/15/24	GBP	1,875		2,621,985
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., Gtd. Notes		5.375			06/01/24		1,015		1,027,698
Cinemark USA, Inc., Gtd. Notes		4.875			06/01/23		5,500		5,431,250
CPUK Finance Ltd. (United Kingdom),
Sec’d. Notes, 144A		4.250			02/28/47	GBP	550		761,028
Sec’d. Notes, 144A		4.875			02/28/47	GBP	200		276,965
Eldorado Resorts, Inc., Gtd. Notes		7.000			08/01/23		3,500		3,696,875
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., Sr. Sec’d. Notes, 144A		5.000			08/01/18		4,615		4,615,923
National CineMedia LLC, Sr. Unsec’d. Notes		5.750			08/15/26		2,925		2,676,375
Scientific Games International, Inc., Gtd. Notes		10.000			12/01/22		2,000		2,155,600
									23,653,199
Foods    0.4%
Ingles Markets, Inc., Sr. Unsec’d. Notes(a)		5.750			06/15/23		1,675		1,670,812
JBS Investments GmbH (Brazil), Gtd. Notes, 144A(a)		7.750			10/28/20		775		787,602
JBS USA LLC/JBS USA Finance, Inc. (Brazil),
Gtd. Notes, 144A		7.250			06/01/21		1,000		1,007,500
Gtd. Notes, 144A		7.250			06/01/21		1,300		1,309,750
Picard Groupe SAS, 144A, 3 Month Euribor + 3.000%		3.000	(c)		11/30/23	EUR	2,075		2,495,007
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.750			03/15/25		2,425		2,370,437
									9,641,108

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Forest Products & Paper    0.5%
Cascades, Inc. (Canada), Gtd. Notes, 144A		5.500	%		07/15/22		3,000	$	2,985,000
Georgia-Pacific LLC,
Gtd. Notes, 144A		5.400			11/01/20		35		36,844
Sr. Unsec’d. Notes		7.375			12/01/25		400		490,043
International Paper Co.,
Sr. Unsec’d. Notes(h)		4.800			06/15/44		2,770		2,731,075
Sr. Unsec’d. Notes		6.000			11/15/41		610		684,581
Smurfit Kappa Acquisitions ULC (Ireland), Gtd. Notes, 144A		4.875			09/15/18		3,647		3,652,470
									10,580,013
Gas    0.1%
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41		700		844,021
Dominion Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		125		131,048
Southern Co. Gas Capital Corp., Gtd. Notes		4.400			06/01/43		1,375		1,369,584
									2,344,653
Healthcare-Services    1.9%
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750			11/15/22		450		433,349
Sr. Unsec’d. Notes		4.125			11/15/42		325		303,447
Sr. Unsec’d. Notes		4.500			05/15/42		530		528,615
Anthem, Inc.,
Sr. Unsec’d. Notes		3.650			12/01/27		1,140		1,085,261
Sr. Unsec’d. Notes		4.101			03/01/28		700		686,361
Sr. Unsec’d. Notes		4.650			01/15/43		120		116,960
Sr. Unsec’d. Notes		5.100			01/15/44		515		535,498
Centene Corp., Sr. Unsec’d. Notes		5.625			02/15/21		1,850		1,898,562
CHS/Community Health Systems, Inc.,
Gtd. Notes(a)		8.000			11/15/19		4,800		4,368,000
Sr. Sec’d. Notes(a)		5.125			08/01/21		650		598,812
Cigna Corp., Sr. Unsec’d. Notes		3.250			04/15/25		890		840,746
Encompass Health Corp.,
Gtd. Notes		5.125			03/15/23		1,200		1,218,000
Gtd. Notes		5.750			11/01/24		2,900		2,950,750
HCA, Inc.,
Gtd. Notes(a)		5.375			02/01/25		4,500		4,477,500
Gtd. Notes		5.875			05/01/23		1,825		1,902,562
Sr. Sec’d. Notes		5.250			04/15/25		2,000		2,025,000

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes		3.200	%		02/01/22		25	$	24,663
Sr. Unsec’d. Notes		4.625			11/15/20		4,500		4,640,978
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		75		75,110
Select Medical Corp., Gtd. Notes		6.375			06/01/21		5,371		5,438,137
Tenet Healthcare Corp.,
Sr. Sec’d. Notes		4.375			10/01/21		2,125		2,093,125
Sr. Sec’d. Notes		6.000			10/01/20		500		516,025
Sr. Unsec’d. Notes(a)		8.125			04/01/22		2,700		2,811,375
Sr. Unsec’d. Notes, 144A(a)		7.000			08/01/25		2,950		2,898,375
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.950			10/15/42		175		168,093
Sr. Unsec’d. Notes		4.375			03/15/42		1,055		1,074,674
									43,709,978
Home Builders    2.0%
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		5,350		5,759,275
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		5,000		5,087,500
KB Home, Gtd. Notes		7.500			09/15/22		3,425		3,758,938
Lennar Corp., Gtd. Notes, 144A		8.375			05/15/18		4,553		4,553,000
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		5,850		6,018,187
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A		6.875			12/15/23		4,000		4,110,000
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		3,500		3,320,625
Gtd. Notes		6.000			06/01/25		1,275		1,314,844
PulteGroup, Inc., Gtd. Notes		5.500			03/01/26		4,000		4,064,800
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.250			04/15/21		6,700		6,750,250
William Lyon Homes, Inc., Gtd. Notes		5.875			01/31/25		2,000		1,948,100
									46,685,519
Housewares    0.1%
Newell Brands, Inc., Sr. Unsec’d. Notes		5.500			04/01/46		2,000		2,073,681
Insurance    0.9%
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		5.950			10/15/36		215		258,406
Sr. Unsec’d. Notes		6.100			10/01/41		280		343,143

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.250	%		06/15/23		1,975	$	2,002,962
Gtd. Notes, 144A		4.850			08/01/44		1,000		1,022,699
Gtd. Notes, 144A		4.950			05/01/22		75		78,429
Gtd. Notes, 144A		6.500			05/01/42		1,530		1,893,010
Lincoln National Corp., Sr. Unsec’d. Notes		7.000			06/15/40		695		905,321
Markel Corp.,
Sr. Unsec’d. Notes		4.900			07/01/22		2,020		2,107,231
Sr. Unsec’d. Notes		5.000			03/30/43		3,125		3,242,926
Nuveen Finance LLC, Sr. Unsec’d. Notes, 144A		2.950			11/01/19		1,720		1,713,977
Principal Financial Group, Inc., Gtd. Notes		4.350			05/15/43		975		958,703
Swiss Re Treasury U.S. Corp. (Switzerland), Gtd. Notes, 144A		4.250			12/06/42		795		791,387
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		4.270			05/15/47		640		621,082
Sub. Notes, 144A		4.900			09/15/44		1,950		2,092,817
Sub. Notes, 144A		6.850			12/16/39		54		71,994
W.R. Berkley Corp., Sr. Unsec’d. Notes		4.625			03/15/22		1,435		1,482,664
									19,586,751
Internet    0.1%
Netflix, Inc., Sr. Unsec’d. Notes, 144A		3.625			05/15/27	EUR	2,600		3,119,937
Iron/Steel    0.0%
Vale Overseas Ltd. (Brazil), Gtd. Notes		6.250			08/10/26		404		445,572
Leisure Time    0.1%
Silversea Cruise Finance Ltd., Sr. Sec’d. Notes, 144A		7.250			02/01/25		2,225		2,353,605
Lodging    0.5%
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/21		6,000		6,195,000
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.250			09/15/22		75		73,623
Sr. Unsec’d. Notes		7.150			12/01/19		550		583,102
MGM Resorts International, Gtd. Notes		6.000			03/15/23		3,600		3,766,500
Studio City Co. Ltd. (Hong Kong),
Sr. Sec’d. Notes		7.250			11/30/21		500		520,625
Sr. Sec’d. Notes, 144A		7.250			11/30/21		1,200		1,249,500
									12,388,350

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

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	$	52,339
Media    2.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes		5.750			01/15/24		1,100		1,110,340
Sr. Unsec’d. Notes, 144A		5.125			05/01/23		2,625		2,637,338
Sr. Unsec’d. Notes, 144A		5.375			05/01/25		1,650		1,622,156
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		5,075		4,960,812
Cequel Communications Holdings I LLC / Cequel Capital Corp.,
Sr. Unsec’d. Notes, 144A		7.500			04/01/28		3,450		3,497,437
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		5,500		5,445,000
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		706		697,916
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		1,525		1,663,779
Sr. Sec’d. Notes		6.834			10/23/55		485		541,092
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes		6.500			11/15/22		135		137,700
Gtd. Notes(a)		6.500			11/15/22		365		373,669
Gtd. Notes(a)		7.625			03/15/20		3,200		3,208,000
Discovery Communications LLC,
Gtd. Notes		5.000			09/20/37		225		220,409
Gtd. Notes		5.200			09/20/47		600		586,845
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26		7,300		6,638,437
Liberty Interactive LLC, Sr. Unsec’d. Notes(a)		8.250			02/01/30		2,500		2,687,500
TEGNA, Inc., Gtd. Notes, 144A		4.875			09/15/21		1,625		1,645,313
Time Warner, Inc., Gtd. Notes		3.800			02/15/27		1,350		1,306,353
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		6.750			09/15/22		1,292		1,324,300
Videotron Ltd. (Canada),
Gtd. Notes		5.000			07/15/22		3,000		3,063,750
Gtd. Notes, 144A		5.375			06/15/24		865		888,788
Vrio Finco 1 LLC / Vrio Finco 2, Inc. (Brazil), Sr. Sec’d. Notes, 144A		6.250			04/04/23		3,075		3,098,062
									47,354,996
Miscellaneous Manufacturing    0.4%
Actuant Corp., Gtd. Notes(a)		5.625			06/15/22		3,075		3,113,437
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.500			12/01/24		6,850		7,209,625
									10,323,062

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Multi-National    0.1%
Corp Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		4.375	%		06/15/22		2,000	$	2,077,480
Oil & Gas    2.4%
Anadarko Petroleum Corp.,
Sr. Unsec’d. Notes		4.637	(s)		10/10/36		3,000		1,260,671
Sr. Unsec’d. Notes		6.450			09/15/36		750		889,938
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes(a)		5.400			06/15/47		2,645		2,635,071
Sr. Unsec’d. Notes		4.450			09/15/42		1,070		938,658
CNX Resources Corp., Gtd. Notes		8.000			04/01/23		4,000		4,210,000
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		275		279,602
Denbury Resources, Inc., Gtd. Notes		5.500			05/01/22		2,000		1,745,000
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.500			01/30/26		2,700		2,713,500
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, 144A		4.950			07/19/22		730		736,388
Sr. Unsec’d. Notes, 144A		6.510			03/07/22		3,420		3,625,761
Harvest Operations Corp. (South Korea), Gtd. Notes, 144A		4.200			06/01/23		1,640		1,655,557
HPCL-Mittal Energy Ltd. (India), Sr. Unsec’d. Notes		5.250			04/28/27		1,478		1,420,021
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes		7.000			05/05/20		4,140		4,417,877
Sr. Unsec’d. Notes, 144A		3.875			04/19/22		1,520		1,501,945
Sr. Unsec’d. Notes, 144A, MTN		6.375			04/09/21		1,440		1,541,088
MEG Energy Corp. (Canada), Gtd. Notes, 144A		7.000			03/31/24		2,000		1,795,000
Noble Energy, Inc.,
Sr. Unsec’d. Notes		4.150			12/15/21		500		508,318
Sr. Unsec’d. Notes		5.050			11/15/44		2,175		2,253,627
Sr. Unsec’d. Notes		5.250			11/15/43		395		414,604
Sr. Unsec’d. Notes		6.000			03/01/41		1,390		1,570,032
Petrobras Global Finance BV (Brazil),
Gtd. Notes		5.750			02/01/29		1,275		1,209,975
Gtd. Notes		6.125			01/17/22		200		211,160
Gtd. Notes		7.375			01/17/27		560		600,600
Gtd. Notes		8.375			05/23/21		1,016		1,144,829
Gtd. Notes, 144A		5.299			01/27/25		975		958,913
Petroleos Mexicanos (Mexico),
Gtd. Notes		6.500			03/13/27		1,550		1,605,195
Gtd. Notes, 144A		5.350			02/12/28		575		547,055
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad and Tobago), Sr. Unsec’d. Notes		9.750			08/14/19		1,915		2,015,537

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Sasol Financing International PLC (South Africa), Gtd. Notes		4.500	%		11/14/22		5,885	$	5,842,628
Sinopec Group Overseas Development 2014 Ltd. (China),
Sr. Unsec’d. Notes		2.750			04/10/19		1,000		996,389
Gtd. Notes, 144A(a)		2.250			09/13/20		4,350		4,237,174
									55,482,113
Oil & Gas Services    0.0%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc, Sr. Unsec’d. Notes		4.080			12/15/47		410		376,239
Cameron International Corp., Gtd. Notes		5.950			06/01/41		100		118,106
									494,345
Packaging & Containers    0.5%
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	1,825		2,492,353
Crown European Holdings SA, Gtd. Notes, 144A		2.875			02/01/26	EUR	5,050		6,006,895
Horizon Parent Holdings Sarl (France), Sr. Sec’d. Notes, Pays cash 8.25% or PIK 9.00%, 144A		8.250			02/15/22	EUR	825		1,048,573
WestRock RKT Co.,
Gtd. Notes		4.450			03/01/19		35		35,448
Gtd. Notes		4.900			03/01/22		1,190		1,244,949
									10,828,218
Pharmaceuticals    0.7%
AbbVie, Inc., Sr. Unsec’d. Notes		4.500			05/14/35		4,085		4,072,943
Allergan Funding SCS,
Gtd. Notes(a)		4.550			03/15/35		4,020		3,785,700
Gtd. Notes		4.750			03/15/45		114		107,732
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		4.750			12/15/24	EUR	980		1,241,969
CVS Health Corp.,
Sr. Unsec’d. Notes		4.780			03/25/38		140		138,441
Sr. Unsec’d. Notes		5.050			03/25/48		690		700,969
Sr. Unsec’d. Notes(a)		5.125			07/20/45		1,315		1,365,848
Sr. Unsec’d. Notes		5.300			12/05/43		475		502,694
Mylan NV, Gtd. Notes(a)		5.250			06/15/46		520		505,999
Nidda Healthcare Holding AG (Germany), Sr. Sec’d. Notes, 144A		3.500			09/30/24	EUR	800		951,732
Valeant Pharmaceuticals International, Inc.,
Gtd. Notes, 144A(a)		6.125			04/15/25		1,075		969,618
Gtd. Notes, 144A		9.250			04/01/26		300		306,000
Sr. Sec’d. Notes, 144A		6.500			03/15/22		600		622,500
									15,272,145

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines    0.8%
DCP Midstream Operating LP, Gtd. Notes, 144A		5.350	%		03/15/20		227	$	233,635
Enterprise Products Operating LLC, Gtd. Notes		4.950			10/15/54		2,700		2,769,493
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A		6.375			03/30/38		535		571,623
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		4.200			12/01/42		125		116,015
Sr. Unsec’d. Notes		4.250			02/01/21		1,950		1,988,225
Sr. Unsec’d. Notes		5.150			10/15/43		1,350		1,448,640
MPLX LP, Sr. Unsec’d. Notes		5.200			03/01/47		145		148,290
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A		4.375			08/15/22		150		149,250
Sr. Unsec’d. Notes, 144A		4.875			08/15/27		500		485,625
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		1,060		1,062,595
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		5.625			04/15/20		3,700		3,830,647
Sr. Unsec’d. Notes, 144A		6.875			04/15/40		1,850		2,136,750
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28		1,875		1,870,313
Western Gas Partners LP,
Sr. Unsec’d. Notes		4.000			07/01/22		75		74,325
Sr. Unsec’d. Notes		5.300			03/01/48		910		890,736
									17,776,162
Real Estate    0.4%
Five Point Operating Co. LP/Five Point Capital Corp., Sr. Unsec’d. Notes, 144A		7.875			11/15/25		2,475		2,536,875
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		1,750		1,732,500
WeWork Cos., Inc., Gtd. Notes, 144A		7.875			05/01/25		4,100		3,982,125
									8,251,500
Real Estate Investment Trusts (REITs)    0.6%
FelCor Lodging LP, Gtd. Notes		6.000			06/01/25		3,400		3,476,500
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325			03/24/25	EUR	3,775		4,663,173
Sabra Health Care LP/Sabra Capital Corp.,
Gtd. Notes		5.375			06/01/23		1,965		1,979,737
Gtd. Notes		5.500			02/01/21		1,500		1,533,750
Trust F/1401 (Mexico), Sr. Unsec’d. Notes, 144A		5.250			12/15/24		2,000		2,024,800
									13,677,960

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail    0.8%
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		6.750	%		10/15/24		2,750	$	2,791,250
Grupo Unicomer Co. Ltd. (El Salvador), Gtd. Notes, 144A		7.875			04/01/24		1,797		1,936,268
L Brands, Inc., Gtd. Notes(a)		5.625			02/15/22		6,205		6,438,308
Macy’s Retail Holdings, Inc., Gtd. Notes		4.300			02/15/43		705		551,525
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25		1,775		1,273,563
PF Chang’s China Bistro, Inc., Gtd. Notes, 144A		10.250			06/30/20		1,275		1,051,875
Rite Aid Corp., Gtd. Notes, 144A(a)		6.125			04/01/23		1,675		1,698,031
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.500			11/01/23		1,500		1,503,750
									17,244,570
Savings & Loans    0.0%
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		325		325,326
Semiconductors    0.3%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes		3.875			01/15/27		2,905		2,773,665
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500			02/01/25		2,100		2,184,000
Sensata Technologies BV, Gtd. Notes, 144A		5.000			10/01/25		2,750		2,743,125
									7,700,790
Software    0.4%
BMC Software Finance, Inc., Sr. Unsec’d. Notes, 144A		8.125			07/15/21		2,500		2,493,750
First Data Corp., Gtd. Notes, 144A		7.000			12/01/23		6,150		6,435,237
									8,928,987
Telecommunications    1.5%
Bharti Airtel International Netherlands BV (India), Gtd. Notes, 144A		5.125			03/11/23		3,725		3,749,477
CenturyLink, Inc., Sr. Unsec’d. Notes		5.625			04/01/20		3,000		3,041,250
CommScope Technologies LLC, Gtd. Notes, 144A		6.000			06/15/25		1,225		1,258,688
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21		2,275		2,292,062
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A		6.750			03/01/23		2,050		1,873,577
Sr. Unsec’d. Notes		8.250			09/30/20		1,500		1,340,625
Level 3 Financing, Inc., Gtd. Notes		6.125			01/15/21		3,500		3,543,750
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		3,275		3,751,922
Sprint Communications, Inc., Gtd. Notes, 144A		7.000			03/01/20		5,900		6,209,750
Veon Holdings BV (Netherlands), Sr. Unsec’d. Notes, 144A		4.950			06/16/24		3,500		3,320,765
Wind Tre Spa, 144A		2.625			01/20/23	EUR	1,375		1,509,098
Wind Tre Spa, 144A		3.125			01/20/25	EUR	3,000		3,189,508
									35,080,472

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Textiles    0.2%
Mohawk Industries, Inc., Sr. Unsec’d. Notes		3.850	%		02/01/23		104	$	105,206
Springs Industries, Inc., Sr. Sec’d. Notes		6.250			06/01/21		3,425		3,472,094
									3,577,300
Transportation    0.2%
AP Moeller-Maersk A/S (Denmark), Sr. Unsec’d. Notes, 144A		2.550			09/22/19		2,450		2,425,552
Moby SpA (Italy), Sr. Sec’d. Notes, 144A(a)		7.750			02/15/23	EUR	3,000		3,296,996
									5,722,548
Trucking & Leasing    0.1%
Avolon Holdings Funding Ltd. (Ireland), Gtd. Notes, 144A		5.500			01/15/23		3,000		2,992,500
Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A		2.875			07/17/18		450		450,257
									3,442,757
Water    0.1%
Aegea Finance Sarl (Brazil), Gtd. Notes, 144A		5.750			10/10/24		3,015		2,977,313
TOTAL CORPORATE BONDS (cost $703,868,571)									704,778,887
MUNICIPAL BONDS    0.6%
California    0.4%
Bay Area Toll Authority, BABs, Revenue Bonds		6.263			04/01/49		550		762,432
Los Angeles Department of Water & Power,
BABs, Revenue Bonds		6.008			07/01/39		3,610		4,505,316
BABs, Revenue Bonds		6.574			07/01/45		585		825,979
University of California,
BABs, Revenue Bonds		5.770			05/15/43		390		490,031
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		625		628,282
Taxable, Revenue Bonds, Series J		4.131			05/15/45		675		688,365
									7,900,405
Colorado    0.1%
Regional Transportation District, BABs, Revenue Bonds, Series 2010B		5.844			11/01/50		1,190		1,521,022

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Illinois    0.0%
Chicago O’Hare International Airport, BABs, Revenue Bonds		6.395	%		01/01/40		360	$	478,433
New Jersey    0.1%
New Jersey State Turnpike Authority, Revenue Bonds, Series F, BABs(a)		7.414			01/01/40		2,000		2,942,260
Rutgers State University, BABs, Revenue Bonds		5.665			05/01/40		200		235,510
									3,177,770
New York    0.0%
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		400		515,944
Ohio    0.0%
Ohio State University, Taxable, Revenue Bonds, Series A		4.800			06/01/2111		180		190,667
Texas    0.0%
City of San Antonio Electric and Gas Systems, Taxable, Revenue Bonds		4.427			02/01/42		120		127,693
TOTAL MUNICIPAL BONDS (cost $13,719,110)									13,911,934
RESIDENTIAL MORTGAGE-BACKED SECURITIES    4.0%
Banc of America Funding Corp.,
Series 2014-R2, Class 2A1, 144A, 1 Month LIBOR + 0.210%		2.108	(c)		05/26/37		2,246		2,219,951
Series 2014-R5, Class 1A1, 144A, 6 Month LIBOR + 1.500%		3.947	(c)		09/26/45		2,982		3,063,166
Series 2015-R3, Class 1A1, 144A, 1 Month LIBOR + 0.190%		2.087	(c)		03/27/36		10,590		10,253,034
Series 2015-R3, Class 6A1, 144A, 1 Month LIBOR + 0.170%		2.067	(c)		05/27/36		2,457		2,424,418
Series 2015-R4, Class 4A1, 144A		3.500	(cc)		01/27/30		2,369		2,349,776
Bellemeade Re Ltd. (Bermuda),
Series 2017-1, Class M1, 144A, 1 Month LIBOR + 1.700%		3.597	(c)		10/25/27		1,046		1,051,549
Series 2018-1A, Class M1B, 144A, 1 Month LIBOR + 1.600%^		3.477	(c)		04/25/28		2,147		2,147,000
Chase Mortgage Finance Trust, Series 2007-A1, Class 1A3		3.772	(cc)		02/25/37		182		181,123

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
CHI Mortgage Pass-through Trust, Series 2007-17, Class 2A1		6.500	%		10/25/37		3,954	$	3,157,633
CIM Trust,
Series 2017-3, Class A1, 144A, 1 Month LIBOR + 2.000%		3.887	(c)		01/25/57		5,309		5,417,184
Series 2017-6, Class A1, 144A		3.015	(cc)		06/25/57		2,291		2,242,856
Series 2017-8, Class A1, 144A		3.000	(cc)		12/25/65		5,092		5,082,591
Credit Suisse Mortgage Trust, Series 2018-3R, 144A, 1 Month LIBOR + 1.200%^		3.071	(c)		12/25/46		7,250		7,254,531
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 1 Month LIBOR + 3.300%		5.197	(c)		10/25/27		2,000		2,228,338
GSMSC Resecuritization Trust,
Series 2015-3R, Class 1A1, 144A, 1 Month LIBOR + 0.140%		2.037	(c)		01/26/37		2,493		2,460,645
Series 2015-3R, Class 1A2, 144A, 1 Month LIBOR + 0.140%		2.037	(c)		01/26/37		1,670		1,605,310
Series 2015-3R, Class 2A1, 144A, 1 Month LIBOR + 0.140%		2.037	(c)		10/26/36		3,611		3,528,483
Series 2015-3R, Class 2A2, 144A, 1 Month LIBOR + 0.140%		2.037	(c)		10/26/36		1,400		1,330,491
JPMorgan Mortgage Trust, Series 2007-A1, Class 4A1		3.739	(cc)		07/25/35		178		181,698
Lehman XS Trust, Series 2006-GP4, Class 1A1, 1 Month LIBOR + 0.205%		2.102	(c)		08/25/46		3,745		3,589,622
LSTAR Securities Investment Ltd. (Cayman Islands), Series 2017-5, Class A, 144A, 1 Month LIBOR + 2.000%		3.890	(c)		05/01/22		4,385		4,381,358
LSTAR Securities Investment Ltd., Series 2017-6, Class A, 144A, 1 Month LIBOR + 1.750%		3.657	(c)		09/01/22		2,099		2,100,485
LSTAR Securities Investment Ltd. (Cayman Islands),
Series 2017-8, Class A, 144A, 1 Month LIBOR + 1.650%		3.540	(c)		11/01/22		1,784		1,791,006
Series 2017-9, Class A, 144A, 1 Month LIBOR + 1.550%		3.457	(c)		12/01/22		499		496,271
LSTAR Securities Investment Ltd., Series 2018-2, Class A1, 144A, 1 Month LIBOR + 1.500%		3.394	(c)		04/01/23		14,470		14,468,336
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 144A, 1 Month LIBOR + 2.850%		4.747	(c)		02/25/23		1,650		1,660,297
Radnor Re Ltd. (Bermuda),
Series 2018-1, Class M1, 144A, 1 Month LIBOR + 1.400%		3.297	(c)		03/25/28		2,350		2,352,227
Series 2018-1, Class M2, 144A, 1 Month LIBOR + 2.700%		4.597	(c)		03/25/28		1,740		1,739,996

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Structured Asset Securities Corp., Series 2003-37A, Class 3A7		3.549	%(cc)		12/25/33		733	$	728,526
Wells Fargo Mortgage-Backed Securities Trust, Series 2004-EE, Class 2A1		3.518	(cc)		12/25/34		140		142,702
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $89,875,430)									91,630,603
SOVEREIGN BONDS    7.5%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		4.625			01/11/23		2,800		2,675,428
Sr. Unsec’d. Notes		6.875			04/22/21		7,175		7,530,162
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	1,064		1,414,612
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	139		183,818
Unsec’d. Notes		5.000			01/15/27	EUR	3,970		4,656,764
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes		5.333			02/15/28		6,070		6,039,650
Costa Rica Government International Bond (Costa Rica), Unsec’d. Notes		4.370			05/22/19		2,000		2,000,900
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes		7.500			05/06/21		6,075		6,418,237
Sr. Unsec’d. Notes, 144A		7.500			05/06/21		1,300		1,373,450
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A		4.750			04/16/26	EUR	945		1,137,695
Sr. Unsec’d. Notes, 144A		6.588			02/21/28		2,800		2,761,416
Hellenic Republic Government Bond (Greece),
Sr. Unsec’d. Notes		3.000	(cc)		02/24/28	EUR	500		584,039
Sr. Unsec’d. Notes		3.000	(cc)		02/24/27	EUR	500		591,907
Sr. Unsec’d. Notes		3.000	(cc)		02/24/25	EUR	500		599,089
Sr. Unsec’d. Notes		3.000	(cc)		02/24/34	EUR	1,650		1,785,891
Sr. Unsec’d. Notes		3.000	(cc)		02/24/26	EUR	500		592,863
Sr. Unsec’d. Notes		3.000	(cc)		02/24/36	EUR	500		536,718
Sr. Unsec’d. Notes		3.000	(cc)		02/24/33	EUR	500		550,820
Sr. Unsec’d. Notes		3.000	(cc)		02/24/38	EUR	500		533,235
Sr. Unsec’d. Notes		3.000	(cc)		02/24/42	EUR	500		534,823
Sr. Unsec’d. Notes		3.000	(cc)		02/24/37	EUR	500		538,063
Sr. Unsec’d. Notes		3.000	(cc)		02/24/24	EUR	500		605,879
Sr. Unsec’d. Notes		3.000	(cc)		02/24/41	EUR	500		533,511
Sr. Unsec’d. Notes		3.000	(cc)		02/24/30	EUR	500		568,728
Sr. Unsec’d. Notes		3.000	(cc)		02/24/40	EUR	500		530,318
Sr. Unsec’d. Notes		3.000	(cc)		02/24/23	EUR	500		609,373
Sr. Unsec’d. Notes		3.000	(cc)		02/24/29	EUR	1,600		1,843,966

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hellenic Republic Government Bond (Greece), (cont’d.):
Sr. Unsec’d. Notes		3.000	%(cc)		02/24/31	EUR	1,830	$	2,049,987
Sr. Unsec’d. Notes		3.000	(cc)		02/24/32	EUR	1,855		2,054,335
Sr. Unsec’d. Notes		3.000	(cc)		02/24/39	EUR	1,600		1,694,558
Sr. Unsec’d. Notes		3.000	(cc)		02/24/35	EUR	2,055		2,237,299
Sr. Unsec’d. Notes		3.500	(cc)		01/30/23	EUR	1,125		1,397,321
Sr. Unsec’d. Notes		3.750	(cc)		01/30/28	EUR	3,600		4,317,887
Sr. Unsec’d. Notes		4.200	(cc)		01/30/42	EUR	1,515		1,695,628
Sr. Unsec’d. Notes		5.200	(cc)		07/17/34	EUR	4,500		5,535,322
Sr. Unsec’d. Notes		6.140	(cc)		04/14/28	EUR	2,000		2,706,078
Sr. Unsec’d. Notes, 144A		4.375	(cc)		08/01/22	EUR	2,300		2,959,401
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		6.250			01/29/20		3,000		3,150,000
Sr. Unsec’d. Notes		6.375			03/29/21		9,470		10,203,925
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	2,975		3,969,692
Sr. Unsec’d. Notes, MTN		3.750			06/14/28	EUR	775		1,065,743
Ivory Coast Government International Bond (Cote d’lvoire),
Sr. Unsec’d. Notes		5.125			06/15/25	EUR	500		637,811
Sr. Unsec’d. Notes, 144A		5.125			06/15/25	EUR	2,250		2,870,150
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		1.750			07/31/18		1,800		1,797,335
Gov’t. Gtd. Notes		1.875			04/20/21		2,000		1,936,647
Gov’t. Gtd. Notes		2.125			07/21/20		600		589,466
Gov’t. Gtd. Notes		2.125			06/01/20		200		196,688
Gov’t. Gtd. Notes		2.500			06/01/22		200		194,736
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, MTN		2.500			09/12/18		5,000		4,997,900
Sr. Unsec’d. Notes, 144A, MTN		3.250			04/24/23		1,400		1,396,341
Japan International Cooperation Agency (Japan), Gov’t. Gtd. Notes		1.875			11/13/19		4,000		3,936,600
Kenya Government International Bond (Kenya), Sr. Unsec’d. Notes		6.875			06/24/24		3,005		3,113,541
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, MTN		5.125			10/15/24		18,900		20,016,801
Portugal Obrigacoes do Tesouro OT (Portugal), Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	1,515		2,204,107
Province of Alberta (Canada), Sr. Unsec’d. Notes		3.300			03/15/28		1,375		1,365,241
Province of Manitoba (Canada), Unsec’d. Notes		1.125			06/01/18		1,525		1,523,826
Province of New Brunswick (Canada), Sr. Unsec’d. Notes		2.750			06/15/18		3,500		3,502,100

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Province of Ontario (Canada), Sr. Unsec’d. Notes		2.000	%		09/27/18		1,500	$	1,497,841
Provincia de Buenos Airesgentina (Argentina),
Sr. Unsec’d. Notes, 144A		6.500			02/15/23		600		607,500
Sr. Unsec’d. Notes, 144A		9.950			06/09/21		1,650		1,830,989
Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A		5.103			04/23/48		2,055		2,036,813
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		1,325		1,306,103
Senegal Government International Bond (Senegal),
Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	900		1,077,361
Sr. Unsec’d. Notes, 144A		6.750			03/13/48		1,600		1,508,000
Slovenia Government International Bond (Slovenia), Sr. Unsec’d. Notes		4.750			05/10/18		2,000		2,000,000
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes		2.000			05/17/21		4,500		4,332,812
Sr. Unsec’d. Notes		2.125			05/20/19		3,000		2,977,455
Sr. Unsec’d. Notes		2.125			05/19/20		2,500		2,454,150
Sr. Unsec’d. Notes, 144A		2.500			06/08/22		1,000		967,940
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		5.625			03/30/21		1,450		1,495,373
Ukraine Government International Bond (Ukraine), Sr. Unsec’d. Notes		7.750			09/01/26		4,760		4,692,218
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		4.975			04/20/55		605		582,313
TOTAL SOVEREIGN BONDS (cost $168,776,038)									172,414,689
U.S. TREASURY OBLIGATIONS    3.0%
U.S. Treasury Bonds(h)(k)		2.500			02/15/45		38,760		34,578,160
U.S. Treasury Bonds(h)(k)		2.500			05/15/46		4,110		3,650,354
U.S. Treasury Bonds(k)		2.750			11/15/47		1,945		1,814,776
U.S. Treasury Bonds(k)		2.875			11/15/46		255		244,322
U.S. Treasury Notes		0.750			07/31/18		250		249,316
U.S. Treasury Notes(k)		1.750			06/30/22		355		341,285
U.S. Treasury Notes(k)		1.875			12/31/19		255		252,649
U.S. Treasury Notes(k)		1.875			04/30/22		2,040		1,973,859
U.S. Treasury Notes(k)		2.125			06/30/22		285		278,176
U.S. Treasury Notes(k)		2.250			08/15/27		1,460		1,378,845
U.S. Treasury Notes(k)		2.250			11/15/27		769		725,083
U.S. Treasury Notes(k)		2.500			05/15/24		7,000		6,858,906
U.S. Treasury Notes		2.750			04/30/23		3,370		3,363,813
U.S. Treasury Notes		2.875			04/30/25		1,225		1,223,134
U.S. Treasury Strips Coupon(k)		2.143	(s)		11/15/28		1,820		1,322,562

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon(k)		2.174	%(s)		05/15/29		4,420	$	3,164,462
U.S. Treasury Strips Coupon(k)		2.783	(s)		08/15/29		2,100		1,489,695
U.S. Treasury Strips Coupon(k)		2.878	(s)		05/15/31		2,100		1,410,616
U.S. Treasury Strips Coupon(k)		3.042	(s)		11/15/35		4,200		2,445,469
U.S. Treasury Strips Coupon(k)		3.202	(s)		08/15/40		4,200		2,109,897
TOTAL U.S. TREASURY OBLIGATIONS (cost $70,900,332)									68,875,379
						Shares
COMMON STOCK    0.1%
Oil, Gas & Consumable Fuels
Frontera Energy Corp. (Colombia)*(a) (cost $2,719,465)							66,217		2,040,477
TOTAL LONG-TERM INVESTMENTS (cost $2,012,069,041)									2,019,325,336
SHORT-TERM INVESTMENTS    17.2%
AFFILIATED MUTUAL FUNDS    15.7%
Prudential Investment Portfolios 2 - PGIM Core Ultra Short Bond Fund(w)							301,501,202		301,501,202
Prudential Investment Portfolios 2 - PGIM Institutional Money Market Fund (cost $58,630,809; includes $58,542,658 of cash collateral for securities on loan)(b)(w)							58,634,939		58,634,939
TOTAL AFFILIATED MUTUAL FUNDS (cost $360,132,011)									360,136,141
OPTIONS PURCHASED~*    1.5% (cost $41,112,712)									34,998,036
TOTAL SHORT-TERM INVESTMENTS (cost $401,244,723)									395,134,177
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    105.1% (cost $2,413,313,764)									2,414,459,513
OPTIONS WRITTEN~*    (1.5)% (premiums received $40,515,904)									(33,566,903	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    103.6% (cost $2,372,797,860)									2,380,892,610
Liabilities in excess of other assets(z)    (3.6)%									(83,765,543	)
NET ASSETS    100.0%								$	2,297,127,067

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

The following abbreviations are used in the semiannual report.

A—Annual payment frequency for swaps

M—Monthly payment frequency for swaps

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

T—Swap payment upon termination

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.

ABS—Asset-Backed Security

BABs—Build America Bonds

Bps—Basis Points

BROIS—Brazil Overnight Interbank Deposit

CDS—Credit Default Swap

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage Backed Securities Index

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corp.

GMTN—Global Medium Term Note

HICP—Harmonized Index of Consumer Prices

IO—Interest Only

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

REITs—Real Estate Investment Trusts

STRIPS—Separate Trading of Registered Interest and Principal of Securities

USOIS—United States Overnight Index Swap

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi (offshore)

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

See Notes to Financial Statements.

44

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

ZAR—South African Rand

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $29,240,185 and 1.3% of net assets.

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

* Non-income producing security.

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $57,071,804; cash collateral of $58,542,658 (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, 2018.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

(p) Interest rate not available as of April 30, 2018.

(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 - PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

(z) Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end, with the exception of options which are included in total investments, net of written options, at market value:

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Options Purchased:

OTC Traded

Description	Call/Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option AUD vs JPY	Call	Morgan Stanley		11/25/20		92.00		—	AUD	70,000	$	559,439
Currency Option EUR vs BRL	Call	Citigroup Global Markets		02/21/19		4.15		—	EUR	2,300		234,417
Currency Option EUR vs TRY	Call	Goldman Sachs & Co.		11/28/18		8.00		—	EUR	24,000		25,859
Currency Option EUR vs ZAR	Call	Morgan Stanley		10/01/18		22.00		—	EUR	27,000		12,699
Currency Option EUR vs ZAR	Call	Deutsche Bank AG		05/25/18		24.00		—	EUR	25,000		—
Currency Option EUR vs ZAR	Call	Morgan Stanley		12/24/19		24.00		—	EUR	25,000		321,508
Currency Option USD vs BRL	Call	JPMorgan Chase		07/12/18		5.00		—		60,000		2,243
Currency Option USD vs CAD	Call	Bank of America		01/30/19		1.50		—		30,000		30,041
Currency Option USD vs CAD	Call	Bank of America		07/30/19		1.30		—		30,000		724,582
Currency Option USD vs CNH	Call	Morgan Stanley		02/26/20		6.50		—		33,000		918,814
Currency Option USD vs JPY	Call	Deutsche Bank AG		07/27/18		110.00		—		30,000		250,730
Currency Option USD vs JPY	Call	Citigroup Global Markets		01/27/21		110.00		—		30,000		549,529
Currency Option USD vs KRW	Call	Goldman Sachs & Co.		07/27/18		1,500.00		—		30,000		435
Currency Option USD vs KRW	Call	Goldman Sachs & Co.		12/20/19		1,200.00		—		30,000		493,150
Currency Option USD vs MXN	Call	Citigroup Global Markets		08/24/18		30.00		—		30,000		1,480
Currency Option USD vs MXN	Call	UBS AG		01/25/19		18.75		—		3,900		250,100
Currency Option USD vs MXN	Call	Citigroup Global Markets		12/20/19		22.00		—		30,000		1,252,068
Currency Option USD vs RUB	Call	Citigroup Global Markets		07/11/18		95.00		—		33,000		3,314
Currency Option USD vs RUB	Call	Goldman Sachs & Co.		09/27/18		85.00		—		30,000		57,583
Currency Option USD vs RUB	Call	Citigroup Global Markets		12/23/19		85.00		—		30,000		652,112
Currency Option USD vs TRY	Call	BNP Paribas		09/27/18		6.00		—		30,000		18,423
Currency Option USD vs ZAR	Call	Morgan Stanley		09/26/18		20.00		—		30,000		5,811
Currency Option USD vs ZAR	Call	Morgan Stanley		12/24/19		14.00		—		30,000		1,672,039
Currency Option AUD vs JPY	Put	Morgan Stanley		08/07/18		62.00		—	AUD	180,000		13,775
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		73.00		—	AUD	360,000		8,685,688
Currency Option AUD vs JPY	Put	Morgan Stanley		01/29/20		82.00		—	AUD	180,000		10,430,185
Currency Option AUD vs JPY	Put	Deutsche Bank AG		02/26/20		76.00		—	AUD	180,000		6,088,926
Currency Option AUD vs USD	Put	Citigroup Global Markets		01/29/20		0.69		—	AUD	38,000		512,374
Currency Option EUR vs TRY	Put	JPMorgan Chase		02/26/19		4.60		—	EUR	24,000		63,955
Currency Option EUR vs USD	Put	Bank of America		02/26/20		1.20		—	EUR	24,000		457,866
Currency Option EUR vs ZAR	Put	Morgan Stanley		03/25/20		14.00		—	EUR	27,000		226,302
Currency Option USD vs BRL	Put	JPMorgan Chase		03/27/20		3.10		—		30,000		363,665
Total OTC traded (cost $40,993,788)											$	34,879,112

OTC Swaptions

Description

Call/Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.30.V1, 06/20/23

Call

Citigroup Global Markets

09/19/18

$

107.50

5.00%(Q)

CDX.NA.HY.30.V1(Q)

45,740

$

118,924

Total OTC Swaptions (cost $118,924)

Total Options Purchased (cost $41,112,712)

$

34,998,036

See Notes to Financial Statements.

46

Options Written:

OTC Traded

Description	Call/Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option EUR vs BRL	Call	Citigroup Global Markets		02/21/19		4.55		—	EUR	2,300	$	(106,866	)
Currency Option EUR vs TRY	Call	Goldman Sachs & Co.		01/29/20		8.00		—	EUR	24,000		(621,428	)
Currency Option EUR vs ZAR	Call	Deutsche Bank AG		12/24/19		24.00		—	EUR	25,000		(321,508	)
Currency Option EUR vs ZAR	Call	Morgan Stanley		03/25/20		22.00		—	EUR	27,000		(716,864	)
Currency Option USD vs BRL	Call	JPMorgan Chase		12/20/19		5.00		—		30,000		(330,272	)
Currency Option USD vs BRL	Call	JPMorgan Chase		03/27/20		4.65		—		30,000		(629,893	)
Currency Option USD vs CAD	Call	Bank of America		07/30/19		1.40		—		60,000		(481,982	)
Currency Option USD vs CNH	Call	Morgan Stanley		02/26/20		7.00		—		33,000		(338,660	)
Currency Option USD vs JPY	Call	Citigroup Global Markets		07/27/18		110.00		—		30,000		(250,730	)
Currency Option USD vs KRW	Call	Goldman Sachs & Co.		12/20/19		1,350.00		—		60,000		(460,957	)
Currency Option USD vs MXN	Call	UBS AG		01/25/19		20.75		—		3,900		(96,227	)
Currency Option USD vs MXN	Call	Citigroup Global Markets		12/20/19		26.00		—		60,000		(939,365	)
Currency Option USD vs RUB	Call	Citigroup Global Markets		09/27/18		85.00		—		30,000		(57,583	)
Currency Option USD vs RUB	Call	Goldman Sachs & Co.		12/23/19		85.00		—		30,000		(652,112	)
Currency Option USD vs RUB	Call	Citigroup Global Markets		03/30/20		95.00		—		33,000		(561,094	)
Currency Option USD vs TRY	Call	BNP Paribas		12/23/19		6.00		—		30,000		(700,708	)
Currency Option USD vs ZAR	Call	Morgan Stanley		12/24/19		17.00		—		60,000		(1,193,990	)
Currency Option AUD vs JPY	Put	Morgan Stanley		01/29/20		73.00		—	AUD	360,000		(8,685,688	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		82.00		—	AUD	180,000		(10,430,185	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		02/26/20		67.00		—	AUD	360,000		(5,205,332	)
Currency Option EUR vs BRL	Put	Citigroup Global Markets		02/21/19		3.90		—	EUR	2,300		(19,649	)
Currency Option USD vs MXN	Put	UBS AG		01/25/19		17.75		—		3,900		(41,108	)
Lebanese Republic, 8.25%, 04/12/21^	Put	Deutsche Bank AG		04/08/19		66.00		—		9,170		(183,128	)
Total OTC traded (premiums received $39,923,334)											$	(33,025,329	)

OTC Swaptions

Description	Call/Put	Counterparty	Expiration Date		Strike		Receive			Pay	Notional Amount (000)#		Value
CDX.NA.HY.30.V1, 06/20/23	Put	Citigroup Global Markets		06/20/18	$	100.00		5.00	%(Q)	CDX.NA.HY.30.V1(Q)		20,000	$	(20,723	)
CDX.NA.HY.30.V1, 06/20/23	Put	Citigroup Global Markets		09/19/18	$	100.50		5.00	%(Q)	CDX.NA.HY.30.V1(Q)		45,740		(251,570	)
CDX.NA.HY.30.V1, 06/20/23	Put	BNP Paribas		10/17/18	$	101.00		5.00	%(Q)	CDX.NA.HY.30.V1(Q)		35,000		(269,281	)
Total OTC Swaptions (premiums received $592,570)														(541,574	)
Total Options Written (premiums received $40,515,904)													$	(33,566,903	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Futures contracts outstanding at April 30, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	522	90 Day Euro Dollar		Dec. 2020	$	126,539,325	$	(135,486	)
	832	5 Year U.S. Treasury Notes		Jun. 2018		94,438,500		(455,932	)
	7,610	10 Year U.S. Treasury Notes		Jun. 2018		910,346,250		(4,094,581	)
	189	10 Year U.S. Ultra Treasury Notes		Jun. 2018		24,171,328		139,975
	439	30 Year U.S. Ultra Treasury Bonds		Jun. 2018		68,977,875		427,192
								(4,118,832	)
		Short Positions:
	522	90 Day Euro Dollar		Dec. 2021		126,513,225		94,164
	90	2 Year U.S. Treasury Notes		Jun. 2018		19,084,219		35,027
	33	10 Year Japanese Bonds		Jun. 2018		45,473,106		38,992
	848	20 Year U.S. Treasury Bonds		Jun. 2018		121,979,500		(746,609	)
								(578,426	)
							$	(4,697,258	)

Securities with a combined market value of $8,334,166 have been segregated with Citigroup Global Markets to cover requirements for open future contracts at April 30, 2018.

Forward foreign currency exchange contracts outstanding at April 30, 2018:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/12/2018	Citigroup Global Markets	AUD	3,236	$	2,515,260	$	2,436,606	$	—	$	(78,654	)
Expiring 07/31/2018	Goldman Sachs & Co.	AUD	2,682		2,041,468		2,020,135		—		(21,333	)
Expiring 07/31/2018	JPMorgan Chase	AUD	746		565,000		562,048		—		(2,952	)
Expiring 07/31/2018	UBS AG	AUD	912		690,000		686,945		—		(3,055	)
Expiring 01/31/2020	Citigroup Global Markets	AUD	5,351		4,288,399		4,066,547		—		(221,852	)
Brazilian Real,
Expiring 05/03/2018	Barclays Capital Group	BRL	2,543		765,475		725,553		—		(39,922	)
Expiring 05/03/2018	Goldman Sachs & Co.	BRL	2,903		876,230		828,532		—		(47,698	)
Expiring 05/03/2018	Morgan Stanley	BRL	22,991		7,060,714		6,561,005		—		(499,709	)
Expiring 05/03/2018	UBS AG	BRL	3,307		991,642		943,745		—		(47,897	)
Expiring 07/03/2018	Goldman Sachs & Co.	BRL	16,697		4,762,325		4,736,249		—		(26,076	)
Expiring 07/31/2018	Goldman Sachs & Co.	BRL	8,076		2,350,009		2,284,846		—		(65,163	)
Expiring 07/31/2018	UBS AG	BRL	1,876		534,000		530,841		—		(3,159	)
Expiring 02/25/2019	Citigroup Global Markets	BRL	9,857		2,917,999		2,748,241		—		(169,758	)
Expiring 09/30/2019	JPMorgan Chase	BRL	10,454		2,980,000		2,861,271		—		(118,729	)
British Pound,
Expiring 07/26/2018	Bank of America	GBP	44		62,254		60,211		—		(2,043	)

See Notes to Financial Statements.

48

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
Canadian Dollar,
Expiring 07/12/2018	Morgan Stanley	CAD	9,235	$	7,247,390	$	7,205,389	$	—	$	(42,001	)
Expiring 07/31/2018	JPMorgan Chase	CAD	623		486,658		486,608		—		(50	)
Expiring 07/31/2018	Morgan Stanley	CAD	410		319,000		319,800		800		—
Expiring 07/31/2019	Bank of America	CAD	2,377		1,918,001		1,868,853		—		(49,148	)
Chilean Peso,
Expiring 07/13/2018	Citigroup Global Markets	CLP	2,254,636		3,719,477		3,675,162		—		(44,315	)
Expiring 07/13/2018	Citigroup Global Markets	CLP	897,846		1,491,365		1,463,532		—		(27,833	)
Chinese Renminbi,
Expiring 07/31/2018	UBS AG	CNH	5,480		863,000		863,871		871		—
Expiring 02/28/2020	Morgan Stanley	CNH	52,459		8,078,000		8,099,588		21,588		—
Czech Koruna,
Expiring 07/12/2018	Citigroup Global Markets	CZK	198,401		9,654,303		9,400,657		—		(253,646	)
Euro,
Expiring 07/31/2018	Deutsche Bank AG	EUR	224		275,984		272,487		—		(3,497	)
Expiring 07/31/2018	JPMorgan Chase	EUR	631		769,000		767,656		—		(1,344	)
Expiring 02/28/2020	Bank of America	EUR	5,226		6,837,176		6,699,065		—		(138,111	)
Hungarian Forint,
Expiring 07/24/2018	Deutsche Bank AG	HUF	1,285,675		5,127,113		4,977,230		—		(149,883	)
Indian Rupee,
Expiring 07/20/2018	Barclays Capital Group	INR	216,613		3,261,409		3,217,525		—		(43,884	)
Expiring 07/20/2018	Deutsche Bank AG	INR	226,721		3,416,274		3,367,668		—		(48,606	)
Expiring 07/20/2018	Morgan Stanley	INR	98,476		1,502,646		1,462,741		—		(39,905	)
Indonesian Rupiah,
Expiring 07/16/2018	Deutsche Bank AG	IDR	65,854,926		4,755,556		4,691,703		—		(63,853	)
Japanese Yen,
Expiring 07/26/2018	Citigroup Global Markets	JPY	272,672		2,538,702		2,509,725		—		(28,977	)
Expiring 07/26/2018	Goldman Sachs & Co.	JPY	445,704		4,128,014		4,102,340		—		(25,674	)
Expiring 07/31/2018	Deutsche Bank AG	JPY	549,360		5,231,000		5,058,278		—		(172,722	)
Expiring 07/31/2018	JPMorgan Chase	JPY	290,091		2,677,246		2,671,042		—		(6,204	)
Expiring 01/29/2021	Citigroup Global Markets	JPY	748,513		7,461,999		7,494,390		32,391		—
Mexican Peso,
Expiring 06/28/2018	Morgan Stanley	MXN	97,433		5,180,815		5,160,939		—		(19,876	)
Expiring 01/29/2019	UBS AG	MXN	40,341		2,041,000		2,068,144		27,144		—
Expiring 01/29/2019	UBS AG	MXN	36,769		1,859,000		1,885,010		26,010		—
Expiring 12/24/2019	Goldman Sachs & Co.	MXN	23,280		1,139,331		1,139,675		344		—
Norwegian Krone,
Expiring 07/24/2018	Bank of America	NOK	20,049		2,592,206		2,507,281		—		(84,925	)
Philippine Peso,
Expiring 06/14/2018	Deutsche Bank AG	PHP	130,529		2,505,653		2,516,504		10,851		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Purchase Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
Polish Zloty,
Expiring 07/24/2018		UBS AG	PLN	30,187	$	8,913,274	$	8,614,742	$	—	$	(298,532	)
Russian Ruble,
Expiring 07/13/2018		Barclays Capital Group	RUB	176,553		3,031,351		2,778,550		—		(252,801	)
Expiring 07/13/2018		Barclays Capital Group	RUB	94,514		1,517,288		1,487,436		—		(29,852	)
Expiring 12/24/2019		Citigroup Global Markets	RUB	382,303		5,577,001		5,712,876		135,875		—
Singapore Dollar,
Expiring 05/11/2018		Deutsche Bank AG	SGD	6,783		5,113,039		5,116,513		3,474		—
Expiring 05/11/2018		JPMorgan Chase	SGD	6,242		4,748,099		4,708,526		—		(39,573	)
Expiring 05/11/2018		UBS AG	SGD	6,783		5,108,323		5,116,514		8,191		—
South African Rand,
Expiring 06/12/2018		Barclays Capital Group	ZAR	17,323		1,472,153		1,381,546		—		(90,607	)
Expiring 06/12/2018		Citigroup Global Markets	ZAR	9,115		748,741		726,975		—		(21,766	)
Expiring 06/12/2018		JPMorgan Chase	ZAR	18,123		1,491,365		1,445,319		—		(46,046	)
Expiring 06/12/2018		Toronto Dominion	ZAR	47,404		3,933,056		3,780,518		—		(152,538	)
Expiring 07/31/2018		Morgan Stanley	ZAR	8,142		665,000		645,301		—		(19,699	)
Expiring 07/31/2018		Morgan Stanley	ZAR	7,557		628,000		598,933		—		(29,067	)
Expiring 07/31/2018		Morgan Stanley	ZAR	7,482		610,999		592,976		—		(18,023	)
Expiring 07/31/2018		Morgan Stanley	ZAR	7,466		631,000		591,765		—		(39,235	)
Expiring 12/30/2019		Barclays Capital Group	ZAR	38,671		3,005,230		2,878,430		—		(126,800	)
South Korean Won,
Expiring 05/09/2018		Barclays Capital Group	KRW	2,608,120		2,475,360		2,442,497		—		(32,863	)
Expiring 05/09/2018		Deutsche Bank AG	KRW	3,631,644		3,359,834		3,401,024		41,190		—
Expiring 07/31/2018		UBS AG	KRW	742,723		696,999		697,785		786		—
Thai Baht,
Expiring 05/11/2018		Citigroup Global Markets	THB	149,530		4,746,224		4,739,468		—		(6,756	)
Turkish Lira,
Expiring 06/12/2018		Barclays Capital Group	TRY	9,954		2,453,589		2,416,863		—		(36,726	)
Expiring 06/12/2018		Barclays Capital Group	TRY	4,238		1,006,104		1,029,035		22,931		—
Expiring 06/12/2018		Citigroup Global Markets	TRY	8,007		1,980,287		1,944,107		—		(36,180	)
Expiring 06/12/2018		Citigroup Global Markets	TRY	7,661		1,860,883		1,860,048		—		(835	)
Expiring 06/12/2018		Citigroup Global Markets	TRY	6,251		1,520,493		1,517,799		—		(2,694	)
Expiring 06/12/2018		Citigroup Global Markets	TRY	1,974		488,074		479,275		—		(8,799	)
Expiring 06/12/2018		Goldman Sachs & Co.	TRY	7,974		1,913,950		1,936,001		22,051		—
Expiring 07/31/2018		Morgan Stanley	TRY	2,415		578,000		577,572		—		(428	)
Expiring 02/28/2019		Barclays Capital Group	TRY	3,103		688,984		694,935		5,951		—
					$	201,440,793	$	197,918,967		360,448		(3,882,274	)

See Notes to Financial Statements.

50

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Sales Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts:
Australian Dollar,
Expiring 07/12/2018	Bank of America	AUD	1,529	$	1,177,551	$	1,151,405	$	26,146	$	—
Expiring 07/12/2018	Citigroup Global Markets	AUD	3,261		2,507,658		2,455,854		51,804		—
Expiring 07/12/2018	JPMorgan Chase	AUD	4,711		3,557,263		3,548,058		9,205		—
Brazilian Real,
Expiring 05/03/2018	Citigroup Global Markets	BRL	10,233		2,982,729		2,920,247		62,482		—
Expiring 05/03/2018	Goldman Sachs & Co.	BRL	16,697		4,786,764		4,764,830		21,934		—
Expiring 05/03/2018	Goldman Sachs & Co.	BRL	4,814		1,419,390		1,373,758		45,632		—
Expiring 07/03/2018	BNP Paribas	BRL	8,978		2,550,586		2,546,701		3,885		—
Expiring 07/31/2018	Citigroup Global Markets	BRL	2,449		693,000		693,018		—		(18	)
Expiring 09/30/2019	JPMorgan Chase	BRL	12,412		3,549,000		3,397,256		151,744		—
Expiring 12/24/2019	JPMorgan Chase	BRL	11,825		3,331,000		3,211,358		119,642		—
Expiring 03/31/2020	JPMorgan Chase	BRL	38,335		10,714,000		10,316,380		397,620		—
British Pound,
Expiring 07/26/2018	Bank of America	GBP	1,777		2,490,031		2,456,690		33,341		—
Chilean Peso,
Expiring 07/13/2018	Barclays Capital Group	CLP	597,726		985,062		974,321		10,741		—
Expiring 07/13/2018	Citigroup Global Markets	CLP	958,004		1,570,885		1,561,592		9,293		—
Chinese Renminbi,
Expiring 07/24/2018	Citigroup Global Markets	CNH	2,570		408,193		405,270		2,923		—
Expiring 07/31/2018	Deutsche Bank AG	CNH	4,147		654,416		653,653		763		—
Czech Koruna,
Expiring 07/12/2018	UBS AG	CZK	54,050		2,561,393		2,561,006		387		—
Euro,
Expiring 07/26/2018	Citigroup Global Markets	EUR	4,216		5,122,786		5,126,991		—		(4,205	)
Expiring 07/26/2018	Toronto Dominion	EUR	136,304		167,732,311		165,740,006		1,992,305		—
Expiring 07/26/2018	UBS AG	EUR	21,500		26,496,020		26,143,105		352,915		—
Expiring 02/25/2019	Citigroup Global Markets	EUR	2,300		2,917,890		2,849,896		67,994		—
Expiring 02/28/2019	Deutsche Bank AG	EUR	2,458		3,084,372		3,046,493		37,879		—
Expiring 12/30/2019	Deutsche Bank AG	EUR	1,231		1,587,473		1,569,328		18,145		—
Israeli Shekel,
Expiring 07/26/2018	Citigroup Global Markets	ILS	12,049		3,417,004		3,365,730		51,274		—
Japanese Yen,
Expiring 07/26/2018	Citigroup Global Markets	JPY	274,434		2,538,702		2,525,939		12,763		—
Expiring 07/31/2018	Citigroup Global Markets	JPY	1,183,896		10,961,999		10,900,827		61,172		—
Expiring 07/31/2018	JPMorgan Chase	JPY	87,484		807,000		805,518		1,482		—
Mexican Peso,
Expiring 12/24/2019	Citigroup Global Markets	MXN	3,596		169,000		176,059		—		(7,059	)
New Taiwanese Dollar,
Expiring 07/13/2018	Barclays Capital Group	TWD	25,651		885,228		871,725		13,503		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Sales Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
Philippine Peso,
Expiring 06/14/2018		Barclays Capital Group	PHP	128,667	$	2,436,408	$	2,480,598	$	—	$	(44,190	)
Expiring 06/14/2018		Deutsche Bank AG	PHP	300,328		5,725,988		5,790,102		—		(64,114	)
Russian Ruble,
Expiring 07/13/2018		Barclays Capital Group	RUB	158,866		2,504,900		2,500,186		4,714		—
Expiring 07/13/2018		Barclays Capital Group	RUB	73,370		1,207,395		1,154,683		52,712		—
Expiring 07/13/2018		Barclays Capital Group	RUB	14,110		225,200		222,053		3,147		—
Expiring 12/24/2019		Barclays Capital Group	RUB	114,712		1,758,316		1,714,184		44,132		—
Expiring 12/24/2019		Goldman Sachs & Co.	RUB	207,704		3,385,000		3,103,778		281,222		—
Expiring 03/31/2020		Citigroup Global Markets	RUB	305,303		4,444,000		4,521,796		—		(77,796	)
Saudi Arabian Riyal,
Expiring 11/12/2019		Morgan Stanley	SAR	113,400		30,000,000		30,147,827		—		(147,827	)
South Korean Won,
Expiring 12/24/2019		Goldman Sachs & Co.	KRW	130,134		123,000		124,984		—		(1,984	)
Swedish Krona,
Expiring 07/24/2018		Bank of America	SEK	504		60,434		57,900		2,534		—
Swiss Franc,
Expiring 07/24/2018		Bank of America	CHF	16,904		17,428,660		17,188,778		239,882		—
Expiring 07/24/2018		Toronto Dominion	CHF	1,808		1,883,021		1,838,131		44,890		—
Turkish Lira,
Expiring 06/12/2018		Barclays Capital Group	TRY	5,751		1,450,932		1,396,374		54,558		—
Expiring 06/12/2018		UBS AG	TRY	9,874		2,447,481		2,397,450		50,031		—
Expiring 06/12/2018		UBS AG	TRY	9,514		2,412,713		2,309,955		102,758		—
Expiring 06/12/2018		UBS AG	TRY	7,725		1,928,296		1,875,523		52,773		—
Expiring 06/12/2018		UBS AG	TRY	5,765		1,446,832		1,399,645		47,187		—
Expiring 12/24/2019		BNP Paribas	TRY	23,277		5,000,000		4,778,435		221,565		—
					$	357,527,282	$	353,115,396		4,759,079		(347,193	)
									$	5,119,527	$	(4,229,467	)

Cross currency exchange contracts outstanding at April 30, 2018:

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC cross currency exchange contracts:
Expiring 07/12/2018	Buy	CAD	3,161		JPY	264,971	$	29,559	$	—		Barclays Capital Group
Expiring 07/24/2018	Buy	CHF	9,482		EUR	7,927		4,770		—		Citigroup Global Markets
Expiring 02/28/2019	Buy	EUR	2,458		TRY	13,146		102,059		—		JPMorgan Chase
Expiring 12/30/2019	Buy	ZAR	33,780		EUR	2,038		—		(83,780	)	Morgan Stanley

See Notes to Financial Statements.

52

Cross currency exchange contracts outstanding at April 30, 2018 (continued):

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC cross currency exchange contracts (cont’d.):
Expiring 12/30/2019	Buy	EUR	3,269		ZAR	56,766	$	—	$	(57,839	)		Deutsche Bank AG
Expiring 01/31/2020	Buy	AUD	6,894		JPY	536,215		58,504		—			Deutsche Bank AG
Expiring 01/31/2020	Buy	EUR	3,871		TRY	23,609		157,262		—			Goldman Sachs & Co.
Expiring 03/31/2020	Buy	EUR	7,965		ZAR	134,569		339,472		—			Morgan Stanley
Expiring 11/30/2020	Buy	JPY	1,016,141		AUD	12,805		365,636		—			Morgan Stanley
							$	1,057,262	$	(141,619	)

Credit default swap agreements outstanding at April 30, 2018:

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)^:
Babson		05/15/18		1.000%(M)		3,529	$	4,702	$	—	$	4,702	Goldman Sachs & Co.
Banc of America Commercial Mortgage Trust		05/30/18		1.500%(M)		157		242		—		242	Goldman Sachs & Co.
Banc of America Commercial Mortgage Trust		05/30/18		1.500%(M)		55		85		—		85	Goldman Sachs & Co.
Bear Stearns Asset Backed Securities		05/31/18		1.500%(M)		737		980		—		980	Goldman Sachs & Co.
Bear Stearns Asset Backed Securities		05/31/18		1.500%(M)		447		595		—		595	Goldman Sachs & Co.
Bear Stearns Asset Backed Securities		05/31/18		1.500%(M)		163		217		—		217	Goldman Sachs & Co.
Chase Mortgage		05/31/18		1.500%(M)		605		101		—		101	Goldman Sachs & Co.
Citibank Mortgage		05/31/18		1.500%(M)		282		375		—		375	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		245		377		—		377	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		231		354		—		354	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		210		323		—		323	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		205		314		—		314	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		181		279		—		279	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		164		252		—		252	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		124		190		—		190	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		121		186		—		186	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		75		115		—		115	Goldman Sachs & Co.
COMM Mortgage Trust		05/30/18		1.500%(M)		63		97		—		97	Goldman Sachs & Co.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 53

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Credit default swap agreements outstanding at April 30, 2018 (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.)^:
Equity One Home Equity		05/31/18		1.500%(M)		590	$	785	$	—	$	785	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.		05/30/18		1.500%(M)		357		549		—		549	Goldman Sachs & Co.
Federal Home Loan Mortgage Corp.		05/30/18		1.500%(M)		212		326		—		326	Goldman Sachs & Co.
First Franklin Home Equity		05/31/18		1.500%(M)		248		41		—		41	Goldman Sachs & Co.
Flagship		05/15/18		1.000%(M)		2,730		3,638		—		3,638	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		494		760		—		760	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		317		488		—		488	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		203		312		—		312	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		165		253		—		253	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		141		217		—		217	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		116		179		—		179	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		68		104		—		104	Goldman Sachs & Co.
GS Mortgage Securities Trust		05/30/18		1.500%(M)		67		103		—		103	Goldman Sachs & Co.
GSAMP Home Equity		05/31/18		1.500%(M)		241		320		—		320	Goldman Sachs & Co.
Invesco		05/15/18		1.000%(M)		2,795		3,724		—		3,724	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities Trust		05/30/18		1.500%(M)		277		426		—		426	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities Trust		05/30/18		1.500%(M)		213		327		—		327	Goldman Sachs & Co.
JPMBB Commercial Mortgage Securities Trust		05/30/18		1.500%(M)		71		109		—		109	Goldman Sachs & Co.
Lehman Home Equity		05/31/18		1.500%(M)		529		704		—		704	Goldman Sachs & Co.
Long Beach Home Equity		05/31/18		1.500%(M)		498		663		—		663	Goldman Sachs & Co.

See Notes to Financial Statements.

54

Credit default swap agreements outstanding at April 30, 2018 (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.)^:
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		357	$	549	$	—	$	549	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		150		231		—		231	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		120		184		—		184	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		110		169		—		169	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		93		143		—		143	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		80		123		—		123	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		76		117		—		117	Goldman Sachs & Co.
Morgan Stanley BAML Trust		05/30/18		1.500%(M)		46		71		—		71	Goldman Sachs & Co.
Morgan Stanley Home Equity		05/31/18		1.500%(M)		262		349		—		349	Goldman Sachs & Co.
Morgan Stanley Home Equity		05/31/18		1.500%(M)		233		310		—		310	Goldman Sachs & Co.
Napier		05/15/18		1.000%(M)		1,463		1,950		—		1,950	Goldman Sachs & Co.
New Century Home Equity		05/31/18		1.500%(M)		475		632		—		632	Goldman Sachs & Co.
New Century Home Equity		05/31/18		1.500%(M)		286		381		—		381	Goldman Sachs & Co.
Octagon		05/15/18		1.000%(M)		1,615		2,153		—		2,153	Goldman Sachs & Co.
Option One Home Equity		05/31/18		1.500%(M)		828		1,102		—		1,102	Goldman Sachs & Co.
Partners Group		05/15/18		1.000%(M)	EUR	1,233		1,987		—		1,987	Goldman Sachs & Co.
Silvermine		05/15/18		1.000%(M)		2,659		3,543		—		3,543	Goldman Sachs & Co.
Venture CDO Ltd.		05/15/18		1.000%(M)		205		273		—		273	Goldman Sachs & Co.
WAMCO		05/15/18		1.000%(M)		2,057		2,741		—		2,741	Goldman Sachs & Co.
WF-RBS Commercial Mortgage Trust		05/30/18		1.500%(M)		47		72		—		72	Goldman Sachs & Co.
							$	40,892	$	—	$	40,892

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 55

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Credit default swap agreements outstanding at April 30, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2018(5)			Value at Trade Date			Value at April 30, 2018		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%(Q)		750		0.365	%	$	(56,543	)	$	16,113	$	72,656
AT&T, Inc.		06/20/21		1.000%(Q)		6,540		0.382	%		47,134			129,823		82,689
CIT Group, Inc.		06/20/18		5.000%(Q)		2,740		0.070	%		175,137			34,804		(140,333	)
Eastman Chemical Co.		06/20/21		1.000%(Q)		4,860		0.191	%		46,753			112,546		65,793
Ford Motor Co.		06/20/21		5.000%(Q)		8,000		0.505	%		1,391,644			1,139,499		(252,145	)
										$	1,604,125		$	1,432,785	$	(171,340	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2018(4)			Unrealized Appreciation (Depreciation)
Centrally cleared credit default swaps on credit indices—Buy Protection(1):
CDX.NA.IG.29.V1		12/20/27		1.000%(Q)		34,491	$	(17,666	)	$	(56,554	)	$	(38,888	)

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%(M)		23,500	$	158,390	$	312,157		$	(153,767	)	Credit Suisse First Boston
CMBX.NA.6.AA		05/11/63		1.500%(M)		23,000		155,020		268,547			(113,527	)	Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%(M)		9,000		60,660		(4,454	)		65,114		Goldman Sachs & Co.
CMBX.NA.6.AA		05/11/63		1.500%(M)		8,000		53,920		(489,693	)		543,613		Credit Suisse First Boston
CMBX.NA.6.AA		05/11/63		1.500%(M)		7,000		47,180		38,818			8,362		UBS AG
CMBX.NA.6.AA		05/11/63		1.500%(M)		3,500		23,590		44,114			(20,524	)	Credit Suisse First Boston
CMBX.NA.6.AA		05/11/63		1.500%(M)		2,000		13,480		(66,951	)		80,431		JPMorgan Chase
							$	512,240	$	102,538		$	409,702

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2018(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on corporate and/or sovereign issues—Buy Protection(1):
Argentina Republic		06/20/18		5.000%(Q)		3,970		0.765	%	$	(46,836	)	$	(170,257	)	$	123,421	BNP Paribas

See Notes to Financial Statements.

56

Credit default swap agreements outstanding at April 30, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2018(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC credit default swaps on corporate and/or sovereign issues-Sell Protection(2):
Hellenic Republic		06/20/22		1.000%(Q)		2,160		2.859	%	$	(143,683	)	$	(372,840	)	$	229,157	Citigroup Global Markets
Hellenic Republic		06/20/22		1.000%(Q)		540		2.859	%		(35,921	)		(95,850	)		59,929	Goldman Sachs & Co.
Hellenic Republic		12/20/22		1.000%(Q)		1,000		3.016	%		(79,444	)		(99,155	)		19,711	Citigroup Global Markets
Hellenic Republic		06/20/24		1.000%(Q)		1,000		3.339	%		(114,799	)		(216,249	)		101,450	Barclays Capital Group
Petroleo Brasileiro SA		06/20/18		1.000%(Q)		3,750		0.443	%		7,320			(287,530	)		294,850	Morgan Stanley
Petroleos Mexicanos		12/20/18		1.000%(Q)		8,000		0.485	%		35,749			4,231			31,518	Citigroup Global Markets
Petroleos Mexicanos		06/20/23		1.000%(Q)		9,450		1.893	%		(379,458	)		(1,224,841	)		845,383	BNP Paribas
Republic of Brazil		09/20/18		1.000%(Q)		10,000		0.525	%		30,372			23,459			6,913	BNP Paribas
Republic of Indonesia		09/20/20		1.000%(Q)		8,000		0.486	%		105,041			(322,295	)		427,336	Barclays Capital Group
Republic of Indonesia		06/20/21		1.000%(Q)		2,100		0.617	%		26,638			(83,337	)		109,975	JPMorgan Chase
Republic of Turkey		06/20/18		1.000%(Q)		5,000		0.633	%		8,414			5,078			3,336	BNP Paribas
Republic of Turkey		06/20/18		1.000%(Q)		5,000		0.633	%		8,414			3,092			5,322	Citigroup Global Markets
State Bank of India		06/20/18		1.000%(Q)		8,000		0.148	%		18,939			9,667			9,272	Morgan Stanley
United Mexico States		12/20/20		1.000%(Q)		7,000		0.605	%		78,898			(123,939	)		202,837	Goldman Sachs & Co.
										$	(433,520	)	$	(2,780,509	)	$	2,346,989

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.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 57

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Credit default swap agreements outstanding at April 30, 2018 (continued):

(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.

Inflation Swap Agreements outstanding at April 30, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
EUR	9,020		08/15/22	1.240%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)	$	—	$	(105,812	)	$	(105,812	)
EUR	15,305		09/15/22	1.260%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(170,645	)		(170,645	)
EUR	4,510		08/15/27	1.415%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		74,395			74,395
EUR	7,450		09/15/27	1.438%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		108,889			108,889
GBP	1,415		08/15/42	3.520%(T)	U.K. Retail Price Index(2)(T)		—		53,184			53,184
GBP	1,070		08/15/47	3.469%(T)	U.K. Retail Price Index(1)(T)		—		(43,745	)		(43,745	)
GBP	575		10/15/47	3.535%(T)	U.K. Retail Price Index(2)(T)		—		60,873			60,873
GBP	355		10/15/57	3.418%(T)	U.K. Retail Price Index(1)(T)		—		(68,954	)		(68,954	)
	11,000		10/25/27	2.160%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)		256		(269,669	)		(269,925	)
						$	256	$	(361,484	)	$	(361,740	)

See Notes to Financial Statements.

58

Interest rate swap agreements outstanding at April 30, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
BRL	110,795		01/02/19		7.280%(T)	1 Day BROIS(1)(T)	$	—		$	(264,627	)	$	(264,627	)
BRL	66,586		01/02/19		7.280%(T)	1 Day BROIS(1)(T)		—			(159,624	)		(159,624	)
BRL	50,005		01/04/21		8.660%(T)	1 Day BROIS(2)(T)		—			433,183			433,183
BRL	82,781		01/04/21		8.670%(T)	1 Day BROIS(2)(T)		—			725,671			725,671
BRL	41,616		01/04/21		9.350%(T)	1 Day BROIS(1)(T)		—			(687,854	)		(687,854	)
BRL	40,640		01/04/21		9.470%(T)	1 Day BROIS(1)(T)		—			(724,867	)		(724,867	)
BRL	28,099		01/04/21		10.000%(T)	1 Day BROIS(2)(T)		—			634,398			634,398
BRL	17,139		01/04/21		10.050%(T)	1 Day BROIS(2)(T)		—			396,073			396,073
BRL	27,101		01/04/21		10.250%(T)	1 Day BROIS(2)(T)		—			689,125			689,125
BRL	55,620		01/04/21		10.300%(T)	1 Day BROIS(2)(T)		—			1,445,232			1,445,232
BRL	14,961		01/02/23		9.260%(T)	1 Day BROIS(1)(T)		—			(105,573	)		(105,573	)
BRL	25,174		01/02/23		9.280%(T)	1 Day BROIS(1)(T)		—			(198,551	)		(198,551	)
BRL	12,919		01/02/23		9.735%(T)	1 Day BROIS(2)(T)		—			177,387			177,387
BRL	23,834		01/02/25		9.400%(T)	1 Day BROIS(2)(T)		—			(33,173	)		(33,173	)
BRL	9,403		01/02/25		9.400%(T)	1 Day BROIS(2)(T)		—			(13,087	)		(13,087	)
BRL	17,286		01/02/25		9.920%(T)	1 Day BROIS(2)(T)		—			268,884			268,884
BRL	16,970		01/02/25		10.040%(T)	1 Day BROIS(2)(T)		—			315,576			315,576
EUR	5,735		05/11/19		(0.144%)(A)	6 Month EURIBOR(1)(S)		(8,233	)		(7,361	)		872
EUR	67,360		05/11/20		(0.054%)(A)	6 Month EURIBOR(1)(S)		(158,693	)		(205,480	)		(46,787	)
EUR	5,360		05/11/22		0.156%(A)	6 Month EURIBOR(1)(S)		(12,017	)		83			12,100
EUR	40,310		05/11/23		0.650%(A)	6 Month EURIBOR(1)(S)		(871,210	)		(999,209	)		(127,999	)
EUR	190		05/11/25		0.650%(A)	6 Month EURIBOR(1)(S)		479			(1,357	)		(1,836	)
EUR	2,740		05/11/26		0.750%(A)	6 Month EURIBOR(1)(S)		(3,999	)		(17,137	)		(13,138	)
EUR	31,165		05/11/28		0.750%(A)	6 Month EURIBOR(1)(S)		1,082,843			581,553			(501,290	)
EUR	1,290		02/15/30		1.124%(A)	6 Month EURIBOR(1)(S)		(309	)		(2,247	)		(1,938	)
EUR	2,860		05/11/30		0.850%(A)	6 Month EURIBOR(1)(S)		105,810			89,116			(16,694	)
EUR	16,020		10/04/32		2.000%(A)	1 Day EONIA(2)(A)		—			88,014			88,014
EUR	16,020		10/04/32		2.080%(A)	3 Month EURIBOR(1)(Q)		—			(100,785	)		(100,785	)
EUR	2,700		05/11/33		1.000%(A)	6 Month EURIBOR(1)(S)		169,178			116,624			(52,554	)
EUR	2,250		05/11/37		1.253%(A)	6 Month EURIBOR(1)(S)		77,824			62,951			(14,873	)
EUR	31,515		08/24/37		1.960%(A)	1 Day EONIA(2)(A)		—			146,273			146,273
EUR	31,515		08/24/37		2.033%(A)	3 Month EURIBOR(1)(Q)		(5,748	)		(166,354	)		(160,606	)
EUR	18,530		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			136,186			136,186
EUR	18,530		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(100,300	)		(100,300	)
EUR	2,955		05/11/42		1.350%(A)	6 Month EURIBOR(1)(S)		109,595			74,427			(35,168	)
EUR	475		05/11/43		1.350%(A)	6 Month EURIBOR(1)(S)		4,933			13,092			8,159
EUR	2,975		01/26/48		1.853%(A)	3 Month EURIBOR(2)(Q)		—			24,837			24,837
EUR	2,975		01/26/48		1.863%(A)	6 Month EURIBOR(1)(S)		—			(24,082	)		(24,082	)
EUR	11,050		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			(4,014	)		(4,014	)
EUR	11,050		03/19/48		1.658%(A)	6 Month EURIBOR(1)(S)		—			2,305			2,305

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 59

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Interest rate swap agreements outstanding at April 30, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
GBP	3,280		05/08/21		0.716%(S)	6 Month GBP LIBOR(1)(S)	$	39,090		$	60,626		$	21,536
GBP	3,060		07/06/32		1.933%(S)	6 Month GBP LIBOR(2)(S)		—			42,950			42,950
GBP	11,905		10/30/32		1.633%(S)	6 Month GBP LIBOR(2)(S)		2,806			(52,182	)		(54,988	)
GBP	3,680		07/06/42		1.850%(S)	6 Month GBP LIBOR(1)(S)		—			(49,897	)		(49,897	)
GBP	6,665		10/30/47		1.680%(S)	6 Month GBP LIBOR(1)(S)		—			(46,150	)		(46,150	)
JPY	5,153,280		12/20/24		0.126%(S)	6 Month JPY LIBOR(2)(S)		(62,744	)		(151,794	)		(89,050	)
	61,940		07/11/18		0.947%(S)	3 Month LIBOR(1)(Q)		292			73,397			73,105
	42,075		10/07/18		1.253%(A)	1 Day USOIS(1)(A)		—			120,996			120,996
	58,600		11/09/18		1.160%(S)	3 Month LIBOR(1)(Q)		(22,226	)		296,311			318,537
	116,540		11/17/18		1.080%(T)	1 Day USOIS(1)(T)		412			676,906			676,494
	175,200		11/18/18		0.911%(A)	1 Day USOIS(1)(A)		(9,361	)		1,314,554			1,323,915
	76,310		11/22/18		1.297%(S)	3 Month LIBOR(1)(Q)		325			308,197			307,872
	1,453,170		01/30/19		2.135%(T)	1 Day USOIS(1)(T)		—			191,941			191,941
	250,430		02/15/19		1.820%(T)	1 Day USOIS(1)(T)		—			245,666			245,666
	762,460		05/11/19		1.613%(S)	3 Month LIBOR(1)(Q)		732,491			4,396,488			3,663,997
	44,680		06/30/19		1.487%(A)	1 Day USOIS(1)(A)		(10,717	)		295,867			306,584
	99,170		06/30/19		1.502%(A)	1 Day USOIS(1)(A)		(67,560	)		629,442			697,002
	61,890		09/08/19		1.290%(A)	1 Day USOIS(1)(A)		—			738,858			738,858
	195,680		09/30/19		1.707%(A)	1 Day USOIS(1)(A)		55,515			1,212,279			1,156,764
	259,390		12/31/19		1.840%(A)	1 Day USOIS(1)(A)		147,404			1,835,296			1,687,892
	92,015		12/31/19		1.950%(A)	1 Day USOIS(1)(A)		24,841			477,114			452,273
	70,240		12/31/19		2.044%(A)	1 Day USOIS(1)(A)		1,006			255,308			254,302
	135,665		12/31/19		2.107%(A)	1 Day USOIS(1)(A)		(8,388	)		(42,100	)		(33,712	)
	238,735		02/05/20		2.350%(A)	1 Day USOIS(1)(A)		50,770			1,182,206			1,131,436
	123,850		03/31/20		2.295%(A)	1 Day USOIS(1)(A)		29,661			179,164			149,503
	87,960		04/24/20		2.311%(A)	1 Day USOIS(1)(A)		—			36,540			36,540
	566,575		05/11/20		1.763%(S)	3 Month LIBOR(1)(Q)		9,041,483			8,480,714			(560,769	)
	7,450		05/11/21		1.600%(S)	3 Month LIBOR(1)(Q)		106,003			242,530			136,527
	263,500		05/15/21		2.202%(S)	3 Month LIBOR(1)(Q)		(3,255,762	)		3,277,854			6,533,616
	72,470		05/31/21		1.849%(S)	3 Month LIBOR(2)(Q)		432			(1,811,316	)		(1,811,748	)
	79,680		05/31/21		1.948%(S)	3 Month LIBOR(2)(Q)		476			(1,724,254	)		(1,724,730	)
	363,990		05/31/21		1.953%(S)	3 Month LIBOR(2)(Q)		435,959			(7,818,438	)		(8,254,397	)
	191,000		05/31/21		1.980%(S)	3 Month LIBOR(2)(Q)		931			(3,927,801	)		(3,928,732	)
	2,570		07/31/21		2.290%(S)	3 Month LIBOR(1)(Q)		(42,742	)		31,243			73,985
	91,955		08/31/21		2.015%(S)	3 Month LIBOR(2)(Q)		755,220			(2,465,512	)		(3,220,732	)
	5,870		11/22/21		1.792%(S)	3 Month LIBOR(2)(Q)		38			(188,726	)		(188,764	)
	127,355		11/30/21		1.762%(S)	3 Month LIBOR(2)(Q)		—			(4,293,386	)		(4,293,386	)
	182,000		05/11/22		1.982%(S)	3 Month LIBOR(2)(Q)		(871,350	)		(5,225,484	)		(4,354,134	)
	16,120		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			78,467			78,467
	167,900		06/30/22		2.020%(S)	3 Month LIBOR(1)(Q)		1,057			4,861,575			4,860,518
	10,635		08/31/22		2.552%(A)	1 Day USOIS(1)(A)		—			(9,517	)		(9,517	)

See Notes to Financial Statements.

60

Interest rate swap agreements outstanding at April 30, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
	10,550		09/28/22		2.177%(S)	3 Month LIBOR(1)(Q)	$	—		$	159,789		$	159,789
	88,865		11/01/22		1.815%(S)	3 Month LIBOR(2)(Q)		—			(3,647,334	)		(3,647,334	)
	35,125		03/26/23		2.791%(S)	3 Month LIBOR(2)(Q)		(4,284	)		(158,052	)		(153,768	)
	24,000		04/03/23		2.015%(S)	3 Month LIBOR(1)(Q)		387,010			985,727			598,717
	168,988		05/11/23		2.000%(S)	3 Month LIBOR(2)(Q)		(5,900,964	)		(6,225,835	)		(324,871	)
	16,300		06/20/23		2.604%(S)	3 Month LIBOR(1)(Q)		(423,981	)		120,946			544,927
	101,900		09/24/23		2.903%(S)	3 Month LIBOR(1)(Q)		(4,887,263	)		(35,982	)		4,851,281
	51,250		11/15/23		2.209%(S)	3 Month LIBOR(1)(Q)		430			1,523,911			1,523,481
	124,000		11/15/23		2.230%(S)	3 Month LIBOR(1)(Q)		827			3,542,199			3,541,372
	22,745		02/15/24		2.115%(S)	3 Month LIBOR(1)(Q)		56,894			964,004			907,110
	25,504		02/15/24		2.151%(S)	3 Month LIBOR(1)(Q)		(46,429	)		1,029,969			1,076,398
	47,110		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		(362,554	)		1,860,492			2,223,046
	45,915		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(51,777	)		1,759,677			1,811,454
	172,911		05/11/24		2.139%(S)	3 Month LIBOR(1)(Q)		(1,876,191	)		6,433,141			8,309,332
	28,490		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			1,222,531			1,222,531
	291,235		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		1,162,401			12,467,992			11,305,591
	89,045		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		307,192			3,782,298			3,475,106
	98,000		08/15/24		2.559%(S)	3 Month LIBOR(1)(Q)		(1,570,310	)		1,910,153			3,480,463
	20,260		09/01/24		1.972%(S)	3 Month LIBOR(2)(Q)		—			(1,123,534	)		(1,123,534	)
	56,550		09/09/24		2.558%(S)	3 Month LIBOR(1)(Q)		(904,581	)		1,161,733			2,066,314
	99,875		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		263,894			3,548,096			3,284,202
	15,400		02/14/25		—(3)	—(3)		—			12,884			12,884
	4,300		02/23/25		2.232%(S)	3 Month LIBOR(1)(Q)		181			184,257			184,076
	44,450		02/25/25		2.208%(S)	3 Month LIBOR(1)(Q)		454			1,972,385			1,971,931
	18,415		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		15,095			108,177			93,082
	16,810		02/28/25		3.020%(S)	3 Month LIBOR(1)(Q)		—			(76,522	)		(76,522	)
	3,370		05/11/25		1.900%(S)	3 Month LIBOR(1)(Q)		191,039			205,584			14,545
	9,975		04/28/26		1.809%(S)	3 Month LIBOR(1)(Q)		136			815,155			815,019
	52,572		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		667,355			2,951,510			2,284,155
	53,535		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		38,163			2,676,713			2,638,550
	12,575		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			561,505			561,505
	23,100		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		(15,258	)		838,462			853,720
	11,080		05/08/27		2.309%(S)	3 Month LIBOR(1)(Q)		—			496,986			496,986
	6,735		05/11/27		2.305%(S)	3 Month LIBOR(2)(Q)		(37,107	)		(304,967	)		(267,860	)
	9,360		05/15/27		1.823%(A)	1 Day USOIS(1)(A)		—			535,562			535,562
	6,290		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			308,758			308,758
	37,470		03/26/28		2.884%(S)	3 Month LIBOR(1)(Q)		8,604			244,813			236,209
	16,535		05/11/28		2.000%(S)	3 Month LIBOR(1)(Q)		1,169,729			1,315,453			145,724
	21,875		05/03/32		2.434%(S)	3 Month LIBOR(2)(Q)		—			(1,294,234	)		(1,294,234	)
	13,310		03/26/33		2.942%(S)	3 Month LIBOR(2)(Q)		(4,319	)		(104,253	)		(99,934	)
	7,770		10/16/33		2.890%(S)	3 Month LIBOR(2)(Q)		—			(113,357	)		(113,357	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 61

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Interest rate swap agreements outstanding at April 30, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
	42,995		02/15/36		2.338%(S)	3 Month LIBOR(2)(Q)	$	(284,412	)	$	(4,125,098	)	$	(3,840,686	)
	17,310		05/03/37		2.508%(S)	3 Month LIBOR(1)(Q)		—			1,193,231			1,193,231
	7,975		05/11/37		2.537%(S)	3 Month LIBOR(1)(Q)		(168,401	)		513,167			681,568
	17,245		03/16/38		2.987%(S)	3 Month LIBOR(2)(Q)		—			(75,881	)		(75,881	)
	22,605		05/11/38		2.200%(S)	3 Month LIBOR(1)(Q)		1,743,583			2,751,150			1,007,567
	8,500		02/15/40		3.193%(S)	3 Month LIBOR(1)(Q)		(567,613	)		(265,648	)		301,965
	14,000		02/15/41		2.647%(S)	3 Month LIBOR(1)(Q)		402			870,869			870,467
	5,520		11/15/41		1.869%(S)	3 Month LIBOR(1)(Q)		33,885			1,086,285			1,052,400
	31,400		05/11/42		2.562%(S)	3 Month LIBOR(2)(Q)		204,061			(2,276,459	)		(2,480,520	)
	7,280		10/04/42		2.527%(S)	3 Month LIBOR(2)(Q)		—			(638,263	)		(638,263	)
	1,300		12/12/42		2.590%(S)	3 Month LIBOR(1)(Q)		65,803			90,173			24,370
	1,890		11/15/43		2.659%(S)	3 Month LIBOR(1)(Q)		—			122,575			122,575
	13,400		08/21/44		3.190%(S)	3 Month LIBOR(1)(Q)		(926,225	)		(506,898	)		419,327
	3,755		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		218			860,678			860,460
��	1,365		05/11/47		2.570%(S)	3 Month LIBOR(1)(Q)		99,638			106,204			6,566
	2,685		10/04/47		2.536%(S)	3 Month LIBOR(1)(Q)		—			251,080			251,080
	12,945		03/16/48		2.970%(S)	3 Month LIBOR(1)(Q)		—			35,732			35,732
	2,410		04/09/48		2.545%(S)	3 Month LIBOR(1)(Q)		—			222,262			222,262
	2,225		05/08/48		2.627%(S)	3 Month LIBOR(1)(Q)		—			167,805			167,805
	23,710		05/11/48		2.300%(S)	3 Month LIBOR(2)(Q)		(3,338,923	)		(3,236,650	)		102,273
							$	(7,387,783	)	$	46,104,346		$	53,492,129

Cash of $2,752,000 and securities, including those sold and pending settlement, with a combined market value of $56,479,398 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared swap contracts at April 30, 2018.

(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 quarterly and receives the floating rate of 1 Day USOIS plus 38.25 bps quarterly.

Total return swap agreements outstanding at April 30, 2018:

Counterparty	Termination Date		Long (Short) Notional Amount (000)#		Description	Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(1)
OTC total return swap agreement:
Credit Suisse First Boston Corp.		01/12/41		8,447	Pay monthly variable payments based on 1 Month LIBOR and receive monthly fixed payments based on the IOS.FN30.450.10 Index	$	43,490	$	(25,794	)	$	69,284

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

See Notes to Financial Statements.

62

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	709,163	$	(3,583,185	)	$	3,278,106	$	(287,818	)

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, 2018 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Automobiles	$	—		$	5,227,402		$	—
Collateralized Loan Obligations		—			572,942,397			15,624,640
Consumer Loans		—			52,766,016			3,212,000
Home Equity Loans		—			71,087,601			—
Residential Mortgage-Backed Securities		—			62,110,504			—
Student Loans		—			10,571,452			—
Bank Loans		—			31,560,638			1,144,250
Commercial Mortgage-Backed Securities		—			137,074,368			—
Convertible Bond		—			2,352,099			—
Corporate Bonds		—			704,778,887			—
Municipal Bonds		—			13,911,934			—
Residential Mortgage-Backed Securities		—			82,229,072			9,401,531
Sovereign Bonds		—			172,414,689			—
U.S. Treasury Obligations		—			68,875,379			—
Common Stock		2,040,477			—			—
Affiliated Mutual Funds		360,136,141			—			—
Options Purchased		—			34,998,036			—
Options Written		—			(33,383,775	)		(183,128	)
Other Financial Instruments*
Futures Contracts		(4,697,258	)		—			—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 63

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

	Level 1		Level 2			Level 3
Investments in Securities (continued)
OTC Forward Foreign Currency Exchange Contracts	$	—	$	890,060		$	—
OTC Cross Currency Exchange Contracts		—		915,643			—
OTC Credit Default Swap Agreements		—		31,884			40,892
Centrally Cleared Credit Default Swap Agreements		—		(210,228	)		—
Centrally Cleared Inflation Swaps Agreements		—		(361,740	)		—
Centrally Cleared Interest Rate Swap Agreements		—		53,492,129			—
OTC Total Return Swap Agreements		—		43,490			—
Total	$	357,479,360	$	2,044,317,937		$	29,240,185

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— Consumer Loans		Asset- Backed Securities— Residential Mortgage- Backed Securities			Bank Loans		Commercial Mortgage- Backed Securities			Corporate Bonds			Residential Mortgage- Backed Securities			Options Written			Credit Default Swap Agreements
Balance as of 10/31/17	$	12,800,000		$	—	$	2,900,000		$	—	$	1,312,964		$	743,919		$	9,337,675		$	—		$	32,417
Realized gain (loss)		—			—		—			—		—			—			—			—			—	**
Change in unrealized appreciation (depreciation)		(175,360	)		12,000		—			5,750		—			—			4,531			(134,527	)		8,475
Purchases/Exchanges/ Issuances		3,000,000			3,200,000		—			1,138,500		—			—			9,397,000			—			—
Sales/Paydowns		—			—		—			—		—			—			—			(48,601	)		—
Accrued discount/ premium		—			—		—			—		—			—			—			—			—
Transfer into Level 3		—			—		—			—		—			—			—			—			—
Transfer out of Level 3		—			—		(2,900,000	)		—		(1,312,964	)		(743,919	)		(9,337,675	)		—			—
Balance as of 04/30/18	$	15,624,640		$	3,212,000	$	—		$	1,144,250	$	—		$	—		$	9,401,531		$	(183,128	)	$	40,892

See Notes to Financial Statements.

64

	Asset- Backed Securities— Collateralized Loan Obligations			Asset- Backed Securities— Consumer Loans		Asset- Backed Securities— Residential Mortgage- Backed Securities		Bank Loans		Commercial Mortgage- Backed Securities		Corporate Bonds		Residential Mortgage- Backed Securities		Options Written			Credit Default Swap Agreements
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	(175,360	)	$	12,000	$	—	$	5,750	$	—	$	—	$	4,531	$	(134,527	)	$	40,892

* 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 gain incurred during the period for other financial instruments was $34,278.

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, 2018			Valuation Methodology		Unobservable Inputs
Asset-Backed Securities—Collateralized Loan Obligations	$	15,624,640			Market Approach		Single Broker Indicative Quote
Asset-Backed Securities—Consumer Loans		3,212,000			Market Approach		Single Broker Indicative Quote
Bank Loans		1,144,250			Market Approach		Single Broker Indicative Quote
Residential Mortgage-Backed Securities		9,401,531			Market Approach		Single Broker Indicative Quote
Options Written		(183,128	)		Market Approach		Single Broker Indicative Quote
Credit Default Swaps		40,892			Market Approach		Single Broker Indicative Quote
	$	29,240,185

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

Securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Asset-Backed Securities—Residential Mortgage-Backed Securities	$	2,900,000		L3 to L2		Single Broker Indicative Quote to Evaluated Bid
Commercial Mortgage-Backed Securities	$	1,312,964		L3 to L2		Single Broker Indicative Quote to Evaluated Bid

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 65

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Investments in Securities	Amount Transferred		Level Transfer		Logic
Corporate Bonds	$	743,919		L3 to L2		Single Broker Indicative Quote to Evaluated Bid
Residential Mortgage-Backed Securities	$	9,337,675		L3 to L2		Single Broker Indicative Quote to Evaluated Bid

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2018 were as follows:

Collateralized Loan Obligations	25.6	%
Affiliated Mutual Funds (including 2.5% of collateral for securities on loan)	15.7
Sovereign Bonds	7.5
Residential Mortgage-Backed Securities	6.7
Commercial Mortgage-Backed Securities	6.0
Banks	5.6
Home Equity Loans	3.1
U.S. Treasury Obligations	3.0
Oil & Gas	2.7
Consumer Loans	2.4
Media	2.1
Home Builders	2.0
Healthcare-Services	1.9
Electric	1.7
Telecommunications	1.5
Options Purchased	1.5
Entertainment	1.0
Insurance	0.9
Chemicals	0.8
Pipelines	0.8
Building Materials	0.8
Retail	0.8
Commercial Services	0.7
Pharmaceuticals	0.7
Foods	0.6
Municipal Bonds	0.6
Real Estate Investment Trusts (REITs)	0.6
Lodging	0.5
Packaging & Containers	0.5
Forest Products & Paper	0.5
Student Loans	0.5
Miscellaneous Manufacturing	0.4
Software	0.4
Diversified Financial Services	0.4
Real Estate	0.4
Semiconductors	0.3
Auto Parts & Equipment	0.3	%
Airlines	0.3
Electronics	0.3
Transportation	0.2
Technology	0.2
Auto Manufacturers	0.2
Consumer	0.2
Energy—Alternate Sources	0.2
Textiles	0.2
Automobiles	0.2
Health Care & Pharmaceutical	0.1
Trucking & Leasing	0.1
Internet	0.1
Water	0.1
Beverages	0.1
Apparel	0.1
Distribution/Wholesale	0.1
Biotechnology	0.1
Leisure Time	0.1
Investment Companies	0.1
Gas	0.1
Multi-National	0.1
Housewares	0.1
Oil, Gas & Consumable Fuels	0.1
Gaming	0.1
Capital Goods	0.1
Computers	0.0	*
Oil & Gas Services	0.0	*
Iron/Steel	0.0	*
Savings & Loans	0.0	*
Machinery-Diversified	0.0	*
	105.1
Options Written	(1.5	)
Liabilities in excess of other assets	(3.6	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

66

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, 2018 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		Due from/to broker— variation margin swaps	$	221,138	*		Due from/to broker— variation margin swaps	$	431,366	*
Credit contracts		Premiums paid for OTC swap agreements		709,163			Premiums received for OTC swap agreements		3,557,391
Credit contracts		Unaffiliated investments		118,924			Options written outstanding, at value		541,574
Credit contracts		Unrealized appreciation on OTC swap agreements		3,208,822			Unrealized depreciation on OTC swap agreements		287,818
Foreign exchange contracts		Unaffiliated investments		34,879,112			Options written outstanding, at value		32,842,201
Foreign exchange contracts		Unrealized appreciation on OTC cross currency exchange contracts		1,057,262			Unrealized depreciation on OTC cross currency exchange contracts		141,619
Foreign exchange contracts		Unrealized appreciation on OTC forward foreign currency exchange contracts		5,119,527			Unrealized depreciation on OTC forward foreign currency exchange contracts		4,229,467
Interest rate contracts		Due from/to broker— variation margin futures		735,350	*		Due from/to broker— variation margin futures		5,432,608	*
Interest rate contracts		Due from/to broker— variation margin swaps		99,936,360	*		Due from/to broker— variation margin swaps		46,805,971	*
Interest rate contracts		—		—			Premiums received for OTC swap agreements		25,794
Interest rate contracts		—		—			Options written outstanding, at value		183,128
Interest rate contracts		Unrealized appreciation on OTC swap agreements		69,284			—		—
Total			$	146,054,942				$	94,478,937

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 67

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2018 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			Forward Rate Agreements			Swaps
Credit contracts	$	(106,504	)	$	1,717,557	$	—		$	—		$	—		$	2,627,487
Foreign exchange contracts		(425,947	)		585,569		—			(4,724,674	)		—			—
Interest rate contracts		(2,961,739	)		2,318,746		(15,086,366	)		—			(197,618	)		(3,903,707	)
Total	$	(3,494,190	)	$	4,621,872	$	(15,086,366	)	$	(4,724,674	)	$	(197,618	)	$	(1,276,220	)

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures			Forward & Cross Currency Contracts		Swaps
Credit contracts	$	—		$	(660,852	)	$	—		$	—	$	(309,439	)
Foreign exchange contracts		(6,058,381	)		6,780,497			—			2,103,709		—
Interest rate contracts		1,016,974			(954,480	)		(7,996,948	)		—		55,935,764
Total	$	(5,041,407	)	$	5,165,165		$	(7,996,948	)	$	2,103,709	$	55,626,325

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

For the six months ended April 30, 2018, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(4)		Futures Contracts— Long Positions(4)		Futures Contracts— Short Positions(4)		Forward Foreign Currency Exchange Contracts— Purchased(3)		Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(2)
$	18,176,839	$	1,348,791,225	$	1,087,425,902	$	756,361,363	$	170,151,235	$	314,651,948	$	31,147,008

See Notes to Financial Statements.

68

Credit Default Swap Agreements— Buy Protection(4)		Credit Default Swap Agreements— Sell Protection(4)		Currency Swap Agreements(4)		Forward Rate Agreements(4)		Inflation Swap Agreements(4)		Interest Rate Swap Agreements(4)		Total Return Swap Agreements(4)
$	32,133,667	$	224,307,990	$	33,816,000	$	282,600,000	$	81,573,389	$	8,520,113,901	$	11,272,333

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	57,071,804	$	(57,071,804	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts  of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts  of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(2)			Net Amount
Bank of America	$	1,514,392	$	(756,209	)	$	758,183		$	(604,782	)	$	153,401
Barclays Capital Group		770,734		(1,236,189	)		(465,455	)		465,455			—
BNP Paribas		1,251,463		(2,365,087	)		(1,113,624	)		1,113,624			—
Citigroup Global Markets		4,109,990		(3,670,718	)		439,272			(439,272	)		—
Credit Suisse First Boston Corp.		969,168		(689,778	)		279,390			(260,000	)		19,390
Deutsche Bank AG		15,464,697		(16,814,194	)		(1,349,497	)		1,349,497			—
Goldman Sachs & Co.		1,474,244		(2,146,668	)		(672,424	)		672,424			—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 69

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Counterparty	Gross Amounts  of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts  of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
JPMorgan Chase	$	1,402,021	$	(1,325,351	)	$	76,670	$	(13,597	)	$	63,073
Morgan Stanley		15,201,857		(12,162,282	)		3,039,575		(3,020,000	)		19,575
Toronto Dominion		2,037,195		(152,538	)		1,884,657		(1,808,896	)		75,761
UBS AG		966,333		(489,978	)		476,355		(316,000	)		160,355
	$	45,162,094	$	(41,808,992	)	$	3,353,102	$	(2,861,547	)	$	491,555

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

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

See Notes to Financial Statements.

70

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of April 30, 2018

Assets
Investments at value, including securities on loan of $57,071,804:
Unaffiliated investments (cost $2,053,181,753)	$	2,054,323,372
Affiliated investments (cost $360,132,011)		360,136,141
Foreign currency, at value (cost $6,061,958)		6,007,773
Dividends and interest receivable		15,788,463
Receivable for investments sold		13,356,878
Receivable for Fund shares sold		6,822,602
Unrealized appreciation on OTC forward foreign currency exchange contracts		5,119,527
Unrealized appreciation on OTC swap agreements		3,278,106
Deposit with broker for centrally cleared swaps		2,752,000
Unrealized appreciation on OTC cross currency exchange contracts		1,057,262
Due from broker—variation margin futures		885,433
Premiums paid for OTC swap agreements		709,163
Cash segregated for counterparty—OTC		620,000
Tax reclaim receivable		2,290
Prepaid expenses		5,014
Total Assets		2,470,864,024
Liabilities
Payable for investments purchased		65,350,259
Payable to broker for collateral for securities on loan		58,542,658
Options written outstanding, at value (premiums received $40,515,904)		33,566,903
Unrealized depreciation on OTC forward foreign currency exchange contracts		4,229,467
Payable for Fund shares reacquired		4,068,201
Premium received for OTC swap agreements		3,583,185
Due to broker—variation margin swaps		1,286,859
Management fee payable		1,144,186
Dividends payable		1,053,345
Accrued expenses and other liabilities		323,173
Unrealized depreciation on OTC swap agreements		287,818
Unrealized depreciation on OTC cross currency exchange contracts		141,619
Distribution fee payable		114,384
Affiliated transfer agent fee payable		44,900
Total Liabilities		173,736,957
Net Assets	$	2,297,127,067
Net assets were comprised of:
Shares of beneficial interest, at par	$	230,313
Paid-in capital in excess of par		2,320,105,657
		2,320,335,970
Undistributed net investment income		2,151,960
Accumulated net realized loss on investment and foreign currency transactions		(87,307,176	)
Net unrealized appreciation on investments and foreign currencies		61,946,313
Net assets, April 30, 2018	$	2,297,127,067

See Notes to Financial Statements.

72

Class A
Net asset value and redemption price per share ($153,782,654 ÷ 15,468,213 shares of beneficial interest issued and outstanding)	$	9.94
Maximum sales charge (4.50% of offering price)		0.47
Maximum offering price to public	$	10.41
Class C
Net asset value, offering price and redemption price per share ($103,854,065 ÷ 10,416,939 shares of beneficial interest issued and outstanding)	$	9.97
Class Z
Net asset value, offering price and redemption price per share ($1,709,810,206 ÷ 171,284,900 shares of beneficial interest issued and outstanding)	$	9.98
Class R6
Net asset value, offering price and redemption price per share ($329,680,142 ÷ 33,142,934 shares of beneficial interest issued and outstanding)	$	9.95

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 73

Statement of Operations (unaudited)

Six Months Ended April 30, 2018

Net Investment Income (Loss)
Income
Interest income	$	35,100,256
Affiliated dividend income		1,685,154
Income from securities lending, net (including affiliated income of $22,625)		207,196
Total income		36,992,606
Expenses
Management fee		7,062,990
Distribution fee(a)		657,854
Transfer agent’s fees and expenses (affiliated expense of $135,718)(a)		949,801
Custodian and accounting fees		138,247
Registration fees(a)		48,302
Shareholders’ reports		41,694
Audit fee		32,350
Trustees’ fees		20,854
Legal fees and expenses		14,275
Miscellaneous		19,363
Total expenses		8,985,730
Less: Fee waiver and/or expense reimbursement(a)		(395,243	)
Net expenses		8,590,487
Net investment income (loss)		28,402,119
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of ($4,055))		(2,157,214	)
Futures transactions		(15,086,366	)
Options written transactions		4,621,872
Swap agreement transactions		(1,276,220	)
Forward and cross currency transactions		(4,724,674	)
Foreign currency transactions		(970,921	)
Forward rate agreements		(197,618	)
		(19,791,141	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(486))		(31,466,584	)
Futures		(7,996,948	)
Options written		5,165,165
Swap agreements		55,626,325
Forward and cross currency contracts		2,103,709
Foreign currencies		1,082,386
		24,514,053
Net gain (loss) on investment and foreign currency transactions		4,722,912
Net Increase (Decrease) In Net Assets Resulting From Operations	$	33,125,031

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

	Class A			Class C			Class Z			Class R6
Distribution fee		161,644			496,210			—			—
Transfer agent’s fees and expenses		49,803			42,729			697,599			159,670
Registration fees		9,875			7,007			20,208			11,212
Fee waiver and/or expense reimbursement		(7,197	)		(5,952	)		(278,060	)		(104,034	)

See Notes to Financial Statements.

74

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2018			Year Ended October 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	28,402,119		$	41,264,043
Net realized gain (loss) on investment and foreign currency transactions		(19,791,141	)		(27,972,409	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		24,514,053			84,184,745
Net increase (decrease) in net assets resulting from operations		33,125,031			97,476,379
Dividends from net investment income
Class A		(1,912,970	)		(3,294,330	)
Class C		(1,092,884	)		(1,651,332	)
Class Z		(23,362,973	)		(28,720,055	)
Class R6		(5,604,596	)		(7,126,086	)
		(31,973,423	)		(40,791,803	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		741,840,665			772,806,468
Net asset value of shares issued in reinvestment of dividends and distributions		23,909,161			29,178,897
Cost of shares reacquired		(312,185,940	)		(527,204,224	)
Net increase (decrease) in net assets from Fund share transactions		453,563,886			274,781,141
Total increase (decrease)		454,715,494			331,465,717
Net Assets:
Beginning of period		1,842,411,573			1,510,945,856
End of period (a)	$	2,297,127,067		$	1,842,411,573
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	2,151,960		$	5,723,264

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 75

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM Absolute Return Bond Fund (the “Fund”). Effective June 11, 2018, the Funds’ names were changed by replacing “Prudential” with “PGIM” in each Fund’s name and Class Q shares were renamed Class R6 shares.

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

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

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

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

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 are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

PGIM Absolute Return Bond Fund 77

Notes to Financial Statements (unaudited) (continued)

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

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 Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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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 transaction costs 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 Trust. 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 Fund. These are insurance-like products that are called CAS by Fannie Mae and STACR securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Fund could lose some or all of its principal if the underlying mortgages experience credit defaults.

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

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

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

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

PGIM Absolute Return Bond Fund 79

Notes to Financial Statements (unaudited) (continued)

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

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) 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.

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

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

80

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

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

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

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

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund

PGIM Absolute Return Bond Fund 81

Notes to Financial Statements (unaudited) (continued)

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

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

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 may enter into credit default, interest rate and other types 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 exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and

82

Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

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

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

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

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

PGIM Absolute Return Bond Fund 83

Notes to Financial Statements (unaudited) (continued)

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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 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.

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.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a 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.

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

84

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

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

PGIM Absolute Return Bond Fund 85

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2018, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

Payment-In-Kind: The Fund 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. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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 their obligations may be affected by the economic or political developments in a specific industry, region or country.

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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.

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 class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

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

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

2. Agreements

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

PGIM Absolute Return Bond Fund 87

Notes to Financial Statements (unaudited) (continued)

the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by, the Fund’s custodian (the Custodian), and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

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

Effective January 1, 2018, the management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.65% of the Fund’s average daily net assets up to and including $2.5 billion, 0.625% of the next $2.5 billion and 0.60% of average daily net assets in excess of $5 billion. Prior to January 1, 2018, the management fee paid to PGIM Investments was accrued daily and payable monthly at an annual rate of 0.80% of the Fund’s average daily net assets up to $2.5 billion, 0.775% of the next $2.5 billion and 0.75% of such assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements, was 0.70% for the six months ended April 30, 2018.

Effective January 1, 2018, PGIM Investments has contractually agreed, through February 28, 2019, to limit total annual Fund operating expenses after fee waivers and/or expense reimbursements to 0.73% of average daily net assets for Class Z shares, and 0.70% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Prior to January 1, 2018, PGIM Investments had contractually agreed 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, acquired fund fees and expenses, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of

88

shares of the Fund to 0.90% of the Fund’s average daily net assets. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The effective management fee rate, net of waivers and/or expense reimbursements, was 0.66% for the six months ended April 30, 2018.

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

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

PIMS has advised the Fund that it has received $143,138 in front-end sales charges resulting from sales of Class A shares, during the six months ended April 30, 2018. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to sales persons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2018, it received $4,380 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

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

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that 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. For the reporting period ended April 30, 2018 no such transactions were entered into by the Fund.

PGIM Absolute Return Bond Fund 89

Notes to Financial Statements (unaudited) (continued)

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended April 30, 2018, PGIM, Inc. was compensated $21,188 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 Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended April 30, 2018 were $748,953,009 and $319,634,300, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the six months ended April 30, 2018, is presented as follows:

Affiliated Mutual Funds*	Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income
PGIM Core Ultra Short Bond Fund	$	143,027,511	$	555,973,247	$	397,499,556	$	—		$	—		$	301,501,202		301,501,202	$	1,685,154
PGIM Institutional Money Market Fund		68,469,036		106,028,372		115,857,928		(486	)		(4,055	)		58,634,939		58,634,939		22,625
Total	$	211,496,547	$	662,001,619	$	513,357,484	$	(486	)	$	(4,055	)	$	360,136,141			$	1,707,779

* The Funds did not have any capital gain distibutions during the reporting period.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2018 were as follows:

Tax Basis	$	2,380,090,813
Gross Unrealized Appreciation		86,295,461
Gross Unrealized Depreciation		(35,348,792	)
Net Unrealized Appreciation	$	50,946,669

90

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, 2017 of approximately $58,727,000 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.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Z and Class R6 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 $0.001 par value per share, divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of April 30, 2018, Prudential, through its affiliate entities, including affiliated funds, owned 1,456,086 Class R6 shares of the Fund. At reporting period end, 6 shareholders of record held 71% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

PGIM Absolute Return Bond Fund 91

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2018:
Shares sold		4,709,656		$	46,887,446
Shares issued in reinvestment of dividends and distributions		144,965			1,443,151
Shares reacquired		(1,345,839	)		(13,409,300	)
Net increase (decrease) in shares outstanding before conversion		3,508,782			34,921,297
Shares issued upon conversion from other share class(es)		181,152			1,802,651
Shares reacquired upon conversion into other share class(es)		(301,584	)		(3,004,160	)
Net increase (decrease) in shares outstanding		3,388,350		$	33,719,788
Year ended October 31, 2017:
Shares sold		5,287,444		$	51,389,408
Shares issued in reinvestment of dividends and distributions		263,023			2,563,014
Shares reacquired		(6,475,151	)		(62,665,690	)
Net increase (decrease) in shares outstanding before conversion		(924,684	)		(8,713,268	)
Shares issued upon conversion from other share class(es)		260,628			2,533,357
Shares reacquired upon conversion into other share class(es)		(7,865,438	)		(76,474,888	)
Net increase (decrease) in shares outstanding		(8,529,494	)	$	(82,654,799	)
Class C
Six months ended April 30, 2018:
Shares sold		1,527,192		$	15,243,399
Shares issued in reinvestment of dividends and distributions		89,530			893,527
Shares reacquired		(965,189	)		(9,634,721	)
Net increase (decrease) in shares outstanding before conversion		651,533			6,502,205
Shares reacquired upon conversion into other share class(es)		(153,535	)		(1,531,435	)
Net increase (decrease) in shares outstanding		497,998		$	4,970,770
Year ended October 31, 2017:
Shares sold		1,372,212		$	13,418,733
Shares issued in reinvestment of dividends and distributions		136,492			1,336,820
Shares reacquired		(2,985,937	)		(29,077,382	)
Net increase (decrease) in shares outstanding before conversion		(1,477,233	)		(14,321,829	)
Shares reacquired upon conversion into other share class(es)		(875,243	)		(8,568,509	)
Net increase (decrease) in shares outstanding		(2,352,476	)	$	(22,890,338	)

92

Class Z	Shares			Amount
Six months ended April 30, 2018:
Shares sold		60,480,709		$	604,721,259
Shares issued in reinvestment of dividends and distributions		1,815,522			18,147,267
Shares reacquired		(19,389,955	)		(193,839,775	)
Net increase (decrease) in shares outstanding before conversion		42,906,276			429,028,751
Shares issued upon conversion from other share class(es)		461,199			4,610,928
Shares reacquired upon conversion into other share class(es)		(179,815	)		(1,796,798	)
Net increase (decrease) in shares outstanding		43,187,660		$	431,842,881
Year ended October 31, 2017:
Shares sold		58,776,093		$	574,643,248
Shares issued in reinvestment of dividends and distributions		2,154,719			21,153,567
Shares reacquired		(30,565,874	)		(297,888,862	)
Net increase (decrease) in shares outstanding before conversion		30,364,938			297,907,953
Shares issued upon conversion from other share class(es)		9,644,649			94,171,386
Shares reacquired upon conversion into other share class(es)		(17,693,832	)		(172,517,504	)
Net increase (decrease) in shares outstanding		22,315,755		$	219,561,835
Class R6
Six months ended April 30, 2018:
Shares sold		7,525,361		$	74,988,561
Shares issued in reinvestment of dividends and distributions		343,929			3,425,216
Shares reacquired		(9,554,101	)		(95,302,144	)
Net increase (decrease) in shares outstanding before conversion		(1,684,811	)		(16,888,367	)
Shares reacquired upon conversion into other share class(es)		(8,158	)		(81,186	)
Net increase (decrease) in shares outstanding		(1,692,969	)	$	(16,969,553	)
Year ended October 31, 2017:
Shares sold		13,571,706		$	133,355,079
Shares issued in reinvestment of dividends and distributions		422,868			4,125,496
Shares reacquired		(14,035,658	)		(137,572,290	)
Net increase (decrease) in shares outstanding before conversion		(41,084	)		(91,715	)
Shares issued upon conversion from other shares class(es)		17,546,616			170,377,523
Shares reacquired upon conversion into other share class(es)		(978,301	)		(9,521,365	)
Net increase (decrease) in shares outstanding		16,527,231		$	160,764,443

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 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCAs 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.

PGIM Absolute Return Bond Fund 93

Notes to Financial Statements (unaudited) (continued)

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2018.

94

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.93			$9.59			$9.48			$9.79			$9.82			$9.92
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.23			0.25			0.23			0.25			0.21
Net realized and unrealized gain (loss) on investment transactions		0.03			0.33			0.06			(0.30	)		0.02			(0.03	)
Total from investment operations		0.16			0.56			0.31			(0.07	)		0.27			0.18
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.22	)		(0.15	)		(0.21	)		(0.30	)		(0.23	)
Tax return of capital		-			-			(0.05	)		(0.03	)		-			(0.05	)
Total dividends and distributions		(0.15	)		(0.22	)		(0.20	)		(0.24	)		(0.30	)		(0.28	)
Net asset value, end of period		$9.94			$9.93			$9.59			$9.48			$9.79			$9.82
Total Return(b):		1.58%			5.95%			3.36%			(0.78)%			2.76%			1.86%
Ratios/Supplemental Data:
Net assets, end of period (000)		$153,783			$119,969			$197,713			$315,214			$452,955			$469,604
Average net assets (000)		$130,387			$145,290			$246,082			$383,950			$483,199			$303,234
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.06%	(e)		1.15%			1.15%			1.15%			1.15%			1.14%
Expenses before waivers and/or expense reimbursement		1.07%	(e)		1.22%			1.24%			1.24%			1.27%			1.28%
Net investment income (loss)		2.61%	(e)		2.31%			2.67%			2.39%			2.58%			2.17%
Portfolio turnover rate(g)		26%	(f)		72%			38%			64%			64%			125%

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

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

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

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

(e) Annualized.

(f) Not Annualized.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 95

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.96			$9.62			$9.51			$9.82			$9.85			$9.94
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.15			0.18			0.16			0.18			0.14
Net realized and unrealized gain (loss) on investment transactions		0.03			0.34			0.06			(0.31	)		0.01			(0.02	)
Total from investment operations		0.12			0.49			0.24			(0.15	)		0.19			0.12
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.15	)		(0.10	)		(0.13	)		(0.22	)		(0.16	)
Tax return of capital		-			-			(0.03	)		(0.03	)		-			(0.05	)
Total dividends and distributions		(0.11	)		(0.15	)		(0.13	)		(0.16	)		(0.22	)		(0.21	)
Net asset value, end of period		$9.97			$9.96			$9.62			$9.51			$9.82			$9.85
Total Return(b):		1.20%			5.16%			2.59%			(1.51)%			1.97%			1.18%
Ratios/Supplemental Data:
Net assets, end of period (000)		$103,854			$98,789			$118,092			$161,679			$195,312			$172,326
Average net assets (000)		$100,064			$106,174			$135,510			$183,419			$183,745			$97,736
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.82%	(d)		1.90%			1.90%			1.90%			1.90%			1.89%
Expenses before waivers and/or expense reimbursement		1.83%	(d)		1.97%			1.99%			1.97%			1.97%			1.98%
Net investment income (loss)		1.84%	(d)		1.58%			1.91%			1.62%			1.81%			1.41%
Portfolio turnover rate(f)		26%	(e)		72%			38%			64%			64%			125%

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

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

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

(d) Annualized.

(e) Not Annualized.

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

See Notes to Financial Statements.

96

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.97			$9.64			$9.52			$9.83			$9.86			$9.95
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.25			0.27			0.25			0.27			0.24
Net realized and unrealized gain (loss) on investment transactions		0.03			0.33			0.08			(0.30	)		0.02			(0.02	)
Total from investment operations		0.17			0.58			0.35			(0.05	)		0.29			0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.25	)		(0.17	)		(0.23	)		(0.32	)		(0.26	)
Tax return of capital		-			-			(0.06	)		(0.03	)		-			(0.05	)
Total dividends and distributions		(0.16	)		(0.25	)		(0.23	)		(0.26	)		(0.32	)		(0.31	)
Net asset value, end of period		$9.98			$9.97			$9.64			$9.52			$9.83			$9.86
Total Return(b):		1.71%			6.08%			3.71%			(0.53)%			3.00%			2.21%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,709,810			$1,277,401			$1,019,254			$1,755,667			$2,070,862			$1,201,383
Average net assets (000)		$1,468,812			$1,121,943			$1,396,060			$2,029,397			$1,484,697			$672,382
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.78%	(d)		0.90%			0.90%			0.90%			0.90%			0.90%
Expenses before waivers and/or expense reimbursement		0.82%	(d)		0.96%			0.99%			0.97%			0.97%			0.99%
Net investment income (loss)		2.87%	(d)		2.59%			2.91%			2.61%			2.79%			2.43%
Portfolio turnover rate(f)		26%	(e)		72%			38%			64%			64%			125%

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

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

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

(d) Annualized.

(e) Not Annualized.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 97

Financial Highlights(unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.94			$9.61			$9.49			$9.81			$9.83			$9.94
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.26			0.28			0.25			0.28			0.27
Net realized and unrealized gain (loss) on investment transactions		0.03			0.32			0.07			(0.30	)		0.03			(0.06	)
Total from investment operations		0.17			0.58			0.35			(0.05	)		0.31			0.21
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.25	)		(0.17	)		(0.24	)		(0.33	)		(0.27	)
Tax return of capital		-			-			(0.06	)		(0.03	)		-			(0.05	)
Total dividends and distributions		(0.16	)		(0.25	)		(0.23	)		(0.27	)		(0.33	)		(0.32	)
Net asset value, end of period		$9.95			$9.94			$9.61			$9.49			$9.81			$9.83
Total Return(b):		1.73%			6.15%			3.81%			(0.57)%			3.16%			2.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$329,680			$346,253			$175,887			$151,294			$19,025			$17,829
Average net assets (000)		$344,652			$270,229			$158,967			$125,910			$18,604			$3,144
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.77%	(d)		0.90%			0.84%			0.85%			0.85%			0.90%
Expenses before waivers and/or expense reimbursement		0.83%	(d)		0.90%			0.84%			0.85%			0.85%			0.94%
Net investment income (loss)		2.89%	(d)		2.64%			2.97%			2.61%			2.87%			2.87%
Portfolio turnover rate(f)		26%	(e)		72%			38%			64%			64%			125%

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

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

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

(d) Annualized.

(e) Not Annualized.

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

See Notes to Financial Statements.

98

Approval of an Amended Investment Management Agreement and an Amended Subadvisory Agreement (unaudited)

Matters Considered by the Board

The Board of Trustees of Prudential Investment Portfolios 9 (the Trust), including a majority of the Independent Trustees, met during the Board Meeting that took place on December 5-7, 2017, to consider the proposal from the Fund’s manager, PGIM Investments, LLC (PGIM Investments or the Manager), to reduce the investment management fees and subadvisory fees for the Fund. At the Board Meeting, the Board, including a majority of the Independent Trustees, approved the amendment of the Investment Management Agreement between the Trust and the Manager with respect to the Fund to reduce the investment management fees payable by the Fund to the Manager and the amendment of the Subadvisory Agreement between the Manager and PGIM, Inc., with respect to its PGIM Fixed Income business unit (PGIM) to reduce the fees payable by the Manager to PGIM. At the Board Meeting, the Board received presentations from representatives of the Manager and had the opportunity to ask questions and obtain additional information about the amendments to the Investment Management Agreement and the Subadvisory Agreement. The material factors and conclusions that formed the basis for the Trustees’ determination to approve the amendments to the Investment Management Agreement and the Subadvisory Agreement are discussed separately below.

Nature, Quality, and Extent of Services

With respect to the Manager, the Board noted that it had received and considered information about the Manager and PGIM at the June 6-8, 2017 meetings (the June 2017 Meetings) in connection with the renewal of the investment management agreements between the Manager and the PGIM Investments Retail Funds, including the Fund, and that the Manager provided a representation that there were no material changes to such information. The Board also noted that it received and considered information at other regular meetings throughout the year regarding the nature, quality and extent of services provided by the Manager, including but not limited to the oversight of the subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the subadviser. The Board also noted that the Manager pays the salaries of all the officers and interested Trustees who are part of Fund management. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board further noted that it received favorable compliance reports from the Funds’ Chief Compliance Officer as to the Manager. The Board noted that it had concluded

PGIM Absolute Return Bond Fund

Approval of an Amended Investment Management Agreement and an Amended Subadvisory Agreement (continued)

that it was satisfied with the nature, quality and extent of the services provided by the Manager to the Fund and determined that it was reasonable to conclude that there would be no diminution in the nature, quality and extent of services to be provided by the Manager under the amended Investment Management Agreement for the Fund.

The Board also noted that it had received and considered information about PGIM at the June 2017 Meetings in connection with the renewal of the subadvisory agreements between the Manager and the subadviser with respect to certain PGIM Investments Retail Funds, including the Fund, and that the Manager provided a representation that there were no material changes to such information. The Board also noted that it received and considered information at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the subadviser. The Board considered information on the subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board further noted that it received favorable compliance reports from the Funds’ Chief Compliance Officer as to the subadviser. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the subadviser to the Fund and determined that there would be no diminution in the nature, quality and extent of services to be provided by the subadviser under the amended Subadvisory Agreement for the Fund.

Investment Performance

The Board noted that the current Investment Management Agreement and current Subadvisory Agreement for the Fund had been considered and renewed by the Board at the June 2017 Meetings as part of its annual consideration of the renewal of the Fund’s Investment Management Agreement and Subadvisory Agreement, and that it had considered the Fund’s historical investment performance at that time.

Fee Rates

The Board considered the proposed management fees under the revised Investment Management Agreement for the Fund of 0.650% of average daily net assets up to $2.5 billion, declining to 0.625% of average daily net assets in excess of $2.5 billion up to $5 billion, and further declining to 0.600% of average daily net assets in excess of $5 billion. The revised fee schedule was a reduction from the current management fee schedule of 0.800% of average daily net assets up to $2.5 billion, declining to 0.775% of average daily net assets in excess of $2.5 billion up to $5 billion, and further declining to 0.750% of average daily net assets in excess of $5 billion. The Board also considered the proposed subadvisory fees to be paid by the Manager to PGIM of 0.375% of average daily net assets up to $300 million and 0.325% of average daily net assets in excess of

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$300 million, which was a reduction from the current subadvisory fee schedule of 0.450% of average daily net assets up to $300 million and 0.400% of average daily net assets in excess of $300 million. The Board concluded that the revised management and subadvisory fees were reasonable in light of the services to be provided.

Profitability

The Board was previously provided at the June 2017 Meetings with information on the profitability of the Manager in serving as the Fund’s investment manager. The Board discussed with the Manager the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of the Manager and its affiliates in relation to the services rendered was not unreasonable. The Board noted that the subadviser was affiliated with the Manager and that its profitability is reflected in the Manager’s profitability report. Taking these factors into account, the Board concluded that the profitability of the Manager and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Manager and the Board previously retained an outside business consulting firm to review management fee breakpoint usage and trends in management fees across the mutual fund industry. The consulting firm presented its analysis and conclusions as to the Funds’ management fee structures to the Board and the Manager. The Board and the Manager have discussed these conclusions extensively since that presentation.

The Board received and discussed information at the June 2017 Meetings concerning economies of scale that the Manager may realize as the Fund’s assets grow beyond current levels. The Board noted that the revised management fee schedule for the Fund includes breakpoints, but that its current level of assets the Fund did not realize the effect of those rate reductions. The Board took note that the Fund’s fee structure currently results in benefits to Fund shareholders whether or not PGIM Investments realizes any economies of scale. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered the Manager’s assertion

PGIM Absolute Return Bond Fund

Approval of an Amended Investment Management Agreement and an Amended Subadvisory Agreement (continued)

that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase, as evidenced by the Manager’s proposal to reduce the management and subadvisory fee rates for the Fund.

The Board noted that the revised subadvisory fee schedule for the Fund also includes breakpoints that reduce the fee rate on assets above specified levels.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits that might be received by the Manager and the subadviser as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by the Manager included transfer agency fees received by the Fund’s transfer agent (which is affiliated with the Manager), and benefits to its reputation as well as other intangible benefits resulting from the Manager’s association with the Fund. The Board concluded that the benefits derived by the Manager and the subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Conclusion

Based on the materials provided to the Trustees and the presentations made by the Manager at the Board Meeting, the Board concluded that approving the amendments to the Investment Management Agreement for the Fund and the Subadvisory Agreement between the Manager and the subadviser was in the best interests of the Fund and its shareholders.

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∎ 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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • 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 • Dino Capasso, Vice President and Deputy 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, PGIM Absolute Return Bond Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-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 1-800-SEC-0330. 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

PGIM ABSOLUTE RETURN BOND FUND

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

*Formerly known as Class Q shares.

MF213E2    

PGIM QMA LARGE-CAP CORE EQUITY FUND

(Formerly known as Prudential QMA Large-Cap Core Equity Fund)

SEMIANNUAL REPORT

APRIL 30, 2018

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Objective: Long-term growth of capital

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

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

The accompanying financial statements as of April 30, 2018 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. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

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

PGIM QMA Large-Cap Core Equity Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM QMA Large-Cap Core Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is

part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA Large-Cap Core Equity Fund

June 15, 2018

*The Prudential Day One Funds did not change their names.

PGIM QMA Large-Cap Core Equity Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/18 (without sales charges)	Average Annual Total Returns as of 4/30/18 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	3.71	8.26	11.33	7.62	—
Class B	3.22	8.72	11.61	7.42	—
Class C	3.39	12.87	11.78	7.44	—
Class Z	3.88	14.89	12.89	8.51	—
Class R6**	3.95	15.02	N/A	N/A	15.83 (12/28/16)
S&P 500 Index
	3.82	13.26	12.95	9.01	—
Lipper Large-Cap Core Funds Average
	3.41	12.23	11.48	7.98	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

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

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

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

**Formerly known as Class Q shares.

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. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 15.62%.

Lipper Large-Cap Core Funds Average—The Lipper Large-Cap Core Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Core Funds universe for the periods noted. Funds in the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have wide latitude in the companies in which they invest. These funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share-growth value compared with the S&P 500 Index. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 14.51%.

PGIM QMA Large-Cap Core Equity Fund 7

Your Fund’s Performance (continued)

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

Presentation of Fund Holdings

Five Largest Holdings expressed as a
percentage of net assets as of 4/30/18 (%)

Microsoft Corp., Software	2.9
Apple, Inc., Technology Hardware, Storage & Peripherals	2.6
JPMorgan Chase & Co., Banks	2.3
Facebook, Inc., (Class A Stock), Internet Software & Services	2.3
Alphabet, Inc., (Class C Stock), Internet Software & Services	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 4/30/18 (%)

Banks	6.9
Oil, Gas & Consumable Fuels	6.0
Software	5.7
Internet Software & Services	5.4
Technology Hardware, Storage & Peripherals	4.5

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

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Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM QMA Large-Cap Core Equity Fund 9

Fees and Expenses (continued)

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

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

PGIM  QMA Large-Cap Core Equity Fund		Beginning  Account Value November 1, 2017		Ending  Account Value April 30, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,037.10		0.73	%	$	3.69
	Hypothetical	$	1,000.00	$	1,021.17		0.73	%	$	3.66
Class B	Actual	$	1,000.00	$	1,032.20		1.69	%	$	8.52
	Hypothetical	$	1,000.00	$	1,016.41		1.69	%	$	8.45
Class C	Actual	$	1,000.00	$	1,033.90		1.44	%	$	7.26
	Hypothetical	$	1,000.00	$	1,017.65		1.44	%	$	7.20
Class Z	Actual	$	1,000.00	$	1,038.80		0.45	%	$	2.27
	Hypothetical	$	1,000.00	$	1,022.56		0.45	%	$	2.26
Class R6**	Actual	$	1,000.00	$	1,039.50		0.35	%	$	1.77
	Hypothetical	$	1,000.00	$	1,023.06		0.35	%	$	1.76

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2018, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments (unaudited)

as of April 30, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    96.9%
COMMON STOCKS
CONSUMER DISCRETIONARY    11.9%
Auto Components    0.5%
BorgWarner, Inc.		21,700	$	1,061,998
Tenneco, Inc.		3,500		156,415
				1,218,413
Automobiles    0.8%
General Motors Co.		49,900		1,833,326
Thor Industries, Inc.		4,000		424,560
				2,257,886
Distributors    0.1%
LKQ Corp.*		6,500		201,630
Diversified Consumer Services    0.2%
Grand Canyon Education, Inc.*		1,600		166,384
Service Corp. International		6,300		230,013
				396,397
Hotels, Restaurants & Leisure    1.7%
Biglari Holdings, Inc.*		200		68,452
Hilton Worldwide Holdings, Inc.		15,100		1,190,484
Las Vegas Sands Corp.		18,500		1,356,605
Marriott International, Inc., (Class A Stock)		2,800		382,704
McDonald’s Corp.		5,800		971,152
Royal Caribbean Cruises Ltd.		2,900		313,751
Texas Roadhouse, Inc.		5,200		333,216
				4,616,364
Household Durables    0.0%
Meritage Homes Corp.*		2,100		93,450
Internet & Direct Marketing Retail    3.1%
Amazon.com, Inc.*		2,300		3,602,099
Booking Holdings, Inc.*		490		1,067,220
FTD Cos., Inc.*		9,000		57,960
Groupon, Inc.*(a)		69,000		320,160
Netflix, Inc.*		6,600		2,062,236
Qurate Retail Group, Inc., (Class A Stock)*		57,300		1,341,393
				8,451,068

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Shares		Value
CONSUMER DISCRETIONARY (Continued)
Leisure Products    0.2%
Vista Outdoor, Inc.*		25,400	$	425,450
Media    1.7%
Comcast Corp., (Class A Stock)		94,300		2,960,077
News Corp., (Class A Stock)		22,700		362,746
TEGNA, Inc.		13,700		144,809
Twenty-First Century Fox, Inc., (Class B Stock)		28,300		1,020,781
				4,488,413
Multiline Retail    1.2%
Dollar General Corp.		2,300		222,019
Kohl’s Corp.		23,300		1,447,396
Macy’s, Inc.		52,300		1,624,961
				3,294,376
Specialty Retail    1.4%
AutoNation, Inc.*		9,800		452,662
Foot Locker, Inc.		17,400		749,592
Gap, Inc. (The)		10,200		298,248
Michaels Cos., Inc. (The)*		4,400		81,928
Ross Stores, Inc.		28,000		2,263,800
Tilly’s, Inc., (Class A Stock)		4,800		53,808
				3,900,038
Textiles, Apparel & Luxury Goods    1.0%
Carter’s, Inc.		4,700		471,504
Columbia Sportswear Co.		1,200		99,612
Lululemon Athletica, Inc.*		9,100		908,180
PVH Corp.		7,000		1,117,690
Wolverine World Wide, Inc.		7,600		227,696
				2,824,682
CONSUMER STAPLES    6.3%
Beverages    1.5%
Coca-Cola Co. (The)		27,300		1,179,633
PepsiCo, Inc.		29,694		2,997,312
				4,176,945
Food & Staples Retailing    1.3%
Costco Wholesale Corp.		1,700		335,172
CVS Health Corp.		32,400		2,262,492

See Notes to Financial Statements.

12

Description	Shares		Value
CONSUMER STAPLES (Continued)
Food & Staples Retailing (cont’d.)
Kroger Co. (The)		17,400	$	438,306
Sysco Corp.		8,000		500,320
				3,536,290
Food Products    1.8%
Archer-Daniels-Midland Co.		23,200		1,052,816
Conagra Brands, Inc.		12,900		478,203
J.M. Smucker Co. (The)		10,800		1,232,064
Mondelez International, Inc., (Class A Stock)		35,800		1,414,100
Tyson Foods, Inc., (Class A Stock)		10,600		743,060
				4,920,243
Household Products    1.0%
Kimberly-Clark Corp.		14,000		1,449,560
Procter & Gamble Co. (The)		18,264		1,321,218
				2,770,778
Tobacco    0.7%
Altria Group, Inc.		31,300		1,756,243
ENERGY    6.5%
Energy Equipment & Services    0.5%
Exterran Corp.*		8,200		240,178
Halliburton Co.		21,400		1,133,986
				1,374,164
Oil, Gas & Consumable Fuels    6.0%
Anadarko Petroleum Corp.		33,000		2,221,560
Chevron Corp.		12,800		1,601,408
ConocoPhillips		38,800		2,541,400
Continental Resources, Inc.*		8,800		581,328
Exxon Mobil Corp.		15,174		1,179,779
Kinder Morgan, Inc.		15,300		242,046
Marathon Oil Corp.		6,900		125,925
Marathon Petroleum Corp.		18,500		1,385,835
Phillips 66		17,300		1,925,663
Pioneer Natural Resources Co.		9,700		1,955,035
Valero Energy Corp.		21,700		2,407,181
				16,167,160

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Shares		Value
FINANCIALS    14.0%
Banks    6.9%
Bank of America Corp.		161,768	$	4,840,099
BankUnited, Inc.		2,400		95,064
BB&T Corp.		14,900		786,720
Citigroup, Inc.		46,700		3,188,209
JPMorgan Chase & Co.		57,200		6,222,216
Regions Financial Corp.		20,100		375,870
Wells Fargo & Co.		60,064		3,120,925
				18,629,103
Capital Markets    2.3%
Affiliated Managers Group, Inc.		2,500		412,150
Ameriprise Financial, Inc.		11,100		1,556,331
BlackRock, Inc.		500		260,750
Evercore, Inc., (Class A Stock)		3,300		334,125
Franklin Resources, Inc.		9,000		302,760
Morgan Stanley		10,900		562,658
S&P Global, Inc.		11,400		2,150,040
Stifel Financial Corp.		600		34,968
T. Rowe Price Group, Inc.		6,600		751,212
				6,364,994
Consumer Finance    1.5%
Capital One Financial Corp.		21,000		1,903,020
Discover Financial Services		13,500		961,875
Navient Corp.		59,000		782,340
Nelnet, Inc., (Class A Stock)		400		21,124
OneMain Holdings, Inc.*		9,400		289,990
				3,958,349
Diversified Financial Services    1.2%
Berkshire Hathaway, Inc., (Class B Stock)*		16,100		3,119,053
Insurance    1.8%
Allstate Corp. (The)		17,400		1,702,068
American Equity Investment Life Holding Co.		9,700		292,940
American Financial Group, Inc.		900		101,898
CNA Financial Corp.		1,800		90,828
MetLife, Inc.		21,500		1,024,905
Old Republic International Corp.		22,500		459,000
Travelers Cos., Inc. (The)		1,300		171,080
Unum Group		21,200		1,025,656
				4,868,375

See Notes to Financial Statements.

14

Description	Shares		Value
FINANCIALS (Continued)
Mortgage Real Estate Investment Trusts (REITs)    0.3%
Ladder Capital Corp.		68,100	$	946,590
HEALTH CARE    14.1%
Biotechnology    2.1%
AbbVie, Inc.		6,600		637,230
Amgen, Inc.		7,600		1,326,048
Biogen, Inc.*		3,900		1,067,040
Celgene Corp.*		23,900		2,081,690
Gilead Sciences, Inc.		7,200		520,056
Halozyme Therapeutics, Inc.*		3,500		66,255
				5,698,319
Health Care Equipment & Supplies    3.5%
Abbott Laboratories		35,100		2,040,363
Boston Scientific Corp.*		11,500		330,280
Danaher Corp.		22,200		2,227,104
DENTSPLY SIRONA, Inc.		10,900		548,706
Edwards Lifesciences Corp.*		3,400		433,024
Hill-Rom Holdings, Inc.		2,400		205,992
IDEXX Laboratories, Inc.*		4,200		816,858
Intuitive Surgical, Inc.*		1,600		705,248
Medtronic PLC		28,900		2,315,757
				9,623,332
Health Care Providers & Services    3.5%
Anthem, Inc.		2,200		519,178
Express Scripts Holding Co.*		28,200		2,134,740
HCA Healthcare, Inc.		17,400		1,665,876
Humana, Inc.		4,200		1,235,556
UnitedHealth Group, Inc.		17,100		4,042,440
				9,597,790
Life Sciences Tools & Services    1.0%
Agilent Technologies, Inc.		9,200		604,808
Bruker Corp.		5,800		171,274
Illumina, Inc.*		7,700		1,855,161
				2,631,243
Pharmaceuticals    4.0%
Allergan PLC		4,700		722,155
Bristol-Myers Squibb Co.		11,400		594,282

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Shares		Value
HEALTH CARE (Continued)
Pharmaceuticals (cont’d.)
Johnson & Johnson		21,699	$	2,744,706
Merck & Co., Inc.		36,400		2,142,868
Perrigo Co. PLC		3,000		234,420
Pfizer, Inc.		64,834		2,373,573
Zoetis, Inc.		24,100		2,011,868
				10,823,872
INDUSTRIALS    9.2%
Aerospace & Defense    3.1%
Arconic, Inc.		6,700		119,327
Boeing Co. (The)		4,400		1,467,664
Harris Corp.		10,500		1,642,410
Huntington Ingalls Industries, Inc.		1,900		462,099
Lockheed Martin Corp.		7,100		2,277,964
Raytheon Co.		9,800		2,008,412
Spirit AeroSystems Holdings, Inc., (Class A Stock)		3,100		249,147
Vectrus, Inc.*		5,400		194,400
				8,421,423
Airlines    0.0%
Southwest Airlines Co.		500		26,415
Building Products    0.4%
Universal Forest Products, Inc.		34,800		1,109,424
Construction & Engineering    0.1%
EMCOR Group, Inc.		4,800		353,232
Electrical Equipment    0.3%
AMETEK, Inc.		12,900		900,420
Industrial Conglomerates    1.7%
3M Co.		10,000		1,943,900
Honeywell International, Inc.		17,900		2,589,772
				4,533,672
Machinery    2.3%
Caterpillar, Inc.		16,000		2,309,760
Cummins, Inc.		10,200		1,630,572
Illinois Tool Works, Inc.		10,600		1,505,412
Lydall, Inc.*		800		35,680
PACCAR, Inc.		11,300		719,471
				6,200,895

See Notes to Financial Statements.

16

Description	Shares		Value
INDUSTRIALS (Continued)
Professional Services    0.4%
Heidrick & Struggles International, Inc.		8,400	$	316,260
Insperity, Inc.		3,400		272,850
Robert Half International, Inc.		6,400		388,800
				977,910
Road & Rail    0.7%
Norfolk Southern Corp.		13,300		1,908,151
Trading Companies & Distributors    0.2%
WESCO International, Inc.*		6,900		410,895
INFORMATION TECHNOLOGY    24.7%
Communications Equipment    1.4%
Cisco Systems, Inc.		88,600		3,924,094
Internet Software & Services    5.4%
Alphabet, Inc., (Class C Stock)*		4,777		4,859,785
Alphabet, Inc., (Class A Stock)*		3,470		3,534,473
Facebook, Inc., (Class A Stock)*		36,100		6,209,200
				14,603,458
IT Services    3.8%
Accenture PLC, (Class A Stock)		16,800		2,540,160
Automatic Data Processing, Inc.		13,900		1,641,312
Cognizant Technology Solutions Corp., (Class A Stock)		25,400		2,078,228
Visa, Inc., (Class A Stock)		32,600		4,136,288
				10,395,988
Semiconductors & Semiconductor Equipment    3.9%
Applied Materials, Inc.		43,600		2,165,612
Broadcom, Inc.		8,100		1,858,302
Intel Corp.		20,500		1,058,210
Micron Technology, Inc.*		21,600		993,168
MKS Instruments, Inc.		4,200		430,080
NVIDIA Corp.		13,100		2,946,190
Texas Instruments, Inc.		10,400		1,054,872
				10,506,434
Software    5.7%
Activision Blizzard, Inc.		19,200		1,273,920
Adobe Systems, Inc.*		10,900		2,415,440

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Shares		Value
INFORMATION TECHNOLOGY (Continued)
Software (cont’d.)
CA, Inc.		4,100	$	142,680
Dell Technologies, Inc., (Class V Stock)*		6,548		469,950
Intuit, Inc.		11,500		2,125,085
Microsoft Corp.		82,800		7,743,456
Oracle Corp.		21,900		1,000,173
salesforce.com, Inc.*		3,600		435,564
				15,606,268
Technology Hardware, Storage & Peripherals    4.5%
Apple, Inc.		43,220		7,142,537
Hewlett Packard Enterprise Co.		95,800		1,633,390
HP, Inc.		83,300		1,790,117
Western Digital Corp.		20,000		1,575,800
				12,141,844
MATERIALS    3.0%
Chemicals    1.9%
Chemours Co. (The)		31,100		1,505,551
Huntsman Corp.		15,000		446,550
Ingevity Corp.*		3,400		261,222
LyondellBasell Industries NV, (Class A Stock)		18,000		1,903,140
Westlake Chemical Corp.		9,200		984,124
				5,100,587
Containers & Packaging    0.1%
Packaging Corp. of America		4,000		462,760
Metals & Mining    1.0%
Freeport-McMoRan, Inc.		109,600		1,667,016
Nucor Corp.		10,100		622,362
Southern Copper Corp. (Peru)		2,400		126,744
Steel Dynamics, Inc.		6,500		291,265
				2,707,387
REAL ESTATE    2.5%
Equity Real Estate Investment Trusts (REITs)    1.9%
Brixmor Property Group, Inc.		53,900		802,571
DiamondRock Hospitality Co.		36,900		407,745
Kimco Realty Corp.		30,800		446,908
Gramercy Property Trust		1,800		42,300
Host Hotels & Resorts, Inc.		40,900		800,004
GEO Group, Inc. (The)		17,250		388,125

See Notes to Financial Statements.

18

Description	Shares		Value
REAL ESTATE (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Prologis, Inc.		3,600	$	233,676
Ryman Hospitality Properties, Inc.		3,400		266,492
Xenia Hotels & Resorts, Inc.		25,400		522,986
Apple Hospitality REIT, Inc.		14,500		260,855
CoreCivic, Inc.		12,300		247,968
DDR Corp.		6,100		44,225
City Office REIT, Inc.		7,600		86,488
Spirit Realty Capital, Inc.		68,100		548,205
				5,098,548
Real Estate Management & Development    0.6%
CBRE Group, Inc., (Class A Stock)*		37,100		1,681,001
TELECOMMUNICATIONS SERVICES    2.5%
Diversified Telecommunication Services    2.5%
AT&T, Inc.		100,554		3,288,116
Verizon Communications, Inc.		72,900		3,597,615
				6,885,731
UTILITIES    2.2%
Electric Utilities    1.0%
Avangrid, Inc.		3,000		158,130
Entergy Corp.		7,400		603,766
Exelon Corp.		48,300		1,916,544
PPL Corp.		4,400		128,040
				2,806,480
Gas Utilities    0.2%
UGI Corp.		11,600		561,324
Independent Power & Renewable Electricity Producers    0.8%
AES Corp.		97,200		1,189,728
NRG Energy, Inc.		32,400		1,004,400
				2,194,128
Multi-Utilities    0.2%
CenterPoint Energy, Inc.		5,800		146,914
MDU Resources Group, Inc.		9,600		270,432
WEC Energy Group, Inc.		1,400		89,992
				507,338
TOTAL LONG-TERM INVESTMENTS (cost $207,549,464)				263,156,817

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Shares		Value
SHORT-TERM INVESTMENTS    3.4%
AFFILIATED MUTUAL FUNDS    3.2%
Prudential Investment Portfolios 2 - PGIM Core Ultra Short Bond Fund(w)		8,092,584	$	8,092,584
Prudential Investment Portfolios 2 - PGIM Institutional Money Market Fund (cost $476,503; includes $475,778 of cash collateral for securities on loan)(b)(w)		476,514		476,514
TOTAL AFFILIATED MUTUAL FUNDS (cost $8,569,087)				8,569,098
	Principal Amount (000)#
U.S. TREASURY OBLIGATION    0.2%
U.S. Treasury Bill, 1.723%, 06/14/18 (cost $523,920)(k)(n)		525		523,942
TOTAL SHORT-TERM INVESTMENTS (cost $9,093,007)				9,093,040
TOTAL INVESTMENTS    100.3% (cost $216,642,471)				272,249,857
Liabilities in excess of other assets(z)    (0.3)%				(788,225	)
NET ASSETS    100.0%			$	271,461,632

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

* Non-income producing security.

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $459,824; cash collateral of $475,778 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

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

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

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

See Notes to Financial Statements.

20

Futures contracts outstanding at April 30, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Position:
	64	S&P 500 E-Mini Index		Jun. 2018	$	8,470,400	$	72,476

A security with a market value of $523,942 has been segregated with Goldman Sachs & Co. to cover requirements for open futures contracts at April 30, 2018.

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, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Consumer Discretionary	$	32,168,167	$	—	$	—
Consumer Staples		17,160,499		—		—
Energy		17,541,324		—		—
Financials		37,886,464		—		—
Health Care		38,374,556		—		—
Industrials		24,842,437		—		—
Information Technology		67,178,086		—		—
Materials		8,270,734		—		—
Real Estate		6,779,549		—		—
Telecommunications Services		6,885,731		—		—
Utilities		6,069,270		—		—
Affiliated Mutual Funds		8,569,098		—		—
U.S. Treasury Obligation		—		523,942		—

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Other Financial Instruments*
Futures Contracts	$	72,476	$	—	$	—
Total	$	271,798,391	$	523,942	$	—

* 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, 2018 were as follows:

Information Technology	24.7	%
Health Care	14.1
Financials	14.0
Consumer Discretionary	11.9
Industrials	9.2
Energy	6.5
Consumer Staples	6.3
Affiliated Mutual Funds (including 0.2% of collateral for securities on loan)	3.2
Materials	3.0	%
Telecommunications Services	2.5
Real Estate	2.5
Utilities	2.2
U.S. Treasury Obligation	0.2
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

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

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

22

Fair values of derivative instruments as of April 30, 2018 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/to broker—variation margin futures	$	72,476	*	—	$	—

* 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, 2018 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	$	364,497

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(19,332	)

For the six months ended April 30, 2018, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)
$	6,816,808

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	459,824	$	(459,824	)	$	—

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

See Notes to Financial Statements.

24

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of April 30, 2018

Assets
Investments at value, including securities on loan of $459,824:
Unaffiliated investments (cost $208,073,384)	$	263,680,759
Affiliated investments (cost $8,569,087)		8,569,098
Receivable for investments sold		13,841,220
Receivable for Fund shares sold		420,364
Dividends receivable		275,721
Prepaid expenses		709
Total Assets		286,787,871
Liabilities
Payable for investments purchased		13,897,611
Payable for Fund shares reacquired		669,768
Payable to broker for collateral for securities on loan		475,778
Accrued expenses and other liabilities		77,243
Due to broker—variation margin futures		78,045
Management fee payable		57,384
Distribution fee payable		49,096
Affiliated transfer agent fee payable		21,314
Total Liabilities		15,326,239
Net Assets	$	271,461,632
Net assets were comprised of:
Shares of beneficial interest, at par	$	16,495
Paid-in capital in excess of par		189,736,448
		189,752,943
Undistributed net investment income		1,097,250
Accumulated net realized gain on investment transactions		24,931,577
Net unrealized appreciation on investments		55,679,862
Net assets, April 30, 2018	$	271,461,632

See Notes to Financial Statements.

26

Class A
Net asset value and redemption price per share ($106,494,120 ÷ 6,473,217 shares of beneficial interest issued and outstanding)	$	16.45
Maximum sales charge (5.50% of offering price)		0.96
Maximum offering price to public	$	17.41
Class B
Net asset value, offering price and redemption price per share ($1,848,561 ÷ 123,723 shares of beneficial interest issued and outstanding)	$	14.94
Class C
Net asset value, offering price and redemption price per share ($30,779,580 ÷ 2,055,432 shares of beneficial interest issued and outstanding)	$	14.97
Class Z
Net asset value, offering price and redemption price per share ($59,740,368 ÷ 3,542,536 shares of beneficial interest issued and outstanding)	$	16.86
Class R6
Net asset value, offering price and redemption price per share ($72,599,003 ÷ 4,300,355 shares of beneficial interest issued and outstanding)	$	16.88

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 27

Statement of Operations (unaudited)

Six Months Ended April 30, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	2,463,079
Affiliated dividend income		46,495
Interest income		2,338
Income from securities lending, net (including affiliated income of $259)		478
Total income		2,512,390
Expenses
Management fee		473,858
Distribution fee(a)		336,066
Transfer agent’s fees and expenses (including affiliated expense of $51,645)(a)		120,310
Registration fees(a)		35,322
Custodian and accounting fees		35,209
Shareholders’ reports		21,620
Audit fee		12,076
Legal fees and expenses		11,298
Trustees’ fees		7,986
Miscellaneous		8,112
Total expenses		1,061,857
Less: Fee waiver and/or expense reimbursement(a)		(131,620	)
Distribution fee waiver(a)		(28,152	)
Net expenses		902,085
Net investment income (loss)		1,610,305
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(34))		25,091,213
Futures transactions		364,497
		25,455,710
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $11)		(16,852,314	)
Futures		(19,332	)
		(16,871,646	)
Net gain (loss) on investment transactions		8,584,064
Net Increase (Decrease) In Net Assets Resulting From Operations	$	10,194,369

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		168,908			10,456			156,702			—			—
Transfer agent’s fees and expenses		72,006			3,541			14,575			29,885			303
Registration fees		7,194			6,651			6,739			6,659			8,079
Fee waiver and/or expense reimbursement		(47,093	)		(7,388	)		(17,857	)		(27,927	)		(31,355	)
Distribution fee waiver		(28,152	)		—			—			—			—

See Notes to Financial Statements.

28

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2018			Year Ended October 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,610,305		$	2,563,792
Net realized gain (loss) on investment transactions		25,455,710			34,410,327
Net change in unrealized appreciation (depreciation) on investments		(16,871,646	)		12,884,757
Net increase (decrease) in net assets resulting from operations		10,194,369			49,858,876
Dividends and Distributions
Dividends from net investment income
Class A		(1,085,840	)		(856,818	)
Class B		(7,117	)		(6,885	)
Class C		(118,113	)		(126,338	)
Class Z		(686,357	)		(837,894	)
Class R6		(794,527	)		—
		(2,691,954	)		(1,827,935	)
Distributions from net realized gains
Class A		(14,770,704	)		(3,797,694	)
Class B		(291,966	)		(96,656	)
Class C		(4,387,055	)		(1,773,534	)
Class Z		(7,495,748	)		(2,963,939	)
Class R6		(7,880,397	)		—
		(34,825,870	)		(8,631,823	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		33,700,773			59,068,734
Net asset value of shares issued in reinvestment of dividends and distributions		36,692,050			10,162,081
Cost of shares reacquired		(33,129,936	)		(49,132,723	)
Net increase (decrease) in net assets from Fund share transactions		37,262,887			20,098,092
Total increase (decrease)		9,939,432			59,497,210
Net Assets:
Beginning of period		261,522,200			202,024,990
End of period(a)	$	271,461,632		$	261,522,200
(a) Includes undistributed net investment income of:	$	1,097,250		$	2,178,899

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 29

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM QMA Large-Cap Core Equity Fund (the “Fund”). Effective June 11, 2018, the Funds’ names were changed by replacing “Prudential” with “PGIM” in each Fund’s name and Class Q shares were renamed Class R6 shares.

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

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

30

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of 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 principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of

PGIM QMA Large-Cap Core Equity Fund 31

Notes to Financial Statements (unaudited) (continued)

the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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 transaction costs 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 Trust. 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 value of equities. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts and the underlying

32

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

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

Securities Lending: The Fund 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. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Expenses are recorded on an accrual basis, which may require the use of certain

PGIM QMA Large-Cap Core Equity Fund 33

Notes to Financial Statements (unaudited) (continued)

estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

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

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

2. Agreements

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

34

operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with 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.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.35% of the Fund’s average daily net assets up to and including $5 billion and 0.34% of the Fund’s average daily net assets in excess of $5 billion. The effective management fee rate, before any waivers and/or expense reimbursements, was 0.35% for the six months ended April 30, 2018.

PGIM Investments has contractually agreed through February 28, 2019 to limit net annual Fund 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 withholding taxes, stamp duty and deferred tax expenses), interest, acquired fund fees and expenses, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares to 0.35% of the Fund’s average daily net assets. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The effective management fee rate, net of waivers and/or expense reimbursements, was 0.25% for the six months ended April 30, 2018.

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 shares, Class Z and Class R6 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 Z and Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 1% of the average daily net assets of the ClassA, Class B and C shares, respectively. PIMS has contractually agreed through February 28, 2019 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

PGIM QMA Large-Cap Core Equity Fund 35

Notes to Financial Statements (unaudited) (continued)

PIMS has advised the Fund that it received $53,199 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2018. From these fees, PIMS paid such sales charges to 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, 2018, it received $714 and $198 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively.

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

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that 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. For the reporting period ended April 30, 2018 no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended April 30, 2018, PGIM, Inc. was compensated $153 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 Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

36

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended April 30, 2018, were $125,953,173 and $125,809,685, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the six months ended April 30, 2018, is presented as follows:

Affiliated Mutual Funds*	Value, Beginning of Period		Cost of Purchases		Proceeds of Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income
PGIM Core Short Ultra Bond Fund	$	5,787,229	$	24,967,853	$	22,662,498	$	—	$	—		$	8,092,584		8,092,584	$	46,495
PGIM Institutional Money Market Fund		170		7,387,680		6,911,313		11		(34	)		476,514		476,514		259
			$	32,355,533	$	29,573,811	$	11	$	(34	)	$	8,569,098			$	46,754

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

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2018 were as follows:

Tax Basis	$	216,834,606
Gross Unrealized Appreciation		61,530,645
Gross Unrealized Depreciation		(6,042,918	)
Net Unrealized Appreciation	$	55,487,727

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.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans.

PGIM QMA Large-Cap Core Equity Fund 37

Notes to Financial Statements (unaudited) (continued)

A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending 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 sales made within 12 months of purchase. Class Z shares and Class R6 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 $0.001 par value per share, divided into five classes, designated Class A, Class B, Class C, Class Z and Class R6.

As of April 30, 2018, Prudential, through its affiliate entities, including affiliated funds (if applicable), owned 4,131,772 Class R6 shares of the Fund. At reporting period end, four shareholders of record held 44% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 20% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2018:
Shares sold		189,039		$	3,272,488
Shares issued in reinvestment of dividends and distributions		935,749			15,430,504
Shares reacquired		(830,385	)		(14,219,826	)
Net increase (decrease) in shares outstanding before conversion		294,403			4,483,166
Shares issued upon conversion from other share class(es)		24,480			446,598
Shares reacquired upon conversion into other share class(es)		(16,938	)		(289,092	)
Net increase (decrease) in shares outstanding		301,945		$	4,640,672
Year ended October 31, 2017:
Shares sold		998,488		$	16,661,824
Shares issued in reinvestment of dividends and distributions		283,780			4,492,233
Shares reacquired		(814,914	)		(13,634,813	)
Net increase (decrease) in shares outstanding before conversion		467,354			7,519,244
Shares issued upon conversion from other share class(es)		71,380			1,202,394
Shares reacquired upon conversion into other share class(es)		(122,876	)		(2,056,576	)
Net increase (decrease) in shares outstanding		415,858		$	6,665,062

38

Class B	Shares			Amount
Six months ended April 30, 2018:
Shares sold		4,960		$	80,604
Shares issued in reinvestment of dividends and distributions		19,561			294,007
Shares reacquired		(11,231	)		(174,221	)
Net increase (decrease) in shares outstanding before conversion		13,290			200,390
Shares reacquired upon conversion into other share class(es)		(25,409	)		(424,485	)
Net increase (decrease) in shares outstanding		(12,119	)	$	(224,095	)
Year ended October 31, 2017:
Shares sold		32,575		$	484,522
Shares issued in reinvestment of dividends and distributions		6,633			97,048
Shares reacquired		(21,465	)		(328,742	)
Net increase (decrease) in shares outstanding before conversion		17,743			252,828
Shares reacquired upon conversion into other share class(es)		(31,013	)		(480,554	)
Net increase (decrease) in shares outstanding		(13,270	)	$	(227,726	)
Class C
Six months ended April 30, 2018:
Shares sold		113,023		$	1,750,296
Shares issued in reinvestment of dividends and distributions		289,701			4,359,999
Shares reacquired		(184,355	)		(2,920,493	)
Net increase (decrease) in shares outstanding before conversion		218,369			3,189,802
Shares reacquired upon conversion into other share class(es)		(29,343	)		(473,087	)
Net increase (decrease) in shares outstanding		189,026		$	2,716,715
Year ended October 31, 2017:
Shares sold		176,345		$	2,686,035
Shares issued in reinvestment of dividends and distributions		124,849			1,829,037
Shares reacquired		(876,008	)		(13,327,502	)
Net increase (decrease) in shares outstanding before conversion		(574,814	)		(8,812,430	)
Shares reacquired upon conversion into other share class(es)		(298,698	)		(4,536,579	)
Net increase (decrease) in shares outstanding		(873,512	)	$	(13,349,009	)
Class Z
Six months ended April 30, 2018:
Shares sold		429,057		$	7,642,486
Shares issued in reinvestment of dividends and distributions		469,942			7,932,616
Shares reacquired		(382,882	)		(6,709,089	)
Net increase (decrease) in shares outstanding before conversion		516,117			8,866,013
Shares issued upon conversion from other share class(es)		41,510			740,066
Net increase (decrease) in shares outstanding		557,627		$	9,606,079
Year ended October 31, 2017:
Shares sold		578,951		$	9,707,348
Shares issued in reinvestment of dividends and distributions		231,812			3,743,763
Shares reacquired		(813,565	)		(13,706,717	)
Net increase (decrease) in shares outstanding before conversion		(2,802	)		(255,606	)
Shares issued upon conversion from other shares class(es)		350,173			5,899,969
Shares reacquired upon conversion into other share class(es)		(1,880,034	)		(30,196,682	)
Net increase (decrease) in shares outstanding		(1,532,663	)	$	(24,552,319	)

PGIM QMA Large-Cap Core Equity Fund 39

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares			Amount
Six months ended April 30, 2018:
Shares sold		1,207,430		$	20,954,899
Shares issued in reinvestment of dividends and distributions		513,613			8,674,924
Shares reacquired		(519,767	)		(9,106,307	)
Net increase (decrease) in shares outstanding		1,201,276		$	20,523,516
Period ended October 31, 2017*:
Shares sold		1,679,002		$	29,529,005
Shares reacquired		(458,288	)		(8,134,949	)
Net increase (decrease) in shares outstanding before conversion		1,220,714			21,394,056
Shares issued upon conversion from other share class(es)		1,878,365			30,168,028
Net increase (decrease) in shares outstanding		3,099,079		$	51,562,084

* Commencement of operation was December 28. 2016.

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 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCAs 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.

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2018.

40

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.37			$15.49			$15.92			$16.55			$15.23			$12.70
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.19			0.14			0.14			0.11			0.14
Net realized and unrealized gain (loss) on investment transactions		0.59			3.51			0.29			0.55			2.46			3.01
Total from investment operations		0.69			3.70			0.43			0.69			2.57			3.15
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.15	)		(0.14	)		(0.11	)		(0.13	)		(0.13	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)		(0.49	)
Total dividends and distributions		(2.61	)		(0.82	)		(0.86	)		(1.32	)		(1.25	)		(0.62	)
Net asset value, end of period		$16.45			$18.37			$15.49			$15.92			$16.55			$15.23
Total Return(b):		3.71%			24.73%			3.02%			4.20%			18.09%			26.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$106,494			$113,343			$89,169			$88,920			$88,561			$81,558
Average net assets (000)		$113,538			$101,852			$88,443			$90,171			$86,047			$76,459
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.73%	(d)		0.77%			1.17%			1.14%			1.16%			1.20%
Expenses before waivers and/or expense reimbursement		0.86%	(d)		0.93%			1.22%			1.19%			1.21%			1.30%
Net investment income (loss)		1.13%	(d)		1.13%			0.91%			0.89%			0.74%			0.99%
Portfolio turnover rate(f)		47%	(e)		89%			89%			112%			91%			94%

(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.

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

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 41

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.87			$14.30			$14.75			$15.43			$14.29			$11.96
Income (loss) from investment operations:
Net investment income (loss)		0.01			0.06			0.03			0.02			-	(d)		0.03
Net realized and unrealized gain (loss) on investment transactions		0.55			3.23			0.27			0.51			2.29			2.84
Total from investment operations		0.56			3.29			0.30			0.53			2.29			2.87
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.03	)		-	(d)		(0.03	)		(0.05	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)		(0.49	)
Total dividends and distributions		(2.49	)		(0.72	)		(0.75	)		(1.21	)		(1.15	)		(0.54	)
Net asset value, end of period		$14.94			$16.87			$14.30			$14.75			$15.43			$14.29
Total Return(b):		3.22%			23.75%			2.31%			3.42%			17.16%			25.02%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,849			$2,291			$2,132			$2,676			$3,052			$3,275
Average net assets (000)		$2,109			$2,311			$2,348			$3,018			$3,150			$3,085
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.69%	(f)		1.52%			1.92%			1.89%			1.91%			1.95%
Expenses before waivers and/or expense reimbursement		2.40%	(f)		1.63%			1.92%			1.89%			1.91%			2.00%
Net investment income (loss)		0.19%	(f)		0.40%			0.19%			0.15%			-	(e)		0.25%
Portfolio turnover rate(h)		47%	(g)		89%			89%			112%			91%			94%

(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 $0.005 per share.

(e) Less than 0.005%.

(f) Annualized.

(g) Not annualized.

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

See Notes to Financial Statements.

42

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.89			$14.31			$14.77			$15.45			$14.30			$11.97
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.06			0.02			0.02			-	(d)		0.03
Net realized and unrealized gain (loss) on investment transactions		0.54			3.24			0.27			0.51			2.30			2.84
Total from investment operations		0.57			3.30			0.29			0.53			2.30			2.87
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.03	)		-	(d)		(0.03	)		(0.05	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)		(0.49	)
Total dividends and distributions		(2.49	)		(0.72	)		(0.75	)		(1.21	)		(1.15	)		(0.54	)
Net asset value, end of period		$14.97			$16.89			$14.31			$14.77			$15.45			$14.30
Total Return(b):		3.33%			23.80%			2.24%			3.42%			17.21%			24.99%
Ratios/Supplemental Data:
Net assets, end of period (000)		$30,780			$31,518			$39,218			$38,919			$37,681			$32,128
Average net assets (000)		$31,600			$34,697			$38,344			$38,738			$35,817			$23,702
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.44%	(e)		1.53%			1.92%			1.89%			1.91%			1.95%
Expenses before waivers and/or expense reimbursement		1.56%	(e)		1.64%			1.92%			1.89%			1.91%			2.00%
Net investment income (loss)		0.42%	(e)		0.40%			0.16%			0.14%			(0.01)%			0.20%
Portfolio turnover rate(g)		47%	(f)		89%			89%			112%			91%			94%

(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 $0.005 per share.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 43

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$18.78			$15.83			$16.24			$16.86			$15.49			$12.91
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.24			0.18			0.18			0.16			0.17
Net realized and unrealized gain (loss) on investment transactions		0.61			3.57			0.31			0.55			2.49			3.06
Total from investment operations		0.73			3.81			0.49			0.73			2.65			3.23
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.19	)		(0.18	)		(0.14	)		(0.16	)		(0.16	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)		(0.49	)
Total dividends and distributions		(2.65	)		(0.86	)		(0.90	)		(1.35	)		(1.28	)		(0.65	)
Net asset value, end of period		$16.86			$18.78			$15.83			$16.24			$16.86			$15.49
Total Return(b):		3.88%			24.93%			3.35%			4.41%			18.39%			26.28%
Ratios/Supplemental Data:
Net assets, end of period (000)		$59,740			$56,066			$71,506			$80,096			$42,134			$34,851
Average net assets (000)		$60,239			$54,787			$75,803			$57,677			$38,052			$37,799
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.45%	(d)		0.54%			0.92%			0.89%			0.91%			0.95%
Expenses before waivers and/or expense reimbursement		0.54%	(d)		0.64%			0.92%			0.89%			0.91%			1.00%
Net investment income (loss)		1.40%	(d)		1.42%			1.18%			1.12%			0.99%			1.25%
Portfolio turnover rate(f)		47%	(e)		89%			89%			112%			91%			94%

(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.

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

See Notes to Financial Statements.

44

Class R6 Shares
	Six Months Ended April 30, 2018			December 28, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$18.81			$16.06
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.21
Net realized and unrealized gain (loss) on investment transactions		0.61			2.54
Total from investment operations		0.74			2.75
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		-
Distributions from net realized gains		(2.43	)		-
Total dividends and distributions		(2.67	)		-
Net asset value, end of period		$16.88			$18.81
Total Return(c):		3.95%			17.12%
Ratios/Supplemental Data:
Net assets, end of period (000)		$72,599			$58,304
Average net assets (000)		$65,535			$40,448
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(e)		0.35%	(e)
Expenses before waivers and/or expense reimbursement		0.45%	(e)		0.47%	(e)
Net investment income (loss)		1.50%	(e)		1.44%	(e)
Portfolio turnover rate(g)		47%	(f)		89%	(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 return 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 the expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 45

∎ 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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • 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 • Dino Capasso, Vice President and Deputy 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, PGIM QMA Large-Cap Core Equity Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-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 1-800-SEC-0330. 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

PGIM QMA LARGE-CAP CORE EQUITY FUND

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

*Formerly known as Class Q shares.

MF187E2

     PGIM REAL ESTATE INCOME FUND

(Formerly known as Prudential Real Estate Income Fund)

SEMIANNUAL REPORT

APRIL 30, 2018

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

Objective: To seek income and capital appreciation

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

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

The accompanying financial statements as of April 30, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment advisor. PIMS and PGIM are Prudential Financial companies. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

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

PGIM Real Estate Income Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Real Estate Income Fund informative and useful. The report covers performance for the six-month period ended April 30, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming

is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Real Estate Income Fund

June 15, 2018

*The Prudential Day One Funds did not change their names.

PGIM Real Estate Income Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/18 (without sales charges)	Average Annual Total Returns as of 4/30/18 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	–4.73	–8.10	–0.65 (6/3/15)
Class C	–5.05	–4.36	0.57 (6/3/15)
Class Z	–4.52	–2.52	1.57 (6/3/15)
Class R6**	–4.52	–2.52	1.91 (12/28/16)
Custom Blend Index
	0.32	3.36	—
Lipper Global Real Estate Funds Average
	1.84	5.46	—

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

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

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

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

**Formerly known as Class Q shares.

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Benchmark Definitions

Custom Blend Index—The Custom Blend Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Index (80%), which is an unmanaged index and reflects the stock performance of companies engaged in specific aspects of the major real estate markets/regions of the world; and the ICE BofA Merrill Lynch 7% Constrained REIT Preferred Securities Index (20%), which is an unmanaged index that is a subset of the ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index including all REIT-issued preferred securities. The average annual total return for the Custom Blend Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares is 3.64% and 5.54% for Class R6 shares.

Lipper Global Real Estate Funds Average—The Lipper Global Real Estate Funds Average includes funds that invest at least 25% but less than 75% of their equity portfolios in shares of companies engaged in the real estate industry that are strictly outside of the US or whose securities are principally traded outside of the US. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares is 3.44% and 6.79% for Class R6 shares.

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

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 4/30/18 (%)
Sabra Health Care REIT, Inc., Health Care REITs	5.6
MedEquities Realty Trust, Inc., Health Care REITs	5.4
Medical Properties Trust, Inc., Health Care REITs	5.3
Welltower, Inc., Health Care REITs	5.3
Cache Logistics Trust (Singapore), Industrial REITs	5.0

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/18 (%)
Health Care REITs	27.1
Retail REITs	14.8
Industrial REITs	14.1
Hotel & Resort REITs	13.0
Residential REITs	11.5

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

PGIM Real Estate Income Fund 7

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

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

PGIM Real Estate Income Fund		Beginning  Account Value November 1, 2017		Ending  Account Value April 30, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	952.70		1.35	%	$	6.54
	Hypothetical	$	1,000.00	$	1,018.10		1.35	%	$	6.76
Class C	Actual	$	1,000.00	$	949.50		2.10	%	$	10.15
	Hypothetical	$	1,000.00	$	1,014.38		2.10	%	$	10.49
Class Z	Actual	$	1,000.00	$	954.80		1.10	%	$	5.33
	Hypothetical	$	1,000.00	$	1,019.34		1.10	%	$	5.51
Class R6**	Actual	$	1,000.00	$	954.80		1.10	%	$	5.33
	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, 2018, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**Formerly known as Class Q shares.

PGIM Real Estate Income Fund 9

Schedule of Investments (unaudited)

as of April 30, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.4%
COMMON STOCKS    81.1%
Diversified REITs    5.2%
AEW UK REIT PLC (United Kingdom)		150,000	$	201,148
Lexington Realty Trust		11,995		96,440
Stockland (Australia)		27,731		86,199
Suntec Real Estate Investment Trust (Singapore)		95,771		140,774
				524,561
Health Care REITs    27.1%
Community Healthcare Trust, Inc.		14,367		366,358
MedEquities Realty Trust, Inc.		53,428		544,431
Medical Properties Trust, Inc.		42,052		537,425
Omega Healthcare Investors, Inc.		3,705		96,256
Sabra Health Care REIT, Inc.		30,654		561,275
Senior Housing Properties Trust		6,160		95,911
Welltower, Inc.		9,984		533,545
				2,735,201
Hotel & Resort REITs    11.9%
DiamondRock Hospitality Co.		13,802		152,512
Invincible Investment Corp. (Japan)		445		198,644
MGM Growth Properties LLC (Class A Stock)		16,604		464,414
Park Hotels & Resorts, Inc.		13,255		381,479
				1,197,049
Industrial REITs    10.8%
Ascendas Real Estate Investment Trust (Singapore)		47,859		96,010
Cache Logistics Trust (Singapore)		794,767		500,070
Frasers Logistics & Industrial Trust (Singapore)		117,296		92,635
STAG Industrial, Inc.		16,343		401,547
				1,090,262
Office REITs    5.0%
Alstria office REIT-AG (Germany)		5,858		88,129
Brandywine Realty Trust		6,642		107,003
Easterly Government Properties, Inc.		5,476		112,860
Highwoods Properties, Inc.		1,997		87,908
Piedmont Office Realty Trust, Inc. (Class A Stock)		5,890		105,549
				501,449
Real Estate Operating Companies    2.2%
Cibus Nordic Real Estate AB (Sweden)*		18,574		217,119

See Notes to Financial Statements.

PGIM Real Estate Income Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Residential REITs    7.1%
American Campus Communities, Inc.		2,989	$	116,900
Education Realty Trust, Inc.		4,369		143,784
Empiric Student Property PLC (United Kingdom)		317,575		372,790
Irish Residential Properties REIT PLC (Ireland)		53,248		87,423
				720,897
Retail REITs    10.4%
Eurocommercial Properties NV (Netherlands)		4,507		188,894
Kenedix Retail REIT Corp. (Japan)		38		80,433
Macerich Co. (The)		3,889		224,084
Mapletree Commercial Trust (Singapore)		150		183
NewRiver REIT PLC (United Kingdom)		53,884		215,256
Retail Properties of America, Inc. (Class A Stock)		262		3,024
Starhill Global REIT (Singapore)		175,629		95,220
Unibail-Rodamco SE (France)		594		142,602
Vicinity Centres (Australia)		54,427		99,654
				1,049,350
Specialized REITs    1.4%
Four Corners Property Trust, Inc.		6,196		140,401
TOTAL COMMON STOCKS (cost $8,003,663)				8,176,289
PREFERRED STOCKS    18.3%
Diversified REITs    1.6%
Investors Real Estate Trust		6,650		157,405
Hotel & Resort REITs    1.1%
Pebblebrook Hotel Trust		4,648		114,643
Industrial REITs    3.3%
Monmouth Real Estate Investment Corp.		9,425		226,106
Rexford Industrial Realty, Inc.		4,600		109,066
				335,172
Residential REITs    4.4%
American Homes 4 Rent		10,830		243,675
UMH Properties, Inc.		8,110		204,129
				447,804
Retail REITs    4.4%
Cedar Realty Trust, Inc.		7,750		152,210
Pennsylvania Real Estate Investment Trust		7,200		151,344
Urstadt Biddle Properties, Inc. (Class H Stock)		5,608		136,947
				440,501

See Notes to Financial Statements.

12

Description	Shares		Value
PREFERRED STOCKS (Continued)
Specialized REITs    3.5%
EPR Properties (Class G Stock)		9,000	$	198,000
Jernigan Capital, Inc. (Class B Stock)		6,500		149,175
				347,175
TOTAL PREFERRED STOCKS (cost $2,005,449)				1,842,700
TOTAL LONG-TERM INVESTMENTS (cost $10,009,112)				10,018,989
SHORT-TERM INVESTMENT    0.4%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - PGIM Core Ultra Short Bond Fund (cost $47,256)(w)		47,256		47,256
TOTAL INVESTMENTS    99.8% (cost $10,056,368)				10,066,245
Other assets in excess of liabilities    0.2%				16,748
NET ASSETS    100.0%			$	10,082,993

The following abbreviations are used in the semiannual report:

LIBOR—London Interbank Offered Rate

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

* Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

The following is a summary of the inputs used as of April 30, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified REITs	$	96,440	$	428,121	$	—
Health Care REITs		2,735,201		—		—
Hotel & Resort REITs		998,405		198,644		—
Industrial REITs		401,547		688,715		—
Office REITs		413,320		88,129		—
Real Estate Operating Companies		217,119		—		—
Residential REITs		260,684		460,213		—
Retail REITs		227,108		822,242		—
Specialized REITs		140,401		—		—
Preferred Stocks
Diversified REITs		157,405		—		—
Hotel & Resort REITs		114,643		—		—
Industrial REITs		335,172		—		—
Residential REITs		447,804		—		—
Retail REITs		440,501		—		—
Specialized REITs		347,175		—		—
Affiliated Mutual Fund		47,256		—		—
Total	$	7,380,181	$	2,686,064	$	—

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, 2018 were as follows:

Health Care REITs	27.1	%
Retail REITs	14.8
Industrial REITs	14.1
Hotel & Resort REITs	13.0
Residential REITs	11.5
Diversified REITs	6.8
Office REITs	5.0
Specialized REITs	4.9	%
Real Estate Operating Companies	2.2
Affiliated Mutual Fund	0.4
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

14

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of April 30, 2018

Assets
Investments at value:
Unaffiliated investments (cost $10,009,112)	$	10,018,989
Affiliated investments (cost $47,256)		47,256
Dividends and interest receivable		19,069
Due from Manager		9,994
Tax reclaim receivable		4,357
Prepaid expenses		17,641
Total assets		10,117,306
Liabilities
Audit fee payable		15,837
Custodian and accounting fees payable		9,101
Legal fees and expenses payable		4,720
Payable for Fund shares reacquired		3,683
Distribution fee payable		480
Accrued expenses and other liabilities		341
Affiliated transfer agent fee payable		151
Total liabilities		34,313
Net Assets	$	10,082,993
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,139
Paid-in capital in excess of par		11,051,942
		11,053,081
Distributions in excess of net investment income		(152,817	)
Accumulated net realized loss on investment and foreign currency transactions		(827,137	)
Net unrealized appreciation on investments and foreign currencies		9,866
Net assets, April 30, 2018	$	10,082,993

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share, ($1,142,587 ÷ 129,183 shares of beneficial interest issued and outstanding)	$	8.84
Maximum sales charge (5.50% of offering price)		0.51
Maximum offering price to public	$	9.35
Class C
Net asset value, offering price and redemption price per share, ($333,018 ÷ 37,662 shares of beneficial interest issued and outstanding)	$	8.84
Class Z
Net asset value, offering price and redemption price per share, ($8,597,130 ÷ 971,357 shares of beneficial interest issued and outstanding)	$	8.85
Class R6
Net asset value, offering price and redemption price per share, ($10,258 ÷ 1,159 shares of beneficial interest issued and outstanding)	$	8.85

See Notes to Financial Statements.

PGIM Real Estate Income Fund 17

Statement of Operations (unaudited)

Six Months Ended April 30, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $11,136)	$	273,729
Affiliated dividend income		759
Income from securities lending, net (including affiliated income of $24)		363
Total income		274,851
Expenses
Management fee		41,468
Distribution fee(a)		2,752
Registration fees(a)		28,586
Custodian and accounting fees		28,405
Audit fee		15,838
Shareholders’ reports		12,691
Legal fees and expenses		9,870
Trustees’ fees		5,747
Transfer agent’s fees and expenses (including affiliated expense of $459)(a)		4,915
Commitment fee on syndicated credit agreement		1,007
Miscellaneous		6,913
Total expenses		158,192
Less: Fee waiver and/or expense reimbursement(a)		(98,263	)
Distribution fee waiver(a)		(222	)
Net expenses		59,707
Net investment income (loss)		215,144
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(4))		(325,610	)
Foreign currency transactions		(2,324	)
		(327,934	)
Net change in unrealized appreciation (depreciation) on:
Investments		(355,410	)
Foreign currencies		247
		(355,163	)
Net gain (loss) on investment and foreign currency transactions		(683,097	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(467,953	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		1,334			1,418			—			—
Registration fees		7,298			7,308			7,298			6,682
Transfer agent’s fees and expenses		762			312			3,824			17
Fee waiver and/or expense reimbursement		(13,658	)		(9,402	)		(68,439	)		(6,764	)
Distribution fee waiver		(222	)		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2018			Year Ended October 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	215,144		$	414,335
Net realized gain (loss) on investment and foreign currency transactions		(327,934	)		(235,051	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(355,163	)		397,997
Net increase (decrease) in net assets resulting from operations		(467,953	)		577,281
Dividends from net investment income
Class A		(36,983	)		(37,709	)
Class C		(10,011	)		(12,902	)
Class Z		(347,503	)		(475,529	)
Class R6		(391	)		(438	)
		(394,888	)		(526,578	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,004,447			6,003,066
Net asset value of shares issued in reinvestment of dividends and distributions		387,822			524,023
Cost of shares reacquired		(2,344,873	)		(1,149,313	)
Net increase (decrease) in net assets from share transactions		(952,604	)		5,377,776
Total increase (decrease)		(1,815,445	)		5,428,479
Net Assets:
Beginning of period		11,898,438			6,469,959
End of period(a)	$	10,082,993		$	11,898,438
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(152,817	)	$	26,927

See Notes to Financial Statements.

PGIM Real Estate Income Fund 19

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM Real Estate Income Fund (the “Fund”). Effective June 11, 2018, the Funds’ names were changed by replacing “Prudential” with “PGIM” in each Fund’s name and Class Q shares were renamed Class R6 shares.

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

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

20

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of 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 principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of

PGIM Real Estate Income Fund 21

Notes to Financial Statements (unaudited) (continued)

the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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 transaction costs 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 Trust. 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 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.

22

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) 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.

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. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

PGIM Real Estate Income Fund 23

Notes to Financial Statements (unaudited) (continued)

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

Concentration of Risk for REITs: Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of 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.

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 or economic instability or the level of governmental supervision and regulation of foreign securities markets.

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. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and

24

unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

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

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

2. Agreements

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

PGIM Real Estate Income Fund 25

Notes to Financial Statements (unaudited) (continued)

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of annual rate of 0.80% of the Fund’s average daily net assets up to and including $1 billion, 0.78% of the next $2 billion, 0.76% of the next $2 billion, 0.75% of the next $5 billion and 0.74% of the Fund’s average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements, was 0.80% for the six months ended April 30, 2018.

PGIM Investments has contractually agreed, through February 28, 2019, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.35% of average daily net assets for Class A shares, 2.10% of average daily net assets for Class C shares, 1.10% of average daily net assets for Class Z shares, and 1.10% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. 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 waiver and/or expense reimbursements exceeded the effective management fee rate for the six months ended April 30, 2018.

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the

26

Class A and C shares, respectively. PIMS has contractually agreed through February 28, 2019 to limit such fees to 0.25% of the average daily net assets of Class A shares.

PIMS has advised the Fund that it received $300 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2018. From these fees, PIMS paid such sales charges to 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, 2018, it received $16 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

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

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that 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. For the reporting period ended April 30, 2018 no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended April 30, 2018, PGIM, Inc. was compensated $14 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 Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended April 30, 2018, were $7,582,055 and $8,663,681, respectively.

PGIM Real Estate Income Fund 27

Notes to Financial Statements (unaudited) (continued)

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the six months ended April 30, 2018, is presented as follows:

Affiliated Mutual Funds*	Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income
PGIM Core Ultra Short Bond Fund	$	6,055	$	2,225,270	$	2,184,069	$	—	$	—		$	47,256		47,256	$	759
PGIM Institutional Money Market Fund		39,585		274,803		314,384		—		(4	)		—		—		24
	$	45,640	$	2,500,073	$	2,498,453	$	—	$	(4	)	$	47,256			$	783

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

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of April 30, 2018 were as follows:

Tax Basis	$	10,240,501
Gross Unrealized Appreciation		363,298
Gross Unrealized Depreciation		(537,554	)
Net Unrealized Depreciation	$	(174,256	)

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, 2017 of approximately $420,000 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.

28

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Z and Class R6 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 at $0.001 par value per share, divided four into classes, designated Class A, Class C, Class Z and Class R6.

As of April 30, 2018, Prudential, through its affiliate entities, owned 1,150 Class C shares, 591,259 Class Z shares and 1,159 Class R6 shares of the Fund. At reporting period end, 3 shareholders of record held 91% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 52% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2018:
Shares sold		59,633		$	540,226
Shares issued in reinvestment of dividends and distributions		3,312			30,778
Shares reacquired		(28,794	)		(266,699	)
Net increase (decrease) in shares outstanding		34,151		$	304,305
Year ended October 31, 2017:
Shares sold		57,202		$	553,052
Shares issued in reinvestment of dividends and distributions		3,754			36,283
Shares reacquired†		(31,815	)		(307,255	)
Net increase (decrease) in shares outstanding		29,141		$	282,080

PGIM Real Estate Income Fund 29

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended April 30, 2018:
Shares sold		11,490		$	103,495
Shares issued in reinvestment of dividends and distributions		1,081			10,011
Shares reacquired		(5,163	)		(48,286	)
Net increase (decrease) in shares outstanding before conversion		7,408			65,220
Shares reacquired upon conversion into other share class(es)		(212	)		(1,877	)
Net increase (decrease) in shares outstanding		7,196		$	63,343
Year ended October 31, 2017:
Shares sold		11,112		$	104,326
Shares issued in reinvestment of dividends and distributions		1,336			12,902
Shares reacquired		(14,228	)		(136,422	)
Net increase (decrease) in shares outstanding before conversion		(1,780	)		(19,194	)
Shares reacquired upon conversion into other share class(es)		(1,001	)		(9,843	)
Net increase (decrease) in shares outstanding		(2,781	)	$	(29,037	)
Class Z
Six months ended April 30, 2018:
Shares sold		38,592		$	360,726
Shares issued in reinvestment of dividends and distributions		37,431			346,642
Shares reacquired		(214,846	)		(2,029,888	)
Net increase (decrease) in shares outstanding before conversion		(138,823	)		(1,322,520	)
Shares issued upon conversion from other share class(es)		212			1,877
Net increase (decrease) in shares outstanding		(138,611	)	$	(1,320,643	)
Year ended October 31, 2017:
Shares sold		562,232		$	5,335,688
Shares issued in reinvestment of dividends and distributions		49,025			474,400
Shares reacquired†		(72,695	)		(705,636	)
Net increase (decrease) in shares outstanding before conversion		538,562			5,104,452
Shares issued upon conversion from other share class(es)		999			9,843
Net increase (decrease) in shares outstanding		539,561		$	5,114,295
Class R6
Six months ended April 30, 2018:
Shares issued in reinvestment of dividends and distributions		42		$	391
Net increase (decrease) in shares outstanding		42		$	391
Period ended October 31, 2017*:
Shares sold		1,072		$	10,000
Shares issued in reinvestment of dividends and distributions		45			438
Net increase (decrease) in shares outstanding		1,117		$	10,438

* Commencement of offering was December 28, 2016.

† Includes affiliated redemption of 1,123 and 1,129 shares with a value of $10,836 and $10,892 for Class A and Z shares, respectively.

30

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 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCAs 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.

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

The Fund utilized the SCA during the reporting period ended April 30, 2018. The average daily balance for the 10 days that the Fund had loans outstanding during the period was $219,300 borrowed at a weighted average interest rate of 2.58%. The maximum loan balance outstanding during the period was $761,100. At April 30, 2018, the Fund did not have an outstanding loan balance.

PGIM Real Estate Income Fund 31

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,						June 3, 2015(b) through
	2018			2017			2016			October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.39			0.24			0.13
Net realized and unrealized gain (loss) on investment transactions		(0.60	)		0.05			0.39			(0.38	)
Total from investment operations		(0.44	)		0.44			0.63			(0.25	)
Less Dividends:
Dividends from net investment income		(0.34	)		(0.48	)		(0.56	)		(0.16	)
Net asset value, end of period		$8.84			$9.62			$9.66			$9.59
Total Return(a)		(4.73)%			4.60%			6.92%			(2.55)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,143			$914			$637			$33
Average net assets (000)		$896			$744			$186			$24
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.35%	(e)		1.35%			1.35%			1.36%	(e)
Expenses before waivers and/or expense reimbursement		4.48%	(e)		3.30%			3.37%			9.50%	(e)
Net investment income (loss)		3.59%	(e)		4.00%			2.45%			3.15%	(e)
Portfolio turnover rate(g)		73%	(f)		137%			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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

32

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,						June 3, 2015(b) through
	2018			2017			2016			October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.62			$9.66			$9.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.32			0.19			0.11
Net realized and unrealized gain (loss) on investment transactions		(0.61	)		0.05			0.38			(0.40	)
Total from investment operations		(0.47	)		0.37			0.57			(0.29	)
Less Dividends:
Dividends from net investment income		(0.31	)		(0.41	)		(0.49	)		(0.13	)
Net asset value, end of period		$8.84			$9.62			$9.66			$9.58
Total Return(a)		(5.05)%			3.83%			6.22%			(2.91)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$333			$293			$321			$13
Average net assets (000)		$286			$309			$151			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		2.10%	(e)		2.10%			2.10%			2.13%	(e)
Expenses before waivers and/or expense reimbursement		8.73%	(e)		4.00%			4.78%			10.11%	(e)
Net investment income (loss)		3.13%	(e)		3.29%			1.98%			2.87%	(e)
Portfolio turnover rate(g)		73%	(f)		137%			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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

Prudential Real Estate Income Fund 33

Financial Highlights (unaudited)(continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,						June 3, 2015(b) through
	2018			2017			2016			October 31, 2015
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.40			0.38			0.16
Net realized and unrealized gain (loss) on investment transactions		(0.61	)		0.06			0.28			(0.41	)
Total from investment operations		(0.42	)		0.46			0.66			(0.25	)
Less Dividends:
Dividends from net investment income		(0.35	)		(0.50	)		(0.59	)		(0.16	)
Net asset value, end of period		$8.85			$9.62			$9.66			$9.59
Total Return(a)		(4.52)%			4.85%			7.19%			(2.47)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$8,597			$10,681			$5,512			$4,886
Average net assets (000)		$9,260			$8,961			$5,008			$4,868
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.10%	(e)		1.10%			1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		2.59%	(e)		2.96%			4.85%			8.98%	(e)
Net investment income (loss)		4.24%	(e)		4.17%			3.98%			4.08%	(e)
Portfolio turnover rate(g)		73%	(f)		137%			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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

34

Class R6 Shares
	Six Months Ended April 30, 2018			December 28, 2016(b) through October 31, 2017
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$9.62			$9.33
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.31
Net realized and unrealized gain (loss) on investment transactions		(0.61	)		0.38
Total from investment operations		(0.42	)		0.69
Less Dividends:
Dividends from net investment income		(0.35	)		(0.40	)
Net asset value, end of period		$8.85			$9.62
Total Return(a)		(4.52)%			7.43%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$11
Average net assets (000)		$10			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.10%	(e)		1.10%	(e)
Expenses before waivers and/or expense reimbursement		131.12%	(e)		2.79%	(e)
Net investment income (loss)		4.18%	(e)		3.78%	(e)
Portfolio turnover rate(g)		73%	(f)		137%	(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 offering.

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

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

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 35

∎ 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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • 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 • Dino Capasso, Vice President and Deputy 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, PGIM Real Estate Income Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-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 1-800-SEC-0330. 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

PGIM REAL ESTATE INCOME FUND

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

*Formerly known as Class Q shares.

MF228E2    

PGIM SELECT REAL ESTATE FUND

(Formerly known as Prudential Select Real Estate Fund)

SEMIANNUAL REPORT

APRIL 30, 2018

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

Objective: Capital appreciation and income

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

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

The accompanying financial statements as of April 30, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). PGIM Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment advisor. PIMS and PGIM are Prudential Financial companies. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

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

PGIM Select Real Estate Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Select Real Estate Fund informative and useful. The report covers performance for the six-month period ended April 30, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Select Real Estate Fund

June 15, 2018

*The Prudential Day One Funds did not change their names.

PGIM Select Real Estate Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/18 (without sales charges)	Average Annual Total Returns as of 4/30/18 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	0.14	–0.54	2.95 (8/1/14)
Class C	–0.28	3.35	3.68 (8/1/14)
Class Z	0.25	5.49	4.78 (8/1/14)
Class R6**	0.26	5.47	4.74 (8/1/14)
FTSE EPRA/NAREIT Developed Index
	1.33	4.12	3.51
S&P 500 Index
	3.82	13.26	11.06
Lipper Global Real Estate Funds Average
	1.84	5.46	3.77

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

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

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

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

*Formerly known as Class Q shares.

Benchmark Definitions

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

S&P 500 Index—The 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.

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

PGIM Select Real Estate Fund 7

Your Fund’s Performance (continued)

Presentation of Fund Holdings

Five Holdings expressed as a percentage of net assets as of 4/30/18 (%)
Hudson Pacific Properties, Inc., Office REITs	6.1
Crown Castle International Corp., Specialized REITs	3.8
Macerich Co. (The), Retail REITs	3.8
Empire State Realty Trust, Inc., (Class A), Diversified REITs	3.6
Equity LifeStyle Properties, Inc., Residential REITs	3.6

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

Five Largest Industries expressed as a percentage of net assets as of 4/30/18 (%)
Office REITs	18.3
Industrial REITs	17.1
Residential REITs	15.2
Specialized REITs	9.8
Diversified REITs	9.7

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, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Select Real Estate Fund 9

Fees and Expenses (continued)

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

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

PGIM  Select Real Estate Fund		Beginning  Account Value November 1, 2017		Ending  Account Value April 30, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,001.40		1.30	%	$	6.45
	Hypothetical	$	1,000.00	$	1,018.35		1.30	%	$	6.51
Class C	Actual	$	1,000.00	$	997.20		2.05	%	$	10.15
	Hypothetical	$	1,000.00	$	1,014.63		2.05	%	$	10.24
Class Z	Actual	$	1,000.00	$	1,002.50		1.05	%	$	5.21
	Hypothetical	$	1,000.00	$	1,019.59		1.05	%	$	5.26
Class R6**	Actual	$	1,000.00	$	1,002.60		1.05	%	$	5.21
	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, 2018, and divided by the 365 days in the Fund's fiscal year ending October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments (unaudited)

as of April 30, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    96.3%
COMMON STOCKS
Diversified Real Estate Activities    8.3%
Daiwa House Industry Co. Ltd. (Japan)		6,342	$	231,871
Henderson Land Development Co. Ltd. (Hong Kong)		25,000		158,514
Sumitomo Realty & Development Co. Ltd. (Japan)		5,215		207,157
Sun Hung Kai Properties Ltd. (Hong Kong)		9,034		145,487
				743,029
Diversified REITs    9.7%
American Assets Trust, Inc.		7,779		261,141
Empire State Realty Trust, Inc., (Class A Stock)		18,724		326,172
Forest City Realty Trust, Inc., (Class A Stock)		8,711		174,742
Suntec Real Estate Investment Trust (Singapore)		75,527		111,018
				873,073
Hotel & Resort REITs    3.2%
Invincible Investment Corp. (Japan)		226		100,884
MGM Growth Properties LLC, (Class A Stock)		41		1,147
Park Hotels & Resorts, Inc.		6,540		188,221
				290,252
Hotels, Restaurants & Cruise Lines    2.5%
Hilton Worldwide Holdings, Inc.		2,808		221,383
Industrial REITs    17.1%
Americold Realty Trust		9,510		196,001
First Industrial Realty Trust, Inc.		9,558		297,349
Goodman Group (Australia)		23,896		162,577
LaSalle Logiport REIT (Japan)		122		125,274
Rexford Industrial Realty, Inc.		10,396		317,598
STAG Industrial, Inc.		6,540		160,688
Warehouse REIT PLC (United Kingdom)		199,946		275,656
				1,535,143
Office REITs    18.3%
Alexandria Real Estate Equities, Inc.		1,658		206,537
Green REIT PLC (Ireland)		117,748		215,750
Hibernia REIT PLC (Ireland)		135,363		242,390
Hudson Pacific Properties, Inc.		16,688		548,535
JBG SMITH Properties		8,552		315,312
Keppel REIT (Singapore)		124,975		116,675
				1,645,199

See Notes to Financial Statements.

PGIM Select Real Estate Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Development    1.4%
Yanlord Land Group Ltd. (Singapore)		95,600	$	121,906
Real Estate Operating Companies    4.1%
Cibus Nordic Real Estate AB (Sweden)*		10,213		119,384
TLG Immobilien AG (Germany)*		8,675		249,569
				368,953
Residential REITs    15.2%
American Homes 4 Rent, (Class A Stock)		9,432		190,526
AvalonBay Communities, Inc.		1,949		317,687
Empiric Student Property PLC (United Kingdom)		139,829		164,141
Equity LifeStyle Properties, Inc.		3,647		325,167
Equity Residential		3,144		194,016
Invitation Homes, Inc.		7,500		173,550
				1,365,087
Retail REITs    6.7%
Kenedix Retail REIT Corp. (Japan)		58		122,766
Macerich Co. (The)		5,853		337,250
NewRiver REIT PLC (United Kingdom)		35,773		142,906
				602,922
Specialized REITs    9.8%
CoreSite Realty Corp.		3,041		316,568
Crown Castle International Corp.		3,418		344,774
Four Corners Property Trust, Inc.		9,671		219,145
				880,487
TOTAL LONG-TERM INVESTMENTS (cost $8,349,747)				8,647,434
SHORT-TERM INVESTMENT    1.6%
AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - PGIM Core Ultra Short Bond Fund (cost $144,481)(w)		144,481		144,481
TOTAL INVESTMENTS    97.9% (cost $8,494,228)				8,791,915
Other assets in excess of liabilities    2.1%				184,074
NET ASSETS    100.0%			$	8,975,989

See Notes to Financial Statements.

12

The following abbreviations are used in the semiannual report:

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trusts

L1—Level 1

L2—Level 2

* Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified Real Estate Activities	$	—	$	743,029	$	—
Diversified REITs		762,055		111,018		—
Hotel & Resort REITs		189,368		100,884		—
Hotels, Restaurants & Cruise Lines		221,383		—		—
Industrial REITs		971,636		563,507		—
Office REITs		1,070,384		574,815		—
Real Estate Development		—		121,906		—
Real Estate Operating Companies		119,384		249,569		—
Residential REITs		1,200,946		164,141		—
Retail REITs		337,250		265,672		—
Specialized REITs		880,487		—		—
Affiliated Mutual Fund		144,481		—		—
Total	$	5,897,374	$	2,894,541	$	—

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

Investments in Securities	Amount Transferred		Level Transfer		Logic
Common Stocks	$	125,747		L1 to L2		Official Close to Model Price

See Notes to Financial Statements.

PGIM Select Real Estate Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

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, 2018 were as follows:

Office REITs	18.3	%
Industrial REITs	17.1
Residential REITs	15.2
Specialized REITs	9.8
Diversified REITs	9.7
Diversified Real Estate Activities	8.3
Retail REITs	6.7
Real Estate Operating Companies	4.1
Hotel & Resort REITs	3.2	%
Hotels, Restaurants & Cruise Lines	2.5
Affiliated Mutual Fund	1.6
Real Estate Development	1.4
	97.9
Other assets in excess of liabilities	2.1
	100.0	%

See Notes to Financial Statements.

14

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of April 30, 2018

Assets
Investments at value:
Unaffiliated investments (cost $8,349,747)	$	8,647,434
Affiliated investments (cost $144,481)		144,481
Receivable for investments sold		165,635
Receivable for Fund shares sold		17,576
Dividends receivable		12,737
Due from Manager		9,854
Tax reclaim receivable		1,434
Prepaid expenses and other assets		18,163
Total assets		9,017,314
Liabilities
Audit fee payable		17,123
Custodian and accounting fees payable		9,958
Shareholders’ reports payable		8,170
Legal fees and expenses payable		4,878
Accrued expenses and other liabilities		634
Distribution fee payable		445
Affiliated transfer agent fee payable		117
Total liabilities		41,325
Net Assets	$	8,975,989
Net assets were comprised of:
Shares of beneficial interest, at par	$	874
Paid-in capital in excess of par		8,816,934
		8,817,808
Distributions in excess of net investment income		(43,780	)
Accumulated net realized loss on investment and foreign currency transactions		(95,596	)
Net unrealized appreciation on investments and foreign currencies		297,557
Net assets, April 30, 2018	$	8,975,989

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share, ($2,762,492 ÷ 266,507 shares of beneficial interest issued and outstanding)	$	10.37
Maximum sales charge (5.50% of offering price)		0.60
Maximum offering price to public	$	10.97
Class C
Net asset value, offering price and redemption price per share, ($69,320 ÷ 6,754 shares of beneficial interest issued and outstanding)	$	10.26
Class Z
Net asset value, offering price and redemption price per share, ($197,101 ÷ 18,979 shares of beneficial interest issued and outstanding)	$	10.39
Class R6
Net asset value, offering price and redemption price per share, ($5,947,076 ÷ 581,303 shares of beneficial interest issued and outstanding)	$	10.23

See Notes to Financial Statements.

PGIM Select Real Estate Fund 17

Statement of Operations (unaudited)

Six Months Ended April 30, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $3,601)	$	98,893
Affiliated dividend income		2,364
Total income		101,257
Expenses
Management fee		26,658
Distribution fee(a)		1,120
Registration fees(a)		28,378
Custodian and accounting fees		25,859
Audit fee		17,123
Legal fees and expenses		9,446
Shareholders’ reports		7,928
Trustees’ fees		5,730
Transfer agent’s fees and expenses (including affiliated expense of $338)(a)		693
Miscellaneous		8,287
Total expenses		131,222
Less: Fee waiver and/or expense reimbursement(a)		(95,114	)
Distribution fee waiver(a)		(129	)
Net expenses		35,979
Net investment income (loss)		65,278
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		7,552
Foreign currency transactions		(1,001	)
		6,551
Net change in unrealized appreciation (depreciation) on:
Investments		(19,645	)
Foreign currencies		(84	)
		(19,729	)
Net gain (loss) on investment and foreign currency transactions		(13,178	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	52,100

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

	Class A			Class C			Class Z			Class R6
Distribution fee		774			346			—			—
Registration fees		7,089			7,090			7,109			7,090
Transfer agent’s fees and expenses		410			75			184			24
Fee waiver and/or expense reimbursement		(11,946	)		(7,857	)		(8,976	)		(66,335	)
Distribution fee waiver		(129	)		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2018			Year Ended October 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	65,278		$	85,888
Net realized gain (loss) on investment and foreign currency transactions		6,551			(24,278	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(19,729	)		480,306
Net increase (decrease) in net assets resulting from operations		52,100			541,916
Dividends and Distributions
Dividends from net investment income
Class A		(14,446	)		(2,718	)
Class C		(1,033	)		(368	)
Class Z		(3,065	)		(2,014	)
Class R6		(114,665	)		(79,212	)
		(133,209	)		(84,312	)
Distributions from net realized gains
Class A		—			(4,612	)
Class C		—			(1,220	)
Class Z		—			(3,060	)
Class R6		—			(125,625	)
		—			(134,517	)
Fund share transactions
Net proceeds from shares sold		2,581,239			145,782
Net asset value of shares issued in reinvestment of dividends and distributions		133,208			218,829
Cost of shares reacquired		(69,275	)		(99,213	)
Net increase (decrease) in net assets from Fund share transactions		2,645,172			265,398
Total increase (decrease)		2,564,063			588,485
Net Assets:
Beginning of period		6,411,926			5,823,441
End of period(a)	$	8,975,989		$	6,411,926
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(43,780	)	$	24,151

See Notes to Financial Statements.

PGIM Select Real Estate Fund 19

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM Select Real Estate Fund (the “Fund”). Effective June 11, 2018, the Funds’ names were changed by replacing “Prudential” with “PGIM” in each Fund’s name and Class Q shares were renamed Class R6 shares.

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

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

20

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of 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 principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of

PGIM Select Real Estate Fund 21

Notes to Financial Statements (unaudited) (continued)

the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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 transaction costs 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 Trust. 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 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.

22

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) 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.

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 or economic instability or the level of governmental supervision and regulation of foreign securities markets.

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

Concentration of Risk for REITs: Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of 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 and currency transactions are

PGIM Select Real Estate Fund 23

Notes to Financial Statements (unaudited) (continued)

calculated on the specific identification method. Dividend income is recorded on the ex-date. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

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

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

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the Subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the

24

Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by, the Fund’s custodian (the Custodian), and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.80% of the Fund’s average daily net assets up to and including $1 billion, 0.78% of the next $2 billion, 0.76% of the next $2 billion, 0.75% of the next $5 billion and 0.74% of the Fund’s average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements, was 0.80% for the six months ended April 30, 2018.

PGIM Investments has contractually agreed, through February 28, 2019, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.30% of average daily net assets for Class A shares, 2.05% of average daily net assets for Class C shares, 1.05% of average daily net assets for Class Z shares, and 1.05% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The waivers and/or expense reimbursements exceeded the effective management fee rate for the six months ended April 30, 2018.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and 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 Z or Class R6 shares of the Fund.

PGIM Select Real Estate Fund 25

Notes to Financial Statements (unaudited) (continued)

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and C shares, respectively. PIMS has contractually agreed through February 28, 2019 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it received $129 in front-end sales charges resulting from sales of Class A shares during the six months ended April 30, 2018. From these fees, PIMS paid such sales charges to 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, 2018, it has not received any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliated 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. For the reporting period ended April 30, 2018 no such transactions were entered into by the Fund.

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended April 30, 2018, were $6,771,212 and $4,241,791, respectively.

26

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the six months ended April 30, 2018, is presented as follows:

Affiliated Mutual Fund*	Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Dividend Income
PGIM Core Ultra Short Bond Fund	$	398,187	$	106,295,114	$	106,548,820	$	—	$	—	$	144,481		144,481	$	2,364

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

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2018 were as follows:

Tax Basis	$	8,531,166
Gross Unrealized Appreciation		469,655
Gross Unrealized Depreciation		(208,906	)
Net Unrealized Appreciation	$	260,749

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, 2017 of approximately $100,000 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.

6. Capital and Ownership

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

PGIM Select Real Estate Fund 27

Notes to Financial Statements (unaudited) (continued)

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 $0.001 par value per share, divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of April 30, 2018, Prudential, through its affiliate entities, owned 1,138 Class A shares, 1,116 Class C shares, 1,146 Class Z shares and 581,303 Class R6 shares of the Fund. At reporting period end, two shareholders of record held 95% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2018:
Shares sold		246,235		$	2,524,791
Shares issued in reinvestment of dividends and distributions		1,397			14,446
Shares reacquired		(5,390	)		(55,376	)
Net increase (decrease) in shares outstanding		242,242		$	2,483,861
Year ended October 31, 2017:
Shares sold		9,285		$	93,616
Shares issued in reinvestment of dividends and distributions		736			7,330
Shares reacquired		(4,230	)		(43,679	)
Net increase (decrease) in shares outstanding		5,791		$	57,267
Class C
Six months ended April 30, 2018:
Shares issued in reinvestment of dividends and distributions		98			1,033
Net increase (decrease) in shares outstanding		98		$	1,033
Year ended October 31, 2017:
Shares sold		3,437		$	34,300
Shares issued in reinvestment of dividends and distributions		162			1,588
Shares reacquired		(2,880	)		(28,902	)
Net increase (decrease) in shares outstanding		719		$	6,986

28

Class Z	Shares			Amount
Six months ended April 30, 2018:
Shares sold		5,406		$	56,448
Shares issued in reinvestment of dividends and distributions		289			3,064
Shares reacquired		(1,349	)		(13,899	)
Net increase (decrease) in shares outstanding		4,346		$	45,613
Year ended October 31, 2017:
Shares sold		1,761			17,866
Shares issued in reinvestment of dividends and distributions		508			5,074
Shares reacquired		(1,446	)		(14,843	)
Net increase (decrease) in shares outstanding		823		$	8,097
Class R6
Six months ended April 30, 2018:
Shares issued in reinvestment of dividends and distributions		10,958		$	114,665
Net increase (decrease) in shares outstanding		10,958		$	114,665
Year ended October 31, 2017:
Shares issued in reinvestment of dividends and distributions		20,831		$	204,837
Shares reacquired		(1,137	)		(11,789	)
Net increase (decrease) in shares outstanding		19,694		$	193,048

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 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCAs 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.

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2018.

PGIM Select Real Estate Fund 29

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30,			Year Ended October 31,									August 1, 2014(b) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$10.54			$10.00			$10.71			$10.30			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.12			0.17			0.09			0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.03			0.76			(0.18	)		0.41			0.29
Total from investment operations		0.02			0.88			(0.01	)		0.50			0.30
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.11	)		(0.28	)		-			-
Distributions from net realized gains		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.19	)		(0.34	)		(0.70	)		(0.09	)		-
Net asset value, end of period		$10.37			$10.54			$10.00			$10.71			$10.30
Total Return(a)		0.14%			9.08%			0.01%			4.85%			3.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,762			$256			$185			$62			$18
Average net assets (000)		$520			$242			$119			$27			$15
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.30%	(e)		1.30%			1.33%			1.35%			1.35%	(e)
Expenses before waivers and/or expense reimbursement		5.98%	(e)		4.63%			4.81%			5.16%			20.58%	(e)
Net investment income (loss)		(0.16)%	(e)		1.15%			1.70%			0.86%			0.46%	(e)
Portfolio turnover rate(g)		65%	(f)		142%			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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

30

Class C Shares
	Six Months Ended April 30,			Year Ended October 31,									August 1, 2014(b) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$10.44			$9.94			$10.60			$10.28			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.04			0.11			(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.09	)		0.75			(0.18	)		0.44			0.29
Total from investment operations		(0.03	)		0.79			(0.07	)		0.41			0.28
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.06	)		(0.17	)		-			-
Distributions from net realized gains		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.15	)		(0.29	)		(0.59	)		(0.09	)		-
Net asset value, end of period		$10.26			$10.44			$9.94			$10.60			$10.28
Total Return(a)		(0.28)%			8.11%			(0.63)%			3.98%			2.80%
Ratios/Supplemental Data:
Net assets, end of period (000)		$69			$69			$59			$36			$10
Average net assets (000)		$70			$70			$48			$46			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		2.05%	(e)		2.05%			2.08%			2.10%			2.10%	(e)
Expenses before waivers and/or expense reimbursement		24.79%	(e)		5.33%			5.64%			5.54%			20.42%	(e)
Net investment income (loss)		1.15%	(e)		0.36%			1.08%			(0.30)%			(0.26)%	(e)
Portfolio turnover rate(g)		65%	(f)		142%			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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

PGIM Select Real Estate Fund 31

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended April 30,			Year Ended October 31,									August 1, 2014(b) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$10.56			$10.02			$10.74			$10.31			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.15			0.21			0.10			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.76			(0.18	)		0.42			0.29
Total from investment operations		0.03			0.91			0.03			0.52			0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.14	)		(0.33	)		-			-
Distributions from net realized gains		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.20	)		(0.37	)		(0.75	)		(0.09	)		-
Net asset value, end of period		$10.39			$10.56			$10.02			$10.74			$10.31
Total Return(a)		0.25%			9.32%			0.36%			5.04%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$197			$154			$138			$107			$10
Average net assets (000)		$169			$148			$139			$39			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05%	(e)		1.05%			1.08%			1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		11.74%	(e)		4.35%			4.82%			5.16%			19.50%	(e)
Net investment income (loss)		2.16%	(e)		1.43%			2.09%			0.98%			0.77%	(e)
Portfolio turnover rate(g)		65%	(f)		142%			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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

32

Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,									August 1, 2014(b) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(c):
Net Asset Value, Beginning of Period		$10.40			$9.88			$10.63			$10.31			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.14			0.22			0.10			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.75			(0.20	)		0.41			0.29
Total from investment operations		0.03			0.89			0.02			0.51			0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.14	)		(0.35	)		(0.10	)		-
Distributions from net realized gains		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.20	)		(0.37	)		(0.77	)		(0.19	)		-
Net asset value, end of period		$10.23			$10.40			$9.88			$10.63			$10.31
Total Return(a)		0.26%			9.25%			0.30%			5.01%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,947			$5,932			$5,441			$5,423			$5,165
Average net assets (000)		$5,960			$5,687			$5,413			$5,288			$4,983
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05%	(e)		1.05%			1.08%			1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		3.29%	(e)		4.02%			4.40%			4.51%			14.06%	(e)
Net investment income (loss)		2.15%	(e)		1.42%			2.18%			0.96%			0.75%	(e)
Portfolio turnover rate(g)		65%	(f)		142%			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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

PGIM Select Real Estate Fund 33

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • 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 • Dino Capasso, Vice President and Deputy 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, PGIM Select Real Estate Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-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 1-800-SEC-0330. 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

PGIM SELECT REAL ESTATE FUND

SHARE CLASS	A	C	Z	R6*
NASDAQ	SREAX	SRECX	SREZX	SREQX
CUSIP	74441J811	74441J795	74441J779	74441J787

*Formerly known as Class Q shares.

MF223E2    

PGIM INTERNATIONAL BOND FUND

(Formerly known as Prudential International Bond Fund)

SEMIANNUAL REPORT

APRIL 30, 2018

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

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

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

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

The accompanying financial statements as of April 30, 2018 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. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

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

PGIM International Bond Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM International Bond Fund informative and useful. The report covers performance for the six-month period ended April 30, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

At PGIM Investments, we consider it a great privilege and responsibility to help investors

participate in opportunities across global markets while meeting their toughest investment

challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM International Bond Fund

June 15, 2018

*The Prudential Day One Funds did not change their names.

PGIM International Bond Fund 5

Your Fund’s Performance (unaudited)

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

	Total Returns as of 4/30/18 (without sales charges)	Average Annual Total Returns as of 4/30/18 (with sales charges)
	Six Months* (%)	One Year (%)	Since Inception (%)
Class A	1.95	0.67	2.61 (12/14/16)
Class C	1.49	3.53	5.25 (12/14/16)
Class Z	2.08	5.69	6.37 (12/14/16)
Class R6**	2.07	5.67	6.36 (12/14/16)
Bloomberg Barclays Global Aggregate ex USD (USD Hedged) Index
	1.27	2.66	2.62
Lipper International Income Funds Average
	1.97	4.87	6.54

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

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

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

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

*Formerly known as Class Q shares.

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

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

PGIM International Bond Fund 7

Your Fund’s Performance (continued)

Distributions and Yields as of 4/30/18
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.11	0.86	–11.51
Class C	0.08	0.15	–90.62
Class Z	0.13	1.15	–7.02
Class R6***	0.13	1.15	0.44

*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.

***Formerly known as Class Q shares.

Credit Quality expressed as a percentage of total investments as of 4/30/18 (%)
AAA	17.6
AA	10.5
A	16.7
BBB	25.1
BB	15.0
B	7.5
Not Rated	2.7
Cash/Cash Equivalents	4.7
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, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM International Bond Fund 9

Fees and Expenses (continued)

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

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

PGIM  International Bond Fund		Beginning  Account Value November 1, 2017		Ending  Account Value April 30, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,019.50		0.99	%	$	4.96
	Hypothetical	$	1,000.00	$	1,019.89		0.99	%	$	4.96
Class C	Actual	$	1,000.00	$	1,014.90		1.74	%	$	8.69
	Hypothetical	$	1,000.00	$	1,016.17		1.74	%	$	8.70
Class Z	Actual	$	1,000.00	$	1,020.80		0.74	%	$	3.71
	Hypothetical	$	1,000.00	$	1,021.12		0.74	%	$	3.71
Class R6**	Actual	$	1,000.00	$	1,020.70		0.74	%	$	3.71
	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, 2018, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.

**Formerly known as Class Q shares.

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Schedule of Investments (unaudited)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    91.3%
ASSET-BACKED SECURITIES    10.1%
Cayman Islands    4.2%
Carlyle Global Market Strategies Euro CLO Series 14-2A, Class A, 144A		2.250	%		08/15/27	EUR	750	$	910,270
Silver Creek CLO Ltd. Series 2014-1A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.599	(c)		07/20/30		250		251,422
									1,161,692
Netherlands    5.5%
Babson Euro CLO BV Series 2015-1A, Class A2R, 144A^		1.100			10/25/29	EUR	250		301,900
Jubilee CLO BV Series 2017-19A, Class A1, 144A, 3 Month LIBOR EURIBOR + 0.800%		0.800	(c)		07/15/30	EUR	250		301,782
North Westerly CLO BV Series IV-A, Class A2R, 144A		1.250			01/15/26	EUR	250		301,643
St. Paul’s CLO DAC Series 7A, Class B2, 144A		2.400			04/30/30	EUR	500		604,366
									1,509,691
United States    0.4%
OneMain Direct Auto Receivables Trust Series 2017-1A, Class C, 144A		3.910			08/16/21		100		98,478
TOTAL ASSET-BACKED SECURITIES (cost $2,569,432)									2,769,861
CORPORATE BONDS    23.2%
Australia    0.5%
Transurban Finance Co. Pty Ltd., Sr. Sec’d. Notes, EMTN		2.000			08/28/25	EUR	100		126,464
China    0.9%
State Grid Europe Development PLC, Gtd. Notes		1.500			01/26/22	EUR	200		248,047
Germany    2.9%
Allianz SE, Sub. Notes		5.625			10/17/42	EUR	200		288,874
Commerzbank AG, Sub. Notes, EMTN		7.750			03/16/21	EUR	100		143,929
IHO Verwaltungs GmbH, Sr. Sec’d. Notes, Cash coupon 3.750% or PIK 4.500%		3.750			09/15/26	EUR	100		126,798
Nidda Healthcare Holding GmbH, Sr. Sec’d. Notes, 144A		3.500			09/30/24	EUR	100		118,967
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, Sr. Sec’d. Notes		4.000			01/15/25	EUR	100		127,969
									806,537
Ireland    0.5%
Smurfit Kappa Acquisitions, Gtd. Notes		2.750			02/01/25	EUR	100		126,708

See Notes to Financial Statements.

PGIM International Bond Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Italy    0.5%
Telecom Italia SpA, Sr. Unsec’d. Notes, EMTN		3.250	%		01/16/23	EUR	100	$	131,740
Mexico    0.5%
Petroleos Mexicanos, Gtd. Notes		5.500			02/24/25	EUR	100		139,900
Netherlands    1.5%
Nederlandse Waterschapsbank NV, Sr. Unsec’d. Notes, EMTN		5.200			03/31/25	CAD	200		174,932
UPCB Finance IV Ltd., Sr. Sec’d. Notes		4.000			01/15/27	EUR	100		124,832
Ziggo Secured Finance BV, Sr. Sec’d. Notes		3.750			01/15/25	EUR	100		122,420
									422,184
Russia    0.5%
Gazprom OAO Via Gaz Capital SA, Sr. Unsec’d. Notes, EMTN		3.389			03/20/20	EUR	100		124,644
Spain    0.9%
Merlin Properties Socimi SA, Sr. Unsec’d. Notes, EMTN		2.375			05/23/22	EUR	100		128,572
NH Hotel Group SA, Sr. Sec’d. Notes		3.750			10/01/23	EUR	100		126,787
									255,359
Supranational Bank    0.4%
European Investment Bank, Sr. Unsec’d. Notes, EMTN		0.500			10/26/23	AUD	160		104,282
United Kingdom    5.0%
Arrow Global Finance PLC, Sr. Sec’d. Notes		5.125			09/15/24	GBP	100		136,967
B&M European Value Retail SA, Sr. Sec’d. Notes, 144A, MTN		4.125			02/01/22	GBP	100		141,110
Barclays PLC, Sub. Notes, EMTN		2.000			02/07/28	EUR	100		118,883
CPUK Finance Ltd., Sec’d. Notes, 144A		4.250			08/28/22	GBP	100		138,369
EI Group PLC, First Mortgage		6.375			02/15/22	GBP	100		143,175
FCE Bank PLC, Sr. Unsec’d. Notes, EMTN		1.615			05/11/23	EUR	150		186,400
Royal Bank of Scotland Group PLC, Sr. Unsec’d. Notes, EMTN		2.000			03/08/23	EUR	100		125,566
Tesco PLC, Sr. Unsec’d. Notes, EMTN		5.000			03/24/23	GBP	80		122,713
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes		5.500			01/15/25	GBP	90		126,802
William Hill PLC, Gtd. Notes		4.875			09/07/23	GBP	100		144,382
									1,384,367
United States    9.1%
Adient Global Holdings Ltd., Gtd. Notes		3.500			08/15/24	EUR	100		122,263
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27	EUR	100		120,372

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Ball Corp., Gtd. Notes		4.375	%		12/15/23	EUR	100	$	136,567
Becton, Dickinson and Co., Sr. Unsec’d. Notes		0.368			06/06/19	EUR	100		121,122
Belden, Inc., Gtd. Notes		4.125			10/15/26	EUR	100		126,816
Catalent Pharma Solutions, Inc., Gtd. Notes		4.750			12/15/24	EUR	100		126,732
Chubb INA Holdings, Inc., Gtd. Notes		1.550			03/15/28	EUR	100		120,445
Discovery Communications LLC, Gtd. Notes		2.500			09/20/24	GBP	100		135,599
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		1.100			07/15/24	EUR	100		119,638
Hanesbrands Finance Luxembourg SCA, Gtd. Notes		3.500			06/15/24	EUR	100		126,788
International Game Technology PLC, Sr. Sec’d. Notes		4.750			02/15/23	EUR	100		132,490
IQVIA, Inc., Gtd. Notes		3.500			10/15/24	EUR	100		124,930
Kraft Heinz Foods Co., Gtd. Notes		2.250			05/25/28	EUR	100		122,355
LKQ Italia Bondco SpA, Gtd. Notes		3.875			04/01/24	EUR	100		127,402
Morgan Stanley, Sr. Unsec’d. Notes, GMTN		1.000			12/02/22	EUR	100		122,544
PerkinElmer, Inc., Sr. Unsec’d. Notes		0.600			04/09/21	EUR	100		121,446
Spectrum Brands, Inc., Gtd. Notes		4.000			10/01/26	EUR	100		121,875
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		1.400			01/23/26	EUR	100		120,638
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		1.414			12/13/22	EUR	100		123,692
Sr. Unsec’d. Notes		2.425			12/13/26	EUR	100		125,418
									2,499,132
TOTAL CORPORATE BONDS (cost $5,720,267)									6,369,364
RESIDENTIAL MORTGAGE-BACKED SECURITIES    5.0%
Alba PLC (United Kingdom), Series 2007-1, Class B, 3 Month GBP LIBOR + 0.240%		0.854	(c)		03/17/39	GBP	84		107,780
Bellemeade Re Ltd. (Bermuda), Series 2018-1A, Class M1B, 144A, 1 Month LIBOR + 1.600%^		3.477	(c)		04/25/28		167		167,000
CIM Trust, Series 2017-3, Class A1, 144A, 1 Month LIBOR + 2.000%		3.887	(c)		01/25/57		79		80,733
LSTAR Securities Investment Trust, Series 2018-2, Class A1, 144A, 1 Month LIBOR + 1.500%		3.394	(c)		04/01/23		170		169,980
Newgate Funding PLC (United Kingdom),
Series 2006-2, Class M, 3 Month GBP LIBOR + 0.220%		0.943	(c)		12/01/50	GBP	155		203,978
Series 2007-2X, Class A3, 3 Month GBP LIBOR + 0.160%		0.766	(c)		12/15/50	GBP	100		126,444
Paragon Mortgages PLC (United Kingdom),
Series 10X, Class B1A, 3 Month GBP LIBOR + 0.540%		1.146	(c)		06/15/41	GBP	106		140,211
Series 12X, Class B1A, 3 Month GBP LIBOR + 0.480%		1.027	(c)		11/15/38	GBP	100		131,674
Series 12X, Class B1B, 3 Month EURIBOR + 0.480%		0.151	(c)		11/15/38	EUR	100		115,506

See Notes to Financial Statements.

PGIM International Bond Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Ripon Mortgages PLC (United Kingdom), Series 1A, Class B1, 144A, 3 Month GBP LIBOR + 1.200%		1.753	%(c)		08/20/56	GBP	100	$	138,364
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $1,290,021)									1,381,670
SOVEREIGN BONDS    52.9%
Argentina    1.3%
Argentine Republic Government International Bond,
Unsec’d. Notes		5.000			01/15/27	EUR	100		117,299
Sr. Unsec’d. Notes		5.250			01/15/28	EUR	100		117,439
Provincia de Buenos Aires, Sr. Unsec’d. Notes		5.375			01/20/23	EUR	100		124,983
									359,721
Belgium    3.1%
Kingdom of Belgium Government Bond, Unsec’d. Notes		4.000			03/28/22	EUR	600		843,810
Brazil    1.4%
Brazil Letras do Tesouro Nacional, Bills		10.424	(s)		01/01/22	BRL	50		10,529
Brazilian Government International Bond, Sr. Unsec’d. Notes		2.875			04/01/21	EUR	300		384,063
									394,592
Bulgaria    1.3%
Bulgaria Government International Bond, Sr. Unsec’d. Notes		2.950			09/03/24	EUR	260		355,066
Canada    0.7%
Province of British Columbia, Unsec’d. Notes		7.875			11/30/23	CAD	200		193,166
Colombia    1.0%
Colombia Government International Bond, Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	200		276,781
Cyprus    2.4%
Cyprus Government International Bond, Sr. Unsec’d. Notes, EMTN		3.750			07/26/23	EUR	500		664,058
France    2.1%
French Republic Government Bond OAT, Bonds		2.750			10/25/27	EUR	400		575,110
Germany    0.3%
Bundesrepublik Deutschland Bundesanleihe, Bonds		1.000			08/15/24	EUR	75		95,503

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Greece    4.3%
Hellenic Republic Government Bond,
Bonds		3.000	%(cc)		02/24/23	EUR	50	$	60,937
Bonds		3.000	(cc)		02/24/24	EUR	75		90,882
Bonds		3.000	(cc)		02/24/25	EUR	85		101,845
Bonds		3.000	(cc)		02/24/26	EUR	95		112,644
Bonds		3.000	(cc)		02/24/27	EUR	195		230,844
Bonds		3.000	(cc)		02/24/28	EUR	60		70,085
Bonds		3.000	(cc)		02/24/29	EUR	50		57,624
Bonds		3.000	(cc)		02/24/31	EUR	140		156,830
Bonds		—	(p)		10/15/42	EUR	4,155		20,070
Sr. Unsec’d. Notes, 144A		3.375			02/15/25	EUR	160		191,840
Hellenic Republic Government International Bond, Sr. Unsec’d. Notes		5.200			07/17/34	EUR	60		73,804
									1,167,405
Hungary    0.4%
Hungary Government International Bond, Sr. Unsec’d. Notes		5.750			06/11/18	EUR	100		121,497
Indonesia    1.6%
Indonesia Government International Bond,
Sr. Unsec’d. Notes, MTN		3.750			06/14/28	EUR	200		275,030
Sr. Unsec’d. Notes, 144A, MTN		2.150			07/18/24	EUR	140		174,944
									449,974
Ireland    0.8%
Ireland Government Bond, Bonds		2.400			05/15/30	EUR	150		207,070
Israel    0.4%
Israel Government International Bond, Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	100		123,127
Italy    8.9%
Italy Buoni Poliennali del Tesoro,
Bonds		2.050			08/01/27	EUR	140		174,253
Bonds		3.750			09/01/24	EUR	640		900,230
Sr. Unsec’d. Notes, 144A		4.750			09/01/28	EUR	455		699,085
Unsec’d. Notes		4.500			03/01/26	EUR	455		676,105
									2,449,673

See Notes to Financial Statements.

PGIM International Bond Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Lithuania    0.8%
Lithuania Government International Bond, Sr. Unsec’d. Notes		6.125	%		03/09/21		200	$	215,078
Mexico    1.0%
Mexico Government International Bond, Sr. Unsec’d. Notes		2.750			04/22/23	EUR	200		261,687
Peru    1.1%
Peruvian Government International Bond, Sr. Unsec’d. Notes		3.750			03/01/30	EUR	200		289,002
Portugal    3.0%
Portugal Obrigacoes do Tesouro OT, Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	560		814,720
Romania    0.9%
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500			02/08/30	EUR	100		118,647
Sr. Unsec’d. Notes, MTN		3.875			10/29/35	EUR	100		128,126
									246,773
Senegal    0.4%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100		119,707
South Korea    1.4%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, EMTN		2.000			04/30/20	EUR	100		125,275
Sr. Unsec’d. Notes, EMTN^		4.460			09/26/19	NZD	200		143,063
Sr. Unsec’d. Notes, MTN		3.500			07/28/21	NZD	150		105,312
									373,650
Spain    8.0%
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN		5.000			03/31/20	CAD	160		129,518
Gov’t. Gtd. Notes, GMTN		0.963			09/22/22	SEK	1,000		115,021
Spain Government Bond,
Bonds, 144A		5.150			10/31/28	EUR	120		199,309
Sr. Unsec’d. Notes, 144A		1.400			04/30/28	EUR	70		85,451
Sr. Unsec’d. Notes, 144A		1.450			10/31/27	EUR	265		326,935
Sr. Unsec’d. Notes, 144A		4.650			07/30/25	EUR	870		1,335,599
									2,191,833

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Turkey    0.8%
Turkey Government Bond, Bonds		9.000	%		07/24/24	TRY	90	$	19,054
Turkey Government International Bond, Sr. Unsec’d. Notes		4.125			04/11/23	EUR	155		200,692
									219,746
United Kingdom    5.5%
United Kingdom Gilt, Bonds(k)		4.250			03/07/36	GBP	800		1,521,268
TOTAL SOVEREIGN BONDS (cost $13,073,222)									14,530,017
U.S. GOVERNMENT AGENCY OBLIGATION    0.1%
United States
Indonesia Government USAID Bond, U.S. Gov’t. Gtd. Notes (cost $19,403)		8.900			06/01/21		18		19,631
TOTAL LONG-TERM INVESTMENTS (cost $22,672,345)									25,070,543
SHORT-TERM INVESTMENTS    4.3%
						Shares
AFFILIATED MUTUAL FUND    4.1%
Prudential Investment Portfolios 2 - PGIM Core Ultra Short Bond Fund (cost $1,129,379)(w)							1,129,379		1,129,379
OPTIONS PURCHASED~*    0.2% (cost $69,813)									52,561
TOTAL SHORT-TERM INVESTMENTS (cost $1,199,192)									1,181,940
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    95.5% (cost $23,871,537)									26,252,483
OPTIONS WRITTEN~*    (0.1)% (premiums received $68,709)									(45,902	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    95.4% (cost $23,802,828)									26,206,581
Other assets in excess of liabilities(z)    4.6%									1,274,515
NET ASSETS    100.0%								$	27,481,096

The following abbreviations are used in the semiannual report:

A—Annual payment frequency for swaps

M—Monthly payment frequency for swaps

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

T—Swap payment upon termination

See Notes to Financial Statements.

PGIM International Bond Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

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.

BBSW—Australian Bank Bill Swap Reference Rate

Bobl—Bundesobligationen (German Government Bonds)

BROIS—Brazil Overnight Interbank Deposit

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMBX—Commercial Mortgage-Backed Index

COOIS—Colombia Overnight Interbank Reference Rate

EIBOR—Emirates Interbank Offered Rate

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

GMTN—Global Medium Term Note

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

MIBOR—Mumbai Interbank Offered Rate

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OAT—Obligations Assimiilables du Tresor (French Treasury Bond)

OTC—Over-the-counter

PIK—Payment-in-Kind

PRIBOR—Prague Interbank Offered Rate

SAIBOR—Saudi Arabian Interbank Offered Rate

SIBOR—Singapore Interbank Offered Rate

SONIA—Sterling Overnight Index Average

STIBOR—Stockholm Interbank Offered Rate

TELBOR—Tel Aviv Interbank Offered Rate

USAID—United States Agency for International Development

USOIS—United States Overnight Index Swap

WIBOR—Warsaw Interbank Offered Rate

AED—United Arab Emirates Dirham

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi (offshore)

COP—Colombian Peso

CZK—Czech Koruna

DKK—Danish Krone

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

See Notes to Financial Statements.

18

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—United States Dollar

ZAR—South African Rand

* Non-income producing security.

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $599,515 and 2.2% of net assets.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2018.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(p) Interest rate not available as of April 30, 2018.

(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 - PGIM Core Ultra Short Bond Fund.

(z) Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end, with the exception of options which are included in total investments, net of written options, at market value:

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option EUR vs BRL	Call	Citigroup Global Markets		02/21/19		4.15		—	EUR	100	$	10,192
Currency Option EUR vs TRY	Call	Citigroup Global Markets		04/26/19		6.00		—	EUR	500		20,042
Currency Option EUR vs ZAR	Call	Citigroup Global Markets		09/26/18		22.00		—	EUR	400		173
Currency Option USD vs BRL	Call	JPMorgan Chase		09/26/18		4.75		—		750		644
Currency Option USD vs BRL	Call	JPMorgan Chase		04/26/19		5.00		—		500		1,915
Currency Option USD vs MXN	Call	UBS AG		01/25/19		18.75		—		200		12,826
Total OTC Traded (cost $67,508)											$	45,792

See Notes to Financial Statements.

PGIM International Bond Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Options Purchased (cont’d):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

10- Year Interest Rate Swap, 11/19/37

Put

Morgan Stanley

11/17/27

1.25

%

6 Month JPY LIBOR(S)

1.25%(S)

JPY

15,000

$

4,284

CDX.NA.HY.30.V1, 06/20/23

Call

Citigroup Global Markets

09/19/18

$

107.50

5.00%(Q)

CDX.NA.HY.30.V1(Q)

410

984

iTraxx.XO.29.V1, 06/20/23

Call

JPMorgan Chase

09/19/18

EUR

250.00

5.00%(Q)

iTraxx.XO.29.V1(Q)

EUR

450

1,501

Total OTC Swaptions (cost $2,305)

6,769

Total Options Purchased (cost $69,813)

$

52,561

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option EUR vs BRL	Call	Citigroup Global Markets		02/21/19		4.55		—	EUR	100	$	(4,646	)
Currency Option EUR vs TRY	Call	BNP Paribas		04/26/19		6.00		—	EUR	500		(20,042	)
Currency Option EUR vs ZAR	Call	BNP Paribas		09/26/18		22.00		—	EUR	400		(174	)
Currency Option USD vs BRL	Call	Morgan Stanley		09/26/18		4.75		—		750		(644	)
Currency Option USD vs BRL	Call	Hong Kong & Shanghai Bank		04/26/19		5.00		—		500		(1,915	)
Currency Option USD vs MXN	Call	UBS AG		01/25/19		20.75		—		200		(4,935	)
Currency Option EUR vs BRL	Put	Citigroup Global Markets		02/21/19		3.90		—	EUR	100		(854	)
Currency Option USD vs MXN	Put	UBS AG		01/25/19		17.75		—		200		(2,108	)
Lebanese Republic, 8.25%, 04/12/21^	Put	Deutsche Bank AG		04/08/19		66.00		—		80		(1,597	)
Total OTC Traded (premiums received $63,623)											$	(36,915	)

See Notes to Financial Statements.

20

Options Written (cont’d):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

10 Year Interest Rate Swap, 11/19/37

Put

Morgan Stanley

11/17/27

1.25

%

1.25%(S)

6 Month JPY LIBOR(S)

JPY

15,000

$

(4,284

)

CDX.NA.HY.30.V1, 06/20/23

Put

Citigroup Global Markets

09/19/18

$

100.50

5.00%(Q)

CDX.NA.HY.30.V1(Q)

410

(2,275

)

iTraxx.XO.29.V1, 06/20/23

Put

JPMorgan Chase

09/19/18

EUR

400.00

5.00%(Q)

iTraxx.XO.29.V1

EUR

450

(2,428

)

Total OTC Swaptions (premiums received $5,086)

$

(8,987

)

Total Options Written (premiums received $68,709)

$

(45,902

)

Futures contracts outstanding at April 30, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	4	90 Day Euro Dollar		Dec. 2020	$	969,650	$	(875	)
	15	90 Day Sterling		Sep. 2018		2,559,388		3,098
	55	5 Year U.S. Treasury Notes		Jun. 2018		6,242,930		(24,156	)
	4	10 Year U.K. Gilt		Jun. 2018		673,266		6,828
	53	10 Year U.S. Treasury Notes		Jun. 2018		6,340,125		(26,852	)
	3	30 Year Euro Buxl		Jun. 2018		592,472		19,491
	12	30 Year U.S. Ultra Treasury Bonds		Jun. 2018		1,885,500		22,268
								(198	)
		Short Positions:
	4	90 Day Euro Dollar		Dec. 2021		969,450		800
	15	90 Day Sterling		Sep. 2019		2,551,386		(5,421	)
	16	2 Year U.S. Treasury Notes		Jun. 2018		3,392,750		8,656
	11	5 Year Euro-Bobl		Jun. 2018		1,740,149		(12,293	)
	22	10 Year Euro-Bund		Jun. 2018		4,217,271		(46,130	)
	2	20 Year U.S. Treasury Bonds		Jun. 2018		287,688		(1,594	)
	69	Euro Schatz. DUA Index		Jun. 2018		9,325,236		(12,547	)
								(68,529	)
							$	(68,727	)

Cash and foreign currency of $341,227 has been segregated with JPMorgan Chase to cover requirements for open futures contracts at April 30, 2018.

See Notes to Financial Statements.

PGIM International Bond Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Forward foreign currency exchange contracts outstanding at April 30, 2018:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts:
Argentine Peso,
Expiring 05/03/18	Citigroup Global Markets	ARS	2,616	$	128,654	$	127,091	$	—	$	(1,563	)
Australian Dollar,
Expiring 07/12/18	Citigroup Global Markets	AUD	38		29,000		28,848		—		(152	)
Expiring 07/12/18	Citigroup Global Markets	AUD	89		69,541		67,366		—		(2,175	)
Brazilian Real,
Expiring 05/03/18	Morgan Stanley	BRL	1,080		331,532		308,068		—		(23,464	)
Expiring 05/03/18	UBS AG	BRL	149		44,630		42,474		—		(2,156	)
Expiring 07/03/18	Goldman Sachs & Co.	BRL	613		174,955		173,997		—		(958	)
Expiring 07/31/18	UBS AG	BRL	220		65,859		62,190		—		(3,669	)
Expiring 09/28/18	Barclays Capital Group	BRL	220		66,412		61,927		—		(4,485	)
Expiring 09/28/18	JPMorgan Chase	BRL	99		30,000		28,006		—		(1,994	)
Expiring 02/25/19	Citigroup Global Markets	BRL	429		126,998		119,606		—		(7,392	)
Expiring 04/30/19	JPMorgan Chase	BRL	95		28,000		26,444		—		(1,556	)
Expiring 04/30/19	JPMorgan Chase	BRL	98		28,206		27,210		—		(996	)
British Pound,
Expiring 07/26/18	Bank of America	GBP	60		85,720		82,906		—		(2,814	)
Expiring 07/26/18	UBS AG	GBP	16		22,331		22,325		—		(6	)
Canadian Dollar,
Expiring 07/12/18	Barclays Capital Group	CAD	65		51,000		50,741		—		(259	)
Chilean Peso,
Expiring 07/13/18	Citigroup Global Markets	CLP	24,610		40,600		40,116		—		(484	)
Expiring 07/13/18	Citigroup Global Markets	CLP	24,923		41,399		40,626		—		(773	)
Colombian Peso,
Expiring 06/15/18	Barclays Capital Group	COP	259,504		90,146		92,327		2,181		—
Expiring 06/15/18	Citigroup Global Markets	COP	98,153		34,320		34,921		601		—
Expiring 06/15/18	Citigroup Global Markets	COP	114,907		41,399		40,882		—		(517	)
Expiring 06/15/18	Citigroup Global Markets	COP	259,504		90,325		92,327		2,002		—

See Notes to Financial Statements.

22

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
Czech Koruna,
Expiring 07/12/18	Citigroup Global Markets	CZK	4,093	$	199,187	$	193,954	$	—	$	(5,233	)
Danish Krone,
Expiring 07/24/18	Citigroup Global Markets	DKK	3		426		415		—		(11	)
Egyptian Pound,
Expiring 09/27/18	Citigroup Global Markets	EGP	930		50,641		51,198		557		—
Expiring 10/11/18	Citigroup Global Markets	EGP	1,270		68,150		69,727		1,577		—
Euro,
Expiring 07/26/18	Citigroup Global Markets	EUR	23		28,000		27,531		—		(469	)
Expiring 04/30/19	Citigroup Global Markets	EUR	23		29,588		28,663		—		(925	)
Hungarian Forint,
Expiring 07/24/18	Deutsche Bank AG	HUF	37,372		149,034		144,677		—		(4,357	)
Indian Rupee,
Expiring 07/20/18	Barclays Capital Group	INR	14,903		224,388		221,368		—		(3,020	)
Expiring 07/20/18	Deutsche Bank AG	INR	15,599		235,043		231,698		—		(3,345	)
Expiring 07/20/18	Morgan Stanley	INR	2,733		41,704		40,596		—		(1,108	)
Expiring 07/20/18	UBS AG	INR	1,220		18,000		18,114		114		—
Expiring 07/20/18	UBS AG	INR	3,560		53,000		52,875		—		(125	)
Indonesian Rupiah,
Expiring 07/16/18	Barclays Capital Group	IDR	452,480		32,000		32,236		236		—
Expiring 07/16/18	Barclays Capital Group	IDR	1,075,942		76,000		76,653		653		—
Expiring 07/16/18	Deutsche Bank AG	IDR	1,957,960		141,389		139,491		—		(1,898	)
Expiring 07/16/18	JPMorgan Chase	IDR	1,007,640		72,000		71,787		—		(213	)
Japanese Yen,
Expiring 07/26/18	Citigroup Global Markets	JPY	7,453		69,386		68,594		—		(792	)
Expiring 07/26/18	Goldman Sachs & Co.	JPY	906		8,392		8,340		—		(52	)
Expiring 07/26/18	Morgan Stanley	JPY	2,933		27,000		26,995		—		(5	)
Malaysian Ringgit,
Expiring 05/22/18	Barclays Capital Group	MYR	384		98,584		97,910		—		(674	)
Mexican Peso,
Expiring 06/28/18	Morgan Stanley	MXN	761		41,000		40,285		—		(715	)
Expiring 06/28/18	Morgan Stanley	MXN	4,006		213,010		212,193		—		(817	)
Expiring 01/29/19	UBS AG	MXN	1,879		95,000		96,313		1,313		—
Expiring 01/29/19	UBS AG	MXN	2,075		105,000		106,378		1,378		—

See Notes to Financial Statements.

PGIM International Bond Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
New Taiwanese Dollar,
Expiring 07/13/18	Citigroup Global Markets	TWD	763	$	26,000	$	25,915	$	—	$	(85	)
Expiring 07/13/18	Citigroup Global Markets	TWD	1,106		38,000		37,586		—		(414	)
Expiring 07/13/18	Toronto Dominion	TWD	1,159		40,000		39,380		—		(620	)
Expiring 07/13/18	UBS AG	TWD	853		29,000		28,990		—		(10	)
Expiring 07/13/18	UBS AG	TWD	859		29,000		29,194		194		—
Expiring 07/13/18	UBS AG	TWD	1,020		35,000		34,662		—		(338	)
Expiring 07/13/18	UBS AG	TWD	1,631		56,000		55,439		—		(561	)
Expiring 07/13/18	UBS AG	TWD	2,003		68,000		68,067		67		—
Expiring 07/13/18	UBS AG	TWD	2,278		78,000		77,414		—		(586	)
Norwegian Krone,
Expiring 07/24/18	Bank of America	NOK	1,377		178,097		172,262		—		(5,835	)
Peruvian Nuevo Sol,
Expiring 07/13/18	Citigroup Global Markets	PEN	100		30,959		30,730		—		(229	)
Philippine Peso,
Expiring 06/14/18	Barclays Capital Group	PHP	5,076		97,000		97,862		862		—
Expiring 06/14/18	Deutsche Bank AG	PHP	3,623		69,555		69,856		301		—
Polish Zloty,
Expiring 07/24/18	UBS AG	PLN	913		269,599		260,569		—		(9,030	)
Russian Ruble,
Expiring 07/13/18	Barclays Capital Group	RUB	2,602		41,764		40,942		—		(822	)
Expiring 07/13/18	Barclays Capital Group	RUB	6,328		108,651		99,590		—		(9,061	)
Singapore Dollar,
Expiring 05/11/18	Bank of America	SGD	202		152,142		152,555		413		—
Expiring 05/11/18	Deutsche Bank AG	SGD	202		152,450		152,554		104		—
Expiring 05/11/18	Morgan Stanley	SGD	25		19,000		18,944		—		(56	)
South African Rand,
Expiring 06/12/18	Barclays Capital Group	ZAR	488		41,460		38,908		—		(2,552	)
Expiring 06/12/18	Citigroup Global Markets	ZAR	253		20,799		20,194		—		(605	)
Expiring 06/12/18	Toronto Dominion	ZAR	1,837		152,438		146,525		—		(5,913	)
South Korean Won,
Expiring 05/09/18	Barclays Capital Group	KRW	73,250		69,522		68,599		—		(923	)
Expiring 05/09/18	Deutsche Bank AG	KRW	236,266		218,582		221,262		2,680		—
Thai Baht,
Expiring 05/11/18	Citigroup Global Markets	THB	945		30,000		29,953		—		(47	)
Expiring 05/11/18	Citigroup Global Markets	THB	981		31,000		31,089		89		—
Expiring 05/11/18	Citigroup Global Markets	THB	1,326		42,000		42,032		32		—
Expiring 05/11/18	Citigroup Global Markets	THB	1,509		48,000		47,827		—		(173	)

See Notes to Financial Statements.

24

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
Thai Baht, (cont’d.)
Expiring 05/11/18	Citigroup Global Markets	THB	2,300	$	74,000	$	72,912	$	—	$	(1,088	)
Expiring 05/11/18	Citigroup Global Markets	THB	5,822		184,799		184,536		—		(263	)
Turkish Lira,
Expiring 06/12/18	Barclays Capital Group	TRY	117		27,816		28,449		633		—
Expiring 06/12/18	Barclays Capital Group	TRY	280		69,099		68,064		—		(1,035	)
Expiring 06/12/18	Citigroup Global Markets	TRY	11		2,800		2,778		—		(22	)
Expiring 06/12/18	Citigroup Global Markets	TRY	38		9,685		9,200		—		(485	)
Expiring 06/12/18	Citigroup Global Markets	TRY	56		13,730		13,482		—		(248	)
Expiring 06/12/18	Citigroup Global Markets	TRY	172		41,883		41,808		—		(75	)
Expiring 06/12/18	Citigroup Global Markets	TRY	198		48,071		48,049		—		(22	)
Expiring 06/12/18	Citigroup Global Markets	TRY	225		55,611		54,594		—		(1,017	)
Expiring 06/12/18	Goldman Sachs & Co.	TRY	219		52,500		53,104		604		—
				$	6,448,961	$	6,344,265	$	16,591	$	(121,287	)

Sales Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts:
Argentine Peso,
Expiring 05/03/18	BNP Paribas	ARS	516	$	25,162	$	25,064	$	98	$	—
Expiring 05/03/18	Citigroup Global Markets	ARS	1,203		58,713		58,462		251		—
Expiring 05/03/18	Citigroup Global Markets	ARS	923		44,925		44,849		76		—
Australian Dollar,
Expiring 07/12/18	Bank of America	AUD	156		119,959		117,296		2,663		—
Expiring 07/12/18	Citigroup Global Markets	AUD	90		69,258		67,827		1,431		—
Expiring 07/12/18	JPMorgan Chase	AUD	128		96,310		96,061		249		—
Brazilian Real,
Expiring 05/03/18	Citigroup Global Markets	BRL	284		82,798		81,063		1,735		—
Expiring 05/03/18	Goldman Sachs & Co.	BRL	613		175,854		175,048		806		—
Expiring 05/03/18	Goldman Sachs & Co.	BRL	207		61,033		59,071		1,962		—
Expiring 05/03/18	UBS AG	BRL	124		36,000		35,360		640		—
Expiring 07/03/18	BNP Paribas	BRL	243		69,042		68,937		105		—
Expiring 07/31/18	Barclays Capital Group	BRL	220		66,703		62,190		4,513		—
Expiring 09/28/18	Morgan Stanley	BRL	314		90,000		88,392		1,608		—
Expiring 04/30/19	Hong Kong & Shanghai Bank	BRL	211		58,000		58,470		—		(470	)

See Notes to Financial Statements.

PGIM International Bond Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Sales Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
British Pound,
Expiring 07/26/18	Bank of America	GBP	2,237	$	3,135,477	$	3,093,477	$	42,000	$	—
Expiring 07/26/18	Citigroup Global Markets	GBP	53		74,000		73,040		960		—
Canadian Dollar,
Expiring 07/12/18	Bank of America	CAD	346		271,154		269,656		1,498		—
Expiring 07/12/18	Morgan Stanley	CAD	102		80,000		79,922		78		—
Chilean Peso,
Expiring 07/13/18	Barclays Capital Group	CLP	19,962		33,000		32,539		461		—
Expiring 07/13/18	Barclays Capital Group	CLP	16,182		26,669		26,378		291		—
Expiring 07/13/18	Barclays Capital Group	CLP	7,825		12,845		12,754		91		—
Expiring 07/13/18	Citigroup Global Markets	CLP	18,103		29,685		29,510		175		—
Expiring 07/13/18	UBS AG	CLP	16,804		28,000		27,392		608		—
Chinese Renminbi,
Expiring 07/24/18	Citigroup Global Markets	CNH	2		385		382		3		—
	Colombian Peso,
Expiring 06/15/18	Citigroup Global Markets	COP	91,392		32,000		32,516		—		(516	)
Czech Koruna,
Expiring 07/12/18	Morgan Stanley	CZK	373		18,000		17,694		306		—
Expiring 07/12/18	UBS AG	CZK	1,463		69,348		69,337		11		—
Euro,
Expiring 07/26/18	Barclays Capital Group	EUR	10		12,215		12,000		215		—
Expiring 07/26/18	Citigroup Global Markets	EUR	114		138,696		138,809		—		(113	)
Expiring 07/26/18	Citigroup Global Markets	EUR	49		60,000		59,895		105		—
Expiring 07/26/18	Morgan Stanley	EUR	47		57,000		56,549		451		—
Expiring 07/26/18	Morgan Stanley	EUR	32		39,000		38,555		445		—
Expiring 07/26/18	UBS AG	EUR	15,626		19,222,036		19,000,022		222,014		—
Expiring 02/25/19	Citigroup Global Markets	EUR	100		126,865		123,901		2,964		—
Hungarian Forint,
Expiring 07/24/18	Morgan Stanley	HUF	8,737		34,000		33,823		177		—
Israeli Shekel,
Expiring 07/26/18	Citigroup Global Markets	ILS	742		210,394		207,237		3,157		—

See Notes to Financial Statements.

26

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Sales Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
Japanese Yen,
Expiring 07/12/18	JPMorgan Chase	JPY	1,085	$	9,997	$	9,973	$	24	$	—
Expiring 07/26/18	Citigroup Global Markets	JPY	7,501		69,386		69,037		349		—
Mexican Peso,
Expiring 06/28/18	Citigroup Global Markets	MXN	640		34,000		33,892		108		—
New Taiwanese Dollar,
Expiring 07/13/18	Barclays Capital Group	TWD	11,453		395,257		389,227		6,030		—
New Zealand Dollar,
Expiring 07/12/18	Citigroup Global Markets	NZD	740		540,247		520,644		19,603		—
Norwegian Krone,
Expiring 07/24/18	Morgan Stanley	NOK	103		13,000		12,920		80		—
Peruvian Nuevo Sol,
Expiring 07/13/18	UBS AG	PEN	58		18,000		17,911		89		—
Philippine Peso,
Expiring 06/14/18	Barclays Capital Group	PHP	3,922		75,000		75,608		—		(608	)
Expiring 06/14/18	Barclays Capital Group	PHP	3,639		68,912		70,162		—		(1,250	)
Expiring 06/14/18	Barclays Capital Group	PHP	1,938		37,000		37,361		—		(361	)
Expiring 06/14/18	Barclays Capital Group	PHP	1,786		34,000		34,430		—		(430	)
Expiring 06/14/18	Barclays Capital Group	PHP	1,105		21,000		21,304		—		(304	)
Expiring 06/14/18	Deutsche Bank AG	PHP	2,255		42,998		43,479		—		(481	)
Polish Zloty,
Expiring 07/24/18	Morgan Stanley	PLN	199		57,000		56,761		239		—
Russian Ruble,
Expiring 07/13/18	Barclays Capital Group	RUB	2,778		43,800		43,717		83		—
Expiring 07/13/18	Barclays Capital Group	RUB	2,425		38,700		38,159		541		—
Expiring 07/13/18	Barclays Capital Group	RUB	2,037		33,525		32,061		1,464		—
Singapore Dollar,
Expiring 05/11/18	Morgan Stanley	SGD	80		61,000		60,285		715		—
Expiring 05/11/18	Morgan Stanley	SGD	33		25,000		25,039		—		(39	)
Expiring 05/11/18	Morgan Stanley	SGD	28		21,000		20,969		31		—
Expiring 05/11/18	Morgan Stanley	SGD	24		18,000		18,045		—		(45	)
South African Rand,
Expiring 06/12/18	Morgan Stanley	ZAR	540		43,000		43,044		—		(44	)
Expiring 09/28/18	JPMorgan Chase	ZAR	110		8,967		8,672		295		—
South Korean Won,
Expiring 05/09/18	BNP Paribas	KRW	61,493		57,000		57,588		—		(588	)
Expiring 05/09/18	BNP Paribas	KRW	31,878		30,000		29,854		146		—
Expiring 05/09/18	BNP Paribas	KRW	27,103		25,000		25,381		—		(381	)
Expiring 05/09/18	Citigroup Global Markets	KRW	47,153		44,000		44,158		—		(158	)

See Notes to Financial Statements.

PGIM International Bond Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Forward foreign currency exchange contracts outstanding at April 30, 2018 (continued):

Sales Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC forward foreign currency exchange contracts (cont’d.):
Swedish Krona,
Expiring 07/24/18	Bank of America	SEK	1,796	$	215,600	$	206,559	$	9,041	$	—
Swiss Franc,
Expiring 07/24/18	Bank of America	CHF	706		728,320		718,298		10,022		—
Expiring 07/24/18	JPMorgan Chase	CHF	14		14,000		13,857		143		—
Expiring 07/24/18	Toronto Dominion	CHF	52		53,756		52,475		1,281		—
Thai Baht,
Expiring 05/11/18	Citigroup Global Markets	THB	2,431		78,000		77,068		932		—
Expiring 05/11/18	Citigroup Global Markets	THB	1,384		44,000		43,868		132		—
Expiring 05/11/18	Citigroup Global Markets	THB	1,320		42,000		41,827		173		—
Expiring 05/11/18	Citigroup Global Markets	THB	787		25,000		24,951		49		—
Expiring 05/11/18	Citigroup Global Markets	THB	628		20,000		19,895		105		—
Expiring 05/11/18	Citigroup Global Markets	THB	534		17,000		16,933		67		—
Turkish Lira,
Expiring 06/12/18	Barclays Capital Group	TRY	163		41,234		39,683		1,551		—
Expiring 06/12/18	UBS AG	TRY	278		68,879		67,470		1,409		—
Expiring 06/12/18	UBS AG	TRY	271		68,640		65,715		2,925		—
Expiring 06/12/18	UBS AG	TRY	221		55,104		53,595		1,509		—
Expiring 06/12/18	UBS AG	TRY	165		41,301		39,953		1,348		—
Expiring 04/30/19	BNP Paribas	TRY	108		24,932		23,799		1,133		—
Expiring 04/30/19	BNP Paribas	TRY	23		5,330		5,089		241		—
Expiring 04/30/19	Morgan Stanley	TRY	75		16,325		16,555		—		(230	)
				$	28,188,736	$	27,840,749		354,005		(6,018	)
								$	370,596	$	(127,305	)

See Notes to Financial Statements.

28

Cross currency exchange contracts outstanding at April 30, 2018:

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC cross currency exchange contracts:
07/12/2018	Buy	CAD	88		JPY	7,354	$	821	$	—		Barclays Capital Group
07/24/2018	Buy	CHF	264		EUR	221		136		—		Citigroup Global Markets
09/28/2018	Buy	EUR	50		ZAR	784		—		(561	)	BNP Paribas
09/28/2018	Buy	ZAR	894		EUR	51		8,010		—		Citigroup Global Markets
04/30/2019	Buy	EUR	107		TRY	520		19,078		—		BNP Paribas
04/30/2019	Buy	TRY	726		EUR	130		—		(2,568	)	Citigroup Global Markets
							$	28,045	$	(3,129	)

Credit default swap agreements outstanding at April 30, 2018:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2018(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 Argentina		06/20/18		5.000%(Q)		100		0.765	%	$	(1,179	)	$	(4,289	)	$	3,110		BNP Paribas
Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2018(5)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC credit default swaps on corporate and/or sovereign Issues—Sell Protection(2):
Arab Republic of Egypt		06/20/19		1.000%(Q)		70		1.305	%	$	(158	)	$	(209	)	$	51		Citigroup Global Markets
Federation of Russia		12/20/22		1.000%(Q)		50		1.223	%		(419	)		(125	)		(294	)	Citigroup Global Markets
Federation of Russia		06/20/23		1.000%(Q)		200		1.318	%		(2,743	)		(3,983	)		1,240		Morgan Stanley
Federation of Russia		06/20/23		1.000%(Q)		150		1.318	%		(2,057	)		(2,497	)		440		Morgan Stanley
Federation of Russia		06/20/23		1.000%(Q)		60		1.318	%		(823	)		(1,176	)		353		BNP Paribas
Federation of Russia		12/20/26		1.000%(Q)		100		1.835	%		(5,851	)		(10,974	)		5,123		Barclays Capital Group
Generalitat de Cataluna		12/20/22		1.000%(Q)		110		2.656	%		(7,184	)		(16,415	)		9,231		Citigroup Global Markets

See Notes to Financial Statements.

PGIM International Bond Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Credit default swap agreements outstanding at April 30, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at April 30, 2018(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 Hungary		06/20/22		1.000%(Q)		450		0.635	%	$	6,940		$	(2,888	)	$	9,828		Citigroup Global Markets
Republic of Ireland		06/20/27		1.000%(Q)		100		0.406	%		4,840			2,524			2,316		Morgan Stanley
Republic of Panama		06/20/22		1.000%(Q)		100		0.468	%		2,205			852			1,353		Citigroup Global Markets
State Bank of India		06/20/18		1.000%(Q)		100		0.148	%		237			121			116		Morgan Stanley
State of Illinois^		12/20/22		1.000%(Q)		100		*			(3,042	)		(4,071	)		1,029		Citigroup Global Markets
State of Illinois^		12/20/24		1.000%(Q)		100		*			(7,809	)		(6,999	)		(810	)	Goldman Sachs & Co.
										$	(15,864	)	$	(45,840	)	$	29,976

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2018(4)			Unrealized Appreciation (Depreciation)
Centrally cleared credit default swaps on credit indices—Sell Protection(2):
CDX.EM.28.V2		12/20/22		1.000%(Q)		1,116	$	(46,070	)	$	(9,764	)	$	36,306
CDX.NA.HY.30.V1		06/20/23		5.000%(Q)		850		51,765			63,748			11,983
Itraxx.XO.28.V1		12/20/22		5.000%(Q)	EUR	800		107,812			115,682			7,870
Itraxx.XO.29.V1		06/20/23		5.000%(Q)	EUR	600		76,260			81,492			5,232
							$	189,767		$	251,158		$	61,391
Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at April 30, 2018(4)			Unrealized Appreciation (Depreciation)
Centrally cleared credit default swaps on credit indices—Buy Protection(1):
CDX.NA.IG.29.V1		12/20/27		1.000%(Q)		311	$	(142	)	$	(510	)	$	(368	)
Itraxx.EUR.28.V1		12/20/27		1.000%(Q)	EUR	235		(1,024	)		(2,793	)		(1,769	)
							$	(1,166	)	$	(3,303	)	$	(2,137	)

See Notes to Financial Statements.

30

Credit default swap agreements outstanding at April 30, 2018 (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 credit indices—Sell Protection(2):
CDX.EM.27.V1		06/20/22	1.000%(Q)		485	$	(550	)	$	(20,957	)	$	20,407	Citigroup Global Markets
CMBX.NA.6.AA		05/11/63	1.500%(Q)		200		1,348			(1,136	)		2,484	JPMorgan Chase
						$	798		$	(22,093	)	$	22,891

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.

(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.

* Fair value of credit default swap agreement is based on price obtained from independent pricing service which used information provided by market dealers. No implied credit spread is utilized in determining such fair value.

See Notes to Financial Statements.

PGIM International Bond Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Inflation Swap Agreements outstanding at April 30, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
EUR	90		08/15/22		1.240%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)	$	—	$	(1,056	)	$	(1,056	)
EUR	310		09/15/22		1.260%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(3,456	)		(3,456	)
EUR	325		03/15/23		1.345%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(1,481	)		(1,481	)
EUR	45		08/15/27		1.415%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		742			742
EUR	150		09/15/27		1.438%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		2,192			2,192
EUR	160		03/15/28		1.512%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		910			910
GBP	20		08/15/42		3.520%(T)	U.K. Retail Price Index(2)(T)		—		752			752
GBP	15		08/15/47		3.469%(T)	U.K. Retail Price Index(1)(T)		—		(613	)		(613	)
GBP	5		10/15/47		3.535%(T)	U.K. Retail Price Index(2)(T)		—		529			529
GBP	5		10/15/57		3.418%(T)	U.K. Retail Price Index(1)(T)		—		(971	)		(971	)
							$	—	$	(2,452	)	$	(2,452	)

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

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

Interest rate swap agreements outstanding at April 30, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements:
AUD	560		09/25/22	2.958%(S)	6 Month BBSW(2)(S)	$	—		$	904		$	904
AUD	500		03/07/23	2.600%(S)	6 Month BBSW(1)(S)		112			(628	)		(740	)
AUD	150		05/09/32	3.140%(S)	6 Month BBSW(2)(S)		(4	)		1,328			1,332
AUD	165		07/19/32	3.130%(S)	6 Month BBSW(2)(S)		(5	)		925			930
BRL	756		01/02/23	10.400%(T)	1 Day BROIS(2)(T)		—			20,048			20,048
BRL	925		01/02/23	10.470%(T)	1 Day BROIS(2)(T)		—			25,730			25,730
BRL	657		01/02/25	9.475%(T)	1 Day BROIS(2)(T)		—			(332	)		(332	)
BRL	724		01/02/25	9.943%(T)	1 Day BROIS(2)(T)		—			8,529			8,529
CAD	3,500		12/22/18	1.178%(S)	3 Month Canadian Bankers Acceptance(2)(S)		—			(15,390	)		(15,390	)
CAD	195		06/20/19	1.265%(S)	3 Month Canadian Bankers Acceptance(2)(S)		—			(1,427	)		(1,427	)

See Notes to Financial Statements.

32

Interest rate swap agreements outstanding at April 30, 2018 (continued):

Notional Amount (000)#		Termination Date			Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
CAD	2,935		07/26/19		1.605%(S)	3 Month Canadian Bankers Acceptance(2)(S)	$	(2,306	)	$	(13,529	)	$	(11,223	)
CAD	615		01/09/20		1.716%(S)	3 Month Canadian Bankers Acceptance(2)(S)		(667	)		(3,573	)		(2,906	)
CAD	330		04/05/22		1.445%(S)	3 Month Canadian Bankers Acceptance(1)(S)		3			9,938			9,935
CAD	940		03/22/23		2.480%(S)	3 Month Canadian Bankers Acceptance(2)(S)		(1,178	)		(400	)		778
CAD	110		05/30/37		2.240%(S)	3 Month Canadian Bankers Acceptance(2)(S)		(82	)		(7,175	)		(7,093	)
CAD	50		01/09/38		2.720%(S)	3 Month Canadian Bankers Acceptance(2)(S)		(1	)		(378	)		(377	)
CAD	150		05/30/47		2.240%(S)	3 Month Canadian Bankers Acceptance(2)(S)		(8,007	)		(12,582	)		(4,575	)
CAD	40		01/09/48		2.640%(S)	3 Month Canadian Bankers Acceptance(1)(S)		—			730			730
CHF	670		02/23/23		0.040%(A)	6 Month CHF LIBOR(2)(S)		2,089			2,014			(75	)
CHF	80		04/03/28		0.410%(A)	6 Month CHF LIBOR(2)(S)		—			(669	)		(669	)
CHF	40		04/03/33		0.687%(A)	6 Month CHF LIBOR(2)(S)		—			(418	)		(418	)
CHF	160		10/05/37		—(3)	—(3)		—			(55	)		(55	)
CZK	12,400		04/24/20		1.198%(A)	3 Month PRIBOR(1)(Q)		(97	)		(561	)		(464	)
CZK	6,000		11/17/22		1.505%(A)	6 Month PRIBOR(2)(S)		(16	)		223			239
EUR	9,950		08/11/19		(0.238)%(A)	3 Month EURIBOR(2)(Q)		1,544			(1,326	)		(2,870	)
EUR	624		09/08/19	��	(0.195)%(A)	6 Month EURIBOR(2)(S)		—			366			366
EUR	1,165		05/11/22		0.156%(A)	6 Month EURIBOR(1)(S)		(1,093	)		1,869			2,962
EUR	500		09/08/22		0.140%(A)	6 Month EURIBOR(1)(S)		—			3,234			3,234
EUR	295		11/23/22		0.197%(A)	6 Month EURIBOR(1)(S)		—			1,961			1,961
EUR	127		09/08/27		0.770%(A)	6 Month EURIBOR(2)(S)		—			(1,529	)		(1,529	)
EUR	1,335		06/28/32		0.785%(A)	6 Month EURIBOR(2)(S)		(89,832	)		(95,694	)		(5,862	)
EUR	160		10/04/32		2.000%(A)	1 Day EONIA(2)(A)		—			879			879
EUR	160		10/04/32		2.080%(A)	3 Month EURIBOR(1)(Q)		—			(1,007	)		(1,007	)
EUR	305		10/30/32		1.302%(A)	6 Month EURIBOR(2)(S)		—			2,240			2,240
EUR	50		05/11/33		1.000%(A)	6 Month EURIBOR(2)(S)		(2,308	)		(2,237	)		71
EUR	550		08/24/37		1.960%(A)	1 Day EONIA(2)(A)		—			2,553			2,553
EUR	550		08/24/37		2.033%(A)	3 Month EURIBOR(1)(Q)		(137	)		(2,903	)		(2,766	)
EUR	170		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			1,249			1,249
EUR	170		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(920	)		(920	)
EUR	45		12/05/47		1.442%(A)	6 Month EURIBOR(1)(S)		—			879			879
EUR	160		01/26/48		1.853%(A)	3 Month EURIBOR(2)(Q)		—			1,336			1,336
EUR	160		01/26/48		1.863%(A)	6 Month EURIBOR(1)(S)		—			(1,295	)		(1,295	)
EUR	100		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			(36	)		(36	)

See Notes to Financial Statements.

PGIM International Bond Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Interest rate swap agreements outstanding at April 30, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
EUR	100		03/19/48	1.658%(A)	6 Month EURIBOR(1)(S)	$	—		$	21		$	21
GBP	220		12/07/27	1.364%(A)	1 Day SONIA(1)(A)		(539	)		(3,437	)		(2,898	)
GBP	320		02/27/32	1.374%(S)	6 Month GBP LIBOR(2)(S)		(1,845	)		(14,734	)		(12,889	)
GBP	125		05/08/32	1.323%(S)	6 Month GBP LIBOR(2)(S)		(4,423	)		(6,669	)		(2,246	)
GBP	40		10/30/32	1.633%(S)	6 Month GBP LIBOR(2)(S)		730			(176	)		(906	)
GBP	165		12/13/46	1.615%(S)	6 Month GBP LIBOR(1)(S)		(8,280	)		1,699			9,979
GBP	25		10/30/47	1.680%(S)	6 Month GBP LIBOR(1)(S)		(920	)		(173	)		747
HUF	95,000		01/12/27	4.150%(S)	6 Month BUBOR(2)(S)		—			23,548			23,548
INR	7,000		12/05/22	6.550%(S)	1 Day MIBOR(2)(S)		(2	)		(713	)		(711	)
JPY	75,000		11/24/22	0.096%(S)	6 Month JPY LIBOR(1)(S)		—			272			272
JPY	27,000		01/04/23	0.115%(S)	6 Month JPY LIBOR(2)(S)		—			63			63
JPY	301,250		12/20/24	0.126%(S)	6 Month JPY LIBOR(2)(S)		(6,292	)		(8,864	)		(2,572	)
JPY	180,000		12/22/36	0.641%(S)	6 Month JPY LIBOR(2)(S)		—			(4,823	)		(4,823	)
JPY	18,500		02/28/37	0.681%(S)	6 Month JPY LIBOR(2)(S)		—			390			390
JPY	95,000		07/26/37	0.676%(S)	6 Month JPY LIBOR(2)(S)		—			(1,353	)		(1,353	)
JPY	9,150		01/04/38	0.757%(S)	6 Month JPY LIBOR(2)(S)		—			1,069			1,069
JPY	45,000		12/22/41	0.732%(S)	6 Month JPY LIBOR(2)(S)		—			(5,297	)		(5,297	)
JPY	6,200		04/07/42	0.803%(S)	6 Month JPY LIBOR(2)(S)		—			(9	)		(9	)
JPY	25,000		11/24/47	0.888%(S)	6 Month JPY LIBOR(2)(S)		—			794			794
MXN	935		12/09/26	7.780%(M)	28 Day Mexican Interbank Rate(2)(M)		(972	)		219			1,191
MXN	5,580		06/11/27	7.210%(M)	28 Day Mexican Interbank Rate(2)(M)		1,358			(10,491	)		(11,849	)
NOK	14,900		11/23/22	1.373%(A)	6 Month NIBOR(2)(S)		(11,762	)		(34,573	)		(22,811	)
NZD	300		05/01/20	3.628%(S)	3 Month New Zealand Bank Bill(2)(Q)		8,462			8,478			16
NZD	470		01/10/27	3.420%(S)	3 Month New Zealand Bank Bill(2)(Q)		—			10,943			10,943
PLN	700		06/13/22	2.220%(A)	6 Month WIBOR(2)(S)		57			2,342			2,285
PLN	1,000		01/10/27	3.030%(A)	6 Month WIBOR(2)(S)		—			7,525			7,525
SEK	6,100		02/23/23	0.575%(A)	3 Month STIBOR(1)(Q)		(1,185	)		(3,737	)		(2,552	)
SEK	2,500		12/30/26	1.106%(A)	3 Month STIBOR(2)(Q)		—			1,169			1,169
SGD	380		05/21/23	2.030%(S)	6 Month SIBOR(1)(S)		—			4,606			4,606
SGD	200		05/21/28	2.436%(S)	6 Month SIBOR(2)(S)		—			(3,131	)		(3,131	)
	20,000		01/30/19	2.135%(A)	1 Day USOIS(1)(A)		—			2,642			2,642
	2,190		02/15/19	1.820%(A)	1 Day USOIS(1)(A)		—			2,190			2,190
	215		06/30/19	1.502%(A)	1 Day USOIS(1)(A)		(311	)		1,338			1,649
	11,900		08/04/19	1.372%(A)	1 Day USOIS(1)(A)		(1,915	)		111,637			113,552
	1,495		09/30/19	1.707%(A)	1 Day USOIS(1)(A)		448			9,186			8,738
	2,770		12/31/19	1.840%(A)	1 Day USOIS(1)(A)		2,935			19,572			16,637
	1,695		12/31/19	1.950%(A)	1 Day USOIS(1)(A)		618			8,772			8,154

See Notes to Financial Statements.

34

Interest rate swap agreements outstanding at April 30, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at April 30, 2018			Unrealized Appreciation (Depreciation)
	Centrally cleared swap agreements (cont’d.):
	845		12/31/19	2.040%(A)	1 Day USOIS(1)(A)	$	8		$	3,066		$	3,058
	855		12/31/19	2.107%(A)	1 Day USOIS(1)(A)		(3	)		2,127			2,130
	720		04/24/20	2.311%(A)	1 Day USOIS(1)(A)		—			299			299
	230		05/31/22	2.353%(A)	1 Day USOIS(1)(A)		—			1,117			1,117
	185		09/27/22	2.360%(A)	1 Day USOIS(1)(A)		2			958			956
	740		03/15/23	2.786%(S)	3 Month LIBOR(1)(Q)		822			3,033			2,211
	290		03/26/23	2.791%(S)	3 Month LIBOR(2)(Q)		(35	)		(1,301	)		(1,266	)
	280		05/21/23	2.215%(S)	3 Month LIBOR(2)(Q)		—			(9,101	)		(9,101	)
	500		08/15/24	2.168%(S)	3 Month LIBOR(1)(Q)		—			21,467			21,467
	4,435		08/15/24	2.170%(S)	3 Month LIBOR(1)(Q)		16,556			189,970			173,414
	490		08/15/24	2.176%(S)	3 Month LIBOR(1)(Q)		895			20,825			19,930
	1,230		11/15/24	2.334%(S)	3 Month LIBOR(1)(Q)		4,442			43,703			39,261
	500		02/14/25	—(4)	—(4)		—			(47	)		(47	)
	1,185		02/28/25	2.454%(A)	1 Day USOIS(1)(A)		1,354			6,961			5,607
	130		05/15/27	2.295%(S)	3 Month LIBOR(1)(Q)		—			6,384			6,384
	310		03/26/28	2.884%(S)	3 Month LIBOR(1)(Q)		71			2,020			1,949
	150		05/21/28	2.421%(S)	3 Month LIBOR(1)(Q)		—			7,254			7,254
	110		03/26/33	2.942%(S)	3 Month LIBOR(2)(Q)		(36	)		(860	)		(824	)
	70		10/04/42	2.527%(S)	3 Month LIBOR(2)(Q)		—			(6,137	)		(6,137	)
	60		10/04/47	2.536%(S)	3 Month LIBOR(1)(Q)		—			5,611			5,611
ZAR	3,800		09/23/22	7.430%(Q)	3 Month JIBAR(2)(Q)		—			619			619
ZAR	2,035		06/30/27	8.015%(Q)	3 Month JIBAR(2)(Q)		(13	)		3,923			3,936
ZAR	1,700		11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)		(34	)		6,658			6,692
						$	(101,794	)	$	351,715		$	453,509

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
	OTC swap agreements:
AED	1,700		04/05/21	3.005%(A)	3 Month EIBOR(1)(Q)	$	1,125	$	—	$	1,125	BNP Paribas
CLP	85,000		11/15/27	4.130%(S)	1 Day CLOIS(2)(S)		2		—		2	Morgan Stanley
CLP	55,000		12/20/27	4.260%(S)	1 Day CLOIS(2)(S)		1,012		—		1,012	Morgan Stanley
CLP	19,100		01/23/28	4.245%(S)	1 Day CLOIS(2)(S)		403		—		403	Morgan Stanley
CLP	33,000		01/26/28	4.210%(S)	1 Day CLOIS(2)(S)		536		—		536	Morgan Stanley
COP	123,000		01/23/28	6.035%(Q)	1 Day COOIS(2)(Q)		313		—		313	Morgan Stanley
COP	336,000		01/26/28	6.000%(Q)	1 Day COOIS(2)(Q)		1,305		—		1,305	Morgan Stanley
COP	263,000		02/01/28	6.020%(Q)	1 Day COOIS(2)(Q)		1,525		—		1,525	Morgan Stanley
ILS	2,445		11/20/21	0.915%(A)	3 Month TELBOR(1)(Q)		466		—		466	BNP Paribas

See Notes to Financial Statements.

PGIM International Bond Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
	OTC swap agreements (cont’d.):
ILS	1,150		01/12/27	1.975%(A)	3 Month TELBOR(2)(Q)	$	10,020		$	—		$	10,020		Citigroup Global Markets
ILS	1,000		11/21/27	2.800%(A)	3 Month TELBOR(2)(Q)		452			—			452		BNP Paribas
KRW	850,000		01/06/27	1.800%(Q)	3 Month KWCDC(2)(Q)		(32,182	)		(19	)		(32,163	)	Citigroup Global Markets
SAR	1,700		04/05/21	3.020%(A)	3 Month SAIBOR(2)(Q)		(912	)		—			(912	)	BNP Paribas
SAR	950		11/08/22	3.090%(A)	3 Month SAIBOR(1)(Q)		388			—			388		BNP Paribas
SAR	730		04/05/25	3.480%(A)	3 Month SAIBOR(1)(Q)		1,267			—			1,267		BNP Paribas
ZAR	3,300		09/22/42	8.020%(Q)	3 Month JIBAR(2)(Q)		1,537			(33	)		1,570		Deutsche Bank AG
ZAR	3,100		09/22/47	7.890%(Q)	3 Month JIBAR(1)(Q)		(1,402	)		26			(1,428	)	Deutsche Bank AG
						$	(14,145	)	$	(26	)	$	(14,119	)

Cash of $66,000 and a security with a market value of $779,650 have been segregated with Citigroup Global Markets to cover requirements for open centrally cleared swap contracts at April 30, 2018.

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

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

(3) The Fund pays the floating rate of 3 Month CHF LIBOR plus 1.75 bps quarterly and receives the floating rate of 6 Month CHF LIBOR semiannually.

(4) The Fund pays the floating rate of 3 Month LIBOR quarterly and receives the floating rate of 1 Day USOIS plus 38.25 bps quarterly.

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	3,523	$	(75,771)	$	77,465	$	(35,607	)

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.

36

The following is a summary of the inputs used as of April 30, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—	$	1,161,692	$	—
Netherlands		—		1,207,791		301,900
United States		—		98,478		—
Corporate Bonds
Australia		—		126,464		—
China		—		248,047		—
Germany		—		806,537		—
Ireland		—		126,708		—
Italy		—		131,740		—
Mexico		—		139,900		—
Netherlands		—		422,184		—
Russia		—		124,644		—
Spain		—		255,359		—
Supranational Bank		—		104,282		—
United Kingdom		—		1,384,367		—
United States		—		2,499,132		—
Residential Mortgage-Backed Securities		—		1,214,670		167,000
Sovereign Bonds
Argentina		—		359,721		—
Belgium		—		843,810		—
Brazil		—		394,592		—
Bulgaria		—		355,066		—
Canada		—		193,166		—
Colombia		—		276,781		—
Cyprus		—		664,058		—
France		—		575,110		—
Germany		—		95,503		—
Greece		—		1,167,405		—
Hungary		—		121,497		—
Indonesia		—		449,974		—
Ireland		—		207,070		—
Israel		—		123,127		—
Italy		—		2,449,673		—
Lithuania		—		215,078		—
Mexico		—		261,687		—
Peru		—		289,002		—
Portugal		—		814,720		—
Romania		—		246,773		—
Senegal		—		119,707		—
South Korea		—		230,587		143,063
Spain		—		2,191,833		—

See Notes to Financial Statements.

PGIM International Bond Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Sovereign Bonds (continued)
Turkey	$	—		$	219,746		$	—
United Kingdom		—			1,521,268			—
U.S. Government Agency Obligation		—			19,631			—
Affiliated Mutual Fund		1,129,379			—			—
Options Purchased		—			52,561			—
Options Written		—			(44,305	)		(1,597	)
Other Financial Instruments*
Futures Contracts		(68,727	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			243,291			—
OTC Cross Currency Exchange Contracts		—			24,916			—
OTC Credit Default Swap Agreements		—			(5,394	)		(10,851	)
Centrally Cleared Credit Default Swap Agreements		—			59,254			—
Centrally Cleared Inflation Swap Agreements		—			(2,452	)		—
Centrally Cleared Interest Rate Swap Agreements		—			453,509			—
OTC Interest Rate Swap Agreements		—			(14,145	)		—
Total	$	1,060,652		$	25,225,815		$	599,515

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			Residential Mortgage— Backed Securities		Sovereign Bonds			Options Written			Credit Default Swap Agreements
Balance as of 10/31/2017	$	582,425		$	—	$	139,604		$	—		$	—
Realized gain (loss)		—			—		—			—			—
Change in unrealized appreciation (depreciation)		10,051			—		3,974			(1,173	)		219
Purchases/Exchanges/Issuances		—			167,000		—			(424	)		(11,070	)
Sales/Paydowns		—			—		—			—			—
Accrued discounts/premiums		636			—		(515	)		—			—
Transfers into Level 3		—			—		—			—			—
Transfers out of Level 3		(291,212	)		—		—			—			—
Balance as of 04/30/2018	$	301,900		$	167,000	$	143,063		$	(1,597	)	$	(10,851	)
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	10,051		$	—	$	3,974		$	(1,173	)	$	219

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

See Notes to Financial Statements.

38

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, 2018			Valuation Methodology		Unobservable Inputs
Asset-Backed Securities–Collateralized Loan Obligations	$	301,900			Pricing at Cost	Unadjusted Purchase Price
Residential Mortgage–Backed Securities		167,000			Market Approach	Single Broker Indicative Quote
Sovereign Bonds		143,063			Evaluated Bid	Comparable Security Data
Options Written		(1,597	)		Market Approach	Single Broker Indicative Quote
Credit Default Swap Agreements		(10,851	)		Market Approach	Single Broker Indicative Quote
	$	599,515

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

Investments in Securities	Amount Transferred		Level Transfer		Logic
Asset-Backed Securities—Collateralized Loan Obligations	$	291,212		L3 to L2	Cost to Evaluated Bid

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, 2018 were as follows:

Sovereign Bonds	52.9	%
Collateralized Loan Obligations	9.7
Residential Mortgage-Backed Securities	5.0
Affiliated Mutual Fund	4.1
Banks	2.5
Media	2.3
Insurance	1.8
Healthcare-Products	1.8
Entertainment	1.5
Auto Parts & Equipment	1.4
Retail	1.0
Oil & Gas	1.0
Electric	0.9
Pharmaceuticals	0.9
Software	0.9
Foods	0.8
Auto Manufacturers	0.7
Diversified Financial Services	0.5
Packaging & Containers	0.5
Telecommunications	0.5	%
Real Estate Investment Trusts (REITs)	0.5
Electrical Components & Equipment	0.5
Apparel	0.5
Forest Products & Paper	0.5
Commercial Services	0.5
Lodging	0.4
Household Products/Wares	0.4
Electronics	0.4
Multi-National	0.4
Automobiles	0.4
Options Purchased	0.2
U.S. Government Agency Obligation	0.1
	95.5
Options Written	(0.1	)
Other assets in excess of liabilities	4.6
	100.0	%

See Notes to Financial Statements.

PGIM International Bond Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

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, 2018 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	Due from/to broker— variation margin swaps	$	61,391	*	Due from/to broker— variation margin swaps	$	2,137	*
Credit contracts	Premiums paid for OTC swap agreements		3,497		Premiums received for OTC swap agreements		75,719
Credit contracts	Unaffiliated investments		2,485		Options written outstanding, at value		4,703
Credit contracts	Unrealized appreciation on OTC swap agreements		57,081		Unrealized depreciation on OTC swap agreements		1,104
Foreign exchange contracts	Unaffiliated investments		45,792		Options written outstanding, at value		35,318
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		28,045		Unrealized depreciation on OTC cross currency exchange contracts		3,129
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		370,596		Unrealized depreciation on OTC forward foreign currency exchange contracts		127,305
Interest rate contracts	Due from/to broker—variation margin futures		61,141	*	Due from/to broker—variation margin futures		129,868	*
Interest rate contracts	Due from/to broker—variation margin swaps		612,085	*	Due from/to broker—variation margin swaps		161,028	*
Interest rate contracts	Premiums paid for OTC swap agreements		26		Premiums received for OTC swap agreements		52
Interest rate contracts	Unaffiliated investments		4,284		Options written outstanding, at value		5,881
Interest rate contracts	Unrealized appreciation on OTC swap agreements		20,384		Unrealized depreciation on OTC swap agreements		34,503
Total		$	1,266,807			$	580,747

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

See Notes to Financial Statements.

40

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2018 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures			Forward & Cross Currency Exchange Contracts			Swaps
Credit contracts	$	(19,368	)	$	31,007	$	—		$	—		$	8,297
Foreign exchange contracts		(15,547	)		16,160		—			(704,520	)		—
Interest rate contracts		(10,841	)		10,400		(265,880	)		—			73,419
Total	$	(45,756	)	$	57,567	$	(265,880	)	$	(704,520	)	$	81,716

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures			Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	9,265		$	644		$	—		$	—	$	73,110
Foreign exchange contracts		(15,776	)		10,946			—			5,311		—
Interest rate contracts		5,880			(6,145	)		(71,597	)		—		345,665
Total	$	(631	)	$	5,445		$	(71,597	)	$	5,311	$	418,775

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

For the six months ended April 30, 2018, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(4)		Futures Contracts— Long Positions(4)		Futures Contracts— Short Positions(4)		Forward Foreign Currency Exchange Contracts— Purchased(3)		Forward Foreign Currency Exchange Contracts— Sold(3)
$	78,941	$	37,920,221	$	19,125,031	$	20,544,771	$	7,486,729	$	29,800,360

See Notes to Financial Statements.

PGIM International Bond Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2018

For the six months ended April 30, 2018, the Fund’s average volume of derivative activities is as follows (continued):

Cross Currency Exchange Contracts(2)		Credit Default Swap Agreements— Buy Protection(4)		Credit Default Swap Agreements— Sell Protection(4)		Currency Swap Agreements(4)		Inflation Swap Agreements(4)		Interest Rate Swap Agreements(4)
$	1,004,788	$	986,595	$	4,250,879	$	326,000	$	1,645,768	$	93,483,979

(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, 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 of Recognized Liabilities(1)			Net Amounts of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount
Bank of America	$	65,637	$	(8,649	)	$	56,988		$	—		$	56,988
Barclays Capital Group		25,749		(36,758	)		(11,009	)		—			(11,009	)
BNP Paribas		27,962		(28,123	)		(161	)		—			(161	)
Citigroup Global Markets		129,541		(113,530	)		16,011			—			16,011
Deutsche Bank AG		4,681		(13,139	)		(8,458	)		—			(8,458	)
Goldman Sachs & Co.		3,372		(8,819	)		(5,447	)		—			(5,447	)
Hong Kong & Shanghai Bank		—		(2,385	)		(2,385	)		—			(2,385	)
JPMorgan Chase		7,255		(8,323	)		(1,068	)		—			(1,068	)
Morgan Stanley		20,267		(37,931	)		(17,664	)		—			(17,664	)
Toronto Dominion		1,281		(6,533	)		(5,252	)		—			(5,252	)
UBS AG		246,445		(23,524	)		222,921			(190,000	)		32,921
	$	532,190	$	(287,714	)	$	244,476		$	(190,000	)	$	54,476

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

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

See Notes to Financial Statements.

42

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of April 30, 2018

Assets
Investments at value:
Unaffiliated investments (cost $22,742,158)	$	25,123,104
Affiliated investments (cost $1,129,379)		1,129,379
Cash		17,739
Foreign currency, at value (cost $437,577)		425,305
Unrealized appreciation on OTC forward foreign currency exchange contracts		370,596
Deposit with broker for futures		341,227
Interest receivable		221,955
Unrealized appreciation on OTC swap agreements		77,465
Deposit with broker for centrally cleared swaps		66,000
Unrealized appreciation on OTC cross currency exchange contracts		28,045
Due from broker—variation margin futures		16,434
Receivable for investments sold		8,672
Due from Manager		8,005
Premium paid for OTC swap agreements		3,523
Prepaid expenses		282
Total assets		27,837,731
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		127,305
Premium received for OTC swap agreements		75,771
Options written outstanding, at value (premiums received $68,709)		45,902
Unrealized depreciation on OTC swap agreements		35,607
Custodian and accounting fees payable		27,198
Audit fee payable		25,043
Accrued expenses and other liabilities		7,858
Due to broker—variation margin swaps		4,913
Payable for investments purchased		3,681
Unrealized depreciation on OTC cross currency exchange contracts		3,129
Payable for Fund shares reacquired		150
Affiliated transfer agent fee payable		49
Distribution fee payable		29
Total liabilities		356,635
Net Assets	$	27,481,096
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,610
Paid-in capital in excess of par		25,158,075
		25,160,685
Distributions in excess of net investment income		(463,274	)
Accumulated net realized loss on investment and foreign currency transactions		(357,287	)
Net unrealized appreciation on investments and foreign currencies		3,140,972
Net assets, April 30, 2018	$	27,481,096

See Notes to Financial Statements.

44

Class A
Net asset value and redemption price per share, ($98,733 ÷ 9,380 shares of beneficial interest issued and outstanding)	$	10.53
Maximum sales charge (4.50% of offering price)		0.50
Maximum offering price to public	$	11.03
Class C
Net asset value, offering price and redemption price per share, ($10,735 ÷ 1,020 shares of beneficial interest issued and outstanding)	$	10.52
Class Z
Net asset value, offering price and redemption price per share, ($162,264 ÷ 15,409 shares of beneficial interest issued and outstanding)	$	10.53
Class R6
Net asset value, offering price and redemption price per share, ($27,209,364 ÷ 2,584,646 shares of beneficial interest issued and outstanding)	$	10.53

See Notes to Financial Statements.

PGIM International Bond Fund 45

Statement of Operations (unaudited)

Six Months Ended April 30, 2018

Net Investment Income (Loss)
Income
Interest income	$	274,274
Affiliated dividend income		5,589
Total income		279,863
Expenses
Management fee		67,289
Distribution fee(a)		171
Custodian and accounting fees		64,998
Audit fee		25,043
Registration fees(a)		24,344
Shareholders’ reports		13,541
Legal fees and expenses		9,317
Trustees’ fees		5,911
Transfer agent’s fees and expenses (including affiliated expense of $123)(a)		167
Miscellaneous		5,918
Total expenses		216,699
Less: Fee waiver and/or expense reimbursement(a)		(116,939	)
Net expenses		99,760
Net investment income (loss)		180,103
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		94,847
Futures transactions		(265,880	)
Options written transactions		57,567
Swap agreements transactions		81,716
Forward and cross currency contract transactions		(704,520	)
Foreign currency transactions		622,909
		(113,361	)
Net change in unrealized appreciation (depreciation) on:
Investments		155,184
Futures		(71,597	)
Options written		5,445
Swap agreements		418,775
Forward and cross currency contracts		5,311
Foreign currencies		(21,304	)
		491,814
Net gain (loss) on investment and foreign currency transactions		378,453
Net Increase (Decrease) In Net Assets Resulting From Operations	$	558,556

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

	Class A			Class C			Class Z			Class R6
Distribution fee		118			53			—			—
Registration fees		6,086			6,086			6,086			6,086
Transfer agent’s fees and expenses		77			21			42			27
Fee waiver and/or expense reimbursement		(6,487	)		(6,142	)		(6,539	)		(97,771	)

See Notes to Financial Statements.

46

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2018			December 14, 2016* through October 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	180,103		$	233,253
Net realized gain (loss) on investment and foreign currency transactions		(113,361	)		(1,223,741	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		491,814			2,649,158
Net increase (decrease) in net assets resulting from operations		558,556			1,658,670
Dividends and Distributions
Dividends from net investment income
Class A		(1,032	)		—
Class C		(77	)		—
Class Z		(1,543	)		—
Class R6		(322,492	)		—
		(325,144	)		—
Tax return of capital distributions
Class A		—			(771	)
Class C		—			(130	)
Class Z		—			(223	)
Class R6		—			(553,162	)
		—			(554,286	)
Fund share transactions
Net proceeds from shares sold		156,301			25,119,515
Net asset value of shares issued in reinvestment of dividends and distributions		325,152			554,265
Cost of shares reacquired		(832	)		(11,101	)
Net increase (decrease) in net assets from share transactions		480,621			25,662,679
Total increase (decrease)		714,033			26,767,063
Net Assets:
Beginning of period		26,767,063			—
End of period(a)	$	27,481,096		$	26,767,063
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(463,274	)	$	(318,233	)

* Commencement of operations.

See Notes to Financial Statements.

PGIM International Bond Fund 47

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on September 18, 1998. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMA Large-Cap Core Equity Fund, each of which are diversified funds and PGIM International Bond Fund, PGIM Select Real Estate Fund and PGIM Real Estate Income Fund, each of which are non-diversified funds for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM International Bond Fund (the “Fund”). Effective June 11, 2018, the Funds’ names were changed by replacing “Prudential” with “PGIM” in each Fund’s name and Class Q shares were renamed Class R6 shares.

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

1. Accounting Policies

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

48

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

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

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 are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days.

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

OTC derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing OTC derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows.

PGIM International Bond Fund 49

Notes to Financial Statements (unaudited) (continued)

In addition, the third-party vendors’ valuation techniques used to derive the evaluated OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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 Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

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

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

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

50

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

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities 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.

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

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

PGIM International Bond Fund 51

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

52

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

Swap Agreements: The Fund may enter into credit default, interest rate and other types 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 exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

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

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

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection

PGIM International Bond Fund 53

Notes to Financial Statements (unaudited) (continued)

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate 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 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.

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.

54

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such

PGIM International Bond Fund 55

Notes to Financial Statements (unaudited) (continued)

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, 2018, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

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 their 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 or economic instability or the level of governmental supervision and regulation of foreign securities markets.

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 class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements.

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

56

Dividends and Distributions: The Fund declares daily dividends from net investment income and payment is made monthly. Distributions of net realized capital and currency gains, if any, are made 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.

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

2. Agreements

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

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

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements, was 0.50% for the six months ended April 30, 2018.

PGIM Investments has contractually agreed, through February 28, 2019, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.99% of average daily net assets for Class A shares, 1.74% of average daily net assets for Class C shares, 0.74% of average daily net assets for Class Z shares or 0.74% of average daily net assets for Class��R6 shares. This contractual expense limitation excludes interest,

PGIM International Bond Fund 57

Notes to Financial Statements (unaudited) (continued)

brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The waiver and/or expense reimbursements exceeded the effective management fee rate for the six months ended April 30, 2018.

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

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

PIMS has advised the Fund that it has not received any in front-end sales charges resulting from sales of Class A shares, during the six months ended April 30, 2018. From these fees, PIMS paid such sales charges to broker-dealers, which in turn paid commissions to sales persons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended April 30, 2018, it did not receive any in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliated 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

58

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. For the reporting period ended April 30, 2018 no such transactions were entered into by the Fund.

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

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended April 30, 2018 were $5,110,828 and $6,399,384, respectively.

A summary of cost of purchases and proceeds from sales of shares of affiliated mutual funds for the six months ended April 30, 2018, is presented as follows:

Affiliated Mutual Funds*	Value, beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, end of Period		Shares, end of Period		Dividend Income
PGIM Core Ultra Short Bond Fund	$	212,885	$	5,238,577	$	4,322,083	$	—	$	—	$	1,129,379	$	1,129,379	$	5,589

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

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2018 were as follows:

Tax Basis	$	24,307,169
Gross Unrealized Appreciation		5,155,898
Gross Unrealized Depreciation		(2,577,085	)
Net Unrealized Appreciation	$	2,578,813

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.

PGIM International Bond Fund 59

Notes to Financial Statements (unaudited) (continued)

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Z and Class R6 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 $0.001 par value per share, divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of April 30, 2018, Prudential, through its affiliate entities, including affiliated funds, owned 1,030 Class A shares, 1,020 Class C shares, 1,034 Class Z shares and 2,584,646 Class R6 shares of the Fund. At reporting period end, 1 shareholder of record held 99% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which all were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended April 30, 2018:
Shares sold		594		$	6,251
Shares issued in reinvestment of dividends and distributions		98			1,031
Shares reacquired		(79	)		(832	)
Net increase (decrease) in shares outstanding		613		$	6,450
Period ended October 31, 2017*:
Shares sold		8,745		$	89,467
Shares issued in reinvestment of dividends and distributions		74			771
Shares reacquired		(52	)		(546	)
Net increase (decrease) in shares outstanding		8,767		$	89,692

60

Class C	Shares			Amount
Six months ended April 30, 2018:
Shares issued in reinvestment of dividends and distributions		7		$	77
Net increase (decrease) in shares outstanding		7		$	77
Period ended October 31, 2017*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		13			130
Net increase (decrease) in shares outstanding		1,013		$	10,130
Class Z
Six months ended April 30, 2018:
Shares sold		14,236		$	150,050
Shares issued in reinvestment of dividends and distributions		147			1,543
Net increase (decrease) in shares outstanding		14,383		$	151,593
Period ended October 31, 2017*:
Shares sold		1,005		$	10,048
Shares issued in reinvestment of dividends and distributions		21			223
Net increase (decrease) in shares outstanding		1,026		$	10,271
Class R6
Six months ended April 30, 2018:
Shares issued in reinvestment of dividends and distributions		30,696		$	322,501
Net increase (decrease) in shares outstanding		30,696		$	322,501
Period ended October 31, 2017*:
Shares sold		2,501,000		$	25,010,000
Shares issued in reinvestment of dividends and distributions		53,965			553,141
Shares reacquired**		(1,015	)		(10,555	)
Net increase (decrease) in shares outstanding		2,553,950		$	25,552,586

* Commencement of operations was December 14, 2016.

** Includes affiliated redemption of 1,015 shares with a value of $10,555 for Class R6.

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 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCAs 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.

PGIM International Bond Fund 61

Notes to Financial Statements (unaudited) (continued)

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

The Fund did not utilize the SCA during the reporting period ended April 30, 2018.

62

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended April 30, 2018			December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.07
Net realized and unrealized gain (loss) on investments		0.14			0.57
Total from investment operations		0.20			0.64
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		-
Tax return of capital		-			(0.20	)
Total dividends and distributions		(0.11	)		(0.20	)
Net asset value, end of period		$10.53			$10.44
Total Return(c):		1.95%			6.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$99			$91
Average net assets (000)		$95			$38
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.99%	(e)		0.99%	(e)
Expenses before waivers and/or expense reimbursement		14.72%	(e)		3.39%	(e)
Net investment income (loss)		1.10%	(e)		0.85%	(e)
Portfolio turnover rate(g)		20%	(f)		66%	(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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

PGIM International Bond Fund 63

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended April 30, 2018				December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.44				$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02				-
Net realized and unrealized gain (loss) on investments		0.14				0.57
Total from investment operations		0.16				0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)			-
Tax return of capital		-				(0.13	)
Total dividends and distributions		(0.08	)	��		(0.13	)
Net asset value, end of period		$10.52				$10.44
Total Return(c):		1.49%				5.73%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11				$11
Average net assets (000)		$11				$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.74%	(e)			1.74%	(e)
Expenses before waivers and/or expense reimbursement		118.05%	(e)			3.26%	(e)
Net investment income (loss)		0.34%	(e)			0.06%	(e)
Portfolio turnover rate(g)		20%	(f)			66%	(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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

64

Class Z Shares
	Six Months Ended April 30, 2018			December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.09
Net realized and unrealized gain (loss) on investments		0.14			0.57
Total from investment operations		0.22			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		-
Tax return of capital		-			(0.22	)
Total dividends and distributions		(0.13	)		(0.22	)
Net asset value, end of period		$10.53			$10.44
Total Return(c):		2.08%			6.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$162			$11
Average net assets (000)		$120			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.74%	(e)		0.74%	(e)
Expenses before waivers and/or expense reimbursement		11.71%	(e)		2.24%	(e)
Net investment income (loss)		1.50%	(e)		1.09%	(e)
Portfolio turnover rate(g)		20%	(f)		66%	(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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

PGIM International Bond Fund 65

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended April 30, 2018			December 14, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.09
Net realized and unrealized gain (loss) on investments		0.15			0.57
Total from investment operations		0.22			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		-
Tax return of capital		-			(0.22	)
Total dividends and distributions		(0.13	)		(0.22	)
Net asset value, end of period		$10.53			$10.44
Total Return(c):		2.07%			6.65%
Ratios/Supplemental Data:
Net assets, end of period (000)		$27,209			$26,654
Average net assets (000)		$26,913			$25,767
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.74%	(e)		0.74%	(e)
Expenses before waivers and/or expense reimbursement		1.47%	(e)		1.99%	(e)
Net investment income (loss)		1.34%	(e)		1.07%	(e)
Portfolio turnover rate(g)		20%	(f)		66%	(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 funds in which the Fund invests.

(e) Annualized.

(f) Not annualized.

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

See Notes to Financial Statements.

66

∎ 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 • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • 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 • Dino Capasso, Vice President and Deputy 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, PGIM International Bond Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-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 1-800-SEC-0330. 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

PGIM INTERNATIONAL BOND FUND

SHARE CLASS	A	C	Z	R6*
NASDAQ	PXBAX	PXBCX	PXBZX	PXBQX
CUSIP	74441J738	74441J720	74441J696	74441J712

*Formerly known as Class Q shares.

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 18, 2018

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 18, 2018
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	June 18, 2018