Prudential Investment Portfolios 9 N-CSR Certified 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:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2018
Date of reporting period:	10/31/2018

Item 1 – Reports to Stockholders

PGIM ABSOLUTE RETURN BOND FUND

(Formerly known as Prudential Absolute Return Bond Fund)

ANNUAL REPORT

OCTOBER 31, 2018

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

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

Highlights (unaudited)

• The Fund outperformed the ICE BofAML USD LIBOR 3-Month Constant Maturity Index over the reporting period, highlighted by strong security selection and yield curve positioning.

• Security selection was the largest contributor to Fund performance, led by positioning in interest rate swaps, collateralized loan obligations, high yield corporate bonds, non-agency mortgage-backed securities, sovereign bonds, US Treasury securities, and commercial mortgage-backed securities.

• Although overall security selection contributed to performance, positioning in emerging markets limited results.

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

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

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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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

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

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM Absolute Return Bond Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Annual Report -

PGIM Absolute Return Bond Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Growth of a $10,000 Investment	9
Strategy and Performance Overview	12
Fees and Expenses	17
Holdings and Financial Statements	19

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Letter from the President

Dear Shareholder:

We hope you find the annual report for PGIM Absolute Return Bond Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 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.*

During the reporting period, the global economy continued to grow, and central banks gradually tightened monetary policy. In the US, the economy expanded and employment increased. In September, the Federal Reserve hiked interest rates for the eighth time since 2015, based on confidence in the economy.

Equity returns on the whole were strong, due to optimistic earnings expectations and investor sentiment. Global equities, including emerging markets, generally posted positive returns. However, they trailed the performance of US equities, which rose on higher corporate profits, new regulatory policies, and tax reform benefits. Volatility spiked briefly early in the period on inflation concerns, rising interest rates, and a potential global trade war, and again late in the period on worries that profit growth might slow in 2019.

The overall bond market declined modestly during the period, as measured by the Bloomberg Barclays US Aggregate Bond Index. The best performance came from higher-yielding, economically sensitive sectors, such as high yield bonds and bank loans, which posted small gains. US investment-grade corporate bonds and US Treasury bonds both finished the period with negative returns. A major trend during the period was the flattening of the US Treasury yield curve, which increased the yield on fixed income investments with shorter maturities and made them more attractive to investors.

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

December 14, 2018

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

PGIM Absolute Return Bond Fund 7

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.

	Average Annual Total Returns as of 10/31/18 (with sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	–2.39		1.73		1.93 (3/30/11)
Class C	0.44		1.91		1.80 (3/30/11)
Class Z	2.48		2.93		2.82 (3/30/11)
Class R6*	2.42		2.97		2.86 (3/30/11)
ICE BofAML USD LIBOR 3-Month CM Index
	1.85		0.79		0.65
Bloomberg Barclays US Aggregate Bond Index
	–2.05		1.83		2.57
Lipper Alternative Credit Focus Funds Average
	–0.07		1.91		2.25
	Average Annual Total Returns as of 10/31/18 (without sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	2.21		2.68		2.55 (3/30/11)
Class C	1.43		1.91		1.80 (3/30/11)
Class Z	2.48		2.93		2.82 (3/30/11)
Class R6*	2.42		2.97		2.86 (3/30/11)
ICE BofAML USD LIBOR 3-Month CM Index
	1.85		0.79		0.65
Bloomberg Barclays US Aggregate Bond Index
	–2.05		1.83		2.57
Lipper Alternative Credit Focus Funds Average
	–0.07		1.91		2.25

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the ICE BofAML USD LIBOR 3-Month CM Index by portraying the initial account values at the commencement of operations for Class Z shares (March 30, 2011) and the account values at the end of the current fiscal year (October 31, 2018) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

*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 Fund’s inception date.

PGIM Absolute Return Bond Fund 9

Your Fund’s Performance (continued)

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.

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Distributions and Yields as of 10/31/18
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.33	2.81	2.81
Class C	0.25	2.19	2.19
Class Z	0.35	3.25	3.12
Class R6***	0.36	3.34	3.47

*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. The investor experience is represented by the SEC 30-Day Subsidized Yield.

***Formerly known as Class Q shares.

Credit Quality expressed as a percentage of total investments as of 10/31/18 (%)
AAA	29.3
AA	7.5
A	5.2
BBB	15.6
BB	16.3
B	8.1
CCC	0.9
CC	0.1
C	0.1
Not Rated	9.2
Cash/Cash Equivalents	7.8
Total Investments	100.0

Source: PGIM Fixed Income

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

PGIM Absolute Return Bond Fund 11

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Absolute Return Bond Fund’s Class Z shares returned 2.48% in the 12-month reporting period that ended October 31, 2018, outperforming the 1.85% return of the ICE BofAML USD LIBOR 3-Month Constant Maturity Index (the Index) and the –0.07% return of the Lipper Alternative Credit Focus Funds Average.

What were market conditions?

• At the beginning of the reporting period, positive economic momentum continued across the G3. (The G3, or Group of Three, refers to the US, Japan, and the European Union.) The US economy grew at an annualized 3.3% rate in the third quarter of 2017, following a similarly robust 3.1% pace in the second quarter. In the European Union, real gross domestic product (GDP) growth, at 2.4% in the third quarter, was broad based across countries. (Real GDP is a measurement of economic output adjusted for inflation.) Japan outpaced its potential growth rate by a wide margin, as its real GDP rose 2.5% in the third quarter after 2.9% growth in the second quarter. Consumer spending moderated across the G3, though remained at a solid pace. Business investment notably picked up, supporting market expectations that solid economic momentum was likely to carry into 2018.

• Stock and credit markets continued flying high with little volatility at the start of 2018 on optimism regarding the economic outlook. Their smooth flight soon hit an air pocket, however, on concerns about the US budget deficit’s potential to destabilize markets by pushing up Treasury yields and pushing down the dollar. Later in the first quarter, the markets floundered amid rising concerns of trade wars, troubles among technology companies, and—closer to the credit markets—concerns about merger-and-acquisition (M&A) activity, which had been running high. Stocks moved in a wide range during the first quarter, and at one point were nearly 10% off their highs. At quarter end, Treasury yields were higher, credit spreads (yield differentials between corporate bonds and Treasury securities of the same maturity) were wider, and stocks were little changed.

• The markets struggled in the second quarter as fears about trade and political issues, which had emerged early in the year, were realized to varying degrees. Meanwhile, the long shadow of quantitative monetary policy tightening stretched across the markets. The trade conflicts were awkward at the meeting of the G20, but then became real as US barbs were met with tit-for-tat measures that were at risk of intensifying. (The G20 is a leading forum of the world’s major economies that seeks to develop global policies to address pressing challenges.) The results of Italy’s elections, which took place in the first quarter, sparked market fears during the second quarter as renegade parties entered a coalition with a platform that appeared to jeopardize Italy’s finances and its relationship with Europe. Meanwhile, emerging market developments, including elections in Turkey and Mexico, raised concerns about the potential rise in policy heterodoxy. Over the first

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half of 2018, these concerns fueled spread widening, which appeared to get slightly ahead of fundamentals.

• Despite a third-quarter 2018 bounce in the fixed income spread sectors, it wasn’t enough to undo the damage from the first half of the year. On the rates side, yields either moved sideways or higher—significantly so in some cases. In currencies, the US dollar was the biggest beneficiary of the anxious market backdrop. And across markets, idiosyncratic fundamental vulnerabilities and policy missteps brought stiff punishment from the markets. While the markets have been volatile, the underlying causes have been more or less constant with minor variations. To set the stage, after a decade of balance sheet expansion, the G3 central banks were finally—at least in aggregate—turning off the liquidity spigot. The Federal Reserve (the Fed) was in the lead, hiking short-term interest rates and continuing to trim its balance sheet at an accelerating pace. The European Central Bank was in the final months of its asset purchase program, which was expected to increase market anxiety about the timing and pace of eventual rate hikes. Meanwhile, the Bank of Japan (BoJ) sent mixed messages. With the Japanese economy taking longer to hit the BoJ’s 2% inflation target, policymakers tried to improve their long-term policy effectiveness by taking certain steps, such as reducing bond purchase amounts and widening the target range for the 10-year Japanese government bond yield, with the intent of reducing the BoJ’s power over the fixed income market and the steepening of the yield curve.

• Against a backdrop of increased equity market volatility, economic data releases in October 2018 suggested the US economy was continuing to grow at a solidly above-trend pace. Third-quarter real GDP growth slowed only modestly to an annualized 3.5% pace, following a robust 4.2% gain in the second quarter, while economic data releases in the fourth quarter suggested the strength was enduring. That said, the sources of strength in the third quarter narrowed to the household and government sectors. Growth in consumer spending, already strong in the second quarter, accelerated slightly to a 4.0% pace in the third quarter. Moreover, government spending added 0.6% to US GDP growth, reflecting a pickup in spending at the federal, state, and local levels. Business investment faltered, however, decelerating from a 10% overall pace in the first half of 2018 to just 0.8% in the third quarter. Meanwhile, residential investment declined another 4.0% in real terms; it has now fallen in seven out of the last 10 quarters.

What worked?

• The Fund outperformed the Index over the reporting period, highlighted by strong security selection and yield curve positioning. Duration positioning, sector allocation, and currency selection detracted from performance over the period. The Index does not include any bonds but closely tracks the Bank of America Merrill Lynch US Dollar LIBOR 3-Month Constant Maturity Index (LIBOR), the most widely used benchmark for short-term interest rates.

PGIM Absolute Return Bond Fund 13

Strategy and Performance Overview (continued)

• Security selection was the largest contributor to Fund performance, led by positioning in interest rate swaps, collateralized loan obligations (CLOs), high yield corporate bonds, non-agency mortgage-backed securities, sovereign bonds, US Treasury securities, and commercial mortgage-backed securities (CMBS).

• Corporate positioning in the health care & pharmaceutical and technology sectors added value. Within health care & pharmaceutical, overweights in Tenet Healthcare and HCA Healthcare were positive. Contributors in the technology sector included an overweight in Interxion Holding. An overweight in Greece was the largest contributor to the Fund’s performance.

• In sector allocation, overweights in high yield bonds, emerging markets debt, and CMBS were positive.

• Also contributing positively was the Fund’s yield curve flattener positioning, as the curve flattened over the reporting period.

What didn’t work?

• Although overall security selection contributed to performance, positioning in emerging markets limited results.

• Within corporate bonds, security selection in the building materials & home construction and transportation & environmental services sectors hurt performance. Detractors in building materials & home construction included overweights in William Lyon Homes and US Concrete. Within transportation & environmental services, an overweight in Onorato Armatori was negative. An overweight in Argentina was the largest detractor from performance.

• Looking at sector allocation, overweights in sovereign bonds and investment-grade corporates limited results over the period.

• The Fund employs an absolute return strategy that seeks to mitigate (or even eliminate) interest rate risk when appropriate. During the reporting period, the Fund was hurt by its strategy to manage duration, which is a measure of the interest rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years. The Fund’s long duration positioning detracted as US rates were higher during the period. The Fund’s active duration positioning ranged from neutral to 1.0 years long, ending October at the shorter end of the range at +0.4 years.

• The Fund occasionally features modest notional exposure to non-US dollar currencies across a diversified basket of currencies in faster-growing emerging and developed markets countries. The Fund’s currency positioning detracted from performance during the period, with overweights in the Indian rupee, Russian ruble, and Indonesian rupiah the largest detractors.

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Did the Fund use derivatives, and how did they affect performance?

• The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures, options, and swaps to help manage duration positioning and yield curve exposure. Futures and swaps added to performance during the period, while options modestly detracted. In addition, the Fund traded foreign exchange derivatives, which had a negative impact on performance during the reporting period.

Current outlook

• Given ongoing US economic strength, the Fed is expected to raise short-term interest rates at its policy meeting on December 19, which PGIM Fixed Income believes will be followed by additional hikes around March and June 2019. At that point, the federal funds rate would be at 2.9%—roughly in line with Fed officials’ median estimate of the long-run neutral policy rate (although their estimates range from 2.5% to 3.5%). If 1) the fiscal stimulus shows signs of waning by the second half of next year, 2) congressional gridlock following the mid-term elections rules out further fiscal stimulus, and 3) inflation on average remains contained, as PGIM Fixed Income anticipates, the Fed is likely to become more cautious by the second half of next year. Meanwhile, banks’ reserve balances at the Fed continue to shrink as quantitative tightening proceeds. PGIM Fixed Income anticipates further updates from the Fed over the next several meetings about its thinking regarding the likely terminal size of its balance sheet.

• At the end of the period, PGIM Fixed Income maintained a positive view of fundamentals in the credit sectors, with the Fund positioned in spread sectors such as high yield corporate bonds, emerging markets debt and structured products (CMBS, CLOs, asset- backed securities).

• In investment-grade corporate bonds, as the US economy enters the later stage of the credit cycle, PGIM Fixed Income continues to favor better-quality financials and electric utilities over industrials that are subject to event risk. Within industrials, the focus is on select issuers where an “event” has passed, as higher-quality issuers continue to add debt and M&A remains a concern.

• Because of a combination of solid fundamentals (strong earnings and low defaults) and favorable technicals (limited net supply and persistent institutional demand from Asia), PGIM Fixed Income holds a modestly positive view on US high yield bonds in the near term. However, concerns over current valuations, risk appetite on recent lower-quality M&A transactions that is reminiscent of 2007, as well as broader concerns about trade wars and the timing of the next US recession merit longer-term caution.

• PGIM Fixed Income expects CMBS issuance to be heavy for the remainder of 2018 and continues to find value in high-quality securities of new issue conduit deals. In asset-backed securities, a fundamentally driven, up-in quality focus is being maintained. PGIM

PGIM Absolute Return Bond Fund 15

Strategy and Performance Overview (continued)

Fixed Income favors select securitizations from originators of unsecured consumer loans, subprime auto loans, and private refinance student loans that practice strong underwriting and display robust structural features.

• Government-related sectors, including Treasuries and agency mortgage-backed securities, remain significant Fund underweights as PGIM Fixed Income finds more compelling value in the aforementioned sectors. The Fund also occasionally has a modest notional exposure to non-US dollar currencies across a diversified basket of currencies in faster-growing emerging and developed countries with current positioning featuring an overweight to the US dollar.

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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 October 31, 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 17

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 May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,006.10		1.01	%	$	5.11
	Hypothetical	$	1,000.00	$	1,020.11		1.01	%	$	5.14
Class C	Actual	$	1,000.00	$	1,002.30		1.77	%	$	8.93
	Hypothetical	$	1,000.00	$	1,016.28		1.77	%	$	9.00
Class Z	Actual	$	1,000.00	$	1,007.50		0.73	%	$	3.69
	Hypothetical	$	1,000.00	$	1,021.53		0.73	%	$	3.72
Class R6**	Actual	$	1,000.00	$	1,006.70		0.70	%	$	3.54
	Hypothetical	$	1,000.00	$	1,021.68		0.70	%	$	3.57

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2018, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

18 Visit our website at pgiminvestments.com

Schedule of Investments

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    88.0%
ASSET-BACKED SECURITIES    34.4%
Automobiles    0.2%
OneMain Direct Auto Receivables Trust,
Series 2017-01A, Class C, 144A		3.910	%		08/16/21		4,100	$	4,113,130
Series 2017-02A, Class E, 144A		4.740			11/14/25		1,200		1,187,155
									5,300,285
Collateralized Loan Obligations    23.3%
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-06A, Class AR, 144A, 3 Month LIBOR + 1.270%		3.706	(c)		07/15/30		1,750		1,752,466
Armada Euro CLO (Ireland),
Series 2018-02A, Class A1, 144A, 3 Month EURIBOR + 0.760%		0.760	(c)		11/15/31	EUR	12,500		13,990,602
Series 2018-02A, Class A3, 144A		1.500			11/15/31	EUR	2,500		2,829,635
ArrowMark Colorado Holdings (Cayman Islands), Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.716	(c)		07/15/29		2,500		2,503,053
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260%		3.696	(c)		07/16/29		2,000		2,001,906
Series 2017-08A, Class A, 144A, 3 Month LIBOR + 1.300%		3.736	(c)		01/16/30		4,500		4,497,062
Aurium CLO DAC (Ireland),
Series 4A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		01/16/31	EUR	15,500		17,351,603
Series 4A, Class A2, 144A		1.620			01/16/31	EUR	3,100		3,514,933
Bain Capital Euro CLO DAC (Ireland), Series 2018-01A, Class A, 144A, 3 Month EURIBOR + 0.780%		0.780	(c)		04/20/32	EUR	10,000		11,244,881
Battalion CLO Ltd. (Cayman Islands), Series 2015-08A, Class A1R, 144A, 3 Month LIBOR + 1.340%		3.673	(c)		07/18/30		2,000		2,005,170
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.686	(c)		07/15/29		3,500		3,504,685
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.686	(c)		10/15/30		9,250		9,263,528
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350%		3.799	(c)		01/17/28		4,000		3,971,276

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 19

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Carlyle Global Market Strategies Euro CLO Ltd. (Ireland), Series 2015-3A, Class A1BR, 144A		1.150	%		07/15/30	EUR	8,500	$	9,571,371
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.689	(c)		07/20/31		3,000		3,006,231
Catamaran CLO Ltd. (Cayman Islands), Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260%		3.729	(c)		04/22/30		10,500		10,485,082
CIFC Funding Ltd. (Cayman Islands), Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110%		3.579	(c)		01/22/31		8,000		7,984,572
CVC Cordatus Loan Fund (Ireland), Series 3A, Class A2RR, 144A		1.750			08/15/32	EUR	7,200		8,199,207
ECP CLO Ltd. (Cayman Islands), Series 2014-06A, Class A1A, 144A, 3 Month LIBOR + 1.450%		3.886	(c)		07/15/26		7,055		7,056,530
Elevation CLO Ltd. (Cayman Islands), Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220%		3.656	(c)		07/15/30		4,000		4,002,163
Ellington CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700%		4.014	(c)		02/15/29		20,000		20,040,230
Galaxy CLO Ltd. (Cayman Islands), Series 2018-29A, Class B, 144A, 3 Month LIBOR + 1.400%		3.714	(c)		11/15/26		3,000		2,994,682
Hayfin Emerald CLO DAC (Ireland), Series 1A, Class A3, 144A		1.700			09/06/31	EUR	3,000		3,415,543
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000%		3.341	(c)		02/05/31		15,250		15,166,582
ICG US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.757	(c)		10/23/29		3,000		3,005,722
Jubilee CLO BV (Netherlands), Series 2016-17A, Class A2R, 144A, 3 Month EURIBOR + 1.150% (Cap 2.200%, Floor 1.150%)		1.150	(c)		04/15/31	EUR	12,800		14,540,628
Jubilee CLO Ltd. (Netherlands), Series 2017-19A, Class A1, 144A, 3 Month EURIBOR + 0.800%		0.800	(c)		07/15/30	EUR	1,500		1,686,061

See Notes to Financial Statements.

20

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%		3.616	%(c)		01/15/31		8,000	$	7,999,891
Series 18, Class A, 144A, 3 Month LIBOR + 1.270%		3.715	(c)		07/18/30		8,000		8,009,974
KVK CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.614	(c)		05/15/26		7,013		7,016,225
Series 2018-01A, Class B, 144A, 3 Month LIBOR + 1.650%		3.981	(c)		05/20/29		18,000		18,028,276
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.589	(c)		04/21/31		7,500		7,478,378
Series 2014-03A, Class BR, 144A, 3 Month LIBOR + 1.800%		4.269	(c)		04/21/31		18,000		18,006,527
Mountain View CLO LLC (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210%		3.646	(c)		01/16/31		8,000		8,003,121
Mountain View CLO Ltd. (Cayman Islands), Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780%		4.216	(c)		07/15/31		22,500		22,475,689
North Westerly CLO BV (Netherlands), Series IV-A, Class A2R, 144A		1.250			01/15/26	EUR	1,495		1,691,645
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		3.696	(c)		07/15/30		5,750		5,758,738
OZLM Ltd. (Cayman Islands),
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750%		4.199	(c)		04/17/31		4,000		3,997,250
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.770	(c)		10/30/30		3,000		3,005,108
Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		3.959	(c)		01/20/29		22,750		22,789,806
Series 2018-20A, Class A2, 144A, 3 Month LIBOR + 1.650%		4.119	(c)		04/20/31		3,000		2,997,569
OZLME Designated Activity Co. (Netherlands),
Series 3A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		08/24/30	EUR	38,000		42,668,613
Series 3A, Class A2, 144A		1.150			08/24/30	EUR	8,000		8,939,958
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1R2, 144A, 3 Month LIBOR + 1.130%		3.579	(c)		01/17/31		10,000		9,991,808

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 21

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Palmer Square CLO Ltd. (Cayman Islands), (cont’d.)
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.612	%(c)		05/21/29		10,200	$	10,217,153
Series 2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270%		3.739	(c)		07/20/30		5,750		5,758,937
Series 2018-2A, Class A1A, 144A, 3 Month LIBOR + 1.100%		3.362	(c)		07/16/31		12,000		11,962,080
Regatta Funding LP (Cayman Islands), Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 1.540%		3.976	(c)		01/15/29		7,250		7,262,564
Regatta Funding Ltd. (Cayman Islands), Series 2017-01A, Class A, 144A, 3 Month LIBOR + 1.250%		3.699	(c)		10/17/30		4,750		4,757,157
Romark CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030%		3.499	(c)		04/20/31		1,500		1,491,846
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175%		3.431	(c)		07/25/31		5,000		4,993,611
Shackleton CLO Ltd. (Cayman Islands),
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700%		4.063	(c)		05/07/31		12,500		12,496,679
Series 2017-11A, Class A, 144A, 3 Month LIBOR + 1.270%		3.584	(c)		08/15/30		2,500		2,503,481
Sound Point CLO Ltd. (Cayman Islands),
Series 2015-02A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.349	(c)		07/20/27		7,500		7,479,236
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.280%		3.770	(c)		07/25/30		8,500		8,514,016
Series 2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.689	(c)		10/20/30		8,750		8,731,640
TICP CLO Ltd. (Cayman Islands), Series 2017-07A, Class AS, 144A, 3 Month LIBOR + 1.230%		3.666	(c)		07/15/29		5,500		5,506,205
Trinitas CLO Ltd. (Cayman Islands),
Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400%		3.836	(c)		07/15/27		12,880		12,790,454
Series 2017-06A, Class A, 144A, 3 Month LIBOR + 1.320%		3.810	(c)		07/25/29		9,750		9,770,253
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210%		3.700	(c)		01/25/31		4,500		4,502,802

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Trinitas CLO Ltd. (Cayman Islands), (cont’d.) Series 2017-07A, Class B, 144A, 3 Month LIBOR + 1.600%		4.090	%(c)		01/25/31		3,000	$	2,989,179
Tryon Park CLO Ltd. (Cayman Islands), Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500%		3.936	(c)		04/15/29		4,000		3,991,220
Venture CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.316	(c)		07/15/27		7,500		7,480,168
Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210%		3.646	(c)		10/15/30		2,750		2,752,872
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900%		3.345	(c)		01/18/29		19,000		18,952,846
Voya Euro CLO Designated Activity Co. (Ireland), Series 01A, Class A, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		10/15/30	EUR	13,000		14,588,902
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.320%		3.789	(c)		04/20/29		4,000		4,007,418
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.719	(c)		10/20/29		7,000		7,011,612
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.599	(c)		01/17/31		10,500		10,472,544
York CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.619	(c)		01/22/31		3,000		2,993,948
Zais CLO Ltd. (Cayman Islands),
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190%		4.626	(c)		07/15/31		12,800		12,806,870
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370%		3.806	(c)		07/15/29		8,750		8,770,387
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290%		3.726	(c)		04/15/30		4,750		4,775,677
									608,775,737
Consumer Loans    2.3%
Lendmark Funding Trust,
Series 2017-01A, Class B, 144A		3.770			12/22/25		1,300		1,290,798
Series 2017-02A, Class C, 144A		4.330			05/20/26		700		691,995
Series 2018-02A, Class A, 144A		4.230			04/20/27		3,200		3,199,595

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 23

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
OneMain Financial Issuance Trust,
Series 2015-01A, Class B, 144A		3.850	%		03/18/26		2,000	$	2,007,518
Series 2015-02A, Class B, 144A		3.100			07/18/25		4,497		4,495,355
Series 2015-02A, Class C, 144A		4.320			07/18/25		2,100		2,105,961
Series 2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800%		3.080	(c)		09/14/32		4,300		4,310,801
Series 2017-01A, Class C, 144A		3.350			09/14/32		700		682,898
Oportun Funding LLC,
Series 2016-C, Class B, 144A		4.850			11/08/21		6,665		6,666,869
Series 2017-B, Class B, 144A		4.260			10/10/23		7,500		7,471,783
Series 2018-B, Class A, 144A		3.910			07/08/24		2,050		2,039,876
Series 2018-B, Class B, 144A		4.500			07/08/24		500		498,677
Series 2018-B, Class C, 144A		5.430			07/08/24		1,000		994,248
Series 2018-C, Class A, 144A		4.100			10/08/24		3,200		3,198,583
Series 2018-C, Class B, 144A		4.590			10/08/24		1,300		1,312,322
Series 2018-C, Class C, 144A		5.520			10/08/24		2,000		1,996,633
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350%		4.631	(c)		04/25/23		3,200		3,223,045
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850%		5.131	(c)		02/25/23		1,650		1,667,620
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		4.931	(c)		08/25/25		3,400		3,423,760
Springleaf Funding Trust,
Series 2015-AA, Class B, 144A		3.620			11/15/24		3,430		3,417,574
Series 2015-AA, Class C, 144A		5.040			11/15/24		6,000		5,970,064
									60,665,975
Home Equity Loans    2.5%
ABFC Trust, Series 2004-OPT5, Class A1, 1 Month LIBOR + 0.700%		2.981	(c)		06/25/34		1,211		1,220,637
Accredited Mortgage Loan Trust,
Series 2004-3, Class 2A2, 1 Month LIBOR + 1.200% (Cap 13.000%, Floor 0.600%)		3.481	(c)		10/25/34		2,891		2,946,832
Series 2004-3, Class 2A5, 1 Month LIBOR + 1.080% (Cap 13.000%, Floor 0.540%)		3.361	(c)		10/25/34		1,672		1,676,136
Series 2005-3, Class M1, 1 Month LIBOR + 0.450% (Cap N/A, Floor 0.450%)		2.960	(c)		09/25/35		5		5,220

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-01, Class M1, 1 Month LIBOR + 1.350%		3.631	%(c)		02/25/33		1,526	$	1,508,605
Series 2003-10, Class AV1, 1 Month LIBOR + 0.760%		3.041	(c)		12/25/33		2,749		2,735,263
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-W05, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		10/25/33		22		22,434
Series 2003-W07, Class M1, 1 Month LIBOR + 1.035%		3.316	(c)		03/25/34		900		900,124
Series 2003-W08, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		12/25/33		717		722,038
Series 2003-W09, Class M1, 1 Month LIBOR + 1.035%		3.316	(c)		01/25/34		1,761		1,764,265
Series 2004-W06, Class AF		4.123			05/25/34		193		193,304
Series 2004-W06, Class AV5, 1 Month LIBOR + 0.800%		3.081	(c)		05/25/34		587		571,361
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2003-HE06, Class A2, 1 Month LIBOR + 0.680%		2.961	(c)		11/25/33		1,757		1,706,217
Series 2003-HE6, Class A3B, 1 Month LIBOR + 0.960%		3.241	(c)		11/25/33		3,546		3,431,427
Series 2004-HE03, Class M1, 1 Month LIBOR + 0.810%		3.091	(c)		06/25/34		2,628		2,626,130
Bear Stearns Asset-Backed Securities Trust,
Series 2002-2, Class A1, 1 Month LIBOR + 0.660%		2.941	(c)		10/25/32		871		873,326
Series 2003-3, Class A2, 1 Month LIBOR + 1.180%		3.461	(c)		06/25/43		106		105,103
Series 2003-HE1, Class M1, 1 Month LIBOR + 1.095%		3.376	(c)		01/25/34		2,418		2,455,736
Series 2004-FR02, Class M2, 1 Month LIBOR + 1.020%		3.301	(c)		06/25/34		1,100		1,115,254
Series 2004-HE05, Class M1, 1 Month LIBOR + 0.855%		3.136	(c)		07/25/34		4,858		4,857,335
Series 2004-HE11, Class M2, 1 Month LIBOR + 1.575%		3.856	(c)		12/25/34		2,799		2,860,516

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 25

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Home Equity Asset Trust,
Series 2003-06, Class M1, 1 Month LIBOR + 1.050%		3.331	%(c)		02/25/34		1,093	$	1,069,659
Series 2004-7, Class A2, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.420%)		3.121	(c)		01/25/35		1,050		1,059,054
MASTR Asset-Backed Securities Trust,
Series 2003-WMC2, Class M2, 1 Month LIBOR + 2.475% (Cap N/A, Floor 1.650%)		4.756	(c)		08/25/33		912		955,744
Series 2005-NC01, Class M1, 1 Month LIBOR + 0.720%		3.001	(c)		12/25/34		8,247		8,236,500
Merrill Lynch Mortgage Investors Trust, Series 2002-HE01, Class A1, 1 Month LIBOR + 1.000%		3.281	(c)		08/25/32		2,670		2,628,764
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020%		3.301	(c)		10/25/33		2,686		2,685,273
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		09/25/33		575		570,373
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020%		3.301	(c)		10/25/33		698		691,810
Series 2004-HE04, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		05/25/34		4,887		4,879,388
Series 2004-HE05, Class M1, 1 Month LIBOR + 0.945%		3.226	(c)		06/25/34		779		779,623
Series 2004-OP01, Class M1, 1 Month LIBOR + 0.870%		3.151	(c)		11/25/34		1,941		1,933,987
New Residential Mortgage Loan Trust, Series 2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57		2,988		2,992,795
Option One Mortgage Loan Trust,
Series 2004-01, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		01/25/34		1,626		1,615,342
Series 2005-01, Class A4, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.400%)		3.081	(c)		02/25/35		40		40,389
RASC Series Trust, Series 2005-KS11, Class M1, 1 Month LIBOR + 0.400% (Cap 14.000%, Floor 0.400%)		2.681	(c)		12/25/35		433		433,695
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC01, Class M1, 1 Month LIBOR + 0.780%		3.061	(c)		02/25/34		1,089		1,092,624
									65,962,283

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities    5.4%
Amortizing Residential Collateral Trust, Series 2002-BC08, Class A3, 1 Month LIBOR + 1.000%		3.281	%(c)		11/25/32		601	$	599,799
Chase Funding Trust Series,
Series 2002-3, Class 2A1, 1 Month LIBOR + 0.640% (Cap N/A, Floor 0.320%)		2.921	(c)		08/25/32		312		305,878
Series 2003-4, Class 1A5		5.235			05/25/33		679		686,967
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-OPT1, Class M1, 1 Month LIBOR + 0.630% (Cap N/A, Floor 0.420%)		2.911	(c)		02/25/35		310		309,294
Series 2005-WF1, Class A5		5.010	(cc)		11/25/34		22		21,637
Countrywide Asset-Backed Certificates,
Series 2003-BC04, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		07/25/33		837		833,067
Series 2004-03, Class 1A, 1 Month LIBOR + 0.420%		2.701	(c)		08/25/34		7,769		7,395,820
Series 2004-BC04, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		11/25/34		575		575,518
Credit Suisse Mortgage Trust,
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150%		5.406	(c)		12/26/46		4,789		4,867,100
Series 2018-03R, Class 1A1, 144A, 1 Month LIBOR + 1.200%		3.474	(c)		12/25/46		6,490		6,509,761
Series 2018-RPL08, Class A1, 144A		4.125			07/25/58		7,678		7,623,746
Credit-Based Asset Servicing & Securitization LLC,
Series 2003-CB03, Class AF1		3.379			12/25/32		135		134,064
Series 2003-CB05, Class M1, 1 Month LIBOR + 1.020%		3.301	(c)		11/25/33		697		679,815
CWABS, Inc., Asset-Backed Certificates,
Series 2004-01, Class M1, 1 Month LIBOR + 0.750%		3.031	(c)		03/25/34		119		119,703
Series 2004-6, Class 1A1, 1 Month LIBOR + 0.540%		2.821	(c)		12/25/34		1,862		1,858,626
Finance America Mortgage Loan Trust,
Series 2003-1, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		3.331	(c)		09/25/33		1,916		1,876,262
Series 2004-02, Class M1, 1 Month LIBOR + 0.825%		3.106	(c)		08/25/34		5,248		5,233,625
First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A2, 1 Month LIBOR + 0.760% (Cap N/A, Floor 0.380%)		3.041	(c)		08/25/34		1,016		991,808

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 27

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Fremont Home Loan Trust, Series 2004-4, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.530%)		3.076	%(c)		03/25/35		2,512	$	2,492,658
GSAMP Trust,
Series 2003-HE2, Class A1A, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.300%)		2.881	(c)		08/25/33		729		712,231
Series 2004-AR1, Class A2B, 1 Month LIBOR + 1.200% (Cap N/A, Floor 0.600%)		3.481	(c)		06/25/34		1,422		1,423,426
Series 2004-NC2, Class A1B, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.450%)		3.181	(c)		10/25/34		1,787		1,719,258
Series 2007-HE01, Class A1, 1 Month LIBOR + 0.140%		2.421	(c)		03/25/47		2,362		2,232,186
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT2, Class M1, 1 Month LIBOR + 0.430% (Cap N/A, Floor 0.430%)		2.711	(c)		12/25/35		276		275,976
Long Beach Mortgage Loan Trust,
Series 2003-04, Class AV1, 1 Month LIBOR + 0.620%		2.901	(c)		08/25/33		1,464		1,464,857
Series 2004-2, Class A1, 1 Month LIBOR + 0.440% (Cap N/A, Floor 0.220%)		2.721	(c)		06/25/34		985		971,768
LSFVT, Series 2018-01, 1 Month LIBOR + 2.000%^		3.982	(c)		04/01/21		20,876		20,813,302
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2004-NC05, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		05/25/34		258		252,667
Series 2004-NC06, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		07/25/34		1,595		1,548,927
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2005-WCH1, Class M3, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.560%)		3.121	(c)		01/25/36		829		829,907
Series 2005-WCW1, Class M1, 1 Month LIBOR + 0.450% (Cap N/A, Floor 0.450%)		2.731	(c)		09/25/35		161		161,280
Specialty Underwriting & Residential Finance Trust,
Series 2003-BC04, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		11/25/34		1,310		1,260,898
Series 2004-BC02, Class M1, 1 Month LIBOR + 0.825%		3.106	(c)		05/25/35		2,073		2,067,687
Series 2004-BC4, Class A2C, 1 Month LIBOR + 0.980% (Cap N/A, Floor 0.490%)		3.261	(c)		10/25/35		1,249		1,225,578

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Structured Asset Investment Loan Trust,
Series 2004-08, Class A8, 1 Month LIBOR + 1.000%		3.281	%(c)		09/25/34		2,123	$	2,120,821
Series 2004-BNC01, Class A2, 1 Month LIBOR + 1.000%		3.281	(c)		09/25/34		3,300		3,302,584
Series 2005-3, Class M2, 1 Month LIBOR + 0.660% (Cap N/A, Floor 0.440%)		2.941	(c)		04/25/35		841		841,370
TFS (Spain), Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		03/16/23	EUR	13,155		14,900,200
Towd Point Mortgage Trust,
Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57		2,697		2,611,859
Series 2018-02, Class A1, 144A		3.250	(cc)		03/25/58		13,675		13,449,455
Series 2018-03, Class A1, 144A		3.750	(cc)		05/25/58		16,277		16,195,296
Series 2018-06, Class A1A, 144A		3.750	(cc)		03/25/58		7,910		7,883,945
VOLT LLC, Series 2017-NPL07, Class A1, 144A		3.250			06/25/47		408		405,166
									141,785,792
Student Loans    0.7%
SLM Student Loan Trust,
Series 2004-02X, Class A6, 3 Month EURIBOR + 0.550%		0.233	(c)		07/25/39	EUR	7,950		8,672,622
Series 2007-02, Class B, 3 Month LIBOR + 0.170%		2.660	(c)		07/25/25		11,503		10,525,125
									19,197,747
TOTAL ASSET-BACKED SECURITIES (cost $907,588,352)									901,687,819
BANK LOANS    1.2%
Chemicals    0.1%
Starfruit Finco BV (Netherlands), Initial Euro Term Loan, 6 Month EURIBOR + 3.750%		3.750	(c)		10/01/25	EUR	2,100		2,396,391
Consumer Services    0.0%
Richmond UK Bidco Ltd. (United Kingdom), Facility B, 1 Month GBP LIBOR + 4.250%		4.980	(c)		03/03/24	GBP	971		1,204,227

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 29

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Foods    0.2%
Sigma Bidco BV, Facility B4 Loan, 3 Month GBP LIBOR + 4.000%		4.800	%(c)		07/02/25	GBP	3,700	$	4,725,964
Healthcare & Pharmaceuticals    0.0%
Nidda Healthcare Holding AG (Germany), Facility C GBP, 3 Month GBP LIBOR + 4.500%		4.993	(c)		08/21/24	GBP	57		73,374
Healthcare-Services    0.1%
Avantor, Inc., Initial Euro Term Loan, 1 Month EURIBOR + 4.250%		4.250	(c)		11/21/24	EUR	1,365		1,561,162
Oil & Gas    0.2%
EG Finco Ltd. (United Kingdom),
Second Lien Term Loan, 3 Month EURIBOR + 7.750%		8.750	(c)		04/06/26	EUR	675		766,924
Term B, 3 Month GBP LIBOR + 4.750%		5.550	(c)		02/06/25	GBP	1,119		1,436,407
Term B1, 3 Month EURIBOR + 4.000%		4.000	(c)		02/07/25	EUR	1,634		1,856,277
Term B3, 2 Month EURIBOR + 4.000%		4.000	(c)		02/07/25	EUR	833		945,698
									5,005,306
Oil, Gas & Coal    0.0%
EG America LLC, Second Lien Facility (USD), 3 Month LIBOR + 8.000%^		10.390	(c)		03/23/26		1,150		1,138,500
Technology    0.4%
Dell International LLC, Replacement Term A-3 Loan, 1 Month LIBOR + 1.500%		3.810	(c)		12/31/18		6,721		6,713,589
McAfee LLC,
Retired Closing Date Term Loan, 1 Month LIBOR + 4.500%		6.790	(c)		09/30/24		2,085		2,087,674
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.790	(c)		09/29/25		1,950		1,971,124
									10,772,387

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Telecommunications    0.2%
Sprint Communications, Inc., Initial Term Loan, 1 Month LIBOR + 2.500%		4.810	%(c)		02/02/24		3,980	$	3,971,508
TOTAL BANK LOANS (cost $31,765,736)									30,848,819
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.2%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.100	(cc)		05/15/35		2,700		2,434,240
Series 2018-20TS, Class H, 144A		3.100	(cc)		05/15/35		2,700		2,375,092
BANK, Series 2017-BNK08, Class A3		3.229			11/15/50		1,300		1,222,997
BBCMS Mortgage Trust, Series 2018-TALL, Class D, 144A, 1 Month LIBOR + 1.449%		3.728	(c)		03/15/37		16,400		16,374,227
BX Commercial Mortgage Trust, Series 2018-IND, Class G, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)		4.330	(c)		11/15/35		9,150		9,149,998
COMM Mortgage Trust,
Series 2012-CR01, Class XA, IO		1.869	(cc)		05/15/45		11,327		614,516
Series 2015-LC19, Class XB, IO, 144A		0.267	(cc)		02/10/48		123,049		1,891,079
CSAIL Commercial Mortgage Trust,
Series 2015-C1, Class XB, IO		0.252	(cc)		04/15/50		66,743		1,031,840
Series 2018-CX11, Class A3		4.095			04/15/51		9,000		9,091,394
CSMC Trust,
Series 2017-LSTK, Class D, 144A		3.331	(cc)		04/05/33		6,850		6,684,958
Series 2017-LSTK, Class E, 144A		3.331	(cc)		04/05/33		12,575		12,202,137
DBGS Mortgage Trust,
Series 2018-BIOD, Class E, 144A, 1 Month LIBOR + 1.700%		3.980	(c)		05/15/35		3,432		3,416,676
Series 2018-BIOD, Class F, 144A, 1 Month LIBOR + 2.000%		4.280	(c)		05/15/35		13,253		13,243,788
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A		3.808	(cc)		12/10/36		15,500		13,786,641
FHLMC Multifamily Structured Pass-Through Certificates,
Series K007, Class X1, IO		1.035	(cc)		04/25/20		4,079		46,760
Series K008, Class X1, IO		1.518	(cc)		06/25/20		18,315		344,760
Series K010, Class X1, IO		0.149	(cc)		10/25/20		17,902		51,452
Series K018, Class X1, IO		1.352	(cc)		01/25/22		15,189		518,332
Series K020, Class X1, IO		1.412	(cc)		05/25/22		19,859		814,529
Series K021, Class X1, IO		1.447	(cc)		06/25/22		4,088		176,677
Series K025, Class X1, IO		0.856	(cc)		10/25/22		91,051		2,581,175

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 31

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series K055, Class X1, IO		1.366	%(cc)		03/25/26		23,096	$	1,903,076
Series K066, Class X1, IO		0.753	(cc)		06/25/27		235,826		12,613,386
Series K710, Class X1, IO		1.728	(cc)		05/25/19		421		1,794
Series K711, Class X1, IO		1.680	(cc)		07/25/19		3,432		19,284
Freddie Mac Multifamily Structured Pass Through Certificates, Series KC02, Class X1, IO		0.374	(cc)		03/25/24		142,397		2,705,485
GS Mortgage Securities Corp., Series 2013-GC10, Class XB, IO, 144A		0.483	(cc)		02/10/46		103,126		2,038,399
GS Mortgage Securities Trust, Series 2014-GC20, Class XB, IO		0.431	(cc)		04/10/47		28,307		649,252
Independence Plaza Trust, Series 2018-INDP, Class E, 144A		4.996			07/10/35		5,200		5,075,351
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class XB, IO		0.313	(cc)		08/15/47		45,056		830,936
Series 2015-C27, Class XB, IO		0.445	(cc)		02/15/48		52,766		1,242,001
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class E, 144A		4.613	(cc)		07/05/31		15,950		15,899,683
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class XB, IO		0.508	(cc)		04/15/46		34,956		765,325
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C5, Class XB, IO, 144A		0.243	(cc)		08/15/45		65,968		629,176
Series 2013-C8, Class XB, IO, 144A		0.497	(cc)		12/15/48		68,276		1,193,874
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class XB, IO, 144A		0.381	(cc)		04/10/46		140,883		2,294,153
Wells Fargo Commercial Mortgage Trust,
Series 2017-C39, Class A4		3.157			09/15/50		15,000		14,055,654
Series 2017-C40, Class A3		3.317			10/15/50		3,380		3,200,806
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $166,132,647)									163,170,903
CONVERTIBLE BOND    0.2%
Investment Companies
Aabar Investments PJSC (United Arab Emirates), Sr. Unsec’d. Notes, MTN (cost $6,444,432)		0.500			03/27/20	EUR	5,700		5,945,531

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS     27.8%
Aerospace & Defense    0.3%
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A		7.500	%		12/01/24		7,850	$	7,977,562
Airlines    0.2%
American Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates(h)		4.000			01/15/27		2,692		2,677,534
Continental Airlines, Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates^		5.983			10/19/23		834		873,453
Series 2012-2, Class A, Pass-Through Certificates		4.000			04/29/26		94		93,060
Delta Air Lines, Pass-Through Trust,
Series 2007-1, Class A, Pass-Through Certificates^		6.821			02/10/24		639		694,503
Series 2011-1, Class A, Pass-Through Certificates		5.300			10/15/20		48		48,453
United Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates		4.300			02/15/27		1,966		1,995,446
									6,382,449
Apparel    0.1%
PVH Corp., Sr. Unsec’d. Notes, 144A		3.125			12/15/27	EUR	2,175		2,404,726
Auto Manufacturers    0.2%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.835	(c)		04/12/21		820		819,267
Gtd. Notes, 144A		3.100			04/12/21		1,095		1,083,558
General Motors Co., Sr. Unsec’d. Notes		6.250			10/02/43		2,230		2,134,200
									4,037,025

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 33

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment    0.3%
Lear Corp.,
Sr. Unsec’d. Notes(h)		5.250	%		01/15/25		5,375	$	5,507,567
Sr. Unsec’d. Notes		5.375			03/15/24		1,410		1,444,398
									6,951,965
Banks    4.8%
Banco do Brasil SA (Brazil), Gtd. Notes		3.875			10/10/22		3,000		2,845,530
Banco Nacional de Costa Rica (Costa Rica), Sr. Unsec’d. Notes, 144A		5.875			04/25/21		750		718,133
Bank of America Corp.,
Jr. Sub. Notes, Series AA		6.100			12/29/49		8,820		9,051,525
Jr. Sub. Notes, Series V		5.125			12/31/49		2,175		2,169,563
Sr. Unsec’d. Notes, GMTN		3.593			07/21/28		1,555		1,461,529
Sr. Unsec’d. Notes, MTN		3.824			01/20/28		1,905		1,822,466
Sr. Unsec’d. Notes, MTN		4.271			07/23/29		1,450		1,429,480
Bank of Baroda (India), Sr. Unsec’d. Notes, 144A		4.875			07/23/19		5,000		5,034,545
Caixa Economica Federal (Brazil), Sub. Notes		7.250			07/23/24		5,400		5,440,500
Citigroup, Inc.,
Jr. Sub. Notes, Series Q		5.950			12/29/49		12,685		12,891,131
Sr. Unsec’d. Notes		3.200			10/21/26		1,145		1,051,087
Sr. Unsec’d. Notes		3.887			01/10/28		980		937,165
Sr. Unsec’d. Notes		8.125			07/15/39		620		865,672
Sub. Notes		4.400			06/10/25		405		401,108
Sub. Notes		4.750			05/18/46		395		368,359
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN		3.625			09/09/24		2,375		2,326,323
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.750			03/26/25		1,200		1,148,590
Development Bank of Japan, Inc. (Japan),
Gov’t. Gtd. Notes, 144A, MTN		3.125			09/06/23		5,000		4,942,360
Gov’t. Gtd. Notes, GMTN		2.125			01/30/19		3,000		2,995,134
Sr. Unsec’d. Notes, GMTN		2.000			10/19/21		400		384,617
Dexia Credit Local SA (France),
Gov’t. Liquid Gtd. Notes		1.875			01/29/20		500		492,937
Gov’t. Liquid Gtd. Notes, 144A		1.875			09/15/21		2,000		1,923,812
Gov’t. Liquid Gtd. Notes, 144A, MTN		3.250			09/26/23		1,000		993,858
Gov’t. Liquid Gtd. Notes, EMTN		2.250			01/30/19		1,000		998,977

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Discover Bank,
Sr. Unsec’d. Notes		4.200	%		08/08/23		5,500	$	5,486,153
Sub. Notes		7.000			04/15/20		800		835,715
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series M		5.375			12/29/49		5,225		5,264,188
Sr. Unsec’d. Notes		3.814			04/23/29		1,660		1,559,319
Sr. Unsec’d. Notes		3.850			01/26/27		3,940		3,775,307
Sr. Unsec’d. Notes		4.223			05/01/29		7,330		7,106,976
JPMorgan Chase & Co.,
Jr. Sub. Notes, Ser. R		6.000			12/29/49		7,707		7,745,535
Jr. Sub. Notes, Ser. X		6.100			12/29/49		3,400		3,456,270
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		5.990	(c)		12/31/49		93		93,499
Jr. Sub. Notes, Series Q(a)		5.150			12/29/49		3,725		3,656,460
Morgan Stanley,
Jr. Sub. Notes, Series H		5.450			12/31/49		13,110		13,226,417
Sr. Unsec’d. Notes		4.375			01/22/47		1,260		1,174,770
Sr. Unsec’d. Notes		4.457			04/22/39		395		377,714
Sr. Unsec’d. Notes, GMTN(a)		3.772			01/24/29		1,750		1,658,218
Sr. Unsec’d. Notes, MTN		3.591			07/22/28		1,125		1,053,577
Sr. Unsec’d. Notes, MTN		6.375			07/24/42		225		271,949
Sub. Notes, MTN(a)		4.100			05/22/23		1,710		1,706,980
People’s United Bank NA, Sub. Notes		4.000			07/15/24		325		319,729
State Street Corp., Jr. Sub. Notes		5.250			12/29/49		2,555		2,583,744
Turkiye Garanti Bankasi AS (Turkey), Sr. Unsec’d. Notes, 144A(a)		5.875			03/16/23		2,435		2,252,862
									126,299,783
Beverages    0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		8.200			01/15/39		250		335,886
Central American Bottling Corp. (Guatemala), Gtd. Notes, 144A		5.750			01/31/27		1,500		1,478,265
Sunshine Mid BV (Netherlands), Gtd. Notes(a)		6.500			05/15/26	EUR	1,350		1,471,806
									3,285,957
Biotechnology    0.1%
Celgene Corp., Sr. Unsec’d. Notes		4.350			11/15/47		2,100		1,751,463

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 35

Schedule of Investments (continued)

as of October 31, 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		8,950	$	8,390,625
Johnson Controls International PLC, Sr. Unsec’d. Notes		4.250			03/01/21		3,090		3,132,514
Owens Corning, Sr. Unsec’d. Notes		4.200			12/15/22		125		124,630
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		5.375			11/15/24		5,000		4,800,000
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		4,725		4,400,156
									20,847,925
Chemicals    1.4%
Ashland LLC, Gtd. Notes		6.875			05/15/43		4,100		4,151,250
CF Industries, Inc.,
Gtd. Notes(a)		4.950			06/01/43		1,765		1,491,425
Gtd. Notes		5.375			03/15/44		1,300		1,144,000
Gtd. Notes		7.125			05/01/20		59		61,360
Chemours Co. (The), Gtd. Notes		4.000			05/15/26	EUR	14,000		15,176,115
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22		500		482,473
LYB International Finance BV, Gtd. Notes		5.250			07/15/43		415		399,753
LyondellBasell Industries NV, Sr. Unsec’d. Notes		4.625			02/26/55		164		137,877
Mexichem SAB de CV (Mexico), Gtd. Notes, 144A		5.500			01/15/48		480		422,165
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250			06/01/27		4,625		4,174,063
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900			06/01/43		1,350		1,280,968
Sr. Unsec’d. Notes		6.125			01/15/41		170		181,931
PSPC Escrow Corp., Sr. Unsec’d. Notes		6.000			02/01/23	EUR	1,000		1,174,155
Sasol Financing International Ltd. (South Africa), Gtd. Notes		4.500			11/14/22		5,885		5,716,042

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
SASOL Financing USA LLC (South Africa), Gtd. Notes		5.875	%		03/27/24		500	$	503,691
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes		3.450			08/01/25		635		604,027
									37,101,295
Commercial Services    1.0%
ERAC USA Finance LLC,
Gtd. Notes, 144A		6.700			06/01/34		110		128,902
Gtd. Notes, 144A		7.000			10/15/37		1,725		2,107,276
Laureate Education, Inc., Gtd. Notes, 144A(a)		8.250			05/01/25		6,350		6,778,625
Nexi Capital SpA (Italy), Sec’d. Notes, 144A		4.125			11/01/23	EUR	2,950		3,344,955
Nielsen Co. Luxembourg SARL (The), Gtd. Notes, 144A		5.500			10/01/21		1,675		1,683,375
SNCF Reseau EPIC (France), Sr. Unsec’d. Notes, EMTN		2.000			10/13/20		2,200		2,150,368
United Rentals North America, Inc.,
Gtd. Notes(a)		4.875			01/15/28		4,554		4,102,926
Gtd. Notes		5.500			05/15/27		1,600		1,518,000
Western Union Co. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		3.110	(c)		05/22/19		4,300		4,309,447
									26,123,874
Computers    0.1%
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25		2,325		2,313,375
NCR Corp., Gtd. Notes		6.375			12/15/23		790		788,025
									3,101,400
Distribution/Wholesale    0.1%
Global Partners LP/GLP Finance Corp., Gtd. Notes		6.250			07/15/22		2,425		2,382,562
Diversified Financial Services    0.2%
CPPIB Capital, Inc. (Canada), Gtd. Notes, 144A, MTN		3.125			09/25/23		1,000		993,692

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 37

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Grain Spectrum Funding II LLC, Sec’d. Notes, 144A		3.290	%		10/10/34		728	$	724,634
International Lease Finance Corp., Sr. Unsec’d. Notes		6.250			05/15/19		25		25,399
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		175		175,079
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		8.125			07/15/23		2,450		2,492,875
Navient Corp.,
Sr. Unsec’d. Notes, MTN		4.875			06/17/19		970		973,637
Sr. Unsec’d. Notes, MTN		5.500			01/15/19		185		185,694
									5,571,010
Electric    1.2%
AES Panama SRL (Panama), Sr. Unsec’d. Notes, 144A		6.000			06/25/22		3,015		3,094,928
Calpine Corp.,
Sr. Unsec’d. Notes(a)		5.375			01/15/23		1,080		1,023,300
Sr. Unsec’d. Notes(a)		5.750			01/15/25		9,775		8,734,451
Comision Federal de Electricidad (Mexico), Sr. Unsec’d. Notes, 144A		4.875			01/15/24		1,350		1,330,438
Duke Energy Carolinas LLC, First Mortgage		4.000			09/30/42		50		46,679
Eskom Holdings SOC Ltd. (South Africa), Gov’t. Gtd. Notes, 144A, MTN		6.350			08/10/28		1,225		1,180,349
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		800		849,464
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes		8.400			01/15/22		1,000		1,139,607
Local Gov’t. Gtd. Notes		8.500			12/01/29		1,055		1,493,845
NextEra Energy Capital Holdings, Inc., Gtd. Notes		3.625			06/15/23		1,575		1,553,411
NRG Energy, Inc., Gtd. Notes(a)		6.250			05/01/24		1,248		1,274,058
South Carolina Electric & Gas Co., First Mtge.		4.350			02/01/42		130		122,460
Vistra Energy Corp., Gtd. Notes		7.375			11/01/22		6,925		7,184,687

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Vistra Operations Co. LLC, Gtd. Notes, 144A		5.500	%		09/01/26		2,925	$	2,881,125
Westar Energy, Inc., First Mtge.		4.100			04/01/43		325		308,408
									32,217,210
Electrical Components & Equipment    0.1%
Energizer Gamma Acquisition BV, Sr. Sec’d. Notes, 144A		4.625			07/15/26	EUR	2,600		3,015,551
Electronics    0.3%
Jabil, Inc.,
Sr. Unsec’d. Notes		4.700			09/15/22		80		80,152
Sr. Unsec’d. Notes		5.625			12/15/20		5,400		5,567,400
Sensata Technologies BV, Gtd. Notes, 144A		5.000			10/01/25		2,750		2,653,750
									8,301,302
Energy-Alternate Sources    0.1%
Neerg Energy Ltd. (Mauritius), Sr. Sec’d. Notes		6.000			02/13/22		850		798,126
Rio Energy SA/UGEN SA/UENSA SA (Argentina), Sr. Sec’d. Notes, 144A		6.875			02/01/25		3,220		2,535,750
									3,333,876
Entertainment    1.0%
AMC Entertainment Holdings, Inc.,
Gtd. Notes(a)		5.750			06/15/25		1,908		1,764,901
Gtd. Notes		5.875			11/15/26		400		367,000
Gtd. Notes		6.375			11/15/24	GBP	1,875		2,396,530
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A(a)		5.250			10/15/25		4,025		3,745,766
Cinemark USA, Inc., Gtd. Notes		4.875			06/01/23		3,825		3,734,156
CPUK Finance Ltd. (United Kingdom),
Sec’d. Notes, 144A		4.250			02/28/47	GBP	550		705,622
Sec’d. Notes, 144A		4.875			02/28/47	GBP	200		254,862
Eldorado Resorts, Inc., Gtd. Notes		7.000			08/01/23		3,500		3,675,000

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 39

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment (cont’d.)
National CineMedia LLC,
Sr. Sec’d. Notes(a)		6.000	%		04/15/22		2,000	$	2,020,000
Sr. Unsec’d. Notes		5.750			08/15/26		2,925		2,764,125
Scientific Games International, Inc., Gtd. Notes		10.000			12/01/22		4,500		4,702,500
									26,130,462
Foods    0.4%
B&G Foods, Inc., Gtd. Notes		4.625			06/01/21		1,600		1,590,000
Ingles Markets, Inc., Sr. Unsec’d. Notes(a)		5.750			06/15/23		1,325		1,318,375
Matterhorn Merger Sub LLC/Matterhorn Finance Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			06/01/26		3,000		2,760,000
Picard Groupe SAS (France), Sr. Sec’d., 144A, 3 Month EURIBOR + 3.000%		3.000	(c)		11/30/23	EUR	2,075		2,320,858
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.750			03/15/25		2,425		2,261,313
									10,250,546
Forest Products & Paper    0.0%
Georgia-Pacific LLC,
Gtd. Notes, 144A		5.400			11/01/20		35		36,270
Sr. Unsec’d. Notes		7.375			12/01/25		400		478,344
									514,614
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes		5.500			05/20/25		2,900		2,711,500
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41		700		784,532
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		125		122,609
Southern Co. Gas Capital Corp., Gtd. Notes		4.400			06/01/43		1,375		1,276,845
									4,895,486

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services    1.3%
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750	%		11/15/22		450	$	431,618
Sr. Unsec’d. Notes		4.500			05/15/42		530		492,016
Anthem, Inc.,
Sr. Unsec’d. Notes		4.101			03/01/28		700		676,725
Sr. Unsec’d. Notes		4.650			01/15/43		120		113,333
Sr. Unsec’d. Notes		5.100			01/15/44		515		516,761
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		4.750			12/15/24	EUR	980		1,159,907
CHS/Community Health Systems, Inc., Sr. Sec’d. Notes(a)		5.125			08/01/21		650		615,875
Encompass Health Corp.,
Gtd. Notes		5.125			03/15/23		1,200		1,200,000
Gtd. Notes		5.750			11/01/24		2,900		2,892,750
Halfmoon Parent, Inc., Sr. Sec’d. Notes, 144A		4.375			10/15/28		3,990		3,902,377
HCA, Inc.,
Gtd. Notes(a)		5.375			02/01/25		4,500		4,528,125
Gtd. Notes		5.875			05/01/23		1,825		1,895,719
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes		3.200			02/01/22		25		24,625
Sr. Unsec’d. Notes		4.625			11/15/20		4,500		4,588,601
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		75		70,674
Select Medical Corp., Gtd. Notes		6.375			06/01/21		3,746		3,778,777
Tenet Healthcare Corp.,
Sr. Unsec’d. Notes		6.750			06/15/23		200		198,750
Sr. Unsec’d. Notes(a)		7.000			08/01/25		4,300		4,217,741
Sr. Unsec’d. Notes		8.125			04/01/22		1,475		1,535,844
									32,840,218
Home Builders    2.0%
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		7,550		7,606,625
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		5,000		4,875,000
KB Home, Gtd. Notes		7.500			09/15/22		3,425		3,613,375

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 41

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
M/I Homes, Inc., Gtd. Notes		6.750	%		01/15/21		5,850	$	5,864,625
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A(a)		6.500			10/01/25		2,500		2,350,000
Sr. Unsec’d. Notes, 144A		6.875			12/15/23		4,000		3,895,000
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		3,692		3,248,960
Gtd. Notes		6.000			06/01/25		1,275		1,239,938
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		2,500		2,475,000
PulteGroup, Inc., Gtd. Notes		5.500			03/01/26		4,000		3,920,000
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.250			04/15/21		6,700		6,674,875
William Lyon Homes, Inc., Gtd. Notes		5.875			01/31/25		7,625		6,719,531
									52,482,929
Home Furnishings    0.1%
Tempur Sealy International, Inc., Gtd. Notes		5.500			06/15/26		2,700		2,470,500
Household Products/Wares    0.1%
Diamond BC BV, Sr. Unsec’d. Notes(a)		5.625			08/15/25	EUR	2,125		2,263,669
Housewares    0.1%
Newell Brands, Inc., Sr. Unsec’d. Notes		5.500			04/01/46		2,000		1,724,142
Insurance    0.7%
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		5.950			10/15/36		215		240,011
Sr. Unsec’d. Notes		6.100			10/01/41		280		320,747
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.250			06/15/23		1,975		1,981,355
Gtd. Notes, 144A		4.850			08/01/44		1,000		964,296
Gtd. Notes, 144A		4.950			05/01/22		75		77,212

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Liberty Mutual Group, Inc., (cont’d.) Gtd. Notes, 144A		6.500	%		05/01/42		1,530	$	1,782,588
Lincoln National Corp., Sr. Unsec’d. Notes		7.000			06/15/40		695		854,476
Markel Corp.,
Sr. Unsec’d. Notes		4.900			07/01/22		2,020		2,075,438
Sr. Unsec’d. Notes		5.000			03/30/43		3,125		3,020,852
Nuveen Finance LLC, Sr. Unsec’d. Notes, 144A		2.950			11/01/19		1,720		1,716,642
Principal Financial Group, Inc., Gtd. Notes		4.350			05/15/43		975		895,584
Swiss Re Treasury US Corp. (Switzerland), Gtd. Notes, 144A		4.250			12/06/42		795		750,562
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		4.270			05/15/47		640		599,385
Sub. Notes, 144A		4.900			09/15/44		1,950		2,013,066
Sub. Notes, 144A		6.850			12/16/39		54		69,249
W.R. Berkley Corp., Sr. Unsec’d. Notes		4.625			03/15/22		1,435		1,468,119
									18,829,582
Internet    0.0%
Netflix, Inc., Sr. Unsec’d. Notes		3.625			05/15/27	EUR	850		954,323
Iron/Steel    0.0%
Vale Overseas Ltd. (Brazil), Gtd. Notes		6.250			08/10/26		404		431,783
Leisure Time    0.1%
Silversea Cruise Finance Ltd., Sr. Sec’d. Notes, 144A		7.250			02/01/25		2,225		2,397,460
Lodging    0.5%
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Sec’d. Notes, 144A(a)		6.750			11/15/21		6,500		6,670,625
Marriott International, Inc., Sr. Unsec’d. Notes		3.250			09/15/22		75		73,304

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 43

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Marriott International, Inc., (cont’d.)
Sr. Unsec’d. Notes		7.150	%		12/01/19		550	$	570,449
MGM Resorts International, Gtd. Notes		6.000			03/15/23		3,600		3,654,000
Sands China Ltd. (Macau), Sr. Unsec’d. Notes, 144A		5.125			08/08/25		1,000		980,534
Studio City Co., Ltd. (Hong Kong),
Sr. Sec’d. Notes		7.250			11/30/21		500		512,500
Sr. Sec’d. Notes, 144A		7.250			11/30/21		1,200		1,230,000
									13,691,412
Machinery-Diversified    0.0%
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		50		51,513
Media    1.7%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.125			05/01/23		2,625		2,611,875
Sr. Unsec’d. Notes, 144A		5.375			05/01/25		1,115		1,091,306
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		5,075		4,986,187
Cequel Communications Holdings I LLC/Cequel Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		5,500		5,485,040
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		706		704,080
Sr. Unsec’d. Notes, 144A		7.500			04/01/28		3,625		3,757,204
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384			10/23/35		1,525		1,574,903
Sr. Sec’d. Notes		6.834			10/23/55		485		505,342
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes		6.500			11/15/22		1,145		1,149,294
Gtd. Notes		6.500			11/15/22		365		370,548
Gtd. Notes(a)		7.625			03/15/20		3,200		3,196,000
Comcast Corp.,
Gtd. Notes(h)		4.150			10/15/28		2,605		2,583,596
Gtd. Notes		4.250			10/15/30		890		877,813
Discovery Communications LLC, Gtd. Notes		5.000			09/20/37		957		893,216
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26		7,300		6,533,500

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Liberty Interactive LLC, Sr. Unsec’d. Notes(a)		8.250	%		02/01/30		800	$	836,000
TEGNA, Inc., Gtd. Notes, 144A		4.875			09/15/21		1,625		1,616,875
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		6.750			09/15/22		1,292		1,317,840
Videotron Ltd. (Canada),
Gtd. Notes(a)		5.000			07/15/22		3,000		2,996,250
Gtd. Notes, 144A(a)		5.375			06/15/24		865		863,919
Warner Media LLC, Gtd. Notes		3.800			02/15/27		1,350		1,264,939
									45,215,727
Mining    0.0%
Constellium NV, Gtd. Notes		4.250			02/15/26	EUR	500		552,589
Miscellaneous Manufacturing    0.1%
Actuant Corp., Gtd. Notes(a)		5.625			06/15/22		3,075		3,082,687
Multi-National    0.1%
Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes		4.375			06/15/22		2,000		2,047,540
Oil & Gas    1.5%
Anadarko Petroleum Corp.,
Sr. Unsec’d. Notes		4.637	(s)		10/10/36		3,000		1,241,593
Sr. Unsec’d. Notes		6.450			09/15/36		750		812,241
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.450			09/15/42		1,070		887,938
Sr. Unsec’d. Notes		5.400			06/15/47		2,645		2,479,508
CNX Resources Corp., Gtd. Notes		5.875			04/15/22		2,000		1,963,760
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		275		259,930
Denbury Resources, Inc., Gtd. Notes(a)		5.500			05/01/22		2,000		1,730,000
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.500			01/30/26		2,700		2,774,250

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 45

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes		5.999	%		01/23/21		2,000	$	2,048,760
Sr. Unsec’d. Notes, 144A		4.950			07/19/22		730		731,513
Sr. Unsec’d. Notes, 144A		6.510			03/07/22		3,420		3,579,187
Harvest Operations Corp. (South Korea), Gtd. Notes, 144A		4.200			06/01/23		1,640		1,656,187
HPCL-Mittal Energy Ltd. (India), Sr. Unsec’d. Notes(a)		5.250			04/28/27		1,478		1,296,468
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsec’d. Notes, 144A		3.875			04/19/22		1,520		1,505,238
MEG Energy Corp. (Canada), Gtd. Notes, 144A		7.000			03/31/24		2,000		1,965,000
Noble Energy, Inc., Sr. Unsec’d. Notes		4.150			12/15/21		500		503,595
Petrobras Global Finance BV (Brazil),
Gtd. Notes		5.299			01/27/25		975		929,906
Gtd. Notes		5.750			02/01/29		1,275		1,176,634
Gtd. Notes		6.125			01/17/22		68		70,465
Gtd. Notes		7.375			01/17/27		560		580,356
Gtd. Notes		8.375			05/23/21		1,016		1,105,662
Petroleos Mexicanos (Mexico),
Gtd. Notes		6.500			03/13/27		1,550		1,500,400
Gtd. Notes, 144A		5.350			02/12/28		575		512,268
Petroleum Co. of Trinidad & Tobago Ltd. (Trinidad & Tobago), Sr. Unsec’d. Notes		9.750			08/14/19		1,915		1,787,652
Sinopec Group Overseas Development 2014 Ltd. (China), Gtd. Notes		2.750			04/10/19		1,000		997,843
Sinopec Group Overseas Development 2017 Ltd. (China), Gtd. Notes, 144A		2.250			09/13/20		4,350		4,248,249
									38,344,603
Oil & Gas Services    0.0%
Cameron International Corp., Gtd. Notes		5.950			06/01/41		100		111,407
Packaging & Containers    0.6%
Crown European Holdings SA, Gtd. Notes, 144A		2.875			02/01/26	EUR	5,050		5,591,155

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Packaging & Containers (cont’d.)
Horizon Parent Holdings Sarl (France), Sr. Sec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.00%		8.250	%		02/15/22	EUR	825	$	966,669
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr. Sec’d. Notes(a)		5.750			10/15/20		6,784		6,783,754
WestRock RKT Co.,
Gtd. Notes		4.450			03/01/19		35		35,165
Gtd. Notes		4.900			03/01/22		1,190		1,229,165
									14,605,908
Pharmaceuticals    0.6%
AbbVie, Inc., Sr. Unsec’d. Notes		4.500			05/14/35		4,085		3,767,538
Allergan Funding SCS, Gtd. Notes		4.550			03/15/35		4,155		3,913,814
Bausch Health Cos., Inc., Gtd. Notes, 144A(a)		6.125			04/15/25		1,075		988,678
CVS Health Corp.,
Sr. Unsec’d. Notes		4.780			03/25/38		140		134,710
Sr. Unsec’d. Notes(a)		5.050			03/25/48		690		672,792
Sr. Unsec’d. Notes		5.125			07/20/45		1,315		1,289,857
Sr. Unsec’d. Notes		5.300			12/05/43		475		476,492
Mylan NV, Gtd. Notes		5.250			06/15/46		520		447,889
Rossini Sarl (Italy), First Lien, 144A		6.750			10/30/25	EUR	2,875		3,313,337
									15,005,107
Pipelines    0.7%
DCP Midstream Operating LP, Gtd. Notes, 144A		5.350			03/15/20		227		229,554
Energy Transfer Operating LP,
Gtd. Notes		5.300			04/15/47		125		112,379
Gtd. Notes(a)		6.000			06/15/48		180		178,368
Enterprise Products Operating LLC, Gtd. Notes		4.950			10/15/54		2,700		2,398,016
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A		6.375			03/30/38		528		538,360
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200			12/01/42		125		105,932

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 47

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Magellan Midstream Partners LP, (cont’d.)
Sr. Unsec’d. Notes(a)		4.250	%		02/01/21		1,950	$	1,975,116
Sr. Unsec’d. Notes		5.150			10/15/43		1,350		1,354,880
MPLX LP, Sr. Unsec’d. Notes		5.200			03/01/47		145		137,140
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A		4.375			08/15/22		150		148,125
Sr. Unsec’d. Notes, 144A		4.875			08/15/27		500		481,250
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		1,060		1,002,019
Rockies Express Pipeline LLC,
Sr. Unsec’d. Notes, 144A		5.625			04/15/20		3,700		3,780,290
Sr. Unsec’d. Notes, 144A		6.875			04/15/40		1,850		2,011,875
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			01/15/28		1,875		1,853,550
Western Gas Partners LP,
Sr. Unsec’d. Notes		4.000			07/01/22		75		74,359
Sr. Unsec’d. Notes		5.300			03/01/48		910		795,584
									17,176,797
Real Estate    0.2%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		2,475		2,451,982
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		1,750		1,697,500
WeWork Cos., Inc., Gtd. Notes, 144A(a)		7.875			05/01/25		1,475		1,353,313
									5,502,795
Real Estate Investment Trusts (REITs)    0.6%
Globalworth Real Estate Investments Ltd. (Romania), Sr. Unsec’d. Notes, EMTN		3.000			03/29/25	EUR	3,750		4,237,060
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., Gtd. Notes		4.500			09/01/26		675		610,875
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325			03/24/25	EUR	3,775		4,360,365
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.375			06/01/23		1,965		1,955,175

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Sabra Health Care LP/Sabra Capital Corp., (cont’d.)
Gtd. Notes		5.500	%		02/01/21		1,500	$	1,519,687
Trust F/1401 (Mexico), Sr. Unsec’d. Notes, 144A		5.250			12/15/24		2,000		1,993,520
									14,676,682
Retail    1.0%
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		1,000		940,000
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		6.750			10/15/24		5,951		5,936,123
Grupo Unicomer Co. Ltd. (El Salvador), Gtd. Notes, 144A		7.875			04/01/24		1,797		1,873,390
L Brands, Inc.,
Gtd. Notes(a)		5.625			02/15/22		6,205		6,267,050
Gtd. Notes		5.625			10/15/23		1,225		1,211,280
Macy’s Retail Holdings, Inc., Gtd. Notes		4.300			02/15/43		705		499,193
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25		1,775		1,384,500
Rite Aid Corp., Gtd. Notes, 144A(a)		6.125			04/01/23		2,675		2,272,078
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500			11/01/23		1,500		1,443,750
Gtd. Notes(a)		5.625			12/01/25		5,000		4,643,500
									26,470,864
Savings & Loans    0.0%
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		325		320,889
Semiconductors    0.2%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes		3.875			01/15/27		2,905		2,667,485
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500			02/01/25		2,100		2,134,398
									4,801,883

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 49

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Software    0.8%
First Data Corp., Gtd. Notes, 144A		7.000	%		12/01/23		6,150	$	6,377,550
Infor US, Inc., Gtd. Notes		5.750			05/15/22	EUR	1,800		2,092,786
InterXion Holding NV (Netherlands), Gtd. Notes, 144A		4.750			06/15/25	EUR	9,600		11,335,501
									19,805,837
Telecommunications    1.4%
Bharti Airtel International Netherlands BV (India), Gtd. Notes, 144A		5.125			03/11/23		3,725		3,613,190
CenturyLink, Inc., Sr. Unsec’d. Notes, Ser. V		5.625			04/01/20		3,000		3,037,500
CommScope Technologies LLC, Gtd. Notes, 144A(a)		6.000			06/15/25		1,225		1,191,313
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21		2,275		2,267,606
Digicel Group Ltd. (Jamaica), Sr. Unsec’d. Notes		8.250			09/30/20		1,500		1,072,515
Digicel Ltd. (Jamaica), Gtd. Notes, 144A		6.750			03/01/23		2,050		1,645,125
Level 3 Financing, Inc., Gtd. Notes		6.125			01/15/21		3,500		3,508,750
Sprint Capital Corp., Gtd. Notes		8.750			03/15/32		5,525		6,036,062
Sprint Communications, Inc., Gtd. Notes, 144A		7.000			03/01/20		5,900		6,113,875
Veon Holdings BV (Netherlands), Sr. Unsec’d. Notes, 144A		4.950			06/16/24		3,500		3,312,995
Wind Tre SpA (Italy),
Sr. Sec’d. Notes		3.125			01/20/25	EUR	1,600		1,649,130
Sr. Sec’d. Notes, 144A		2.625			01/20/23	EUR	1,375		1,447,624
Sr. Sec’d. Notes, 144A		3.125			01/20/25	EUR	3,000		3,092,118
									37,987,803
Textiles    0.0%
Mohawk Industries, Inc., Sr. Unsec’d. Notes		3.850			02/01/23		104		103,279

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Transportation    0.2%
AP Moller-Maersk A/S (Denmark), Sr. Unsec’d. Notes, 144A		2.550	%		09/22/19		2,450	$	2,427,617
Moby SpA (Italy), Sr. Sec’d. Notes, 144A(a)		7.750			02/15/23	EUR	3,000		1,673,644
									4,101,261
Trucking & Leasing    0.1%
Avolon Holdings Funding Ltd. (Ireland), Gtd. Notes, 144A		5.500			01/15/23		3,000		2,985,000
Water    0.1%
Aegea Finance Sarl (Brazil), Gtd. Notes, 144A		5.750			10/10/24		3,015		2,901,968
TOTAL CORPORATE BONDS (cost $747,354,989)									726,816,200
MUNICIPAL BONDS    0.5%
California    0.3%
Bay Area Toll Authority, BABs, Revenue Bonds		6.263			04/01/49		550		727,386
Los Angeles Department of Water & Power,
BABs, Revenue Bonds,		6.574			07/01/45		585		782,730
BABs, Taxable, Revenue Bonds, Series SY		6.008			07/01/39		3,610		4,282,038
University of California,
BABs, Revenue Bonds,		5.770			05/15/43		390		456,725
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		625		589,469
Taxable, Revenue Bonds, Series J		4.131			05/15/45		675		654,088
									7,492,436
Colorado    0.1%
Regional Transportation District, BABs, Revenue Bonds, Series 2010B		5.844			11/01/50		1,190		1,482,026
Illinois    0.0%
Chicago O’Hare International Airport, BABs, Revenue Bonds		6.395			01/01/40		360		453,542

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 51

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
New Jersey    0.1%
New Jersey State Turnpike Authority, BABs, Revenue Bonds, Series F		7.414	%		01/01/40		2,000	$	2,787,960
Rutgers State University, BABs, Revenue Bonds		5.665			05/01/40		200		230,870
									3,018,830
New York    0.0%
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		400		498,448
Ohio    0.0%
Ohio State University (The), Taxable, Revenue Bonds, Series A		4.800			06/01/2111		180		183,370
Texas    0.0%
City Public Service Board of San Antonio, Taxable, Revenue Bonds		4.427			02/01/42		120		125,372
TOTAL MUNICIPAL BONDS (cost $13,683,440)									13,254,024
RESIDENTIAL MORTGAGE-BACKED SECURITIES    4.5%
Banc of America Funding Corp.,
Series 2014-R02, Class 2A1, 144A, 1 Month LIBOR + 0.210%		2.504	(c)		05/26/37		1,587		1,573,893
Series 2015-R03, Class 1A1, 144A, 1 Month LIBOR + 0.190%		2.471	(c)		03/27/36		9,344		9,155,628
Series 2015-R03, Class 6A1, 144A, 1 Month LIBOR + 0.170%		2.451	(c)		05/27/36		2,013		1,991,021
Series 2015-R04, Class 4A1, 144A		3.500	(cc)		01/27/30		1,851		1,831,712
Banc of America Funding Trust, Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500%		4.092	(c)		09/26/45		2,547		2,608,930
Bellemeade Re Ltd.,
Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700%		3.981	(c)		10/25/27		912		917,072
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		3.881	(c)		04/25/28		2,147		2,158,201
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350%		3.631	(c)		08/25/28		1,200		1,203,756
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600%		3.881	(c)		08/25/28		1,200		1,208,208

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd., (cont’d.)
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		4.130	%(c)		10/25/27		3,290	$	3,289,990
Chase Mortgage Finance Trust Series, Series 2007-A1, Class 1A3		4.161	(cc)		02/25/37		159		161,538
CHL Mortgage Pass-Through Trust, Series 2007-17, Class 2A1		6.500			10/25/37		3,609		2,741,441
CIM Trust,
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		01/25/57		6,566		6,689,247
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		2,085		2,000,933
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		4,590		4,478,618
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300%		5.581	(c)		10/25/27		2,000		2,237,041
GSMSC Resecuritization Trust,
Series 2015-03R, Class 1A1, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		01/26/37		1,981		1,953,917
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		01/26/37		1,670		1,598,617
Series 2015-03R, Class 2A1, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		10/26/36		3,121		3,062,364
Series 2015-03R, Class 2A2, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		10/26/36		1,400		1,341,210
Home Re Ltd., Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600%		3.830	(c)		10/25/28		1,860		1,859,918
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1		4.574	(cc)		07/25/35		145		148,051
Series 2018-7FRB, Class A2, 144A, 1 Month LIBOR + 0.750%		2.966	(c)		04/25/46		3,069		3,073,936
Lehman XS Trust, Series 2006-GP04, Class 1A1, 1 Month LIBOR + 0.205%		2.486	(c)		08/25/46		1,701		1,684,551
LSTAR Securities Investment Ltd.,
Series 2017-05, Class A, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		05/01/22		1,824		1,821,694
Series 2017-08, Class A, 144A, 1 Month LIBOR + 1.650%		3.906	(c)		11/01/22		1,407		1,415,668
Series 2017-09, Class A, 144A, 1 Month LIBOR + 1.550%		3.806	(c)		12/01/22		434		433,622

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 53

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
LSTAR Securities Investment Trust,
Series 2017-06, Class A, 144A, 1 Month LIBOR + 1.750%		4.006	%(c)		09/01/22		1,522	$	1,529,999
Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		3.756	(c)		04/01/23		8,224		8,229,052
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.031	(c)		01/25/48		5,749		5,749,254
Series 2018-RPL1, Class A1, 144A		3.500	(cc)		12/25/57		34,048		33,381,325
Oaktown Re Ltd., Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550%		3.831	(c)		07/25/28		1,500		1,501,810
Radnor RE Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400%		3.681	(c)		03/25/28		2,350		2,353,723
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700%		4.981	(c)		03/25/28		1,240		1,256,930
Structured Asset Securities Corp., Series 2003-37A, Class 3A7		4.240	(cc)		12/25/33		622		620,116
Wells Fargo Mortgage Backed Securities Trust, Series 2004-EE, Class 2A1		4.443	(cc)		12/25/34		116		117,939
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $116,369,904)									117,380,925
SOVEREIGN BONDS    9.5%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		4.625			01/11/23		2,800		2,366,000
Sr. Unsec’d. Notes		6.875			04/22/21		7,175		6,862,887
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	1,064		1,088,005
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	139		141,680
Unsec’d. Notes		5.000			01/15/27	EUR	3,970		3,462,739
Brazil Loan Trust 1 (Brazil), Gov’t. Gtd. Notes		5.477			07/24/23		3,686		3,717,593
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes		5.333			02/15/28		7,070		6,849,062
Costa Rica Government International Bond (Costa Rica), Bonds		4.370			05/22/19		2,000		1,987,530
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes		7.500			05/06/21		6,075		6,287,625
Sr. Unsec’d. Notes, 144A		6.000			07/19/28		1,200		1,189,500
Sr. Unsec’d. Notes, 144A		7.500			05/06/21		1,300		1,345,500

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A		6.588	%		02/21/28		430	$	393,824
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	2,985		3,164,501
Hellenic Republic Government Bond (Greece),
Bonds		0.000	(cc)		10/15/42	EUR	940,000		3,194,056
Bonds		3.000	(cc)		02/24/23	EUR	500		561,290
Bonds		3.000	(cc)		02/24/24	EUR	1,030		1,148,023
Bonds		3.000	(cc)		02/24/25	EUR	500		547,662
Bonds		3.000	(cc)		02/24/26	EUR	500		546,475
Bonds		3.000	(cc)		02/24/27	EUR	500		539,649
Bonds		3.000	(cc)		02/24/28	EUR	500		533,059
Bonds		3.000	(cc)		02/24/29	EUR	1,600		1,685,829
Bonds		3.000	(cc)		02/24/30	EUR	550		570,450
Bonds		3.000	(cc)		02/24/31	EUR	1,830		1,875,061
Bonds		3.000	(cc)		02/24/32	EUR	1,855		1,873,098
Bonds		3.000	(cc)		02/24/33	EUR	500		496,623
Bonds		3.000	(cc)		02/24/34	EUR	1,650		1,611,010
Bonds		3.000	(cc)		02/24/35	EUR	2,125		2,040,957
Bonds		3.000	(cc)		02/24/36	EUR	500		473,574
Bonds		3.000	(cc)		02/24/37	EUR	500		467,715
Bonds		3.000	(cc)		02/24/38	EUR	500		466,512
Bonds		3.000	(cc)		02/24/39	EUR	1,600		1,488,209
Bonds		3.000	(cc)		02/24/40	EUR	500		464,810
Bonds		3.000	(cc)		02/24/41	EUR	500		464,399
Bonds		3.000	(cc)		02/24/42	EUR	500		465,466
Bonds		3.500			01/30/23	EUR	3,385		3,862,755
Bonds		3.750			01/30/28	EUR	3,600		3,929,260
Bonds		4.000			01/30/37	EUR	2,500		2,460,765
Bonds		4.200			01/30/42	EUR	1,515		1,489,449
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes		5.200			07/17/34	EUR	5,485		6,195,157
Sr. Unsec’d. Notes		6.140			04/14/28	EUR	2,000		2,490,231
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		6.250			01/29/20		10,600		10,944,500
Sr. Unsec’d. Notes		6.375			03/29/21		14,470		15,316,495
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	2,975		3,567,749
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	775		946,081
Iraq International Bond (Iraq), Sr. Unsec’d. Notes		6.752			03/09/23		4,715		4,589,864
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes		5.125			06/15/25	EUR	500		556,864

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 55

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ivory Coast Government International Bond (Ivory Coast), (cont’d.)
Sr. Unsec’d. Notes, 144A		5.125	%		06/15/25	EUR	2,250	$	2,505,890
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		1.750			11/13/18		1,000		999,690
Gov’t. Gtd. Notes		1.875			04/20/21		2,000		1,934,014
Gov’t. Gtd. Notes		2.125			06/01/20		200		196,866
Gov’t. Gtd. Notes		2.125			07/21/20		600		589,442
Gov’t. Gtd. Notes		2.500			06/01/22		4,200		4,076,763
Gov’t. Gtd. Notes		3.375			10/31/23		2,400		2,394,702
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A		3.375			09/27/23		2,200		2,188,419
Sr. Unsec’d. Notes, 144A, MTN		3.250			04/24/23		800		791,861
Sr. Unsec’d. Notes, EMTN		2.125			04/13/21		600		581,553
Japan International Cooperation Agency (Japan), Gov’t. Gtd. Notes		1.875			11/13/19		4,000		3,946,804
Kenya Government International Bond (Kenya), Sr. Unsec’d. Notes		6.875			06/24/24		3,005		2,923,589
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, EMTN		5.125			10/15/24		65,228		67,757,542
Portugal Obrigacoes do Tesouro OT (Portugal), Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	1,515		2,013,502
Province of Alberta (Canada), Sr. Unsec’d. Notes		3.300			03/15/28		2,475		2,410,682
Province of Ontario (Canada), Sr. Unsec’d. Notes		3.400			10/17/23		2,335		2,339,306
Provincia de Buenos Aires (Argentina),
Sr. Unsec’d. Notes, 144A		6.500			02/15/23		600		513,000
Sr. Unsec’d. Notes, 144A		9.950			06/09/21		1,650		1,612,380
Republic of Italy Government International Bond (Italy), Sr. Unsec’d. Notes		6.875			09/27/23		6,773		7,265,722
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		1,325		1,301,055
Senegal Government International Bond (Senegal),
Sr. Unsec’d. Notes		4.750			03/13/28	EUR	1,600		1,689,180
Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	900		950,164
Serbia International Bond (Serbia), Unsec’d. Notes		5.875			12/03/18		2,000		2,003,420
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes		2.000			05/17/21		4,500		4,347,815
Sr. Unsec’d. Notes		2.125			05/20/19		3,000		2,987,973
Sr. Unsec’d. Notes		2.125			05/19/20		2,500		2,455,290

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Tokyo Metropolitan Government (Japan), (cont’d.)
Sr. Unsec’d. Notes, 144A		2.500	%		06/08/22		1,000	$	968,118
Sr. Unsec’d. Notes, 144A		3.250			06/01/23		1,000		992,226
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		5.625			03/30/21		1,450		1,413,669
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		7.750			09/01/22		1,000		969,360
Sr. Unsec’d. Notes		7.750			09/01/26		4,760		4,302,183
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		4.975			04/20/55		605		561,138
TOTAL SOVEREIGN BONDS (cost $255,579,405)									248,702,861
U.S. TREASURY OBLIGATIONS    3.6%
U.S. Treasury Bonds(h)(k)		2.500			02/15/45		38,760		32,668,926
U.S. Treasury Bonds(h)		2.500			05/15/46		4,110		3,444,052
U.S. Treasury Bonds		2.875			11/15/46		120		108,530
U.S. Treasury Bonds		3.125			05/15/48		19,180		18,189,533
U.S. Treasury Bonds		3.625			08/15/43		90		93,371
U.S. Treasury Notes		1.875			01/31/22		715		691,316
U.S. Treasury Notes		1.875			04/30/22		2,040		1,966,847
U.S. Treasury Notes		2.000			11/15/26		785		722,813
U.S. Treasury Notes		2.250			11/15/24		4,000		3,824,219
U.S. Treasury Notes		2.250			02/15/27		1,530		1,432,463
U.S. Treasury Notes		2.500			05/31/20		205		203,911
U.S. Treasury Notes		2.500			05/15/24		7,000		6,813,516
U.S. Treasury Notes(h)		2.875			08/15/28		7,405		7,229,420
U.S. Treasury Notes		3.000			10/31/25		5,510		5,482,450
U.S. Treasury Strips Coupon		2.143	(s)		11/15/28		1,820		1,313,540
U.S. Treasury Strips Coupon(k)		2.174	(s)		05/15/29		4,420		3,133,345
U.S. Treasury Strips Coupon		2.783	(s)		08/15/29		2,100		1,476,724
U.S. Treasury Strips Coupon		2.878	(s)		05/15/31		2,100		1,388,898
U.S. Treasury Strips Coupon(h)		3.042	(s)		11/15/35		4,200		2,366,697
U.S. Treasury Strips Coupon		3.202	(s)		08/15/40		4,200		1,989,055
TOTAL U.S. TREASURY OBLIGATIONS (cost $99,966,183)									94,539,626

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 57

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCK    0.1%
Oil, Gas & Consumable Fuels
Frontera Energy Corp. (Colombia)* (cost $2,719,465)		132,434	$	1,725,615
TOTAL LONG-TERM INVESTMENTS (cost $2,347,604,553)				2,304,072,323
SHORT-TERM INVESTMENTS    13.1%
AFFILIATED MUTUAL FUNDS    10.5%
PGIM Core Ultra Short Bond Fund(w)		193,786,688		193,786,688
PGIM Institutional Money Market Fund (cost $80,234,245; includes $80,080,072 of cash collateral for securities on loan)(b)(w)		80,235,942		80,235,942
TOTAL AFFILIATED MUTUAL FUNDS (cost $274,020,933)				274,022,630
OPTIONS PURCHASED*~    2.6%
(cost $79,635,477)				67,626,094
TOTAL SHORT-TERM INVESTMENTS (cost $353,656,410)				341,648,724
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    101.1% (cost $2,701,260,963)				2,645,721,047
OPTIONS WRITTEN*~    (2.6)%
(premiums received $66,394,378)				(67,467,473	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    98.5% (cost $2,634,866,585)				2,578,253,574
Other assets in excess of liabilities(z)    1.5%				39,979,105
NET ASSETS    100.0%			$	2,618,232,679

The following abbreviations are used in the annual report:

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

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

BABs—Build America Bonds

BROIS—Brazil Overnight Index Swap

CDO—Collateralized Debt Obligation

CDS—Credit Default Swap

CDX—Credit Derivative Index

See Notes to Financial Statements.

58

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

IO—Interest Only (Principal amount represents notional)

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trusts

S—Semiannual payment frequency for swaps

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

USOIS—United States Overnight Index Swap

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SAR—Saudi Arabian Riyal

SEK—Swedish Krona

SGD—Singapore Dollar

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 59

Schedule of Investments (continued)

as of October 31, 2018

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

* Non-income producing security.

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

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $23,516,560 and 0.9% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $78,059,324; cash collateral of $80,080,072 (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 October 31, 2018.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 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.

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

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

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Unfunded loan commitment outstanding at October 31, 2018

Borrower	Principal Amount (000)		Current Value		Unrealized Appreciation		Unrealized Depreciation
Nidda Healthcare Holding AG (Germany), Facility CGBP, 4.500%, Maturity Date 8/21/24 (cost $2,210,191)		GBP 1,643	$	2,105,000	$	—	$	(105,191	)

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—		47,045	$	44,189
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/13/21		0.11	%		—		50,000		46,973
2-Year 10 CMS Curve CAP	Call	Bank of America		08/16/21		0.15	%		—		114,350		105,425
2-Year 10 CMS Curve CAP	Call	Bank of America		08/20/21		0.15	%		—		231,665		665,041

See Notes to Financial Statements.

60

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#			Value
2-Year 10 CMS Curve CAP	Call	Bank of America		09/13/21		0.14	%		—			234,900	$	252,802
Currency Option AUD vs JPY	Call	Morgan Stanley		11/25/20		92.00			—		AUD	70,000		401,657
Currency Option AUD vs USD	Call	Morgan Stanley		08/27/19		0.78			—		AUD	79,000		313,897
Currency Option EUR vs TRY	Call	Goldman Sachs International		11/28/18		10.00			—		EUR	30,000		640
Currency Option EUR vs TRY	Call	BNP Paribas		04/28/20		10.00			—		EUR	30,000		2,945,733
Currency Option EUR vs TRY	Call	Morgan Stanley		07/28/20		12.00			—		EUR	30,000		2,405,498
Currency Option EUR vs ZAR	Call	Morgan Stanley		01/31/19		28.00			—		EUR	34,000		4,397
Currency Option EUR vs ZAR	Call	Morgan Stanley		12/24/19		24.00			—		EUR	25,000		583,125
Currency Option USD vs BRL	Call	Deutsche Bank AG		12/10/18		6.50			—			74,000		42
Currency Option USD vs BRL	Call	Deutsche Bank AG		03/14/19		8.50			—			37,000		719
Currency Option USD vs BRL	Call	Deutsche Bank AG		12/20/19		5.00			—			30,000		381,934
Currency Option USD vs BRL	Call	Deutsche Bank AG		03/27/20		4.65			—			30,000		768,745
Currency Option USD vs CAD	Call	Bank of America		01/30/19		1.50			—			30,000		2,014
Currency Option USD vs CAD	Call	Bank of America		07/30/19		1.30			—			30,000		872,630
Currency Option USD vs CNH	Call	Morgan Stanley		03/27/19		8.25			—			36,000		31,717
Currency Option USD vs CNH	Call	Morgan Stanley		06/26/20		7.25			—			36,000		983,164
Currency Option USD vs INR	Call	BNP Paribas		11/30/18		82.50			—			37,000		913
Currency Option USD vs JPY	Call	Citibank NA		01/27/21		110.00			—			30,000		795,695
Currency Option USD vs JPY	Call	Morgan Stanley		01/27/21		110.00			—			7,000		185,662
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19		1,200.00			—			30,000		618,239
Currency Option USD vs KRW	Call	BNP Paribas		12/20/19		1,350.00			—			60,000		463,568

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 61

Schedule of Investments (continued)

as of October 31, 2018

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs MXN	Call	Citibank NA		11/26/18		26.00		—			51,000	$	1,276
Currency Option USD vs MXN	Call	BNP Paribas		11/26/18		25.00		—			23,000		1,402
Currency Option USD vs RUB	Call	Goldman Sachs International		01/11/19		95.00		—			33,000		8,902
Currency Option USD vs RUB	Call	Citibank NA		12/23/19		85.00		—			30,000		593,502
Currency Option USD vs TRY	Call	Morgan Stanley		12/14/18		9.00		—			36,000		7,464
Currency Option USD vs TRY	Call	Goldman Sachs International		12/23/19		6.00		—			30,000		5,222,082
Currency Option USD vs TRY	Call	Morgan Stanley		04/29/20		7.00		—			35,000		5,096,130
Currency Option USD vs TRY	Call	Deutsche Bank AG		06/29/20		9.00		—			36,000		2,993,824
Currency Option USD vs ZAR	Call	BNP Paribas		12/14/18		25.00		—			37,000		446
Currency Option USD vs ZAR	Call	Goldman Sachs International		04/26/19		25.00		—			39,000		46,538
Currency Option USD vs ZAR	Call	Morgan Stanley		12/24/19		14.00		—			30,000		3,797,618
Currency Option USD vs ZAR	Call	BNP Paribas		12/24/19		17.00		—			60,000		3,111,222
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		17.00		—			39,000		3,340,438
Currency Option AUD vs JPY	Put	Deutsche Bank AG		11/27/18		60.00		—		AUD	180,000		71
Currency Option AUD vs JPY	Put	Morgan Stanley		01/29/20		82.00		—		AUD	180,000		10,432,068
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		73.00		—		AUD	360,000		7,796,534
Currency Option AUD vs JPY	Put	Deutsche Bank AG		02/26/20		76.00		—		AUD	180,000		5,738,012
Currency Option AUD vs USD	Put	Citibank NA		01/29/20		0.69		—		AUD	38,000		800,375
Currency Option EUR vs TRY	Put	JPMorgan Chase		02/26/19		4.60		—		EUR	24,000		1,194
Currency Option EUR vs TRY	Put	Goldman Sachs International		04/28/20		6.00		—		EUR	30,000		189,708
Currency Option EUR vs TRY	Put	BNP Paribas		07/28/20		7.00		—		EUR	30,000		557,731

See Notes to Financial Statements.

62

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option GBP vs USD	Put	Hong Kong & Shanghai Bank		04/25/19		1.00		—		GBP	31,500	$	34,798
Currency Option GBP vs USD	Put	Hong Kong & Shanghai Bank		09/28/20		1.28		—		GBP	31,500		1,688,689
Currency Option USD vs BRL	Put	JPMorgan Chase		03/27/20		3.10		—			30,000		149,362
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			36,000		881,335
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			1,000		24,482
Currency Option USD vs BRL	Put	Deutsche Bank AG		08/27/20		3.50		—			37,000		935,369
Currency Option USD vs BRL	Put	Morgan Stanley		08/27/20		3.25		—			37,000		422,169
Currency Option USD vs CNH	Put	Morgan Stanley		06/26/19		6.00		—			36,000		6,393
Currency Option USD vs INR	Put	BNP Paribas		08/27/19		69.50		—			37,000		70,977
Currency Option USD vs JPY	Put	Morgan Stanley		01/07/19		91.00		—			37,000		957
Currency Option USD vs MXN	Put	BNP Paribas		08/27/19		17.00		—			23,000		35,212
Currency Option USD vs MXN	Put	Citibank NA		04/28/20		17.00		—			51,000		180,094
Currency Option USD vs TRY	Put	Goldman Sachs International		04/29/20		4.00		—			35,000		31,063
Currency Option USD vs TRY	Put	Morgan Stanley		06/29/20		5.00		—			36,000		156,259
Currency Option USD vs ZAR	Put	BNP Paribas		07/27/20		12.00		—			37,000		293,288
Total OTC Traded (cost $79,525,330)												$	67,521,403

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$

107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

22,870

$

21,413

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 63

Schedule of Investments (continued)

as of October 31, 2018

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.31.V1, 12/20/23

Call

Deutsche Bank AG

03/20/19

$107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

30,130

$

28,210

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$106.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

24,350

55,068

Total OTC Swaptions (cost $110,147)

$

104,691

Total Options Purchased (cost $79,635,477)

$

67,626,094

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option EUR vs TRY	Call	Morgan Stanley		11/28/18		10.00		—		EUR	30,000	$	(640	)
Currency Option EUR vs TRY	Call	Goldman Sachs International		04/28/20		10.00		—		EUR	30,000		(2,945,733	)
Currency Option EUR vs TRY	Call	BNP Paribas		07/28/20		12.00		—		EUR	30,000		(2,405,498	)
Currency Option EUR vs ZAR	Call	Deutsche Bank AG		12/24/19		24.00		—		EUR	25,000		(583,125	)
Currency Option EUR vs ZAR	Call	Morgan Stanley		08/27/20		28.00		—		EUR	34,000		(963,170	)
Currency Option USD vs BRL	Call	JPMorgan Chase		12/20/19		5.00		—			30,000		(381,934	)
Currency Option USD vs BRL	Call	JPMorgan Chase		03/27/20		4.65		—			30,000		(768,745	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		6.50		—			74,000		(612,390	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		08/27/20		8.50		—			37,000		(130,639	)
Currency Option USD vs CAD	Call	Bank of America		07/30/19		1.40		—			60,000		(411,075	)
Currency Option USD vs CNH	Call	Morgan Stanley		06/26/20		7.75		—			72,000		(1,019,654	)
Currency Option USD vs INR	Call	BNP Paribas		08/27/19		82.50		—			37,000		(388,363	)
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19		1,350.00		—			60,000		(463,568	)
Currency Option USD vs KRW	Call	BNP Paribas		12/20/19		1,200.00		—			30,000		(618,239	)

See Notes to Financial Statements.

64

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs MXN	Call	BNP Paribas		08/27/19		25.00		—			23,000	$	(353,915	)
Currency Option USD vs MXN	Call	Citibank NA		04/28/20		26.00		—			51,000		(1,480,585	)
Currency Option USD vs RUB	Call	Goldman Sachs International		12/23/19		85.00		—			30,000		(593,502	)
Currency Option USD vs RUB	Call	Citibank NA		03/30/20		95.00		—			33,000		(525,835	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		12/14/18		9.00		—			36,000		(7,464	)
Currency Option USD vs TRY	Call	BNP Paribas		12/23/19		6.00		—			30,000		(5,222,082	)
Currency Option USD vs TRY	Call	Goldman Sachs International		04/29/20		7.00		—			35,000		(5,096,130	)
Currency Option USD vs TRY	Call	Morgan Stanley		06/29/20		9.00		—			36,000		(2,993,824	)
Currency Option USD vs ZAR	Call	Morgan Stanley		12/24/19		17.00		—			60,000		(3,111,222	)
Currency Option USD vs ZAR	Call	BNP Paribas		12/24/19		14.00		—			30,000		(3,797,618	)
Currency Option USD vs ZAR	Call	BNP Paribas		07/27/20		25.00		—			37,000		(771,422	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		21.00		—			78,000		(3,287,616	)
Currency Option AUD vs JPY	Put	Morgan Stanley		01/29/20		73.00		—		AUD	360,000		(7,796,534	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		82.00		—		AUD	180,000		(10,432,068	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		02/26/20		67.00		—		AUD	360,000		(4,369,981	)
Currency Option AUD vs USD	Put	Morgan Stanley		01/29/20		0.69		—		AUD	38,000		(800,375	)
Currency Option EUR vs TRY	Put	Morgan Stanley		04/28/20		6.00		—		EUR	30,000		(189,708	)
Currency Option EUR vs TRY	Put	Morgan Stanley		07/28/20		7.00		—		EUR	30,000		(557,731	)
Currency Option GBP vs USD	Put	Hong Kong & Shanghai Bank		09/28/20		1.16		—		GBP	63,000		(1,535,000	)
Currency Option USD vs BRL	Put	Deutsche Bank AG		03/27/20		3.10		—			30,000		(149,362	)
Currency Option USD vs BRL	Put	Morgan Stanley		08/27/20		3.50		—			37,000		(935,369	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 65

Schedule of Investments (continued)

as of October 31, 2018

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs JPY	Put	Morgan Stanley		01/27/21		91.00		—			37,000	$	(574,799	)
Currency Option USD vs TRY	Put	Deutsche Bank AG		04/29/20		4.00		—			35,000		(31,063	)
Currency Option USD vs TRY	Put	Deutsche Bank AG		06/29/20		5.00		—			36,000		(156,259	)
Hellenic Republic, 3.75%, 01/30/28^	Put	Deutsche Bank AG		09/10/20		87.00		—		EUR	5,000		(30,885	)
Lebanese Republic, 8.25%, 04/12/21^	Put	Deutsche Bank AG		04/08/19		$66.00		—			9,170		(10,687	)
Total OTC Traded (premiums received $65,434,751)												$	(66,503,809	)

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike		Receive	Pay	Notional Amount (000)#		Value
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		11/21/18	$	101.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		23,500	$	(13,894	)
CDX.NA.HY.31.V1, 12/20/23	Put	Credit Suisse International		11/21/18	$	100.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		34,570		(16,224	)
CDX.NA.HY.31.V1, 12/20/23	Put	Citibank NA		01/16/19	$	94.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		23,500		(19,657	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		01/16/19	$	97.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		11,580		(23,516	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		01/16/19	$	101.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		11,580		(53,023	)
CDX.NA.HY.31.V1, 12/20/23	Put	Deutsche Bank AG		01/16/19	$	98.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		6,640		(16,356	)
CDX.NA.HY.31.V1, 12/20/23	Put	Goldman Sachs International		02/20/19	$	102.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		4,430		(40,409	)
CDX.NA.HY.31.V1, 12/20/23	Put	Goldman Sachs International		03/20/19	$	99.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		11,070		(78,533	)
CDX.NA.HY.31.V1, 12/20/23	Put	Barclays Bank PLC		03/20/19	$	100.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		11,070		(92,680	)
CDX.NA.HY.31.V1, 12/20/23	Put	Deutsche Bank AG		03/20/19	$	98.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		30,130		(181,352	)
CDX.NA.HY.31.V1, 12/20/23	Put	Bank of America		03/20/19	$	98.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		22,870		(137,654	)
iTraxx.XO.30.V1, 12/20/23	Put	Citibank NA		03/20/19		400.00	5.00%(Q)	iTraxx.XO. 30.V1(Q)		EUR 14,100		(104,710	)

See Notes to Financial Statements.

66

Options Written (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

iTraxx.XO.30.V1, 12/20/23

Put

Citibank NA

03/20/19

400.00

5.00%(Q)

iTraxx.XO. 30.V1(Q)

EUR 25,000

$

(185,656

)

Total OTC Swaptions (premiums received $959,627)

$

(963,664

)

Total Options Written (premiums received $66,394,378)

$

(67,467,473

)

Futures contracts outstanding at October 31, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	522	90 Day Euro Dollar		Dec. 2020	$	126,317,475	$	(357,336	)
	3,580	5 Year U.S. Treasury Notes		Dec. 2018		402,330,469		(2,499,220	)
	10,425	10 Year U.S. Treasury Notes		Dec. 2018		1,234,710,937		(11,310,371	)
	165	30 Year U.S. Ultra Treasury Bonds		Dec. 2018		24,621,094		(669,848	)
								(14,836,775	)
	Short Positions:
	522	90 Day Euro Dollar		Dec. 2021		126,363,150		244,239
	998	2 Year U.S. Treasury Notes		Dec. 2018		210,234,938		(177,910	)
	240	5 Year Euro-Bobl		Dec. 2018		35,729,932		27,902
	735	20 Year U.S. Treasury Notes		Dec. 2018		101,521,875		4,734,866
	327	Euro Schatz. DUA Index		Dec. 2018		41,472,692		(3,996	)
								4,825,101
							$	(10,011,674	)

Forward foreign currency exchange contracts outstanding at October 31, 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 01/18/19	Morgan Stanley		AUD	3,395	$	2,416,000	$	2,406,873	$	—	$	(9,127	)
Expiring 01/18/19	Toronto Dominion		AUD	4,173		2,980,000		2,958,267		—		(21,733	)
Expiring 01/18/19	Toronto Dominion		AUD	3,433		2,452,000		2,433,494		—		(18,506	)
Expiring 01/18/19	Toronto Dominion		AUD	2,181		1,555,000		1,546,284		—		(8,716	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 67

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Australian Dollar (cont’d.),
Expiring 01/31/19	Deutsche Bank AG	AUD	1,233	$	875,000	$	874,310	$	—	$	(690	)
Expiring 01/31/19	JPMorgan Chase	AUD	3,176		2,254,000		2,251,973		—		(2,027	)
Expiring 01/31/19	UBS AG	AUD	2,053		1,454,000		1,455,650		1,650		—
Expiring 01/31/19	UBS AG	AUD	1,121		792,000		794,598		2,598		—
Expiring 08/29/19	Morgan Stanley	AUD	8,920		6,333,799		6,351,957		18,158		—
Expiring 01/31/20	Citibank NA	AUD	7,067		5,269,724		5,051,697		—		(218,027	)
Expiring 01/31/20	Citibank NA	AUD	5,351		4,288,399		3,825,151		—		(463,248	)
Expiring 11/30/20	Morgan Stanley	AUD	3,823		2,744,881		2,752,826		7,945		—
Brazilian Real,
Expiring 12/04/18	Barclays Bank PLC	BRL	3,495		947,000		936,151		—		(10,849	)
Expiring 12/04/18	Hong Kong & Shanghai Bank	BRL	4,372		1,117,550		1,170,894		53,344		—
Expiring 12/04/18	JPMorgan Chase	BRL	5,519		1,482,000		1,478,120		—		(3,880	)
Expiring 12/04/18	Morgan Stanley	BRL	6,510		1,603,193		1,743,438		140,245		—
Expiring 12/14/18	Citibank NA	BRL	5,925		1,414,000		1,585,769		171,769		—
Expiring 01/31/19	UBS AG	BRL	6,025		1,611,000		1,606,067		—		(4,933	)
Expiring 02/25/19	Citibank NA	BRL	9,857		2,917,999		2,622,431		—		(295,568	)
Expiring 09/30/19	JPMorgan Chase	BRL	10,454		2,980,000		2,723,551		—		(256,449	)
Expiring 09/30/19	JPMorgan Chase	BRL	1,958		481,439		510,186		28,747		—
Expiring 12/24/19	Citibank NA	BRL	7,836		2,004,000		2,021,156		17,156		—
Expiring 12/24/19	Deutsche Bank AG	BRL	22,576		5,602,000		5,823,360		221,360		—
Expiring 03/31/20	Deutsche Bank AG	BRL	42,866		10,500,000		10,923,431		423,431		—
Expiring 06/30/20	Deutsche Bank AG	BRL	47,619		10,804,000		11,996,587		1,192,587		—
Expiring 06/30/20	Morgan Stanley	BRL	3,245		796,000		817,588		21,588		—
Expiring 08/31/20	Morgan Stanley	BRL	14,942		3,669,000		3,734,779		65,779		—
British Pound,
Expiring 01/25/19	Toronto Dominion	GBP	1,662		2,139,000		2,135,036		—		(3,964	)
Expiring 01/25/19	Toronto Dominion	GBP	1,424		1,828,000		1,828,995		995		—
Expiring 01/25/19	Toronto Dominion	GBP	674		875,000		866,155		—		(8,845	)

See Notes to Financial Statements.

68

Forward foreign currency exchange contracts outstanding at October 31, 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 01/18/19	Citibank NA	CAD	7,526	$	5,785,654	$	5,726,322	$	—	$	(59,332	)
Expiring 01/18/19	Citibank NA	CAD	6,737		5,172,500		5,126,006		—		(46,494	)
Expiring 01/18/19	Goldman Sachs International	CAD	7,787		5,953,300		5,925,223		—		(28,077	)
Expiring 01/18/19	Toronto Dominion	CAD	3,032		2,318,000		2,307,239		—		(10,761	)
Expiring 01/18/19	Toronto Dominion	CAD	2,934		2,241,000		2,232,377		—		(8,623	)
Expiring 01/18/19	Toronto Dominion	CAD	2,617		2,002,999		1,991,503		—		(11,496	)
Expiring 01/18/19	Toronto Dominion	CAD	2,150		1,645,000		1,636,074		—		(8,926	)
Expiring 01/18/19	Toronto Dominion	CAD	1,835		1,400,000		1,396,595		—		(3,405	)
Expiring 01/31/19	Toronto Dominion	CAD	1,322		1,010,495		1,006,110		—		(4,385	)
Expiring 01/31/19	UBS AG	CAD	633		483,000		481,739		—		(1,261	)
Expiring 07/31/19	Bank of America	CAD	2,377		1,918,000		1,813,652		—		(104,348	)
Expiring 07/31/19	JPMorgan Chase	CAD	2,483		1,904,400		1,894,566		—		(9,834	)
Chilean Peso,
Expiring 12/19/18	JPMorgan Chase	CLP	1,693,931		2,536,500		2,435,664		—		(100,836	)
Expiring 12/19/18	Morgan Stanley	CLP	1,226,381		1,758,000		1,763,385		5,385		—
Expiring 12/19/18	Morgan Stanley	CLP	588,875		875,000		846,730		—		(28,270	)
Expiring 12/19/18	Morgan Stanley	CLP	572,697		867,000		823,468		—		(43,532	)
Expiring 12/19/18	Morgan Stanley	CLP	397,680		597,028		571,815		—		(25,213	)
Expiring 12/19/18	UBS AG	CLP	1,619,750		2,356,000		2,329,001		—		(26,999	)
Expiring 12/19/18	UBS AG	CLP	1,287,036		1,925,000		1,850,599		—		(74,401	)
Chinese Renminbi,
Expiring 06/28/19	Citibank NA	CNH	7,363		1,051,104		1,046,131		—		(4,973	)
Expiring 02/28/20	Citibank NA	CNH	10,395		1,476,014		1,478,651		2,637		—
Expiring 02/28/20	Morgan Stanley	CNH	52,459		8,078,000		7,462,265		—		(615,735	)
Colombian Peso,
Expiring 12/14/18	Citibank NA	COP	7,156,241		2,265,350		2,218,485		—		(46,865	)
Expiring 12/14/18	JPMorgan Chase	COP	6,863,810		2,145,363		2,127,829		—		(17,534	)
Czech Koruna,
Expiring 01/25/19	JPMorgan Chase	CZK	21,362		957,000		940,407		—		(16,593	)
Expiring 01/25/19	UBS AG	CZK	50,511		2,262,000		2,223,669		—		(38,331	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 69

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Euro,
Expiring 01/31/19	Deutsche Bank AG	EUR	524	$	599,000	$	599,083	$	83	$	—
Expiring 02/25/19	Citibank NA	EUR	575		681,145		658,467		—		(22,678	)
Expiring 01/31/20	Morgan Stanley	EUR	4,298		5,216,483		5,084,398		—		(132,085	)
Expiring 02/28/20	Bank of America	EUR	5,226		6,837,176		6,199,024		—		(638,152	)
Expiring 02/28/20	Morgan Stanley	EUR	4,622		5,622,447		5,482,355		—		(140,092	)
Indian Rupee,
Expiring 01/11/19	Citibank NA	INR	137,371		1,837,000		1,841,660		4,660		—
Expiring 01/11/19	Goldman Sachs International	INR	305,729		4,081,277		4,098,744		17,467		—
Expiring 01/11/19	Goldman Sachs International	INR	292,275		3,923,423		3,918,385		—		(5,038	)
Expiring 01/11/19	JPMorgan Chase	INR	1,137,918		15,276,112		15,255,474		—		(20,638	)
Expiring 01/11/19	JPMorgan Chase	INR	917,186		12,192,563		12,296,233		103,670		—
Expiring 01/31/19	Hong Kong & Shanghai Bank	INR	46,830		631,000		626,340		—		(4,660	)
Expiring 01/31/19	JPMorgan Chase	INR	40,233		539,200		538,109		—		(1,091	)
Indonesian Rupiah,
Expiring 12/14/18	Citibank NA	IDR	32,585,927		2,123,000		2,130,794		7,794		—
Expiring 12/19/18	Barclays Bank PLC	IDR	198,645,824		13,029,972		12,979,717		—		(50,255	)
Expiring 12/19/18	Barclays Bank PLC	IDR	140,295,130		9,268,970		9,167,024		—		(101,946	)
Expiring 12/19/18	Barclays Bank PLC	IDR	40,327,504		2,632,000		2,635,039		3,039		—
Expiring 12/19/18	Barclays Bank PLC	IDR	28,847,996		1,884,000		1,884,957		957		—
Expiring 12/19/18	Citibank NA	IDR	21,360,196		1,396,000		1,395,697		—		(303	)
Expiring 12/19/18	JPMorgan Chase	IDR	115,584,926		7,612,235		7,552,435		—		(59,800	)
Expiring 12/19/18	JPMorgan Chase	IDR	26,398,403		1,730,475		1,724,898		—		(5,577	)
Expiring 12/19/18	Morgan Stanley	IDR	36,463,460		2,354,000		2,382,559		28,559		—
Expiring 12/19/18	Morgan Stanley	IDR	15,335,320		1,001,000		1,002,025		1,025		—
Expiring 12/19/18	UBS AG	IDR	20,353,652		1,331,000		1,329,928		—		(1,072	)
Israeli Shekel,
Expiring 01/28/19	Barclays Bank PLC	ILS	1,918		519,500		519,431		—		(69	)

See Notes to Financial Statements.

70

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Japanese Yen,
Expiring 01/25/19	Toronto Dominion	JPY	437,459	$	3,918,000	$	3,907,569	$	—	$	(10,431	)
Expiring 01/25/19	Toronto Dominion	JPY	153,441		1,371,000		1,370,603		—		(397	)
Expiring 01/25/19	UBS AG	JPY	153,182		1,371,906		1,368,284		—		(3,622	)
Expiring 01/31/19	Morgan Stanley	JPY	98,119		879,000		876,874		—		(2,126	)
Expiring 01/29/21	Citibank NA	JPY	748,513		7,462,000		7,176,217		—		(285,783	)
Expiring 01/29/21	Morgan Stanley	JPY	992,486		9,655,000		9,515,253		—		(139,747	)
Mexican Peso,
Expiring 12/19/18	Deutsche Bank AG	MXN	18,183		947,000		887,712		—		(59,288	)
Expiring 12/19/18	JPMorgan Chase	MXN	17,911		938,000		874,410		—		(63,590	)
Expiring 12/19/18	UBS AG	MXN	17,945		933,000		876,083		—		(56,917	)
Expiring 01/29/19	UBS AG	MXN	40,341		2,041,000		1,956,112		—		(84,888	)
Expiring 01/29/19	UBS AG	MXN	36,769		1,859,000		1,782,898		—		(76,102	)
Expiring 08/29/19	Morgan Stanley	MXN	62,161		3,063,738		2,911,581		—		(152,157	)
Expiring 12/24/19	Goldman Sachs International	MXN	23,280		1,139,332		1,071,090		—		(68,242	)
Expiring 04/30/20	Citibank NA	MXN	42,285		2,048,669		1,909,913		—		(138,756	)
Expiring 04/30/20	JPMorgan Chase	MXN	13,553		665,000		612,150		—		(52,850	)
New Taiwanese Dollar,
Expiring 01/11/19	Citibank NA	TWD	101,497		3,305,000		3,300,097		—		(4,903	)
Expiring 01/11/19	JPMorgan Chase	TWD	105,782		3,444,000		3,439,451		—		(4,549	)
Expiring 01/11/19	JPMorgan Chase	TWD	102,173		3,304,000		3,322,088		18,088		—
Expiring 01/11/19	Morgan Stanley	TWD	126,348		4,088,000		4,108,121		20,121		—
New Zealand Dollar,
Expiring 01/18/19	Bank of America	NZD	1,939		1,262,959		1,266,776		3,817		—
Expiring 01/18/19	Toronto Dominion	NZD	3,387		2,226,000		2,212,543		—		(13,457	)
Expiring 01/18/19	Toronto Dominion	NZD	2,462		1,625,000		1,608,201		—		(16,799	)
Expiring 01/18/19	Toronto Dominion	NZD	2,081		1,374,000		1,359,430		—		(14,570	)
Expiring 01/18/19	Toronto Dominion	NZD	1,707		1,123,000		1,115,081		—		(7,919	)
Expiring 01/18/19	Toronto Dominion	NZD	1,652		1,076,000		1,078,813		2,813		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 71

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Norwegian Krone,
Expiring 01/25/19	Bank of America	NOK	57,224	$	6,963,713	$	6,816,955	$	—	$	(146,758	)
Peruvian Nuevo Sol,
Expiring 12/19/18	Barclays Bank PLC	PEN	4,012		1,202,000		1,187,755		—		(14,245	)
Expiring 12/19/18	BNP Paribas	PEN	33,595		10,058,100		9,945,157		—		(112,943	)
Expiring 12/19/18	BNP Paribas	PEN	33,459		10,116,024		9,904,805		—		(211,219	)
Expiring 12/19/18	BNP Paribas	PEN	4,875		1,456,000		1,443,271		—		(12,729	)
Expiring 12/19/18	Citibank NA	PEN	19,190		5,763,590		5,680,784		—		(82,806	)
Expiring 12/19/18	JPMorgan Chase	PEN	9,822		2,959,121		2,907,497		—		(51,624	)
Expiring 12/19/18	JPMorgan Chase	PEN	9,785		2,952,479		2,896,688		—		(55,791	)
Expiring 12/19/18	JPMorgan Chase	PEN	4,916		1,466,000		1,455,180		—		(10,820	)
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	226,873		4,155,000		4,227,539		72,539		—
Expiring 12/14/18	Barclays Bank PLC	PHP	181,127		3,321,000		3,375,111		54,111		—
Expiring 12/14/18	Barclays Bank PLC	PHP	162,132		2,969,999		3,021,159		51,160		—
Expiring 12/14/18	Barclays Bank PLC	PHP	161,622		2,968,000		3,011,659		43,659		—
Expiring 12/14/18	Barclays Bank PLC	PHP	153,084		2,798,000		2,852,558		54,558		—
Expiring 12/14/18	Citibank NA	PHP	128,725		2,375,000		2,398,651		23,651		—
Expiring 12/14/18	Citibank NA	PHP	122,728		2,249,000		2,286,902		37,902		—
Expiring 12/14/18	JPMorgan Chase	PHP	209,584		3,859,000		3,905,375		46,375		—
Expiring 12/14/18	JPMorgan Chase	PHP	169,236		3,134,000		3,153,529		19,529		—
Expiring 12/14/18	JPMorgan Chase	PHP	129,342		2,360,000		2,410,151		50,151		—
Expiring 12/14/18	JPMorgan Chase	PHP	41,633		779,300		775,777		—		(3,523	)
Expiring 12/14/18	Morgan Stanley	PHP	218,951		3,994,000		4,079,916		85,916		—
Expiring 12/14/18	Morgan Stanley	PHP	177,492		3,268,000		3,307,364		39,364		—
Expiring 12/14/18	Morgan Stanley	PHP	167,768		3,080,000		3,126,167		46,167		—
Polish Zloty,
Expiring 01/25/19	JPMorgan Chase	PLN	3,985		1,057,000		1,041,342		—		(15,658	)

See Notes to Financial Statements.

72

Forward foreign currency exchange contracts outstanding at October 31, 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 (cont’d.),
Expiring 01/25/19	Toronto Dominion	PLN	3,337	$	895,000	$	871,926	$	—	$	(23,074	)
Russian Ruble,
Expiring 12/19/18	Barclays Bank PLC	RUB	145,495		2,167,000		2,194,980		27,980		—
Expiring 12/19/18	Barclays Bank PLC	RUB	92,346		1,409,000		1,393,161		—		(15,839	)
Expiring 12/19/18	Barclays Bank PLC	RUB	90,697		1,375,000		1,368,287		—		(6,713	)
Expiring 12/19/18	Barclays Bank PLC	RUB	66,987		1,016,000		1,010,583		—		(5,417	)
Expiring 12/19/18	Barclays Bank PLC	RUB	64,067		968,000		966,539		—		(1,461	)
Expiring 12/24/19	Citibank NA	RUB	382,303		5,577,000		5,520,002		—		(56,998	)
Expiring 03/31/20	Barclays Bank PLC	RUB	303,739		4,366,582		4,337,878		—		(28,704	)
Saudi Arabian Riyal,
Expiring 11/12/19	Morgan Stanley	SAR	113,400		30,157,168		30,196,685		39,517		—
Singapore Dollar,
Expiring 11/09/18	Bank of America	SGD	2,322		1,706,000		1,676,493		—		(29,507	)
Expiring 11/09/18	Bank of America	SGD	1,375		1,000,000		992,596		—		(7,404	)
Expiring 11/09/18	Citibank NA	SGD	2,399		1,753,000		1,732,136		—		(20,864	)
Expiring 11/09/18	Citibank NA	SGD	1,837		1,342,000		1,326,798		—		(15,202	)
Expiring 11/09/18	Citibank NA	SGD	1,598		1,159,000		1,153,671		—		(5,329	)
Expiring 11/09/18	Citibank NA	SGD	1,510		1,106,000		1,090,483		—		(15,517	)
Expiring 11/09/18	Deutsche Bank AG	SGD	5,780		4,219,000		4,173,374		—		(45,626	)
Expiring 11/09/18	Deutsche Bank AG	SGD	3,260		2,388,000		2,353,714		—		(34,286	)
Expiring 11/09/18	Deutsche Bank AG	SGD	1,424		1,033,000		1,028,170		—		(4,830	)
Expiring 11/09/18	Goldman Sachs International	SGD	1,349		981,000		973,912		—		(7,088	)
Expiring 11/09/18	JPMorgan Chase	SGD	2,224		1,634,000		1,605,566		—		(28,434	)
Expiring 11/09/18	JPMorgan Chase	SGD	2,210		1,624,000		1,595,759		—		(28,241	)
Expiring 11/09/18	JPMorgan Chase	SGD	1,379		1,008,000		995,951		—		(12,049	)
Expiring 11/09/18	Morgan Stanley	SGD	1,931		1,411,000		1,394,639		—		(16,361	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 73

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Singapore Dollar (cont’d.),
Expiring 11/09/18	Morgan Stanley	SGD	1,418	$	1,040,000	$	1,023,699	$	—	$	(16,301	)
Expiring 11/09/18	UBS AG	SGD	2,508		1,839,000		1,811,248		—		(27,752	)
Expiring 11/09/18	UBS AG	SGD	2,067		1,514,000		1,492,465		—		(21,535	)
Expiring 11/09/18	UBS AG	SGD	1,506		1,105,000		1,087,410		—		(17,590	)
South African Rand,
Expiring 12/07/18	Deutsche Bank AG	ZAR	13,442		915,000		906,941		—		(8,059	)
Expiring 12/07/18	JPMorgan Chase	ZAR	17,438		1,197,000		1,176,530		—		(20,470	)
Expiring 12/07/18	JPMorgan Chase	ZAR	14,268		980,000		962,653		—		(17,347	)
Expiring 12/07/18	Morgan Stanley	ZAR	16,004		1,068,000		1,079,753		11,753		—
Expiring 12/07/18	Toronto Dominion	ZAR	15,504		1,031,000		1,046,057		15,057		—
Expiring 12/07/18	UBS AG	ZAR	33,280		2,331,000		2,245,391		—		(85,609	)
Expiring 12/07/18	UBS AG	ZAR	24,770		1,725,000		1,671,236		—		(53,764	)
Expiring 12/07/18	UBS AG	ZAR	18,339		1,276,000		1,237,295		—		(38,705	)
Expiring 12/07/18	UBS AG	ZAR	14,369		997,000		969,448		—		(27,552	)
Expiring 01/31/19	Morgan Stanley	ZAR	24,322		1,673,201		1,628,878		—		(44,323	)
Expiring 12/30/19	Barclays Bank PLC	ZAR	38,671		3,005,230		2,480,513		—		(524,717	)
Expiring 12/30/19	BNP Paribas	ZAR	68,785		4,346,000		4,412,113		66,113		—
Expiring 03/31/20	UBS AG	ZAR	29,283		2,052,800		1,854,438		—		(198,362	)
Expiring 03/31/20	UBS AG	ZAR	27,854		1,806,000		1,763,923		—		(42,077	)
South Korean Won,
Expiring 01/16/19	JPMorgan Chase	KRW	4,661,447		4,131,390		4,101,994		—		(29,396	)
Swiss Franc,
Expiring 01/25/19	Goldman Sachs International	CHF	1,830		1,853,000		1,833,884		—		(19,116	)
Expiring 01/25/19	Toronto Dominion	CHF	1,289		1,307,000		1,291,337		—		(15,663	)
Thai Baht,
Expiring 11/09/18	Citibank NA	THB	170,336		5,276,432		5,139,447		—		(136,985	)
Expiring 11/09/18	Citibank NA	THB	92,240		2,829,000		2,783,082		—		(45,918	)
Expiring 11/09/18	Citibank NA	THB	89,624		2,773,999		2,704,158		—		(69,841	)
Expiring 11/09/18	Citibank NA	THB	79,390		2,426,000		2,395,371		—		(30,629	)
Expiring 11/09/18	Citibank NA	THB	75,959		2,294,000		2,291,872		—		(2,128	)
Expiring 11/09/18	Citibank NA	THB	72,105		2,223,000		2,175,590		—		(47,410	)
Expiring 11/09/18	Citibank NA	THB	71,074		2,173,000		2,144,483		—		(28,517	)
Expiring 11/09/18	Citibank NA	THB	63,128		1,952,000		1,904,709		—		(47,291	)
Expiring 11/09/18	Citibank NA	THB	56,239		1,720,000		1,696,857		—		(23,143	)

See Notes to Financial Statements.

74

Forward foreign currency exchange contracts outstanding at October 31, 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 11/09/18	Citibank NA	THB	56,198	$	1,727,000	$	1,695,634	$	—	$	(31,366	)
Expiring 11/09/18	Citibank NA	THB	51,026		1,559,000		1,539,576		—		(19,424	)
Expiring 11/09/18	Citibank NA	THB	46,050		1,428,000		1,389,440		—		(38,560	)
Expiring 11/09/18	Citibank NA	THB	45,008		1,361,000		1,358,005		—		(2,995	)
Expiring 11/09/18	Citibank NA	THB	44,502		1,382,000		1,342,723		—		(39,277	)
Expiring 11/09/18	Citibank NA	THB	43,359		1,317,000		1,308,240		—		(8,760	)
Expiring 11/09/18	Citibank NA	THB	40,509		1,239,000		1,222,254		—		(16,746	)
Expiring 11/09/18	Citibank NA	THB	39,519		1,197,000		1,192,379		—		(4,621	)
Expiring 11/09/18	Deutsche Bank AG	THB	87,942		2,708,000		2,653,424		—		(54,576	)
Turkish Lira,
Expiring 12/07/18	Barclays Bank PLC	TRY	9,449		1,445,000		1,651,478		206,478		—
Expiring 12/07/18	Barclays Bank PLC	TRY	7,713		1,336,000		1,348,036		12,036		—
Expiring 12/07/18	Barclays Bank PLC	TRY	6,462		1,012,000		1,129,367		117,367		—
Expiring 12/07/18	BNP Paribas	TRY	5,066		872,000		885,513		13,513		—
Expiring 12/07/18	Deutsche Bank AG	TRY	6,378		1,029,000		1,114,699		85,699		—
Expiring 12/07/18	JPMorgan Chase	TRY	16,784		2,684,674		2,933,551		248,877		—
Expiring 12/07/18	JPMorgan Chase	TRY	6,327		1,067,000		1,105,782		38,782		—
Expiring 12/07/18	Morgan Stanley	TRY	10,256		1,589,000		1,792,487		203,487		—
Expiring 12/07/18	Morgan Stanley	TRY	7,068		1,154,000		1,235,284		81,284		—
Expiring 12/07/18	Toronto Dominion	TRY	7,600		1,194,000		1,328,277		134,277		—
Expiring 12/07/18	UBS AG	TRY	8,381		1,439,000		1,464,791		25,791		—
Expiring 02/28/19	Barclays Bank PLC	TRY	3,103		688,983		516,500		—		(172,483	)
Expiring 02/28/19	JPMorgan Chase	TRY	10,043		1,982,906		1,671,908		—		(310,998	)
Expiring 12/24/19	Goldman Sachs International	TRY	55,080		9,962,000		7,828,660		—		(2,133,340	)
Expiring 04/30/20	Citibank NA	TRY	4,397		748,000		589,079		—		(158,921	)
Expiring 04/30/20	Deutsche Bank AG	TRY	3,185		318,000		426,718		108,718		—
Expiring 04/30/20	Morgan Stanley	TRY	77,540		12,091,000		10,389,307		—		(1,701,693	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 75

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Turkish Lira (cont’d.),
Expiring 06/30/20	Bank of America	TRY	6,776	$	1,017,000	$	881,550	$	—	$	(135,450	)
Expiring 06/30/20	Deutsche Bank AG	TRY	157,506		15,218,000		20,492,393		5,274,393		—
				$	597,832,964	$	595,056,830	$	9,923,671	$	(12,699,805	)
Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/18/19	Bank of America	AUD	3,707	$	2,625,453	$	2,627,831	$	—	$	(2,378	)
Expiring 01/18/19	Morgan Stanley	AUD	9,801		6,988,098		6,947,606		40,492		—
Expiring 01/18/19	Morgan Stanley	AUD	2,312		1,638,000		1,638,955		—		(955	)
Expiring 01/18/19	Toronto Dominion	AUD	2,700		1,907,000		1,913,561		—		(6,561	)
Expiring 01/18/19	Toronto Dominion	AUD	1,517		1,074,000		1,075,333		—		(1,333	)
Expiring 01/31/19	Morgan Stanley	AUD	1,960		1,389,000		1,389,727		—		(727	)
Expiring 01/31/19	UBS AG	AUD	1,929		1,366,000		1,367,749		—		(1,749	)
Expiring 01/31/19	UBS AG	AUD	1,652		1,176,000		1,171,221		4,779		—
Expiring 08/29/19	Morgan Stanley	AUD	15,457		11,139,087		11,006,863		132,224		—
Expiring 01/31/20	Morgan Stanley	AUD	13,184		9,526,099		9,424,553		101,546		—
Brazilian Real,
Expiring 12/04/18	Barclays Bank PLC	BRL	4,533		1,219,000		1,214,078		4,922		—
Expiring 12/04/18	Citibank NA	BRL	5,089		1,350,000		1,363,076		—		(13,076	)
Expiring 12/04/18	Goldman Sachs International	BRL	6,746		1,813,461		1,806,771		6,690		—
Expiring 12/04/18	JPMorgan Chase	BRL	7,806		2,085,750		2,090,652		—		(4,902	)
Expiring 12/04/18	JPMorgan Chase	BRL	6,756		1,808,800		1,809,394		—		(594	)

See Notes to Financial Statements.

76

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 12/04/18	JPMorgan Chase	BRL	5,758	$	1,536,180	$	1,542,033	$	—	$	(5,853	)
Expiring 12/04/18	UBS AG	BRL	3,658		973,000		979,782		—		(6,782	)
Expiring 01/31/19	Bank of America	BRL	2,902		783,000		773,527		9,473		—
Expiring 01/31/19	Barclays Bank PLC	BRL	1,945		522,377		518,466		3,911		—
Expiring 02/25/19	Citibank NA	BRL	2,677		681,240		712,209		—		(30,969	)
Expiring 09/30/19	JPMorgan Chase	BRL	12,412		3,549,000		3,233,737		315,263		—
Expiring 12/24/19	BNP Paribas	BRL	3,641		900,000		939,208		—		(39,208	)
Expiring 12/24/19	Citibank NA	BRL	6,946		1,675,000		1,791,737		—		(116,737	)
Expiring 12/24/19	JPMorgan Chase	BRL	11,825		3,331,000		3,050,201		280,799		—
Expiring 12/24/19	UBS AG	BRL	2,906		725,000		749,534		—		(24,534	)
Expiring 03/31/20	JPMorgan Chase	BRL	38,335		10,714,000		9,768,673		945,327		—
Expiring 03/31/20	JPMorgan Chase	BRL	13,430		3,231,950		3,422,406		—		(190,456	)
Expiring 06/30/20	Deutsche Bank AG	BRL	80,093		19,440,000		20,177,822		—		(737,822	)
Expiring 07/29/20	Deutsche Bank AG	BRL	27,045		6,116,000		6,788,495		—		(672,495	)
Expiring 08/31/20	Deutsche Bank AG	BRL	26,630		5,810,000		6,656,411		—		(846,411	)
British Pound,
Expiring 01/25/19	Goldman Sachs International	GBP	21,407		27,810,765		27,492,587		318,178		—
Canadian Dollar,
Expiring 01/18/19	Goldman Sachs International	CAD	6,810		5,246,306		5,181,644		64,662		—
Expiring 01/18/19	Toronto Dominion	CAD	2,148		1,658,000		1,634,398		23,602		—
Expiring 01/18/19	Toronto Dominion	CAD	1,071		825,000		814,657		10,343		—
Chilean Peso,
Expiring 12/19/18	Barclays Bank PLC	CLP	834,309		1,233,000		1,199,634		33,366		—
Expiring 12/19/18	Barclays Bank PLC	CLP	822,537		1,204,000		1,182,707		21,293		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 77

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 12/19/18	Barclays Bank PLC	CLP	692,057	$	1,015,000	$	995,093	$	19,907	$	—
Expiring 12/19/18	BNP Paribas	CLP	13,636,364		20,267,478		19,607,415		660,063		—
Chinese Renminbi,
Expiring 01/28/19	Deutsche Bank AG	CNH	36,788		5,272,000		5,249,650		22,350		—
Expiring 01/28/19	Deutsche Bank AG	CNH	16,317		2,340,000		2,328,451		11,549		—
Expiring 01/28/19	Morgan Stanley	CNH	217,333		31,159,774		31,013,258		146,516		—
Expiring 06/28/19	Morgan Stanley	CNH	7,363		1,100,000		1,046,131		53,869		—
Expiring 02/28/20	Morgan Stanley	CNH	71,811		10,656,000		10,215,137		440,863		—
Colombian Peso,
Expiring 12/14/18	Barclays Bank PLC	COP	3,043,777		1,008,000		943,592		64,408		—
Expiring 12/14/18	Barclays Bank PLC	COP	2,806,716		933,000		870,102		62,898		—
Expiring 12/14/18	Citibank NA	COP	22,742,710		7,286,411		7,050,399		236,012		—
Expiring 12/14/18	Citibank NA	COP	2,412,374		794,000		747,853		46,147		—
Expiring 12/14/18	Morgan Stanley	COP	5,183,101		1,686,000		1,606,798		79,202		—
Expiring 12/14/18	Morgan Stanley	COP	4,297,096		1,434,000		1,332,130		101,870		—
Expiring 12/14/18	Morgan Stanley	COP	2,793,500		925,000		866,005		58,995		—
Czech Koruna,
Expiring 01/25/19	Citibank NA	CZK	252,283		11,213,075		11,106,363		106,712		—
Expiring 01/25/19	Deutsche Bank AG	CZK	252,283		11,280,258		11,106,362		173,896		—
Expiring 01/25/19	Goldman Sachs International	CZK	20,702		911,000		911,374		—		(374	)
Euro,
Expiring 12/19/18	UBS AG	EUR	278,610		318,640,662		317,009,413		1,631,249		—
Expiring 01/25/19	JPMorgan Chase	EUR	1,093		1,265,064		1,247,902		17,162		—
Expiring 01/25/19	Morgan Stanley	EUR	4,500		5,168,665		5,139,267		29,398		—
Expiring 01/25/19	Toronto Dominion	EUR	1,541		1,765,000		1,759,935		5,065		—

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 01/25/19	Toronto Dominion	EUR	1,083	$	1,237,000	$	1,237,308	$	—	$	(308	)
Expiring 01/25/19	Toronto Dominion	EUR	1,009		1,166,000		1,152,682		13,318		—
Expiring 01/25/19	Toronto Dominion	EUR	1,004		1,153,000		1,146,994		6,006		—
Expiring 01/25/19	Toronto Dominion	EUR	958		1,098,000		1,094,122		3,878		—
Expiring 01/25/19	UBS AG	EUR	678		775,750		774,117		1,633		—
Expiring 01/31/19	JPMorgan Chase	EUR	576		667,000		658,666		8,334		—
Expiring 02/25/19	Citibank NA	EUR	2,300		2,917,890		2,633,866		284,024		—
Expiring 02/28/19	Deutsche Bank AG	EUR	2,458		3,084,372		2,815,530		268,842		—
Expiring 12/30/19	Deutsche Bank AG	EUR	1,231		1,587,473		1,451,703		135,770		—
Expiring 02/28/20	Bank of America	EUR	11,032		13,441,389		13,086,037		355,352		—
Expiring 07/29/20	UBS AG	EUR	1,857		2,262,267		2,234,739		27,528		—
Hungarian Forint,
Expiring 01/25/19	JPMorgan Chase	HUF	2,481,590		8,947,505		8,723,349		224,156		—
Expiring 01/25/19	Toronto Dominion	HUF	3,375,715		12,104,152		11,866,397		237,755		—
Expiring 01/25/19	Toronto Dominion	HUF	1,662,666		5,971,798		5,844,644		127,154		—
Expiring 01/25/19	UBS AG	HUF	332,540		1,175,000		1,168,952		6,048		—
Indian Rupee,
Expiring 01/11/19	Barclays Bank PLC	INR	106,031		1,424,000		1,421,503		2,497		—
Expiring 01/11/19	JPMorgan Chase	INR	239,430		3,227,000		3,209,921		17,079		—
Expiring 01/11/19	JPMorgan Chase	INR	188,890		2,528,000		2,532,346		—		(4,346	)
Expiring 01/11/19	JPMorgan Chase	INR	127,287		1,718,000		1,706,466		11,534		—
Expiring 01/11/19	JPMorgan Chase	INR	64,237		868,000		861,193		6,807		—
Expiring 01/11/19	JPMorgan Chase	INR	58,229		779,300		780,640		—		(1,340	)
Expiring 01/11/19	Morgan Stanley	INR	123,864		1,673,000		1,660,579		12,421		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 79

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 08/29/19	BNP Paribas	INR	861,995	$	11,620,000	$	11,257,684	$	362,316	$	—
Indonesian Rupiah,
Expiring 12/19/18	Barclays Bank PLC	IDR	65,284,011		4,254,000		4,265,723		—		(11,723	)
Expiring 12/19/18	Barclays Bank PLC	IDR	64,828,514		4,292,000		4,235,960		56,040		—
Expiring 12/19/18	Barclays Bank PLC	IDR	61,806,349		4,073,000		4,038,489		34,511		—
Expiring 12/19/18	Barclays Bank PLC	IDR	40,210,780		2,605,000		2,627,413		—		(22,413	)
Expiring 12/19/18	Barclays Bank PLC	IDR	33,987,778		2,214,000		2,220,795		—		(6,795	)
Expiring 12/19/18	Barclays Bank PLC	IDR	18,589,656		1,212,000		1,214,667		—		(2,667	)
Expiring 12/19/18	Citibank NA	IDR	16,730,485		1,091,000		1,093,187		—		(2,187	)
Expiring 12/19/18	JPMorgan Chase	IDR	77,833,735		5,140,000		5,085,734		54,266		—
Expiring 12/19/18	JPMorgan Chase	IDR	73,874,739		4,904,000		4,827,049		76,951		—
Expiring 12/19/18	JPMorgan Chase	IDR	70,401,015		4,635,000		4,600,073		34,927		—
Expiring 12/19/18	JPMorgan Chase	IDR	70,096,736		4,641,000		4,580,191		60,809		—
Expiring 12/19/18	JPMorgan Chase	IDR	48,931,626		3,253,000		3,197,241		55,759		—
Expiring 12/19/18	JPMorgan Chase	IDR	37,137,660		2,452,140		2,426,612		25,528		—
Expiring 12/19/18	JPMorgan Chase	IDR	30,038,575		1,955,000		1,962,751		—		(7,751	)
Expiring 12/19/18	JPMorgan Chase	IDR	28,950,828		1,884,860		1,891,676		—		(6,816	)
Expiring 12/19/18	JPMorgan Chase	IDR	25,275,711		1,673,334		1,651,540		21,794		—
Expiring 12/19/18	JPMorgan Chase	IDR	25,161,197		1,632,000		1,644,058		—		(12,058	)
Expiring 12/19/18	Morgan Stanley	IDR	40,195,955		2,650,574		2,626,444		24,130		—
Israeli Shekel,
Expiring 01/28/19	Citibank NA	ILS	32,572		8,893,264		8,821,032		72,232		—
Japanese Yen,
Expiring 01/31/19	JPMorgan Chase	JPY	120,853		1,080,000		1,080,044		—		(44	)

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 11/30/20	JPMorgan Chase	JPY	819,678	$	7,848,316	$	7,810,860	$	37,456	$	—
Mexican Peso,
Expiring 12/19/18	Citibank NA	MXN	18,598		946,000		907,987		38,013		—
Expiring 12/19/18	Citibank NA	MXN	8,393		435,458		409,747		25,711		—
Expiring 12/19/18	JPMorgan Chase	MXN	23,220		1,209,314		1,133,615		75,699		—
Expiring 12/19/18	JPMorgan Chase	MXN	20,864		1,091,000		1,018,613		72,387		—
Expiring 12/19/18	UBS AG	MXN	220,940		11,663,699		10,786,396		877,303		—
Expiring 01/29/19	UBS AG	MXN	36,259		1,853,000		1,758,141		94,859		—
Expiring 01/31/19	Deutsche Bank AG	MXN	24,839		1,209,000		1,204,024		4,976		—
Expiring 01/31/19	UBS AG	MXN	33,314		1,643,000		1,614,816		28,184		—
Expiring 01/31/19	UBS AG	MXN	15,791		798,000		765,442		32,558		—
Expiring 08/29/19	BNP Paribas	MXN	100,179		5,049,000		4,692,345		356,655		—
Expiring 12/24/19	Citibank NA	MXN	32,954		1,606,000		1,516,198		89,802		—
Expiring 12/24/19	Citibank NA	MXN	3,596		169,000		165,463		3,537		—
Expiring 04/30/20	Citibank NA	MXN	298,979		14,344,000		13,504,330		839,670		—
Expiring 04/30/20	UBS AG	MXN	27,628		1,218,000		1,247,909		—		(29,909	)
New Taiwanese Dollar,
Expiring 01/11/19	JPMorgan Chase	TWD	68,988		2,240,000		2,243,086		—		(3,086	)
Expiring 01/11/19	JPMorgan Chase	TWD	33,335		1,083,000		1,083,858		—		(858	)
Expiring 01/11/19	Morgan Stanley	TWD	58,932		1,914,000		1,916,139		—		(2,139	)
Expiring 01/11/19	UBS AG	TWD	202,384		6,650,790		6,580,375		70,415		—
New Zealand Dollar,
Expiring 01/18/19	Toronto Dominion	NZD	3,142		2,056,000		2,052,372		3,628		—
Expiring 01/18/19	Toronto Dominion	NZD	2,372		1,547,000		1,549,622		—		(2,622	)
Expiring 01/18/19	Toronto Dominion	NZD	1,478		966,000		965,576		424		—
Norwegian Krone,
Expiring 01/25/19	Toronto Dominion	NOK	9,445		1,143,000		1,125,108		17,892		—
Peruvian Nuevo Sol,
Expiring 12/19/18	Barclays Bank PLC	PEN	3,581		1,061,000		1,060,016		984		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 81

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 12/19/18	JPMorgan Chase	PEN	7,834	$	2,354,000	$	2,318,961	$	35,039	$	—
Expiring 12/19/18	JPMorgan Chase	PEN	5,638		1,691,000		1,669,158		21,842		—
Expiring 12/19/18	JPMorgan Chase	PEN	4,104		1,235,000		1,214,844		20,156		—
Expiring 12/19/18	JPMorgan Chase	PEN	3,639		1,096,000		1,077,236		18,764		—
Expiring 12/19/18	Morgan Stanley	PEN	5,165		1,557,000		1,529,100		27,900		—
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	179,619		3,314,000		3,347,001		—		(33,001	)
Expiring 12/14/18	Barclays Bank PLC	PHP	46,154		857,000		860,025		—		(3,025	)
Expiring 12/14/18	Citibank NA	PHP	158,944		2,914,000		2,961,751		—		(47,751	)
Expiring 12/14/18	Citibank NA	PHP	86,083		1,590,000		1,604,056		—		(14,056	)
Expiring 12/14/18	JPMorgan Chase	PHP	165,531		3,062,000		3,084,481		—		(22,481	)
Expiring 12/14/18	JPMorgan Chase	PHP	158,838		2,939,000		2,959,779		—		(20,779	)
Expiring 12/14/18	JPMorgan Chase	PHP	154,974		2,833,000		2,887,765		—		(54,765	)
Expiring 12/14/18	JPMorgan Chase	PHP	89,267		1,661,250		1,663,399		—		(2,149	)
Expiring 12/14/18	JPMorgan Chase	PHP	61,449		1,139,000		1,145,036		—		(6,036	)
Expiring 12/14/18	Morgan Stanley	PHP	192,137		3,519,962		3,580,267		—		(60,305	)
Polish Zloty,
Expiring 01/25/19	Goldman Sachs International	PLN	76,556		20,510,520		20,003,198		507,322		—
Russian Ruble,
Expiring 12/19/18	JPMorgan Chase	RUB	340,848		5,074,024		5,142,143		—		(68,119	)
Expiring 12/19/18	JPMorgan Chase	RUB	99,843		1,479,291		1,506,258		—		(26,967	)
Expiring 12/24/19	Barclays Bank PLC	RUB	114,712		1,758,315		1,656,311		102,004		—

See Notes to Financial Statements.

82

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 12/24/19	Goldman Sachs International	RUB	207,704		$	3,385,000	$	2,998,991	$	386,009	$	—
Expiring 12/24/19	JPMorgan Chase	RUB	59,887			804,126		864,701		—		(60,575	)
Expiring 03/31/20	Citibank NA	RUB	305,303	��		4,444,000		4,360,205		83,795		—
Expiring 03/31/20	JPMorgan Chase	RUB	311,865			4,119,743		4,453,918		—		(334,175	)
Saudi Arabian Riyal,
Expiring 11/12/19	Morgan Stanley	SAR	113,400			30,000,000		30,196,685		—		(196,685	)
Singapore Dollar,
Expiring 11/09/18	Citibank NA	SGD	4,792			3,506,546		3,460,302		46,244		—
Expiring 11/09/18	Citibank NA	SGD	4,069			2,981,690		2,938,384		43,306		—
Expiring 11/09/18	Deutsche Bank AG	SGD	3,758			2,728,000		2,713,609		14,391		—
Expiring 11/09/18	Deutsche Bank AG	SGD	2,742			1,979,000		1,979,870		—		(870	)
Expiring 11/09/18	Deutsche Bank AG	SGD	2,623			1,898,000		1,894,146		3,854		—
Expiring 11/09/18	Deutsche Bank AG	SGD	1,486			1,073,000		1,072,842		158		—
Expiring 11/09/18	Deutsche Bank AG	SGD	1,237			894,000		893,532		468		—
Expiring 11/09/18	Goldman Sachs International	SGD	1,865			1,357,000		1,346,558		10,442		—
Expiring 11/09/18	Goldman Sachs International	SGD	1,276			926,000		921,306		4,694		—
Expiring 11/09/18	JPMorgan Chase	SGD	2,967			2,165,000		2,142,138		22,862		—
Expiring 11/09/18	JPMorgan Chase	SGD	2,700			1,962,000		1,949,653		12,347		—
Expiring 11/09/18	JPMorgan Chase	SGD	1,842			1,333,000		1,329,727		3,273		—
Expiring 11/09/18	Morgan Stanley	SGD	4,025			2,954,300		2,906,603		47,697		—
Expiring 11/09/18	Toronto Dominion	SGD	1,335			970,000		964,089		5,911		—
Expiring 11/09/18	UBS AG	SGD	5,107			3,695,000		3,687,901		7,099		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 83

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand,
Expiring 11/09/18	Citibank NA	ZAR	47,105	$	3,274,836	$	3,189,398	$	85,438	$	—
Expiring 12/07/18	Barclays Bank PLC	ZAR	108,903		7,121,483		7,347,620		—		(226,137	)
Expiring 12/07/18	Barclays Bank PLC	ZAR	108,903		7,121,483		7,347,620		—		(226,137	)
Expiring 12/07/18	Citibank NA	ZAR	38,151		2,672,660		2,574,014		98,646		—
Expiring 12/07/18	Citibank NA	ZAR	29,112		2,022,693		1,964,195		58,498		—
Expiring 12/07/18	Citibank NA	ZAR	18,108		1,247,562		1,221,759		25,803		—
Expiring 12/07/18	Citibank NA	ZAR	12,720		874,668		858,230		16,438		—
Expiring 12/07/18	Goldman Sachs International	ZAR	31,831		2,057,485		2,147,639		—		(90,154	)
Expiring 12/07/18	JPMorgan Chase	ZAR	34,738		2,231,000		2,343,742		—		(112,742	)
Expiring 12/07/18	JPMorgan Chase	ZAR	31,257		2,079,896		2,108,867		—		(28,971	)
Expiring 12/07/18	Toronto Dominion	ZAR	14,649		955,000		988,329		—		(33,329	)
Expiring 12/30/19	Goldman Sachs International	ZAR	36,889		2,328,000		2,366,183		—		(38,183	)
Expiring 12/30/19	JPMorgan Chase	ZAR	15,685		1,039,428		1,006,089		33,339		—
Expiring 03/31/20	Barclays Bank PLC	ZAR	25,650		1,706,000		1,624,338		81,662		—
Expiring 03/31/20	Goldman Sachs International	ZAR	25,843		1,633,000		1,636,583		—		(3,583	)
Expiring 03/31/20	JPMorgan Chase	ZAR	57,893		3,787,558		3,666,221		121,337		—
Expiring 07/29/20	BNP Paribas	ZAR	134,737		8,256,000		8,389,224		—		(133,224	)
Expiring 09/30/20	Goldman Sachs International	ZAR	26,420		1,651,000		1,630,254		20,746		—
South Korean Won,
Expiring 01/16/19	Barclays Bank PLC	KRW	5,670,610		4,991,690		4,990,040		1,650		—
Expiring 01/16/19	Barclays Bank PLC	KRW	3,013,278		2,684,674		2,651,633		33,041		—
Expiring 01/16/19	Barclays Bank PLC	KRW	1,153,142		1,015,000		1,014,745		255		—

See Notes to Financial Statements.

84

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 01/16/19	Goldman Sachs International	KRW	2,974,049	$	2,634,000	$	2,617,113	$	16,887	$	—
Expiring 01/16/19	JPMorgan Chase	KRW	1,626,411		1,430,000		1,431,214		—		(1,214	)
Expiring 01/16/19	JPMorgan Chase	KRW	1,555,096		1,364,000		1,368,458		—		(4,458	)
Expiring 01/16/19	JPMorgan Chase	KRW	1,320,123		1,177,000		1,161,686		15,314		—
Expiring 01/16/19	JPMorgan Chase	KRW	1,141,334		1,012,000		1,004,354		7,646		—
Expiring 01/16/19	JPMorgan Chase	KRW	1,011,206		893,000		889,844		3,156		—
Expiring 01/16/19	JPMorgan Chase	KRW	216,037		190,437		190,109		328		—
Expiring 01/16/19	Morgan Stanley	KRW	3,485,704		3,073,000		3,067,360		5,640		—
Expiring 01/16/19	Morgan Stanley	KRW	1,505,295		1,324,000		1,324,634		—		(634	)
Expiring 12/24/19	Goldman Sachs International	KRW	130,134		123,000		116,466		6,534		—
Swedish Krona,
Expiring 01/25/19	Goldman Sachs International	SEK	66,848		7,497,577		7,368,668		128,909		—
Expiring 01/25/19	Toronto Dominion	SEK	11,622		1,282,000		1,281,033		967		—
Swiss Franc,
Expiring 01/25/19	BNP Paribas	CHF	18,514		18,731,695		18,554,015		177,680		—
Expiring 01/25/19	Toronto Dominion	CHF	18,514		18,749,716		18,554,014		195,702		—
Expiring 01/25/19	Toronto Dominion	CHF	2,306		2,325,000		2,311,059		13,941		—
Expiring 01/25/19	Toronto Dominion	CHF	1,381		1,385,000		1,384,212		788		—
Thai Baht,
Expiring 11/09/18	Citibank NA	THB	72,214		2,221,000		2,178,853		42,147		—
Expiring 11/09/18	Citibank NA	THB	57,777		1,742,000		1,743,264		—		(1,264	)
Expiring 11/09/18	Citibank NA	THB	44,865		1,354,000		1,353,675		325		—
Expiring 11/09/18	Citibank NA	THB	34,591		1,040,000		1,043,704		—		(3,704	)
Expiring 11/09/18	Citibank NA	THB	31,289		964,000		944,048		19,952		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 85

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 11/09/18	Citibank NA	THB	29,429	$	884,000	$	887,936	$	—	$	(3,936	)
Expiring 11/09/18	Citibank NA	THB	28,470		864,000		858,994		5,006		—
Expiring 11/09/18	UBS AG	THB	71,720		2,154,802		2,163,973		—		(9,171	)
Turkish Lira,
Expiring 12/07/18	JPMorgan Chase	TRY	13,543		2,327,600		2,367,080		—		(39,480	)
Expiring 12/07/18	JPMorgan Chase	TRY	3,309		568,480		578,420		—		(9,940	)
Expiring 12/24/19	BNP Paribas	TRY	23,277		5,000,000		3,308,354		1,691,646		—
Expiring 12/24/19	JPMorgan Chase	TRY	31,803		5,614,016		4,520,306		1,093,710		—
Expiring 01/31/20	JPMorgan Chase	TRY	41,748		7,293,523		5,832,821		1,460,702		—
Expiring 04/30/20	Citibank NA	TRY	36,508		4,824,900		4,891,550		—		(66,650	)
Expiring 04/30/20	Citibank NA	TRY	14,821		2,294,125		1,985,850		308,275		—
Expiring 04/30/20	Citibank NA	TRY	5,288		736,000		708,545		27,455		—
Expiring 04/30/20	Goldman Sachs International	TRY	53,577		9,291,000		7,178,569		2,112,431		—
Expiring 04/30/20	JPMorgan Chase	TRY	10,122		1,566,000		1,356,243		209,757		—
Expiring 06/30/20	Citibank NA	TRY	16,668		1,734,392		2,168,530		—		(434,138	)
Expiring 06/30/20	Citibank NA	TRY	10,788		1,120,000		1,403,554		—		(283,554	)
Expiring 06/30/20	JPMorgan Chase	TRY	15,609		2,128,000		2,030,805		97,195		—
Expiring 06/30/20	Morgan Stanley	TRY	72,659		11,029,000		9,453,323		1,575,677		—
				$	1,121,348,744	$	1,104,067,311		22,804,753		(5,523,320	)
								$	32,728,424	$	(18,223,125	)

Cross currency exchange contracts outstanding at October 31, 2018:

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
01/25/19		CHF	2,957		EUR	2,596	$	—	$	(1,250	)		Toronto Dominion
02/28/19		EUR	2,458		TRY	13,146		627,122		—			JPMorgan Chase
12/30/19		EUR	3,269		ZAR	56,766		213,908		—			Deutsche Bank AG
12/30/19		ZAR	33,780		EUR	2,038		—		(236,630	)		Morgan Stanley

See Notes to Financial Statements.

86

Cross currency exchange contracts outstanding at October 31, 2018 (continued):

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts (cont’d.):
01/31/20		AUD	6,894		JPY	536,215	$	—	$	(30,087	)		Deutsche Bank AG
01/31/20		TRY	59,401		EUR	8,169		—		(1,364,500	)		Goldman Sachs International
01/31/20		EUR	3,871		TRY	23,609		1,280,717		—			Goldman Sachs International
03/31/20		ZAR	153,638		EUR	8,269		—		(109,486	)		Morgan Stanley
03/31/20		EUR	7,965		ZAR	134,569		955,384		—			Morgan Stanley
04/30/20		TRY	102,842		EUR	11,170		450,141		—			BNP Paribas
04/30/20		EUR	10,404		TRY	78,478		1,900,348		—			Goldman Sachs International
07/29/20		EUR	12,064		TRY	116,743		—		(452,360	)		BNP Paribas
07/29/20		TRY	85,431		EUR	7,021		2,506,439		—			Morgan Stanley
08/31/20		EUR	4,722		ZAR	91,088		56,887		—			Morgan Stanley
11/30/20		JPY	1,016,141		AUD	12,805		462,256		—			Morgan Stanley
							$	8,453,202	$	(2,194,313	)

Credit default swap agreements outstanding at October 31, 2018:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
3i Debt Management		12/07/18		1.000%(M)		1,705		*		$	2,030	$	—	$	2,030	Goldman Sachs International
AMMC CLO Ltd.		12/07/18		1.000%(M)		632		*			753		—		753	Goldman Sachs International
Anchorage Capital CLO Ltd.		12/07/18		0.500%(M)		1,912		15.670	%		1,166		—		1,166	Goldman Sachs International
Anchorage Capital CLO Ltd.		12/07/18		0.500%(M)		328		*			195		—		195	Goldman Sachs International
Arrowpoint CLO Ltd.		12/07/18		0.500%(M)		2,175		*			1,295		—		1,295	Goldman Sachs International
Arrowpoint CLO Ltd.		12/07/18		0.500%(M)		1,270		*			1,018		—		1,018	Goldman Sachs International
Bain Capital Credit LP		12/07/18		1.000%(M)		365		*			435		—		435	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 87

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Banc of America Commercial Mortgage Trust		11/29/18		1.250%(M)		50		6.794	%	$	55	$	—	$	55	Goldman Sachs International
Banc of America Commercial Mortgage Trust		11/29/18		1.250%(M)		28		6.780	%		31		—		31	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		791		*			850		—		850	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		458		*			492		—		492	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		248		*			266		—		266	Goldman Sachs International
BlackRock		12/07/18		1.000%(M)		156		*			186		—		186	Goldman Sachs International
Blue Mountain CLO II Ltd.		12/07/18		1.000%(M)		211		*			251		—		251	Goldman Sachs International
BlueMountain CLO II Ltd.		12/07/18		0.500%(M)		39		*			43		—		43	Goldman Sachs International
Carlyle		12/07/18		0.500%(M)		39		*			23		—		23	Goldman Sachs International
Chase Mortgage		11/30/18		1.250%(M)		959		*			1,030		—		1,030	Goldman Sachs International
CIFC		12/07/18		0.500%(M)		313		*			186		—		186	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		397		*			440		—		440	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		151		*			168		—		168	Goldman Sachs International

See Notes to Financial Statements.

88

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		137		*		$	152	$	—	$	152	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		32		*			36		—		36	Goldman Sachs International
Citigroup Mortgage Loan Trust		11/30/18		1.250%(M)		242		*			260		—		260	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		213		4.550	%		236		—		236	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		199		19.740	%		221		—		221	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		191		*			212		—		212	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		174		*			193		—		193	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		158		*			175		—		175	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		103		*			114		—		114	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		73		*			81		—		81	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		71		7.460	%		79		—		79	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		54		*			60		—		60	Goldman Sachs International
Countrywide Alternative Loan Trust		11/30/18		1.250%(M)		550		*			591		—		591	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 89

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Countrywide Prime Mortgage		11/30/18		1.250%(M)		200		*	$	214	$	—	$	214	Goldman Sachs International
CSAM		12/07/18		0.500%(M)		47		*		28		—		28	Goldman Sachs International
Deutsche Bank Alta Mortgages		11/30/18		1.250%(M)		779		*		837		—		837	Goldman Sachs International
Deutsche Bank Alta Mortgages		11/30/18		1.250%(M)		412		*		443		—		443	Goldman Sachs International
Ellington CLO I Ltd.		12/07/18		0.500%(M)		813		*		484		—		484	Goldman Sachs International
Ellington CLO I Ltd.		12/07/18		1.000%(M)		508		*		605		—		605	Goldman Sachs International
Ellington CLO I Ltd.		12/07/18		1.000%(M)		457		*		545		—		545	Goldman Sachs International
Equity One Home Equity		11/30/18		1.250%(M)		655		*		704		—		704	Goldman Sachs International
First Franklin Home Equity		11/30/18		1.250%(M)		268		*		288		—		288	Goldman Sachs International
First Franklin Home Equity		11/30/18		1.250%(M)		97		*		104		—		104	Goldman Sachs International
Fortress Credit BSL Ltd. CLO		12/07/18		0.500%(M)		698		*		416		—		416	Goldman Sachs International
Fortress Credit BSL Ltd. CLO		12/07/18		0.500%(M)		450		*		268		—		268	Goldman Sachs International
Galaxy CLO Ltd.		12/07/18		1.000%(M)		252		*		300		—		300	Goldman Sachs International

See Notes to Financial Statements.

90

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
GMAC Home Equity		11/30/18		1.250%(M)		101		*		$	108	$	—	$	108	Goldman Sachs International
Golub Capital Partners Fundings Ltd.		12/07/18		0.500%(M)		309		*			184		—		184	Goldman Sachs International
Greywolf CLO III Ltd.		12/07/18		1.000%(M)		222		*			264		—		264	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		236		0.620	%		262		—		262	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		120		*			133		—		133	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		115		*			128		—		128	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		96		*			107		—		107	Goldman Sachs International
GSO		12/07/18		0.500%(M)		78		*			47		—		47	Goldman Sachs International
Halcyon Access LLC		12/07/18		0.500%(M)		78		*			47		—		47	Goldman Sachs International
HAYFIN		12/07/18		0.500%(M)		93		*			55		—		55	Goldman Sachs International
HighBridge		12/07/18		0.500%(M)		613		*			365		—		365	Goldman Sachs International
ICG US CLO Ltd.		12/07/18		1.000%(M)		665		*			791		—		791	Goldman Sachs International
Invesco		12/07/18		1.000%(M)		298		*			354		—		354	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 91

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Invesco		12/07/18		0.500%(M)		90		*		$	53	$	—	$	53	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/29/18		1.250%(M)		283		*			314		—		314	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/29/18		1.250%(M)		223		*			247		—		247	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/29/18		1.250%(M)		31		*			34		—		34	Goldman Sachs International
KVK CLO Ltd.		12/07/18		1.000%(M)		273		*			325		—		325	Goldman Sachs International
Lehman Home Equity		11/30/18		1.250%(M)		717		*			770		—		770	Goldman Sachs International
Lehman Home Equity		11/30/18		1.250%(M)		111		*			120		—		120	Goldman Sachs International
MidOcean Credit CLO I		12/07/18		0.500%(M)		793		*			472		—		472	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		187		7.460	%		207		—		207	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		129		10.400	%		143		—		143	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		121		*			134		—		134	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		97		*			108		—		108	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		40		2.593	%		44		—		44	Goldman Sachs International

See Notes to Financial Statements.

92

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Morgan Stanley Home Equity		11/30/18		1.250%(M)		295		*	$	317	$	—	$	317	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		707		*		760		—		760	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		322		*		346		—		346	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		131		*		141		—		141	Goldman Sachs International
Octagon		12/07/18		0.500%(M)		568		*		338		—		338	Goldman Sachs International
Octagon		12/07/18		0.500%(M)		89		*		53		—		53	Goldman Sachs International
Octagon Investment Partners X Ltd.		12/07/18		0.500%(M)		153		*		91		—		91	Goldman Sachs International
Octagon Investment Partners X Ltd.		12/07/18		0.500%(M)		147		*		88		—		88	Goldman Sachs International
Octagon Investment Partners X Ltd.		12/07/18		1.000%(M)		52		*		62		—		62	Goldman Sachs International
Octagon Investment Partners XXV Ltd.		12/07/18		1.000%(M)		46		*		8		—		8	Goldman Sachs International
RAAC Series		11/30/18		1.250%(M)		75		*		81		—		81	Goldman Sachs International
Residential Asset Securities Corp.		11/30/18		1.250%(M)		91		*		98		—		98	Goldman Sachs International
Rothchild Corp.		12/07/18		0.500%(M)		69		*		41		—		41	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 93

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Rsource CLO		12/07/18		0.500%(M)		308		*		$	183	$	—	$	183	Goldman Sachs International
SEIX Investments Advisors		12/07/18		0.500%(M)		2,076		*			1,266		—		1,266	Goldman Sachs International
SEIX Investments Advisors		12/07/18		0.500%(M)		430		*			256		—		256	Goldman Sachs International
Shackleton I CLO Ltd.		12/07/18		1.000%(M)		138		*			169		—		169	Goldman Sachs International
Shenkman Capital		12/07/18		0.500%(M)		622		*			371		—		371	Goldman Sachs International
Sound Point CLO I Ltd.		12/07/18		1.000%(M)		450		*			535		—		535	Goldman Sachs International
Steele Creek		12/07/18		1.000%(M)		418		*			498		—		498	Goldman Sachs International
Steele Creek		12/07/18		0.500%(M)		321		*			191		—		191	Goldman Sachs International
Steele Creek		12/07/18		0.500%(M)		315		*			187		—		187	Goldman Sachs International
Structured Agency Credit Risk		11/30/18		1.250%(M)		301		*			324		—		324	Goldman Sachs International
Telos CLO Ltd.		12/07/18		0.500%(M)		507		*			302		—		302	Goldman Sachs International
TPG		12/07/18		1.000%(M)		962		*			1,145		—		1,145	Goldman Sachs International
Trimaran		12/07/18		1.000%(M)		351		9.580	%		428		—		428	Goldman Sachs International

See Notes to Financial Statements.

94

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Trimaran		12/07/18		1.000%(M)		258		*		$	307	$	—	$	307	Goldman Sachs International
Venture CDO Ltd.		12/07/18		0.500%(M)		752		*			448		—		448	Goldman Sachs International
Venture CDO Ltd.		12/07/18		1.000%(M)		367		*			249		—		249	Goldman Sachs International
Venture CDO Ltd.		12/07/18		1.000%(M)		62		*			74		—		74	Goldman Sachs International
VOYA		12/07/18		1.000%(M)		783		*			933		—		933	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		439		*			487		—		487	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		57		*			63		—		63	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		54		6.780	%		60		—		60	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		47		8.493	%		52		—		52	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		31		4.670	%		34		—		34	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		25		6.780	%		28		—		28	Goldman Sachs International
Wind River CLO Ltd.		12/07/18		1.000%(M)		1,001		*			1,191		—		1,191	Goldman Sachs International
Wind River CLO Ltd.		12/07/18		0.500%(M)		586		*			349		—		349	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 95

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Wind River CLO Ltd.		12/07/18		1.000%(M)		439		7.000	%	$	522	$	—	$	522	Goldman Sachs International
Wind River CLO Ltd.		12/07/18		0.500%(M)		286		*			170		—		170	Goldman Sachs International
Wind River CLO Ltd.		12/07/18		0.500%(M)		268		*			160		—		160	Goldman Sachs International
Wind River CLO Ltd.		12/07/18		0.500%(M)		161		*			96		—		96	Goldman Sachs International
Wind River CLO Ltd.		12/07/18		1.000%(M)		73		*			87		—		87	Goldman Sachs International
Wind River CLO Ltd.		12/07/18		1.000%(M)		73		*			87		—		87	Goldman Sachs International
ZAIS CDO		12/07/18		1.000%(M)		271		*			323		—		323	Goldman Sachs International
										$	38,374	$	—	$	38,374

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Value at Trade Date			Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Anadarko Petroleum Corp.		06/20/21		1.000%(Q)		750		0.385	%	$	(56,543	)	$	12,625	$	69,168
AT&T, Inc.		06/20/21		1.000%(Q)		6,540		0.456	%		47,134			99,681		52,547
Eastman Chemical Co.		06/20/21		1.000%(Q)		4,860		0.350	%		46,754			87,629		40,875
Ford Motor Co.		06/20/21		5.000%(Q)		8,000		0.944	%		1,391,643			885,251		(506,392	)
										$	1,428,988		$	1,085,186	$	(343,802	)

See Notes to Financial Statements.

96

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Hellenic Republic		06/20/23		1.000%(Q)		1,000	$	93,234		$	94,493		$	(1,259	)	Bank of America
Kingdom of Spain		06/20/23		1.000%(Q)		4,400		(94,418	)		(108,878	)		14,460		Bank of America
Republic of Italy		06/20/19		1.000%(Q)		5,360		(17,954	)		(3,816	)		(14,138	)	Deutsche Bank AG
Republic of Italy		06/20/23		1.000%(Q)		10,000		221,555			223,706			(2,151	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		4,000		88,622			61,473			27,149		Bank of America
Republic of Italy		06/20/28		1.000%(Q)		4,455		577,655			451,501			126,154		Goldman Sachs International
United Mexican States		06/20/23		1.000%(Q)		1,400		17,646			8,710			8,936		Citibank NA
United Mexican States		06/20/23		1.000%(Q)		1,385		17,457			21,836			(4,379	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		460		5,798			8,122			(2,324	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		460		5,798			7,457			(1,659	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		455		5,735			2,663			3,072		Citibank NA
United Mexican States		06/20/23		1.000%(Q)		240		3,025			1,492			1,533		Citibank NA
							$	924,153		$	768,759		$	155,394

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Hellenic Republic		06/20/22		1.000%(Q)		2,160		3.398	%	$	(165,379	)	$	207,461		$	(372,840	)	Citibank NA
Hellenic Republic		06/20/22		1.000%(Q)		540		3.398	%		(41,345	)		(95,850	)		54,505		Goldman Sachs International
Hellenic Republic		12/20/22		1.000%(Q)		1,000		3.541	%		(90,599	)		(99,155	)		8,556		Citibank NA
Hellenic Republic		06/20/23		1.000%(Q)		1,000		3.710	%		(106,223	)		(106,874	)		651		Bank of America
Hellenic Republic		06/20/24		1.000%(Q)		1,000		3.942	%		(134,555	)		(216,250	)		81,695		Barclays Bank PLC
Kingdom of Spain		06/20/19		1.000%(Q)		10,000		0.288	%		56,878			82,236			(25,358	)	Goldman Sachs International
Kingdom of Spain		06/20/19		1.000%(Q)		4,900		0.288	%		40,393			15,969			24,424		Morgan Stanley
Kingdom of Spain		06/20/23		1.000%(Q)		3,920		0.773	%		42,513			56,650			(14,137	)	Bank of America
Kingdom of Spain		06/20/23		1.000%(Q)		4,400		0.773	%		47,718			66,653			(18,935	)	Bank of America

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 97

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Kingdom of Spain		06/20/23		1.000%(Q)		4,280		0.773	%	$	46,417		$	46,541		$	(124	)	Citibank NA
Kingdom of Spain		06/20/23		1.000%(Q)		8,570		0.773	%		92,942			99,201			(6,259	)	Goldman Sachs International
Petroleos Mexicanos		12/20/18		1.000%(Q)		8,000		0.781	%		11,745			4,231			7,514		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		9,450		2.465	%		(560,264	)		(1,224,841	)		664,577		BNP Paribas
Petroleos Mexicanos		06/20/23		1.000%(Q)		195		2.465	%		(11,561	)		(10,774	)		(787	)	Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		380		2.465	%		(22,529	)		(21,107	)		(1,422	)	Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		2.465	%		(22,826	)		(26,182	)		3,356		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		2.465	%		(22,826	)		(25,708	)		2,882		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,155		2.465	%		(68,477	)		(76,647	)		8,170		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,165		2.465	%		(69,070	)		(64,405	)		(4,665	)	Citibank NA
Republic of Indonesia		06/20/21		1.000%(Q)		2,100		0.923	%		6,522			(83,337	)		89,859		JPMorgan Chase
Republic of Indonesioa		09/20/20		1.000%(Q)		8,000		0.717	%		51,030			(322,295	)		373,325		Barclays Bank PLC
Republic of Italy		06/20/20		1.000%(Q)		11,530		1.937	%		(157,225	)		(166,111	)		8,886		Bank of America
Republic of Italy		06/20/21		1.000%(Q)		7,090		2.254	%		(210,105	)		(146,421	)		(63,684	)	Goldman Sachs International
Republic of Italy		12/20/21		1.000%(Q)		5,360		2.343	%		(200,316	)		(199,150	)		(1,166	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		4,000		2.605	%		(252,558	)		(210,871	)		(41,687	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		10,000		2.605	%		(631,396	)		(601,778	)		(29,618	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		7,070		2.605	%		(446,397	)		(334,487	)		(111,910	)	Goldman Sachs International
Republic of Portugal		12/20/23		1.000%(Q)		990		0.993	%		1,468			459			1,009		JPMorgan Chase
Republic of Portugal		12/20/23		1.000%(Q)		2,070		0.993	%		3,069			—			3,069		Morgan Stanley

See Notes to Financial Statements.

98

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Republic of Serbia		06/20/21		1.000%(Q)		5,000		0.608	%	$	55,672		$	74,308		$	(18,636	)	BNP Paribas
Republic of Turkey		12/20/18		1.000%(Q)		5,900		2.996	%		(9,339	)		(94,390	)		85,051		Citibank NA
United Mexican States		12/20/20		1.000%(Q)		7,000		0.820	%		34,192			(123,939	)		158,131		Goldman Sachs International
										$	(2,732,431	)	$	(4,177,164	)	$	1,444,733

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Buy Protection(1):
CDX.NA.IG.30.V1		06/20/28		1.000%(Q)		31,535	$	92,657	$	238,794	$	146,137
CDX.NA.IG.31.V1		12/20/28		1.000%(Q)		71,755		424,457		741,827		317,370
							$	517,114	$	980,621	$	463,507

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%(M)		10,000		*	$	84,343	$	113,221		$	(28,878	)	Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%(M)		8,000		*		67,475		(489,693	)		557,168		Credit Suisse International
CMBX.NA.6.AA		05/11/63		1.500%(M)		7,000		*		59,040		92,983			(33,943	)	Credit Suisse International
CMBX.NA.6.AA		05/11/63		1.500%(M)		2,000		*		16,869		(66,951	)		83,820		JPMorgan Securities
									$	227,727	$	(350,440	)	$	578,167

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.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 99

Schedule of Investments (continued)

as of October 31, 2018

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

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

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

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

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Inflation swap agreement outstanding at October 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreement:
	11,000		10/25/27		2.160%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)	$	256	$	(147,525	)	$	(147,781	)

(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 October 31, 2018:

See Notes to Financial Statements.

100

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	33,237		01/02/25		9.400%(T)	1 Day BROIS(2)(T)	$	—		$	18,614		$	18,614
BRL	33,671		01/02/25		9.685%(T)	1 Day BROIS(2)(T)		—			167,919			167,919
BRL	33,633		01/02/25		9.775%(T)	1 Day BROIS(2)(T)		—			218,636			218,636
BRL	17,286		01/02/25		9.920%(T)	1 Day BROIS(2)(T)		—			287,628			287,628
BRL	16,970		01/02/25		10.040%(T)	1 Day BROIS(2)(T)		—			330,661			330,661
BRL	18,978		01/02/25		12.050%(T)	1 Day BROIS(2)(T)		—			820,180			820,180
BRL	16,515		01/04/27		12.095%(T)	1 Day BROIS(2)(T)		—			856,083			856,083
EUR	5,735		05/11/19		(0.144)%(A)	6 Month EURIBOR(1)(S)		(8,233	)		(7,950	)		283
EUR	79,640		05/11/20		(0.054)%(A)	6 Month EURIBOR(1)(S)		(190,612	)		(276,276	)		(85,664	)
EUR	20,545		05/11/22		0.156%(A)	6 Month EURIBOR(1)(S)		43,876			(75,053	)		(118,929	)
EUR	53,410		05/11/23		0.650%(A)	6 Month EURIBOR(1)(S)		(1,175,307	)		(1,281,970	)		(106,663	)
EUR	190		05/11/25		0.650%(A)	6 Month EURIBOR(1)(S)		479			(2,168	)		(2,647	)
EUR	2,740		05/11/26		0.750%(A)	6 Month EURIBOR(1)(S)		(3,999	)		(29,377	)		(25,378	)
EUR	43,095		05/11/28		0.750%(A)	6 Month EURIBOR(1)(S)		1,286,120			483,895			(802,225	)
EUR	1,290		02/15/30		1.124%(A)	6 Month EURIBOR(1)(S)		(308	)		(21,226	)		(20,918	)
EUR	2,860		05/11/30		0.850%(A)	6 Month EURIBOR(1)(S)		105,811			67,806			(38,005	)
EUR	6,595		05/11/33		1.000%(A)	6 Month EURIBOR(1)(S)		395,138			238,089			(157,049	)
EUR	3,985		05/11/37		1.253%(A)	6 Month EURIBOR(1)(S)		139,351			96,811			(42,540	)
EUR	18,530		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			148,607			148,607
EUR	18,530		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(133,606	)		(133,606	)
EUR	2,955		05/11/42		1.350%(A)	6 Month EURIBOR(1)(S)		109,595			72,157			(37,438	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 101

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	475		05/11/43		1.350%(A)	6 Month EURIBOR(1)(S)	$	4,934		$	12,733		$	7,799
EUR	2,975		01/26/48		1.853%(A)	3 Month EURIBOR(2)(Q)		—			25,189			25,189
EUR	2,975		01/26/48		1.863%(A)	6 Month EURIBOR(1)(S)		—			(21,936	)		(21,936	)
EUR	11,050		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			(2,870	)		(2,870	)
EUR	11,050		03/19/48		1.658%(A)	6 Month EURIBOR(1)(S)		—			8,620			8,620
GBP	3,280		05/08/21		0.716%(S)	6 Month GBP LIBOR(1)(S)		39,091			50,646			11,555
	58,600		11/09/18		1.160%(S)	3 Month LIBOR(1)(Q)		(22,226	)		10,429			32,655
	116,540		11/17/18		1.080%(T)	1 Day USOIS(1)(T)		412			769,211			768,799
	175,200		11/18/18		0.911%(A)	1 Day USOIS(1)(A)		(9,360	)		1,452,633			1,461,993
	76,310		11/22/18		1.297%(S)	3 Month LIBOR(1)(Q)		325			(43,316	)		(43,641	)
	250,430		02/15/19		1.820%(T)	1 Day USOIS(1)(T)		—			388,460			388,460
	762,460		05/11/19		1.613%(S)	3 Month LIBOR(1)(Q)		732,490			2,725,362			1,992,872
	44,680		06/30/19		1.486%(A)	1 Day USOIS(1)(A)		(10,717	)		364,459			375,176
	99,170		06/30/19		1.502%(A)	1 Day USOIS(1)(A)		(67,560	)		793,272			860,832
	61,890		09/08/19		1.290%(A)	1 Day USOIS(1)(A)		—			723,389			723,389
	195,680		09/30/19		1.707%(A)	1 Day USOIS(1)(A)		55,515			1,584,329			1,528,814
	442,890		12/31/19		1.840%(A)	1 Day USOIS(1)(A)		1,459,074			4,051,486			2,592,412
	92,015		12/31/19		1.950%(A)	1 Day USOIS(1)(A)		24,841			666,593			641,752
	70,240		12/31/19		2.040%(A)	1 Day USOIS(1)(A)		1,006			397,151			396,145
	135,665		12/31/19		2.107%(A)	1 Day USOIS(1)(A)		(8,388	)		615,618			624,006
	238,735		02/05/20		2.350%(S)	3 Month LIBOR(1)(Q)		50,769			1,890,737			1,839,968

See Notes to Financial Statements.

102

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	123,850		03/31/20		2.295%(A)	1 Day USOIS(1)(A)	$	29,661		$	512,088		$	482,427
	18,880		03/31/20		2.369%(A)	1 Day USOIS(1)(A)		(25,566	)		54,368			79,934
	87,960		04/24/20		2.311%(A)	1 Day USOIS(1)(A)		—			287,154			287,154
	2,149,020		05/11/20		1.763%(S)	3 Month LIBOR(1)(Q)		37,832,375			33,647,961			(4,184,414	)
	7,450		05/11/21		1.600%(S)	3 Month LIBOR(1)(Q)		106,003			255,745			149,742
	263,500		05/15/21		2.202%(S)	3 Month LIBOR(1)(Q)		(3,255,762	)		4,488,599			7,744,361
	72,470		05/31/21		1.849%(S)	3 Month LIBOR(2)(Q)		432			(1,978,079	)		(1,978,511	)
	79,680		05/31/21		1.948%(S)	3 Month LIBOR(2)(Q)		476			(1,945,347	)		(1,945,823	)
	363,990		05/31/21		1.953%(S)	3 Month LIBOR(2)(Q)		435,959			(8,836,642	)		(9,272,601	)
	191,000		05/31/21		1.980%(S)	3 Month LIBOR(2)(Q)		931			(4,486,781	)		(4,487,712	)
	2,570		07/31/21		2.290%(S)	3 Month LIBOR(1)(Q)		(42,742	)		41,291			84,033
	5,870		11/22/21		1.792%(S)	3 Month LIBOR(2)(Q)		38			(208,798	)		(208,836	)
	133,150		05/11/22		1.982%(S)	3 Month LIBOR(2)(Q)		(1,449,345	)		(4,540,750	)		(3,091,405	)
	16,120		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			206,511			206,511
	11,430		08/31/22		2.550%(A)	1 Day USOIS(1)(A)		2,236			86,090			83,854
	10,635		08/31/22		2.552%(A)	1 Day USOIS(1)(A)		—			79,285			79,285
	10,550		09/28/22		2.177%(S)	3 Month LIBOR(1)(Q)		—			193,430			193,430
	24,000		04/03/23		2.015%(S)	3 Month LIBOR(1)(Q)		387,010			1,106,655			719,645
	623,643		05/11/23		2.000%(S)	3 Month LIBOR(2)(Q)		(26,590,583	)		(27,077,102	)		(486,519	)
	16,300		06/20/23		2.604%(S)	3 Month LIBOR(1)(Q)		(423,981	)		255,642			679,623
	40,810		08/28/23		2.842%(S)	3 Month LIBOR(1)(Q)		—			491,321			491,321

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 103

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	101,900		09/24/23		2.903%(S)	3 Month LIBOR(1)(Q)	$	(4,887,264	)	$	996,857		$	5,884,121
	124,000		11/15/23		2.230%(S)	3 Month LIBOR(1)(Q)		827			4,591,136			4,590,309
	22,745		02/15/24		2.115%(S)	3 Month LIBOR(1)(Q)		56,893			1,151,918			1,095,025
	25,504		02/15/24		2.151%(S)	3 Month LIBOR(1)(Q)		(46,430	)		1,244,984			1,291,414
	47,110		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		(362,554	)		2,261,211			2,623,765
	45,915		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(51,777	)		2,164,594			2,216,371
	172,911		05/11/24		2.139%(S)	3 Month LIBOR(1)(Q)		(1,876,191	)		7,983,226			9,859,417
	28,490		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			1,489,965			1,489,965
	291,235		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		1,162,401			15,204,098			14,041,697
	89,045		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		307,192			4,621,204			4,314,012
	98,000		08/15/24		2.559%(S)	3 Month LIBOR(1)(Q)		(1,570,311	)		3,010,588			4,580,899
	20,260		09/01/24		1.972%(S)	3 Month LIBOR(2)(Q)		—			(1,281,868	)		(1,281,868	)
	56,550		09/09/24		2.558%(S)	3 Month LIBOR(1)(Q)		(904,581	)		1,757,942			2,662,523
	99,875		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		263,894			3,920,845			3,656,951
	4,300		02/23/25		2.232%(S)	3 Month LIBOR(1)(Q)		181			228,931			228,750
	44,450		02/25/25		2.208%(S)	3 Month LIBOR(1)(Q)		453			2,423,248			2,422,795
	18,415		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		15,095			341,129			326,034
	16,810		02/28/25		3.019%(S)	3 Month LIBOR(1)(Q)		—			108,064			108,064
	3,370		05/11/25		1.900%(S)	3 Month LIBOR(1)(Q)		191,039			238,094			47,055
	330,667		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(228,936	)		2,867,986			3,096,922
	188,411		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		132,018			727,988			595,970

See Notes to Financial Statements.

104

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	9,975		04/28/26		1.809%(S)	3 Month LIBOR(1)(Q)	$	136		$	912,801		$	912,665
	52,572		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		667,355			3,927,368			3,260,013
	53,535		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		38,163			3,675,327			3,637,164
	12,575		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			796,042			796,042
	23,100		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		(15,258	)		1,269,217			1,284,475
	11,080		05/08/27		2.309%(S)	3 Month LIBOR(1)(Q)		—			676,068			676,068
	6,735		05/11/27		2.305%(S)	3 Month LIBOR(2)(Q)		(37,107	)		(412,185	)		(375,078	)
	9,360		05/15/27		1.823%(A)	1 Day USOIS(1)(A)		—			726,292			726,292
	6,290		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			391,146			391,146
	26,265		05/11/28		2.000%(S)	3 Month LIBOR(2)(Q)		(2,053,953	)		(2,535,888	)		(481,935	)
	7,770		10/16/33		2.890%(S)	3 Month LIBOR(2)(Q)		—			(286,485	)		(286,485	)
	42,995		02/15/36		2.338%(S)	3 Month LIBOR(2)(Q)		(284,412	)		(5,602,550	)		(5,318,138	)
	7,975		05/11/37		2.537%(S)	3 Month LIBOR(1)(Q)		(168,401	)		818,041			986,442
	17,245		03/16/38		2.987%(S)	3 Month LIBOR(2)(Q)		—			(792,263	)		(792,263	)
	37,960		05/11/38		2.200%(S)	3 Month LIBOR(1)(Q)		3,931,864			6,026,981			2,095,117
	8,500		02/15/40		3.192%(S)	3 Month LIBOR(1)(Q)		(567,614	)		139,669			707,283
	14,000		02/15/41		2.647%(S)	3 Month LIBOR(1)(Q)		402			1,498,966			1,498,564
	5,520		11/15/41		1.869%(S)	3 Month LIBOR(1)(Q)		33,885			1,303,105			1,269,220
	31,400		05/11/42		2.562%(S)	3 Month LIBOR(2)(Q)		204,062			(3,732,621	)		(3,936,683	)
	1,300		12/12/42		2.590%(S)	3 Month LIBOR(1)(Q)		65,803			150,797			84,994
	1,890		11/15/43		2.659%(S)	3 Month LIBOR(1)(Q)		—			201,299			201,299

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 105

Schedule of Investments

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	13,400		08/21/44		3.190%(S)	3 Month LIBOR(1)(Q)	$	(926,224	)	$	247,898		$	1,174,122
	3,755		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		218			1,099,757			1,099,539
	1,365		05/11/47		2.570%(S)	3 Month LIBOR(1)(Q)		99,638			181,581			81,943
	12,945		03/16/48		2.970%(S)	3 Month LIBOR(1)(Q)		—			812,844			812,844
	2,410		04/09/48		2.545%(S)	3 Month LIBOR(1)(Q)		—			354,395			354,395
	2,225		05/08/48		2.627%(S)	3 Month LIBOR(1)(Q)		—			276,645			276,645
	12,540		05/11/48		2.300%(S)	3 Month LIBOR(1)(Q)		2,334,356			2,384,016			49,660
	9,500		08/28/48		2.915%(S)	3 Month LIBOR(2)(Q)		—			(702,048	)		(702,048	)
ZAR	371,600		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		(16,955	)		(792,019	)		(775,064	)
ZAR	225,000		08/14/28		8.350%(Q)	3 Month JIBAR(2)(Q)		—			(269,560	)		(269,560	)
							$	5,467,166		$	79,871,072		$	74,403,906

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

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

Total return swap agreements outstanding at October 31, 2018:    

Reference Entity

Financing Rate

Counterparty

Termination Date

Long (Short) Notional Amount (000)#(2)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)(1)

OTC Total Return Swap Agreement:

IOS. FN30.450.10(M)

1 Month LIBOR(M)

Credit Suisse International

1/12/41

7,769

$

12,518

$

(23,726

)

$

36,244

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

(2) On a Long Total Return Swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a Short Total Return Swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

See Notes to Financial Statements.

106

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	1,533,905	$	(5,316,476	)	$	2,680,031	$	(427,119	)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:    

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets	$	70,466,000	$	8,461,126

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 October 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Automobiles	$	—	$	5,300,285		$	—
Collateralized Loan Obligations		—		608,775,737			—
Consumer Loans		—		60,665,975			—
Home Equity Loans		—		65,962,283			—
Residential Mortgage-Backed Securities		—		120,972,490			20,813,302
Student Loans		—		19,197,747			—
Bank Loans		—		29,710,319			1,138,500
Commercial Mortgage-Backed Securities		—		163,170,903			—
Convertible Bond		—		5,945,531			—
Corporate Bonds		—		725,248,244			1,567,956
Municipal Bonds		—		13,254,024			—
Residential Mortgage-Backed Securities		—		117,380,925			—
Sovereign Bonds		—		248,702,861			—
U.S. Treasury Obligations		—		94,539,626			—
Common Stock		1,725,615		—			—
Affiliated Mutual Funds		274,022,630		—			—
Options Purchased		—		67,626,094			—
Options Written		—		(67,425,901	)		(41,572	)
Other Financial Instruments*
Unfunded Loan Commitment		—		(105,191	)		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 107

Schedule of Investments (continued)

as of October 31, 2018

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Futures Contracts	$	(10,011,674	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			14,505,299			—
OTC Cross Currency Exchange Contracts		—			6,258,889			—
Centrally Cleared Credit Default Swap Agreements		—			119,705			—
OTC Credit Default Swap Agreements		—			(1,580,551	)		38,374
Centrally Cleared Inflation Swap Agreement		—			(147,781	)		—
Centrally Cleared Interest Rate Swap Agreements		—			74,403,906			—
OTC Total Return Swap Agreement		—			12,518			—
Total	$	265,736,571		$	2,372,493,937		$	23,516,560

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

	Asset-Backed Securities— Collateralized Loan Obligations			Asset-Backed Securities— Residential Mortgage-Backed Securities			Bank Loans			Commercial Mortgage-Backed Securities
Balance as of 10/31/17	$	12,800,000		$	2,900,000		$	—		$	1,312,964
Realized gain (loss)		—			3,522			—			—
Change in unrealized appreciation (depreciation)		—			—			—			—
Purchases/Exchanges/Issuances					21,983,850			1,138,500			—
Sales/Paydowns		(12,800,000	)		(4,074,070	)		—			—
Accrued discount/premium		—			—			—			—
Transfers into of Level 3		—			—			—			—
Transfers out of Level 3		—			—			—			(1,312,964	)
Balance as of 10/31/18	$	—		$	20,813,302		$	1,138,500		$	—
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	—		$	—		$	—
	Corporate Bonds			Residential Mortgage-Backed Securities			Options Written			Credit Default Swap Agreements
Balance as of 10/31/17	$	743,919		$	9,337,675		$	—		$	32,417
Realized gain (loss)		(13,956	)		—			—			34,255
Change in unrealized appreciation (depreciation)		(90,028	)		—			36,019			5,957
Purchases/Exchanges/Issuances		—			—			—			—
Sales/Paydowns		(100,940	)		—			(77,591	)		(34,255	)
Accrued discount/premium		—			—			—			—
Transfers into of Level 3		1,772,880			—			—			—
Transfers out of Level 3		(743,919	)		(9,337,675	)		—			—
Balance as of 10/31/18	$	1,567,956		$	—		$	(41,572	)	$	38,374

See Notes to Financial Statements.

108

	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	$	(90,028	)	$	—	$	36,019	$	38,374

* Other financial instruments are derivatives, with the exception of unfunded loan commitments and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

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 October 31, 2018			Valuation Methodology		Unobservable Inputs
Asset-Backed Securities—Residential Mortgage-Backed Securities	$	20,813,302			Market Approach		Single Broker Indicative Quote
Bank Loans		1,138,500			Market Approach		Single Broker Indicative Quote
Corporate Bonds		1,567,956			Market Approach		Single Broker Indicative Quote
Options Written		(41,572	)		Market Approach		Single Broker Indicative Quote
Credit Default Swap Agreements		38,374			Market Approach		Single Broker Indicative Quote
	$	23,516,560

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
Commercial Mortgage-Backed Securities	$	1,312,964	L3 to L2		Single Broker Indicative Quote to Evaluated Bid
Corporate Bonds	$	743,919	L3 to L2		Single Broker Indicative Quote to Evaluated Bid
Corporate Bonds	$	1,772,880	L2 to L3		Evaluated Bid to Single Broker Indicative Quote
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 other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2018 were as follows (unaudited):

Collateralized Loan Obligations	23.3	%
Affiliated Mutual Funds (3.1% represents investments purchased with collateral from securities on loan)	10.5
Residential Mortgage-Backed Securities	9.9	%
Sovereign Bonds	9.5
Commercial Mortgage-Backed Securities	6.2
Banks	4.8

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 109

Schedule of Investments (continued)

as of October 31, 2018

Industry Classification (continued):

U.S. Treasury Obligations	3.6	%
Options Purchased	2.6
Home Equity Loans	2.5
Consumer Loans	2.3
Home Builders	2.0
Media	1.7
Oil & Gas	1.7
Telecommunications	1.6
Chemicals	1.5
Healthcare-Services	1.4
Electric	1.2
Retail	1.0
Entertainment	1.0
Commercial Services	1.0
Building Materials	0.8
Software	0.8
Student Loans	0.7
Insurance	0.7
Pipelines	0.7
Pharmaceuticals	0.6
Foods	0.6
Real Estate Investment Trusts (REITs)	0.6
Packaging & Containers	0.6
Lodging	0.5
Municipal Bonds	0.5
Technology	0.4
Electronics	0.3
Aerospace & Defense	0.3
Auto Parts & Equipment	0.3
Airlines	0.2
Investment Companies	0.2
Diversified Financial Services	0.2
Real Estate	0.2
Automobiles	0.2
Gas	0.2
Semiconductors	0.2
Transportation	0.2

Auto Manufacturers	0.2	%
Energy-Alternate Sources	0.1
Beverages	0.1
Computers	0.1
Miscellaneous Manufacturing	0.1
Electrical Components & Equipment	0.1
Trucking & Leasing	0.1
Water	0.1
Home Furnishings	0.1
Apparel	0.1
Leisure Time	0.1
Distribution/Wholesale	0.1
Household Products/Wares	0.1
Multi-National	0.1
Biotechnology	0.1
Oil, Gas & Consumable Fuels	0.1
Housewares	0.1
Consumer Services	0.0	*
Oil, Gas & Coal	0.0	*
Internet	0.0	*
Mining	0.0	*
Forest Products & Paper	0.0	*
Iron/Steel	0.0	*
Savings & Loans	0.0	*
Oil & Gas Services	0.0	*
Textiles	0.0	*
Healthcare & Pharmaceuticals	0.0	*
Machinery-Diversified	0.0	*
	101.1
Options Written	(2.6	)
Other assets in excess of liabilities	1.5
	100.0	%

* Less than +/- 0.05%

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

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

See Notes to Financial Statements.

110

Fair values of derivative instruments as of October 31, 2018 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	626,097	*	Due from/to broker-variation margin swaps	$	506,392	*
Credit contracts	Premiums paid for OTC swap agreements		1,533,905		Premiums received for OTC swap agreements		5,292,750
Credit contracts	Unaffiliated investments		104,691		Options written outstanding, at value		963,664
Credit contracts	Unrealized appreciation on OTC swap agreements		2,643,787		Unrealized depreciation on OTC swap agreements		427,119
Foreign exchange contracts	Unaffiliated investments		66,406,973		Options written outstanding, at value		66,462,237
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		8,453,202		Unrealized depreciation on OTC cross currency exchange contracts		2,194,313
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		32,728,424		Unrealized depreciation on OTC forward foreign currency exchange contracts	��	18,223,125
Interest rate contracts	Due from/to broker-variation margin futures		5,007,007	*	Due from/to broker-variation margin futures		15,018,681	*
Interest rate contracts	Due from/to broker-variation margin swaps		115,918,358	*	Due from/to broker-variation margin swaps		41,662,233	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		23,726
Interest rate contracts	Unaffiliated investments		1,114,430		Options written outstanding, at value		41,572
Interest rate contracts	Unrealized appreciation on OTC swap agreements		36,244		—		—
		$	234,573,118			$	150,815,812

* 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 111

Schedule of Investments (continued)

as of October 31, 2018

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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		Forward Rate Agreements			Swaps
Credit contracts	$	(186,461	)	$	2,245,800	$	—		$	—	$	—		$	3,601,217
Foreign exchange contracts		(374,495	)		2,056,569		—			8,782,556		—			—
Interest rate contracts		(2,375,320	)		1,858,749		(17,765,290	)		—		(197,618	)		(3,330,559	)
Total	$	(2,936,276	)	$	6,161,118	$	(17,765,290	)	$	8,782,556	$	(197,618	)	$	270,658

(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	$	(5,456	)	$	(715,885	)	$	—		$	—	$	(683,842	)
Foreign exchange contracts		(12,366,387	)		(1,357,112	)		—			21,062,194		—
Interest rate contracts		1,435,729			(783,934	)		(13,311,364	)		—		77,028,460
Total	$	(10,936,114	)	$	(2,856,931	)	$	(13,311,364	)	$	21,062,194	$	76,344,618

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

For the year ended October 31, 2018, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	36,331,262	$	1,597,768,710	$	1,321,425,157	$	629,500,022	$	315,717,974

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Forward Rate Agreements(2)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	591,554,363	$	57,533,337	$	169,560,000	$	8,801,354,271	$	67,605,800

Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Total Return Swap Agreements(2)		Inflation Swap Agreements(2)
$	211,027,994	$	20,289,600	$	16,921,200	$	62,074,099

See Notes to Financial Statements.

112

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount
Securities on Loan	$	78,059,324	$	(78,059,324	)	$	—

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	$	2,897,156	$	(3,115,341	)	$	(218,185	)	$	218,185		$	—
Barclays Bank PLC		1,713,415		(2,095,821	)		(382,406	)		382,406			—
BNP Paribas		11,997,504		(15,852,730	)		(3,855,226	)		3,855,226			—
Citibank NA		5,677,282		(6,677,211	)		(999,929	)		999,929			—
Credit Suisse
International		686,395		(563,586	)		122,809			(122,809	)		—
Deutsche Bank AG		27,818,931		(19,253,503	)		8,565,428			(8,129,780	)		435,648
Goldman Sachs
International		17,249,748		(17,171,094	)		78,654			—			78,654
Hong Kong &
Shanghai Bank		1,776,831		(1,539,660	)		237,171			—			237,171
JPMorgan Chase		6,942,028		(3,464,570	)		3,477,458			(3,477,458	)		—
JPMorgan
Securities		83,820		(66,951	)		16,869			—			16,869
Morgan Stanley		32,547,336		(22,617,349	)		9,929,987			(9,929,987	)		—
Toronto Dominion		819,516		(257,073	)		562,443			(562,443	)		—
UBS AG		2,811,694		(953,617	)		1,858,077			(1,055,068	)		803,009
	$	113,021,656	$	(93,628,506	)	$	19,393,150		$	(17,821,799	)	$	1,571,351

(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.

PGIM Absolute Return Bond Fund 113

Statement of Assets and Liabilities

as of October 31, 2018

Assets
Investments at value, including securities on loan of $78,059,324:
Unaffiliated investments (cost $2,427,240,030)	$	2,371,698,417
Affiliated investments (cost $274,020,933)		274,022,630
Cash		1,836,412
Foreign currency, at value (cost $3,503,656)		3,493,887
Cash segregated for counterparty—OTC		270,000
Deposit with broker for centrally cleared/exchange-traded derivatives		70,466,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		32,728,424
Receivable for Fund shares sold		19,655,094
Dividends and interest receivable		18,876,344
Unrealized appreciation on OTC cross currency exchange contracts		8,453,202
Due from broker—variation margin swaps		5,670,380
Receivable for investments sold		2,992,336
Unrealized appreciation on OTC swap agreements		2,680,031
Premiums paid for OTC swap agreements		1,533,905
Prepaid expenses		19,241
Total Assets		2,814,396,303
Liabilities
Payable to broker for collateral for securities on loan		80,080,072
Options written outstanding, at value (proceeds received $66,394,378)		67,467,473
Unrealized depreciation on OTC forward foreign currency exchange contracts		18,223,125
Payable for Fund shares reacquired		8,900,140
Payable for investments purchased		5,807,813
Premiums received for OTC swap agreements		5,316,476
Due to broker—variation margin futures		3,934,972
Unrealized depreciation on OTC cross currency exchange contracts		2,194,313
Dividends payable		1,796,946
Management fee payable		1,222,760
Accrued expenses and other liabilities		557,322
Unrealized depreciation on OTC swap agreements		427,119
Distribution fee payable		123,154
Unrealized depreciation on unfunded loan commitment		105,191
Affiliated transfer agent fee payable		6,748
Total Liabilities		196,163,624
Net Assets	$	2,618,232,679
Net assets were comprised of:
Shares of beneficial interest, at par	$	265,594
Paid-in capital in excess of par		2,670,114,229
Total distributable earnings (loss)		(52,147,144	)
Net assets, October 31, 2018	$	2,618,232,679

See Notes to Financial Statements.

114

Class A
Net asset value and redemption price per share,
($148,609,295 ÷ 15,127,567 shares of beneficial interest issued and outstanding)	$	9.82
Maximum sales charge (4.50% of offering price)		0.46
Maximum offering price to public	$	10.28
Class C
Net asset value, offering price and redemption price per share,
($106,734,014 ÷ 10,834,265 shares of beneficial interest issued and outstanding)	$	9.85
Class Z
Net asset value, offering price and redemption price per share,
($2,159,517,732 ÷ 218,931,000 shares of beneficial interest issued and outstanding)	$	9.86
Class R6
Net asset value, offering price and redemption price per share,
($203,371,638 ÷ 20,700,865 shares of beneficial interest issued and outstanding)	$	9.82

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 115

Statement of Operations

Year Ended October 31, 2018

Net Investment Income (Loss)
Income
Interest income (net of $2,238 foreign withholding tax)	$	80,492,145
Affiliated dividend income		3,704,433
Income from securities lending, net (including affiliated income of $110,038)		396,699
Total income		84,593,277
Expenses
Management fee		15,129,812
Distribution fee(a)		1,385,189
Transfer agent’s fees and expenses (including affiliated expense of $176,142)(a)		2,047,736
Custodian and accounting fees		328,116
Registration fees(a)		142,937
Shareholders’ reports		124,399
Audit fee		65,237
Trustees’ fees		50,437
Legal fees and expenses		32,313
Miscellaneous		35,262
Total expenses		19,341,438
Less: Fee waiver and/or expense reimbursement(a)		(973,229	)
Net expenses		18,368,209
Net investment income (loss)		66,225,068
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(3,291))		(3,231,668	)
Futures transactions		(17,765,290	)
Forward rate agreement transactions		(197,618	)
Forward and cross currency contract transactions		8,782,556
Options written transactions		6,161,118
Swap agreement transactions		270,658
Foreign currency transactions		(1,498,926	)
		(7,479,170	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(2,919))		(88,152,249	)
Futures		(13,311,364	)
Forward and cross currency contracts		21,062,194
Options written		(2,856,931	)
Swap agreements		76,344,618
Foreign currencies		144,752
Unfunded loan commitment		(105,191	)
		(6,874,171	)
Net gain (loss) on investment and foreign currency transactions		(14,353,341	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	51,871,727

See Notes to Financial Statements.

116

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

	Class A			Class C			Class Z			Class R6
Distribution fee		356,531			1,028,658			—			—
Transfer agent’s fees and expenses		101,777			81,275			1,746,832			117,852
Registration fees		21,866			14,941			86,911			19,219
Fee waiver and/or expense reimbursement		(7,197	)		(5,952	)		(913,213	)		(46,867	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 117

Statements of Changes in Net Assets

	Year Ended October 31,
	2018			2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	66,225,068		$	41,264,043
Net realized gain (loss) on investment and foreign currency transactions		(7,479,170	)		(27,972,409	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(6,874,171	)		84,184,745
Net increase (decrease) in net assets resulting from operations		51,871,727			97,476,379
Dividends and Distributions
Distributions from distributable earnings*
Class A		(4,734,445	)		—
Class C		(2,615,351	)		—
Class Z		(60,484,857	)		—
Class R6		(11,823,707	)		—
		(79,658,360	)		—
Dividends from net investment income
Class A					(3,294,330	)
Class C					(1,651,332	)
Class Z					(28,720,055	)
Class R6					(7,126,086	)
		*			(40,791,803	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,576,859,957			772,806,468
Net asset value of shares issued in reinvestment of dividends and distributions		62,358,791			29,178,897
Cost of shares reacquired		(835,611,009	)		(527,204,224	)
Net increase (decrease) in net assets from Fund share transactions		803,607,739			274,781,141
Total increase (decrease)		775,821,106			331,465,717
Net Assets:
Beginning of year		1,842,411,573			1,510,945,856
End of year(a)	$	2,618,232,679		$	1,842,411,573
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	5,723,264

* For the year ended October 31, 2018, the Fund has adopted amendments to Regulation S-X (refer to Note 9).

See Notes to Financial Statements.

118

Notes to Financial Statements

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 names of the Fund and the other funds which comprise the Trust were changed by replacing “Prudential” with “PGIM” and each fund’s Class Q shares were renamed Class R6 shares.

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

1. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, a Valuation Committee has been established as two persons, being one or more officers of the Trust, including: the Trust’s Treasurer (or the Treasurer’s direct reports); and the Trust’s Chief or Deputy Chief Compliance Officer (or Vice-President-level direct reports of the Chief or Deputy Chief Compliance Officer). Under the current valuation procedures, the Valuation Committee of the Board 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

PGIM Absolute Return Bond Fund 119

Notes to Financial Statements (continued)

market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

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

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

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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.

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

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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.

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.

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

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

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts 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

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options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value 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

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the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

Bank Loans: The Fund invests 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

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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 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.

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

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amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in 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

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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 October 31, 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 invests in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on

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debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and 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 total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

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

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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 0.650% of the Fund’s average daily net assets up to and including $2.5 billion, 0.625% of the next $2.5 billion and 0.600% of the 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 0.670% for the year ended October 31, 2018.

Effective January 1, 2018, PGIM Investments has contractually agreed, through February 28, 2019, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.73% of average daily net assets for Class Z shares, and 0.70% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign 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. Effective November 1, 2018 this waiver agreement was extended through February 29, 2020.

Where applicable, PGIM Investments voluntarily agreed through October 31, 2018, to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Effective November 1, 2018 this voluntary agreement became part of the Fund’s contractual waiver agreement through February 29, 2020 and is subject to recoupment by the Manager within the same fiscal year during which such wavier/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of

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the recoupment for that fiscal year. 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 shares of the Fund to 0.90% of the Fund’s average daily net assets.

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

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

PIMS has advised the Fund that it received $317,625 in front-end sales charges resulting from sales of Class A shares during the year ended October 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the year ended October 31, 2018, it received $2,700 and $9,632 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that, subject to certain conditions, permits purchase and sale transactions among affiliated

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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 October 31, 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 October 31, 2018, PGIM, Inc. was compensated $49,748 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 year ended October 31, 2018, were $1,446,532,772 and $703,096,068, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2018, is presented as follows:

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	143,027,511	$	1,151,247,608	$	1,100,488,431	$	—		$	—		$	193,786,688		193,786,688	$	3,704,433
	PGIM Institutional Money Market Fund*
	68,469,036		274,478,785		262,705,669		(2,919	)		(3,291	)		80,235,942		80,235,942		110,038	**
$	211,496,547	$	1,425,726,393	$	1,363,194,100	$	(2,919	)	$	(3,291	)	$	274,022,630			$	3,814,471

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

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

5. Distributions and Tax Information

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.

PGIM Absolute Return Bond Fund 133

Notes to Financial Statements (continued)

For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $79,658,360 of ordinary income. For the year ended October 31, 2017, the tax character of dividends paid by the Fund was $40,791,803 of ordinary income.

As of October 31, 2018, the accumulated undistributed earnings on a tax basis was $33,488,313 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2018 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$2,644,939,632	$80,872,185	$(64,064,749)	$16,807,436

The differences between book basis and tax basis were primarily attributable to deferred losses on wash sales, straddle loss deferral, future and forward contracts, difference in the treatment of premium amortization and other cost basis differences between financial and tax accounting.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $100,645,000 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

134

within 12 months of purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

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

As of October 31, 2018, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned and 794,458 Class R6 shares of the Fund. At reporting period end, nine shareholders of record held 85% 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
Year ended October 31, 2018:
Shares sold		7,737,083		$	76,766,423
Shares issued in reinvestment of dividends and distributions		363,796			3,599,637
Shares reacquired		(3,470,620	)		(34,386,767	)
Net increase (decrease) in shares outstanding before conversion		4,630,259			45,979,293
Shares issued upon conversion from other share class(es)		542,478			5,369,357
Shares reacquired upon conversion into other share class(es)		(2,125,033	)		(20,970,487	)
Net increase (decrease) in shares outstanding		3,047,704		$	30,378,163
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
Year ended October 31, 2018:
Shares sold		3,141,833		$	31,222,637
Shares issued in reinvestment of dividends and distributions		219,367			2,176,489
Shares reacquired		(1,939,289	)		(19,269,209	)
Net increase (decrease) in shares outstanding before conversion		1,421,911			14,129,917
Shares reacquired upon conversion into other share class(es)		(506,587	)		(5,024,802	)
Net increase (decrease) in shares outstanding		915,324		$	9,105,115
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	)

PGIM Absolute Return Bond Fund 135

Notes to Financial Statements (continued)

Class Z	Shares			Amount
Year ended October 31, 2018:
Shares sold		137,049,289		$	1,363,011,556
Shares issued in reinvestment of dividends and distributions		4,728,423			46,966,093
Shares reacquired		(50,759,062	)		(504,637,628	)
Net increase (decrease) in shares outstanding before conversion		91,018,650			905,340,021
Shares issued upon conversion from other share class(es)		2,629,628			26,073,554
Shares reacquired upon conversion into other share class(es)		(2,814,518	)		(27,907,422	)
Net increase (decrease) in shares outstanding		90,833,760		$	903,506,153
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
Year ended October 31, 2018:
Shares sold		10,649,660		$	105,859,341
Shares issued in reinvestment of dividends and distributions		971,802			9,616,572
Shares reacquired		(28,032,106	)		(277,317,405	)
Net increase (decrease) in shares outstanding before conversion		(16,410,644	)		(161,841,492	)
Shares issued upon conversion from other share class(es)		2,284,964			22,552,844
Shares reacquired upon conversion into other share class(es)		(9,358	)		(93,044	)
Net increase (decrease) in shares outstanding		(14,135,038	)	$	(139,381,692	)
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 share 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 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15%

136

of the unused portion of the SCA. The interest on borrowings under both 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 October 31, 2018.

8. Risks of Investing in the Fund

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

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

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

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of

PGIM Absolute Return Bond Fund 137

Notes to Financial Statements (continued)

factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

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

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Mortgage-Backed and Other Asset-Backed Securities Risk: Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Asset-backed securities are another type of pass-through instruments that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans or credit card receivables. Asset-backed securities can also be collateralized by a portfolio of corporate bonds including junk bonds or other securities. The values of mortgage-backed and asset-backed securities vary with changes in interest rates and are particularly sensitive to prepayments (the risk is that the underlying debt instruments may be partially or wholly prepaid during periods of falling interest rates, which could require the Fund to reinvest in lower yielding debt instruments) or extensions (the risk is that rising interest rates may cause the underlying debt instruments to be repaid more slowly by the debtor, causing the value of the securities to fall). Asset-backed securities are also subject to liquidity risk.

138

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

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

PGIM Absolute Return Bond Fund 139

Financial Highlights

Class A Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.93			$9.59			$9.48			$9.79			$9.82
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.23			0.25			0.23			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.05	)		0.33			0.06			(0.30	)		0.02
Total from investment operations		0.22			0.56			0.31			(0.07	)		0.27
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.22	)		(0.15	)		(0.21	)		(0.30	)
Tax return of capital distributions		-			-			(0.05	)		(0.03	)		-
Total dividends and distributions		(0.33	)		(0.22	)		(0.20	)		(0.24	)		(0.30	)
Net asset value, end of year		$9.82			$9.93			$9.59			$9.48			$9.79
Total Return(b):		2.21%			5.95%			3.36%			(0.78)%			2.76%
Ratios/Supplemental Data:
Net assets, end of year (000)		$148,609			$119,969			$197,713			$315,214			$452,955
Average net assets (000)		$142,613			$145,290			$246,082			$383,950			$483,199
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.03%			1.15%			1.15%			1.15%			1.15%
Expenses before waivers and/or expense reimbursement		1.04%			1.22%	(e)		1.24%			1.24%			1.27%
Net investment income (loss)		2.72%			2.31%			2.67%			2.39%			2.58%
Portfolio turnover rate(f)		52%			72%			38%			64%			64%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

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

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

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

See Notes to Financial Statements.

140

Class C Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.96			$9.62			$9.51			$9.82			$9.85
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.15			0.18			0.16			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.05	)		0.34			0.06			(0.31	)		0.01
Total from investment operations		0.14			0.49			0.24			(0.15	)		0.19
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.15	)		(0.10	)		(0.13	)		(0.22	)
Tax return of capital distributions		-			-			(0.03	)		(0.03	)		-
Total dividends and distributions		(0.25	)		(0.15	)		(0.13	)		(0.16	)		(0.22	)
Net asset value, end of year		$9.85			$9.96			$9.62			$9.51			$9.82
Total Return(b):		1.43%			5.16%			2.59%			(1.51)%			1.97%
Ratios/Supplemental Data:
Net assets, end of year (000)		$106,734			$98,789			$118,092			$161,679			$195,312
Average net assets (000)		$102,866			$106,174			$135,510			$183,419			$183,745
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.79%			1.90%			1.90%			1.90%			1.90%
Expenses before waivers and/or expense reimbursement		1.80%			1.97%	(d)		1.99%			1.97%			1.97%
Net investment income (loss)		1.93%			1.58%			1.91%			1.62%			1.81%
Portfolio turnover rate(e)		52%			72%			38%			64%			64%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

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

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 141

Financial Highlights (continued)

Class Z Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.97			$9.64			$9.52			$9.83			$9.86
Income (loss) from investment operations:
Net investment income (loss)		0.30			0.25			0.27			0.25			0.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		0.33			0.08			(0.30	)		0.02
Total from investment operations		0.24			0.58			0.35			(0.05	)		0.29
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.25	)		(0.17	)		(0.23	)		(0.32	)
Tax return of capital distributions		-			-			(0.06	)		(0.03	)		-
Total dividends and distributions		(0.35	)		(0.25	)		(0.23	)		(0.26	)		(0.32	)
Net asset value, end of year		$9.86			$9.97			$9.64			$9.52			$9.83
Total Return(b):		2.48%			6.08%			3.71%			(0.53)%			3.00%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,159,518			$1,277,401			$1,019,254			$1,755,667			$2,070,862
Average net assets (000)		$1,679,461			$1,121,943			$1,396,060			$2,029,397			$1,484,697
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.75%			0.90%			0.90%			0.90%			0.90%
Expenses before waivers and/or expense reimbursement		0.81%			0.96%	(d)		0.99%			0.97%			0.97%
Net investment income (loss)		3.01%			2.59%			2.91%			2.61%			2.79%
Portfolio turnover rate(e)		52%			72%			38%			64%			64%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

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

(e) 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.

142

Class R6 Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.94			$9.61			$9.49			$9.81			$9.83
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.26			0.28			0.25			0.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.05	)		0.32			0.07			(0.30	)		0.03
Total from investment operations		0.24			0.58			0.35			(0.05	)		0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.25	)		(0.17	)		(0.24	)		(0.33	)
Tax return of capital distributions		-			-			(0.06	)		(0.03	)		-
Total dividends and distributions		(0.36	)		(0.25	)		(0.23	)		(0.27	)		(0.33	)
Net asset value, end of year		$9.82			$9.94			$9.61			$9.49			$9.81
Total Return(b):		2.42%			6.15%			3.81%			(0.57)%			3.16%
Ratios/Supplemental Data:
Net assets, end of year (000)		$203,372			$346,253			$175,887			$151,294			$19,025
Average net assets (000)		$329,668			$270,229			$158,967			$125,910			$18,604
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.74%			0.90%			0.84%			0.85%			0.85%
Expenses before waivers and/or expense reimbursement		0.75%			0.90%	(d)		0.84%			0.85%			0.85%
Net investment income (loss)		2.95%			2.64%			2.97%			2.61%			2.87%
Portfolio turnover rate(e)		52%			72%			38%			64%			64%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

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

(e) 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 143

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Prudential Investment Portfolios 9:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Absolute Return Bond Fund (formerly Prudential Absolute Return Bond Fund) (the “Fund”), a series of Prudential Investment Portfolios 9, including the schedule of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for the years indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the years indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians, transfer agents and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 18, 2018

144

Federal Income Tax Information (unaudited)

For the year ended October 31, 2018, the Fund reports the maximum amount allowable but not less than 47.39% as interest related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2019, you will be advised on IRS Form 1099-DIV or substitute Form 1099-DIV as to the federal tax status of the distributions received by you in calendar year 2018.

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders providing the Mutual Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that 2.25% of the dividends paid by the Fund qualifies for such deduction.

Please consult your tax adviser or state/local authorities to properly report this information on your tax return. If you have any questions concerning the amounts listed above, please call your financial adviser.

PGIM Absolute Return Bond Fund 145

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding (60) Board Member Portfolios Overseen: 93	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon (66) Board Member Portfolios Overseen: 93	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive  Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company;  President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008
Linda W. Bynoe (66) Board Member Portfolios Overseen: 93	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co.  (broker-dealer).	Director of Anixter International, Inc. (communication  products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005

PGIM Absolute Return Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Barry H. Evans (58) Board Member Portfolios Overseen: 92	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (since 2011); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein (62) Board Member & Independent Chair Portfolios Overseen: 93	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick (56) Board Member Portfolios Overseen: 92	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Corporate Capital Trust (since April 2017) (a business development company); Independent Director, Kabbage, Inc. (since July 2018) (financial services).	Since September 2017
Michael S. Hyland, CFA (73) Board Member Portfolios Overseen: 93	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Richard A. Redeker (75) Board Member Portfolios Overseen: 93	Retired Mutual Fund Senior Executive (50 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.	Since October 1993

PGIM Absolute Return Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years		Length of Board Service
Brian K. Reid (56)# Board Member Portfolios Overseen: 92	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	��	Since March 2018

# Mr. Reid joined the Board effective as of March 1, 2018.

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker (56) Board Member & President Portfolios Overseen: 93	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin (45) Board Member & Vice President Portfolios Overseen:93	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010
Grace C. Torres* (59) Board Member Portfolios Overseen: 92	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

PGIM Absolute Return Bond Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (63) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012
Chad A. Earnst (43) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global Short Duration High Yield Income Fund, Inc., PGIM Short Duration High Yield Fund, Inc. and PGIM Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since September 2014
Dino Capasso (44) Deputy Chief Compliance Officer	Vice President and Deputy Chief Compliance Officer (June 2017-Present) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French (56) Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (60) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo (44) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Charles H. Smith (45) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007 – December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998 —January 2007).	Since January 2017
Brian D. Nee (52) Treasurer and Principal Financial and Accounting Officer	Vice President and Head of Finance of PGIM Investments LLC (since August 2015) and PGIM Global Partners (since February 2017); formerly, Vice President, Treasurer’s Department of Prudential (September 2007-August 2015).	Since July 2018
Peter Parrella (60) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since June 2007
Lana Lomuti (51) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Linda McMullin (57) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since April 2014
Kelly A. Coyne (50) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM Absolute Return Bond Fund

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Short Duration High Yield Fund, Inc., PGIM Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Absolute Return Bond Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit, and the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7, 2018 and on June 19-21, 2018 and approved the renewal of the agreements through July 31, 2019, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM, and where appropriate, affiliates of PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser, and, as relevant, its affiliates, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout

¹  PGIM Absolute Return Bond Fund is a series of Prudential Investment Portfolios 9.

PGIM Absolute Return Bond Fund

Approval of Advisory Agreements (continued)

the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7, 2018 and on June 19-21, 2018.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund’s sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser and sub-subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and

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responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income, and the sub-subadvisory services provided by PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management, subadvisory and sub-subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments 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 PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. 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

PGIM Absolute Return Bond Fund

Approval of Advisory Agreements (continued)

considered PGIM Investments’ assertion 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.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one, three-, and five-year periods ended December 31, 2017.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2017. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively

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determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also may have provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Gross Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	2nd Quartile	2nd Quartile	N/A
Actual Management Fees: 4th Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund outperformed its benchmark index over all periods.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 0.70% for Class R6 shares, and 0.73% for Class Z shares through February 28, 2019.

• The Board also noted information provided by PGIM Investments which indicated that because the Fund’s expense cap had not been in effect for the full fiscal year, the Fund’s ranking for net total expenses did not reflect the full impact of the expense cap, and that if the expense cap had been in effect for the full fiscal year, the Fund would have ranked in the first quartile of its Peer Group.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Absolute Return Bond Fund

∎ 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 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 • Brian D. Nee, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Andrew R. French, 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 • 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
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 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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.

MF213E    

PGIM QMA LARGE-CAP CORE EQUITY FUND

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

ANNUAL REPORT

OCTOBER 31, 2018

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Objective: Long-term growth of capital

Highlights (unaudited)

• Favoring companies with improving earnings prospects and good quality was particularly additive to performance during the reporting period.

• The Fund’s modest overweight in the health care sector helped performance.

• The Fund’s relative value strategy, which favors stocks that are inexpensive relative to industry peers, detracted from performance during the period.

• Stock selection in the consumer discretionary and information technology sectors lagged the S&P 500 Index.

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

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

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 registered investment adviser and a wholly owned subsidiary of PGIM, Inc., 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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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

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

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM QMA Large-Cap Core Equity Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Annual Report -

PGIM QMA Large-Cap Core Equity Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Growth of a $10,000 Investment	10
Strategy and Performance Overview	12
Fees and Expenses	14
Holdings and Financial Statements	17

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Letter from the President

Dear Shareholder:

We hope you find the annual report for PGIM QMA Large-Cap Core Equity Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 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.*

During the reporting period, the global economy continued to grow, and central banks gradually tightened monetary policy. In the US, the economy expanded and employment increased. In September, the Federal Reserve hiked interest rates for the eighth time since 2015, based on confidence in the economy.

Equity returns on the whole were strong, due to optimistic earnings expectations and investor sentiment. Global equities, including emerging markets, generally posted positive returns. However, they trailed the performance of US equities, which rose on higher corporate profits, new regulatory policies, and tax reform benefits. Volatility spiked briefly early in the period on inflation concerns, rising interest rates, and a potential global trade war, and again late in the period on worries that profit growth might slow in 2019.

The overall bond market declined modestly during the period, as measured by the Bloomberg Barclays US Aggregate Bond Index. The best performance came from higher-yielding, economically sensitive sectors, such as high yield bonds and bank loans, which posted small gains. US investment-grade corporate bonds and US Treasury bonds both finished the period with negative returns. A major trend during the period was the flattening of the US Treasury yield curve, which increased the yield on fixed income investments with shorter maturities and made them more attractive to investors.

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

December 14, 2018

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

PGIM QMA Large-Cap Core Equity Fund 7

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.

	Average Annual Total Returns as of 10/31/18 (with sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	–0.15		9.56		11.57		—
Class B	0.18		9.80		11.35		—
Class C	4.01		9.99		11.38		—
Class Z	5.98		11.08		12.49		—
Class R6*	6.10		N/A		N/A		12.52 (12/28/16)
S&P 500 Index
	7.35		11.33		13.23		—
Lipper Large-Cap Core Funds Average
	5.58		9.64		12.06		—
	Average Annual Total Returns as of 10/31/18 (without sales  charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	5.67		10.81		12.20		—
Class B	4.67		9.94		11.35		—
Class C	4.91		9.99		11.38		—
Class Z	5.98		11.08		12.49		—
Class R6*	6.10		N/A		N/A		12.52 (12/28/16)
S&P 500 Index
	7.35		11.33		13.23		—
Lipper Large-Cap Core Funds Average
	5.58		9.64		12.06		—

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the S&P 500 Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2008) and the account values at the end of the current fiscal year (October 31, 2018) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

*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.

PGIM QMA Large-Cap Core Equity Fund 9

Your Fund’s Performance (continued)

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 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 13.18%.

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 11.73%.

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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 10/31/18 (%)

Apple, Inc., Technology Hardware, Storage & Peripherals	3.9
Microsoft Corp., Software	3.5
Amazon.com, Inc., Internet & Direct Marketing Retail	2.4
JPMorgan Chase & Co., Banks	2.2
Alphabet, Inc. (Class C Stock), Interactive Media & Services	1.9

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

Five Largest Industries expressed as a
percentage of net assets as of 10/31/18 (%)

Software	6.6
Oil, Gas & Consumable Fuels	5.5
Pharmaceuticals	5.4
Technology Hardware, Storage & Peripherals	5.2
Banks	5.1

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

PGIM QMA Large-Cap Core Equity Fund 11

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM QMA Large-Cap Core Equity Fund’s Class Z shares returned 5.98% for the 12-month reporting period that ended October 31, 2018, underperforming the 7.35% return of the S&P 500 Index. The Fund outperformed the 5.58% return of the Lipper Large-Cap Core Funds Average over the period.

What were the market conditions?

• In December 2017, the US Congress passed a tax reform bill that cut corporate and individual tax rates. The US equity market surged thereafter but was choppy from late January 2018 into the end of the reporting period.

• Fiscal stimulus generated by the tax cuts translated into significant corporate earnings growth. Other solid fundamentals included continuing economic growth and robust employment. Meanwhile, though inflation remained benign, interest rates increased.

• Despite a favorable economic backdrop, US stocks generated only modestly positive returns during the reporting period, as geopolitical concerns arose. Anxiety regarding a global trade war emerged in March 2018 and subsequently intensified as the Trump administration threatened to impose multiple rounds of tariffs on Chinese goods.

What worked?

• The Fund is comprised of a diversified portfolio of stocks that QMA identifies as attractive using a proprietary quantitative model. The model evaluates stocks with regard to earnings expectations, quality, and relative value. Over the past year, favoring companies with improving earnings prospects helped performance, particularly in the health care sector.

• Favoring companies with good quality also helped performance over the past year. This was most evident in the energy sector, where high-quality stocks outperformed their poor-quality counterparts.

• We build the portfolio from the bottom up, and place limits on risks we do not believe will add value to the portfolio. For example, we keep the Fund’s sector weights close to those of the S&P 500 Index. During the period, our model’s risk controls were effective at keeping unwanted risk out of the portfolio.

What didn’t work?

• QMA favors stocks that are inexpensive relative to industry peers. The relative value strategy detracted from the Fund’s performance during the reporting period. In general, stocks that were more expensive based on measures like forward price-to-earnings, price-to-book, and price-to-sales ratios outperformed those that were attractively priced.

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• Stock selection in the consumer discretionary and information technology sectors lagged the S&P 500 Index. This was driven primarily by the underweighting of certain Internet-related companies that, despite having reasonable growth prospects, were very expensive relative to peers. These stocks continued to do well throughout the period, detracting from the Fund’s performance.

Did the Fund hold derivatives, and how did they affect performance?

• The Fund held futures contracts on the S&P 500 Index. QMA uses these instruments primarily to manage daily cash flows, provide liquidity, and equitize cash, and not as a means of adding to performance. Subsequently, the effect on performance was minimal.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return relative to the benchmark, which is the sum of all contributions by individual holdings.

Top Contributors (%)		Top Detractors (%)
General Electric Co.	0.47	Amazon.com, Inc.	–0.58
Philip Morris International, Inc.	0.35	Celgene Corp.	–0.25
Lululemon Athletica Inc.	0.25	Chemours Co.	–0.23
Macy’s, Inc.	0.24	Nutrisystem, Inc.	–0.23
DowDuPont, Inc.	0.20	Apple, Inc.	–0.16

Current outlook

• Investors tend to overreact to headline news, which provides opportunities for a disciplined approach. This overreaction was evident during the reporting period in the widening spread (or difference in price) between expensive and cheap stocks relative to earnings. In QMA’s view, this implies that valuation factors are underpriced and suggests the potential for solid returns to value factors in the future.

PGIM QMA Large-Cap Core Equity Fund 13

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 October 31, 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

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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 May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,018.80		0.72	%	$	3.66
	Hypothetical	$	1,000.00	$	1,021.58		0.72	%	$	3.67
Class B	Actual	$	1,000.00	$	1,014.10		1.65	%	$	8.38
	Hypothetical	$	1,000.00	$	1,016.89		1.65	%	$	8.39
Class C	Actual	$	1,000.00	$	1,014.70		1.43	%	$	7.26
	Hypothetical	$	1,000.00	$	1,018.00		1.43	%	$	7.27
Class Z	Actual	$	1,000.00	$	1,020.20		0.47	%	$	2.39
	Hypothetical	$	1,000.00	$	1,022.84		0.47	%	$	2.40
Class R6**	Actual	$	1,000.00	$	1,020.70		0.35	%	$	1.78
	Hypothetical	$	1,000.00	$	1,023.44		0.35	%	$	1.79

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

**Formerly known as Class Q shares.

PGIM QMA Large-Cap Core Equity Fund 15

Schedule of Investments

as of October 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    96.9%
COMMON STOCKS
Aerospace & Defense    2.0%
Lockheed Martin Corp.		7,500	$	2,203,875
Raytheon Co.		10,450		1,829,168
United Technologies Corp.		11,200		1,391,152
Vectrus, Inc.*		5,350		143,380
				5,567,575
Air Freight & Logistics    0.8%
United Parcel Service, Inc. (Class B Stock)		20,100		2,141,454
Auto Components    0.1%
Garrett Motion, Inc. (Switzerland)*		1,860		28,216
Tenneco, Inc. (Class A Stock)		6,400		220,352
				248,568
Banks    5.1%
Bank of America Corp.		98,968		2,721,620
BB&T Corp.		8,600		422,776
Citigroup, Inc.		50,300		3,292,638
JPMorgan Chase & Co.		56,500		6,159,630
Synovus Financial Corp.		8,700		326,772
Wells Fargo & Co.		21,100		1,123,153
				14,046,589
Beverages    1.2%
PepsiCo, Inc.		30,244		3,398,821
Biotechnology    2.4%
Amgen, Inc.		700		134,953
Biogen, Inc.*		1,200		365,124
Celgene Corp.*		26,600		1,904,560
Gilead Sciences, Inc.		34,900		2,379,482
Vertex Pharmaceuticals, Inc.*		11,300		1,914,898
				6,699,017
Building Products    0.5%
Armstrong World Industries, Inc.*		7,000		432,250
Masco Corp.		7,800		234,000

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 17

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Building Products (cont’d.)
Resideo Technologies, Inc.*		3,100	$	65,255
Universal Forest Products, Inc.		19,100		539,957
				1,271,462
Capital Markets    1.9%
Ameriprise Financial, Inc.		11,750		1,495,070
Goldman Sachs Group, Inc. (The)		6,750		1,521,247
Morgan Stanley		10,750		490,845
Raymond James Financial, Inc.		4,800		368,112
State Street Corp.		12,550		862,812
T. Rowe Price Group, Inc.		5,450		528,596
				5,266,682
Chemicals    1.5%
Eastman Chemical Co.		17,600		1,378,960
Huntsman Corp.		29,350		642,178
LyondellBasell Industries NV (Class A Stock)		3,900		348,153
Sherwin-Williams Co. (The)		4,300		1,691,921
				4,061,212
Communications Equipment    1.9%
Arista Networks, Inc.*		3,400		783,190
Cisco Systems, Inc.		89,550		4,096,912
CommScope Holding Co., Inc.*		10,700		257,442
Plantronics, Inc.		300		17,691
				5,155,235
Construction & Engineering     0.2%
EMCOR Group, Inc.		5,850		415,233
Quanta Services, Inc.*		7,400		230,880
				646,113
Consumer Finance    1.3%
American Express Co.		7,200		739,656
Capital One Financial Corp.		20,750		1,852,975
Discover Financial Services		3,950		275,196

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Consumer Finance (cont’d.)
Navient Corp.		10,200	$	118,116
OneMain Holdings, Inc.*		23,350		665,942
				3,651,885
Containers & Packaging    0.4%
Avery Dennison Corp.		4,800		435,456
Greif, Inc. (Class A Stock)		1,700		80,410
WestRock Co.		15,100		648,847
				1,164,713
Distributors    0.1%
Core-Mark Holding Co., Inc.		2,700		103,707
Diversified Financial Services    1.1%
Berkshire Hathaway, Inc. (Class B Stock)*		12,900		2,648,112
Jefferies Financial Group, Inc.		21,600		463,752
				3,111,864
Diversified Telecommunication Services    2.8%
AT&T, Inc.		124,154		3,809,045
Verizon Communications, Inc.		68,250		3,896,392
				7,705,437
Electric Utilities    1.1%
Entergy Corp.		2,200		184,690
Eversource Energy		8,650		547,199
Exelon Corp.		47,750		2,091,928
Portland General Electric Co.		6,500		293,020
				3,116,837
Electrical Equipment    0.5%
AMETEK, Inc.		6,450		432,666
Atkore International Group, Inc.*		27,200		523,872
Emerson Electric Co.		3,900		264,732
Encore Wire Corp.		2,600		114,920
				1,336,190

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 19

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components    0.3%
Anixter International, Inc.*		5,300	$	348,157
CDW Corp.		4,050		364,541
Tech Data Corp.*		900		63,594
				776,292
Energy Equipment & Services    0.2%
Exterran Corp.*		8,100		169,209
Superior Energy Services, Inc.*		31,400		245,862
				415,071
Entertainment    1.3%
Activision Blizzard, Inc.		29,150		2,012,807
Marcus Corp. (The)		6,200		241,924
Twenty-First Century Fox, Inc. (Class A Stock)		13,400		609,968
Viacom, Inc. (Class B Stock)		22,350		714,753
				3,579,452
Equity Real Estate Investment Trusts (REITs)    1.8%
Apple Hospitality REIT, Inc.		18,350		296,720
CoreCivic, Inc.		12,150		272,889
Gaming & Leisure Properties, Inc.		5,200		175,188
GEO Group, Inc. (The)		17,050		376,975
Host Hotels & Resorts, Inc., REIT		76,600		1,463,826
Park Hotels & Resorts, Inc., REIT		2,800		81,396
Prologis, Inc., REIT		7,800		502,866
Ryman Hospitality Properties, Inc.		4,650		360,793
Spirit MTA REIT		4,560		48,838
Spirit Realty Capital, Inc.		67,300		526,286
Xenia Hotels & Resorts, Inc.		42,300		869,265
				4,975,042
Food & Staples Retailing    0.9%
Walgreens Boots Alliance, Inc.		29,350		2,341,250
Food Products    1.7%
Archer-Daniels-Midland Co.		37,550		1,774,237
Hershey Co. (The)		800		85,720

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products (cont’d.)
Kraft Heinz Co. (The)		33,100	$	1,819,507
Tyson Foods, Inc. (Class A Stock)		18,400		1,102,527
				4,781,991
Gas Utilities    0.2%
UGI Corp.		11,450		607,537
Health Care Equipment & Supplies    3.5%
Abbott Laboratories		43,600		3,005,784
Align Technology, Inc.*		800		176,960
Baxter International, Inc.		11,200		700,112
Danaher Corp.		17,950		1,784,230
Edwards Lifesciences Corp.*		3,350		494,460
IDEXX Laboratories, Inc.*		3,800		806,056
Intuitive Surgical, Inc.*		1,600		833,888
Medtronic PLC		18,200		1,634,724
Stryker Corp.		1,800		291,996
				9,728,210
Health Care Providers & Services    3.0%
Anthem, Inc.		800		220,456
HCA Healthcare, Inc.		16,400		2,189,892
Humana, Inc.		4,150		1,329,701
UnitedHealth Group, Inc.		16,900		4,416,815
				8,156,864
Hotels, Restaurants & Leisure    0.9%
Biglari Holdings, Inc. (Class A Stock)*		20		15,000
Biglari Holdings, Inc. (Class B Stock)*		200		28,500
Bloomin’ Brands, Inc.		9,300		185,535
Churchill Downs, Inc.		400		99,844
Darden Restaurants, Inc.		5,200		554,060
Extended Stay America, Inc., UTS		25,000		407,000
Hilton Grand Vacations, Inc.*		16,400		440,668
Las Vegas Sands Corp.		6,200		316,386
Marriott International, Inc. (Class A Stock)		850		99,357
Penn National Gaming, Inc.*		7,200		174,816
				2,321,166

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 21

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Household Durables    0.1%
Meritage Homes Corp.*		8,700	$	324,075
Household Products    1.0%
Procter & Gamble Co. (The)		30,564		2,710,416
Independent Power & Renewable Electricity Producers    0.8%
AES Corp.		86,850		1,266,273
NRG Energy, Inc.		28,600		1,035,034
				2,301,307
Industrial Conglomerates    1.0%
Honeywell International, Inc.		18,600		2,693,652
Insurance    1.9%
Allstate Corp. (The)		14,100		1,349,652
American International Group, Inc.		25,600		1,057,024
CNA Financial Corp.		700		30,359
Lincoln National Corp.		9,300		559,767
Loews Corp.		4,100		190,896
MetLife, Inc.		44,050		1,814,419
Unum Group		3,550		128,723
				5,130,840
Interactive Media & Services    4.9%
Alphabet, Inc. (Class A Stock)*		3,520		3,838,842
Alphabet, Inc. (Class C Stock)*		4,827		5,197,569
Facebook, Inc. (Class A Stock)*		29,750		4,515,752
				13,552,163
Internet & Direct Marketing Retail    2.7%
Amazon.com, Inc.*		4,120		6,583,801
eBay, Inc.*		12,250		355,618
Qurate Retail, Inc.*		23,500		515,590
				7,455,009
IT Services    4.2%
Accenture PLC (Class A Stock)		13,050		2,056,941
Automatic Data Processing, Inc.		15,600		2,247,648
Cognizant Technology Solutions Corp. (Class A Stock)		25,900		1,787,877

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont’d.)
DXC Technology Co.		19,100	$	1,391,053
VeriSign, Inc.*		4,900		698,446
Visa, Inc. (Class A Stock)		25,400		3,501,390
				11,683,355
Leisure Products    0.1%
Johnson Outdoors, Inc. (Class A Stock)		1,500		112,965
Vista Outdoor, Inc.*		20,450		255,625
				368,590
Life Sciences Tools & Services    1.0%
Illumina, Inc.*		7,600		2,364,740
Thermo Fisher Scientific, Inc.		1,600		373,840
				2,738,580
Machinery    1.2%
Caterpillar, Inc.		12,800		1,552,896
Cummins, Inc.		10,950		1,496,755
Pentair PLC (United Kingdom)		8,800		353,320
				3,402,971
Media    1.6%
Comcast Corp. (Class A Stock)		94,100		3,588,974
News Corp. (Class A Stock)		24,850		327,771
Tribune Media Co. (Class A Stock)		13,800		524,538
				4,441,283
Metals & Mining    0.5%
Alcoa Corp.*		1,950		68,231
Freeport-McMoRan, Inc.		114,950		1,339,167
				1,407,398
Mortgage Real Estate Investment Trusts (REITs)    0.5%
Ladder Capital Corp.		67,300		1,133,332
Two Harbors Investment Corp.		21,000		308,490
				1,441,822

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 23

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Multiline Retail    1.3%
Dollar General Corp.		1,400	$	155,932
Kohl’s Corp.		22,050		1,669,846
Macy’s, Inc.		47,950		1,644,206
Nordstrom, Inc.		2,200		144,694
				3,614,678
Multi-Utilities    0.2%
CenterPoint Energy, Inc.		8,550		230,936
MDU Resources Group, Inc.		13,250		330,720
				561,656
Oil, Gas & Consumable Fuels    5.5%
Anadarko Petroleum Corp.		30,700		1,633,240
Chevron Corp.		5,350		597,328
ConocoPhillips		38,350		2,680,665
Continental Resources, Inc.*		15,700		827,076
Exxon Mobil Corp.		13,974		1,113,448
Hess Corp.		16,300		935,620
Kinder Morgan, Inc.		75,700		1,288,414
Marathon Oil Corp.		4,500		85,455
Marathon Petroleum Corp.		24,900		1,754,205
Murphy Oil Corp.		9,500		302,670
Phillips 66		18,100		1,861,042
Valero Energy Corp.		21,450		1,953,880
World Fuel Services Corp.		3,200		102,400
				15,135,443
Personal Products    0.6%
Herbalife Nutrition Ltd.*		18,850		1,003,951
Nu Skin Enterprises, Inc. (Class A Stock)		4,900		344,078
USANA Health Sciences, Inc.*		2,750		321,805
				1,669,834
Pharmaceuticals    5.4%
Allergan PLC		12,150		1,919,822
Bristol-Myers Squibb Co.		30,150		1,523,781
Eli Lilly & Co.		13,100		1,420,564
Johnson & Johnson		26,449		3,702,596
Merck & Co., Inc.		35,950		2,646,279

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Pfizer, Inc.		64,084	$	2,759,457
Zoetis, Inc.		10,700		964,605
				14,937,104
Professional Services    0.4%
Heidrick & Struggles International, Inc.		8,300		286,433
Insperity, Inc.		3,350		367,998
Korn/Ferry International		3,000		135,420
Robert Half International, Inc.		6,300		381,339
				1,171,190
Real Estate Management & Development    0.5%
CBRE Group, Inc. (Class A Stock)*		36,650		1,476,629
Road & Rail 1.6%
CSX Corp.		30,600		2,107,116
Norfolk Southern Corp.		13,150		2,206,964
				4,314,080
Semiconductors & Semiconductor Equipment    3.0%
Analog Devices, Inc.		19,050		1,594,675
Cypress Semiconductor Corp.		20,400		263,976
Intel Corp.		85,800		4,022,304
Micron Technology, Inc.*		30,550		1,152,346
NVIDIA Corp.		150		31,625
Qorvo, Inc.*		7,300		536,623
Texas Instruments, Inc.		6,800		631,244
				8,232,793
Software    6.6%
Adobe, Inc.*		11,650		2,863,104
Aspen Technology, Inc.*		12,700		1,078,103
Cadence Design Systems, Inc.*		9,800		436,786
Fortinet, Inc.*		5,700		468,426
Microsoft Corp.		90,800		9,698,348
Oracle Corp.		44,400		2,168,496
Synopsys, Inc.*		16,600		1,486,198
				18,199,461

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 25

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail    3.0%
Advance Auto Parts, Inc.		2,200	$	351,472
Asbury Automotive Group, Inc.*		4,000		260,400
AutoNation, Inc.*		3,650		147,752
Dick’s Sporting Goods, Inc.		12,900		456,273
Foot Locker, Inc.		27,200		1,282,208
Gap, Inc. (The)		22,900		625,170
Home Depot, Inc. (The)		16,500		2,902,020
TJX Cos., Inc. (The)		21,100		2,318,468
				8,343,763
Technology Hardware, Storage & Peripherals    5.2%
Apple, Inc.		49,120		10,750,403
Hewlett Packard Enterprise Co.		109,150		1,664,538
HP, Inc.		82,300		1,986,722
				14,401,663
Textiles, Apparel & Luxury Goods    1.5%
Hanesbrands, Inc.		40,100		688,116
NIKE, Inc. (Class B Stock)		29,400		2,206,176
VF Corp.		11,250		932,400
Wolverine World Wide, Inc.		7,500		263,775
				4,090,467
Thrifts & Mortgage Finance    0.5%
Radian Group, Inc.		71,800		1,377,842
Tobacco    1.0%
Philip Morris International, Inc.		31,500		2,774,205
Trading Companies & Distributors    0.3%
United Rentals, Inc.*		1,700		204,119
WESCO International, Inc.*		9,100		456,638
				660,757

See Notes to Financial Statements.

26

Description						Shares		Value
COMMON STOCKS (Continued)
Transportation Infrastructure    0.1%
Macquarie Infrastructure Corp.							6,800	$	251,260
TOTAL LONG-TERM INVESTMENTS (cost $227,399,819)									267,240,522
SHORT-TERM INVESTMENTS    2.9%
AFFILIATED MUTUAL FUND    2.7%
PGIM Core Ultra Short Bond Fund (cost $7,609,208)(w)							7,609,208		7,609,208
	Interest Rate			Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION    0.2%
U.S. Treasury Bill(k)(n) (cost $448,694)		2.168	%		12/20/18		450		448,684
TOTAL SHORT-TERM INVESTMENTS (cost $8,057,902)									8,057,892
TOTAL INVESTMENTS    99.8% (cost $235,457,721)									275,298,414
Other assets in excess of liabilities(z)    0.2%									535,274
NET ASSETS    100.0%								$	275,833,688

The following abbreviations are used in the annual report:

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trusts

UTS—Unit Trust Security

* Non-income producing security.

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

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

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

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 27

Schedule of Investments (continued)

as of October 31, 2018

Futures contracts outstanding at October 31, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Position:
	58	S&P 500 E-Mini Index		Dec. 2018	$	7,862,190	$	(214,278	)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Goldman Sachs & Co.	$	—	$	448,684

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 October 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	5,567,575	$	—	$	—
Air Freight & Logistics		2,141,454		—		—
Auto Components		248,568		—		—
Banks		14,046,589		—		—
Beverages		3,398,821		—		—
Biotechnology		6,699,017		—		—
Building Products		1,271,462		—		—
Capital Markets		5,266,682		—		—
Chemicals		4,061,212		—		—
Communications Equipment		5,155,235		—		—
Construction & Engineering		646,113		—		—
Consumer Finance		3,651,885		—		—
Containers & Packaging		1,164,713		—		—
Distributors		103,707		—		—

See Notes to Financial Statements.

28

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Diversified Financial Services	$	3,111,864	$	—	$	—
Diversified Telecommunication Services		7,705,437		—		—
Electric Utilities		3,116,837		��		—
Electrical Equipment		1,336,190		—		—
Electronic Equipment, Instruments & Components		776,292		—		—
Energy Equipment & Services		415,071		—		—
Entertainment		3,579,452		—		—
Equity Real Estate Investment Trusts (REITs)		4,975,042		—		—
Food & Staples Retailing		2,341,250		—		—
Food Products		4,781,991		—		—
Gas Utilities		607,537		—		—
Health Care Equipment & Supplies		9,728,210		—		—
Health Care Providers & Services		8,156,864		—		—
Hotels, Restaurants & Leisure		2,321,166		—		—
Household Durables		324,075		—		—
Household Products		2,710,416		—		—
Independent Power & Renewable Electricity Producers		2,301,307		—		—
Industrial Conglomerates		2,693,652		—		—
Insurance		5,130,840		—		—
Interactive Media & Services		13,552,163		—		—
Internet & Direct Marketing Retail		7,455,009		—		—
IT Services		11,683,355		—		—
Leisure Products		368,590		—		—
Life Sciences Tools & Services		2,738,580		—		—
Machinery		3,402,971		—		—
Media		4,441,283		—		—
Metals & Mining		1,407,398		—		—
Mortgage Real Estate Investment Trusts (REITs)		1,441,822		—		—
Multiline Retail		3,614,678		—		—
Multi-Utilities		561,656		—		—
Oil, Gas & Consumable Fuels		15,135,443		—		—
Personal Products		1,669,834		—		—
Pharmaceuticals		14,937,104		—		—
Professional Services		1,171,190		—		—
Real Estate Management & Development		1,476,629		—		—
Road & Rail		4,314,080		—		—
Semiconductors & Semiconductor Equipment		8,232,793		—		—
Software		18,199,461		—		—
Specialty Retail		8,343,763		—		—
Technology Hardware, Storage & Peripherals		14,401,663		—		—
Textiles, Apparel & Luxury Goods		4,090,467		—		—
Thrifts & Mortgage Finance		1,377,842		—		—
Tobacco		2,774,205		—		—
Trading Companies & Distributors		660,757		—		—

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 29

Schedule of Investments (continued)

as of October 31, 2018

	Level 1			Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Transportation Infrastructure	$	251,260		$	—	$	—
Affiliated Mutual Fund		7,609,208			—		—
U.S. Treasury Obligation		—			448,684		—
Other Financial Instruments*
Futures Contracts		(214,278	)		—		—
Total	$	274,635,452		$	448,684	$	—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2018 were as follows (unaudited):

Software	6.6	%
Oil, Gas & Consumable Fuels	5.5
Pharmaceuticals	5.4
Technology Hardware, Storage & Peripherals	5.2
Banks	5.1
Interactive Media & Services	4.9
IT Services	4.2
Health Care Equipment & Supplies	3.5
Specialty Retail	3.0
Semiconductors & Semiconductor Equipment	3.0
Health Care Providers & Services	3.0
Diversified Telecommunication Services	2.8
Affiliated Mutual Fund	2.7
Internet & Direct Marketing Retail	2.7
Biotechnology	2.4
Aerospace & Defense	2.0
Capital Markets	1.9
Communications Equipment	1.9
Insurance	1.9
Equity Real Estate Investment Trusts (REITs)	1.8
Food Products	1.7
Media	1.6
Road & Rail	1.6
Textiles, Apparel & Luxury Goods	1.5
Chemicals	1.5
Consumer Finance	1.3
Multiline Retail	1.3
Entertainment	1.3	%
Machinery	1.2
Beverages	1.2
Electric Utilities	1.1
Diversified Financial Services	1.1
Tobacco	1.0
Life Sciences Tools & Services	1.0
Household Products	1.0
Industrial Conglomerates	1.0
Food & Staples Retailing	0.9
Hotels, Restaurants & Leisure	0.9
Independent Power & Renewable Electricity Producers	0.8
Air Freight & Logistics	0.8
Personal Products	0.6
Real Estate Management & Development	0.5
Mortgage Real Estate Investment Trusts (REITs)	0.5
Metals & Mining	0.5
Thrifts & Mortgage Finance	0.5
Electrical Equipment	0.5
Building Products	0.5
Professional Services	0.4
Containers & Packaging	0.4
Electronic Equipment, Instruments & Components	0.3
Trading Companies & Distributors	0.3
Construction & Engineering	0.2
Gas Utilities	0.2

See Notes to Financial Statements.

30

Industry Classification (cont’d.):
Multi-Utilities	0.2	%
U.S. Treasury Obligation	0.2
Energy Equipment & Services	0.2
Leisure Products	0.1
Household Durables	0.1
Transportation Infrastructure	0.1
Auto Components	0.1
Distributors	0.1	%
	99.8
Other assets in excess of liabilities	0.2
	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.

Fair values of derivative instruments as of October 31, 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
	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts	—	$	—	Due from/to broker—variation margin futures	$	214,278	*

* 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 year ended October 31, 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	$	657,712

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(306,086	)

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 31

Schedule of Investments (continued)

as of October 31, 2018

For the year ended October 31, 2018, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)
$	6,113,259

(1) Notional Amount in USD.

See Notes to Financial Statements.

32

Statement of Assets & Liabilities

as of October 31, 2018

Assets
Investments at value:
Unaffiliated investments (cost $227,848,513)	$	267,689,206
Affiliated investments (cost $7,609,208)		7,609,208
Receivable for Fund shares sold		595,962
Dividends receivable		266,799
Due from broker—variation margin futures		70,122
Prepaid expenses		3,052
Total Assets		276,234,349
Liabilities
Payable for Fund shares reacquired		211,877
Distribution fee payable		51,037
Management fee payable		44,896
Accrued expenses and other liabilities		25,799
Affiliated transfer agent fee payable		24,529
Printing fee payable		21,570
Custodian and accounting fees payable		20,953
Total Liabilities		400,661
Net Assets	$	275,833,688
Net assets were comprised of:
Shares of beneficial interest, at par	$	16,430
Paid-in capital in excess of par		188,499,157
Total distributable earnings (loss)		87,318,101
Net assets, October 31, 2018	$	275,833,688

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 33

Statement of Assets & Liabilities

as of October 31, 2018

Class A
Net asset value and redemption price per share, ($105,854,805 ÷ 6,315,397 shares of beneficial interest issued and outstanding)	$	16.76
Maximum sales charge (5.50% of offering price)		0.98
Maximum offering price to public	$	17.74
Class B
Net asset value, offering price and redemption price per share,
($1,641,074 ÷ 108,316 shares of beneficial interest issued and outstanding)	$	15.15
Class C
Net asset value, offering price and redemption price per share,
($29,929,615 ÷ 1,968,830 shares of beneficial interest issued and outstanding)	$	15.20
Class Z
Net asset value, offering price and redemption price per share,
($61,857,078 ÷ 3,595,651 shares of beneficial interest issued and outstanding)	$	17.20
Class R6
Net asset value, offering price and redemption price per share,
($76,551,116 ÷ 4,442,169 shares of beneficial interest issued and outstanding)	$	17.23

See Notes to Financial Statements.

34

Statement of Operations

Year Ended October 31, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	5,104,085
Affiliated dividend income		99,194
Interest income		7,049
Income from securities lending, net (including affiliated income of $459)		661
Total income		5,210,989
Expenses
Management fee		979,902
Distribution fee(a)		674,538
Transfer agent’s fees and expenses (including affiliated expense of $118,885)(a)		238,946
Custodian and accounting fees		74,265
Registration fees(a)		70,547
Shareholders’ reports		44,637
Legal fees and expenses		25,347
Audit fee		24,352
Trustees’ fees		17,079
Miscellaneous		19,584
Total expenses		2,169,197
Less: Fee waiver and/or expense reimbursement(a)		(275,807	)
Distribution fee waiver(a)		(56,197	)
Net expenses		1,837,193
Net investment income (loss)		3,373,796
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(406))		44,697,366
Futures transactions		657,712
		45,355,078
Net change in unrealized appreciation (depreciation) on:
Investments		(32,619,007	)
Futures		(306,086	)
		(32,925,093	)
Net gain (loss) on investment transactions		12,429,985
Net Increase (Decrease) In Net Assets Resulting From Operations	$	15,803,781

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		337,174			19,529			317,835			—			—
Transfer agent’s fees and expenses		136,870			6,275			27,485			67,691			625
Registration fees		14,815			13,827			13,880			13,854			14,171
Fee waiver and/or expense reimbursement		(96,953	)		(15,242	)		(37,096	)		(59,689	)		(66,827	)
Distribution fee waiver		(56,197	)		—			—			—			—

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 35

Statements of Changes in Net Assets

	Year Ended October 31,
	2018			2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,373,796		$	2,563,792
Net realized gain (loss) on investment transactions		45,355,078			34,410,327
Net change in unrealized appreciation (depreciation) on investments		(32,925,093	)		12,884,757
Net increase (decrease) in net assets resulting from operations		15,803,781			49,858,876
Dividends and Distributions
Distributions from distributable earnings*
Class A		(15,856,544	)		—
Class B		(299,083	)		—
Class C		(4,505,168	)		—
Class Z		(8,182,105	)		—
Class R6		(8,674,924	)		—
		(37,517,824	)		—
Dividends from net investment income
Class A					(856,818	)
Class B					(6,885	)
Class C					(126,338	)
Class Z					(837,894	)
			*		(1,827,935	)
Distributions from net realized gains
Class A					(3,797,694	)
Class B					(96,656	)
Class C					(1,773,534	)
Class Z					(2,963,939	)
			*		(8,631,823	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		69,862,792			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		(70,529,311	)		(49,132,723	)
Net increase (decrease) in net assets from Fund share transactions		36,025,531			20,098,092
Total increase (decrease)		14,311,488			59,497,210
Net Assets:
Beginning of year		261,522,200			202,024,990
End of year(a)	$	275,833,688		$	261,522,200
(a) Includes undistributed/(distributions in excess of) net investment income of:	$		*	$	2,178,899

* For the year ended October 31, 2018, the Fund has adopted amendments to Regulation S-X (refer to Note 10).

See Notes to Financial Statements.

36

Notes to Financial Statements

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 names of the Fund and the other funds which comprise the Trust were changed by replacing “Prudential” with “PGIM” and each fund’s 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, a Valuation Committee has been established as two persons, being one or more officers of the Trust, including: the Trust’s Treasurer (or the Treasurer’s direct reports); and the Trust’s Chief or Deputy Chief Compliance Officer (or Vice-President-level direct reports of the Chief or Deputy Chief Compliance Officer). Under the current valuation procedures, the Valuation Committee of the Board 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

PGIM QMA Large-Cap Core Equity Fund 37

Notes to Financial Statements (continued)

readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

38

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.

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.

PGIM QMA Large-Cap Core Equity Fund 39

Notes to Financial Statements (continued)

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

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

40

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 estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

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

2. Agreements

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

PGIM QMA Large-Cap Core Equity Fund 41

Notes to Financial Statements (continued)

which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into 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 0.350% of the Fund’s average daily net assets up to and including $5 billion and 0.340% 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 0.350% for the year ended October 31, 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. 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. Effective July 1, 2018 this waiver agreement was extended through February 29, 2020.

Where applicable, PGIM Investments voluntarily agreed through June 30, 2018, to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Effective July 1, 2018 this voluntary agreement became part of the Fund’s contractual waiver agreement through February 29, 2020 and is subject to recoupment by the Manager within the same fiscal year during which such wavier/reimbursement is made if

42

such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 1% of the average daily net assets of the Class A, Class B and Class C shares, respectively. PIMS has contractually agreed through February 29, 2020 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 $89,754 in front-end sales charges resulting from sales of Class A shares during the year ended October 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the year ended October 31, 2018, it received $934 and $585 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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended October 31, 2018, no such transactions were entered into by the Fund.

PGIM QMA Large-Cap Core Equity Fund 43

Notes to Financial Statements (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 October 31, 2018, PGIM, Inc. was compensated $198 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 year ended October 31, 2018, were $258,958,310 and $258,444,357, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2018, is presented as follows:

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	5,787,229	$	55,956,342	$	54,134,363	$	—	$	—		$	7,609,208		7,609,208	$	99,194
	PGIM Institutional Money Market Fund*
	170		14,838,275		14,838,039		—		(406	)		—		—		459	**
$	5,787,399	$	70,794,617	$	68,972,402	$	—	$	(406	)	$	7,609,208			$	99,653

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

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

5. Distributions and Tax Information

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.

The tax character of dividends paid by the Fund were $4,297,427 of ordinary income and $33,220,397 of long-term capital gains, for the year ended October 31, 2018 and $1,827,935 of ordinary income and $8,631,823 of long-term capital gains for the year ended October 31, 2017.

44

As of October 31, 2018, the accumulated undistributed earnings on a tax basis were $8,904,468 of ordinary income and $38,796,903 of long-term capital gains.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2018 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$235,467,407	$53,702,196	$(14,085,467)	$39,616,729

The difference between book basis and tax basis is primarily attributable to deferred losses on wash sales and other cost basis differences between financial and tax accounting.

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. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

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

PGIM QMA Large-Cap Core Equity Fund 45

Notes to Financial Statements (continued)

As of October 31, 2018, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 4,149,094 Class R6 shares of the Fund. At reporting period end, three shareholders of record held 36% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 14% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2018:
Shares sold		342,696		$	5,962,112
Shares issued in reinvestment of dividends and distributions		935,749			15,430,504
Shares reacquired		(1,182,113	)		(20,369,261	)
Net increase (decrease) in shares outstanding before conversion		96,332			1,023,355
Shares issued upon conversion from other share class(es)		80,033			1,418,612
Shares reacquired upon conversion into other share class(es)		(32,240	)		(556,387	)
Net increase (decrease) in shares outstanding		144,125		$	1,885,580
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
Class B
Year ended October 31, 2018:
Shares sold		9,464		$	154,199
Shares issued in reinvestment of dividends and distributions		19,561			294,007
Shares reacquired		(14,671	)		(228,377	)
Net increase (decrease) in shares outstanding before conversion		14,354			219,829
Shares reacquired upon conversion into other share class(es)		(41,880	)		(688,725	)
Net increase (decrease) in shares outstanding		(27,526	)	$	(468,896	)
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	)

46

Class C	Shares			Amount
Year ended October 31, 2018:
Shares sold		175,337		$	2,730,103
Shares issued in reinvestment of dividends and distributions		289,701			4,359,999
Shares reacquired		(300,244	)		(4,757,478	)
Net increase (decrease) in shares outstanding before conversion		164,794			2,332,624
Shares reacquired upon conversion into other share class(es)		(62,370	)		(997,024	)
Net increase (decrease) in shares outstanding		102,424		$	1,335,600
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
Year ended October 31, 2018:
Shares sold		936,671		$	16,621,264
Shares issued in reinvestment of dividends and distributions		469,942			7,932,616
Shares reacquired		(840,971	)		(14,918,448	)
Net increase (decrease) in shares outstanding before conversion		565,642			9,635,432
Shares issued upon conversion from other share class(es)		80,826			1,445,454
Shares reacquired upon conversion into other share class(es)		(35,726	)		(638,785	)
Net increase (decrease) in shares outstanding		610,742		$	10,442,101
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 share 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	)
Class R6
Year ended October 31, 2018:
Shares sold		2,515,007		$	44,395,114
Shares issued in reinvestment of dividends and distributions		513,613			8,674,924
Shares reacquired		(1,686,475	)		(30,255,747	)
Net increase (decrease) in shares outstanding before conversion		1,342,145			22,814,291
Shares issued upon conversion from other share class(es)		945			16,855
Net increase (decrease) in shares outstanding		1,343,090		$	22,831,146
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 operations was December 28, 2016.

PGIM QMA Large-Cap Core Equity Fund 47

Notes to Financial Statements (continued)

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both 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 October 31, 2018.

8. Dividends and Distributions to Shareholders

Subsequent to the fiscal year end, the Fund declared ordinary income dividends and distributions on December 11, 2018 to shareholders of record on December 12, 2018. The ex-date was December 13, 2018. The per share amounts declared were as follows:

	Ordinary Income	Short-Term Capital Gains	Long-Term Capital Gains
Class A	$0.21756	$0.36750	$2.37300
Class B	$0.07457	$0.36750	$2.37300
Class C	$0.11109	$0.36750	$2.37300
Class Z	$0.26179	$0.36750	$2.37300
Class R6	$0.28110	$0.36750	$2.37300

9. Risks of Investing in the Fund

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

48

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

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

10. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU

PGIM QMA Large-Cap Core Equity Fund 49

Notes to Financial Statements (continued)

effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

11. Reorganization

On June 19, 2018, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PGIM QMA Defensive Equity Fund (the “Merged Fund”) for shares of PGIM QMA Large-Cap Core Equity Fund (the “Acquiring Fund”) and the assumption of the liabilities of the Merged Fund respectively. Shareholders approved the Plan at a meeting on November 16, 2018 and the reorganization took place on December 14, 2018. Upon implementation of the reorganization, PGIM Investments contractually agreed through February 29, 2020, to limit total annual operating expenses to 1.58% of average daily net assets for Class B shares of the proforma combined Fund.

On the reorganization date, the Merged Fund had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:

Merged Fund	Total Investment Value		Total Investment Cost
PGIM QMA Defensive Equity Fund	$	196,953,251	$	176,956,178

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

The acquisition was accomplished by a tax-free exchange of the following shares on December 14, 2018:

Merged Fund			Acquiring Fund
PGIM QMA Defensive Equity Fund			PGIM QMA Large-Cap Core Equity Fund
Class	Shares		Class		Shares		Value
A		14,206,470		A		12,327,519	$	160,997,399
B		327,165		B		317,128		3,694,545
C		2,570,544		C		2,486,331		29,015,483
R*		382		R6		18,392		247,372
R6		21,770		Z		383,096		5,148,805
Z		453,555

* Class R shares were converted to Class A shares in the reorganization.

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio were carried forward to reflect the tax-free status of the acquisition.

50

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

Merged Fund					Acquiring Fund
PGIM QMA Defensive Equity Fund					PGIM QMA Lare-Cap Core Equity Fund
Class	Net Assets		Unrealized Appreciation On  Investments		Class		Net Assets
A	$	160,993,013	$	16,169,416		A	$	97,991,911
B		3,694,545		371,064		B		1,525,457
C		29,015,483		2,914,185		C		27,863,342
R		4,386		441		R6		73,674,073
R6		247,372		24,845		Z		57,822,232
Z		5,148,805		517,123

12. Subsequent Event

At a meeting held on December 6, 2018, the Board of Trustees of the Fund approved a plan of reorganization whereby PGIM QMA Large-Cap Core Equity Fund would acquire the PGIM Growth Allocation Fund. The reorganization is subject to approval by the shareholders of PGIM Growth Allocation Fund. A special meeting of the shareholders will be held in April, 2019. It is expected that the reorganization, if approved, would be completed in May, 2019.

PGIM QMA Large-Cap Core Equity Fund 51

Financial Highlights

Class A Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.37			$15.49			$15.92			$16.55			$15.23
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.19			0.14			0.14			0.11
Net realized and unrealized gain (loss) on investment transactions		0.80			3.51			0.29			0.55			2.46
Total from investment operations		1.00			3.70			0.43			0.69			2.57
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.15	)		(0.14	)		(0.11	)		(0.13	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(2.61	)		(0.82	)		(0.86	)		(1.32	)		(1.25	)
Net asset value, end of year		$16.76			$18.37			$15.49			$15.92			$16.55
Total Return(b):		5.67%			24.73%			3.02%			4.20%			18.09%
Ratios/Supplemental Data:
Net assets, end of year (000)		$105,855			$113,343			$89,169			$88,920			$88,561
Average net assets (000)		$112,391			$101,852			$88,443			$90,171			$86,047
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.72%			0.77%			1.17%			1.14%			1.16%
Expenses before waivers and/or expense reimbursement		0.86%	(d)		0.93%			1.22%			1.19%			1.21%
Net investment income (loss)		1.14%			1.13%			0.91%			0.89%			0.74%
Portfolio turnover rate(e)		95%			89%			89%			112%			91%

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

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

(e) 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.

52

Class B Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.87			$14.30			$14.75			$15.43			$14.29
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.06			0.03			0.02			-	(b)
Net realized and unrealized gain (loss) on investment transactions		0.74			3.23			0.27			0.51			2.29
Total from investment operations		0.77			3.29			0.30			0.53			2.29
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.03	)		-	(b)		(0.03	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(2.49	)		(0.72	)		(0.75	)		(1.21	)		(1.15	)
Net asset value, end of year		$15.15			$16.87			$14.30			$14.75			$15.43
Total Return(c):		4.67%			23.75%			2.31%			3.42%			17.16%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,641			$2,291			$2,132			$2,676			$3,052
Average net assets (000)		$1,953			$2,311			$2,348			$3,018			$3,150
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.67%			1.52%			1.92%			1.89%			1.91%
Expenses before waivers and/or expense reimbursement		2.45%	(e)		1.63%			1.92%			1.89%			1.91%
Net investment income (loss)		0.20%			0.40%			0.19%			0.15%			-%	(f)
Portfolio turnover rate(g)		95%			89%			89%			112%			91%

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

(b) Less than $0.005 per share.

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

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

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

(f) Less than 0.005%.

(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 53

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.89			$14.31			$14.77			$15.45			$14.30
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.06			0.02			0.02			-	(b)
Net realized and unrealized gain (loss) on investment transactions		0.73			3.24			0.27			0.51			2.30
Total from investment operations		0.80			3.30			0.29			0.53			2.30
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.05	)		(0.03	)		-	(b)		(0.03	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(2.49	)		(0.72	)		(0.75	)		(1.21	)		(1.15	)
Net asset value, end of year		$15.20			$16.89			$14.31			$14.77			$15.45
Total Return(c):		4.91%			23.80%			2.24%			3.42%			17.21%
Ratios/Supplemental Data:
Net assets, end of year (000)		$29,930			$31,518			$39,218			$38,919			$37,681
Average net assets (000)		$31,783			$34,697			$38,344			$38,738			$35,817
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.44%			1.53%			1.92%			1.89%			1.91%
Expenses before waivers and/or expense reimbursement		1.55%	(e)		1.64%			1.92%			1.89%			1.91%
Net investment income (loss)		0.43%			0.40%			0.16%			0.14%			(0.01	)%
Portfolio turnover rate(f)		95%			89%			89%			112%			91%

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

(b) Less than $0.005 per share.

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

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

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

(f) 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.

54

Class Z Shares
				Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$18.78			$15.83			$16.24			$16.86			$15.49
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.24			0.18			0.18			0.16
Net realized and unrealized gain (loss) on investment transactions		0.82			3.57			0.31			0.55			2.49
Total from investment operations		1.07			3.81			0.49			0.73			2.65
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.19	)		(0.18	)		(0.14	)		(0.16	)
Distributions from net realized gains		(2.43	)		(0.67	)		(0.72	)		(1.21	)		(1.12	)
Total dividends and distributions		(2.65	)		(0.86	)		(0.90	)		(1.35	)		(1.28	)
Net asset value, end of year		$17.20			$18.78			$15.83			$16.24			$16.86
Total Return(b):		5.98%			24.93%			3.35%			4.41%			18.39%
Ratios/Supplemental Data:
Net assets, end of year (000)		$61,857			$56,066			$71,506			$80,096			$42,134
Average net assets (000)		$62,456			$54,787			$75,803			$57,677			$38,052
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.46%			0.54%			0.92%			0.89%			0.91%
Expenses before waivers and/or expense reimbursement		0.55%	(d)		0.64%			0.92%			0.89%			0.91%
Net investment income (loss)		1.40%			1.42%			1.18%			1.12%			0.99%
Portfolio turnover rate(e)		95%			89%			89%			112%			91%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

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

(e) 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 55

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31, 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)		0.27			0.21
Net realized and unrealized gain (loss) on investment transactions		0.82			2.54
Total from investment operations		1.09			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		$17.23			$18.81
Total Return(c):		6.10%			17.12%
Ratios/Supplemental Data:
Net assets, end of period (000)		$76,551			$58,304
Average net assets (000)		$71,390			$40,448
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%			0.35%	(e)
Expenses before waivers and/or expense reimbursement		0.44%	(f)		0.47%	(e)
Net investment income (loss)		1.51%			1.44%	(e)
Portfolio turnover rate(g)		95%			89%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

(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.

56

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Prudential Investment Portfolios 9:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM QMA Large-Cap Core Equity Fund (formerly Prudential QMA Large-Cap Core Equity Fund) (the “Fund”), a series of Prudential Investment Portfolios 9, including the schedule of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians, transfer agents and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 19, 2018

PGIM QMA Large-Cap Core Equity Fund 57

Federal Income Tax Information (unaudited)

We are advising you that during the fiscal year ended October 31, 2018, the Fund reports the maximum amount allowed per share but not less than $2.32 for Class A, B, C, Z and R6 shares as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.

For the year ended October 31, 2018, the Fund reports the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI); and 2) eligible for corporate dividends received deduction (DRD):

	QDI			DRD
PGIM QMA Large-Cap Core Equity Fund		93.55	%		90.82	%

In January 2019, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of dividends and distributions received by you in calendar year 2018.

58

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding (60) Board Member Portfolios Overseen: 93	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon (66) Board Member Portfolios Overseen: 93	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive  Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company;  President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008
Linda W. Bynoe (66) Board Member Portfolios Overseen: 93	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co.  (broker-dealer).	Director of Anixter International, Inc. (communication  products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005

PGIM QMA Large-Cap Core Equity Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Barry H. Evans (58) Board Member Portfolios Overseen: 92	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (since 2011); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein (62) Board Member & Independent Chair Portfolios Overseen: 93	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick (56) Board Member Portfolios Overseen: 92	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Corporate Capital Trust (since April 2017) (a business development company); Independent Director, Kabbage, Inc. (since July 2018) (financial services).	Since September 2017
Michael S. Hyland, CFA (73) Board Member Portfolios Overseen: 93	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Richard A. Redeker (75) Board Member Portfolios Overseen: 93	Retired Mutual Fund Senior Executive (50 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.	Since October 1993

PGIM QMA Large-Cap Core Equity Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Brian K. Reid (56)# Board Member Portfolios Overseen: 92	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

# Mr. Reid joined the Board effective as of March 1, 2018.

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker (56) Board Member & President Portfolios Overseen: 93	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgiminvestments.com

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin (45) Board Member & Vice President Portfolios Overseen:93	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010
Grace C. Torres* (59) Board Member Portfolios Overseen: 92	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

PGIM QMA Large-Cap Core Equity Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (63) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012
Chad A. Earnst (43) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global Short Duration High Yield Income Fund, Inc., PGIM Short Duration High Yield Fund, Inc. and PGIM Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since September 2014
Dino Capasso (44) Deputy Chief Compliance Officer	Vice President and Deputy Chief Compliance Officer (June 2017-Present) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French (56) Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

Visit our website at pgiminvestments.com

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (60) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo (44) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Charles H. Smith (45) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007 – December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998 —January 2007).	Since January 2017
Brian D. Nee (52) Treasurer and Principal Financial and Accounting Officer	Vice President and Head of Finance of PGIM Investments LLC (since August 2015) and PGIM Global Partners (since February 2017); formerly, Vice President, Treasurer’s Department of Prudential (September 2007-August 2015).	Since July 2018
Peter Parrella (60) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since June 2007
Lana Lomuti (51) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Linda McMullin (57) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since April 2014
Kelly A. Coyne (50) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM QMA Large-Cap Core Equity Fund

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Short Duration High Yield Fund, Inc., PGIM Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

Visit our website at pgiminvestments.com

Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM QMA Large-Cap Core Equity Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with Quantitative Management Associates LLC (“QMA”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7, 2018 and on June 19-21, 2018 and approved the renewal of the agreements through July 31, 2019, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and QMA. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7, 2018 and on June 19-21, 2018.

¹  PGIM QMA Large-Cap Core Equity Fund is a series of Prudential Investment Portfolios 9.

PGIM QMA Large-Cap Core Equity Fund

Approval of Advisory Agreements (continued)

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and QMA, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and QMA. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by QMA, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and QMA, and also considered the qualifications, backgrounds and responsibilities of QMA’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and QMA’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and QMA. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and QMA. The Board noted that QMA is affiliated with PGIM Investments.

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The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by QMA, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and QMA under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments 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. However, the Board considered that the cost of services provided by PGIM Investments during the year ended December 31, 2017 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. 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 PGIM Investments’ assertion 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.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

PGIM QMA Large-Cap Core Equity Fund

Approval of Advisory Agreements (continued)

Other Benefits to PGIM Investments and QMA

The Board considered potential ancillary benefits that might be received by PGIM Investments, QMA and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by QMA included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and QMA were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2017.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2017. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also may have provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the

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Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Gross Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	1st Quartile	1st Quartile	2nd Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund outperformed its benchmark index over all periods.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s net annual operating expenses at 0.35% for each class of the Fund’s shares through February 28, 2019.

• The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM QMA Large-Cap Core Equity Fund

∎ 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 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 • Brian D. Nee, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Andrew R. French, 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 • 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
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 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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.

MF187E

PGIM REAL ESTATE INCOME FUND

(Formerly known as Prudential Real Estate Income Fund)

ANNUAL REPORT

OCTOBER 31, 2018

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Objective: To seek income and capital appreciation

Highlights (unaudited)

• While stock selection was modestly positive, asset allocation drove the Fund’s underperformance during the reporting period. On a regional basis, Asia and Europe underperformed while North America outperformed.

• Within North America, the US health care sector drove the region’s outperformance. Stock selection was notably strong, although the Fund’s significant overweight allocation to health care stocks was a drag on relative performance.

• The US office and hotel sectors also performed well on a relative basis. Conversely, stock selection in malls and triple net leases was negative.

• The majority of Europe’s relative underperformance was derived from two countries—the UK and Germany.

• Similarly, Asia underperformed due to weak showings in three countries—Singapore, Australia, and Japan. Australia also had negative relative performance for the period. Only Hong Kong outperformed during the period in this region.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). PGIM Real Estate 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 Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

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

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM Real Estate Income Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Annual Report -

PGIM Real Estate Income Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Growth of a $10,000 Investment	9
Strategy and Performance Overview	12
Fees and Expenses	17
Holdings and Financial Statements	19

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Letter from the President

Dear Shareholder:

We hope you find the annual report for PGIM Real Estate Income Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 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.*

During the reporting period, the global economy continued to grow, and central banks gradually tightened monetary policy. In the US, the economy expanded and employment increased. In September, the Federal Reserve hiked interest rates for the eighth time since 2015, based on confidence in the economy.

Equity returns on the whole were strong, due to optimistic earnings expectations and investor sentiment. Global equities, including emerging markets, generally posted positive returns. However, they trailed the performance of US equities, which rose on higher corporate profits, new regulatory policies, and tax reform benefits. Volatility spiked briefly early in the period on inflation concerns, rising interest rates, and a potential global trade war, and again late in the period on worries that profit growth might slow in 2019.

The overall bond market declined modestly during the period, as measured by the Bloomberg Barclays US Aggregate Bond Index. The best performance came from higher-yielding, economically sensitive sectors, such as high yield bonds and bank loans, which posted small gains. US investment-grade corporate bonds and US Treasury bonds both finished the period with negative returns. A major trend during the period was the flattening of the US Treasury yield curve, which increased the yield on fixed income investments with shorter maturities and made them more attractive to investors.

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

December 14, 2018

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

PGIM Real Estate Income Fund 7

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.

	Average Annual Total Returns as of 10/31/18 (with sales charges)
	One Year (%)	Since Inception (%)
Class A	–8.48		–0.08 (6/3/15)
Class C	–4.76		0.86 (6/3/15)
Class Z	–2.70		1.90 (6/3/15)
Class R6*	–2.81		2.37 (12/28/16)
Custom Blend Index
	–0.14		—
Lipper Global Real Estate Funds Average
	–0.12		—
	Average Annual Total Returns as of 10/31/18 (without sales charges)
	One Year (%)	Since Inception (%)
Class A	–3.15		1.59 (6/3/15)
Class C	–3.85		0.86 (6/3/15)
Class Z	–2.70		1.90 (6/3/15)
Class R6*	–2.81		2.37 (12/28/16)
Custom Blend Index
	–0.14		—
Lipper Global Real Estate Funds Average
	–0.12		—

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Custom Blend Index by portraying the initial account values at the commencement of operations for Class Z shares (June 3, 2015) and the account values at the end of the current fiscal year (October 31, 2018) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

*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 class’ inception date.

PGIM Real Estate Income Fund 9

Your Fund’s Performance (continued)

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

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 returns 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 are 2.96% and 3.74% 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 returns 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 are 2.27% and 3.83% 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.

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Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 10/31/18 (%)
MGM Growth Properties LLC, Hotel & Resort REITs	5.4
Columbia Property Trust, Inc., Office REITs	5.3
Sabra Health Care REIT, Inc., Health Care REITs	5.2
Welltower, Inc., Health Care REITs	5.0
MedEquities Realty Trust, Inc., Health Care REITs	4.7

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

Five Largest Industries expressed as a percentage of net assets as of 10/31/18 (%)
Health Care	19.8
Office	16.8
Retail	15.9
Industrial	15.1
Hotel & Resort	9.3

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

PGIM Real Estate Income Fund 11

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Real Estate Income Fund’s Class Z shares returned –2.70% in the 12-month reporting period that ended October 31, 2018, underperforming the –0.14% return of the Custom Blend Index (the Index) and the –0.12% return of the Lipper Global Real Estate Funds Average.

What were conditions like in the global real estate securities market?

• Conditions in the US real estate investment trust (REIT) market over the reporting period were balanced as investors weighed both positive and negative factors. Headwinds to the market included a dramatic increase in bond yields, with the 10-year Treasury note climbing about 80 basis points (bps) from 2.37% to 3.14% during the period (one bps equals 0.01%). On the positive side, the fundamentals in the commercial real estate markets were strong, with peak occupancies in multiple property types and steady rent growth. In addition, the US market saw a spike in merger-and-acquisition (M&A) activity, with eight private deals totaling over $50 billion in volume. Against the backdrop of these countervailing forces, the US REIT market was relatively flat over the period. That said, performance among certain sectors varied, with secular growth industries—such as manufactured housing—performing well. In addition, the market saw several underperformers from 2017 bounce back in 2018 as challenged fundamentals were more than offset by attractive valuations in property areas like malls and self-storage. At period end, the US REIT market was trading at about a 5% discount to net asset value (NAV). PGIM Real Estate believes that if the recent spike in market volatility continues, REITs may benefit from investors interested in this discount and in assets that historically have been more defensive in nature than most equity classes.

• Europe’s total return during the period was basically flat. Political risk was a major worry across Europe, especially in Italy and the United Kingdom (the UK). Italy was the second-worst-performing country in Europe with a total return of –10.5% during the period as concerns grew over the populist coalition government that came into power in April 2018. The new government’s lack of fiscal control unnerved markets and pushed Italian bond yield spreads to near-record levels. The UK market performance of –2.1% during the period reflected the absence of progress in reaching a Brexit deal with the European Union (EU) as the UK’s March 2019 deadline for leaving the EU approaches. France was the worst-performing market in Europe, returning –15.9% during the period. The source of these country returns is the Financial Times Stock Exchange (FTSE) and FactSet; the FTSE data is uploaded to FactSet, which then generates returns for specific countries and regions. The French index is heavily dominated by retail real estate companies that saw share prices under consistently heavy pressure due to a structural shift from in-store sales to online retail sales. While interest rates moved up during the period to counter inflationary pressures in the UK, the low-rate environment has persisted in the eurozone longer than investors originally anticipated, creating downward pressure on capitalization

12 Visit our website at pgiminvestments.com

rates across the region. Still, foreign investor demand in real estate and rental growth momentum were robust across major continental markets during the period.

• Asia Pacific real estate equities witnessed heightened volatility during the period, driven by considerable risks from multiple macro headwinds: an escalating trade war between the US and China, economic deceleration in China, and rising interest rates. The region’s REIT markets reflected a preference for income stability amid macro concerns. Across the region, the Fund saw robust market fundamentals in the Class-A office sector underpinned by healthy occupier demand and the lack of meaningful supply. Japanese REITs (J-REITs) were outperformers in the region helped by the Bank of Japan’s accommodative monetary policy, which kept Japan’s interest rates at global lows. Despite healthy condominium sales and positive office rental reversions, Japanese developers underperformed the J-REITs market due to macro concerns. Japanese developers, however, outperformed Hong Kong and Singapore developers. In Hong Kong, private home prices weakened amid rising mortgage costs, and bank appraisals of residential units in the city’s 10 major private housing estates declined for the first time in two years. In Singapore, residential cooling measures and a weaker external environment negatively impacted developer share prices. In contrast, Hong Kong commercial landlords performed well on the back of income stability, proactive capital management, and asset disposals. On a relative basis, Australian REITs were the second-best-performing sector in the region on the back of stable Reserve Bank of Australia monetary policy and positive industrial fundamentals.

What worked and didn’t work?

• While stock selection was modestly positive, asset allocation drove the Fund’s underperformance during the period. On a regional basis, Asia and Europe underperformed while North America outperformed.

• Within North America, the US health care sector drove the region’s outperformance. Stock selection was notably strong, although the Fund’s significant overweight allocation to health care stocks was a drag on relative performance. The US office and hotel sectors also performed well on a relative basis. Conversely, stock selection in malls and triple net leases was negative.

• The majority of Europe’s relative underperformance was derived from two countries—the UK and Germany. Stock selection was negative in the UK while an overweight allocation to Germany unfavorably impacted relative results.

• Similarly, Asia underperformed due to weak showings in three countries—Singapore, Australia, and Japan. Only Hong Kong outperformed during the period in this region.

PGIM Real Estate Income Fund 13

Strategy and Performance Overview (continued)

Current outlook

• In North America, PGIM Real Estate believes that REITs will continue posting stable operating fundamentals, with 2%-3% same-store net operating income growth resulting in 5%-7% cash flow and dividend growth in the next year. US REITs offer a valuable combination of income and growth in a volatile market. The increased M&A activity mentioned earlier highlights the desirable attributes of most public equity REIT portfolios. Private equity currently has over $270 billion in committed capital on the sidelines, up over 15% from 2017. As a result, M&A activity may continue if discounts to NAV are not reconciled in the public market. PGIM Real Estate believes the best opportunities may lie with companies that deliver cash flow growth at attractive valuations. It’s a stock picker’s market; and given economic volatility and M&A activity, 2018 remains a good environment for active investment management. The Fund added slightly to its West Coast office overweight based on attractive valuations and continued strong fundamentals. The Fund maintained its overweight to Sunbelt office companies and are overweight in cities that were leading candidates for Amazon.com’s second headquarters. PGIM Real Estate remains cautious on the retail and self-storage markets. While demand has remained resilient in storage, construction starts have not slowed and supply may weigh on results through 2019. The Fund is also overweight in industrial and manufactured housing based on sector-leading cash flow growth and limited supply additions.

• The outlook for continental Europe’s real estate sector is generally positive. Eurozone economic indicators have stabilized after a period of improvement, and the monetary policy backdrop remains loose even as quantitative easing is gradually withdrawn. The European Central Bank has said it will consider interest rate increases after the middle of next year as inflation in the eurozone looks largely under control. While gross domestic product (GDP) growth forecasts are solid across the eurozone, Ireland, Spain, and the Nordic region stand out as offering the best near-term growth outlooks. The exception to this benign macroeconomic environment is the UK, where the process of the country’s exit from the EU is still uncertain. The March 2019 deadline for the UK’s withdrawal from the EU is moving closer while little progress has been made up to this point. The unofficial deadline for reaching a deal by October 2018 has come and gone. The UK government’s negotiating position is further undermined by its internal political weakness. Brexit macro uncertainty is reflected by a weaker sterling. European real estate stocks continue to offer meaningful discounts to private market values.

• Notwithstanding current headwinds on trade and interest rates, Asia offers some of the best risk-adjusted real estate returns globally, reflected by capital inflow into the region’s real estate assets. The biggest risk is trade conflict that could derail economic momentum and inject heightened volatility to equity markets. Rising inflationary expectations in the US could, on the other hand, exert pressure on the Federal Reserve (the Fed) to hike interest rates quicker than expected. PGIM Real Estate thinks the

14 Visit our website at pgiminvestments.com

following themes may be pertinent in the coming months: (1) trade war outcome between the US and China, (2) rising bond yield impact on REITs, (3) rising short rates on mortgages (Hong Kong/Singapore residential), (4) lack of quality supply (Singapore/Hong Kong office), (4) accommodative monetary policy (J-REITs), and (5) interest rate differential driving weaker yen (Japanese developers). In the near term, PGIM Real Estate expects markets to remain volatile, subject to the intensity and outcome of the trade conflict as well as the level of Fed hawkishness. With more Fed rate hikes expected, rising inflationary expectations in the US could present upside risk. Within the Fund’s individual sectors, a sharper rise in sovereign bond yields could negatively impact regional REIT valuations. A weaker US dollar versus a stronger yen could negatively impact economic momentum in Japan and underlying demand for condos and office space. On the other hand, reduced expectations of Fed hikes could be positive for Hong Kong and Singapore real estate developers.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return relative to the benchmark, which is the sum of all contributions by individual holdings.

Top Contributors (%)		Top Detractors (%)
Sabra Health Care REIT Inc.	1.90	NewRiver REIT plc	–0.53
Welltower Inc.	0.81	Washington Prime Group Inc.	–0.71
Community Healthcare Trust Inc.	0.52	Cache Logistics Trust	–0.84
Forest City Realty Trust Inc. Class A	0.51	EPR Properties	–0.87
Four Corners Property Trust Inc.	0.37	MedEquities Realty Trust Inc.	–1.33

PGIM Real Estate Income Fund 15

Comments on Largest Holdings (unaudited)

5.4% MGM Growth Properties LLC, Hotel & Resort REITs

MGM Growth Properties operates as a real estate investment trust. The company engages in the acquisition, ownership, and leasing of destination entertainment and leisure resorts, including casino gaming, hotel, convention, dining, retail, and entertainment properties.

5.3% Columbia Property Trust, Inc., Office REITs

Columbia Property Trust operates as a real estate investment trust. The company focuses on the acquisition, development, ownership, leasing, and operation of office properties. The company serves clients throughout the US.

5.2% Sabra Health Care REIT, Inc., Health care REITs

Sabra Health Care REIT operates a real estate investment trust. The company owns nursing homes, rehabilitation centers, assisted living facilities, and independent living centers.

5.0% Welltower, Inc., Health care REITs

Welltower operates as a real estate investment trust, investing in senior housing and health care real estate properties. The company serves customers in the US.

4.7% MedEquities Realty Trust, Inc., Health care REITs

MedEquities operates as a real estate investment trust. The company focuses on investment in a diversified mix of health care properties and health care-related real estate debt investments. It owns, develops, operates, leases, and disposes of health care properties and portfolios.

16 Visit our website at pgiminvestments.com

Fees and Expenses (unaudited)

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

The example is based on an investment of $1,000 held through the six-month period ended October 31, 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

PGIM Real Estate Income Fund 17

Fees and Expenses (continued)

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 May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,016.60		1.36	%	$	6.91
	Hypothetical	$	1,000.00	$	1,018.35		1.36	%	$	6.92
Class C	Actual	$	1,000.00	$	1,012.70		2.11	%	$	10.70
	Hypothetical	$	1,000.00	$	1,014.57		2.11	%	$	10.71
Class Z	Actual	$	1,000.00	$	1,019.10		0.84	%	$	4.27
	Hypothetical	$	1,000.00	$	1,020.97		0.84	%	$	4.28
Class R6**	Actual	$	1,000.00	$	1,017.90		1.10	%	$	5.59
	Hypothetical	$	1,000.00	$	1,019.66		1.10	%	$	5.60

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

**Formerly known as Class Q shares.

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Schedule of Investments

as of October 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.4%
COMMON STOCKS    78.9%
Diversified Real Estate Activities    1.2%
Henderson Land Development Co. Ltd. (Hong Kong)		15,341	$	71,564
Sun Hung Kai Properties Ltd. (Hong Kong)		2,000		26,058
				97,622
Diversified REITs    5.5%
AEW UK REIT PLC (United Kingdom)		117,904		143,617
Stockland (Australia)		45,344		115,750
Suntec Real Estate Investment Trust (Singapore)		138,045		176,563
				435,930
Health Care REITs    19.8%
Community Healthcare Trust, Inc.		10,045		298,538
MedEquities Realty Trust, Inc.		45,694		377,890
Omega Healthcare Investors, Inc.		2,635		87,877
Sabra Health Care REIT, Inc.		19,302		417,888
Welltower, Inc.		5,991		395,825
				1,578,018
Hotel & Resort REITs    7.9%
DiamondRock Hospitality Co.		12,277		128,295
Japan Hotel REIT Investment Corp. (Japan)		108		76,878
MGM Growth Properties LLC		15,129		427,999
				633,172
Industrial REITs    11.9%
Americold Realty Trust		8,586		212,504
Frasers Logistics & Industrial Trust (Singapore)		110,810		81,739
LaSalle Logiport REIT (Japan)		98		90,195
Prologis Property Mexico SA de CV (Mexico)		44,793		78,943
STAG Industrial, Inc.		11,363		300,665
Warehouse REIT PLC (United Kingdom)		148,524		183,700
				947,746
Office REITs    14.2%
Alstria office REIT-AG (Germany)		5,306		76,425
Columbia Property Trust, Inc.		18,884		423,946
Easterly Government Properties, Inc.		16,435		298,624

See Notes to Financial Statements.

PGIM Real Estate Income Fund 19

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Office REITs (cont’d.)
JBG SMITH Properties		5,177	$	194,034
Keppel REIT (Singapore)		167,176		136,530
				1,129,559
Real Estate Operating Companies    2.2%
Cibus Nordic Real Estate AB (Sweden)		15,398		178,502
Retail REITs    12.8%
Kenedix Retail REIT Corp. (Japan)		88		187,530
Klepierre SA (France)		4,010		136,383
Macerich Co. (The)		5,533		285,614
Starhill Global REIT (Singapore)		3		1
Unibail-Rodamco-Westfield (France)		1,525		276,315
Vicinity Centres (Australia)		70,777		132,618
				1,018,461
Specialized REITs    3.4%
CoreSite Realty Corp.		740		69,456
Crown Castle International Corp.		682		74,161
Extra Space Storage, Inc.		395		35,574
Four Corners Property Trust, Inc.		3,686		96,131
				275,322
TOTAL COMMON STOCKS (cost $6,253,611)				6,294,332
PREFERRED STOCKS    20.5%
Hotel & Resort REITs    1.4%
Pebblebrook Hotel Trust		4,648		113,156
Industrial REITs    3.2%
Monmouth Real Estate Investment Corp.		7,125		171,000
Rexford Industrial Realty, Inc.		3,550		82,537
				253,537
Office REITs    2.6%
Vornado Realty Trust		9,379		205,588
Residential REITs    6.0%
American Homes 4 Rent		8,830		195,320

See Notes to Financial Statements.

20

Description	Shares		Value
PREFERRED STOCKS (Continued)
Residential REITs (cont’d.)
Investors Real Estate Trust		5,300	$	129,187
UMH Properties, Inc.		6,710		153,793
				478,300
Retail REITs    3.1%
Pennsylvania Real Estate Investment Trust		5,550		124,542
Urstadt Biddle Properties, Inc. (Class H Stock)		5,208		120,565
				245,107
Specialized REITs    4.2%
EPR Properties (Class G Stock)		9,000		206,550
Jernigan Capital, Inc. (Class B Stock)		5,400		130,410
				336,960
TOTAL PREFERRED STOCKS (cost $1,753,509)				1,632,648
TOTAL LONG-TERM INVESTMENTS (cost $8,007,120)				7,926,980
SHORT-TERM INVESTMENTS    0.4%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		34,101		34,101
PGIM Institutional Money Market Fund(w)		4		4
TOTAL SHORT-TERM INVESTMENTS (cost $34,105)				34,105
TOTAL INVESTMENTS    99.8% (cost $8,041,225)				7,961,085
Other assets in excess of liabilities    0.2%				18,221
NET ASSETS    100.0%			$	7,979,306

The following abbreviation is used in the annual report:

REITs—Real Estate Investment Trusts

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

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.

See Notes to Financial Statements.

PGIM Real Estate Income Fund 21

Schedule of Investments (continued)

as of October 31, 2018

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 October 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified Real Estate Activities	$	—	$	97,622	$	—
Diversified REITs		—		435,930		—
Health Care REITs		1,578,018		—		—
Hotel & Resort REITs		556,294		76,878		—
Industrial REITs		592,112		355,634		—
Office REITs		916,604		212,955		—
Real Estate Operating Companies		—		178,502		—
Retail REITs		285,614		732,847		—
Specialized REITs		275,322		—		—
Preferred Stocks
Hotel & Resort REITs		113,156		—		—
Industrial REITs		253,537		—		—
Office REITs		205,588		—		—
Residential REITs		478,300		—		—
Retail REITs		245,107		—		—
Specialized REITs		336,960		—		—
Affiliated Mutual Funds		34,105		—		—
Total	$	5,870,717	$	2,090,368	$	—

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2018 were as follows (unaudited):

Health Care REITs	19.8	%
Office REITs	16.8
Retail REITs	15.9
Industrial REITs	15.1
Hotel & Resort REITs	9.3
Specialized REITs	7.6
Residential REITs	6.0
Diversified REITs	5.5
Real Estate Operating Companies	2.2	%
Diversified Real Estate Activities	1.2
Affiliated Mutual Funds	0.4
	99.8
Other assets in excess of liabilities	0.2
	100.0	%

See Notes to Financial Statements.

22

Statement of Assets & Liabilities

as of October 31, 2018

Assets
Investments at value:
Unaffiliated investments (cost $8,007,120)	$	7,926,980
Affiliated investments (cost $34,105)		34,105
Due from Manager		32,909
Dividends receivable		13,298
Tax reclaim receivable		4,307
Receivable for Fund shares sold		2,165
Prepaid expenses and other assets		849
Total Assets		8,014,613
Liabilities
Custodian and accounting fees payable		17,467
Shareholders’ reports payable		7,083
Legal fees and expenses payable		5,588
Payable for Fund shares reacquired		3,764
Accrued expenses and other liabilities		758
Distribution fee payable		419
Affiliated transfer agent fee payable		208
Payable to custodian		20
Total Liabilities		35,307
Net Assets	$	7,979,306
Net assets were comprised of:
Shares of beneficial interest, at par	$	909
Paid-in capital in excess of par		8,815,403
Total distributable earnings (loss)		(837,006	)
Net assets, October 31, 2018	$	7,979,306

See Notes to Financial Statements.

PGIM Real Estate Income Fund 23

Statement of Assets & Liabilities

as of October 31, 2018

Class A
Net asset value and redemption price per share, ($621,242 ÷ 70,956 shares of beneficial interest issued and outstanding)	$	8.76
Maximum sales charge (5.50% of offering price)		0.51
Maximum offering price to public	$	9.27
Class C
Net asset value, offering price and redemption price per share, ($336,392 ÷ 38,418 shares of beneficial interest issued and outstanding)	$	8.76
Class Z
Net asset value, offering price and redemption price per share, ($6,951,446 ÷ 792,029 shares of beneficial interest issued and outstanding)	$	8.78
Class R6
Net asset value, offering price and redemption price per share, ($70,226 ÷ 8,013 shares of beneficial interest issued and outstanding)	$	8.76

See Notes to Financial Statements.

24

Statement of Operations

Year Ended October 31, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $20,557 foreign withholding tax)	$	510,078
Affiliated dividend income		1,307
Income from securities lending, net (including affiliated income of $23)		1,285
Total income		512,670
Expenses
Management fee		78,729
Distribution fee(a)		5,778
Registration fees(a)		63,699
Custodian and accounting fees		61,216
Audit fee		31,937
Shareholders’ reports		26,073
Legal fees and expenses		21,541
Trustees’ fees		12,443
Transfer agent’s fees and expenses (including affiliated expense of $954)(a)		8,042
Miscellaneous		18,959
Total expenses		328,417
Less: Fee waiver and/or expense reimbursement(a)		(224,572	)
Distribution fee waiver(a)		(439	)
Net expenses		103,406
Net investment income (loss)		409,264
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $2)		(139,391	)
Foreign currency transactions		(6,056	)
		(145,447	)
Net change in unrealized appreciation (depreciation) on:
Investments		(445,427	)
Foreign currencies		95
		(445,332	)
Net gain (loss) on investment and foreign currency transactions		(590,779	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(181,515	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		2,633			3,145			—			—
Registration fees		16,224			15,928			16,576			14,971
Transfer agent’s fees and expenses		1,452			545			6,010			35
Fee waiver and/or expense reimbursement		(30,261	)		(21,190	)		(157,807	)		(15,314	)
Distribution fee waiver		(439	)		—			—			—

See Notes to Financial Statements.

PGIM Real Estate Income Fund 25

Statements of Changes in Net Assets

	Year Ended October 31,
	2018			2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	409,264		$	414,335
Net realized gain (loss) on investment and foreign currency transactions		(145,447	)		(235,051	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(445,332	)		397,997
Net increase (decrease) in net assets resulting from operations		(181,515	)		577,281
Dividends and Distributions
Distributions from distributable earnings*
Class A		(48,178	)		—
Class C		(15,295	)		—
Class Z		(483,553	)		—
Class R6		(1,218	)		—
		(548,244	)		—
Tax return of capital distributions
Class A		(6,561	)		—
Class C		(2,083	)		—
Class Z		(65,851	)		—
Class R6		(166	)		—
		(74,661	)		—
Dividends from net investment income
Class A					(37,709	)
Class C					(12,902	)
Class Z					(475,529	)
Class R6					(438	)
		*			(526,578	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,327,086			6,003,066
Net asset value of shares issued in reinvestment of dividends and distributions		614,269			524,023
Cost of shares reacquired		(5,056,067	)		(1,149,313	)
Net increase (decrease) in net assets from Fund share transactions		(3,114,712	)		5,377,776
Total increase (decrease)		(3,919,132	)		5,428,479
Net Assets:
Beginning of year		11,898,438			6,469,959
End of year(a)	$	7,979,306		$	11,898,438
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	26,927

* For the year ended October 31, 2018, the Fund has adopted amendments to Regulation S-X (refer to Note 9).

See Notes to Financial Statements.

26

Notes to Financial Statements

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. These financial statements relate only to the PGIM Real Estate Income Fund (the “Fund”). Effective June 11, 2018, the names of the Fund and the other funds which comprise the Trust were changed by replacing “Prudential” with “PGIM” and each fund’s 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, a Valuation Committee has been established as two persons, being one or more officers of the Trust, including: the Trust’s Treasurer (or the Treasurer’s direct reports); and the Trust’s Chief or Deputy Chief Compliance Officer (or Vice-President-level direct reports of the Chief or Deputy Chief Compliance Officer). Under the current valuation procedures, the Valuation Committee of the Board 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.

PGIM Real Estate Income Fund 27

Notes to Financial Statements (continued)

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 and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that

28

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.

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

PGIM Real Estate Income Fund 29

Notes to Financial Statements (continued)

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.

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) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

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

30

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”.

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

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 unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: The Fund expects to pay dividends from net investment income 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 total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

PGIM Real Estate Income Fund 31

Notes to Financial Statements (continued)

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 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 0.800% 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 0.740% 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 0.800% for the year ended October 31, 2018.

PGIM Investments has contractually agreed, through February 28, 2019, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.35% of average daily net assets for Class A shares, 2.10% of average daily net assets for Class C shares, 1.10% of average daily net assets for Class Z shares, and 1.10% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such

32

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. Effective November 1, 2018 this waiver agreement was extended through February 29, 2020.

Where applicable, PGIM Investments voluntarily agreed through October 31, 2018, to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. Effective November 1, 2018 this voluntary agreement became part of the Fund’s contractual waiver agreement through February 29, 2020 and is subject to recoupment by the Manager within the same fiscal year during which such wavier/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. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares.

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 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 Class A and Class C shares, respectively. PIMS has contractually agreed through February 29, 2020 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 $1,270 in front-end sales charges resulting from sales of Class A shares during the year ended October 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the year ended October 31, 2018, it received $17 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”).

PGIM Real Estate Income Fund 33

Notes to Financial Statements (continued)

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended October 31, 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 October 31, 2018, PGIM, Inc. was compensated $33 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 year ended October 31, 2018, were $14,930,688 and $18,160,850, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2018, is presented as follows:

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
PGIM Core Ultra Short Bond Fund*
$      6,055	$	4,056,179	$	4,028,133	$	—	$	—	$	34,101		34,101	$	1,307
PGIM Institutional Money Market Fund*
39,585		574,809		614,392		—		2		4		4		23	**
$    45,640	$	4,630,988	$	4,642,525	$	—	$	2	$	34,105			$	1,330

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

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

34

5. Distributions and Tax Information

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.

For the year ended October 31, 2018, the tax character of dividends paid by the Fund were $548,244 of ordinary income and $74,661 of tax return of capital. For the year ended October 31, 2017, the tax character of dividends paid by the Fund was $526,578 of ordinary income.

As of October 31, 2018, the Fund had no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2018 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$8,154,579	$403,329	$(596,823)	$(193,494)

The book basis differs from tax basis primarily due to deferred losses on wash sales and book/tax differences in the treatment of passive foreign investment companies.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $640,000 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.

PGIM Real Estate Income Fund 35

Notes to Financial Statements (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 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 available exclusively for sale to a limited group of investors.

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

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

As of October 31, 2018, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,175 Class C shares, 607,351 Class Z shares and 1,191 Class R6 shares of the Fund. At reporting period end, four shareholders of record held 92% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 67% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2018:
Shares sold		62,102		$	563,140
Shares issued in reinvestment of dividends and distributions		5,192			47,838
Shares reacquired		(91,370	)		(847,176	)
Net increase (decrease) in shares outstanding		(24,076	)	$	(236,198	)
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

36

Class C	Shares			Amount
Year ended October 31, 2018:
Shares sold		13,698		$	123,497
Shares issued in reinvestment of dividends and distributions		1,895			17,378
Shares reacquired		(7,429	)		(69,546	)
Net increase (decrease) in shares outstanding before conversion		8,164			71,329
Shares reacquired upon conversion into other share class(es)		(212	)		(1,877	)
Net increase (decrease) in shares outstanding		7,952		$	69,452
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
Year ended October 31, 2018:
Shares sold		61,945		$	577,934
Shares issued in reinvestment of dividends and distributions		59,580			547,669
Shares reacquired		(439,676	)		(4,139,345	)
Net increase (decrease) in shares outstanding before conversion		(318,151	)		(3,013,742	)
Shares issued upon conversion from other share class(es)		212			1,877
Net increase (decrease) in shares outstanding		(317,939	)	$	(3,011,865	)
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
Year ended October 31, 2018:
Shares sold		6,742		$	62,515
Shares issued in reinvestment of dividends and distributions		154			1,384
Net increase (decrease) in shares outstanding		6,896		$	63,899
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

† 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.

* Commencement of offering 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

PGIM Real Estate Income Fund 37

Notes to Financial Statements (continued)

share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both 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 October 31, 2018. The average daily balance for the 29 days that the Fund had loans outstanding during the period was $251,138 borrowed at a weighted average interest rate of 3.11%. The maximum loan balance outstanding during the period was $761,000. At October 31, 2018, the Fund did not have an outstanding loan balance.

8. Risks of Investing in the Fund

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

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

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of

38

factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Non-diversification Risk: The Fund is non-diversified, meaning that the Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

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

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

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on

PGIM Real Estate Income Fund 39

Notes to Financial Statements (continued)

the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

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

40

Financial Highlights

Class A Shares
	Year Ended October 31,									June 3, 2015(a) through October 31,
	2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.39			0.24			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.63	)		0.05			0.39			(0.38	)
Total from investment operations		(0.29	)		0.44			0.63			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.50	)		(0.48	)		(0.56	)		(0.16	)
Tax return of capital distributions		(0.07	)		-			-			-
Total dividends and distributions		(0.57	)		(0.48	)		(0.56	)		(0.16	)
Net asset value, end of period		$8.76			$9.62			$9.66			$9.59
Total Return(c):		(3.15)%			4.60%			6.92%			(2.55)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$621			$914			$637			$33
Average net assets (000)		$878			$744			$186			$24
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.36%			1.35%			1.35%			1.36%	(e)
Expenses before waivers and/or expense reimbursement		4.85%	(f)		3.30%			3.37%			9.50%	(e)
Net investment income (loss)		3.73%			4.00%			2.45%			3.15%	(e)
Portfolio turnover rate(g)		153%			137%			113%			98%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

(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 41

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,									June 3, 2015(a) through October 31,
	2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.62			$9.66			$9.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.32			0.19			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.63	)		0.05			0.38			(0.40	)
Total from investment operations		(0.36	)		0.37			0.57			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income		(0.44	)		(0.41	)		(0.49	)		(0.13	)
Tax return of capital distributions		(0.06	)		-			-			-
Total dividends and distributions		(0.50	)		(0.41	)		(0.49	)		(0.13	)
Net asset value, end of period		$8.76			$9.62			$9.66			$9.58
Total Return(c):		(3.85)%			3.83%			6.22%			(2.91)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$336			$293			$321			$13
Average net assets (000)		$314			$309			$151			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		2.11%			2.10%			2.10%			2.13%	(e)
Expenses before waivers and/or expense reimbursement		8.85%	(f)		4.00%			4.78%			10.11%	(e)
Net investment income (loss)		2.98%			3.29%			1.98%			2.87%	(e)
Portfolio turnover rate(g)		153%			137%			113%			98%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

(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.

42

Class Z Shares
	Year Ended October 31,									June 3, 2015(a) through October 31,
	2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.39			0.40			0.38			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.64	)		0.06			0.28			(0.41	)
Total from investment operations		(0.25	)		0.46			0.66			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.52	)		(0.50	)		(0.59	)		(0.16	)
Tax return of capital distributions		(0.07	)		-			-			-
Total dividends and distributions		(0.59	)		(0.50	)		(0.59	)		(0.16	)
Net asset value, end of period		$8.78			$9.62			$9.66			$9.59
Total Return(c):		(2.70)%			4.85%			7.19%			(2.47)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6,951			$10,681			$5,512			$4,886
Average net assets (000)		$8,632			$8,961			$5,008			$4,868
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.98%			1.10%			1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		2.81%	(f)		2.96%			4.85%			8.98%	(e)
Net investment income (loss)		4.25%			4.17%			3.98%			4.08%	(e)
Portfolio turnover rate(g)		153%			137%			113%			98%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

(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 43

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31, 2018			December 28, 2016(a) through October 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.62			$9.33
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.52	)		0.38
Total from investment operations		(0.27	)		0.69
Less Dividends and Distributions:
Dividends from net investment income		(0.50	)		(0.40	)
Tax return of capital distributions		(0.09	)		-
Total dividends and distributions		(0.59	)		(0.40	)
Net asset value, end of period		$8.76			$9.62
Total Return(c):		(2.92)%			7.43%
Ratios/Supplemental Data:
Net assets, end of period (000)		$70			$11
Average net assets (000)		$17			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		91.97%	(f)		2.79%	(e)
Net investment income (loss)		2.70%			3.78%	(e)
Portfolio turnover rate(g)		153%			137%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

(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.

44

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Prudential Investment Portfolios 9:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Real Estate Income Fund (formerly Prudential Real Estate Income Fund) (the “Fund”), a series of Prudential Investment Portfolios 9, including the schedule of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians, transfer agents and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 17, 2018

PGIM Real Estate Income Fund 45

Federal Income Tax Information (unaudited)

For the year ended October 31, 2018, the Fund reports the maximum amount allowable, but not less than 11.29% of the ordinary income dividends paid during the year as qualified dividend income in accordance with Section 854 of the Internal Revenue Code.

In January 2019, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the dividends received by you in calendar year 2018.

46

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding (60) Board Member Portfolios Overseen: 93	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon (66) Board Member Portfolios Overseen: 93	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive  Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company;  President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008
Linda W. Bynoe (66) Board Member Portfolios Overseen: 93	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co.  (broker-dealer).	Director of Anixter International, Inc. (communication  products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005

PGIM Real Estate Income Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Barry H. Evans (58) Board Member Portfolios Overseen: 92	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (since 2011); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein (62) Board Member & Independent Chair Portfolios Overseen: 93	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgiminvestments.com

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick (56) Board Member Portfolios Overseen: 92	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Corporate Capital Trust (since April 2017) (a business development company); Independent Director, Kabbage, Inc. (since July 2018) (financial services).	Since September 2017
Michael S. Hyland, CFA (73) Board Member Portfolios Overseen: 93	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Richard A. Redeker (75) Board Member Portfolios Overseen: 93	Retired Mutual Fund Senior Executive (50 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.	Since October 1993

PGIM Real Estate Income Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Brian K. Reid (56)# Board Member Portfolios Overseen: 92	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

# Mr. Reid joined the Board effective as of March 1, 2018.

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker (56) Board Member & President Portfolios Overseen: 93	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgiminvestments.com

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin (45) Board Member & Vice President Portfolios Overseen:93	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010
Grace C. Torres* (59) Board Member Portfolios Overseen: 92	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

PGIM Real Estate Income Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (63) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012
Chad A. Earnst (43) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global Short Duration High Yield Income Fund, Inc., PGIM Short Duration High Yield Fund, Inc. and PGIM Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since September 2014
Dino Capasso (44) Deputy Chief Compliance Officer	Vice President and Deputy Chief Compliance Officer (June 2017-Present) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French (56) Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

Visit our website at pgiminvestments.com

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (60) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo (44) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Charles H. Smith (45) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007 – December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998 —January 2007).	Since January 2017
Brian D. Nee (52) Treasurer and Principal Financial and Accounting Officer	Vice President and Head of Finance of PGIM Investments LLC (since August 2015) and PGIM Global Partners (since February 2017); formerly, Vice President, Treasurer’s Department of Prudential (September 2007-August 2015).	Since July 2018
Peter Parrella (60) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since June 2007
Lana Lomuti (51) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Linda McMullin (57) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since April 2014
Kelly A. Coyne (50) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM Real Estate Income Fund

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Short Duration High Yield Fund, Inc., PGIM Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Real Estate Income Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Real Estate unit. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7, 2018 and on June 19-21, 2018 and approved the renewal of the agreements through July 31, 2019, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the

agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board

¹  PGIM Real Estate Income Fund is a series of Prudential Investment Portfolios 9.

PGIM Real Estate Income Fund

Approval of Advisory Agreements (continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7, 2018 and on June 19-21, 2018.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Real Estate unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Real Estate. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Real Estate, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Real Estate, and also considered the qualifications, backgrounds and responsibilities of PGIM Real Estate’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Real Estate’s, and PGIM’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Real

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Estate, and PGIM. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Real Estate, and PGIM. The Board noted that PGIM Real Estate is affiliated with PGIM Investments.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Real Estate, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Real Estate under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments 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. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2017 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. 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 PGIM Investments’ assertion 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.

PGIM Real Estate Income Fund

Approval of Advisory Agreements (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and PGIM Real Estate

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Real Estate and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Real Estate included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Real Estate were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-year period ended December 31, 2017. The Board considered that the Fund commenced operations on June 3, 2015 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2017. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe (the Lipper Global Real Estate Funds Performance Universe), which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also may have provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles, with the

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first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Gross Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	N/A	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund underperformed its benchmark over the one-year period.

• The Board noted that the Fund does not yet have a three-year performance record and that, therefore, the subadviser should have more time to develop that record.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 1.35% for Class A shares, 2.10% for Class C shares, 1.10% for Class R6 shares, and 1.10% for Class Z shares through February 28, 2019.

• The Board concluded that in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a performance record, and to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*     *     *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Real Estate Income Fund

∎ 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 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 • Brian D. Nee, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Andrew R. French, 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 • 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
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 schedule of portfolio holdings is also available on the Fund’s website as of the end of each month.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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.

MF228E    

PGIM SELECT REAL ESTATE FUND

(Formerly known as Prudential Select Real Estate Fund)

ANNUAL REPORT

OCTOBER 31, 2018

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Objective: Capital appreciation and income

Highlights (unaudited)

• Security selection drove outperformance during the reporting period, although asset allocation also had a positive impact. North America and Asia performed well, and Europe lagged.

• In the US, the industrial sector was the standout performer. Stock selection was positive, and an overweight allocation to the sector boosted relative performance.

• The majority of countries in Europe lagged, and underperformance came from a combination of unfavorable asset allocation positions and weak security selections. The largest detractors were Ireland and the UK. Germany and Finland also dragged on returns.

• Asia outperformed during the period. Stock selection was positive in Hong Kong and Japan, while no individual country in Asia had a meaningful negative effect on results.

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). PGIM Real Estate 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 Real Estate, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

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

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM Select Real Estate Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Annual Report -

PGIM Select Real Estate Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Growth of a $10,000 Investment	9
Strategy and Performance Overview	12
Fees and Expenses	17
Holdings and Financial Statements	19

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Letter from the President

Dear Shareholder:

We hope you find the annual report for PGIM Select Real Estate Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 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.*

During the reporting period, the global economy continued to grow, and central banks gradually tightened monetary policy. In the US, the economy expanded and employment increased. In September, the Federal Reserve hiked interest rates for the eighth time since 2015, based on confidence in the economy.

Equity returns on the whole were strong, due to optimistic earnings expectations and investor sentiment. Global equities, including emerging markets, generally posted positive returns. However, they trailed the performance of US equities, which rose on higher corporate profits, new regulatory policies, and tax reform benefits. Volatility spiked briefly early in the period on inflation concerns, rising interest rates, and a potential global trade war, and again late in the period on worries that profit growth might slow in 2019.

The overall bond market declined modestly during the period, as measured by the Bloomberg Barclays US Aggregate Bond Index. The best performance came from higher-yielding, economically sensitive sectors, such as high yield bonds and bank loans, which posted small gains. US investment-grade corporate bonds and US Treasury bonds both finished the period with negative returns. A major trend during the period was the flattening of the US Treasury yield curve, which increased the yield on fixed income investments with shorter maturities and made them more attractive to investors.

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

December 14, 2018

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

PGIM Select Real Estate Fund 7

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.

	Average Annual Total Returns as of 10/31/18 (with sales charges)
	One Year (%)	Since Inception (%)
Class A	–5.15		2.65 (8/1/14)
Class C	–1.32		3.22 (8/1/14)
Class Z	0.51		4.26 (8/1/14)
Class R6*	0.62		4.25 (8/1/14)
FTSE EPRA/NAREIT Developed Index
	0.30		2.84
S&P 500 Index
	7.35		10.56
Lipper Global Real Estate Funds Average
	–0.12		2.71
	Average Annual Total Returns as of 10/31/18 (without sales charges)
	One Year (%)	Since Inception (%)
Class A	0.37		4.02 (8/1/14)
Class C	–0.34		3.22 (8/1/14)
Class Z	0.51		4.26 (8/1/14)
Class R6*	0.62		4.25 (8/1/14)
FTSE EPRA/NAREIT Developed Index
	0.30		2.84
S&P 500 Index
	7.35		10.56
Lipper Global Real Estate Funds Average
	–0.12		2.71

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the FTSE EPRA/NAREIT Developed Index, by portraying the initial account values at the commencement of operations for Class Z shares (August 1, 2014) and the account values at the end of the current fiscal year (October 31, 2018) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

*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.

PGIM Select Real Estate Fund 9

Your Fund’s Performance (continued)

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 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.

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Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 10/31/18 (%)
Prologis, Inc., Industrial REITs	6.4
Link REIT, Retail REITs	4.8
Americold Realty Trust, Industrial REITs	4.8
Vonovia SE, Real Estate Operating Companies	4.4
Equity LifeStyle Properties, Inc., Residential REITs	4.0

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

Five Largest Industries expressed as a percentage of net assets as of 10/31/18 (%)
Office REITs	30.6
Industrial REITs	22.9
Diversified REITs	10.6
Residential REITs	10.5
Diversified Real Estate Activities	7.1

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

PGIM Select Real Estate Fund 11

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Select Real Estate Fund’s Class Z shares rose 0.51% in the 12-month reporting period that ended October 31, 2018, outperforming the 0.30% return of the FTSE EPRA/NAREIT Developed Index (the Index) and the –0.12% return of the Lipper Global Real Estate Funds Average.

What were conditions like in the global real estate securities market?

• Conditions in the US real estate investment trust (REIT) market over the reporting period were balanced as investors weighed both positive and negative factors. Headwinds to the market included a dramatic increase in bond yields, with the 10-year Treasury note climbing about 80 basis points (bps) from 2.37% to 3.14% during the period (one bps equals 0.01%). On the positive side, the fundamentals in the commercial real estate markets were strong, with peak occupancies in multiple property types and steady rent growth. In addition, the US market saw a spike in merger-and-acquisition (M&A) activity, with eight private deals totaling over $50 billion in volume. Against the backdrop of these countervailing forces, the US REIT market was relatively flat over the period. That said, performance among certain sectors varied, with secular growth industries—such as manufactured housing—performing well. In addition, the market saw several underperformers from 2017 bounce back in 2018 as challenged fundamentals were more than offset by attractive valuations in property areas like malls and self-storage. At period end, the US REIT market was trading at about a 5% discount to net asset value (NAV). PGIM Real Estate believes that if the recent spike in market volatility continues, REITs may benefit from investors interested in this discount and in assets that historically have been more defensive in nature than most equity classes.

• Europe’s total return during the period was basically flat. Political risk was a major worry across Europe, especially in Italy and the United Kingdom (the UK). Italy was the second-worst-performing country in Europe with a total return of -10.5% during the period as concerns grew over the populist coalition government that came into power in April 2018. The new government’s lack of fiscal control unnerved markets and pushed Italian bond yield spreads to near-record levels. The UK market performance of -2.1% during the period reflected the absence of progress in reaching a Brexit deal with the European Union (EU) as the UK’s March 2019 deadline for leaving the EU approaches. France was the worst-performing market in Europe, returning -15.9% during the period. The source of these country returns is the Financial Times Stock Exchange (FTSE) and FactSet; the FTSE data is uploaded to FactSet, which then generates returns for specific countries and regions. The French index is heavily dominated by retail real estate companies that saw share prices under consistently heavy pressure due to a structural shift from in-store sales to online retail sales. While interest rates moved up during the period to counter inflationary pressures in the UK, the low-rate environment has persisted in the eurozone longer than investors originally anticipated, creating downward pressure on capitalization

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rates across the region. Still, foreign investor demand in real estate and rental growth momentum were robust across major continental markets during the period.

• Asia Pacific real estate equities witnessed heightened volatility during the period, driven by considerable risks from multiple macro headwinds: an escalating trade war between the US and China, economic deceleration in China, and rising interest rates. The region’s REIT markets reflected a preference for income stability amid macro concerns. Across the region, the Fund saw robust market fundamentals in the Class-A office sector underpinned by healthy occupier demand and the lack of meaningful supply. Japanese REITs (J-REITs) were outperformers in the region helped by the Bank of Japan’s accommodative monetary policy, which kept Japan’s interest rates at global lows. Despite healthy condominium sales and positive office rental reversions, Japanese developers underperformed the J-REITs market due to macro concerns. Japanese developers, however, outperformed Hong Kong and Singapore developers. In Hong Kong, private home prices weakened amid rising mortgage costs, and bank appraisals of residential units in the city’s 10 major private housing estates declined for the first time in two years. In Singapore, residential cooling measures and a weaker external environment negatively impacted developer share prices. In contrast, Hong Kong commercial landlords performed well on the back of income stability, proactive capital management, and asset disposals. On a relative basis, Australian REITs were the second-best-performing sector in the region on the back of stable Reserve Bank of Australia monetary policy and positive industrial fundamentals.

What worked and didn’t work?

• Security selection drove outperformance during the reporting period, although asset allocation also had a positive impact. North America and Asia performed well, and Europe lagged.

• In the US, the industrial sector was the standout performer during the period. Stock selection was positive, and an overweight allocation to the sector boosted relative performance. The majority of property types in the US outperformed, including but not limited to office, residential, shopping centers, and data centers. Malls and triple net leases were the largest detractors.

• The majority of countries in Europe lagged, and underperformance came from a combination of unfavorable asset allocation positions and weak security selections. The largest detractors were Ireland and the UK. Germany and Finland also dragged on returns.

• Asia outperformed during the period. Stock selection was positive in Hong Kong and Japan, while no individual country in Asia had a meaningful negative effect on results.

PGIM Select Real Estate Fund 13

Strategy and Performance Overview (continued)

Current outlook

• In North America, PGIM Real Estate believes that REITs will continue posting stable operating fundamentals, with 2%-3% same-store net operating income growth resulting in 5%-7% cash flow and dividend growth in the next year. US REITs offer a valuable combination of income and growth in a volatile market. The increased M&A activity mentioned earlier highlights the desirable attributes of most public equity REIT portfolios. Private equity currently has over $270 billion in committed capital on the sidelines, up over 15% from 2017. As a result, M&A activity may continue if discounts to NAV are not reconciled in the public market. PGIM Real Estate believes the best opportunities may lie with companies that deliver cash flow growth at attractive valuations. It’s a stock picker’s market; and given economic volatility and M&A activity, 2018 remains a good environment for active investment management. The Fund added slightly to its West Coast office overweight based on attractive valuations and continued strong fundamentals. The Fund maintained its overweight to Sunbelt office companies and are overweight in cities that were leading candidates for Amazon.com’s second headquarters. PGIM Real Estate remains cautious on the retail and self-storage markets. While demand has remained resilient in storage, construction starts have not slowed and supply may weigh on results through 2019. The Fund is also overweight in industrial and manufactured housing based on sector-leading cash flow growth and limited supply additions.

• The outlook for continental Europe’s real estate sector is generally positive. Eurozone economic indicators have stabilized after a period of improvement, and the monetary policy backdrop remains loose even as quantitative easing is gradually withdrawn. The European Central Bank has said it will consider interest rate increases after the middle of next year as inflation in the eurozone looks largely under control. While gross domestic product (GDP) growth forecasts are solid across the eurozone, Ireland, Spain, and the Nordic region stand out as offering the best near-term growth outlooks. The exception to this benign macroeconomic environment is the UK, where the process of the country’s exit from the EU is still uncertain. The March 2019 deadline for the UK’s withdrawal from the EU is moving closer while little progress has been made up to this point. The unofficial deadline for reaching a deal by October 2018 has come and gone. The UK government’s negotiating position is further undermined by its internal political weakness. Brexit macro uncertainty is reflected by a weaker sterling. European real estate stocks continue to offer meaningful discounts to private market values.

• Notwithstanding current headwinds on trade and interest rates, Asia offers some of the best risk-adjusted real estate returns globally, reflected by capital inflow into the region’s real estate assets. The biggest risk is trade conflict that could derail economic momentum and inject heightened volatility to equity markets. Rising inflationary expectations in the US could, on the other hand, exert pressure on the Federal Reserve (the Fed) to hike interest rates quicker than expected. PGIM Real Estate thinks the

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following themes may be pertinent in the coming months: (1) trade war outcome between the US and China, (2) rising bond yield impact on REITs, (3) rising short rates on mortgages (Hong Kong/Singapore residential), (4) lack of quality supply (Singapore/Hong Kong office), (4) accommodative monetary policy (J-REITs), and (5) interest rate differential driving weaker yen (Japanese developers). In the near term, PGIM Real Estate expects markets to remain volatile, subject to the intensity and outcome of the trade conflict as well as the level of Fed hawkishness. With more Fed rate hikes expected, rising inflationary expectations in the US could present upside risk. Within the Fund’s individual sectors, a sharper rise in sovereign bond yields could negatively impact regional REIT valuations. A weaker US dollar versus a stronger yen could negatively impact economic momentum in Japan and underlying demand for condos and office space. On the other hand, reduced expectations of Fed hikes could be positive for Hong Kong and Singapore real estate developers.

The percentage points shown in the tables below identify each security’s positive or negative contribution to the Fund’s return relative to the benchmark, which is the sum of all contributions by individual holdings.

Top Contributors (%)		Top Detractors (%)
Americold Realty Trust	0.63	Macerich Co. (The)	–0.32
JBG Smith Properties	0.46	NewRiver REIT PLC	–0.40
Hammerson PLC	0.38	Link REIT	–0.41
Equinix, Inc.	0.34	Empire State Realty Trust, Inc. (Class A)	–0.42
UDR, Inc.	0.34	CoreSite Realty Corp.	–0.43

PGIM Select Real Estate Fund 15

Comments on Largest Holdings (unaudited)

6.4% Prologis, Inc., Industrial REITs

Prologis is an owner, operator, and developer of industrial real estate, focused on global and regional markets across the Americas, Europe, and Asia. The company also leases modern distribution facilities to commercial customers, including manufacturers, retailers, transportation companies, third-party logistics providers, and other enterprises.

4.8% Link REIT, Retail REITs

Link REIT is a REIT in Hong Kong. The trust owns and operates shopping centers, parking space facilities, and real estate retail space.

4.8% Americold Realty Trust, Industrial REITs

Americold Realty Trust provides temperature-controlled food distribution services. The company offers warehousing, consolidation programs, shipment management, multi-vendor consolidation, and logistics solutions. It serves food producers, processors, distributors, wholesalers, retailers, and restaurants worldwide.

4.4% Vonovia SE, Real Estate Operating Companies

Vonovia provides real estate services and manages, leases, and sells apartments. The company offers residential real estate to customers throughout Germany.

4.0% Equity Lifestyle Properties Inc., Residential REITs

Equity Lifestyle Properties owns an interest in communities in the US and western Canada. The company acquires properties such as camping grounds and seasonal resort communities.

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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 October 31, 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 17

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 May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,002.30		1.30	%	$	6.56
	Hypothetical	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Class C	Actual	$	1,000.00	$	999.40		2.05	%	$	10.33
	Hypothetical	$	1,000.00	$	1,014.87		2.05	%	$	10.41
Class Z	Actual	$	1,000.00	$	1,002.60		1.05	%	$	5.30
	Hypothetical	$	1,000.00	$	1,019.91		1.05	%	$	5.35
Class R6**	Actual	$	1,000.00	$	1,003.60		1.05	%	$	5.30
	Hypothetical	$	1,000.00	$	1,019.91		1.05	%	$	5.35

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

**Formerly known as Class Q shares.

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Schedule of Investments

as of October 31, 2018

Description	Shares		Value
LONG-TERM INVESTMENTS    99.5%
COMMON STOCKS
Diversified Real Estate Activities    7.1%
Mitsui Fudosan Co. Ltd. (Japan)		14,900	$	336,796
Sumitomo Realty & Development Co. Ltd. (Japan)		8,248		284,214
				621,010
Diversified REITs    10.6%
American Assets Trust, Inc.		4,145		159,002
Covivio (France)		1,990		199,892
Empire State Realty Trust, Inc. (Class A Stock)		11,542		183,056
Stockland (Australia)		77,448		197,702
Suntec Real Estate Investment Trust (Singapore)		142,407		182,142
				921,794
Hotel & Resort REITs    2.8%
DiamondRock Hospitality Co.		5,908		61,738
MGM Growth Properties LLC (Class A Stock)		6,300		178,227
				239,965
Industrial REITs    22.9%
Americold Realty Trust		16,722		413,869
Goodman Group (Australia)		30,833		226,282
Prologis, Inc.		8,680		559,600
Rexford Industrial Realty, Inc.		10,396		329,241
Segro PLC (United Kingdom)		39,175		307,679
STAG Industrial, Inc.		5,770		152,674
				1,989,345
Office REITs    30.6%
Allied Properties Real Estate Investment Trust (Canada)		5,300		170,299
Boston Properties, Inc.		1,100		132,836
Columbia Property Trust, Inc.		6,562		147,317
Daiwa Office Investment Corp. (Japan)		35		213,779
Dexus (Australia)		25,007		180,605
Easterly Government Properties, Inc.		5,974		108,548
Green REIT PLC (Ireland)		125,916		207,883
Hibernia REIT PLC (Ireland)		186,826		294,211
Inmobiliaria Colonial Socimi SA (Spain)		30,892		310,222
Japan Real Estate Investment Corp. (Japan)		26		134,179
JBG SMITH Properties		8,052		301,789

See Notes to Financial Statements.

PGIM Select Real Estate Fund 19

Schedule of Investments (continued)

as of October 31, 2018

Description	Shares		Value
COMMON STOCKS (Continued)
Office REITs (cont’d.)
Kilroy Realty Corp.		3,696	$	254,580
Tier REIT, Inc.		9,719		210,611
				2,666,859
Real Estate Operating Companies    4.4%
Vonovia SE (Germany)		8,286		379,638
Residential REITs    10.5%
AvalonBay Communities, Inc.		1,893		331,994
Equity LifeStyle Properties, Inc.		3,647		345,335
UDR, Inc.		6,110		239,451
				916,780
Retail REITs    6.7%
Link REIT (Hong Kong)		47,000		417,044
Macerich Co. (The)		3,153		162,758
				579,802
Specialized REITs    3.9%
CoreSite Realty Corp.		1,621		152,147
Crown Castle International Corp.		1,758		191,165
				343,312
TOTAL LONG-TERM INVESTMENTS (cost $8,722,209)				8,658,505
SHORT-TERM INVESTMENT    1.4%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $125,211)(w)		125,211		125,211
TOTAL INVESTMENTS    100.9% (cost $8,847,420)				8,783,716
Liabilities in excess of other assets    (0.9)%				(81,025	)
NET ASSETS    100.0%			$	8,702,691

The following abbreviations are used in the annual report:

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trusts

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

See Notes to Financial Statements.

20

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 October 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Diversified Real Estate Activities	$	—	$	621,010	$	—
Diversified REITs		342,058		579,736		—
Hotel & Resort REITs		239,965		—		—
Industrial REITs		1,455,384		533,961		—
Office REITs		1,325,980		1,340,879		—
Real Estate Operating Companies		—		379,638		—
Residential REITs		916,780		—		—
Retail REITs		162,758		417,044		—
Specialized REITs		343,312		—		—
Affiliated Mutual Fund		125,211		—		—
Total	$	4,911,448	$	3,872,268	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2018 were as follows (unaudited):

Office REITs	30.6	%
Industrial REITs	22.9
Diversified REITs	10.6
Residential REITs	10.5
Diversified Real Estate Activities	7.1
Retail REITs	6.7
Real Estate Operating Companies	4.4
Specialized REITs	3.9
Hotel & Resort REITs	2.8	%
Affiliated Mutual Fund	1.4
	100.9
Liabilities in excess of other assets	(0.9	)
	100.0	%

See Notes to Financial Statements.

PGIM Select Real Estate Fund 21

Statement of Assets & Liabilities

as of October 31, 2018

Assets
Investments at value:
Unaffiliated investments (cost $8,722,209)	$	8,658,505
Affiliated investments (cost $125,211)		125,211
Receivable for investments sold		52,352
Due from Manager		19,369
Dividends receivable		7,925
Tax reclaim receivable		1,626
Receivable for Fund shares sold		172
Prepaid expenses		844
Total Assets		8,866,004
Liabilities
Payable for investments purchased		131,307
Custodian and accounting fees payable		16,986
Accrued expenses and other liabilities		13,729
Affiliated transfer agent fee payable		673
Distribution fee payable		602
Payable to custodian		16
Total Liabilities		163,313
Net Assets	$	8,702,691
Net assets were comprised of:
Shares of beneficial interest, at par	$	850
Paid-in capital in excess of par		8,569,553
Total distributable earnings (loss)		132,288
Net assets, October 31, 2018	$	8,702,691

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share, ($2,611,862 ÷ 252,886 shares of beneficial interest issued and outstanding)	$	10.33
Maximum sales charge (5.50% of offering price)		0.60
Maximum offering price to public	$	10.93
Class C
Net asset value, offering price and redemption price per share, ($56,274 ÷ 5,502 shares of beneficial interest issued and outstanding)	$	10.23
Class Z
Net asset value, offering price and redemption price per share, ($64,927 ÷ 6,277 shares of beneficial interest issued and outstanding)	$	10.34
Class R6
Net asset value, offering price and redemption price per share, ($5,969,628 ÷ 585,686 shares of beneficial interest issued and outstanding)	$	10.19

See Notes to Financial Statements.

PGIM Select Real Estate Fund 23

Statement of Operations

Year Ended October 31, 2018

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $7,407 foreign withholding tax)	$	219,758
Affiliated dividend income		4,367
Total income		224,125
Expenses
Management fee		63,135
Distribution fee(a)		5,573
Registration fees(a)		64,139
Custodian and accounting fees		56,469
Audit fee		34,530
Legal fees and expenses		19,848
Trustees’ fees		12,433
Shareholders’ reports		12,020
Transfer agent’s fees and expenses (including affiliated expense of $2,489)(a)		3,095
Miscellaneous		19,271
Total expenses		290,513
Less: Fee waiver and/or expense reimbursement(a)		(202,041	)
Distribution fee waiver(a)		(822	)
Net expenses		87,650
Net investment income (loss)		136,475
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		337,076
Foreign currency transactions		(3,025	)
		334,051
Net change in unrealized appreciation (depreciation) on:
Investments		(381,036	)
Foreign currencies		46
		(380,990	)
Net gain (loss) on investment and foreign currency transactions		(46,939	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	89,536

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

	Class A			Class C			Class Z			Class R6
Distribution fee		4,934			639			—			—
Registration fees		16,034			16,034			16,037			16,034
Transfer agent’s fees and expenses		2,574			110			383			28
Fee waiver and/or expense reimbursement		(43,928	)		(17,279	)		(18,969	)		(121,865	)
Distribution fee waiver		(822	)		—			—			—

See Notes to Financial Statements.

24

Statements of Changes in Net Assets

	Year Ended October 31,
	2018			2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	136,475		$	85,888
Net realized gain (loss) on investment and foreign currency transactions		334,051			(24,278	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(380,990	)		480,306
Net increase (decrease) in net assets resulting from operations		89,536			541,916
Dividends and Distributions
Distributions from distributable earnings*
Class A		(31,115	)		—
Class C		(1,166	)		—
Class Z		(3,847	)		—
Class R6		(160,410	)		—
		(196,538	)		—
Dividends from net investment income
Class A					(2,718	)
Class C					(368	)
Class Z					(2,014	)
Class R6					(79,212	)
		*			(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 of share conversions)
Net proceeds from shares sold		2,829,409			145,782
Net asset value of shares issued in reinvestment of dividends and distributions		196,537			218,829
Cost of shares reacquired		(628,179	)		(99,213	)
Net increase (decrease) in net assets from Fund share transactions		2,397,767			265,398
Total increase (decrease)		2,290,765			588,485
Net Assets:
Beginning of year		6,411,926			5,823,441
End of year(a)	$	8,702,691		$	6,411,926
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	24,151

* For the year ended October 31, 2018, the Fund has adopted amendments to Regulation S-X (refer to Note 9).

See Notes to Financial Statements.

PGIM Select Real Estate Fund 25

Notes to Financial Statements

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. These financial statements relate only to the PGIM Select Real Estate Fund (the “Fund”). Effective June 11, 2018, the names of the Fund and the other funds which comprise the Trust were changed by replacing “Prudential” with “PGIM” and each fund’s 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, a Valuation Committee has been established as two persons, being one or more officers of the Trust, including: the Trust’s Treasurer (or the Treasurer’s direct reports); and the Trust’s Chief or Deputy Chief Compliance Officer (or Vice-President-level direct reports of the Chief or Deputy Chief Compliance Officer). Under the current valuation procedures, the Valuation Committee of the Board 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.

26

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 and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the

PGIM Select Real Estate Fund 27

Notes to Financial Statements (continued)

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.

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

28

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.

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) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

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

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned

PGIM Select Real Estate Fund 29

Notes to Financial Statements (continued)

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”.

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

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 unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

Dividends and Distributions: The Fund expects to pay dividends from net investment income 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 total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

30

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 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 0.800% of the Fund’s average daily net assets up to and including $1 billion, 0.780% of the next $2 billion, 0.760% of the next $2 billion, 0.750% of the next $5 billion and 0.740% 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 0.800% for the year ended October 31, 2018.

PGIM Investments has contractually agreed, through February 28, 2019, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.30% of average daily net assets for Class A shares, 2.05% of average daily net assets for Class C shares, 1.05% of average daily net assets for Class Z shares, and 1.05% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by

PGIM Select Real Estate Fund 31

Notes to Financial Statements (continued)

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. Effective November 1, 2018 this waiver agreement was extended through February 29, 2020.

Where applicable, PGIM Investments voluntarily agreed through October 31, 2018, to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Effective November 1, 2018 this voluntary agreement became part of the Fund’s contractual waiver agreement through February 29, 2020 and is subject to recoupment by the Manager within the same fiscal year during which such wavier/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and Class C shares, respectively. PIMS has contractually agreed through February 29, 2020 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 $164 in front-end sales charges resulting from sales of Class A shares during the year ended October 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the year ended October 31, 2018, it did not receive any 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”).

32

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended October 31, 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”), 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 year ended October 31, 2018, were $17,984,306 and $15,391,169, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2018, is presented as follows:

Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
PGIM Core Ultra Short Bond Fund*
$        398,187	$	110,576,040	$	110,849,016	$	—	$	—	$	125,211		125,211	$	4,367
PGIM Institutional Money Market Fund*
—		139,240		139,240		—		—		—		—		—
$        398,187	$	110,715,280	$	110,988,256	$	—	$	—	$	125,211			$	4,367

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

PGIM Select Real Estate Fund 33

Notes to Financial Statements (continued)

5. Distributions and Tax Information

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.

For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $196,538 of ordinary income. For the year ended October 31, 2017, the tax character of dividends paid by the Fund was $218,829 of ordinary income.

As of October 31, 2018, the accumulated undistributed earnings on a tax basis were $119,295 of ordinary income and $105,635 of long-term capital gains.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2018 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$8,876,358	$199,306	$(291,948)	$(92,642)

The book basis differs from tax basis primarily due to deferred losses on wash sales, investments in passive foreign investment companies and other cost basis differences between financial and tax accounting.

The Fund utilized approximately $100,000 of its capital loss carryforward during the year ended October 31, 2018.

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

34

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 available exclusively for sale to a limited group of investors.

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

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

As of October 31, 2018, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,145 Class A shares, 1,119 Class C shares, 1,155 Class Z shares and 585,686 Class R6 shares of the Fund. At reporting period end, two shareholders of record held 96% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 96% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2018:
Shares sold		270,402		$	2,782,141
Shares issued in reinvestment of dividends and distributions		2,972			31,114
Shares reacquired		(43,052	)		(457,139	)
Net increase (decrease) in shares outstanding before conversion		230,322			2,356,116
Shares reacquired upon conversion into other share class(es)		(1,701	)		(17,508	)
Net increase (decrease) in shares outstanding		228,621		$	2,338,608
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
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		111		$	1,166
Shares reacquired		(1,265	)		(13,090	)
Net increase (decrease) in shares outstanding		(1,154	)	$	(11,924	)
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

PGIM Select Real Estate Fund 35

Notes to Financial Statements (continued)

Class Z	Shares			Amount
Year ended October 31, 2018:
Shares sold		4,491		$	47,268
Shares issued in reinvestment of dividends and distributions		362			3,847
Shares reacquired		(14,907	)		(157,950	)
Net increase (decrease) in shares outstanding before conversion		(10,054	)		(106,835	)
Shares issued upon conversion from other share class(es)		1,698			17,508
Net increase (decrease) in shares outstanding		(8,356	)	$	(89,327	)
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
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		15,341		$	160,410
Net increase (decrease) in shares outstanding		15,341		$	160,410
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 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both 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

36

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 October 31, 2018. The average daily balance for the 3 days that the Fund had loans outstanding during the period was $126,000 borrowed at a weighted average interest rate of 3.31%. The maximum loan balance outstanding during the period was $126,000. At October 31, 2018, the Fund did not have an outstanding loan balance.

8. Risks of Investing in the Fund

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

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

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

Non-diversification Risk: The Fund is non-diversified, meaning that the Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

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

PGIM Select Real Estate Fund 37

Notes to Financial Statements (continued)

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

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

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

38

Financial Highlights

Class A Shares
	Year Ended October 31,												August 1, 2014(a) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(b):
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)		0.12			0.12			0.17			0.09			0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.76			(0.18	)		0.41			0.29
Total from investment operations		0.04			0.88			(0.01	)		0.50			0.30
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.11	)		(0.28	)		-			-
Distributions from net realized gains		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.25	)		(0.34	)		(0.70	)		(0.09	)		-
Net asset value, end of period		$10.33			$10.54			$10.00			$10.71			$10.30
Total Return(c):		0.37%			9.08%			0.01%			4.85%			3.00%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,612			$256			$185			$62			$18
Average net assets (000)		$1,645			$242			$119			$27			$15
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.30%			1.30%			1.33%			1.35%			1.35%	(e)
Expenses before waivers and/or expense reimbursement		4.02%	(f)		4.63%			4.81%			5.16%			20.58%	(e)
Net investment income (loss)		1.14%			1.15%			1.70%			0.86%			0.46%	(e)
Portfolio turnover rate(g)		202%			142%			158%			150%			18%

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

(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 39

Financial Highlights (continued)

Class C Shares
	Year Ended October 31,									August 1, 2014(a) through October 31,
	2018			2017		2016		2015		2014
Per Share Operating Performance(b):
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)		0.09			0.04		0.11		(0.03)		(0.01)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.12)			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		(0.18)			(0.06)		(0.17)		-		-
Distributions from net realized gains		-			(0.23)		(0.42)		(0.09)		-
Total dividends and distributions		(0.18)			(0.29)		(0.59)		(0.09)		-
Net asset value, end of period		$10.23			$10.44		$9.94		$10.60		$10.28
Total Return(c):		(0.34)%			8.11%		(0.63)%		3.98%		2.80%
Ratios/Supplemental Data:
Net assets, end of period (000)		$56			$69		$59		$36		$10
Average net assets (000)		$64			$70		$48		$46		$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		2.05%			2.05%		2.08%		2.10%		2.10%	(e)
Expenses before waivers and/or expense reimbursement		29.08%	(f)		5.33%		5.64%		5.54%		20.42%	(e)
Net investment income (loss)		0.91%			0.36%		1.08%		(0.30)%		(0.26)%	(e)
Portfolio turnover rate(g)		202%			142%		158%		150%		18%

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

(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.

40

Class Z Shares
	Year Ended October 31,												August 1, 2014(a) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(b):
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)		0.22			0.15			0.21			0.10			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.16	)		0.76			(0.18	)		0.42			0.29
Total from investment operations		0.06			0.91			0.03			0.52			0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.14	)		(0.33	)		-			-
Distributions from net realized gains		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.28	)		(0.37	)		(0.75	)		(0.09	)		-
Net asset value, end of period		$10.34			$10.56			$10.02			$10.74			$10.31
Total Return(c):		0.51%			9.32%			0.36%			5.04%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$65			$154			$138			$107			$10
Average net assets (000)		$145			$148			$139			$39			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05%			1.05%			1.08%			1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		14.17%	(f)		4.35%			4.82%			5.16%			19.50%	(e)
Net investment income (loss)		2.07%			1.43%			2.09%			0.98%			0.77%	(e)
Portfolio turnover rate(g)		202%			142%			158%			150%			18%

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

(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 41

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,												August 1, 2014(a) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(b):
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)		0.20			0.14			0.22			0.10			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.13	)		0.75			(0.20	)		0.41			0.29
Total from investment operations		0.07			0.89			0.02			0.51			0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.14	)		(0.35	)		(0.10	)		-
Distributions from net realized gains		-			(0.23	)		(0.42	)		(0.09	)		-
Total dividends and distributions		(0.28	)		(0.37	)		(0.77	)		(0.19	)		-
Net asset value, end of period		$10.19			$10.40			$9.88			$10.63			$10.31
Total Return(c):		0.62%			9.25%			0.30%			5.01%			3.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,970			$5,932			$5,441			$5,423			$5,165
Average net assets (000)		$6,039			$5,687			$5,413			$5,288			$4,983
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.05%			1.05%			1.08%			1.10%			1.10%	(e)
Expenses before waivers and/or expense reimbursement		3.07%	(f)		4.02%			4.40%			4.51%			14.06%	(e)
Net investment income (loss)		1.89%			1.42%			2.18%			0.96%			0.75%	(e)
Portfolio turnover rate(g)		202%			142%			158%			150%			18%

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

(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.

42

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Prudential Investment Portfolios 9:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Select Real Estate Fund (formerly Prudential Select Real Estate Fund) (the “Fund”), a series of Prudential Investment Portfolios 9, including the schedule of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians, transfer agents and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 17, 2018

PGIM Select Real Estate Fund 43

Federal Income Tax Information (unaudited)

For the year ended October 31, 2018, the Fund reports the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than 9.04% of the ordinary income dividends paid during the year as qualified dividend income.

In January 2019, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the distributions received by you in calendar year 2018.

44

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding (60) Board Member Portfolios Overseen: 93	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon (66) Board Member Portfolios Overseen: 93	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive  Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company;  President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008
Linda W. Bynoe (66) Board Member Portfolios Overseen: 93	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co.  (broker-dealer).	Director of Anixter International, Inc. (communication  products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005

PGIM Select Real Estate Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Barry H. Evans (58) Board Member Portfolios Overseen: 92	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (since 2011); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein (62) Board Member & Independent Chair Portfolios Overseen: 93	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgiminvestments.com

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick (56) Board Member Portfolios Overseen: 92	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Corporate Capital Trust (since April 2017) (a business development company); Independent Director, Kabbage, Inc. (since July 2018) (financial services).	Since September 2017
Michael S. Hyland, CFA (73) Board Member Portfolios Overseen: 93	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Richard A. Redeker (75) Board Member Portfolios Overseen: 93	Retired Mutual Fund Senior Executive (50 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.	Since October 1993

PGIM Select Real Estate Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Brian K. Reid (56)# Board Member Portfolios Overseen: 92	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

# Mr. Reid joined the Board effective as of March 1, 2018.

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker (56) Board Member & President Portfolios Overseen: 93	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgiminvestments.com

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin (45) Board Member & Vice President Portfolios Overseen:93	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010
Grace C. Torres* (59) Board Member Portfolios Overseen: 92	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

PGIM Select Real Estate Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (63) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012
Chad A. Earnst (43) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global Short Duration High Yield Income Fund, Inc., PGIM Short Duration High Yield Fund, Inc. and PGIM Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since September 2014
Dino Capasso (44) Deputy Chief Compliance Officer	Vice President and Deputy Chief Compliance Officer (June 2017-Present) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French (56) Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (60) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo (44) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Charles H. Smith (45) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007 – December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998 —January 2007).	Since January 2017
Brian D. Nee (52) Treasurer and Principal Financial and Accounting Officer	Vice President and Head of Finance of PGIM Investments LLC (since August 2015) and PGIM Global Partners (since February 2017); formerly, Vice President, Treasurer’s Department of Prudential (September 2007-August 2015).	Since July 2018
Peter Parrella (60) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since June 2007
Lana Lomuti (51) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Linda McMullin (57) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since April 2014
Kelly A. Coyne (50) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM Select Real Estate Fund

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Short Duration High Yield Fund, Inc., PGIM Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Select Real Estate Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Real Estate unit. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7, 2018 and on June 19-21, 2018 and approved the renewal of the agreements through July 31, 2019, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board

¹  PGIM Select Real Estate Fund is a series of Prudential Investment Portfolios 9.

PGIM Select Real Estate Fund

Approval of Advisory Agreements (continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7, 2018 and on June 19-21, 2018.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Real Estate unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Real Estate. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Real Estate, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Real Estate, and also considered the qualifications, backgrounds and responsibilities of PGIM Real Estate’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Real Estate’s, and PGIM’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Real Estate, and PGIM. The Board also noted that it received favorable compliance reports from

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the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Real Estate, and PGIM. The Board noted that PGIM Real Estate is affiliated with PGIM Investments.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Real Estate, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Real Estate under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments 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. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2017 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. 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 considered PGIM Investments’ assertion 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.

PGIM Select Real Estate Fund

Approval of Advisory Agreements (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and PGIM Real Estate

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Real Estate and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Real Estate included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Real Estate were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one- and three-year periods ended December 31, 2017. The Board considered that the Fund commenced investment operations on August 1, 2014 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2017. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also may have provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Gross Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	1st Quartile	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund outperformed its benchmark index over all periods.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 1.30% for Class A shares, 2.05% for Class C shares, 1.05% for Class R6 shares, and 1.05% for Class Z shares through February 28, 2019.

• The Board concluded that in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Select Real Estate Fund

∎ 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 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 • Brian D. Nee, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Andrew R. French, 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 • 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
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 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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.

MF223E    

PGIM INTERNATIONAL BOND FUND

(Formerly known as Prudential International Bond Fund)

ANNUAL REPORT

OCTOBER 31, 2018

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

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

Highlights (unaudited)

• Strong sector and issuer selection of sovereign debt in developed markets, debt of European peripheral issuers, high yield corporates, and high-quality structured products added to performance. Positioning in emerging market sovereign debt hurt performance.

• In developed market rates, a yield curve flattener in the US and long-duration positioning in Norwegian rates limited results.

• Currency positioning detracted from performance. Overweights in the Indian rupee, Brazilian real, Russian ruble, and Indonesian rupiah were the largest detractors.

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

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

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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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

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

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM International Bond Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Annual Report -

PGIM International Bond Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Growth of a $10,000 Investment	9
Strategy and Performance Overview	12
Fees and Expenses	15
Holdings and Financial Statements	17

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Letter from the President

Dear Shareholder:

We hope you find the annual report for PGIM International Bond Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 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.*

During the reporting period, the global economy continued to grow, and central banks gradually tightened monetary policy. In the US, the economy expanded and employment increased. In September, the Federal Reserve hiked interest rates for the eighth time since 2015, based on confidence in the economy.

Equity returns on the whole were strong, due to optimistic earnings expectations and investor sentiment. Global equities, including emerging markets, generally posted positive returns. However, they trailed the performance of US equities, which rose on higher corporate profits, new regulatory policies, and tax reform benefits. Volatility spiked briefly early in the period on inflation concerns, rising interest rates, and a potential global trade war, and again late in the period on worries that profit growth might slow in 2019.

The overall bond market declined modestly during the period, as measured by the Bloomberg Barclays US Aggregate Bond Index. The best performance came from higher-yielding, economically sensitive sectors, such as high yield bonds and bank loans, which posted small gains. US investment-grade corporate bonds and US Treasury bonds both finished the period with negative returns. A major trend during the period was the flattening of the US Treasury yield curve, which increased the yield on fixed income investments with shorter maturities and made them more attractive to investors.

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

December 14, 2018

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

PGIM International Bond Fund 7

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.

	Average Annual Total Returns as of 10/31/18 (with sales charges)
	One Year (%)	Since Inception (%)
Class A	–4.02		1.13 (12/14/16)
Class C	–1.32		2.82 (12/14/16)
Class Z	0.75		3.90 (12/14/16)
Class R6*	0.75		3.89 (12/14/16)
Bloomberg Barclays Global Aggregate ex USD (USD Hedged) Index
	1.98		2.30
Lipper International Income Funds Average
	–2.23		2.34
	Average Annual Total Returns as of 10/31/18 (without sales charges)
	One Year (%)	Since Inception (%)
Class A	0.50		3.64 (12/14/16)
Class C	–0.34		2.82 (12/14/16)
Class Z	0.75		3.90 (12/14/16)
Class R6*	0.75		3.89 (12/14/16)
Bloomberg Barclays Global Aggregate ex USD (USD Hedged) Index
	1.98		2.30
Lipper International Income Funds Average
	–2.23		2.34

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Barclays Global Aggregate ex USD (USD Hedged) Index by portraying the initial account values at the commencement of operations for Class Z shares (December 14, 2016) and the account values at the end of the current fiscal year (October 31, 2018) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

*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 Fund’s inception date.

PGIM International Bond Fund 9

Your Fund’s Performance (continued)

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.

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.

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Distributions and Yields as of 10/31/18
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.26	1.34	–40.47
Class C	0.19	0.55	–177.23
Class Z	0.29	1.65	–27.88
Class R6***	0.29	1.65	–0.09

*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. The investor experience is represented by the SEC 30-Day Subsidized Yield.

***Formerly known as Class Q shares.

Credit Quality expressed as a percentage of total investments as of 10/31/18 (%)
AAA	15.4
AA	10.3
A	15.4
BBB	27.5
BB	14.6
B	3.3
Not Rated	2.8
Cash/Cash Equivalents	10.6
Total Investments	100.0

Source: PGIM Fixed Income

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

PGIM International Bond Fund 11

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM International Bond Fund’s Class Z shares returned 0.75% in the 12-month reporting period that ended October 31, 2018, underperforming the 1.98% return of the Bloomberg Barclays Global Aggregate ex USD (USD Hedged) Index (the Index) and outperforming the –2.23% return of the Lipper International Income Funds Average.

What were market conditions?

• At the beginning of the reporting period, the newly passed US tax law package was expected to continue to pressure future budget deficits, which would heighten the need for international deficit financing via increased Treasury issuance. Some thought that this could offset the positive effects of potential regulatory reform and pause the widening in long-dated swap spreads. In Europe, market expectations of diminished asset purchases by the European Central Bank (ECB) improved access to lending channels, and slightly larger bank balance sheets were thought to contribute to higher euro rates, especially in Germany.

• Long-term interest rates in developed markets continued their ascent in the first quarter of 2018 amid further signs of synchronized global growth and the expected effects of US fiscal stimulus. While the increase in rates was notable for its breadth, the scale of the sell-off created numerous opportunities in developed markets as the second quarter got underway. In the US, yields rose across the curve on hawkish Federal Reserve (Fed) rhetoric, anticipated fiscal stimulus from the recently passed tax law and budget deals, and increased Treasury supply, particularly at the front (short-term) end of the yield curve. In Europe, the ECB’s continued quantitative easing (QE) asset purchases meant there would be zero net issuance. That said, the ECB tapered its monthly QE purchases from $60 billion to $30 billion in the first quarter. Many expected it could have announced a conclusion to the purchases in September 2018, albeit with reinvestments likely to continue. PGIM Fixed Income believes the ECB’s first rate hike could emerge by the second quarter of 2019.

• In the second quarter of 2018, US rates diverged from other developed-market interest rates. With inflation on target, unemployment down, and the Fed continuing its cautious rate-hiking cycle, US long-term yields finished the quarter relatively unchanged. In contrast, the ECB emphasized downside risks in the economy, primarily stemming from trade, indicating the likely need for low rates through the summer of 2019. Similarly, the Bank of Japan (BoJ) signaled easy policy for the long haul as it delayed and lowered its expected path for rising inflation. In line with the central banks’ reading, long-term rates in Japan and Europe ended the second quarter at lows for the year. In China, rates rallied substantially, with yields falling to three-year lows as its central bank eased policy in an effort to support growth.

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• In the third quarter and October 2018, while the markets were volatile, the underlying causes were more or less constant with minor variations. After a decade of balance sheet expansion, the G3 (US, Japan, and eurozone) central banks are finally—at least in aggregate—turning off the liquidity spigot. The Fed is in the lead, hiking rates and implementing its roll-off of securities from its balance sheet at an accelerating pace. The ECB is in the final months of its asset-purchase program, which undoubtedly will be followed by rising anxiety surrounding the timing and pace of eventual rate hikes, in PGIM Fixed Income’s view. Meanwhile, the BoJ is sending mixed messages. Realizing it is taking longer than initially expected to hit its 2% inflation target, the BoJ is trying to improve its long-term policy effectiveness. It has taken steps, such as reducing its amounts of bond purchases and widening its target range for the 10-year Japanese government bond (JGB) yield, with the intent of reducing its stranglehold on the market and steepening the yield curve. These policy changes have tipped the scales, switching the G3 central bank balance sheets from aggressive growth to a path of stasis. The switch from “net buy” to “net hold” means the market’s primary source of steady capital injections over the last decade is more or less gone, leaving open markets to adjust to supply and demand on their own.

What worked?

• During the reporting period, the Fund’s sector allocation emphasized global spread sectors rather than government bond sectors.

• Strong sector and issuer selection of sovereign debt in developed markets, high yield corporates, and high-quality structured products added to performance.

• Yield curve and duration positioning helped performance. In developed market rates, a yield curve flattener positioning in the euro was the largest contributor. In emerging markets, long-duration positioning in Brazilian rates was a strong contributor.

• Although overall currency positioning hurt performance, underweights in the Chilean peso, Chinese yuan, and Swiss franc helped offset some of the losses.

What didn’t work?

• Positioning in emerging market sovereign debt negatively impacted performance.

• In developed market rates, a yield curve flattener in the US and long-duration positioning in Norwegian rates limited results.

• Currency positioning hurt performance. Overweights in the Indian rupee, Brazilian real, Russian ruble, and Indonesian rupiah were the largest detractors.

Did the Fund hold derivatives, and how did they affect performance

• The Fund used interest rate futures and swaps to implement its investment strategy as well as to help manage duration and yield curve exposure. The use of interest rate futures and swaps had a positive impact on the Fund’s performance.

PGIM International Bond Fund 13

Strategy and Performance Overview (continued)

• To implement most currency strategies, the Fund employed foreign exchange derivatives, which negatively impacted performance.

Current outlook

• As of the end of the period, PGIM Fixed Income maintained its positive view of fundamentals in the credit sectors, and the Fund held positions in spread sectors including high yield, emerging market (EM), and structured product sectors such as collateralized loan obligations (CLOs), non-agency mortgage-backed securities, and asset-backed securities (ABS).

• The Fund ended the period with an underweight in investment-grade corporates and overweight debt of European peripheral countries as well as a select group of emerging market issuers (mostly sovereign debt). Relative to its benchmark, the Fund held an underweight in the Swiss Franc and the euro while maintaining an overweight in the US dollar. The Fund maintained a select set of small underweights and overweights within emerging market and “commodity” currencies. Examples include overweights in the Peruvian nuevo sol, Thai baht, and Indian rupee, while taking underweights in the Chinese yuan, Hungarian forint, and South Africa rand.

• In investment-grade corporates, PGIM Fixed Income continues to favor higher-quality financials and electric utilities over industrials that are subject to event risk. Within industrials, the Fund is focusing on select issuers where an “event” has passed as higher-quality corporates continue to lever up and merger-and-acquisition (M&A) activity remains a concern.

• A combination of solid fundamentals (strong earnings and low defaults) and favorable technicals (limited net supply and persistent institutional demand from Asia) has led PGIM Fixed Income to have a modestly positive view on US high yield in the near term. However, concerns over current valuations, risk appetite on recent lower-quality M&A transactions that is reminiscent of 2007, as well as broader concerns about trade wars and the timing of the next recession have prompted PGIM Fixed Income to take a cautious view longer term.

• Within commercial mortgage-backed securities (CMBS), PGIM Fixed Income continues to find value in high-quality securities of new-issue conduit deals. In ABS, the Fund has maintained a fundamentally driven, up-in-quality focus, favoring select securitizations from originators of unsecured consumer, subprime auto, and private refinance student loans that practice strong underwriting and display robust structural features.

• The Fund has a very small allocation to government-related sectors, including Treasuries and agencies, as PGIM Fixed Income finds more compelling value in the aforementioned sectors.

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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 October 31, 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 15

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 May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	985.80		0.99	%	$	4.96
	Hypothetical	$	1,000.00	$	1,020.21		0.99	%	$	5.04
Class C	Actual	$	1,000.00	$	981.90		1.74	%	$	8.69
	Hypothetical	$	1,000.00	$	1,016.43		1.74	%	$	8.84
Class Z	Actual	$	1,000.00	$	987.00		0.74	%	$	3.71
	Hypothetical	$	1,000.00	$	1,021.48		0.74	%	$	3.77
Class R6**	Actual	$	1,000.00	$	987.00		0.74	%	$	3.71
	Hypothetical	$	1,000.00	$	1,021.48		0.74	%	$	3.77

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

**Formerly known as Class Q shares.

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Schedule of Investments

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    87.0%
ASSET-BACKED SECURITIES    10.0%
Cayman Islands    0.9%
Silver Creek CLO Ltd., Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.709	%(c)		07/20/30		250	$	250,347
Ireland    3.1%
Carlyle Global Markets Strategies Euro CLO Ltd., Series 2014-02A, Class A2BR, 144A		2.250			08/15/27	EUR	750		849,491
Netherlands    5.2%
Babson Euro CLO BV, Series 2015-01A, Class A2R, 144A		1.100			10/25/29	EUR	250		282,730
Jubilee CLO BV, Series 2017-19A, Class A1, 144A, 3 Month EURIBOR + 0.800%		0.800	(c)		07/15/30	EUR	250		280,976
North Westerly CLO BV, Series IV-A, Class A2R, 144A		1.250			01/15/26	EUR	249		281,941
St Paul’s CLO DAC, Series 7A, Class B2R, 144A		2.400			04/30/30	EUR	500		570,011
									1,415,658
United States    0.8%
OneMain Direct Auto Receivables Trust, Series 2017-01A, Class C, 144A		3.910			08/16/21		100		100,320
PNMAC GMSR Issuer Trust, Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		4.931	(c)		08/25/25		100		100,699
									201,019
TOTAL ASSET-BACKED SECURITIES (cost $2,713,254)									2,716,515
CORPORATE BONDS    22.6%
Australia    0.4%
Transurban Finance Co. Pty Ltd., Sr. Sec’d. Notes, EMTN		2.000			08/28/25	EUR	100		117,760

See Notes to Financial Statements.

PGIM International Bond Fund 17

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
China    1.3%
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750	%		06/14/22	EUR	100	$	112,641
State Grid Europe Development PLC, Gtd. Notes, Ser. A		1.500			01/26/22	EUR	200		232,135
									344,776
Germany    2.7%
Allianz SE, Sub. Notes		5.625			10/17/42	EUR	200		262,780
Commerzbank AG, Sub. Notes, EMTN		7.750			03/16/21	EUR	100		131,387
IHO Verwaltungs GmbH, Sr. Sec’d. Notes, Cash coupon 3.750% or PIK 4.500%		3.750			09/15/26	EUR	100		112,279
Nidda Healthcare Holding GmbH, Sr. Sec’d. Notes, 144A		3.500			09/30/24	EUR	100		111,565
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, Sr. Sec’d. Notes		4.000			01/15/25	EUR	100		118,757
									736,768
Ireland    0.4%
Smurfit Kappa Acquisitions, Gtd. Notes		2.750			02/01/25	EUR	100		117,456
Italy    0.9%
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500			10/27/47	EUR	100		117,548
Telecom Italia SpA, Sr. Unsec’d. Notes, EMTN		3.250			01/16/23	EUR	100		116,296
									233,844
Kazakhstan    0.2%
Kazakhstan Temir Zholy National Co. JSC, Gtd. Notes		3.638			06/20/22	CHF	50		51,637
Mexico    1.6%
Petroleos Mexicanos, Gtd. Notes		3.625			11/24/25	EUR	400		437,200

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Netherlands    1.4%
Nederlandse Waterschapsbank NV, Sr. Unsec’d. Notes, EMTN		5.200	%		03/31/25	CAD	200	$	168,497
UPCB Finance IV Ltd., Sr. Sec’d. Notes		4.000			01/15/27	EUR	90		105,469
Ziggo BV, Sr. Sec’d. Notes		3.750			01/15/25	EUR	100		113,112
									387,078
Russia    0.4%
Gazprom OAO Via Gaz Capital SA, Sr. Unsec’d. Notes, EMTN		3.389			03/20/20	EUR	100		117,325
Spain    0.5%
Merlin Properties Socimi SA, Sr. Unsec’d. Notes, EMTN		2.375			05/23/22	EUR	100		118,606
Supranational Bank    0.5%
European Bank for Reconstruction & Development, Sr. Unsec’d. Notes, GMTN		6.450			12/13/22	IDR	408,000		24,763
European Investment Bank, Sr. Unsec’d. Notes, EMTN		0.500			10/26/23	AUD	160		100,625
									125,388
United Kingdom    4.2%
B&M European Value Retail SA, Sr. Sec’d. Notes, 144A, MTN		4.125			02/01/22	GBP	100		127,903
Barclays PLC, Sub. Notes, EMTN		2.000			02/07/28	EUR	100		108,020
CPUK Finance Ltd., Sec’d. Notes, 144A		4.250			02/28/47	GBP	100		128,295
EI Group PLC, First Mortgage		6.375			02/15/22	GBP	100		132,011
FCE Bank PLC, Sr. Unsec’d. Notes, EMTN		1.615			05/11/23	EUR	150		167,161
Royal Bank of Scotland Group PLC, Sr. Unsec’d. Notes, EMTN		2.000			03/08/23	EUR	100		115,637
Tesco PLC, Sr. Unsec’d. Notes, EMTN		5.000			03/24/23	GBP	80		113,261

See Notes to Financial Statements.

PGIM International Bond Fund 19

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes		5.500	%		01/15/25	GBP	90	$	117,253
William Hill PLC, Gtd. Notes		4.875			09/07/23	GBP	100		131,974
									1,141,515
United States    8.1%
Adient Global Holdings Ltd., Gtd. Notes		3.500			08/15/24	EUR	100		99,180
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27	EUR	100		112,198
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	100		126,263
Becton, Dickinson and Co., Sr. Unsec’d. Notes		0.368			06/06/19	EUR	100		113,491
Belden, Inc., Gtd. Notes		4.125			10/15/26	EUR	100		116,851
Catalent Pharma Solutions, Inc., Gtd. Notes		4.750			12/15/24	EUR	100		118,358
Chubb INA Holdings, Inc., Gtd. Notes		1.550			03/15/28	EUR	100		112,677
Discovery Communications LLC, Gtd. Notes		2.500			09/20/24	GBP	100		125,334
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes		1.100			07/15/24	EUR	100		112,515
International Game Technology PLC, Sr. Sec’d. Notes		4.750			02/15/23	EUR	100		120,935
IQVIA, Inc., Gtd. Notes		3.500			10/15/24	EUR	100		116,272
Kraft Heinz Foods Co., Gtd. Notes		2.250			05/25/28	EUR	100		112,982
LKQ Italia Bondco SpA, Gtd. Notes		3.875			04/01/24	EUR	100		117,615
Morgan Stanley, Sr. Unsec’d. Notes, GMTN		1.000			12/02/22	EUR	100		114,654
PerkinElmer, Inc., Sr. Unsec’d. Notes		0.600			04/09/21	EUR	100		113,985
Spectrum Brands, Inc., Gtd. Notes		4.000			10/01/26	EUR	100		113,822
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		1.400			01/23/26	EUR	100		112,707

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		1.414	%		12/13/22	EUR	100	$	115,441
Sr. Unsec’d. Notes		2.425			12/13/26	EUR	100		116,715
									2,191,995
TOTAL CORPORATE BONDS (cost $6,005,708)									6,121,348
RESIDENTIAL MORTGAGE-BACKED SECURITIES    3.6%
Bermuda    0.6%
Bellemeade Re Ltd., Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		3.881	(c)		04/25/28		167		167,871
United Kingdom    2.4%
Alba PLC, Series 2007-01, Class B, 3 Month GBP LIBOR + 0.240%		1.037	(c)		03/17/39	GBP	80		94,897
Newgate Funding PLC,
Series 2006-02, Class M, 3 Month GBP LIBOR + 0.220%		1.019	(c)		12/01/50	GBP	147		176,904
Series 2007-02X, Class A3, 3 Month GBP LIBOR + 0.160%		0.957	(c)		12/15/50	GBP	100		117,204
Paragon Mortgages PLC,
Series 10X, Class B1A, 3 Month GBP LIBOR + 0.540%		1.337	(c)		06/15/41	GBP	103		126,994
Series 12X, Class B1A, 3 Month GBP LIBOR + 0.480%		1.282	(c)		11/15/38	GBP	97		119,486
									635,485

See Notes to Financial Statements.

PGIM International Bond Fund 21

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States    0.6%
CIM Trust, Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.256	%(c)		01/25/57		71	$	72,005
LSTAR Securities Investment Trust, Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		3.756	(c)		04/01/23		96		96,678
									168,683
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $963,640)									972,039
SOVEREIGN BONDS    50.6%
Argentina    2.3%
Argentine Republic Government International Bond,
Sr. Unsec’d. Notes		5.250			01/15/28	EUR	100		86,930
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	275		281,502
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	69		70,139
Unsec’d. Notes		5.000			01/15/27	EUR	100		87,223
Provincia de Buenos Aires, Sr. Unsec’d. Notes		5.375			01/20/23	EUR	100		92,822
									618,616
Belgium    2.9%
Kingdom of Belgium Government Bond, Unsec’d. Notes		4.000			03/28/22	EUR	600		779,662
Brazil    1.3%
Brazil Letras do Tesouro Nacional, Bills		10.424	(s)		01/01/22	BRL	50		10,283
Brazilian Government International Bond, Sr. Unsec’d. Notes		2.875			04/01/21	EUR	300		351,421
									361,704
Bulgaria    0.5%
Bulgaria Government International Bond, Unsec’d. Notes, GMTN		3.125			03/26/35	EUR	115		138,069

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Canada    0.7%
Province of British Columbia, Unsec’d. Notes		7.875	%		11/30/23	CAD	200	$	184,703
Colombia    1.9%
Colombia Government International Bond, Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	400		509,690
Croatia    0.8%
Croatia Government International Bond, Sr. Unsec’d. Notes		2.700			06/15/28	EUR	200		227,480
Cyprus    2.3%
Cyprus Government International Bond, Sr. Unsec’d. Notes, EMTN		3.750			07/26/23	EUR	500		627,809
France    2.0%
French Republic Government Bond OAT, Bonds		2.750			10/25/27	EUR	400		539,320
Greece    3.8%
Hellenic Republic Government Bond,
Bonds		0.000	(cc)		10/15/42	EUR	6,000		20,388
Bonds		3.000	(cc)		02/24/23	EUR	50		56,129
Bonds		3.000	(cc)		02/24/24	EUR	75		83,594
Bonds		3.000	(cc)		02/24/25	EUR	85		93,103
Bonds		3.000	(cc)		02/24/26	EUR	95		103,830
Bonds		3.000	(cc)		02/24/27	EUR	195		210,463
Bonds		3.000	(cc)		02/24/28	EUR	60		63,967
Bonds		3.000	(cc)		02/24/29	EUR	50		52,682
Bonds		3.000	(cc)		02/24/31	EUR	140		143,447
Bonds		4.200			01/30/42	EUR	140		137,639
Hellenic Republic Government International Bond, Sr. Unsec’d. Notes		5.200			07/17/34	EUR	60		67,768
									1,033,010
Indonesia    1.5%
Indonesia Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.150			07/18/24	EUR	140		158,764
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	200		244,150
									402,914

See Notes to Financial Statements.

PGIM International Bond Fund 23

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ireland    0.7%
Ireland Government Bond, Bonds		2.400	%		05/15/30	EUR	150	$	192,385
Israel    0.4%
Israel Government International Bond, Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	100		114,741
Italy    7.5%
Italy Buoni Poliennali del Tesoro,
Bonds		2.050			08/01/27	EUR	140		144,398
Bonds		3.750			09/01/24	EUR	640		757,344
Sr. Unsec’d. Notes, 144A		4.750			09/01/28	EUR	455		575,701
Unsec’d. Notes		4.500			03/01/26	EUR	455		562,959
									2,040,402
Japan    0.2%
Japan Government Twenty Year Bond, Sr. Unsec’d. Notes		0.500			06/20/38	JPY	8,000		69,077
Lithuania    0.8%
Lithuania Government International Bond, Sr. Unsec’d. Notes		6.125			03/09/21		200		211,705
Mexico    0.8%
Mexico Government International Bond, Sr. Unsec’d. Notes, GMTN		1.625			03/06/24	EUR	185		210,294
Peru    1.0%
Peruvian Government International Bond, Sr. Unsec’d. Notes		3.750			03/01/30	EUR	200		268,036
Portugal    3.4%
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	560		744,265
Sr. Unsec’d. Notes, 144A		4.100			04/15/37	EUR	130		177,874
									922,139

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
SOVEREIGN BONDS (Continued)
Romania    0.8%
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500	%		02/08/30	EUR	100		$	106,129
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	100			112,301
										218,430
Senegal    0.4%
Senegal Government International Bond,
Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100			105,574
South Korea    1.3%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, EMTN		2.000			04/30/20	EUR	100			116,694
Sr. Unsec’d. Notes, EMTN^		4.460			09/26/19	NZD	200			132,180
Sr. Unsec’d. Notes, MTN		3.500			07/28/21	NZD	150			98,753
								��
										347,627
Spain    7.4%
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN		5.000			03/31/20	CAD	160			124,835
Gov’t. Gtd. Notes, GMTN		0.963			09/22/22	SEK	1,000			109,548
Spain Government Bond,
Bonds, 144A		5.150			10/31/28	EUR	120			180,952
Sr. Unsec’d. Notes, 144A		1.400			04/30/28	EUR	70			78,671
Sr. Unsec’d. Notes, 144A		1.450			10/31/27	EUR	265			300,697
Sr. Unsec’d. Notes, 144A		4.650			07/30/25	EUR	870			1,220,276
										2,014,979
Turkey    0.7%
Turkey Government Bond, Bonds		8.000			03/12/25	TRY	100			11,271
Turkey Government International Bond, Sr. Unsec’d. Notes		4.125			04/11/23	EUR	155			173,728
										184,999

See Notes to Financial Statements.

PGIM International Bond Fund 25

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
United Kingdom    5.2%
United Kingdom Gilt, Bonds(k)		4.250	%		03/07/36	GBP	800	$	1,404,435
TOTAL SOVEREIGN BONDS (cost $13,704,373)									13,727,800
U.S. GOVERNMENT AGENCY OBLIGATION    0.0%
Indonesia Government USAID Bond Gov’t. Gtd. Notes (cost $16,381)		8.900			06/01/21		15		16,414
U.S. TREASURY OBLIGATION    0.2%
U.S. Treasury Notes (cost $59,850)		2.875			10/31/23		60		59,688
TOTAL LONG-TERM INVESTMENTS (cost $23,463,206)									23,613,804
						Shares
SHORT-TERM INVESTMENTS    9.1%
AFFILIATED MUTUAL FUND    8.7%
PGIM Core Ultra Short Bond Fund (cost $2,346,703)(w)							2,346,703		2,346,703
OPTIONS PURCHASED*~    0.4% (cost $40,518)									109,677
TOTAL SHORT-TERM INVESTMENTS (cost $2,387,221)									2,456,380
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    96.1% (cost $25,850,427)									26,070,184
OPTIONS WRITTEN*~    (0.4)% (premiums received $34,624)									(102,843	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    95.7% (cost $25,815,803)									25,967,341
Other assets in excess of liabilities(z)    4.3%									1,162,070
NET ASSETS    100.0%								$	27,129,411

See Notes to Financial Statements.

26

The following abbreviations are used in the annual report:

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

A—Annual payment frequency for swaps

BBR—New Zealand Bank Bill Rate

BBSW—Australian Bank Bill Swap Reference Rate

BIBOR—Bangkok Interbank Offered Rate

BROIS—Brazil Overnight Index Swap

BUBOR—Budapest Interbank Offered Rate

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CLOIS—Sinacofi Chile Interbank Rate Average

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

COOIS—Colombia Overnight Interbank Reference Rate

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

M—Monthly payment frequency for swaps

MIBOR—Mumbai Interbank Offered Rate

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OAT—Obligations Assimilables du Tresor

OTC—Over-the-counter

PIK—Payment-in-Kind

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

S—Semiannual payment frequency for swaps

SAIBOR—Saudi Arabian Interbank Offered Rate

SIBOR—Singapore Interbank Offered Rate

STIBOR—Stockholm Interbank Offered Rate

T—Swap payment upon termination

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

COP—Colombian Peso

See Notes to Financial Statements.

PGIM International Bond Fund 27

Schedule of Investments (continued)

as of October 31, 2018

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

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—US Dollar

ZAR—South African Rand

* Non-income producing security.

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

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

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $130,758 and 0.5% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2018.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 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.

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

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—		355	$	333
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/13/21		0.11	%		—		345		324
2- Year 10 CMS Curve CAP	Call	Bank of America		08/16/21		0.15	%		—		860		793
2- Year 10 CMS Curve CAP	Call	Bank of America		08/20/21		0.15	%		—		1,710		4,909
2- Year 10 CMS Curve CAP	Call	Bank of America		09/13/21		0.14	%		—		1,700		1,830

See Notes to Financial Statements.

28

Options Purchased (continued):

OTC Traded

Description

Call/ Put

Counterparty

Expiration Date

Strike

Contracts

Notional Amount (000)#

Value

Currency Option EUR vs TRY

Call

Citibank NA

04/26/19

6.00

—

EUR

500

$

94,912

Currency Option USD vs BRL

Call

JPMorgan Chase

04/26/19

5.00

—

500

1,107

Total OTC Traded (cost $38,241)

$

104,208

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.31.V1, 12/20/23

Call

Deutsche Bank AG

03/20/19

$

107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

195

$

183

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$

107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

205

192

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$

106.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

180

407

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

Call

BNP Paribas

12/19/18

275.00

5.00%(Q)

iTraxx.XO. 29.V1(Q)

EUR

450

808

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

3,879

Total OTC Swaptions (cost $2,277)

$

5,469

Total Options Purchased (cost $40,518)

$

109,677

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option EUR vs TRY	Call	BNP Paribas		04/26/19		6.00		—	EUR	500	$	(94,913	)
Currency Option USD vs BRL	Call	Hong Kong & Shanghai Bank		04/26/19		5.00		—		500		(1,107	)
Lebanese Republic, 8.25%, 04/12/21^	Put	Deutsche Bank AG		04/08/19	$	66.00		—		80		(93	)
Total OTC Traded (premiums received $28,007)											$	(96,113	)

See Notes to Financial Statements.

PGIM International Bond Fund 29

Schedule of Investments (continued)

as of October 31, 2018

Options Written (continued):

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	$	(3,879	)
CDX.NA.HY.31.V1, 12/20/23	Put	Deutsche Bank AG		03/20/19	$	98.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		195		(1,173	)
CDX.NA.HY.31.V1, 12/20/23	Put	Bank of America		03/20/19	$	98.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		205		(1,234	)
iTraxx.XO.29.V1, 06/20/23	Put	BNP Paribas		12/19/18		400.00		5.00%(Q)	iTraxx.XO. 29.V1(Q) EUR 450				(444	)
Total OTC Swaptions (premiums received $6,617)												$	(6,730	)
Total Options Written (premiums received $34,624)												$	(102,843	)

Futures contracts outstanding at October 31, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	4	90 Day Euro Dollar		Dec. 2020	$	967,950	$	(2,575	)
	89	5 Year U.S. Treasury Notes		Dec. 2018		10,002,070		(71,875	)
	4	10 Year U.K. Gilt		Dec. 2018		625,858		588
	71	10 Year U.S. Treasury Notes		Dec. 2018		8,409,063		(58,133	)
	2	30 Year Euro Buxl		Dec. 2018		400,730		(498	)
	6	30 Year U.S. Ultra Treasury Bonds		Dec. 2018		895,313		(42,767	)
								(175,260	)
	Short Positions:
	4	90 Day Euro Dollar		Dec. 2021		968,300		1,950
	28	2 Year U.S. Treasury Notes		Dec. 2018		5,898,375		6,662
	27	5 Year Euro-Bobl		Dec. 2018		4,019,617		(736	)
	20	10 Year Euro-Bund		Dec. 2018		3,630,350		7,011
	1	20 Year U.S. Treasury Bonds		Dec. 2018		138,125		—
	45	Euro Schatz. DUA Index		Dec. 2018		5,707,251		(1,784	)
								13,103
							$	(162,157	)

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at October 31, 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 11/30/18	BNP Paribas	ARS	470	$	12,301	$	12,614	$	313	$	—
Expiring 11/30/18	BNP Paribas	ARS	468		12,274		12,554		280		—
Australian Dollar,
Expiring 01/18/19	Toronto Dominion	AUD	143		102,000		101,427		—		(573	)
Expiring 01/18/19	Toronto Dominion	AUD	98		70,000		69,489		—		(511	)
Brazilian Real,
Expiring 02/25/19	Citibank NA	BRL	429		126,998		114,133		—		(12,865	)
Expiring 04/30/19	JPMorgan Chase	BRL	98		28,206		25,953		—		(2,253	)
Expiring 04/30/19	JPMorgan Chase	BRL	95		28,000		25,222		—		(2,778	)
British Pound,
Expiring 01/25/19	Toronto Dominion	GBP	55		71,000		70,868		—		(132	)
Canadian Dollar,
Expiring 01/18/19	Citibank NA	CAD	161		123,900		122,787		—		(1,113	)
Expiring 01/18/19	Goldman Sachs International	CAD	151		115,400		114,856		—		(544	)
Expiring 01/18/19	Toronto Dominion	CAD	130		99,000		98,619		—		(381	)
Expiring 01/18/19	Toronto Dominion	CAD	120		92,000		91,573		—		(427	)
Chilean Peso,
Expiring 12/19/18	JPMorgan Chase	CLP	63,610		95,250		91,463		—		(3,787	)
Colombian Peso,
Expiring 12/14/18	Citibank NA	COP	203,598		64,450		63,117		—		(1,333	)
Expiring 12/14/18	JPMorgan Chase	COP	200,389		62,634		62,122		—		(512	)
Czech Koruna,
Expiring 01/25/19	UBS AG	CZK	2,054		92,000		90,441		—		(1,559	)
Euro,
Expiring 01/25/19	Deutsche Bank AG	EUR	44		51,090		50,829		—		(261	)
Expiring 02/25/19	Citibank NA	EUR	25		29,615		28,629		—		(986	)
Expiring 04/30/19	Citibank NA	EUR	23		29,590		26,485		—		(3,105	)
Indian Rupee,
Expiring 01/11/19	Goldman Sachs International	INR	7,042		94,011		94,413		402		—
Expiring 01/11/19	Goldman Sachs International	INR	6,732		90,375		90,259		—		(116	)
Expiring 01/11/19	JPMorgan Chase	INR	26,212		351,882		351,406		—		(476	)
Expiring 01/11/19	JPMorgan Chase	INR	21,127		280,853		283,240		2,387		—
Indonesian Rupiah,
Expiring 12/19/18	Barclays Bank PLC	IDR	4,821,132		316,237		315,016		—		(1,221	)
Expiring 12/19/18	Barclays Bank PLC	IDR	3,404,961		224,958		222,483		—		(2,475	)
Expiring 12/19/18	Barclays Bank PLC	IDR	1,532,200		100,000		100,115		115		—
Expiring 12/19/18	JPMorgan Chase	IDR	2,805,245		184,749		183,297		—		(1,452	)
Expiring 12/19/18	JPMorgan Chase	IDR	640,689		41,999		41,863		—		(136	)

See Notes to Financial Statements.

PGIM International Bond Fund 31

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Israeli Shekel,
Expiring 01/28/19	Barclays Bank PLC	ILS	140	$	37,900	$	37,895	$	—	$	(5	)
Japanese Yen,
Expiring 01/25/19	Toronto Dominion	JPY	8,394		75,000		74,978		—		(22	)
Expiring 01/25/19	UBS AG	JPY	1,033		9,255		9,231		—		(24	)
Malaysian Ringgit,
Expiring 12/05/18	Barclays Bank PLC	MYR	384		92,921		91,810		—		(1,111	)
Mexican Peso,
Expiring 01/29/19	UBS AG	MXN	2,075		105,000		100,633		—		(4,367	)
Expiring 01/29/19	UBS AG	MXN	1,879		95,000		91,111		—		(3,889	)
New Taiwanese Dollar,
Expiring 01/11/19	Citibank NA	TWD	2,365		77,000		76,886		—		(114	)
Expiring 01/11/19	JPMorgan Chase	TWD	2,488		81,000		80,893		—		(107	)
Expiring 01/11/19	JPMorgan Chase	TWD	2,412		78,000		78,427		427		—
Expiring 01/11/19	Morgan Stanley	TWD	2,967		96,000		96,472		472		—
New Zealand Dollar,
Expiring 01/18/19	Toronto Dominion	NZD	127		84,000		83,108		—		(892	)
Expiring 01/18/19	UBS AG	NZD	119		78,000		77,528		—		(472	)
Norwegian Krone,
Expiring 01/25/19	Bank of America	NOK	1,318		160,403		157,023		—		(3,380	)
Peruvian Nuevo Sol,
Expiring 12/19/18	Barclays Bank PLC	PEN	126		37,800		37,376		—		(424	)
Expiring 12/19/18	BNP Paribas	PEN	1,048		316,801		310,186		—		(6,615	)
Expiring 12/19/18	Citibank NA	PEN	601		180,497		177,904		—		(2,593	)
Expiring 12/19/18	JPMorgan Chase	PEN	308		92,670		91,053		—		(1,617	)
Expiring 12/19/18	JPMorgan Chase	PEN	306		92,462		90,715		—		(1,747	)
Expiring 12/19/18	UBS AG	PEN	244		73,000		72,243		—		(757	)
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	5,351		98,000		99,711		1,711		—
Expiring 12/14/18	Barclays Bank PLC	PHP	4,145		76,000		77,238		1,238		—
Expiring 12/14/18	Barclays Bank PLC	PHP	3,767		69,000		70,188		1,188		—
Expiring 12/14/18	Barclays Bank PLC	PHP	3,757		69,000		70,015		1,015		—
Expiring 12/14/18	Citibank NA	PHP	3,957		73,000		73,727		727		—
Expiring 12/14/18	JPMorgan Chase	PHP	4,888		90,000		91,081		1,081		—
Expiring 12/14/18	JPMorgan Chase	PHP	3,942		73,000		73,455		455		—
Expiring 12/14/18	JPMorgan Chase	PHP	2,025		37,900		37,729		—		(171	)
Expiring 12/14/18	Morgan Stanley	PHP	7,061		130,000		131,566		1,566		—
Expiring 12/14/18	Morgan Stanley	PHP	6,863		126,000		127,888		1,888		—
Expiring 12/14/18	Morgan Stanley	PHP	4,934		90,000		91,936		1,936		—
Russian Ruble,
Expiring 12/19/18	Barclays Bank PLC	RUB	5,868		89,000		88,525		—		(475	)
Expiring 12/19/18	Barclays Bank PLC	RUB	4,834		72,000		72,929		929		—

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at October 31, 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.):
Singapore Dollar,
Expiring 11/09/18	Citibank NA	SGD	126	$	92,000	$	90,709	$	—	$	(1,291	)
Expiring 11/09/18	Deutsche Bank AG	SGD	207		151,000		149,367		—		(1,633	)
Expiring 11/09/18	JPMorgan Chase	SGD	110		81,000		79,590		—		(1,410	)
Expiring 11/09/18	UBS AG	SGD	138		101,000		99,476		—		(1,524	)
Expiring 11/09/18	UBS AG	SGD	128		94,000		92,663		—		(1,337	)
South African Rand,
Expiring 12/07/18	Deutsche Bank AG	ZAR	1,234		84,000		83,260		—		(740	)
Expiring 12/07/18	UBS AG	ZAR	1,222		85,000		82,421		—		(2,579	)
Expiring 12/07/18	UBS AG	ZAR	1,110		77,000		74,872		—		(2,128	)
South Korean Won,
Expiring 01/16/19	JPMorgan Chase	KRW	109,895		97,399		96,706		—		(693	)
Swiss Franc,
Expiring 01/25/19	Toronto Dominion	CHF	72		73,000		72,125		—		(875	)
Thai Baht,
Expiring 11/09/18	Citibank NA	THB	4,058		124,000		122,434		—		(1,566	)
Expiring 11/09/18	Citibank NA	THB	3,964		122,780		119,592		—		(3,188	)
Expiring 11/09/18	Citibank NA	THB	3,730		115,000		112,547		—		(2,453	)
Expiring 11/09/18	Citibank NA	THB	3,598		110,000		108,556		—		(1,444	)
Expiring 11/09/18	Citibank NA	THB	3,069		95,000		92,608		—		(2,392	)
Expiring 11/09/18	Citibank NA	THB	3,004		91,000		90,649		—		(351	)
Expiring 11/09/18	Citibank NA	THB	2,217		68,000		66,896		—		(1,104	)
Turkish Lira,
Expiring 12/07/18	Barclays Bank PLC	TRY	485		84,000		84,752		752		—
Expiring 12/07/18	JPMorgan Chase	TRY	383		61,271		66,947		5,676		—
Expiring 12/07/18	Morgan Stanley	TRY	452		70,000		78,960		8,960		—
Expiring 12/07/18	Toronto Dominion	TRY	484		76,000		84,542		8,542		—
				$	7,898,831	$	7,846,405		42,060		(94,486	)

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/18/19	Bank of America	AUD	86	$	61,235	$	61,290	$	—	$	(55	)
Expiring 01/18/19	Morgan Stanley	AUD	119		84,000		84,048		—		(48	)
Expiring 01/18/19	Toronto Dominion	AUD	308		219,322		218,445		877		—
Brazilian Real,
Expiring 12/04/18	Goldman Sachs International	BRL	376		92,670		100,809		—		(8,139	)

See Notes to Financial Statements.

PGIM International Bond Fund 33

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 12/04/18	Goldman Sachs International	BRL	157	$	42,114	$	41,959	$	155	$	—
Expiring 12/04/18	JPMorgan Chase	BRL	224		60,094		60,114		—		(20	)
Expiring 02/25/19	Citibank NA	BRL	116		29,520		30,862		—		(1,342	)
Expiring 04/30/19	Hong Kong & Shanghai Bank	BRL	211		58,000		55,770		2,230		—
British Pound,
Expiring 12/19/18	Bank of America	GBP	2,798		3,627,745		3,586,278		41,467		—
Expiring 01/25/19	UBS AG	GBP	23		30,133		30,153		—		(20	)
Canadian Dollar,
Expiring 01/18/19	Deutsche Bank AG	CAD	474		364,101		360,881		3,220		—
Expiring 01/18/19	Goldman Sachs International	CAD	159		122,166		120,660		1,506		—
Expiring 01/18/19	Toronto Dominion	CAD	104		80,000		78,997		1,003		—
Chilean Peso,
Expiring 12/19/18	BNP Paribas	CLP	300,830		447,117		432,555		14,562		—
Chinese Renminbi,
Expiring 01/28/19	Deutsche Bank AG	CNH	1,228		176,000		175,254		746		—
Expiring 01/28/19	Morgan Stanley	CNH	5,332		764,439		760,845		3,594		—
Colombian Peso,
Expiring 12/14/18	Barclays Bank PLC	COP	250,628		83,000		77,697		5,303		—
Expiring 12/14/18	Barclays Bank PLC	COP	228,629		76,000		70,877		5,123		—
Expiring 12/14/18	Citibank NA	COP	582,746		186,703		180,656		6,047		—
Czech Koruna,
Expiring 01/25/19	Citibank NA	CZK	6,311		280,490		277,821		2,669		—
Expiring 01/25/19	Deutsche Bank AG	CZK	6,311		282,171		277,821		4,350		—
Euro,
Expiring 12/19/18	UBS AG	EUR	16,374		18,727,129		18,631,151		95,978		—
Expiring 01/25/19	Morgan Stanley	EUR	100		114,857		114,206		651		—
Expiring 01/25/19	Toronto Dominion	EUR	70		80,000		79,583		417		—
Expiring 01/25/19	Toronto Dominion	EUR	62		71,000		71,018		—		(18	)
Expiring 01/25/19	UBS AG	EUR	33		37,800		37,720		80		—
Expiring 01/25/19	UBS AG	EUR	13		15,262		15,264		—		(2	)
Expiring 02/25/19	Citibank NA	EUR	100		126,865		114,515		12,350		—
Hungarian Forint,
Expiring 01/25/19	JPMorgan Chase	HUF	58,619		211,354		206,059		5,295		—
Expiring 01/25/19	Toronto Dominion	HUF	79,740		285,920		280,304		5,616		—
Expiring 01/25/19	Toronto Dominion	HUF	39,275		141,063		138,059		3,004		—
Expiring 01/25/19	UBS AG	HUF	22,641		80,000		79,588		412		—
Indian Rupee,
Expiring 01/11/19	JPMorgan Chase	INR	5,565		75,000		74,603		397		—
Expiring 01/11/19	JPMorgan Chase	INR	5,038		68,000		67,543		457		—

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 01/11/19	JPMorgan Chase	INR	2,832	$	37,900	$	37,965	$	—	$	(65	)
Indonesian Rupiah,
Expiring 12/19/18	Barclays Bank PLC	IDR	2,394,054		156,000		156,429		—		(429	)
Expiring 12/19/18	Barclays Bank PLC	IDR	1,480,241		98,000		96,720		1,280		—
Expiring 12/19/18	Barclays Bank PLC	IDR	1,426,417		94,000		93,203		797		—
Expiring 12/19/18	JPMorgan Chase	IDR	1,801,987		119,000		117,743		1,257		—
Expiring 12/19/18	JPMorgan Chase	IDR	1,736,245		113,000		113,448		—		(448	)
Expiring 12/19/18	JPMorgan Chase	IDR	1,702,252		113,000		111,226		1,774		—
Expiring 12/19/18	JPMorgan Chase	IDR	1,631,210		108,000		106,584		1,416		—
Expiring 12/19/18	JPMorgan Chase	IDR	1,625,223		107,000		106,193		807		—
Expiring 12/19/18	JPMorgan Chase	IDR	1,128,150		75,000		73,714		1,286		—
Expiring 12/19/18	JPMorgan Chase	IDR	847,741		55,975		55,392		583		—
Expiring 12/19/18	JPMorgan Chase	IDR	660,850		43,025		43,180		—		(155	)
Expiring 12/19/18	JPMorgan Chase	IDR	201,984		13,372		13,198		174		—
Expiring 12/19/18	Morgan Stanley	IDR	929,690		61,305		60,747		558		—
Israeli Shekel,
Expiring 01/28/19	Citibank NA	ILS	871		237,763		235,832		1,931		—
Japanese Yen,
Expiring 01/25/19	UBS AG	JPY	4,035		36,017		36,041		—		(24	)
Mexican Peso,
Expiring 12/19/18	JPMorgan Chase	MXN	1,606		84,000		78,426		5,574		—
Expiring 12/19/18	JPMorgan Chase	MXN	547		28,510		26,725		1,785		—
Expiring 12/19/18	UBS AG	MXN	4,321		228,115		210,956		17,159		—
Expiring 01/29/19	UBS AG	MXN	1,859		95,000		90,137		4,863		—
New Taiwanese Dollar,
Expiring 01/11/19	JPMorgan Chase	TWD	2,401		78,000		78,062		—		(62	)
Expiring 01/11/19	UBS AG	TWD	4,532		148,935		147,358		1,577		—
New Zealand Dollar,
Expiring 01/18/19	Toronto Dominion	NZD	376		244,752		245,515		—		(763	)
Expiring 01/18/19	Toronto Dominion	NZD	106		69,000		68,969		31		—
Peruvian Nuevo Sol,
Expiring 12/19/18	JPMorgan Chase	PEN	273		82,000		80,779		1,221		—
Expiring 12/19/18	Morgan Stanley	PEN	236		71,000		69,728		1,272		—
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	4,000		73,800		74,535		—		(735	)
Expiring 12/14/18	JPMorgan Chase	PHP	7,275		133,000		135,571		—		(2,571	)
Expiring 12/14/18	JPMorgan Chase	PHP	3,838		71,000		71,521		—		(521	)
Expiring 12/14/18	JPMorgan Chase	PHP	3,675		68,000		68,481		—		(481	)
Expiring 12/14/18	JPMorgan Chase	PHP	3,557		66,200		66,286		—		(86	)
Expiring 12/14/18	Morgan Stanley	PHP	6,028		110,437		112,329		—		(1,892	)

See Notes to Financial Statements.

PGIM International Bond Fund 35

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Polish Zloty,
Expiring 01/25/19	Goldman Sachs International	PLN	1,814	$	485,963	$	473,943	$	12,020	$	—
Russian Ruble,
Expiring 12/19/18	JPMorgan Chase	RUB	9,341		139,049		140,915		—		(1,866	)
Expiring 12/19/18	JPMorgan Chase	RUB	3,513		52,054		53,003		—		(949	)
Singapore Dollar,
Expiring 11/09/18	Citibank NA	SGD	269		197,154		194,554		2,600		—
Expiring 11/09/18	Citibank NA	SGD	101		74,032		72,957		1,075		—
Expiring 11/09/18	Deutsche Bank AG	SGD	111		80,000		79,988		12		—
Expiring 11/09/18	Deutsche Bank AG	SGD	108		78,000		78,034		—		(34	)
Expiring 11/09/18	JPMorgan Chase	SGD	149		109,000		107,849		1,151		—
Expiring 11/09/18	UBS AG	SGD	120		87,000		86,833		167		—
South African Rand,
Expiring 11/09/18	Citibank NA	ZAR	1,090		75,767		73,790		1,977		—
Expiring 12/07/18	Barclays Bank PLC	ZAR	2,297		150,205		154,974		—		(4,769	)
Expiring 12/07/18	Barclays Bank PLC	ZAR	2,297		150,205		154,974		—		(4,769	)
Expiring 12/07/18	Citibank NA	ZAR	877		61,436		59,168		2,268		—
Expiring 12/07/18	Citibank NA	ZAR	674		46,797		45,443		1,354		—
Expiring 12/07/18	Citibank NA	ZAR	424		29,198		28,594		604		—
Expiring 12/07/18	Citibank NA	ZAR	290		19,929		19,554		375		—
Expiring 12/07/18	Goldman Sachs International	ZAR	755		48,804		50,942		—		(2,138	)
Expiring 12/07/18	JPMorgan Chase	ZAR	1,137		73,000		76,689		—		(3,689	)
Expiring 12/07/18	JPMorgan Chase	ZAR	738		49,119		49,803		—		(684	)
South Korean Won,
Expiring 01/16/19	Barclays Bank PLC	KRW	144,514		127,212		127,170		42		—
Expiring 01/16/19	Barclays Bank PLC	KRW	68,771		61,271		60,517		754		—
Expiring 01/16/19	JPMorgan Chase	KRW	102,362		90,000		90,076		—		(76	)
Expiring 01/16/19	JPMorgan Chase	KRW	100,944		90,000		88,829		1,171		—
Expiring 01/16/19	Morgan Stanley	KRW	107,759		95,000		94,826		174		—
Swedish Krona,
Expiring 01/25/19	Goldman Sachs International	SEK	2,738		307,098		301,818		5,280		—
Swiss Franc,
Expiring 01/25/19	BNP Paribas	CHF	473		478,113		473,577		4,536		—
Expiring 01/25/19	Toronto Dominion	CHF	473		478,573		473,577		4,996		—
Expiring 01/25/19	Toronto Dominion	CHF	87		87,000		86,950		50		—
Thai Baht,
Expiring 11/09/18	Citibank NA	THB	2,597		78,000		78,347		—		(347	)
Expiring 11/09/18	Citibank NA	THB	2,551		77,000		76,982		18		—
Turkish Lira,
Expiring 12/07/18	Citibank NA	TRY	83		12,316		14,564		—		(2,248	)

See Notes to Financial Statements.

36

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 12/07/18	JPMorgan Chase	TRY	298	$	51,200	$	52,065	$	—	$	(865	)
Expiring 12/07/18	JPMorgan Chase	TRY	72		12,360		12,575		—		(215	)
Expiring 04/30/19	BNP Paribas	TRY	108		24,932		17,395		7,537		—
Expiring 04/30/19	BNP Paribas	TRY	23		5,330		3,720		1,610		—
Expiring 04/30/19	Morgan Stanley	TRY	75		16,325		12,100		4,225		—
				$	34,419,818	$	34,143,493		316,850		(40,525	)
								$	358,910	$	(135,011	)

Cross currency exchange contracts outstanding at October 31, 2018:

Settlement	Type	Notional Amount (000)		In Exchange For (000)			Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
01/25/19	Buy	CHF	80		EUR	70	$	—	$	(34	)	Toronto Dominion
04/30/19	Buy	EUR	107		TRY	520		39,691		—		BNP Paribas
04/30/19	Buy	TRY	725		EUR	130		—		(33,158	)	Citibank NA
							$	39,691	$	(33,192	)

Credit default swap agreements outstanding at October 31, 2018:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Assicurazioni Generali SpA		06/20/23		1.000%(Q)	EUR	100	$	7,067		$	6,597		$	470		Barclays Bank PLC
Kingdom of Spain		06/20/23		1.000%(Q)		100		(2,146	)		(2,474	)		328		Bank of America
Republic of Argentina		03/20/19		5.000%(Q)		200		(2,852	)		(1,119	)		(1,733	)	Hong Kong & Shanghai Bank
Republic of Italy		06/20/23		1.000%(Q)		230		5,096			3,309			1,787		Citibank NA
Republic of Italy		06/20/23		1.000%(Q)	EUR	210		12,026			3,023			9,003		Barclays Bank PLC
Republic of Italy		06/20/28		1.000%(Q)	EUR	105		13,594			6,523			7,071		Barclays Bank PLC
Republic of Turkey		06/20/19		1.000%(Q)		80		927			2,315			(1,388	)	BNP Paribas
Republic of Turkey		06/20/19		1.000%(Q)		40		463			932			(469	)	BNP Paribas
							$	34,175		$	19,106		$	15,069

See Notes to Financial Statements.

PGIM International Bond Fund 37

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Arab Republic of Egypt		06/20/19		1.000%(Q)		70		1.882	%	$	(308	)	$	(209	)	$	(99	)	Citibank NA
Generalitat de Cataluna		12/20/22		1.000%(Q)		110		2.520	%		(5,936	)		(16,415	)		10,479		Citibank NA
Kingdom of Spain		06/20/23		1.000%(Q)		100		0.773	%		1,085			1,515			(430	)	Bank of America
Kingdom of Spain		06/20/23		1.000%(Q)		830		0.773	%		9,001			8,739			262		Bank of America
Republic of Hungary		06/20/22		1.000%(Q)		450		0.580	%		7,039			(2,888	)		9,927		Citibank NA
Republic of Indonesia		06/20/23		1.000%(Q)		220		1.440	%		(3,805	)		(1,391	)		(2,414	)	Citibank NA
Republic of Ireland		06/20/27		1.000%(Q)		100		0.056	%		3,392			2,524			868		Morgan Stanley
Republic of Italy		06/20/23		1.000%(Q)		350		2.605	%		(22,099	)		(19,820	)		(2,279	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		230		2.605	%		(14,522	)		(12,007	)		(2,515	)	Citibank NA
Republic of Italy		06/20/23		1.000%(Q)		375		2.605	%		(23,678	)		(15,251	)		(8,427	)	Morgan Stanley
Republic of Kazakhstan		06/20/23		1.000%(Q)		115		0.688	%		1,681			—			1,681		Citibank NA
Republic of Panama		06/20/22		1.000%(Q)		100		0.443	%		2,039			852			1,187		Citibank NA
Republic of Portugal		06/20/23		1.000%(Q)		640		0.927	%		2,723			(2,428	)		5,151		Goldman Sachs International
Republic of Portugal		12/20/23		1.000%(Q)		100		0.993	%		149			(57	)		206		Morgan Stanley
Republic of Turkey		06/20/23		1.000%(Q)		40		3.775	%		(4,311	)		(5,231	)		920		BNP Paribas
Republic of Turkey		06/20/23		1.000%(Q)		80		3.775	%		(8,623	)		(10,983	)		2,360		BNP Paribas
Russian Federation		12/20/22		1.000%(Q)		50		1.272	%		(460	)		(125	)		(335	)	Citibank NA
Russian Federation		06/20/23		1.000%(Q)		60		1.380	%		(892	)		(1,176	)		284		BNP Paribas
Russian Federation		06/20/23		1.000%(Q)		150		1.380	%		(2,229	)		(2,497	)		268		Morgan Stanley
Russian Federation		06/20/23		1.000%(Q)		200		1.380	%		(2,972	)		(3,983	)		1,011		Morgan Stanley
Russian Federation		12/20/26		1.000%(Q)		100		1.857	%		(5,637	)		(10,974	)		5,337		Barclays Bank PLC

See Notes to Financial Statements.

38

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
State of Illinois		12/20/22		1.000%(Q)		100		1.562	%	$	(1,971	)	$	(4,071	)	$	2,100	Citibank NA
State of Illinois		12/20/24		1.000%(Q)		100		2.095	%		(5,414	)		(6,999	)		1,585	Goldman Sachs International
										$	(75,748	)	$	(102,875	)	$	27,127

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date			Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Buy Protection(1):
CDX.NA.IG.30.V1		06/20/28		1.000%(Q)		238	$	716		$	1,802		$	1,086
CDX.NA.IG.31.V1		12/20/23		1.000%(Q)		2,000		(37,566	)		(31,817	)		5,749
iTraxx.EUR.28.V1		12/20/27		1.000%(Q)	EUR	204		(682	)		573			1,255
							$	(37,532	)	$	(29,442	)	$	8,090

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Value at Trade Date		Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices—Sell Protection(2):
CDX.NA.HY.30.V1		06/20/23		5.000%(Q)		67		3.457	%	$	4,939	$	4,412	$	(527	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.EM.27.V2		06/20/22		1.000%(Q)		485		1.611	%	$	(9,345	)	$	(20,957	)	$	11,612	Citibank NA
CMBX.NA.6.AA		05/11/63		1.500%(M)		200		*			1,687			(1,136	)		2,823	JPMorgan Securities
										$	(7,658	)	$	(22,093	)	$	14,435

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.

See Notes to Financial Statements.

PGIM International Bond Fund 39

Schedule of Investments (continued)

as of October 31, 2018

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

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

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

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

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Forward rate agreements outstanding at October 31, 2018:    

Notional Amount (000)#	Termination Date		Fixed Rate		Floating Rate		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Forward Rate Agreements^:
275		07/16/19		2.180%(T)		CM MUNI 5 Year(1)(T)	$	3,861		$	—	$	3,861		Citigroup Global Markets
275		07/16/19		3.145%(T)		CM MUNI 30 Year(2)(T)		(5,190	)		—		(5,190	)	Citigroup Global Markets
							$	(1,329	)	$	—	$	(1,329	)

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

See Notes to Financial Statements.

40

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

Inflation swap agreements outstanding at October 31, 2018:    

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR	90		08/15/22		1.240%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)	$	—	$	(1,490	)	$	(1,490	)
EUR	310		09/15/22		1.260%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(4,897	)		(4,897	)
EUR	325		03/15/23		1.345%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(2,964	)		(2,964	)
EUR	200		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)		—		(595	)		(595	)
EUR	200		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		(168	)		(168	)
EUR	45		08/15/27		1.415%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		785			785
EUR	150		09/15/27		1.438%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		2,317			2,317
EUR	160		03/15/28		1.512%(T)	Eurostat Eurozone HICP ex Tobacco(1)(T)		—		1,042			1,042
GBP	20		08/15/42		3.520%(T)	U.K. Retail Price Index(2)(T)		—		(1,060	)		(1,060	)
GBP	15		08/15/47		3.469%(T)	U.K. Retail Price Index(1)(T)		—		1,227			1,227
GBP	5		10/15/47		3.535%(T)	U.K. Retail Price Index(2)(T)		—		(122	)		(122	)
GBP	5		10/15/57		3.418%(T)	U.K. Retail Price Index(1)(T)		—		332			332
							$	—	$	(5,593	)	$	(5,593	)

(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 October 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	560		09/25/22	2.958%(S)	6 Month BBSW(2)(S)	$	—		$	3,359		$	3,359
AUD	1,000		06/21/23	2.532%(S)	6 Month BBSW(1)(S)		(1,508	)		(4,613	)		(3,105	)
AUD	150		05/09/32	3.140%(S)	6 Month BBSW(2)(S)		(4	)		2,719			2,723
AUD	165		07/19/32	3.130%(S)	6 Month BBSW(2)(S)		(5	)		2,555			2,560
BRL	657		01/02/25	9.475%(T)	1 Day BROIS(2)(T)		—			907			907
BRL	724		01/02/25	9.943%(T)	1 Day BROIS(2)(T)		—			9,348			9,348
BRL	305		01/02/25	11.080%(T)	1 Day BROIS(2)(T)		—			8,571			8,571
BRL	98		01/02/25	12.090%(T)	1 Day BROIS(2)(T)		—			4,291			4,291
BRL	196		01/04/27	12.040%(T)	1 Day BROIS(2)(T)		—			9,862			9,862

See Notes to Financial Statements.

PGIM International Bond Fund 41

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CAD	3,500		12/22/18	1.178%(S)	3 Month Canadian Banker’s Acceptance(2)(S)	$	—		$	(8,268	)	$	(8,268	)
CAD	195		06/20/19	1.265%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		—			(1,275	)		(1,275	)
CAD	2,935		07/26/19	1.605%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(2,306	)		(15,064	)		(12,758	)
CAD	615		01/09/20	1.716%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(667	)		(4,686	)		(4,019	)
CAD	330		04/05/22	1.445%(S)	3 Month Canadian Banker’s Acceptance(1)(S)		3			10,890			10,887
CAD	110		05/30/37	2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(82	)		(9,716	)		(9,634	)
CAD	50		01/09/38	2.720%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		—			(1,706	)		(1,706	)
CAD	150		05/30/47	2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(8,007	)		(17,113	)		(9,106	)
CAD	40		01/09/48	2.640%(S)	3 Month Canadian Banker’s Acceptance(1)(S)		—			2,125			2,125
CHF	80		04/03/28	0.410%(A)	6 Month CHF LIBOR(2)(S)		—			(36	)		(36	)
CHF	40		04/03/33	0.687%(A)	6 Month CHF LIBOR(2)(S)		—			(354	)		(354	)
CHF	160		10/05/37	—(3)	—(3)		—			302			302
COP	559,000		07/27/28	6.200%(Q)	1 Day COOIS(2)(Q)		330			(3,954	)		(4,284	)
CZK	6,000		11/17/22	1.505%(A)	6 Month PRIBOR(2)(S)		(16	)		(7,695	)		(7,679	)
EUR	9,950		08/11/19	(0.238)%(A)	3 Month EURIBOR(2)(Q)		1,544			8,346			6,802
EUR	624		09/08/19	(0.195)%(A)	6 Month EURIBOR(2)(S)		—			681			681
EUR	1,165		05/11/22	0.156%(A)	6 Month EURIBOR(1)(S)		(1,093	)		(2,566	)		(1,473	)
EUR	500		09/08/22	0.140%(A)	6 Month EURIBOR(1)(S)		—			640			640

See Notes to Financial Statements.

42

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	960		05/11/23	0.390%(A)	6 Month EURIBOR(1)(S)	$	(2,371	)	$	(7,494	)	$	(5,123	)
EUR	390		05/15/23	0.221%(A)	6 Month EURIBOR(2)(S)		—			(1,066	)		(1,066	)
EUR	500		05/15/23	0.266%(A)	6 Month EURIBOR(2)(S)		—			(170	)		(170	)
EUR	510		08/15/23	0.390%(A)	6 Month EURIBOR(2)(S)		(678	)		1,539			2,217
EUR	127		09/08/27	0.770%(A)	6 Month EURIBOR(2)(S)		—			(695	)		(695	)
EUR	1,335		06/28/32	0.785%(A)	6 Month EURIBOR(2)(S)		(89,832	)		(82,169	)		7,663
EUR	160		10/04/32	2.000%(A)	1 Day EONIA(2)(A)		—			934			934
EUR	160		10/04/32	2.080%(A)	3 Month EURIBOR(1)(Q)		—			(1,023	)		(1,023	)
EUR	305		10/30/32	1.302%(A)	6 Month EURIBOR(2)(S)		—			2,478			2,478
EUR	50		05/11/33	1.000%(A)	6 Month EURIBOR(2)(S)		(2,308	)		(1,872	)		436
EUR	550		08/24/37	1.960%(A)	1 Day EONIA(2)(A)		—			2,693			2,693
EUR	550		08/24/37	2.033%(A)	3 Month EURIBOR(1)(Q)		(137	)		(3,377	)		(3,240	)
EUR	170		10/25/37	2.085%(A)	3 Month EURIBOR(2)(Q)		—			1,363			1,363
EUR	170		10/25/37	2.114%(A)	6 Month EURIBOR(1)(S)		—			(1,226	)		(1,226	)
EUR	45		12/05/47	1.442%(A)	6 Month EURIBOR(1)(S)		—			99			99
EUR	160		01/26/48	1.853%(A)	3 Month EURIBOR(2)(Q)		—			1,355			1,355
EUR	160		01/26/48	1.863%(A)	6 Month EURIBOR(1)(S)		—			(1,180	)		(1,180	)
EUR	100		03/19/48	1.650%(A)	3 Month EURIBOR(2)(Q)		—			(26	)		(26	)
EUR	100		03/19/48	1.658%(A)	6 Month EURIBOR(1)(S)		—			78			78
GBP	280		10/24/23	1.365%(S)	6 Month GBP LIBOR(1)(S)		111			204			93
GBP	320		02/27/32	1.374%(S)	6 Month GBP LIBOR(2)(S)		(1,845	)		(14,370	)		(12,525	)
GBP	125		05/08/32	1.323%(S)	6 Month GBP LIBOR(2)(S)		(4,423	)		(6,476	)		(2,053	)

See Notes to Financial Statements.

PGIM International Bond Fund 43

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
GBP	40		10/30/32	1.633%(S)	6 Month GBP LIBOR(2)(S)	$	730		$	(293	)	$	(1,023	)
GBP	165		12/13/46	1.615%(S)	6 Month GBP LIBOR(1)(S)		(8,280	)		3,855			12,135
GBP	25		10/30/47	1.680%(S)	6 Month GBP LIBOR(1)(S)		(920	)		194			1,114
HUF	177,300		07/02/20	1.065%(A)	6 Month BUBOR(2)(S)		(301	)		2,208			2,509
HUF	95,000		01/12/27	4.150%(A)	6 Month BUBOR(2)(S)		—			4,306			4,306
HUF	99,345		06/12/28	3.750%(A)	6 Month BUBOR(2)(S)		—			(5,933	)		(5,933	)
INR	7,000		12/05/22	6.550%(S)	1 Day MIBOR(2)(S)		(2	)		(2,026	)		(2,024	)
INR	10,000		05/09/23	6.820%(S)	1 Day MIBOR(2)(S)		(28	)		2,677			2,705
INR	6,000		05/16/23	7.020%(S)	1 Day MIBOR(2)(S)		(17	)		(320	)		(303	)
JPY	27,000		01/04/23	0.115%(S)	6 Month JPY LIBOR(2)(S)		—			184			184
JPY	71,000		05/11/23	0.130%(S)	6 Month JPY LIBOR(1)(S)		(112	)		(743	)		(631	)
JPY	301,250		12/20/24	0.126%(S)	6 Month JPY LIBOR(2)(S)		(6,292	)		(6,212	)		80
JPY	16,500		07/04/28	0.282%(S)	6 Month JPY LIBOR(2)(S)		—			(474	)		(474	)
JPY	180,000		12/22/36	0.641%(S)	6 Month JPY LIBOR(2)(S)		—			(13,550	)		(13,550	)
JPY	18,500		02/28/37	0.681%(S)	6 Month JPY LIBOR(2)(S)		—			(621	)		(621	)
JPY	95,000		07/26/37	0.676%(S)	6 Month JPY LIBOR(2)(S)		—			(5,797	)		(5,797	)
JPY	9,150		01/04/38	0.757%(S)	6 Month JPY LIBOR(2)(S)		—			462			462
JPY	45,000		12/22/41	0.731%(S)	6 Month JPY LIBOR(2)(S)		—			(9,162	)		(9,162	)
JPY	6,200		04/07/42	0.803%(S)	6 Month JPY LIBOR(2)(S)		—			(602	)		(602	)
JPY	7,400		07/04/43	0.763%(S)	6 Month JPY LIBOR(2)(S)		—			(1,620	)		(1,620	)
JPY	25,000		11/24/47	0.888%(S)	6 Month JPY LIBOR(2)(S)		—			(2,852	)		(2,852	)
MXN	2,080		06/11/27	7.210%(M)	28 Day Mexican Interbank Rate(2)(M)		506			(11,348	)		(11,854	)

See Notes to Financial Statements.

44

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
MXN	4,000		06/30/28	8.065%(M)	28 Day Mexican Interbank Rate(2)(M)	$	—		$	(13,253	)	$	(13,253	)
NOK	12,900		05/23/23	1.895%(A)	6 Month NIBOR(2)(S)		613			3,324			2,711
NZD	300		05/01/20	3.628%(S)	3 Month BBR(2)(Q)		8,462			7,474			(988	)
NZD	1,100		07/18/23	2.513%(S)	3 Month BBR(1)(Q)		(5,935	)		(8,095	)		(2,160	)
NZD	470		01/10/27	3.420%(S)	3 Month BBR(2)(Q)		—			19,639			19,639
PLN	700		06/13/22	2.220%(A)	6 Month WIBOR(2)(S)		57			(330	)		(387	)
PLN	200		05/24/23	2.520%(A)	6 Month WIBOR(2)(S)		—			330			330
PLN	1,120		08/24/23	2.390%(A)	6 Month WIBOR(2)(S)		—			(962	)		(962	)
PLN	1,000		01/10/27	3.030%(A)	6 Month WIBOR(2)(S)		—			10,561			10,561
PLN	620		06/12/28	3.070%(A)	6 Month WIBOR(1)(S)		—			(3,154	)		(3,154	)
SEK	12,900		09/12/23	0.497%(A)	3 Month STIBOR(2)(Q)		(4,780	)		(3,620	)		1,160
SEK	2,500		12/30/26	1.106%(A)	3 Month STIBOR(2)(Q)		—			3,795			3,795
SGD	380		05/21/23	2.030%(S)	6 Month SIBOR(1)(S)		—			3,056			3,056
SGD	200		05/21/28	2.436%(S)	6 Month SIBOR(2)(S)		—			(1,937	)		(1,937	)
	2,190		02/15/19	1.820%(T)	1 Day USOIS(1)(T)		—			3,779			3,779
	215		06/30/19	1.502%(A)	1 Day USOIS(1)(A)		(311	)		1,497			1,808
	11,900		08/04/19	1.372%(A)	1 Day USOIS(1)(A)		(1,915	)		120,506			122,421
	1,495		09/30/19	1.707%(A)	1 Day USOIS(1)(A)		448			11,989			11,541
	3,885		12/31/19	1.840%(A)	1 Day USOIS(1)(A)		10,938			36,118			25,180
	1,695		12/31/19	1.950%(A)	1 Day USOIS(1)(A)		618			12,526			11,908
	845		12/31/19	2.040%(A)	1 Day USOIS(1)(A)		8			4,930			4,922
	855		12/31/19	2.107%(A)	1 Day USOIS(1)(A)		(3	)		3,634			3,637
	3,315		03/31/20	2.369%(A)	1 Day USOIS(1)(A)		—			9,589			9,589
	720		04/24/20	2.311%(A)	1 Day USOIS(1)(A)		—			2,387			2,387
	230		05/31/22	2.353%(A)	1 Day USOIS(1)(A)		—			2,775			2,775
	185		09/27/22	2.360%(A)	1 Day USOIS(1)(A)		2			2,829			2,827
	280		05/21/23	2.215%(S)	3 Month LIBOR(2)(Q)		—			(9,382	)		(9,382	)
	390		06/22/23	2.911%(S)	3 Month LIBOR(2)(Q)		(3,861	)		(529	)		3,332

See Notes to Financial Statements.

PGIM International Bond Fund 45

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	300		07/17/24	2.926%(S)	3 Month LIBOR(2)(Q)	$	��		$	(3,665	)	$	(3,665	)
	500		08/15/24	2.168%(S)	3 Month LIBOR(1)(Q)		—			26,150			26,150
	4,435		08/15/24	2.170%(S)	3 Month LIBOR(1)(Q)		16,556			231,544			214,988
	490		08/15/24	2.176%(S)	3 Month LIBOR(1)(Q)		895			25,432			24,537
	1,230		11/15/24	2.334%(S)	3 Month LIBOR(1)(Q)		4,442			48,290			43,848
	1,185		02/28/25	2.454%(A)	1 Day USOIS(1)(A)		1,354			22,018			20,664
	480		05/31/25	2.998%(S)	3 Month LIBOR(1)(Q)		(319	)		4,173			4,492
	830		07/31/25	2.802%(A)	1 Day USOIS(1)(A)		—			933			933
	1,190		07/31/25	3.105%(S)	3 Month LIBOR(1)(Q)		939			4,911			3,972
	589		07/31/25	3.109%(S)	3 Month LIBOR(1)(Q)		31			2,276			2,245
	130		05/15/27	2.295%(S)	3 Month LIBOR(1)(Q)		—			8,084			8,084
	150		05/21/28	2.421%(S)	3 Month LIBOR(1)(Q)		—			8,976			8,976
	70		10/04/42	2.527%(S)	3 Month LIBOR(2)(Q)		—			(9,305	)		(9,305	)
	60		10/04/47	2.536%(S)	3 Month LIBOR(1)(Q)		—			8,850			8,850
	65		07/17/49	2.914%(S)	3 Month LIBOR(1)(Q)		—			4,999			4,999
ZAR	3,800		09/23/22	7.430%(Q)	3 Month JIBAR(2)(Q)		—			(4,813	)		(4,813	)
ZAR	2,035		06/30/27	8.015%(Q)	3 Month JIBAR(2)(Q)		(13	)		(4,649	)		(4,636	)
ZAR	1,700		11/07/27	8.360%(Q)	3 Month JIBAR(2)(Q)		(34	)		(1,431	)		(1,397	)
ZAR	3,500		07/16/28	8.170%(Q)	3 Month JIBAR(2)(Q)		6			(7,458	)		(7,464	)
						$	(99,812	)	$	414,273		$	514,085

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements:
AED	1,700		04/05/21	3.005%(A)	3 Month EIBOR(1)(Q)	$	(2,721	)	$	—	$	(2,721	)	BNP Paribas
CLP	85,000		11/15/27	4.130%(S)	1 Day CLOIS(2)(S)		(1,919	)		—		(1,919	)	Morgan Stanley
CLP	55,000		12/20/27	4.260%(S)	1 Day CLOIS(2)(S)		(386	)		—		(386	)	Morgan Stanley

See Notes to Financial Statements.

46

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
CLP	19,100		01/23/28	4.245%(S)	1 Day CLOIS(2)(S)	$	(86	)	$	—		$	(86	)	Morgan Stanley
CLP	33,000		01/26/28	4.210%(S)	1 Day CLOIS(2)(S)		(293	)		—			(293	)	Morgan Stanley
CLP	23,000		05/17/28	4.270%(S)	1 Day CLOIS(2)(S)		20			—			20		Citibank NA
CNH	800		08/15/23	3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		176			(2	)		178		UBS AG
COP	123,000		01/23/28	6.035%(Q)	1 Day COOIS(2)(Q)		(1,113	)		—			(1,113	)	Morgan Stanley
COP	336,000		01/26/28	6.000%(Q)	1 Day COOIS(2)(Q)		(3,271	)		—			(3,271	)	Morgan Stanley
COP	263,000		02/01/28	6.020%(Q)	1 Day COOIS(2)(Q)		(2,130	)		—			(2,130	)	Morgan Stanley
COP	350,000		05/17/28	5.990%(Q)	1 Day COOIS(2)(Q)		(3,513	)		—			(3,513	)	Citibank NA
ILS	1,150		01/12/27	1.975%(A)	3 Month TELBOR(2)(Q)		3,653			—			3,653		Citibank NA
ILS	390		07/16/28	2.045%(A)	3 Month TELBOR(2)(Q)		(1,171	)		—			(1,171	)	JPMorgan Chase
KRW	850,000		01/06/27	1.800%(Q)	3 Month KWCDC(2)(Q)		(13,143	)		(19	)		(13,124	)	Citibank NA
SAR	1,700		04/05/21	3.020%(A)	3 Month SAIBOR(2)(Q)		2,645			—			2,645		BNP Paribas
SAR	950		11/08/22	3.090%(A)	3 Month SAIBOR(1)(Q)		(1,006	)		—			(1,006	)	BNP Paribas
SAR	730		04/05/25	3.480%(A)	3 Month SAIBOR(1)(Q)		260			—			260		BNP Paribas
THB	20,000		08/08/20	1.840%(S)	6 Month BIBOR(2)(S)		1,415			—			1,415		Citibank NA
ZAR	3,300		09/22/42	8.020%(Q)	3 Month JIBAR(2)(Q)		(19,430	)		(33	)		(19,397	)	Deutsche Bank AG
ZAR	3,100		09/22/47	7.890%(Q)	3 Month JIBAR(1)(Q)		19,278			26			19,252		Deutsche Bank AG
						$	(22,735	)	$	(28	)	$	(22,707	)

(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 1.75bps quarterly and receives the floating rate of 6 Month CHF LIBOR semiannually.

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Rate Agreements	$	—	$	—	$	3,861	$	(5,190	)
OTC Swap Agreements	$	36,355	$	(142,245)	$	104,143	$	(70,219	)

See Notes to Financial Statements.

PGIM International Bond Fund 47

Schedule of Investments (continued)

as of October 31, 2018

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets	$	—	$	719,773
JPMorgan Securities		340,623		—
Total	$	340,623	$	719,773

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 October 31, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Cayman Islands	$	—	$	250,347	$	—
Ireland		—		849,491		—
Netherlands		—		1,415,658		—
United States		—		201,019		—
Corporate Bonds
Australia		—		117,760		—
China		—		344,776		—
Germany		—		736,768		—
Ireland		—		117,456		—
Italy		—		233,844		—
Kazakhstan		—		51,637		—
Mexico		—		437,200		—
Netherlands		—		387,078		—
Russia		—		117,325		—
Spain		—		118,606		—
Supranational Bank		—		125,388		—
United Kingdom		—		1,141,515		—
United States		—		2,191,995		—
Residential Mortgage-Backed Securities
Bermuda		—		167,871		—
United Kingdom		—		635,485		—
United States		—		168,683		—

See Notes to Financial Statements.

48

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Sovereign Bonds
Argentina	$	—		$	618,616		$	—
Belgium		—			779,662			—
Brazil		—			361,704			—
Bulgaria		—			138,069			—
Canada		—			184,703			—
Colombia		—			509,690			—
Croatia		—			227,480			—
Cyprus		—			627,809			—
France		—			539,320			—
Greece		—			1,033,010			—
Indonesia		—			402,914			—
Ireland		—			192,385			—
Israel		—			114,741			—
Italy		—			2,040,402			—
Japan		—			69,077			—
Lithuania		—			211,705			—
Mexico		—			210,294			—
Peru		—			268,036			—
Portugal		—			922,139			—
Romania		—			218,430			—
Senegal		—			105,574			—
South Korea		—			215,447			132,180
Spain		—			2,014,979			—
Turkey		—			184,999			—
United Kingdom		—			1,404,435			—
U.S. Government Agency Obligation		—			16,414			—
U.S. Treasury Obligation		—			59,688			—
Affiliated Mutual Fund		2,346,703			—			—
Options Purchased		—			109,677			—
Options Written		—			(102,750	)		(93	)
Other Financial Instruments*
Futures Contracts		(162,157	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			223,899			—
OTC Cross Currency Exchange Contracts		—			6,499			—
Centrally Cleared Credit Default Swap Agreements		—			7,563			—
OTC Credit Default Swap Agreements		—			(49,231	)		—
OTC Forward Rate Agreements		—			—			(1,329	)
Centrally Cleared Inflation Swap Agreements		—			(5,593	)		—
Centrally Cleared Interest Rate Swap Agreements		—			514,085			—
OTC Interest Rate Swap Agreements		—			(22,735	)		—
Total	$	2,184,546		$	24,163,038		$	130,758

See Notes to Financial Statements.

PGIM International Bond Fund 49

Schedule of Investments (continued)

as of October 31, 2018

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			Sovereign Bonds			Options Written			Forward Rate Agreements
Balance as of 10/31/17	$	582,425		$	139,604		$	—		$	—
Realized gain (loss)		—			—			—			—
Change in unrealized appreciation (depreciation)		—			(6,413	)		331			(1,329	)
Purchases/Exchanges/Issuances		—			—			(424	)		—
Sales/Paydowns		—			—			—			—
Accrued discount/premium		—			(1,011	)		—			—
Transfers into of Level 3		—			—			—			—
Transfers out of Level 3		(582,425	)		—			—			—
Balance as of 10/31/18	$	—		$	132,180		$	(93	)	$	(1,329	)
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	(6,413	)	$	331		$	(1,329	)

* 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.

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 October 31, 2018			Valuation Methodology	Unobservable Inputs
Sovereign Bonds	$	132,180		Evaluated Bid	Comparable Security Data
Options Written		(93	)	Market Approach	Single Broker Indicative Quote
OTC Forward Rate Agreements		(1,329	)	Model Pricing	Forward Rate Volatility & Convexity Adjustment

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	$	582,425		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 October 31, 2018 were as follows (unaudited):

Sovereign Bonds	50.6	%
Collateralized Loan Obligations	9.2
Affiliated Mutual Fund	8.7
Residential Mortgage-Backed Securities	3.6	%
Banks	2.3
Insurance	2.3

See Notes to Financial Statements.

50

Industry Classification (cont’d):

Media	2.1	%
Oil & Gas	2.0
Healthcare-Products	1.6
Entertainment	1.5
Auto Parts & Equipment	1.3
Retail	1.0
Electric	0.9
Software	0.8
Foods	0.8
Auto Manufacturers	0.6
Packaging & Containers	0.5
Multi-National	0.5
Real Estate Investment Trusts (REITs)	0.5
Healthcare-Services	0.5
Commercial Services	0.4
Forest Products & Paper	0.4
Electrical Components & Equipment	0.4
Telecommunications	0.4
Electronics	0.4
Household Products/Wares	0.4	%
Chemicals	0.4
Pharmaceuticals	0.4
Options Purchased	0.4
Consumer Loans	0.4
Automobiles	0.4
U.S. Treasury Obligation	0.2
Transportation	0.2
U.S. Government Agency Obligation	0.0	*
	96.1
Options Written	(0.4	)
Other assets in excess of liabilities	4.3
	100.0	%

* Less than +/- 0.05%

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

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are 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 October 31, 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
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker—variation margin swaps	$	8,090	*	Due from/to broker—variation margin swaps	$	527	*
Credit contracts	Premiums paid for OTC swap agreements		36,329		Premiums received for OTC swap agreements		142,191
Credit contracts	Unaffiliated investments		1,590		Options written outstanding, at value		2,851
Credit contracts	Unrealized appreciation on OTC swap agreements		76,720		Unrealized depreciation on OTC swap agreements		20,089
Foreign exchange contracts	Unaffiliated investments		96,019		Options written outstanding, at value		96,020

See Notes to Financial Statements.

PGIM International Bond Fund 51

Schedule of Investments (continued)

as of October 31, 2018

Derivatives not accounted for as hedging instruments, carried at fair value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts	$	39,691		Unrealized depreciation on OTC cross currency exchange contracts	$	33,192
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		358,910		Unrealized depreciation on OTC forward foreign currency exchange contracts		135,011
Interest rate contracts	Due from/to broker—variation margin futures		16,211	*	Due from/to broker—variation margin futures		178,368	*
Interest rate contracts	Due from/to broker—variation margin swaps		731,761	*	Due from/to broker—variation margin swaps		223,269	*
Interest rate contracts	Premiums paid for OTC swap agreements		26		Premiums received for OTC swap agreements		54
Interest rate contracts	Unaffiliated investments		12,068		Options written outstanding, at value		3,972
Interest rate contracts	Unrealized appreciation on OTC forward rate agreements		3,861		Unrealized depreciation on OTC forward rate agreements		5,190
Interest rate contracts	Unrealized appreciation on OTC swap agreements		27,423		Unrealized depreciation on OTC swap agreements		50,130
		$	1,408,699			$	890,864

* 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 year ended October 31, 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	$	(20,883	)	$	33,825	$	—		$	—	$	75,939
Foreign exchange contracts		(24,163	)		39,169		—			1,049,098		—
Interest rate contracts		(6,613	)		7,778		(401,384	)		—		111,258
Total	$	(51,659	)	$	80,772	$	(401,384	)	$	1,049,098	$	187,197

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

See Notes to Financial Statements.

52

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			Forward Rate Agreements			Swaps
Credit contracts	$	8,398	$	4,028		$	—		$	—		$	—		$	22,073
Foreign exchange contracts		68,814		(85,372	)		—			(32,498	)		—			—
Interest rate contracts		8,568		(4,237	)		(165,027	)		—			(1,329	)		394,512
Total	$	85,780	$	(85,581	)	$	(165,027	)	$	(32,498	)	$	(1,329	)	$	416,585

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

For the year ended October 31, 2018, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	65,362	$	24,108,858	$	19,734,181	$	20,380,678	$	7,831,735

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Forward Rate Agreements(2)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	31,490,818	$	813,208	$	220,000	$	91,577,745	$	1,974,227

Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Inflation Swap Agreements(2)
$	5,338,712	$	195,600	$	1,692,166

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

The Fund invested in OTC derivatives 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:

See Notes to Financial Statements.

PGIM International Bond Fund 53

Schedule of Investments (continued)

as of October 31, 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
Bank of America	$	60,442	$	(29,672	)	$	30,770		$	—	$	30,770
Barclays Bank PLC		58,928		(27,387	)		31,541			—		31,541
BNP Paribas		79,053		(124,946	)		(45,893	)		—		(45,893	)
Citibank NA		176,929		(153,075	)		23,854			—		23,854
Citigroup Global Markets		3,861		(5,190	)		(1,329	)		—		(1,329	)
Deutsche Bank AG		27,789		(23,364	)		4,425			—		4,425
Goldman Sachs International		26,099		(20,364	)		5,735			—		5,735
Hong Kong & Shanghai Bank		2,230		(3,959	)		(1,729	)		—		(1,729	)
JPMorgan Chase		35,481		(31,063	)		4,418			—		4,418
JPMorgan Securities		2,823		(1,136	)		1,687			—		1,687
Morgan Stanley		34,052		(45,232	)		(11,180	)		—		(11,180	)
Toronto Dominion		24,536		(4,628	)		19,908			—		19,908
UBS AG		120,414		(18,684	)		101,730			—		101,730
	$	652,637	$	(488,700	)	$	163,937		$	—	$	163,937

(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.

54

Statement of Assets & Liabilities

as of October 31, 2018

Assets
Investments at value:
Unaffiliated investments (cost $23,503,724)	$	23,723,481
Affiliated investments (cost $2,346,703)		2,346,703
Cash		672
Foreign currency, at value (cost $448,727)		443,569
Unrealized appreciation on OTC forward foreign currency exchange contracts		358,910
Deposit with broker for centrally cleared/exchange-traded derivatives		340,623
Dividends and interest receivable		257,464
Unrealized appreciation on OTC swap agreements		104,143
Due from Manager		40,161
Unrealized appreciation on OTC cross currency exchange contracts		39,691
Premiums paid for OTC swap agreements		36,355
Due from broker—variation margin swaps		16,328
Receivable for Fund shares sold		5,136
Unrealized appreciation on OTC forward rate agreements		3,861
Prepaid expenses		844
Total Assets		27,717,941
Liabilities
Premiums received for OTC swap agreements		142,245
Unrealized depreciation on OTC forward foreign currency exchange contracts		135,011
Options written outstanding, at value (proceeds received $34,624)		102,843
Unrealized depreciation on OTC swap agreements		70,219
Due to broker—variation margin futures		41,509
Custodian and accounting fees payable		38,995
Unrealized depreciation on OTC cross currency exchange contracts		33,192
Accrued expenses and other liabilities		18,992
Unrealized depreciation on OTC forward rate agreements		5,190
Payable for Fund shares reacquired		218
Affiliated transfer agent fee payable		82
Distribution fee payable		34
Total Liabilities		588,530
Net Assets	$	27,129,411
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,653
Paid-in capital in excess of par		25,597,118
Total distributable earnings (loss)		1,529,640
Net assets, October 31, 2018	$	27,129,411

See Notes to Financial Statements.

PGIM International Bond Fund 55

Statement of Assets & Liabilities

as of October 31, 2018

Class A
Net asset value and redemption price per share,
($103,168 ÷ 10,091 shares of beneficial interest issued and outstanding)	$	10.22
Maximum sales charge (4.50% of offering price)		0.48
Maximum offering price to public	$	10.70
Class C
Net asset value, offering price and redemption price per share,
($15,672 ÷ 1,534 shares of beneficial interest issued and outstanding)	$	10.22
Class Z
Net asset value, offering price and redemption price per share,
($160,178 ÷ 15,660 shares of beneficial interest issued and outstanding)	$	10.23
Class R6
Net asset value, offering price and redemption price per share,
($26,850,393 ÷ 2,625,871 shares of beneficial interest issued and outstanding)	$	10.23

See Notes to Financial Statements.

56

Statement of Operations

Year Ended October 31, 2018

Net Investment Income (Loss)
Income
Interest income	$	554,887
Affiliated dividend income		21,722
Total income		576,609
Expenses
Management fee		135,526
Distribution fee(a)		372
Custodian and accounting fees		133,807
Registration fees(a)		61,048
Audit fee		50,500
Shareholders’ reports		38,260
Legal fees and expenses		19,391
Trustees’ fees		12,543
Transfer agent’s fees and expenses (including affiliated expense of $304)(a)		434
Miscellaneous		15,400
Total expenses		467,281
Less: Fee waiver and/or expense reimbursement(a)		(266,329	)
Net expenses		200,952
Net investment income (loss)		375,657
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		109,659
Futures transactions		(401,384	)
Forward and cross currency contract transactions		1,049,098
Options written transactions		80,772
Swap agreement transactions		187,197
Foreign currency transactions		690,022
		1,715,364
Net change in unrealized appreciation (depreciation) on:
Investments		(2,006,005	)
Futures		(165,027	)
Forward rate agreements		(1,329	)
Forward and cross currency contracts		(32,498	)
Options written		(85,581	)
Swap agreements		416,585
Foreign currencies		(21,456	)
		(1,895,311	)
Net gain (loss) on investment and foreign currency transactions		(179,947	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	195,710

See Notes to Financial Statements.

PGIM International Bond Fund 57

Statement of Operations

Year Ended October 31, 2018

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

	Class A			Class C			Class Z			Class R6
Distribution fee		247			125			—			—
Registration fees		15,262			15,262			15,262			15,262
Transfer agent’s fees and expenses		231			55			109			39
Fee waiver and/or expense reimbursement		(16,243	)		(15,408	)		(16,446	)		(218,232	)

See Notes to Financial Statements.

58

Statements of Changes in Net Assets

	Year Ended October 31, 2018			December 14, 2016** through October 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	375,657		$	233,253
Net realized gain (loss) on investment and foreign currency transactions		1,715,364			(1,223,741	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(1,895,311	)		2,649,158
Net increase (decrease) in net assets resulting from operations		195,710			1,658,670
Dividends and Distributions
Distributions from distributable earnings*
Class A		(2,519	)		—
Class C		(231	)		—
Class Z		(4,071	)		—
Class R6		(746,248	)		—
		(753,069	)		—
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		176,212			25,119,515
Net asset value of shares issued in reinvestment of dividends and distributions		753,071			554,265
Cost of shares reacquired		(9,576	)		(11,101	)
Net increase (decrease) in net assets from Fund share transactions		919,707			25,662,679
Total increase (decrease)		362,348			26,767,063
Net Assets:
Beginning of period		26,767,063			—
End of period(a)	$	27,129,411		$	26,767,063
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	(318,233	)

* For the year ended October 31, 2018, the Fund has adopted amendments to Regulation S-X (refer to Note 9).

** Commencement of operations.

See Notes to Financial Statements.

PGIM International Bond Fund 59

Notes to Financial Statements

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. These financial statements relate only to the PGIM International Bond Fund (the “Fund”). Effective June 11, 2018, the names of the Fund and the other funds which comprise the Trust were changed by replacing “Prudential” with “PGIM” and each funds’ 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, a Valuation Committee has been established as two persons, being one or more officers of the Trust, including: the Trust’s Treasurer (or the Treasurer’s direct reports); and the Trust’s Chief or Deputy Chief Compliance Officer (or Vice-President-level direct reports of the Chief or Deputy Chief Compliance Officer). Under the current valuation procedures, the Valuation Committee of the Board 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.

60

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 and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

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

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

PGIM International Bond Fund 61

Notes to Financial Statements (continued)

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.

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.

62

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

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

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts 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

PGIM International Bond Fund 63

Notes to Financial Statements (continued)

options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value 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

64

the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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 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.

PGIM International Bond Fund 65

Notes to Financial Statements (continued)

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.

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of

66

period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

The Trust, on behalf of the Fund, is a party to International Swaps and Derivatives

Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a

PGIM International Bond Fund 67

Notes to Financial Statements (continued)

specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

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

As of October 31, 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.

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, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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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 total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

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

PGIM International Bond Fund 69

Notes to Financial Statements (continued)

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.500% 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 0.500% for the year ended October 31, 2018.

PGIM Investments has contractually agreed, through February 28, 2019, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.99% of average daily net assets for Class A shares, 1.74% of average daily net assets for Class C shares, 0.74% of average daily net assets for Class Z shares, and 0.74% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. 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. Effective November 1, 2018 this waiver agreement was extended through February 29, 2020.

Where applicable, PGIM Investments voluntarily agreed through October 31, 2018, to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Effective November 1, 2018 this voluntary agreement became part of the Fund’s contractual waiver agreement through February 29, 2020 and is subject to recoupment by the Manager within the same fiscal year during which such wavier/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

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

70

PIMS has advised the Fund that it has not received front-end sales charges resulting from sales of Class A shares during the year ended October 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the year ended October 31, 2018, it has not received any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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

3. Other Transactions with Affiliates

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended October 31, 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 year ended October 31, 2018, were $8,455,562 and $9,048,265, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the year ended October 31, 2018, is presented as follows:

PGIM International Bond Fund 71

Notes to Financial Statements (continued)

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	212,885	$	9,181,405	$	7,047,587	$	—	$	—	$	2,346,703		2,346,703	$	21,722

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

5. Distributions and Tax Information

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.

For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $753,069 of ordinary income. For the period ended October 31, 2017, the tax character of dividends paid by the Fund was $554,286 of tax return of capital.

As of October 31, 2018, the accumulated undistributed earnings on a tax basis was $1,701,354 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2018 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$26,239,847	$1,409,090	$(1,170,595)	$238,495

The differences between book basis and tax basis were primarily attributable to deferred losses on wash sales, straddles, premium on bonds and other cost basis differences between financial and tax accounting.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $410,000 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

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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 available exclusively for sale to a limited group of investors.

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

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

As of October 31, 2018, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,045 Class A shares, 1,031 Class C shares, 1,051 Class Z shares and 2,625,871 Class R6 shares of the Fund. At reporting period end, one shareholder of record held 99% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 99% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2018:
Shares sold		1,269		$	13,169
Shares issued in reinvestment of dividends and distributions		243			2,520
Shares reacquired		(188	)		(1,949	)
Net increase (decrease) in shares outstanding		1,324		$	13,740
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

PGIM International Bond Fund 73

Notes to Financial Statements (continued)

Class C	Shares			Amount
Year ended October 31, 2018:
Shares sold		1,253		$	12,940
Shares issued in reinvestment of dividends and distributions		22			223
Shares reacquired		(754	)		(7,627	)
Net increase (decrease) in shares outstanding		521		$	5,536
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
Year ended October 31, 2018:
Shares sold		14,241		$	150,103
Shares issued in reinvestment of dividends and distributions		393			4,071
Net increase (decrease) in shares outstanding		14,634		$	154,174
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
Year ended October 31, 2018:
Shares issued in reinvestment of dividends and distributions		71,921		$	746,257
Net increase (decrease) in shares outstanding		71,921		$	746,257
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 redemptions of 1,015 Class R6 shares with a value of $10,555.

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both SCAs is paid

74

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 October 31, 2018.

8. Risks of Investing in the Fund

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

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

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

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

PGIM International Bond Fund 75

Notes to Financial Statements (continued)

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

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Non-diversification Risk: The Fund is non-diversified, meaning that the Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed

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the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

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

PGIM International Bond Fund 77

Financial Highlights

Class A Shares
	Year Ended October 31, 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)		0.12			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.08	)		0.57
Total from investment operations		0.04			0.64
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		-
Tax return of capital distributions		-			(0.20	)
Total dividends and distributions		(0.26	)		(0.20	)
Net asset value, end of period		$10.22			$10.44
Total Return(c):		0.40%			6.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$103			$91
Average net assets (000)		$99			$38
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.99%			0.99%	(e)
Expenses before waivers and/or expense reimbursement		17.44%	(f)		3.39%	(e)
Net investment income (loss)		1.14%			0.85%	(e)
Portfolio turnover rate(g)		35%			66%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

(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.

78

Class C Shares
	Year Ended October 31, 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)		0.04			-
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		0.57
Total from investment operations		(0.03	)		0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		-
Tax return of capital distributions		-			(0.13	)
Total dividends and distributions		(0.19	)		(0.13	)
Net asset value, end of period		$10.22			$10.44
Total Return(c):		(0.34	)%		5.73%
Ratios/Supplemental Data:
Net assets, end of period (000)		$16			$11
Average net assets (000)		$13			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.74%			1.74%(e)
Expenses before waivers and/or expense reimbursement		124.78%	(f)		3.26%(e)
Net investment income (loss)		0.41%			0.06%(e)
Portfolio turnover rate(g)		35%			66%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

(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 79

Financial Highlights (continued)

Class Z Shares
	Year Ended October 31, 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)		0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.07	)		0.57
Total from investment operations		0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		-
Tax return of capital distributions		-			(0.22	)
Total dividends and distributions		(0.29	)		(0.22	)
Net asset value, end of period		$10.23			$10.44
Total Return(c):		0.75%			6.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$160			$11
Average net assets (000)		$140			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.74%			0.74%	(e)
Expenses before waivers and/or expense reimbursement		12.47%	(f)		2.24%	(e)
Net investment income (loss)		1.43%			1.09%	(e)
Portfolio turnover rate(g)		35%			66%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

(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.

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Class R6 Shares
	Year Ended October 31, 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)		0.14			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.06	)		0.57
Total from investment operations		0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		-
Tax return of capital distributions		-			(0.22	)
Total dividends and distributions		(0.29	)		(0.22	)
Net asset value, end of period		$10.23			$10.44
Total Return(c):		0.75%			6.65%
Ratios/Supplemental Data:
Net assets, end of period (000)		$26,850			$26,654
Average net assets (000)		$26,854			$25,767
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.74%			0.74%	(e)
Expenses before waivers and/or expense reimbursement		1.55%	(f)		1.99%	(e)
Net investment income (loss)		1.39%			1.07%	(e)
Portfolio turnover rate(g)		35%			66%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

(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 81

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Prudential Investment Portfolios 9:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM International Bond Fund (formerly Prudential International Bond Fund) (the “Fund”), a series of Prudential Investment Portfolios 9, including the schedule of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for the year ended October 31, 2018 and the period from December 14, 2016 (commencement of operations) through October 31, 2017, and the related notes (collectively, the financial statements) and the financial highlights for the year or period indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for the year ended October 31, 2018 and the period from December 14, 2016 (commencement of operations) through October 31, 2017, and the financial highlights for the year or period indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians, transfer agents and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 17, 2018

82

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding (60) Board Member Portfolios Overseen: 93	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon (66) Board Member Portfolios Overseen: 93	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive  Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company;  President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008
Linda W. Bynoe (66) Board Member Portfolios Overseen: 93	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co.  (broker-dealer).	Director of Anixter International, Inc. (communication  products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005

PGIM International Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Barry H. Evans (58) Board Member Portfolios Overseen: 92	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (since 2011); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein (62) Board Member & Independent Chair Portfolios Overseen: 93	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick (56) Board Member Portfolios Overseen: 92	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Corporate Capital Trust (since April 2017) (a business development company); Independent Director, Kabbage, Inc. (since July 2018) (financial services).	Since September 2017
Michael S. Hyland, CFA (73) Board Member Portfolios Overseen: 93	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Richard A. Redeker (75) Board Member Portfolios Overseen: 93	Retired Mutual Fund Senior Executive (50 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.	Since October 1993

PGIM International Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Brian K. Reid (56)# Board Member Portfolios Overseen: 92	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

# Mr. Reid joined the Board effective as of March 1, 2018.

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker (56) Board Member & President Portfolios Overseen: 93	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin (45) Board Member & Vice President Portfolios Overseen:93	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010
Grace C. Torres* (59) Board Member Portfolios Overseen: 92	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

PGIM International Bond Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (63) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012
Chad A. Earnst (43) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global Short Duration High Yield Income Fund, Inc., PGIM Short Duration High Yield Fund, Inc. and PGIM Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since September 2014
Dino Capasso (44) Deputy Chief Compliance Officer	Vice President and Deputy Chief Compliance Officer (June 2017-Present) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French (56) Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (60) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo (44) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Charles H. Smith (45) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007 – December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998 —January 2007).	Since January 2017
Brian D. Nee (52) Treasurer and Principal Financial and Accounting Officer	Vice President and Head of Finance of PGIM Investments LLC (since August 2015) and PGIM Global Partners (since February 2017); formerly, Vice President, Treasurer’s Department of Prudential (September 2007-August 2015).	Since July 2018
Peter Parrella (60) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since June 2007
Lana Lomuti (51) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Linda McMullin (57) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since April 2014
Kelly A. Coyne (50) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM International Bond Fund

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Short Duration High Yield Fund, Inc., PGIM Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM International Bond Fund (the “Fund”)¹ consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreements with each of PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7, 2018 and on June 19-21, 2018 and approved the renewal of the agreements through July 31, 2019, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM and PGIML. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadvisers, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board

PGIM International Bond Fund

¹  PGIM International Bond Fund is a series of Prudential Investment Portfolios 9.

Approval of Advisory Agreements (continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7, 2018 and on June 19-21, 2018.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between each of PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, and PGIML, which serve as the Fund’s subadvisers pursuant to the terms of subadvisory agreements with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information

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pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, the subadvisory services provided to the Fund by PGIM Fixed Income and PGIML, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIM Fixed Income, and PGIML under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments 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 PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. 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 PGIM Investments’ assertion 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.

PGIM International Bond Fund

Approval of Advisory Agreements (continued)

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-year period ended December 31, 2017. The Board considered that the Fund commenced operations on December 14, 2016 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal period ended October 31, 2017. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also may have provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed

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the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Gross Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	N/A	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund outperformed its benchmark index over the one-year period.

• The Board noted that the Fund does not yet have a three-year performance record and that, therefore, the subadviser should have more time to develop that record.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 0.99% for Class A shares, 1.74% for Class C shares, 0.74% for Class R6 shares, and 0.74% for Class Z shares through February 28, 2019.

• The Board concluded that in light of the above, it would be in the best interests of the Fund and its shareholders to continue to allow the Fund to create a performance record, and to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM International Bond Fund

∎ 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 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 • Brian D. Nee, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Andrew R. French, 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 • 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
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 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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.

MF234E

Item 2 – Code of Ethics – – See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Kevin J. Bannon, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended October 31, 2018 and October 31, 2017, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $206,556 and $190,011 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.     

(b) Audit-Related Fees

For the fiscal years ended October 31, 2018 and October 31, 2017: none.

(c) Tax Fees

For the fiscal years ended October 31, 2018 and October 31, 2017: none.

(d) All Other Fees

For the fiscal years ended October 31, 2018 and October 31, 2017: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

➣ Annual Fund financial statement audits

➣ Seed audits (related to new product filings, as required)

➣ SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

➣ Accounting consultations

➣ Fund merger support services

➣ Agreed Upon Procedure Reports

➣ Attestation Reports

➣ Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

➣ Tax compliance services related to the filing or amendment of the following:

◾ Federal, state and local income tax compliance; and,

◾ Sales and use tax compliance

➣ Timely RIC qualification reviews

➣ Tax distribution analysis and planning

➣ Tax authority examination services

➣ Tax appeals support services

➣ Accounting methods studies

➣ Fund merger support services

➣ Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

➣        Bookkeeping or other services related to the accounting records or financial statements of the Fund

➣        Financial information systems design and implementation

➣        Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

➣        Actuarial services

➣        Internal audit outsourcing services

➣        Management functions or human resources

➣        Broker or dealer, investment adviser, or investment banking services

➣        Legal services and expert services unrelated to the audit

➣        Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended October 31, 2018 and October 31, 2017: none.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2018 and October 31, 2017 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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 – Attached hereto as Exhibit EX-99.CODE-ETH
		(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/ Andrew R. French
	Andrew R. French
	Secretary
Date:	December 19, 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:	December 19, 2018
By:	/s/ Brian D. Nee
	Brian D. Nee
	Treasurer and Principal Financial and Accounting Officer
Date:	December 19, 2018