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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811- 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:	10/31/2019
Date of reporting period:	10/31/2019

Item 1 – Reports to Stockholders

PGIM ABSOLUTE RETURN BOND FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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

Highlights(unaudited)

• The Fund outperformed the ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index over the reporting period, highlighted by strong duration positioning, sector allocation, security selection, and yield curve positioning. Currency selection hurt performance.

• In sector allocation, positions in high yield bonds, collateralized loan obligations, and emerging markets debt were positive contributors. Security selection was a strong contributor to performance, led by positioning in sovereign and high yield bonds,non-agency mortgages, and commercial mortgage-backed securities.

• Although overall security selection contributed to the Fund’s performance, positioning in interest-rate swaps, CLOs, and Treasuries limited results.

• Within corporates, security selection in the upstream-energy and aerospace & defense sectors hurt performance. Detractors in upstream-energy included overweights in Antero Resources and Frontera Energy. Within aerospace & defense, a position in Bombardier was negative.

• An overweight to Argentina was the largest detractor from performance.

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.^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	14
Holdings and Financial Statements	17
Approval of Advisory Agreements

PGIM Absolute Return Bond Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Absolute Return Bond Fund informative and useful. The report covers performance for the12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 scale and investment expertise allow 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 16, 2019

PGIM Absolute Return Bond Fund 5

Your Fund’s Performance(unaudited)

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

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	1.30		2.38		2.40 (3/30/11)
Class C	2.81		2.27		2.03 (3/30/11)
Class Z	5.00		3.32		3.07 (3/30/11)
Class R6	4.94		3.34		3.10 (3/30/11)
ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index
	2.68		1.27		0.88
Bloomberg Barclays US Aggregate Bond Index
	11.51		3.24		3.57
	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Five Years (%)		Since Inception (%)
Class A	4.71		3.06		2.80 (3/30/11)
Class C	3.80		2.27		2.03 (3/30/11)
Class Z	5.00		3.32		3.07 (3/30/11)
Class R6	4.94		3.34		3.10 (3/30/11)
ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index
	2.68		1.27		0.88
Bloomberg Barclays US Aggregate Bond Index
	11.51		3.24		3.57

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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 US Dollar 3-Month Deposit Offered Rate Constant Maturity 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, 2019) 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.

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

PGIM Absolute Return Bond Fund 7

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	For purchases on or after July 15, 2019: 3.25% of the public offering price. For purchases prior to July 15, 2019: 4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 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

Benchmark Definitions

ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index—The ICE BofAML US Dollar3-Month Deposit Offered Rate 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 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.

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.

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Distributions and Yields as of 10/31/19
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC30-Day Unsubsidized Yield** (%)
Class A	0.53	3.04	3.04
Class C	0.46	2.41	2.41
Class Z	0.56	3.42	3.39
Class R6	0.57	3.45	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). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**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.

Credit Quality expressed as a percentage of total investments as of 10/31/19 (%)
AAA	21.1
AA	7.4
A	4.9
BBB	13.1
BB	18.0
B	14.8
CCC	1.3
CC	0.1
C	0.1
Not Rated	3.3
Cash/Cash Equivalents	15.9
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.

PGIM Absolute Return Bond Fund 9

Strategy and Performance Overview

How did the Fund Perform?

ThePGIM Absolute Return Bond Fund’s Class Z shares returned 5.00% in the12-month reporting period that ended October 31, 2019, outperforming the 2.68% return of the ICE BofAML US Dollar 3-Month Deposit Offered Rate Constant Maturity Index (the Index).

What were the market conditions?

• The fourth quarter of 2018 represented a major shift in market sentiment across global asset classes. Interest rates peaked in early October and aggressively rallied as Brexit worries, fears of an escalating trade war, weaker economic data, and a hawkish Federal Reserve (Fed) punished risk assets, sending developed-market interest rates to yearly lows. As the fourth quarter concluded, the yield on10-year German government bunds and Japanese government bonds (JGBs) plummeted to depths not seen in years, while the10-year US Treasury note yield ended the quarter just above its low from early in 2018. Additionally, after beginning the quarter higher, the yield on Italy’s10-year BTP government bond declined below 3% for the first time since September 2018 as Italy slowly moved its 2019 budget target closer to the European Commission’s suggestion. With signs of slowing global growth, the fourth quarter also brought the potential for further headwinds as Democrats won control of the US House of Representatives—thus mitigating the probability of further fiscal stimulus as a “fiscal cliff” approaches in 2020—and trade tensions with China intensified. Against this macro backdrop, Fed Chairman Jerome Powell and Vice Chairman Richard Clarida struck a more balanced tone prior to December’s Federal Open Market Committee (FOMC) meeting. In addition to the expected25-basis point (bp) hike in its nominal federal funds target range, the FOMC decreased its median projection for additional hikes going forward by 25 bps. (One basis point is 0.01%.)

• As the fourth quarter of 2018 concluded, the global economy and markets were on the ropes. Spreads were rising sharply, equity markets were falling, and the prospects for global growth seemed in serious jeopardy. Global real gross domestic product (GDP) growth in the first quarter of 2019 sagged to 3%, its weakest performance sincemid-2016. The slowdown was broad-based and included the US, United Kingdom, Canada, China, Turkey, and Poland. In addition, global trade growth retreated, and other key measures of activity also showed weakness.

• The 2019 second-quarter collapse in developed-market government bond yields seemingly confirmed a trend of mounting economic disappointment where growth and inflation simply remain too low. As the G3 (United States, European Union, and Japan) rate markets fell for the third consecutive quarter and pointed to the need for more central bank accommodation, the actual tipping points for the G3 institutions varied: The European Central Bank (ECB) was struck by the market’s drop in inflation expectations, while the Fed and Bank of Japan (BOJ) moved to easing biases asUS-China trade

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tensions flared. Although no G3 central bank actually moved rates, the ECB and the Fed certainly appeared poised to act over the balance of the year, if not in the third quarter. WhileUS-China trade tensions led to a pronounced hiccup in the risk markets in May 2019, these markets recovered byquarter-end, leaving returns for equities and riskier fixed income sectors in positive territory and even stronger year to date thanks to a banner first quarter. The return bounty certainly belied what many considered to be low levels of yields and spreads at the beginning of the year.

• Positive total returns continued to accrue across the fixed income sectors in the third quarter, leading to someeye-popping double-digit gains in 2019 through the end of the reporting period. Yet, if bonds have managed to thrive in the current environment of economic and policy uncertainty, one only needs to recall a year earlier—the fourth quarter of 2018—for a reminder of how quickly market sentiment can change. Developed-market rates took another leg down in the third quarter of 2019 as central banks collectively eased policies to counter signs of mounting global economic weakness and uncertainty. It was the second consecutive quarter of double-digit basis point declines for US and German10-year yields (down 35 bps and 25 bps to 1.67% and –0.57%, respectively), while the Japanese10-year yield also fell deeper into negative territory (down 10 bps to –0.22%).

• In October 2019, the trend of global monetary easing continued unabated, while some of the downside risks to the global outlook seemed to have lessened. In particular, risks of a hard Brexit seemed on the decline, and there seemed to be some intention for reaching some kind of an interim deal in theUS-China trade war, although many of the more complex issues seemed to be excluded from the discussions. Although the global manufacturing sector and trade volumes remained in the doldrums, continued (albeit easing) resilience in the service sector prevented a sharper deceleration in global growth. Case in point: US real GDP growth eased only a tad to 1.9% in the third quarter (year over year), and euro-area growth came in at 1.1%, both somewhat better than expected. As was widely expected, the Fed cut its target range for the federal funds rate another 25 bp to1.50%-1.75% at its meeting on October29-30, 2019, citing the global backdrop and below-target inflation as reasons for the easing. It was the Fed’s third rate cut in 2019, effectively and quickly unwinding the lion’s share of last year’s 100 bps of hikes. Also as expected, the Fed appeared to shift to await-and-see mode, indicating that it will continue to “assess” the appropriate policy path going forward, which is a change from its stance in September that it “will act” as appropriate to sustain the expansion.

What worked?

• The Fund outperformed the Index over the reporting period, highlighted by strong duration positioning, sector allocation, security selection, and yield curve positioning. Currency selection hurt performance. The Index does not include any bonds but closely

PGIM Absolute Return Bond Fund 11

Strategy and Performance Overview(continued)

tracks the Bank of America Merrill Lynch US Dollar LIBOR3-Month Constant Maturity Index (LIBOR), the most widely used benchmark for short-term interest rates.

• The Fund employs an absolute return strategy that seeks to mitigate (or even eliminate) interest-rate risk when appropriate. During the period, the Fund’s strategy to manage duration was a significant contributor to performance. Duration 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 added to performance, asUS-dollar (USD) rates were lower during the period. The Fund’s active duration positioning ranged from 0.4 years short to 1.2 years long during the period, ending it at the middle end of the range at +0.3 years.

• In sector allocation, positions in high yield bonds, collateralized loan obligations (CLOs), and emerging markets debt were positive contributors.

• Security selection was a strong contributor to performance, led by positioning in sovereign and high yield bonds,non-agency mortgages, and commercial mortgage-backed securities (CMBS).

• Corporate positioning in the building materials & home construction sector and the foreignnon-corporates sector added value. Within building materials & home construction, overweights toWilliam Lyon Homes andBeazer Homes USA were positive. Contributors in foreignnon-corporates included positions in Greece and Ukraine.

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

What didn’t work?

• Although overall security selection contributed to the Fund’s performance, positioning in interest-rate swaps, CLOs, and Treasuries limited results.

• Within corporates, security selection in the upstream-energy and aerospace & defense sectors hurt performance. Detractors in upstream-energy included overweights inAntero Resources Corp. andFrontera Energy Corp. Within aerospace & defense, a position inBombardier Inc. was negative.

• An overweight to Argentina was the largest detractor from performance.

• The Fund occasionally features a modest notional exposure tonon-USD currencies across a diversified basket of currencies in faster-growing emerging and developed countries. The Fund’s foreign-exchange currency market (FX) positioning hurt performance, with positions in the Norwegian krone, South African rand, and euro among the largest detractors.

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Did the Fund use derivatives?

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. Over the period, futures and swaps hurt performance while options added value. Credit default swaps and credit default swap index (CDX) positions were used to either add risk exposure to certain issuers or to hedge credit risk imposed by certain issuers. Overall, credit derivative exposure added value during the period. In addition, the Fund traded foreign-exchange derivatives, which had a negative impact on performance during the period.

Current outlook

• PGIM Fixed Income’s base case assumes that the Fed will pause from adjusting rates for the foreseeable future as the impact of its rate cuts in 2019 continues to filter through the economy and the FOMC takes time to assess developments across the global economy.

• PGIM Fixed Income maintains its positive view of fundamentals in the credit sectors of fixed income. As of the end of the reporting period, the Fund was overweight structured products, which include CMBS, CLOs, and asset-backed securities (ABS); emerging market debt; and high yield bonds. Within CMBS, PGIM Fixed Income continues to find value in high-quality securities ofnew-issue conduit deals. In ABS, the Fund is maintaining anup-in-quality focus (with some exceptions) as capital stack/issuer valuations remain compressed. PGIM Fixed Income is constructive on US high yield and continues to like independent power producers and US consumer-related names. PGIM Fixed Income remains cautious on commodities but is looking at unique opportunities in natural gas and health care. Within investment-grade corporates, as we enter the later stage of the credit cycle, PGIM Fixed Income continues to favor better-quality financials and electric utilities over industrials.

PGIM Absolute Return Bond 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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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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 Absolute Return Bond Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,023.70		1.03	%	$	5.25
	Hypothetical	$	1,000.00	$	1,020.01		1.03	%	$	5.24
Class C	Actual	$	1,000.00	$	1,018.80		1.79	%	$	9.11
	Hypothetical	$	1,000.00	$	1,016.18		1.79	%	$	9.10
Class Z	Actual	$	1,000.00	$	1,024.20		0.73	%	$	3.72
	Hypothetical	$	1,000.00	$	1,021.53		0.73	%	$	3.72
Class R6	Actual	$	1,000.00	$	1,024.40		0.70	%	$	3.57
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Absolute Return Bond Fund 15

Schedule of Investments

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    89.2%
ASSET-BACKED SECURITIES    28.5%
Automobiles    0.5%
OneMain Direct Auto Receivables Trust,
Series 2017-02A, Class E, 144A		4.740	%		11/14/25		1,200	$	1,219,882
Series 2019-01A, Class A, 144A		3.630			09/14/27		8,300		8,645,599
Series 2019-01A, Class B, 144A		3.950			11/14/28		1,700		1,786,434
									11,651,915
Collateralized Loan Obligations    19.7%
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-06A, Class AR, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%)		3.271	(c)		07/15/30		1,750		1,741,369
ArrowMark Colorado Holdings (Cayman Islands), Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		3.281	(c)		07/15/29		2,500		2,496,959
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		3.261	(c)		07/16/29		2,000		1,997,367
Series 2017-08A, Class A, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 0.000%)		3.301	(c)		01/16/30		4,500		4,491,620
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.960% (Cap N/A, Floor 0.000%)		2.894	(c)		04/23/31		5,000		4,927,790
Battalion CLO Ltd. (Cayman Islands), Series 2015-08A, Class A1R, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 0.000%)		3.343	(c)		07/18/30		2,000		1,995,948
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.251	(c)		07/15/29		3,500		3,490,449
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.251	(c)		10/15/30		9,250		9,206,516
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		3.352	(c)		01/17/28		4,000		3,912,502
Carlyle US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1B, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		3.186	(c)		07/20/31		3,000		2,984,300
Catamaran CLO Ltd. (Cayman Islands), Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		3.213	(c)		04/22/30		10,500		10,439,778

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 17

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
CIFC Funding Ltd. (Cayman Islands), Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110% (Cap N/A, Floor 1.110%)		3.063	%(c)		01/22/31		8,000	$	7,944,216
Elevation CLO Ltd. (Cayman Islands), Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		3.221	(c)		07/15/30		4,000		3,972,993
Ellington CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		3.858	(c)		02/15/29		20,000		20,044,176
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)		3.287	(c)		02/05/31		15,250		15,131,068
ICG US CLO Ltd. (Cayman Islands), Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		3.214	(c)		10/23/29		3,000		2,987,280
Jamestown CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.470% (Cap N/A, Floor 1.470%)		3.436	(c)		04/20/32		14,750		14,692,333
Series 2019-01A, Class A2, 144A, 3 Month LIBOR + 2.150% (Cap N/A, Floor 2.150%)		4.116	(c)		04/20/32		17,000		16,952,556
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		3.181	(c)		01/15/31		8,000		7,949,370
Series 18, Class A, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%)		3.273	(c)		07/18/30		8,000		7,973,498
KVK CLO Ltd. (Cayman Islands), Series 2018-01A, Class B, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.786	(c)		05/20/29		18,000		17,742,866
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)		3.086	(c)		04/21/31		7,500		7,379,320
Series 2014-03A, Class BR, 144A, 3 Month LIBOR + 1.800% (Cap N/A, Floor 1.800%)		3.766	(c)		04/21/31		18,000		17,831,057
Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A2R, 144A, 3 Month LIBOR + 1.780% (Cap N/A, Floor 0.000%)		3.781	(c)		07/15/31		22,500		22,246,378
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		3.211	(c)		01/16/31		8,000		7,912,183
Series 2019-01A, Class B, 144A, 3 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		4.009	(c)		04/15/29		10,000		9,959,273

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		3.261	%(c)		07/15/30		5,750	$	5,733,335
OZLM Ltd. (Cayman Islands),
Series 2014-06A, Class A2AS, 144A, 3 Month LIBOR + 1.750% (Cap N/A, Floor 0.000%)		3.752	(c)		04/17/31		4,000		3,959,232
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.186	(c)		10/30/30		3,000		2,984,237
Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490% (Cap N/A, Floor 0.000%)		3.456	(c)		01/20/29		22,750		22,722,909
Series 2018-20A, Class A2, 144A, 3 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.616	(c)		04/20/31		3,000		2,949,570
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)		3.132	(c)		01/17/31		10,000		9,946,395
Series 2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%)		3.236	(c)		07/20/30		5,750		5,728,508
Series 2018-02A, Class A1A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 0.000%)		3.101	(c)		07/16/31		12,000		11,896,345
Regatta Funding Ltd. (Cayman Islands), Series 2017-01A, Class A, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.252	(c)		10/17/30		4,750		4,721,234
Romark CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)		3.115	(c)		07/25/31		5,000		4,944,276
Romark WM-R Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		2.996	(c)		04/20/31		1,500		1,475,426
Shackleton CLO Ltd. (Cayman Islands),
Series 2014-05RA, Class B, 144A, 3 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		3.909	(c)		05/07/31		12,500		12,326,564
Series 2017-11A, Class A, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%)		3.428	(c)		08/15/30		2,500		2,503,495
Sound Point CLO Ltd. (Cayman Islands),
Series 2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%)		3.256	(c)		10/20/28		14,750		14,733,928
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		3.220	(c)		07/25/30		8,500		8,463,433
Series 2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		3.186	(c)		10/20/30		8,750		8,700,356

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 19

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Strata CLO Ltd. (Cayman Islands), Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.590% (Cap N/A, Floor 1.590%)		3.591	%(c)		01/15/31		19,000	$	18,817,583
TICP CLO Ltd. (Cayman Islands), Series 2017-07A, Class AS, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 1.230%)		3.231	(c)		07/15/29		5,500		5,488,510
Trinitas CLO Ltd. (Cayman Islands),
Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		3.401	(c)		07/15/27		12,880		12,735,144
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		3.150	(c)		01/25/31		4,500		4,451,504
Series 2017-07A, Class B, 144A, 3 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		3.540	(c)		01/25/31		3,000		2,940,582
Tryon Park CLO Ltd. (Cayman Islands), Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		3.501	(c)		04/15/29		4,000		3,937,106
Venture CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880% (Cap N/A, Floor 0.000%)		2.881	(c)		07/15/27		7,196		7,176,002
Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		3.211	(c)		10/15/30		2,750		2,738,327
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		2.903	(c)		01/18/29		9,000		8,936,236
Wellfleet CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.216	(c)		10/20/29		7,000		6,982,648
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		3.152	(c)		01/17/31		10,500		10,384,993
York CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		3.103	(c)		01/22/31		3,000		2,980,321
Zais CLO Ltd. (Cayman Islands),
Series 2015-03A, Class A2R, 144A, 3 Month LIBOR + 2.190% (Cap N/A, Floor 0.000%)		4.191	(c)		07/15/31		12,800		12,426,839
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 0.000%)		3.371	(c)		07/15/29		8,750		8,692,677
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		3.291	(c)		04/15/30		4,750		4,687,212
									465,568,092

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans    1.7%
Lendmark Funding Trust,
Series 2017-02A, Class C, 144A		4.330	%		05/20/26		700	$	701,159
Series 2018-02A, Class A, 144A		4.230			04/20/27		3,200		3,301,101
OneMain Financial Issuance Trust,
Series 2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)		2.714	(c)		09/14/32		4,197		4,199,412
Series 2017-01A, Class C, 144A		3.350			09/14/32		700		704,063
Oportun Funding LLC,
Series 2017-B, Class B, 144A		4.260			10/10/23		7,500		7,561,150
Series 2018-B, Class A, 144A		3.910			07/08/24		2,050		2,082,160
Series 2018-B, Class B, 144A		4.500			07/08/24		500		508,063
Series 2018-B, Class C, 144A		5.430			07/08/24		1,000		1,012,609
Series 2018-C, Class A, 144A		4.100			10/08/24		3,200		3,281,171
Series 2018-C, Class B, 144A		4.590			10/08/24		1,300		1,332,214
Series 2018-C, Class C, 144A		5.520			10/08/24		2,000		2,055,151
Series 2018-D, Class A, 144A		4.150			12/09/24		2,300		2,362,920
Series 2018-D, Class B, 144A		4.830			12/09/24		1,200		1,229,866
Series 2019-A, Class B, 144A		3.870			08/08/25		4,860		4,896,374
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850% (Cap N/A, Floor 2.850%)		4.673	(c)		02/25/23		1,650		1,660,208
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		4.473	(c)		08/25/25		3,400		3,411,789
									40,299,410
Home Equity Loans    1.0%
ABFC Trust, Series 2004-OPT05, Class A1, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.350%)		2.523	(c)		06/25/34		1,077		1,072,274
Accredited Mortgage Loan Trust, Series 2004-03, Class 2A2, 1 Month LIBOR + 1.200% (Cap 13.000%, Floor 0.600%)		3.023	(c)		10/25/34		2,393		2,434,540
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-W05, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		2.873	(c)		10/25/33		18		18,124
Series 2004-W06, Class AF		4.123			05/25/34		176		185,708
Series 2004-W06, Class AV5, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.400%)		2.623	(c)		05/25/34		577		569,102
Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE06, Class A2, 1 Month LIBOR + 0.680% (Cap N/A, Floor 0.340%)		2.503	(c)		11/25/33		1,758		1,727,749

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 21

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Asset-Backed Securities Corp. Home Equity Loan Trust, (cont’d.)
Series 2003-HE06, Class A3B, 1 Month LIBOR + 0.960% (Cap N/A, Floor 0.480%)		2.783	%(c)		11/25/33		3,546	$	3,488,164
Bear Stearns Asset-Backed Securities Trust,
Series 2002-02, Class A1, 1 Month LIBOR + 0.660% (Cap 11.000%, Floor 0.330%)		2.483	(c)		10/25/32		700		702,823
Series 2003-03, Class A2, 1 Month LIBOR + 1.180% (Cap 11.000%, Floor 0.590%)		3.003	(c)		06/25/43		98		99,138
Series 2003-HE01, Class M1, 1 Month LIBOR + 1.095% (Cap N/A, Floor 0.730%)		2.918	(c)		01/25/34		2,418		2,490,634
Series 2004-HE11, Class M2, 1 Month LIBOR + 1.575% (Cap N/A, Floor 1.050%)		3.398	(c)		12/25/34		2,075		2,097,727
Home Equity Asset Trust, Series 2004-07, Class A2, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.420%)		2.663	(c)		01/25/35		1,051		1,070,407
MASTR Asset-Backed Securities Trust, Series 2003-WMC02, Class M2, 1 Month LIBOR + 2.475% (Cap N/A, Floor 1.650%)		4.298	(c)		08/25/33		912		949,430
Merrill Lynch Mortgage Investors Trust, Series 2002-HE01, Class A1, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.500%)		2.823	(c)		08/25/32		2,360		2,354,165
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 0.680%)		2.843	(c)		10/25/33		2,107		2,111,129
Series 2003-NC08, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		2.873	(c)		09/25/33		504		504,473
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 0.680%)		2.843	(c)		10/25/33		561		557,624
Series 2004-HE05, Class M1, 1 Month LIBOR + 0.945% (Cap N/A, Floor 0.630%)		2.768	(c)		06/25/34		670		674,045
RASC Trust, Series 2005-KS11, Class M1, 1 Month LIBOR + 0.400% (Cap 14.000%, Floor 0.400%)		2.223	(c)		12/25/35		194		193,936
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC01, Class M1, 1 Month LIBOR + 0.780% (Cap N/A, Floor 0.520%)		2.603	(c)		02/25/34		925		925,123
									24,226,315

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Other    0.1%
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350% (Cap N/A, Floor 0.000%)		4.173	%(c)		04/25/23		3,200	$	3,163,472
Residential Mortgage-Backed Securities    3.2%
Chase Funding Trust Series,
Series 2002-03, Class 2A1, 1 Month LIBOR + 0.640% (Cap N/A, Floor 0.320%)		2.463	(c)		08/25/32		312		307,308
Series 2003-04, Class 1A5		5.142			05/25/33		603		621,287
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-OPT01, Class M1, 1 Month LIBOR + 0.630% (Cap N/A, Floor 0.420%)		2.453	(c)		02/25/35		273		271,609
Series 2005-WF01, Class A5		5.010	(cc)		11/25/34		8		8,559
Countrywide Asset-Backed Certificates,
Series 2003-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		2.873	(c)		07/25/33		711		711,934
Series 2004-03, Class 1A, 1 Month LIBOR + 0.420% (Cap N/A, Floor 0.210%)		2.243	(c)		08/25/34		7,769		7,534,495
Series 2004-BC04, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		2.873	(c)		11/25/34		450		451,217
Credit Suisse Mortgage Trust,
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150% (Cap N/A, Floor 3.150%)		5.182	(c)		12/26/46		3,830		3,843,139
Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		7,685		7,756,933
Credit-Based Asset Servicing & Securitization LLC,
Series 2003-CB03, Class AF1		3.379			12/25/32		117		118,629
Series 2003-CB05, Class M1, 1 Month LIBOR + 1.020% (Cap N/A, Floor 0.680%)		2.843	(c)		11/25/33		640		636,056
CWABS, Inc., Asset-Backed Certificates, Series 2004-01, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.500%)		2.573	(c)		03/25/34		83		83,570
Finance America Mortgage Loan Trust, Series 2003-01, Class M1, 1 Month LIBOR + 1.050% (Cap N/A, Floor 0.700%)		2.873	(c)		09/25/33		1,665		1,646,518
First Franklin Mortgage Loan Trust, Series 2004-FF05, Class A2, 1 Month LIBOR + 0.760% (Cap N/A, Floor 0.530%)		2.583	(c)		08/25/34		747		746,435
Fremont Home Loan Trust, Series 2004-04, Class M1, 1 Month LIBOR + 0.795% (Cap N/A, Floor 0.530%)		2.618	(c)		03/25/35		2,476		2,461,824

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 23

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
GSAMP Trust,
Series 2003-HE02, Class A1A, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.300%)		2.423	%(c)		08/25/33			600	$	591,118
Series 2004-AR01, Class A2B, 1 Month LIBOR + 1.200% (Cap N/A, Floor 0.600%)		3.023	(c)		06/25/34			1,323		1,327,191
Series 2004-NC02, Class A1B, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.450%)		2.723	(c)		10/25/34			1,787		1,750,232
JPMorgan Mortgage Acquisition Corp., Series 2005-OPT02, Class M1, 1 Month LIBOR + 0.430% (Cap N/A, Floor 0.430%)		2.253	(c)		12/25/35			7		7,265
Long Beach Mortgage Loan Trust,
Series 2003-04, Class AV1, 1 Month LIBOR + 0.620% (Cap N/A, Floor 0.310%)		2.443	(c)		08/25/33			1,351		1,363,266
Series 2004-02, Class A1, 1 Month LIBOR + 0.440% (Cap N/A, Floor 0.220%)		2.263	(c)		06/25/34			925		908,191
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-NC05, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.600%)		2.723	(c)		05/25/34			232		229,596
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH01, Class M3, 1 Month LIBOR + 0.840% (Cap N/A, Floor 0.560%)		2.663	(c)		01/25/36			234		234,154
Specialty Underwriting & Residential Finance Trust,
Series 2003-BC04, Class M1, 1 Month LIBOR + 0.900% (Cap N/A, Floor 0.600%)		2.723	(c)		11/25/34			1,088		1,076,438
Series 2004-BC02, Class M1, 1 Month LIBOR + 0.825% (Cap N/A, Floor 0.550%)		2.648	(c)		05/25/35			1,693		1,697,323
Structured Asset Investment Loan Trust,
Series 2004-BNC01, Class A2, 1 Month LIBOR + 1.000% (Cap N/A, Floor 0.500%)		2.823	(c)		09/25/34			2,908		2,918,895
Series 2005-03, Class M2, 1 Month LIBOR + 0.660% (Cap N/A, Floor 0.440%)		2.483	(c)		04/25/35			510		510,315
TFS (Spain), Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		03/16/23		EUR	12,056		13,419,391
Towd Point Mortgage Trust,
Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57			1,985		2,008,346
Series 2018-02, Class A1, 144A		3.250	(cc)		03/25/58			12,536		12,814,833
Series 2018-03, Class A1, 144A		3.750	(cc)		05/25/58			7,670		7,968,981
										76,025,048

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
ASSET-BACKED SECURITIES (Continued)
Student Loans    2.3%
Laurel Road Prime Student Loan Trust,
Series 2018-D, Class A, 144A		0.000	%(cc)		11/25/43			10,256	$	10,656,599
Series 2019-A, Class R, 144A		0.000			10/25/48			8,200		577,712
SLM Student Loan Trust,
Series 2004-02X, Class A6, 3 Month EURIBOR + 0.550% (Cap N/A, Floor 0.000%)		0.148	(c)		07/25/39		EUR	7,950		8,587,811
Series 2007-02, Class B, 3 Month LIBOR + 0.170% (Cap N/A, Floor 0.000%)		2.110	(c)		07/25/25			11,503		10,452,208
SoFi Alternative Trust,
Series 2019-B, Class PT, 144A		—	(p)		12/15/45			11,176		11,572,982
Series 2019-D, Class 1PT, 144A		2.460	(cc)		01/16/46			12,100		12,499,532
										54,346,844
TOTAL ASSET-BACKED SECURITIES (cost $675,297,511)										675,281,096
BANK LOANS    2.2%
Chemicals    0.1%
Avantor, Inc. (United Kingdom), Initial B-2 Euro Term Loan, 1 Month EURIBOR + 3.250%		3.250	(c)		11/21/24		EUR	526		593,414
Starfruit Finco BV (Netherlands),
Initial Dollar Term Loan, 1 Month LIBOR + 3.250%		5.190	(c)		10/01/25			485		472,403
Initial Euro Term Loan, 3 Month EURIBOR + 3.750%		3.750	(c)		10/01/25		EUR	1,580		1,757,219
										2,823,036
Computers    0.1%
McAfee LLC,
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.305	(c)		09/29/25			1,706	��	1,711,937
Term B USD Loan, 1 Month LIBOR + 3.750%		5.555	(c)		09/30/24			1,171		1,169,794
										2,881,731
Foods    0.2%
Sigma Bidco BV (Netherlands), Facility B-4 Loan, 1 Month GBP LIBOR + 4.000%		4.714	(c)		07/02/25		GBP	3,700		4,660,993
Healthcare-Products    0.1%
Ceva Sante Animale SA (United Kingdom), Term Loan, 3 Month EURIBOR + 4.750%		4.750	(c)		04/13/26		EUR	2,125		2,376,783

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 25

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
BANK LOANS (Continued)
Household Products/Wares    0.2%
Diamond BC BV, Initial Euro Term Loan, 1 - 3 Month EURIBOR + 3.250%		3.250	%(c)		09/06/24		EUR	4,226	$	4,454,123
Leisure Time    0.2%
HNVR Holdco Ltd. (United Kingdom), Facility C, 6 Month EURIBOR + 4.500%		4.500	(c)		09/12/25		EUR	2,525		2,816,133
Richmond UK Bidco Ltd. (United Kingdom), Facility B, 1 Month GBP LIBOR + 4.250%		4.963	(c)		03/03/24		GBP	358		447,087
										3,263,220
Pharmaceuticals    0.1%
Nidda Healthcare Holding AG (Germany), Facility C GBP, 3 Month GBP LIBOR + 4.500%		5.264	(c)		08/21/24		GBP	1,700		2,205,766
Retail    0.9%
BBD Bidco Ltd. (United Kingdom), Term Loan		—	(p)		09/30/26			2,400		3,121,794
EG America LLC (United Kingdom), Second Lien Facility (USD), 3 Month LIBOR + 8.000%		10.104	(c)		04/20/26			746		704,592
EG Finco Ltd. (United Kingdom),
Second Lien Term Loan, 1 - 3 Month EURIBOR + 7.750%^		8.750	(c)		04/20/26		EUR	421		464,890
Term B, 3 Month GBP LIBOR + 4.750%		5.508	(c)		02/06/25		GBP	1,108		1,373,806
Term B-1, 3 Month EURIBOR + 4.000%		4.000	(c)		02/07/25		EUR	2,442		2,627,156
Stonegate Pub Co. Ltd., Term Loan^		—	(p)		10/31/27		GBP	10,900		13,836,929
										22,129,167
Telecommunications    0.3%
Sprint Communications, Inc., Initial Term Loan, 1 Month LIBOR + 2.500%		4.313	(c)		02/02/24			3,940		3,891,794
West Corp., Initial Term B Loan, 1 - 3 Month LIBOR + 4.000%		5.857	(c)		10/10/24			2,743		2,283,565
										6,175,359
TOTAL BANK LOANS (cost $51,533,702)										50,970,178

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES    8.4%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.100	%(cc)		05/15/35		2,700	$	2,618,087
Series 2018-20TS, Class H, 144A		3.100	(cc)		05/15/35		2,700		2,571,209
BBCMS Mortgage Trust, Series 2018-TALL, Class D, 144A, 1 Month LIBOR + 1.449% (Cap N/A, Floor 1.449%)		3.362	(c)		03/15/37		11,875		11,867,596
BX Commercial Mortgage Trust,
Series 2018-IND, Class G, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)		3.964	(c)		11/15/35		2,929		2,941,943
Series 2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		4.650	(c)		10/15/36		14,650		14,677,634
COMM Mortgage Trust,
Series 2012-CR01, Class XA, IO		1.858	(cc)		05/15/45		11,016		428,954
Series 2015-LC19, Class XB, IO, 144A		0.262	(cc)		02/10/48		123,049		1,622,586
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		4.564	(c)		05/15/36		15,000		15,075,263
Credit Suisse Mortgage Trust,
Series 2017-LSTK, Class D, 144A		3.331	(cc)		04/05/33		6,850		6,849,034
Series 2017-LSTK, Class E, 144A		3.331	(cc)		04/05/33		12,575		12,512,873
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A3		4.095			04/15/51		9,000		9,743,714
DBGS Mortgage Trust,
Series 2018-BIOD, Class E, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		3.614	(c)		05/15/35		3,365		3,377,431
Series 2018-BIOD, Class F, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		3.914	(c)		05/15/35		12,994		13,056,389
DBWF Mortgage Trust, Series 2016-85T, Class E, 144A		3.808	(cc)		12/10/36		15,500		15,499,003
FHLMC Multifamily Structured Pass-Through Certificates,
Series K007, Class X1, IO		1.030	(cc)		04/25/20		3,081		5,375
Series K008, Class X1, IO		1.480	(cc)		06/25/20		17,229		94,328
Series K010, Class X1, IO		0.129	(cc)		10/25/20		17,401		19,646
Series K018, Class X1, IO		1.306	(cc)		01/25/22		14,587		325,444
Series K020, Class X1, IO		1.393	(cc)		05/25/22		19,344		578,134
Series K021, Class X1, IO		1.428	(cc)		06/25/22		3,986		128,283
Series K025, Class X1, IO		0.823	(cc)		10/25/22		87,200		1,873,522
Series K055, Class X1, IO		1.365	(cc)		03/25/26		22,918		1,699,063
Series K066, Class X1, IO		0.752	(cc)		06/25/27		235,124		11,720,580
Series KC02, Class X1, IO		0.374	(cc)		03/25/24		142,181		2,240,103
GS Mortgage Securities Corp., Series 2013-GC10, Class XB, IO, 144A		0.482	(cc)		02/10/46		103,126		1,626,689

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 27

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
GS Mortgage Securities Trust, Series 2014-GC20, Class XB, IO		0.436	%(cc)		04/10/47			28,307	$	526,929
Independence Plaza Trust, Series 2018-INDP, Class E, 144A		4.996			07/10/35			5,200		5,529,804
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class XB, IO		0.317	(cc)		08/15/47			45,056		712,583
Series 2015-C27, Class XB, IO		0.444	(cc)		02/15/48			52,766		1,086,763
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class E, 144A		4.613	(cc)		07/05/31			25,950		27,223,089
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class XB, IO		0.512	(cc)		04/15/46			34,956		618,736
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C05, Class XB, IO, 144A		0.235	(cc)		08/15/45			65,968		473,980
Series 2013-C08, Class XB, IO, 144A		0.497	(cc)		12/15/48			68,276		923,296
Salus European Loan Conduit DAC (United Kingdom), Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 5.000%, Floor 0.000%)		2.279	(c)		01/23/29		GBP	9,500		12,347,665
UBS-Barclays Commercial Mortgage Trust, Series 2013-C06, Class XB, IO, 144A		0.379	(cc)		04/10/46			140,883		1,826,210
Wells Fargo Commercial Mortgage Trust,
Series 2017-C39, Class A4		3.157			09/15/50			10,000		10,518,723
Series 2017-C40, Class A3		3.317			10/15/50			3,380		3,591,650
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $193,054,179)										198,532,311
CORPORATE BONDS    34.1%
Advertising    0.2%
National CineMedia LLC,
Sr. Sec’d. Notes		6.000			04/15/22			775		782,828
Sr. Unsec’d. Notes		5.750			08/15/26			2,925		2,859,187
										3,642,015
Aerospace & Defense    0.7%
Bombardier, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		7.500			12/01/24			9,325		9,039,422
Sr. Unsec’d. Notes, 144A		7.875			04/15/27			6,750		6,378,750
										15,418,172
Agriculture    0.0%
Vector Group Ltd.,
Sr. Sec’d. Notes, 144A		6.125			02/01/25			529		507,840

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Airlines    0.2%
American Airlines 2013-1 Class A Pass-Through Trust, Pass-Through Certificates(a)		4.000	%		01/15/27			2,091	$	2,214,047
Continental Airlines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		5.983			10/19/23			790		836,758
Continental Airlines 2012-2 Class A Pass-Through Trust, Pass-Through Certificates		4.000			04/29/26			87		92,495
Delta Air Lines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates		6.821			02/10/24			593		650,068
United Airlines 2013-1 Class A, Pass-Through Trust, Pass-Through Certificates		4.300			02/15/27			1,844		1,988,156
										5,781,524
Apparel    0.1%
PVH Corp., Sr. Unsec’d. Notes, 144A		3.125			12/15/27		EUR	2,175		2,696,040
Auto Manufacturers    0.6%
BMW US Capital LLC (Germany), Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.411	(c)		04/12/21			820		821,271
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		3.350			11/01/22			5,685		5,702,381
General Motors Co., Sr. Unsec’d. Notes		6.250			10/02/43			1,555		1,720,288
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A		3.875			11/13/20			2,150		2,189,029
Gtd. Notes, 144A		4.000			11/12/21			2,810		2,912,304
										13,345,273
Auto Parts & Equipment    0.9%
Adient Global Holdings Ltd., Gtd. Notes, 144A		4.875			08/15/26			2,700		2,119,500
Adient US LLC, Sr. Sec’d. Notes, 144A(a)		7.000			05/15/26			1,400		1,473,500
American Axle & Manufacturing, Inc.,
Gtd. Notes(a)		6.250			03/15/26			3,200		3,040,000
Gtd. Notes(a)		6.500			04/01/27			2,650		2,510,875
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A(a)		5.625			11/15/26			3,525		2,996,250

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 29

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date			Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment (cont’d.)
Lear Corp., Sr. Unsec’d. Notes		5.250	%		01/15/25				5,375	$	5,542,271
Nemak SAB de CV (Mexico), Sr. Unsec’d. Notes(a)		4.750			01/23/25				2,800		2,891,000
											20,573,396
Banks    4.9%
Banco do Brasil SA (Brazil), Gtd. Notes		3.875			10/10/22				3,000		3,066,750
Banco Nacional de Costa Rica (Costa Rica), Sr. Unsec’d. Notes, 144A		5.875			04/25/21				750		757,500
Bank of America Corp.,
Jr. Sub. Notes, Series AA		6.100	(ff)		—	(rr)			8,820		9,761,844
Sr. Unsec’d. Notes, GMTN		3.593	(ff)		07/21/28				1,555		1,648,522
Sr. Unsec’d. Notes, MTN		3.824	(ff)		01/20/28				1,905		2,051,453
Sr. Unsec’d. Notes, MTN(a)		4.271	(ff)		07/23/29				1,450		1,611,120
Banque Centrale de Tunisie International Bond (Tunisia),
Sr. Unsec’d. Notes		6.750			10/31/23			EUR	950		1,067,905
Sr. Unsec’d. Notes, 144A		6.375			07/15/26			EUR	2,755		2,996,757
Citigroup, Inc.,
Jr. Sub. Notes, Series Q		5.950	(ff)		—	(rr)			12,685		12,964,070
Sr. Unsec’d. Notes		3.200			10/21/26				1,145		1,189,586
Sr. Unsec’d. Notes		3.887	(ff)		01/10/28				980		1,054,777
Sr. Unsec’d. Notes		8.125			07/15/39				620		1,017,940
Sub. Notes		4.400			06/10/25				405		439,067
Sub. Notes		4.750			05/18/46				395		465,807
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN		3.625			09/09/24				2,375		2,525,637
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.750			03/26/25				1,200		1,266,473
Danske Bank A/S (Denmark), Sr. Unsec’d. Notes, 144A(a)		3.001	(ff)		09/20/22				5,460		5,511,741
Development Bank of the Republic of Belarus JSC (Belarus), Sr. Unsec’d. Notes, 144A		6.750			05/02/24				5,495		5,766,343
Discover Bank,
Sr. Unsec’d. Notes		4.200			08/08/23				5,500		5,871,276
Sub. Notes(a)		7.000			04/15/20				800		816,976

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series M		5.375	%(ff)		—	(rr)		5,225	$	5,301,128
Sr. Unsec’d. Notes		3.814	(ff)		04/23/29			1,595		1,694,335
Sr. Unsec’d. Notes(h)		3.850			01/26/27			3,940		4,199,101
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29			170		186,005
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		5.406	(c)		—	(rr)		64		64,384
Jr. Sub. Notes, Series Q		5.150	(ff)		—	(rr)		3,725		3,860,031
Jr. Sub. Notes, Series R		6.000	(ff)		—	(rr)		7,707		8,272,077
Jr. Sub. Notes, Series X		6.100	(ff)		—	(rr)		3,400		3,732,588
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%		5.611	(c)		—	(rr)		13,110		13,188,660
Sr. Unsec’d. Notes(a)		4.375			01/22/47			1,260		1,495,794
Sr. Unsec’d. Notes, GMTN		3.772	(ff)		01/24/29			1,750		1,872,744
Sr. Unsec’d. Notes, GMTN(a)		3.875			01/27/26			605		653,035
Sr. Unsec’d. Notes, GMTN		4.431	(ff)		01/23/30			2,135		2,396,525
Sr. Unsec’d. Notes, MTN		3.591	(ff)		07/22/28			1,125		1,189,120
Sub. Notes, MTN(a)		4.100			05/22/23			1,710		1,812,063
People’s United Bank NA, Sub. Notes		4.000			07/15/24			325		340,082
State Street Corp., Jr. Sub. Notes, Series F		5.250	(ff)		—	(rr)		2,555		2,617,700
Turkiye Garanti Bankasi AS (Turkey), Sr. Unsec’d. Notes, 144A		5.875			03/16/23			2,435		2,469,075
										117,195,991
Beverages    0.0%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		8.200			01/15/39			250		398,254
Biotechnology    0.1%
Celgene Corp., Sr. Unsec’d. Notes		4.350			11/15/47			2,100		2,450,340
Building Materials    0.3%
Griffon Corp., Gtd. Notes		5.250			03/01/22			1,975		1,984,875
U.S. Concrete, Inc., Gtd. Notes(a)		6.375			06/01/24			4,725		4,918,347
										6,903,222

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 31

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Chemicals    2.1%
Ashland LLC, Gtd. Notes		6.875	%		05/15/43			4,100	$	4,674,000
Braskem Netherlands Finance BV (Brazil), Gtd. Notes, 144A		5.875			01/31/50			2,300		2,287,350
CF Industries, Inc.,
Gtd. Notes(a)		4.950			06/01/43			1,765		1,767,206
Gtd. Notes		5.375			03/15/44			1,300		1,332,500
Gtd. Notes		7.125			05/01/20			59		60,417
Chemours Co. (The), Gtd. Notes		4.000			05/15/26		EUR	1,500		1,506,575
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22			3,525		3,579,046
Eurochem Finance DAC (Switzerland), Gtd. Notes, 144A		5.500			03/13/24			5,980		6,428,500
Hexion, Inc., Gtd. Notes, 144A(a)		7.875			07/15/27			1,575		1,515,938
LYB International Finance BV,
Gtd. Notes		4.875			03/15/44			165		181,978
Gtd. Notes		5.250			07/15/43			10		11,457
Monitchem HoldCo 2 SA (Luxembourg), Gtd. Notes, 144A		9.500			09/15/26		EUR	1,000		1,104,147
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250			06/01/27			4,625		4,752,188
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900			06/01/43			1,350		1,503,877
Sr. Unsec’d. Notes		6.125			01/15/41			170		211,064
OCI NV (Netherlands), Sr. Sec’d. Notes		5.000			04/15/23		EUR	700		813,110
Orbia Advance Corp. SAB de CV (Mexico), Gtd. Notes, 144A		5.500			01/15/48			480		486,720
Sasol Financing International Ltd. (South Africa), Gtd. Notes		4.500			11/14/22			5,885		6,061,550
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes(a)		3.450			08/01/25			635		671,319
Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes(a)		6.500			10/01/26		EUR	7,650		8,606,700
TPC Group, Inc., Sr. Sec’d. Notes, 144A		10.500			08/01/24			1,700		1,802,000
										49,357,642

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Commercial Services    2.0%
ERAC USA Finance LLC,
Gtd. Notes, 144A		6.700	%		06/01/34			110	$	149,590
Gtd. Notes, 144A		7.000			10/15/37			1,725		2,444,922
Laureate Education, Inc., Gtd. Notes, 144A		8.250			05/01/25			6,350		6,889,750
Loxam SAS (France),
Sr. Sec’d. Notes, 144A		2.875			04/15/26		EUR	1,400		1,530,192
Sr. Sub. Notes(a)		5.750			07/15/27		EUR	5,000		5,378,534
Sr. Sub. Notes, 144A		4.500			04/15/27		EUR	1,500		1,543,296
Nielsen Co. Luxembourg SARL (The), Gtd. Notes, 144A(a)		5.500			10/01/21			1,675		1,679,187
Refinitiv US Holdings, Inc.,
Sr. Sec’d. Notes		4.500			05/15/26		EUR	3,500		4,226,569
Sr. Unsec’d. Notes		6.875			11/15/26		EUR	7,700		9,707,506
Techem Verwaltungsgesellschaft 674 mbH (Germany), Sr. Sec’d. Notes		6.000			07/30/26		EUR	2,843		3,439,682
United Rentals North America, Inc.,
Gtd. Notes		4.625			10/15/25			2,450		2,502,062
Gtd. Notes(a)		4.875			01/15/28			5,979		6,173,317
Gtd. Notes(a)		5.250			01/15/30			1,050		1,103,813
Gtd. Notes(a)		5.500			05/15/27			1,600		1,687,000
										48,455,420
Computers    0.2%
Everi Payments, Inc., Gtd. Notes, 144A		7.500			12/15/25			3,575		3,767,156
Diversified Financial Services    0.4%
Avolon Holdings Funding Ltd. (Ireland), Gtd. Notes, 144A(a)		5.500			01/15/23			2,000		2,158,200
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43			175		206,170
Nationstar Mortgage Holdings, Inc.,
Gtd. Notes, 144A(a)		8.125			07/15/23			2,450		2,597,000
Gtd. Notes, 144A		9.125			07/15/26			3,700		4,051,500
										9,012,870
Electric    1.6%
AES Panama SRL (Panama), Sr. Unsec’d. Notes, 144A		6.000			06/25/22			3,015		3,103,973

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 33

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Calpine Corp., Sr. Unsec’d. Notes(a)		5.750	%		01/15/25			10,700	$	10,967,500
Duke Energy Carolinas LLC, First Mortgage		4.000			09/30/42			50		55,691
Eskom Holdings SOC Ltd. (South Africa),
Gov’t. Gtd. Notes, 144A, MTN		6.350			08/10/28			1,225		1,295,754
Sr. Unsec’d. Notes		5.750			01/26/21			5,755		5,792,177
Sr. Unsec’d. Notes, 144A		5.750			01/26/21			2,900		2,918,734
Sr. Unsec’d. Notes, 144A		7.125			02/11/25			5,635		5,791,991
Sr. Unsec’d. Notes, 144A, MTN		6.750			08/06/23			200		205,164
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44			800		1,016,212
Mong Duong Finance Holdings BV (Vietnam), Sr. Sec’d. Notes		5.125			05/07/29			2,150		2,186,540
NextEra Energy Capital Holdings, Inc., Gtd. Notes		3.625			06/15/23			1,575		1,646,490
NRG Energy, Inc.,
Gtd. Notes		6.625			01/15/27			175		189,656
Gtd. Notes, 144A(a)		5.250			06/15/29			950		1,018,875
Vistra Operations Co. LLC, Gtd. Notes, 144A		5.000			07/31/27			1,570		1,624,950
Westar Energy, Inc., First Mortgage		4.100			04/01/43			325		366,613
										38,180,320
Electrical Components & Equipment    0.5%
Energizer Gamma Acquisition BV,
Gtd. Notes		4.625			07/15/26		EUR	6,700		7,878,925
Gtd. Notes, 144A		4.625			07/15/26		EUR	2,600		3,057,493
										10,936,418
Electronics    0.3%
Jabil, Inc.,
Sr. Unsec’d. Notes		4.700			09/15/22			80		84,730
Sr. Unsec’d. Notes		5.625			12/15/20			5,400		5,608,601
Sensata Technologies BV, Gtd. Notes, 144A		5.000			10/01/25			955		1,029,204
										6,722,535

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Energy-Alternate Sources    0.1%
Neerg Energy Ltd. (Mauritius), Sr. Sec’d. Notes		6.000	%		02/13/22			850	$	838,518
Rio Energy SA/UGEN SA/UENSA SA (Argentina), Sr. Sec’d. Notes, 144A		6.875			02/01/25			3,220		1,867,632
										2,706,150
Engineering & Construction    0.2%
Delhi International Airport Ltd. (India), Sr. Sec’d. Notes, 144A		6.450			06/04/29			1,375		1,471,250
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		3.875			04/30/28			3,000		2,998,500
										4,469,750
Entertainment    1.0%
AMC Entertainment Holdings, Inc.,
Gtd. Notes(a)		5.750			06/15/25			1,908		1,812,791
Gtd. Notes(a)		5.875			11/15/26			1,150		1,047,938
Gtd. Notes		6.375			11/15/24		GBP	2,625		3,249,191
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25			4,025		4,120,594
Codere Finance 2 Luxembourg SA (Spain), Sr. Sec’d. Notes		6.750			11/01/21		EUR	3,000		2,893,735
CPUK Finance Ltd. (United Kingdom),
Sec’d. Notes, 144A		4.250			02/28/47		GBP	550		721,364
Sec’d. Notes, 144A		4.875			02/28/47		GBP	200		265,549
Eldorado Resorts, Inc., Gtd. Notes		7.000			08/01/23			3,233		3,374,444
Pinewood Finance Co. Ltd. (United Kingdom), Sr. Sec’d. Notes, 144A		3.250			09/30/25		GBP	1,900		2,516,541
Scientific Games International, Inc.,
Gtd. Notes		6.250			09/01/20			2,500		2,503,125
Gtd. Notes		10.000			12/01/22			875		900,156
Gtd. Notes, 144A		8.250			03/15/26			450		475,875
										23,881,303
Foods    1.1%
Co-operative Group Holdings 2011 Ltd. (United Kingdom), Gtd. Notes		7.500			07/08/26		GBP	3,400		5,017,036

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 35

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
Ingles Markets, Inc., Sr. Unsec’d. Notes(a)		5.750	%		06/15/23			1,325	$	1,353,156
JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.875			07/15/24			1,428		1,472,625
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.,
Gtd. Notes, 144A		6.500			04/15/29			325		361,572
Sr. Unsec’d. Notes, 144A		5.500			01/15/30			100		107,750
Kraft Heinz Foods Co.,
Gtd. Notes, 144A		4.625			10/01/39			440		451,356
Gtd. Notes, 144A		4.875			10/01/49			4,135		4,262,080
Mars, Inc.,
Gtd. Notes, 144A(a)(h)		3.875			04/01/39			995		1,115,479
Gtd. Notes, 144A		4.200			04/01/59			865		1,005,067
Picard Bondco SA (Luxembourg), Gtd. Notes(a)		5.500			11/30/24		EUR	3,300		3,533,270
Picard Groupe SAS (France), Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 3.000% (Cap N/A, Floor 3.000%)		3.000	(c)		11/30/23		EUR	2,075		2,267,963
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.750			03/15/25			1,425		1,478,437
Post Holdings, Inc., Gtd. Notes, 144A(a)		5.625			01/15/28			2,567		2,746,690
										25,172,481
Forest Products & Paper    0.0%
Georgia-Pacific LLC,
Gtd. Notes, 144A		5.400			11/01/20			35		36,172
Sr. Unsec’d. Notes		7.375			12/01/25			400		507,905
										544,077
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., Sr. Unsec’d. Notes		5.500			05/20/25			2,900		3,110,540
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41			700		907,158

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Gas (cont’d.)
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes(a)		4.600	%		12/15/44		125	$	148,512
Southern Co. Gas Capital Corp., Gtd. Notes(a)		4.400			06/01/43		1,375		1,534,388
									5,700,598
Healthcare-Products    0.2%
Medtronic Global Holdings SCA,
Gtd. Notes		1.625			03/07/31	EUR	500		617,095
Gtd. Notes		2.250			03/07/39	EUR	705		921,433
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes, EMTN		1.500			10/01/39	EUR	1,250		1,352,586
Sr. Unsec’d. Notes, EMTN		1.875			10/01/49	EUR	825		875,129
									3,766,243
Healthcare-Services    0.9%
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750			11/15/22		450		456,483
Sr. Unsec’d. Notes		4.500			05/15/42		530		564,619
Anthem, Inc.,
Sr. Unsec’d. Notes		4.101			03/01/28		700		761,176
Sr. Unsec’d. Notes		4.650			01/15/43		120		133,021
Sr. Unsec’d. Notes		5.100			01/15/44		515		596,781
HCA, Inc., Gtd. Notes		5.375			02/01/25		6,325		6,949,594
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.200			02/01/22		25		25,590
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		75		89,422
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A(a)		9.750			12/01/26		3,700		4,060,750
Tenet Healthcare Corp.,
Sec’d. Notes, 144A(a)		6.250			02/01/27		875		924,219
Sr. Sec’d. Notes, 144A		5.125			11/01/27		1,500		1,563,720
Sr. Unsec’d. Notes(a)		7.000			08/01/25		4,300		4,439,750
Sr. Unsec’d. Notes		8.125			04/01/22		1,475		1,596,687
									22,161,812

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 37

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders    2.1%
Beazer Homes USA, Inc., Sr. Unsec’d. Notes, 144A(a)		7.250	%		10/15/29		3,625	$	3,815,313
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A(a)		6.125			07/01/22		5,000		5,081,250
KB Home, Gtd. Notes		7.500			09/15/22		3,425		3,861,688
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		5,850		5,909,611
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A		6.500			10/01/25		2,500		2,643,750
Sr. Unsec’d. Notes, 144A		6.875			12/15/23		4,000		4,145,000
Meritage Homes Corp.,
Gtd. Notes		5.125			06/06/27		3,692		3,978,130
Gtd. Notes		6.000			06/01/25		1,275		1,424,813
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		3,125		2,958,984
PulteGroup, Inc., Gtd. Notes		5.500			03/01/26		4,000		4,481,000
Taylor Morrison Communities, Inc., Gtd. Notes, 144A		5.875			06/15/27		2,700		3,015,090
William Lyon Homes, Inc., Gtd. Notes		5.875			01/31/25		7,625		7,758,437
									49,073,066
Home Furnishings    0.1%
Tempur Sealy International, Inc., Gtd. Notes(a)		5.500			06/15/26		1,540		1,611,225
Household Products/Wares    0.3%
Diamond BC BV, Sr. Unsec’d. Notes(a)		5.625			08/15/25	EUR	7,760		7,920,807
Insurance    0.7%
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes(a)		5.950			10/15/36		215		281,693
Sr. Unsec’d. Notes		6.100			10/01/41		280		380,176
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.951			10/15/50		2,530		2,611,395
Gtd. Notes, 144A		4.250			06/15/23		436		462,798
Gtd. Notes, 144A		4.569			02/01/29		1,614		1,823,886

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Lincoln National Corp., Sr. Unsec’d. Notes		7.000	%		06/15/40		695	$	998,598
Markel Corp.,
Sr. Unsec’d. Notes		4.900			07/01/22		2,020		2,157,739
Sr. Unsec’d. Notes		5.000			03/30/43		3,125		3,443,535
Principal Financial Group, Inc., Gtd. Notes		4.350			05/15/43		975		1,093,385
Swiss Re Treasury US Corp. (Switzerland), Gtd. Notes, 144A		4.250			12/06/42		795		912,304
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		4.270			05/15/47		640		737,178
Sub. Notes, 144A		4.900			09/15/44		1,950		2,449,007
Sub. Notes, 144A		6.850			12/16/39		54		80,067
									17,431,761
Lodging    0.4%
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Sec’d. Notes, 144A(a)		6.750			11/15/21		5,750		5,872,187
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.250			09/15/22		75		77,290
Sr. Unsec’d. Notes		7.150			12/01/19		550		551,947
Sands China Ltd. (Macau), Sr. Unsec’d. Notes(a)		5.125			08/08/25		1,000		1,102,650
Studio City Co. Ltd. (Macau),
Sr. Sec’d. Notes		7.250			11/30/21		500		512,600
Sr. Sec’d. Notes, 144A		7.250			11/30/21		1,200		1,230,240
									9,346,914
Machinery-Diversified    0.0%
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		50		52,542
Media    1.6%
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		4.750			03/01/30		1,300		1,324,375
Sr. Unsec’d. Notes, 144A		5.125			05/01/23		2,625		2,687,344
Sr. Unsec’d. Notes, 144A		5.375			06/01/29		2,100		2,241,750
Sr. Unsec’d. Notes, 144A(a)		5.875			05/01/27		2,975		3,153,500

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 39

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		6.384	%		10/23/35		1,525	$	1,873,931
Sr. Sec’d. Notes		6.834			10/23/55		485		617,735
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, 144A(a)		9.250			02/15/24		1,914		2,105,400
Comcast Corp.,
Gtd. Notes(h)		4.150			10/15/28		2,605		2,943,652
Gtd. Notes		4.250			10/15/30		890		1,025,646
Diamond Sports Group LLC/Diamond Sports Finance Co., Gtd. Notes, 144A(a)		6.625			08/15/27		1,260		1,297,800
DISH DBS Corp., Gtd. Notes(a)		7.750			07/01/26		7,300		7,364,605
Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A(a)		6.625			02/15/25		4,705		4,752,050
TEGNA, Inc., Gtd. Notes, 144A		4.875			09/15/21		1,625		1,629,063
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		6.750			09/15/22		1,292		1,308,150
Videotron Ltd. (Canada), Gtd. Notes		5.000			07/15/22		3,000		3,157,500
									37,482,501
Mining    0.1%
Indonesia Asahan Aluminium Persero PT (Indonesia), Sr. Unsec’d. Notes		6.530			11/15/28		1,650		1,995,404
Miscellaneous Manufacturing    0.1%
Actuant Corp., Gtd. Notes(a)		5.625			06/15/22		3,075		3,105,750
Oil & Gas    2.3%
Antero Resources Corp., Gtd. Notes		5.625			06/01/23		3,500		2,454,375
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Sr. Unsec’d. Notes, 144A		7.000			11/01/26		1,225		937,125
Sr. Unsec’d. Notes, 144A		10.000			04/01/22		750		709,725
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes(a)		5.400			06/15/47		2,645		2,959,087

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		9.250	%		08/01/24		500	$	521,875
CNX Resources Corp.,
Gtd. Notes(a)		5.875			04/15/22		1,304		1,274,660
Gtd. Notes, 144A		7.250			03/14/27		2,125		1,702,019
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		275		310,415
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.500			01/30/26		2,700		2,781,054
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes, 144A		4.950			07/19/22		730		772,089
Sr. Unsec’d. Notes, 144A		6.510			03/07/22		2,020		2,194,047
Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A(a)		6.250			11/01/28		700		591,500
HPCL-Mittal Energy Ltd. (India), Sr. Unsec’d. Notes		5.250			04/28/27		1,478		1,467,385
MEG Energy Corp. (Canada), Gtd. Notes, 144A		7.000			03/31/24		3,700		3,475,410
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		4.264	(s)		10/10/36		3,000		1,507,102
Sr. Unsec’d. Notes		6.450			09/15/36		750		917,589
Petrobras Global Finance BV (Brazil),
Gtd. Notes		4.750			01/14/25	EUR	3,100		4,018,917
Gtd. Notes		5.375			10/01/29	GBP	800		1,138,063
Gtd. Notes		5.750			02/01/29		1,275		1,418,884
Gtd. Notes		6.625			01/16/34	GBP	2,605		4,013,226
Gtd. Notes		6.900			03/19/49		1,365		1,586,539
Gtd. Notes, 144A		5.093			01/15/30		529		561,005
Petroleos Mexicanos (Mexico),
Gtd. Notes		4.750			02/26/29	EUR	1,600		1,853,575
Gtd. Notes		6.350			02/12/48		3,828		3,660,525
Gtd. Notes		6.500			03/13/27		1,550		1,643,000
Gtd. Notes		6.500			01/23/29		575		599,725
Gtd. Notes, 144A		7.690			01/23/50		440		479,776
Gtd. Notes, EMTN		4.875			02/21/28	EUR	400		470,099
Gtd. Notes, MTN		6.750			09/21/47		3,206		3,197,664
Transocean, Inc., Gtd. Notes, 144A(a)		7.250			11/01/25		5,100		4,500,750
									53,717,205

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 41

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas Services    0.0%
Cameron International Corp., Gtd. Notes		5.950	%		06/01/41		100	$	125,915
Packaging & Containers    1.2%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 6.625% or PIK 7.375%		6.625			09/15/23	EUR	11,200		12,929,182
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland), Gtd. Notes		6.750			05/15/24	EUR	140		163,955
Crown European Holdings SA, Gtd. Notes, 144A		2.875			02/01/26	EUR	5,050		6,033,564
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr. Sec’d. Notes		5.750			10/15/20		8,334		8,363,080
WestRock RKT LLC, Gtd. Notes		4.900			03/01/22		1,190		1,259,974
									28,749,755
Pharmaceuticals    1.1%
AbbVie, Inc., Sr. Unsec’d. Notes		4.500			05/14/35		4,085		4,399,878
Allergan Funding SCS, Gtd. Notes(a)		4.550			03/15/35		4,155		4,451,789
Bausch Health Cos., Inc.,
Gtd. Notes, 144A(a)		6.125			04/15/25		1,075		1,115,984
Gtd. Notes, 144A		7.250			05/30/29		1,200		1,321,500
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes, 144A		4.125			06/15/39		615		702,171
Sr. Unsec’d. Notes, 144A(h)		4.250			10/26/49		2,755		3,226,996
Cigna Corp., Gtd. Notes		4.375			10/15/28		3,990		4,398,204
CVS Health Corp.,
Sr. Unsec’d. Notes		4.780			03/25/38		130		144,350
Sr. Unsec’d. Notes		5.050			03/25/48		690		790,404
Sr. Unsec’d. Notes(a)		5.125			07/20/45		1,315		1,510,562
Sr. Unsec’d. Notes		5.300			12/05/43		485		560,784
Mylan NV, Gtd. Notes		5.250			06/15/46		520		557,199
Rossini Sarl (Italy), Sr. Sec’d. Notes, 144A		6.750			10/30/25	EUR	2,875		3,544,131
									26,723,952

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines    0.5%
DCP Midstream Operating LP, Gtd. Notes, 144A		5.350	%		03/15/20		227	$	228,703
Energy Transfer Operating LP,
Gtd. Notes		5.150			03/15/45		55		57,294
Gtd. Notes		5.300			04/15/47		125		132,270
Gtd. Notes		6.250			04/15/49		75		90,114
Enterprise Products Operating LLC, Gtd. Notes		4.950			10/15/54		2,700		3,134,058
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A		6.375			03/30/38		512		553,265
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		4.200			12/01/42		125		127,037
Sr. Unsec’d. Notes		5.150			10/15/43		1,350		1,579,806
MPLX LP, Sr. Unsec’d. Notes		5.200			03/01/47		145		155,351
NGPL PipeCo LLC,
Sr. Unsec’d. Notes, 144A		4.375			08/15/22		150		155,738
Sr. Unsec’d. Notes, 144A		4.875			08/15/27		500		537,804
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		1,060		1,146,840
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		6.875			04/15/40		1,850		1,951,935
Sunoco Logistics Partners Operations LP, Gtd. Notes		5.400			10/01/47		60		64,423
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A(a)		5.500			01/15/28		1,875		1,757,812
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000			07/01/22		75		76,180
Sr. Unsec’d. Notes		5.300			03/01/48		910		770,723
									12,519,353
Real Estate    0.4%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875			11/15/25		2,475		2,339,296
Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750			12/01/25		3,575		3,726,937
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250			02/15/26		2,425		2,381,127
									8,447,360

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 43

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs)    0.2%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., Gtd. Notes		4.500	%		09/01/26		675	$	717,187
MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		3.325			03/24/25	EUR	3,775		4,670,860
									5,388,047
Retail    1.8%
Brinker International, Inc., Gtd. Notes, 144A		5.000			10/01/24		1,000		1,060,625
eG Global Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		4.375			02/07/25	EUR	8,700		9,432,471
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsec’d. Notes		8.625			06/15/20		2,975		1,695,750
Sr. Unsec’d. Notes		8.625			06/15/20		1,703		970,710
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A(a)		6.750			10/15/24		5,951		6,130,125
Grupo Unicomer Co. Ltd. (El Salvador), Gtd. Notes, 144A		7.875			04/01/24		942		1,023,257
L Brands, Inc., Gtd. Notes(a)		5.625			10/15/23		7,430		7,885,087
Macy’s Retail Holdings, Inc., Gtd. Notes		4.300			02/15/43		705		581,698
Michaels Stores, Inc., Gtd. Notes, 144A(a)		8.000			07/15/27		1,650		1,628,880
PetSmart, Inc., Sr. Sec’d. Notes, 144A(a)		5.875			06/01/25		1,315		1,295,275
Rite Aid Corp., Gtd. Notes, 144A(a)		6.125			04/01/23		2,675		2,277,228
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes		5.500			11/01/23		1,500		1,515,000
Gtd. Notes(a)		5.625			12/01/25		5,000		5,162,500
Stonegate Pub Co. Financing PLC (United Kingdom), Sr. Sec’d. Notes, 3 Month GBP LIBOR + 4.375%		5.160	(c)		03/15/22	GBP	2,425		3,157,432
									43,816,038
Savings & Loans    0.0%
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		325		336,327

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Semiconductors    0.3%
Broadcom, Inc.,
Gtd. Notes, 144A		3.125	%		04/15/21		4,105	$	4,154,014
Gtd. Notes, 144A		3.125			10/15/22		3,155		3,214,563
									7,368,577
Software    0.7%
Infor US, Inc., Gtd. Notes		5.750			05/15/22	EUR	5,114		5,772,088
InterXion Holding NV (Netherlands), Gtd. Notes, 144A		4.750			06/15/25	EUR	9,600		11,642,233
									17,414,321
Telecommunications    1.3%
Altice France SA (France),
Sr. Sec’d. Notes, 144A		2.500			01/15/25	EUR	2,500		2,797,591
Sr. Sec’d. Notes, 144A		3.375			01/15/28	EUR	2,300		2,569,936
AT&T, Inc.,
Sr. Unsec’d. Notes		3.800			02/15/27		1,350		1,444,572
Sr. Unsec’d. Notes(a)		4.300			02/15/30		700		770,594
Sr. Unsec’d. Notes		4.850			03/01/39		5,720		6,479,210
CenturyLink, Inc.,
Sr. Unsec’d. Notes, Series P(a)		7.600			09/15/39		825		839,438
Sr. Unsec’d. Notes, Series V		5.625			04/01/20		1,425		1,442,812
CommScope Technologies LLC, Gtd. Notes, 144A(a)		6.000			06/15/25		1,225		1,098,212
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21		547		547,000
Digicel Group One Ltd. (Jamaica), Sr. Sec’d. Notes		8.250			12/30/22		772		456,445
Digicel Group Two Ltd. (Jamaica), Sr. Unsec’d. Notes		8.250			09/30/22		728		189,280
Digicel Ltd. (Jamaica),
Gtd. Notes, 144A		6.750			03/01/23		2,050		1,076,271
Sr. Unsec’d. Notes, 144A(a)		6.000			04/15/21		2,350		1,750,773
Embarq Corp., Sr. Unsec’d. Notes		7.995			06/01/36		2,500		2,475,000

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 45

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Sprint Capital Corp., Gtd. Notes(a)		8.750	%		03/15/32		3,282	$	4,002,005
West Corp., Gtd. Notes, 144A(a)		8.500			10/15/25		2,700		2,038,500
									29,977,639
Textiles    0.0%
Mohawk Industries, Inc., Sr. Unsec’d. Notes(a)		3.850			02/01/23		104		108,842
Water    0.1%
Aegea Finance Sarl (Brazil), Gtd. Notes, 144A		5.750			10/10/24		2,255		2,373,410
TOTAL CORPORATE BONDS (cost $783,959,695)									808,833,553
MUNICIPAL BONDS    1.6%
California    0.4%
Bay Area Toll Authority, BABs, Revenue Bonds, Series F2		6.263			04/01/49		550		858,946
Los Angeles Department of Water & Power, Power System Revenue,
BABs, Revenue Bonds		6.574			07/01/45		585		914,244
BABs, Taxable, Revenue Bonds, Series SY(h)		6.008			07/01/39		3,610		4,769,388
University of California,
BABs, Revenue Bonds		5.770			05/15/43		390		533,828
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		625		690,087
Taxable, Revenue Bonds, Series J		4.131			05/15/45		675		755,345
									8,521,838
Colorado    0.1%
Regional Transportation District Sales Tax Revenue, BABs, Revenue Bonds, Series 2010-B		5.844			11/01/50		1,190		1,792,176

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Illinois    0.1%
Chicago O’Hare International Airport, BABs, Revenue Bonds, Series B		6.395	%		01/01/40		360	$	527,292
State of Illinois, General Obligation Unlimited, Taxable		5.100			06/01/33		1,400		1,513,666
									2,040,958
New Jersey    0.1%
New Jersey Turnpike Authority, BABs, Revenue Bonds, Series F		7.414			01/01/40		2,000		3,202,680
Rutgers State University of New Jersey, BABs, Revenue Bonds		5.665			05/01/40		200		262,250
									3,464,930
New York    0.0%
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		400		587,300
Ohio    0.0%
Ohio State University (The), Taxable, Revenue Bonds, Series A		4.800			06/01/2111		180		235,301
Puerto Rico    0.9%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
Revenue Bonds, Restructured, Series A-1		4.750			07/01/53		9,346		9,653,484
Revenue Bonds, Restructured, Series A-1		5.000			07/01/58		10,104		10,607,179
									20,260,663
Texas    0.0%
City of San Antonio Electric & Gas Systems Revenue, Taxable, Revenue Bonds		4.427			02/01/42		120		143,000
TOTAL MUNICIPAL BONDS (cost $33,659,937)									37,046,166
RESIDENTIAL MORTGAGE-BACKED SECURITIES    5.3%
Banc of America Funding Corp.,
Series 2015-R03, Class 1A1, 144A, 1 Month LIBOR + 0.190%		2.013	(c)		03/27/36		7,349		7,185,619
Series 2015-R03, Class 6A1, 144A, 1 Month LIBOR + 0.170% (Cap N/A, Floor 0.170%)		1.993	(c)		05/27/36		1,283		1,272,721

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 47

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Banc of America Funding Trust,
Series 2014-R02, Class 2A1, 144A, 1 Month LIBOR + 0.210% (Cap N/A, Floor 0.210%)		2.014	%(c)		05/26/37		1,060	$	1,054,810
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500% (Cap 11.000%, Floor 1.500%)		3.559	(c)		09/26/45		1,809		1,829,436
Series 2015-R04, Class 4A1, 144A		3.500	(cc)		01/27/30		889		888,198
Bellemeade Re Ltd. (Bermuda),
Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		3.523	(c)		10/25/27		423		424,072
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		3.423	(c)		04/25/28		1,905		1,906,968
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 0.000%)		3.173	(c)		08/25/28		1,200		1,201,925
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		3.423	(c)		08/25/28		1,200		1,202,192
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		3.673	(c)		10/25/28		3,290		3,289,995
BVRT Financing Trust, Series 2019-01, Class F, 144A^		3.996			09/15/21		26,300		26,300,000
Central Park Funding Trust, Series 2018-01, Class A, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		3.532	(c)		11/01/23		17,200		17,200,000
Chase Mortgage Finance Trust, Series 2007-A01, Class 1A3		4.698	(cc)		02/25/37		119		122,611
CIM Trust,
Series 2017-02, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		4.032	(c)		12/25/57		4,105		4,135,056
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		4.032	(c)		01/25/57		3,083		3,147,533
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		1,767		1,777,917
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		3,668		3,677,776
Eagle Re Ltd. (Bermuda), Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 1.700%)		3.523	(c)		11/25/28		4,528		4,535,636
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300% (Cap N/A, Floor 0.000%)		5.123	(c)		10/25/27		2,000		2,125,986
Series 2019-DNA01, Class M2, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		4.473	(c)		01/25/49		790		800,261
GSMSC Resecuritization Trust,
Series 2015-03R, Class 1A1, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		1.963	(c)		01/26/37		826		821,013
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		1.963	(c)		01/26/37		1,670		1,625,078

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
GSMSC Resecuritization Trust, (cont’d.)
Series 2015-03R, Class 2A1, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		1.963	%(c)		10/26/36		2,292	$	2,258,257
Series 2015-03R, Class 2A2, 144A, 1 Month LIBOR + 0.140% (Cap N/A, Floor 0.140%)		1.963	(c)		10/26/36		1,400		1,309,707
Home Re Ltd. (Bermuda), Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		3.423	(c)		10/25/28		1,471		1,471,871
JPMorgan Mortgage Trust,
Series 2007-A01, Class 4A1		4.658	(cc)		07/25/35		111		114,325
Series 2018-07FRB, Class A2, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		2.768	(c)		04/25/46		2,266		2,265,431
LSTAR Securities Investment Trust, Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		3.532	(c)		04/01/23		3,648		3,642,363
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		2.573	(c)		01/25/48		4,056		4,045,959
Series 2018-RPL01, Class A1, 144A		3.500	(cc)		12/25/57		18,180		18,913,269
Oaktown Re II Ltd. (Bermuda), Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550% (Cap N/A, Floor 0.000%)		3.373	(c)		07/25/28		1,130		1,130,599
Radnor Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		3.223	(c)		03/25/28		1,474		1,474,150
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700% (Cap N/A, Floor 0.000%)		4.523	(c)		03/25/28		1,240		1,246,021
Structured Asset Securities Corp., Series 2003-37A, Class 3A7		4.370	(cc)		12/25/33		471		481,335
Wells Fargo Mortgage Backed Securities Trust, Series 2004-EE, Class 2A1		4.910	(cc)		12/25/34		81		84,260
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $122,800,516)									124,962,350
SOVEREIGN BONDS    8.0%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		3.875			01/15/22	EUR	1,000		437,755
Sr. Unsec’d. Notes		4.625			01/11/23		2,800		1,122,800
Sr. Unsec’d. Notes		5.000			01/15/27	EUR	3,970		1,676,431
Sr. Unsec’d. Notes		5.625			01/26/22		2,000		848,020
Sr. Unsec’d. Notes		6.875			04/22/21		7,175		3,228,822
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	1,064		563,529

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 49

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Argentine Republic Government International Bond (Argentina), (cont’d.)
Sr. Unsec’d. Notes		7.820	%		12/31/33	EUR	139	$	72,716
Brazil Loan Trust 1 (Brazil), Gov’t. Gtd. Notes		5.477			07/24/23		845		877,589
Brazil Minas SPE via State of Minas Gerais (Brazil), Gov’t. Gtd. Notes		5.333			02/15/28		6,363		6,760,751
City of Rome (Italy), Sr. Unsec’d. Notes, EMTN		5.345			01/27/48	EUR	2,000		3,547,135
Ecuador Government International Bond (Ecuador),
Sr. Unsec’d. Notes		10.500			03/24/20		789		799,857
Sr. Unsec’d. Notes		10.750			03/28/22		2,890		3,067,041
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A, GMTN		4.750			04/11/25	EUR	1,995		2,301,529
Sr. Unsec’d. Notes, 144A, GMTN		6.375			04/11/31	EUR	2,320		2,687,761
Sr. Unsec’d. Notes, EMTN		5.625			04/16/30	EUR	3,000		3,352,592
Export Credit Bank of Turkey (Turkey), Sr. Unsec’d. Notes, 144A		8.250			01/24/24		3,825		4,079,745
Hellenic Republic Government Bond (Greece),
Bonds		3.000	(cc)		02/24/23	EUR	767		942,880
Bonds		3.000	(cc)		02/24/24	EUR	1,399		1,761,416
Bonds		3.000	(cc)		02/24/25	EUR	533		686,775
Bonds		3.000	(cc)		02/24/26	EUR	1,779		2,343,830
Bonds		3.000	(cc)		02/24/27	EUR	571		758,076
Bonds		3.000	(cc)		02/24/28	EUR	2,869		3,884,509
Bonds		3.000	(cc)		02/24/29	EUR	1,658		2,263,750
Bonds		3.000	(cc)		02/24/30	EUR	637		876,351
Bonds		3.000	(cc)		02/24/31	EUR	1,831		2,548,568
Bonds		3.000	(cc)		02/24/32	EUR	2,271		3,178,177
Bonds		3.000	(cc)		02/24/33	EUR	539		752,087
Bonds		3.000	(cc)		02/24/34	EUR	1,687		2,370,756
Bonds		3.000	(cc)		02/24/35	EUR	2,383		3,339,402
Bonds		3.000	(cc)		02/24/36	EUR	506		710,061
Bonds		3.000	(cc)		02/24/37	EUR	601		855,147
Bonds		3.000	(cc)		02/24/38	EUR	793		1,129,864
Bonds		3.000	(cc)		02/24/39	EUR	1,830		2,618,718
Bonds		3.000	(cc)		02/24/40	EUR	503		721,745
Bonds		3.000	(cc)		02/24/41	EUR	555		797,508
Bonds		3.000	(cc)		02/24/42	EUR	512		741,612
Bonds		3.500			01/30/23	EUR	3,385		4,164,334
Bonds		3.750			01/30/28	EUR	3,600		4,864,510
Bonds		4.000			01/30/37	EUR	2,500		3,622,396
Bonds		4.200			01/30/42	EUR	1,515		2,313,678

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes		5.200	%		07/17/34	EUR	5,485	$	8,584,896
Sr. Unsec’d. Notes		6.140			04/14/28	EUR	2,000		3,032,469
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		1.450			09/18/26	EUR	805		928,118
Sr. Unsec’d. Notes		1.750			04/24/25	EUR	2,910		3,398,063
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	2,975		3,783,336
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	775		1,048,466
Iraq International Bond (Iraq),
Sr. Unsec’d. Notes		5.800			01/15/28		1,500		1,440,300
Sr. Unsec’d. Notes		6.752			03/09/23		4,715		4,749,985
Ivory Coast Government International Bond (Ivory Coast),
Sr. Unsec’d. Notes		5.125			06/15/25	EUR	500		603,093
Sr. Unsec’d. Notes, 144A		5.125			06/15/25	EUR	2,250		2,713,918
Kenya Government International Bond (Kenya), Sr. Unsec’d. Notes		6.875			06/24/24		3,005		3,188,353
Provincia de Buenos Aires (Argentina),
Sr. Unsec’d. Notes, 144A		6.500			02/15/23		600		201,006
Sr. Unsec’d. Notes, 144A		9.950			06/09/21		1,650		627,017
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes		6.875			09/27/23		12,083		14,029,861
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28	GBP	3,860		6,417,789
Sr. Unsec’d. Notes, MTN		5.375			06/15/33		2,300		2,764,317
Republic of South Africa Government International Bond (South Africa), Sr. Unsec’d. Notes		5.750			09/30/49		2,770		2,680,307
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, EMTN		4.125			03/11/39	EUR	4,759		6,396,325
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A		2.000			07/09/39	EUR	882		1,037,798
Senegal Government International Bond (Senegal), Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	900		1,037,848
Serbia International Bond (Serbia), Sr. Unsec’d. Notes, 144A		1.500			06/26/29	EUR	4,000		4,589,683
Sri Lanka Government International Bond (Sri Lanka), Sr. Unsec’d. Notes		6.250			07/27/21		2,100		2,135,700
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes		5.625			03/30/21		1,450		1,481,448
Sr. Unsec’d. Notes		6.250			09/26/22		3,425		3,541,347
Sr. Unsec’d. Notes		6.350			08/10/24		4,010		4,130,300
Ukraine Government International Bond (Ukraine), Sr. Unsec’d. Notes		7.750			09/01/20		315		323,348

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 51

Schedule of Investments (continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine Government International Bond (Ukraine), (cont’d.)
Sr. Unsec’d. Notes		7.750	%		09/01/21		350	$	365,750
Sr. Unsec’d. Notes		7.750			09/01/22		1,000		1,063,500
Sr. Unsec’d. Notes		7.750			09/01/26		4,760		5,111,050
Sr. Unsec’d. Notes		8.994			02/01/24		350		389,375
Sr. Unsec’d. Notes, 144A		7.750			09/01/20		8,173		8,389,584
Sr. Unsec’d. Notes, 144A		7.750			09/01/21		3,650		3,814,250
Sr. Unsec’d. Notes, 144A		7.750			09/01/22		2,060		2,190,810
Sr. Unsec’d. Notes, 144A		8.994			02/01/24		800		890,000
TOTAL SOVEREIGN BONDS (cost $184,298,726)									190,749,633
U.S. TREASURY OBLIGATIONS    1.1%
U.S. Treasury Bonds(k)		2.500			02/15/45		3,760		3,994,559
U.S. Treasury Bonds		2.875			05/15/49		100		115,102
U.S. Treasury Bonds(h)(k)		3.625			08/15/43		3,055		3,890,471
U.S. Treasury Notes(k)		2.250			11/15/24		3,960		4,094,578
U.S. Treasury Notes(k)		2.250			11/15/27		150		156,961
U.S. Treasury Notes(k)		2.500			02/28/21		210		212,469
U.S. Treasury Strips Coupon(k)		2.174	(s)		05/15/29		4,420		3,724,441
U.S. Treasury Strips Coupon(k)		2.783	(s)		08/15/29		2,100		1,759,926
U.S. Treasury Strips Coupon(k)		2.878	(s)		05/15/31		2,100		1,690,422
U.S. Treasury Strips Coupon(k)		3.042	(s)		11/15/35		4,200		3,014,254
U.S. Treasury Strips Coupon(k)		3.202	(s)		08/15/40		4,200		2,648,015
TOTAL U.S. TREASURY OBLIGATIONS (cost $23,089,103)									25,301,198
						Shares
COMMON STOCK    0.0%
Oil, Gas & Consumable Fuels
Frontera Energy Corp. (Colombia) (cost $2,719,465)							132,434		1,055,499
TOTAL LONG-TERM INVESTMENTS (cost $2,070,412,834)									2,112,731,984

See Notes to Financial Statements.

52

Description	Shares		Value
SHORT-TERM INVESTMENTS    16.5%
AFFILIATED MUTUAL FUNDS    13.6%
PGIM Core Ultra Short Bond Fund(w)		178,177,086	$	178,177,086
PGIM Institutional Money Market Fund (cost $144,081,042; includes $143,867,101 of cash collateral for securities on loan)(b)(w)		144,080,204		144,109,020
TOTAL AFFILIATED MUTUAL FUNDS (cost $322,258,128)				322,286,106
OPTIONS PURCHASED*~    2.9% (cost $131,101,456)				69,614,735
TOTAL SHORT-TERM INVESTMENTS (cost $453,359,584)				391,900,841
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    105.7% (cost $2,523,772,418)				2,504,632,825
OPTIONS WRITTEN*~    (2.5)% (premiums received $118,132,267)				(58,605,480	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    103.2% (cost $2,405,640,151)				2,446,027,345
Liabilities in excess of other assets(z)    (3.2)%				(76,528,288	)
NET ASSETS    100.0%			$	2,369,499,057

See the Glossary for a list of the abbreviation(s) used in the annual report:

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 53

Schedule of Investments (continued)

as of October 31, 2019

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

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

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

BABs—Build America Bonds

BROIS—Brazil Overnight Index Swap

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

IO—Interest Only (Principal amount represents notional)

iTraxx—International Credit Derivative Index

L2—Level 2

L3—Level 3

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

MUNIPSA—Municipal Swap Weekly Yield Index

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

S—Semiannual payment frequency for swaps

SONIA—Sterling Overnight Index Average

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

USOIS—United States Overnight Index Swap

* 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 $40,632,657 and 1.7% 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 $140,307,590; cash collateral of $143,867,101 (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, 2019.

See Notes to Financial Statements.

54

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

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

(p) Interest rate not available as of October 31, 2019.

(rr) Perpetual security with no stated maturity date.

(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:

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		11/21/19		0.12	%		—			16,800	$	6,402
2-Year 10 CMS Curve CAP	Call	Morgan Stanley & Co. International PLC		11/21/19		0.13	%		—			11,200		2,756
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—			9,409		105,361
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—			22,870		239,707
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—			46,333		501,238
2-Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.14	%		—			46,980		532,826
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21	%		—			10,000		104,735
Currency Option EUR vs GBP	Call	Morgan Stanley & Co. International PLC		01/20/20		1.00			—		EUR	30,600		9,516
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		04/28/20		10.00			—		EUR	30,000		83,671
Currency Option EUR vs TRY	Call	Morgan Stanley & Co. International PLC		07/28/20		12.00			—		EUR	30,000		116,718
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		24.00			—		EUR	25,000		444
Currency Option EUR vs ZAR	Call	Goldman Sachs International		08/27/20		28.00			—		EUR	34,000		63,675
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		21.00			—		EUR	33,500		914,446
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		25.00			—		EUR	67,000		603,376

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 55

Schedule of Investments (continued)

as of October 31, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date			Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Citibank, N.A.		12/19/19			6.00		—		39,000	$	61
Currency Option USD vs BRL	Call	Deutsche Bank AG		12/20/19			5.00		—		30,000		1,742
Currency Option USD vs BRL	Call	Deutsche Bank AG		03/27/20			4.65		—		30,000		128,292
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		07/27/20	��		6.50		—		74,000		46,825
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		08/27/20			8.50		—		37,000		6,830
Currency Option USD vs BRL	Call	Citibank, N.A.		12/21/20			5.25		—		74,000		648,208
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21			4.00		—		39,000		2,748,265
Currency Option USD vs BRL	Call	Bank of America, N.A.		09/28/21			4.50		—		35,500		1,723,231
Currency Option USD vs CHF	Call	Goldman Sachs International		10/28/20			1.00		—		39,000		328,096
Currency Option USD vs ILS	Call	Citibank, N.A.		02/26/20			3.95		—		19,125		3,927
Currency Option USD vs ILS	Call	Bank of America, N.A.		06/28/21			3.60		—		38,250		480,323
Currency Option USD vs INR	Call	Bank of America, N.A.		03/31/20			88.00		—		35,500		2,810
Currency Option USD vs INR	Call	Goldman Sachs International		10/28/20			90.00		—		39,000		44,668
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21			79.00		—		39,000		552,495
Currency Option USD vs INR	Call	Bank of America, N.A.		02/24/21			86.00		—		78,000		353,162
Currency Option USD vs JPY	Call	Morgan Stanley & Co. International PLC		01/27/21			110.00		—		7,000		76,956
Currency Option USD vs JPY	Call	Deutsche Bank AG		10/27/23			115.00		—		39,000		356,380
Currency Option USD vs JPY	Call	Barclays Bank PLC		10/27/23			115.00		—		39,000		356,380
Currency Option USD vs JPY	Call	Goldman Sachs International		10/27/23			115.00		—		78,000		712,760
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19			1,200.00		—		30,000		66,328
Currency Option USD vs KRW	Call	BNP Paribas S.A.		12/20/19			1,350.00		—		60,000		868

See Notes to Financial Statements.

56

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		01/29/20		1,500.00		—		36,000	$	320
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		02/26/20		1,275.00		—		36,000		37,791
Currency Option USD vs KRW	Call	BNP Paribas S.A.		10/28/20		1,165.00		—		19,500		485,488
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		07/28/21		1,275.00		—		36,000		468,898
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		02/26/20		30.00		—		39,000		2,605
Currency Option USD vs MXN	Call	Deutsche Bank AG		04/28/20		26.00		—		51,000		37,517
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		10/28/20		31.00		—		117,000		161,079
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		22.00		—		58,500		1,601,865
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		26.50		—		117,000		821,384
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		22.00		—		39,000		1,381,155
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/26/23		26.00		—		39,000		2,497,196
Currency Option USD vs RUB	Call	Citibank, N.A.		12/23/19		85.00		—		30,000		466
Currency Option USD vs RUB	Call	Deutsche Bank AG		02/27/20		82.00		—		35,500		19,712
Currency Option USD vs RUB	Call	BNP Paribas S.A.		03/30/20		95.00		—		33,000		7,582
Currency Option USD vs RUB	Call	Deutsche Bank AG		10/29/20		68.00		—		35,500		1,262,028
Currency Option USD vs RUB	Call	Goldman Sachs International		12/22/20		95.00		—		39,000		171,282
Currency Option USD vs RUB	Call	Goldman Sachs International		04/28/21		75.00		—		39,000		1,101,683
Currency Option USD vs RUB	Call	Deutsche Bank AG		04/28/21		90.00		—		78,000		764,664
Currency Option USD vs TRY	Call	Goldman Sachs International		12/23/19		6.00		—		30,000		235,343
Currency Option USD vs TRY	Call	Goldman Sachs International		04/03/20		15.00		—		31,000		5,929
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		04/29/20		7.00		—		35,000		364,508

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 57

Schedule of Investments(continued)

as of October 31, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		9.00		—			39,000	$	484,399
Currency Option USD vs TRY	Call	Goldman Sachs International		10/29/20		12.00		—			78,000		400,070
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		10.00		—			39,000		628,324
Currency Option USD vs TRY	Call	Goldman Sachs International		02/25/21		15.00		—			78,000		468,335
Currency Option USD vs TRY	Call	Goldman Sachs International		09/29/21		10.00		—			31,000		969,209
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		11/20/19		21.00		—			75,250		89
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		14.00		—			30,000		2,406,185
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		12/24/19		17.00		—			60,000		115,587
Currency Option USD vs ZAR	Call	Goldman Sachs International		07/27/20		25.00		—			37,000		47,235
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		17.00		—			39,000		1,302,061
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		21.00		—			39,750		289,792
Currency Option USD vs ZAR	Call	Citibank, N.A.		09/28/20		21.00		—			38,250		278,857
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		15.00		—			37,000		3,700,259
Currency Option USD vs ZAR	Call	Deutsche Bank AG		01/27/21		20.00		—			74,000		1,370,172
Currency Option AUD vs JPY	Put	Deutsche Bank AG		12/10/19		54.00		—		AUD	216,000		228
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		73.00		—		AUD	360,000		2,747,884
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/29/20		82.00		—		AUD	180,000		13,241,353
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		05/26/21		62.00		—		AUD	216,000		1,902,407
Currency Option AUD vs JPY	Put	Deutsche Bank AG		05/26/21		70.00		—		AUD	216,000		5,032,386
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		07/28/21		65.00		—		AUD	108,000		1,532,281
Currency Option AUD vs USD	Put	Citibank, N.A.		01/29/20		0.69		—		AUD	38,000		346,539

See Notes to Financial Statements.

58

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option EUR vs GBP	Put	Morgan Stanley & Co. International PLC		10/28/20		0.80		—		EUR	30,600	$	122,583
Currency Option EUR vs TRY	Put	Goldman Sachs International		04/28/20		6.00		—		EUR	30,000		143,697
Currency Option EUR vs TRY	Put	BNP Paribas S.A.		07/28/20		7.00		—		EUR	30,000		2,028,326
Currency Option GBP vs JPY	Put	Bank of America, N.A.		12/10/19		100.00		—		GBP	30,300		159
Currency Option GBP vs JPY	Put	Bank of America, N.A.		09/28/20		125.00		—		GBP	30,300		478,078
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		07/27/20		1.23		—		GBP	30,300		468,742
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		09/28/20		1.16		—		GBP	63,000		506,333
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.28		—		GBP	31,500		1,015,624
Currency Option USD vs BRL	Put	JPMorgan Chase Bank, N.A.		03/27/20		3.10		—			30,000		1,401
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			36,000		85,637
Currency Option USD vs BRL	Put	Deutsche Bank AG		06/26/20		3.50		—			1,000		2,379
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.25		—			37,000		32,859
Currency Option USD vs BRL	Put	Deutsche Bank AG		08/27/20		3.50		—			37,000		131,627
Currency Option USD vs BRL	Put	Citibank, N.A.		03/29/21		3.75		—			78,000		1,560,842
Currency Option USD vs INR	Put	BNP Paribas S.A.		12/21/20		69.00		—			19,500		67,805
Currency Option USD vs JPY	Put	Deutsche Bank AG		11/06/19		85.00		—			78,000		—
Currency Option USD vs JPY	Put	Citibank, N.A.		11/18/19		97.50		—			36,400		200
Currency Option USD vs JPY	Put	Bank of America, N.A.		01/30/20		92.00		—			71,000		8,432
Currency Option USD vs JPY	Put	Citibank, N.A.		03/27/20		105.50		—			36,400		382,735
Currency Option USD vs JPY	Put	Bank of America, N.A.		01/27/21		91.00		—			78,000		360,685
Currency Option USD vs MXN	Put	Citibank, N.A.		04/28/20		17.00		—			51,000		21,535

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 59

Schedule of Investments(continued)

as of October 31, 2019

Options Purchased (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs MXN	Put	Deutsche Bank AG		10/28/20		18.00		—		39,000	$	226,219
Currency Option USD vs RUB	Put	BNP Paribas S.A.		12/22/20		66.00		—		39,000		1,314,880
Currency Option USD vs TRY	Put	Goldman Sachs International		04/29/20		4.00		—		35,000		1,574
Currency Option USD vs ZAR	Put	BNP Paribas S.A.		07/27/20		12.00		—		37,000		24,394
Total OTC Traded(cost $131,052,405)											$	69,602,371

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

iTraxx.XO.31.V1, 06/20/24

Put

Citibank, N.A.

12/18/19

4.00

%

iTraxx.XO. 31.V1(Q)

5.00%(Q)

EUR

22,200

$

12,364

(cost $49,051)

Total Options Purchased(cost $131,101,456)

$

69,614,735

Options Written:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option EUR vs GBP	Call	Morgan Stanley & Co. International PLC		10/28/20		0.95		—		EUR	30,600	$	(294,180	)
Currency Option EUR vs TRY	Call	Goldman Sachs International		04/28/20		10.00		—		EUR	30,000		(83,671	)
Currency Option EUR vs TRY	Call	BNP Paribas S.A.		07/28/20		12.00		—		EUR	30,000		(116,718	)
Currency Option EUR vs ZAR	Call	Deutsche Bank AG		12/24/19		24.00		—		EUR	25,000		(444	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		08/27/20		28.00		—		EUR	34,000		(63,675	)
Currency Option EUR vs ZAR	Call	Morgan Stanley & Co. International PLC		12/21/20		21.00		—		EUR	33,500		(914,446	)
Currency Option EUR vs ZAR	Call	Goldman Sachs International		12/21/20		25.00		—		EUR	67,000		(603,376	)
Currency Option USD vs BRL	Call	JPMorgan Chase Bank, N.A.		12/20/19		5.00		—			30,000		(1,742	)

See Notes to Financial Statements.

60

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs BRL	Call	Bank of America, N.A.		03/27/20		4.50		—		35,500	$	(242,902	)
Currency Option USD vs BRL	Call	JPMorgan Chase Bank, N.A.		03/27/20		4.65		—		30,000		(128,292	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		07/27/20		6.50		—		74,000		(46,825	)
Currency Option USD vs BRL	Call	Deutsche Bank AG		08/27/20		8.50		—		37,000		(6,830	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		12/21/20		5.25		—		74,000		(648,208	)
Currency Option USD vs BRL	Call	Morgan Stanley & Co. International PLC		01/27/21		5.00		—		78,000		(1,103,899	)
Currency Option USD vs CHF	Call	Bank of America, N.A.		10/28/20		1.00		—		39,000		(328,096	)
Currency Option USD vs ILS	Call	Citibank, N.A.		02/26/20		3.60		—		19,125		(74,415	)
Currency Option USD vs ILS	Call	Bank of America, N.A.		06/28/21		3.95		—		38,250		(133,783	)
Currency Option USD vs INR	Call	HSBC Bank USA, N.A.		10/28/20		90.00		—		39,000		(44,668	)
Currency Option USD vs INR	Call	Bank of America, N.A.		02/24/21		79.00		—		39,000		(552,495	)
Currency Option USD vs INR	Call	Goldman Sachs International		02/24/21		86.00		—		78,000		(353,162	)
Currency Option USD vs INR	Call	Bank of America, N.A.		09/28/21		88.00		—		35,500		(289,702	)
Currency Option USD vs JPY	Call	Citibank, N.A.		01/27/21		110.00		—		7,000		(76,956	)
Currency Option USD vs KRW	Call	BNP Paribas S.A.		12/20/19		1,200.00		—		30,000		(66,328	)
Currency Option USD vs KRW	Call	Goldman Sachs International		12/20/19		1,350.00		—		60,000		(868	)
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		02/26/20		1,275.00		—		36,000		(37,791	)
Currency Option USD vs KRW	Call	Morgan Stanley & Co. International PLC		05/27/20		1,250.00		—		36,000		(154,991	)
Currency Option USD vs KRW	Call	Deutsche Bank AG		10/28/20		1,165.00		—		19,500		(485,488	)
Currency Option USD vs KRW	Call	HSBC Bank USA, N.A.		07/28/21		1,500.00		—		36,000		(118,827	)
Currency Option USD vs MXN	Call	Citibank, N.A.		04/28/20		26.00		—		51,000		(37,517	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 61

Schedule of Investments(continued)

as of October 31, 2019

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		05/27/20		22.00		—		39,000	$	(295,217	)
Currency Option USD vs MXN	Call	Deutsche Bank AG		10/28/20		31.00		—		117,000		(161,079	)
Currency Option USD vs MXN	Call	Citibank, N.A.		01/27/21		22.00		—		58,500		(1,601,865	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		01/27/21		26.50		—		117,000		(821,384	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		26.00		—		39,000		(448,676	)
Currency Option USD vs MXN	Call	Morgan Stanley & Co. International PLC		04/27/21		26.00		—		39,000		(448,676	)
Currency Option USD vs RUB	Call	Goldman Sachs International		12/23/19		85.00		—		30,000		(466	)
Currency Option USD vs RUB	Call	Citibank, N.A.		03/30/20		95.00		—		33,000		(7,582	)
Currency Option USD vs RUB	Call	Deutsche Bank AG		10/29/20		75.00		—		71,000		(1,048,928	)
Currency Option USD vs RUB	Call	BNP Paribas S.A.		12/22/20		95.00		—		39,000		(171,282	)
Currency Option USD vs RUB	Call	Deutsche Bank AG		04/28/21		75.00		—		39,000		(1,101,683	)
Currency Option USD vs RUB	Call	Goldman Sachs International		04/28/21		90.00		—		78,000		(764,664	)
Currency Option USD vs TRY	Call	BNP Paribas S.A.		12/23/19		6.00		—		30,000		(235,343	)
Currency Option USD vs TRY	Call	Goldman Sachs International		04/29/20		7.00		—		35,000		(364,508	)
Currency Option USD vs TRY	Call	Goldman Sachs International		10/29/20		9.00		—		39,000		(484,399	)
Currency Option USD vs TRY	Call	Deutsche Bank AG		10/29/20		12.00		—		78,000		(400,070	)
Currency Option USD vs TRY	Call	Goldman Sachs International		02/25/21		10.00		—		39,000		(628,324	)
Currency Option USD vs TRY	Call	Morgan Stanley & Co. International PLC		02/25/21		15.00		—		78,000		(468,335	)
Currency Option USD vs TRY	Call	Goldman Sachs International		09/29/21		15.00		—		62,000		(843,421	)
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		12/24/19		14.00		—		30,000		(2,406,185	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		12/24/19		17.00		—		60,000		(115,587	)

See Notes to Financial Statements.

62

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs ZAR	Call	BNP Paribas S.A.		07/27/20		25.00		—			37,000	$	(47,235	)
Currency Option USD vs ZAR	Call	Morgan Stanley & Co. International PLC		09/28/20		17.00		—			39,000		(1,302,061	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		09/28/20		21.00		—			78,000		(568,649	)
Currency Option USD vs ZAR	Call	Deutsche Bank AG		01/27/21		15.00		—			37,000		(3,700,259	)
Currency Option USD vs ZAR	Call	Goldman Sachs International		01/27/21		20.00		—			74,000		(1,370,172	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		01/29/20		73.00		—		AUD	360,000		(2,747,884	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		01/29/20		82.00		—		AUD	180,000		(13,241,353	)
Currency Option AUD vs JPY	Put	Deutsche Bank AG		05/26/21		62.00		—		AUD	432,000		(3,804,814	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		05/26/21		70.00		—		AUD	108,000		(2,516,193	)
Currency Option AUD vs JPY	Put	Morgan Stanley & Co. International PLC		07/28/21		56.00		—		AUD	216,000		(1,132,803	)
Currency Option AUD vs USD	Put	Morgan Stanley & Co. International PLC		01/29/20		0.69		—		AUD	38,000		(346,539	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		04/28/20		6.00		—		EUR	30,000		(143,697	)
Currency Option EUR vs TRY	Put	Morgan Stanley & Co. International PLC		07/28/20		7.00		—		EUR	30,000		(2,028,326	)
Currency Option GBP vs JPY	Put	Bank of America, N.A.		09/28/20		115.00		—		GBP	60,600		(437,936	)
Currency Option GBP vs USD	Put	Bank of America, N.A.		07/27/20		1.23		—		GBP	30,300		(468,742	)
Currency Option GBP vs USD	Put	HSBC Bank USA, N.A.		09/28/20		1.16		—		GBP	63,000		(506,333	)
Currency Option GBP vs USD	Put	Morgan Stanley & Co. International PLC		09/28/20		1.28		—		GBP	31,500		(1,015,624	)
Currency Option USD vs BRL	Put	Deutsche Bank AG		03/27/20		3.10		—			30,000		(1,401	)
Currency Option USD vs BRL	Put	Citibank, N.A.		06/26/20		3.50		—			37,000		(88,015	)
Currency Option USD vs BRL	Put	Citibank, N.A.		08/27/20		3.25		—			37,000		(32,859	)
Currency Option USD vs BRL	Put	Morgan Stanley & Co. International PLC		08/27/20		3.50		—			37,000		(131,627	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 63

Schedule of Investments(continued)

as of October 31, 2019

Options Written (continued):

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#			Value
Currency Option USD vs INR	Put	Goldman Sachs International		12/21/20		69.00		—			19,500	$	(67,805	)
Currency Option USD vs JPY	Put	Citibank, N.A.		03/27/20		101.50		—			72,800		(278,305	)
Currency Option USD vs JPY	Put	Bank of America, N.A.		10/28/20		98.00		—			71,000		(577,391	)
Currency Option USD vs JPY	Put	Morgan Stanley & Co. International PLC		01/27/21		91.00		—			37,000		(171,094	)
Currency Option USD vs JPY	Put	Barclays Bank PLC		01/27/21		91.00		—			41,000		(189,591	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		04/28/20		17.00		—			51,000		(21,535	)
Currency Option USD vs MXN	Put	Morgan Stanley & Co. International PLC		10/28/20		18.00		—			39,000		(226,219	)
Currency Option USD vs RUB	Put	Goldman Sachs International		12/22/20		66.00		—			39,000		(1,314,880	)
Currency Option USD vs TRY	Put	Deutsche Bank AG		04/29/20		4.00		—			35,000		(1,574	)
Currency Option USD vs ZAR	Put	Goldman Sachs International		07/27/20		12.00		—			37,000		(24,394	)
Hellenic Republic, 3.75%, 01/30/28^	Put	Deutsche Bank AG		09/10/20		87.00		—		EUR	5,000		—
Total OTC Traded(premiums received $117,910,454)												$	(58,333,279	)

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike			Receive	Pay	Notional Amount (000)#		Value
CDX.NA.HY.32.V2, 06/20/24	Put	Citibank, N.A.		01/15/20	$	95.00		5.00%(Q)	CDX.NA.HY. 32.V2(Q)		22,200	$	(4,594	)
iTraxx.XO.31.V1, 06/20/24	Put	Citibank, N.A.		06/17/20		4.00	%	5.00%(Q)	iTraxx.XO. 31.V1(Q)	EUR	22,200		(267,607	)
Total OTC Swaptions(premiums received $221,813)												$	(272,201	)
Total Options Written(premiums received $118,132,267)												$	(58,605,480	)

See Notes to Financial Statements.

64

Futures contracts outstanding at October 31, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	10,236	5 Year U.S. Treasury Notes		Dec. 2019	$	1,220,163,239	$	(5,148,724	)
	4,734	10 Year U.S. Treasury Notes		Dec. 2019		616,825,430		(2,270,375	)
	2,939	10 Year U.S. Ultra Treasury Notes		Dec. 2019		417,659,468		(6,535,271	)
	903	30 Year U.S. Ultra Treasury Bonds		Dec. 2019		171,344,250		(4,483,137	)
								(18,437,507	)
		Short Positions:
	15,741	2 Year U.S. Treasury Notes		Dec. 2019		3,393,784,187		6,117,985
	326	5 Year Euro-Bobl		Dec. 2019		48,946,190		552,957
	454	10 Year Euro-Bund		Dec. 2019		86,970,023		1,837,683
	907	20 Year U.S. Treasury Bonds		Dec. 2019		146,367,125		2,796,306
	5	30 Year Euro Buxl		Dec. 2019		1,170,842		46,013
	224	Euro Schatz Index		Dec. 2019		27,998,134		139,918
								11,490,862
							$	(6,946,645	)

Forward foreign currency exchange contracts outstanding at October 31, 2019:

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 11/27/19	Bank of America, N.A.		AUD	1,317	$	895,000	$	908,296	$	13,296	$	—
Expiring 11/27/19	Bank of America, N.A.		AUD	901		619,000		621,470		2,470		—
Expiring 11/27/19	Citibank, N.A.		AUD	1,106		749,000		763,163		14,163		—
Expiring 11/27/19	Citibank, N.A.		AUD	974		658,000		671,927		13,927		—
Expiring 11/27/19	JPMorgan Chase Bank, N.A.		AUD	1,068		734,000		736,905		2,905		—
Expiring 11/27/19	The Toronto-Dominion Bank		AUD	1,465		990,000		1,010,551		20,551		—
Expiring 11/27/19	UBS AG		AUD	206		139,746		142,380		2,634		—
Expiring 01/22/20	BNP Paribas S.A.		AUD	1,333		917,000		920,833		3,833		—
Expiring 01/22/20	HSBC Bank USA, N.A.		AUD	1,529		1,050,000		1,056,328		6,328		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 65

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 01/22/20	UBS AG	AUD	1,737	$	1,195,000	$	1,199,996	$	4,996	$	—
Expiring 01/31/20	Citibank, N.A.	AUD	7,067		5,269,724		4,882,604		—		(387,120	)
Expiring 01/31/20	Citibank, N.A.	AUD	5,351		4,288,398		3,697,113		—		(591,285	)
Expiring 02/28/20	Bank of America, N.A.	AUD	10,799		7,753,493		7,464,956		—		(288,537	)
Expiring 02/28/20	Morgan Stanley & Co. International PLC	AUD	7,473		5,234,273		5,166,120		—		(68,153	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC	AUD	8,982		6,315,494		6,234,453		—		(81,041	)
Expiring 11/30/20	Morgan Stanley & Co. International PLC	AUD	3,823		2,744,880		2,653,465		—		(91,415	)
Expiring 12/30/20	JPMorgan Chase Bank, N.A.	AUD	10,379		7,128,123		7,206,227		78,104		—
Expiring 12/30/20	Morgan Stanley & Co. International PLC	AUD	2,196		1,544,350		1,524,533		—		(19,817	)
Expiring 05/28/21	JPMorgan Chase Bank, N.A.	AUD	6,597		4,538,898		4,586,446		47,548		—
Expiring 10/31/23	JPMorgan Chase Bank, N.A.	AUD	3,180		2,208,096		2,222,066		13,970		—
Brazilian Real,
Expiring 11/04/19	BNP Paribas S.A.	BRL	8,597		2,155,619		2,143,122		—		(12,497	)
Expiring 11/04/19	Citibank, N.A.	BRL	1,389		340,000		346,352		6,352		—
Expiring 11/04/19	HSBC Bank USA, N.A.	BRL	1,495		367,000		372,575		5,575		—
Expiring 11/04/19	JPMorgan Chase Bank, N.A.	BRL	47,077		11,562,200		11,735,372		173,172		—
Expiring 12/03/19	JPMorgan Chase Bank, N.A.	BRL	1,308		327,000		325,359		—		(1,641	)
Expiring 12/24/19	Bank of America, N.A.	BRL	5,482		1,324,000		1,362,746		38,746		—
Expiring 12/24/19	Bank of America, N.A.	BRL	5,356		1,288,000		1,331,200		43,200		—
Expiring 12/24/19	Barclays Bank PLC	BRL	5,393		1,340,000		1,340,478		478		—
Expiring 12/24/19	Barclays Bank PLC	BRL	4,048		964,000		1,006,157		42,157		—

See Notes to Financial Statements.

66

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 12/24/19	BNP Paribas S.A.		BRL	5,328	$	1,293,000	$	1,324,476	$	31,476	$	—
Expiring 12/24/19	BNP Paribas S.A.		BRL	4,568		1,092,000		1,135,520		43,520		—
Expiring 12/24/19	Citibank, N.A.		BRL	7,836		2,004,000		1,947,679		—		(56,321	)
Expiring 12/24/19	Deutsche Bank AG		BRL	22,576		5,602,000		5,611,655		9,655		—
Expiring 12/24/19	Deutsche Bank AG		BRL	3,449		829,000		857,423		28,423		—
Expiring 12/24/19	HSBC Bank USA, N.A.		BRL	6,342		1,559,000		1,576,374		17,374		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.		BRL	6,587		1,577,000		1,637,340		60,340		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.		BRL	3,494		878,000		868,601		—		(9,399	)
Expiring 12/24/19	Morgan Stanley & Co. International PLC		BRL	6,362		1,572,000		1,581,352		9,352		—
Expiring 12/24/19	The Toronto-Dominion Bank		BRL	4,450		1,060,000		1,106,144		46,144		—
Expiring 12/24/19	UBS AG		BRL	8,882		2,205,000		2,207,759		2,759		—
Expiring 03/31/20	Citibank, N.A.		BRL	8,899		2,228,603		2,201,423		—		(27,180	)
Expiring 03/31/20	Deutsche Bank AG		BRL	42,866		10,500,000		10,604,421		104,421		—
Expiring 06/30/20	Citibank, N.A.		BRL	29,119		7,301,000		7,167,414		—		(133,586	)
Expiring 06/30/20	Deutsche Bank AG		BRL	47,619		10,804,000		11,720,828		916,828		—
Expiring 06/30/20	Morgan Stanley & Co. International PLC		BRL	3,245		796,000		798,795		2,795		—
Expiring 06/30/20	Morgan Stanley & Co. International PLC		BRL	110		27,243		26,969		—		(274	)
Expiring 07/29/20	Citibank, N.A.		BRL	5,001		1,240,072		1,228,874		—		(11,198	)
Expiring 07/29/20	Deutsche Bank AG		BRL	13,339		3,349,388		3,277,581		—		(71,807	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC		BRL	8,705		2,232,000		2,138,902		—		(93,098	)
Expiring 08/31/20	Citibank, N.A.		BRL	14,166		3,527,000		3,473,824		—		(53,176	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 67

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 08/31/20	Morgan Stanley & Co. International PLC		BRL	14,942	$	3,669,000	$	3,663,977	$	—	$	(5,023	)
Expiring 12/23/20	Citibank, N.A.		BRL	46,304		11,302,000		11,264,301		—		(37,699	)
Expiring 01/29/21	Citibank, N.A.		BRL	21,690		5,155,000		5,260,731		105,731		—
Expiring 01/29/21	Citibank, N.A.		BRL	15,948		3,819,240		3,868,116		48,876		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC		BRL	10,588		2,644,000		2,568,048		—		(75,952	)
Expiring 03/31/21	Citibank, N.A.		BRL	24,032		5,817,900		5,800,499		—		(17,401	)
Expiring 09/30/21	Bank of America, N.A.		BRL	66,197		14,993,000		15,747,875		754,875		—
British Pound,
Expiring 11/27/19	HSBC Bank USA, N.A.		GBP	1,642		2,127,591		2,129,190		1,599		—
Expiring 01/17/20	Barclays Bank PLC		GBP	2,808		3,630,381		3,646,768		16,387		—
Expiring 01/17/20	Barclays Bank PLC		GBP	703		907,000		912,685		5,685		—
Expiring 01/17/20	BNP Paribas S.A.		GBP	1,041		1,350,000		1,351,532		1,532		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC		GBP	1,271		1,636,000		1,650,538		14,538		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC		GBP	844		1,088,000		1,096,260		8,260		—
Expiring 07/29/20	HSBC Bank USA, N.A.		GBP	2,084		2,717,890		2,718,340		450		—
Expiring 07/29/20	Morgan Stanley & Co. International PLC		GBP	11,666		14,795,754		15,216,964		421,210		—
Canadian Dollar,
Expiring 01/22/20	Barclays Bank PLC		CAD	1,799		1,370,219		1,366,386		—		(3,833	)
Expiring 01/22/20	Barclays Bank PLC		CAD	1,599		1,225,000		1,214,355		—		(10,645	)
Expiring 01/22/20	BNP Paribas S.A.		CAD	1,100		842,000		835,918		—		(6,082	)
Chilean Peso,
Expiring 12/18/19	Barclays Bank PLC		CLP	640,144		897,000		864,235		—		(32,765	)

See Notes to Financial Statements.

68

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 12/18/19	Barclays Bank PLC		CLP	329,883	$	459,000	$	445,364	$	—	$	(13,636	)
Expiring 12/18/19	BNP Paribas S.A.		CLP	2,908,627		4,010,000		3,926,833		—		(83,167	)
Expiring 12/18/19	BNP Paribas S.A.		CLP	1,204,656		1,666,616		1,626,363		—		(40,253	)
Expiring 12/18/19	BNP Paribas S.A.		CLP	558,094		774,650		753,462		—		(21,188	)
Expiring 12/18/19	Goldman Sachs International		CLP	1,007,868		1,410,000		1,360,686		—		(49,314	)
Expiring 12/18/19	Goldman Sachs International		CLP	392,544		542,000		529,959		—		(12,041	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		CLP	969,586		1,344,434		1,309,003		—		(35,431	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		CLP	525,476		723,000		709,427		—		(13,573	)
Expiring 12/18/19	UBS AG		CLP	1,708,719		2,359,650		2,306,880		—		(52,770	)
Expiring 12/18/19	UBS AG		CLP	574,452		810,000		775,547		—		(34,453	)
Chinese Renminbi,
Expiring 02/14/20	BNP Paribas S.A.		CNH	40,990		5,777,682		5,798,952		21,270		—
Expiring 02/14/20	BNP Paribas S.A.		CNH	7,404		1,045,000		1,047,443		2,443		—
Expiring 02/14/20	BNP Paribas S.A.		CNH	6,991		990,000		989,072		—		(928	)
Expiring 02/14/20	Citibank, N.A.		CNH	6,207		877,000		878,144		1,144		—
Expiring 02/28/20	Citibank, N.A.		CNH	10,395		1,476,014		1,470,022		—		(5,992	)
Expiring 02/28/20	HSBC Bank USA, N.A.		CNH	8,958		1,322,502		1,266,785		—		(55,717	)
Expiring 02/28/20	Morgan Stanley & Co. International PLC		CNH	52,459		8,078,000		7,418,717		—		(659,283	)
Expiring 05/14/21	Citibank, N.A.		CNH	43,724		6,265,983		6,106,744		—		(159,239	)
Colombian Peso,
Expiring 12/18/19	Citibank, N.A.		COP	1,226,880		355,000		362,327		7,327		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 69

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Czech Koruna,
Expiring 01/17/20	Citibank, N.A.	CZK	14,023	$	612,000	$	613,696	$	1,696	$	—
Expiring 01/17/20	Citibank, N.A.	CZK	12,896		553,000		564,390		11,390		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CZK	27,464		1,194,000		1,201,943		7,943		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CZK	19,740		844,000		863,923		19,923		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CZK	16,812		734,000		735,757		1,757		—
Expiring 01/17/20	UBS AG	CZK	11,414		496,000		499,512		3,512		—
Euro,
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	EUR	210		235,448		235,145		—		(303	)
Expiring 01/17/20	Barclays Bank PLC	EUR	1,704		1,910,000		1,910,888		888		—
Expiring 01/17/20	Barclays Bank PLC	EUR	1,655		1,859,000		1,856,486		—		(2,514	)
Expiring 01/17/20	Barclays Bank PLC	EUR	1,413		1,572,000		1,584,662		12,662		—
Expiring 01/17/20	Barclays Bank PLC	EUR	567		635,000		636,431		1,431		—
Expiring 01/17/20	BNP Paribas S.A.	EUR	477		534,000		534,710		710		—
Expiring 01/31/20	Morgan Stanley & Co. International PLC	EUR	4,298		5,216,482		4,824,118		—		(392,364	)
Expiring 02/28/20	Bank of America, N.A.	EUR	5,226		6,837,176		5,875,531		—		(961,645	)
Expiring 02/28/20	Morgan Stanley & Co. International PLC	EUR	4,622		5,622,447		5,196,261		—		(426,186	)
Hungarian Forint,
Expiring 01/17/20	Citibank, N.A.	HUF	195,515		653,000		666,594		13,594		—
Expiring 01/17/20	Citibank, N.A.	HUF	114,948		391,000		391,906		906		—
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	HUF	221,516		741,000		755,245		14,245		—
Indian Rupee,
Expiring 11/27/19	Citibank, N.A.	INR	41,795		589,000		586,219		—		(2,781	)

See Notes to Financial Statements.

70

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indian Rupee (cont’d.),
Expiring 11/27/19	JPMorgan Chase Bank, N.A.		INR	47,242	$	649,655	$	662,606	$	12,951	$	—
Expiring 11/27/19	Morgan Stanley & Co. International PLC		INR	60,846		841,000		853,425		12,425		—
Expiring 12/18/19	Barclays Bank PLC		INR	46,850		658,000		655,433		—		(2,567	)
Expiring 12/18/19	Barclays Bank PLC		INR	39,808		547,000		556,919		9,919		—
Expiring 12/18/19	Citibank, N.A.		INR	408,769		5,608,990		5,718,743		109,753		—
Expiring 12/18/19	Citibank, N.A.		INR	64,183		889,000		897,930		8,930		—
Expiring 12/18/19	HSBC Bank USA, N.A.		INR	962,479		13,247,256		13,465,232		217,976		—
Expiring 12/18/19	HSBC Bank USA, N.A.		INR	47,456		666,000		663,924		—		(2,076	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		INR	79,287		1,095,000		1,109,241		14,241		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		INR	72,352		1,006,000		1,012,209		6,209		—
Expiring 10/30/20	Goldman Sachs International		INR	332,853		4,397,000		4,489,389		92,389		—
Expiring 12/23/20	Goldman Sachs International		INR	210,802		2,761,000		2,824,989		63,989		—
Expiring 02/26/21	Morgan Stanley & Co. International PLC		INR	296,308		3,993,909		3,940,450		—		(53,459	)
Indonesian Rupiah,
Expiring 12/18/19	BNP Paribas S.A.		IDR	10,014,992		712,000		707,414		—		(4,586	)
Expiring 12/18/19	Citibank, N.A.		IDR	9,740,336		691,000		688,013		—		(2,987	)
Expiring 12/18/19	HSBC Bank USA, N.A.		IDR	43,245,863		3,065,000		3,054,692		—		(10,308	)
Expiring 12/18/19	HSBC Bank USA, N.A.		IDR	9,650,820		673,000		681,690		8,690		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		IDR	8,761,740		611,000		618,890		7,890		—
Israeli Shekel,
Expiring 11/27/19	BNP Paribas S.A.		ILS	2,433		699,000		691,125		—		(7,875	)
Expiring 12/18/19	Bank of America, N.A.		ILS	4,793		1,375,000		1,363,163		—		(11,837	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 71

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Israeli Shekel (cont’d.),
Expiring 12/18/19	Barclays Bank PLC	ILS	4,145	$	1,184,919	$	1,179,069	$	—	$	(5,850	)
Expiring 12/18/19	Barclays Bank PLC	ILS	3,866		1,115,000		1,099,598		—		(15,402	)
Expiring 12/18/19	Barclays Bank PLC	ILS	3,019		868,000		858,614		—		(9,386	)
Expiring 12/18/19	Barclays Bank PLC	ILS	2,477		708,831		704,443		—		(4,388	)
Expiring 12/18/19	Barclays Bank PLC	ILS	2,453		708,000		697,678		—		(10,322	)
Expiring 12/18/19	Citibank, N.A.	ILS	6,584		1,889,900		1,872,824		—		(17,076	)
Expiring 12/18/19	Citibank, N.A.	ILS	4,519		1,280,000		1,285,305		5,305		—
Expiring 12/18/19	Citibank, N.A.	ILS	4,273		1,224,000		1,215,380		—		(8,620	)
Expiring 12/18/19	Citibank, N.A.	ILS	4,083		1,160,000		1,161,467		1,467		—
Expiring 12/18/19	Citibank, N.A.	ILS	2,693		768,000		766,063		—		(1,937	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	6,310		1,792,665		1,794,879		2,214		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	3,798		1,081,578		1,080,373		—		(1,205	)
Expiring 06/30/21	Bank of America, N.A.	ILS	27,438		7,937,000		8,029,778		92,778		—
Japanese Yen,
Expiring 11/27/19	Bank of America, N.A.	JPY	240,038		2,277,000		2,226,213		—		(50,787	)
Expiring 11/27/19	Bank of America, N.A.	JPY	85,205		796,000		790,231		—		(5,769	)
Expiring 11/27/19	Citibank, N.A.	JPY	87,020		806,000		807,065		1,065		—
Expiring 11/27/19	Deutsche Bank AG	JPY	284,563		2,720,000		2,639,154		—		(80,846	)
Expiring 11/27/19	Deutsche Bank AG	JPY	188,577		1,763,000		1,748,946		—		(14,054	)
Expiring 11/27/19	HSBC Bank USA, N.A.	JPY	233,564		2,218,000		2,166,174		—		(51,826	)
Expiring 11/27/19	HSBC Bank USA, N.A.	JPY	85,156		794,000		789,769		—		(4,231	)

See Notes to Financial Statements.

72

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 11/27/19	UBS AG	JPY	133,547	$	1,249,000	$	1,238,567	$	—	$	(10,433	)
Expiring 01/17/20	Barclays Bank PLC	JPY	121,011		1,121,000		1,126,615		5,615		—
Expiring 01/17/20	BNP Paribas S.A.	JPY	56,687		525,000		527,754		2,754		—
Expiring 01/17/20	Citibank, N.A.	JPY	62,130		576,000		578,437		2,437		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	JPY	180,345		1,675,330		1,679,018		3,688		—
Expiring 07/29/20	Deutsche Bank AG	JPY	353,913		3,369,000		3,331,206		—		(37,794	)
Expiring 10/30/20	Bank of America, N.A.	JPY	1,225,300		11,507,000		11,590,639		83,639		—
Expiring 01/29/21	Barclays Bank PLC	JPY	726,043		6,983,000		6,900,961		—		(82,039	)
Expiring 01/29/21	Citibank, N.A.	JPY	748,513		7,462,000		7,114,534		—		(347,466	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	JPY	992,486		9,655,000		9,433,465		—		(221,535	)
Expiring 10/31/23	Barclays Bank PLC	JPY	487,838		5,118,000		4,907,180		—		(210,820	)
Expiring 10/31/23	Deutsche Bank AG	JPY	498,249		5,220,000		5,011,910		—		(208,090	)
Expiring 10/31/23	Goldman Sachs International	JPY	874,045		8,971,000		8,792,055		—		(178,945	)
Mexican Peso,
Expiring 11/27/19	Bank of America, N.A.	MXN	37,138		1,931,000		1,922,364		—		(8,636	)
Expiring 11/27/19	Bank of America, N.A.	MXN	19,388		957,000		1,003,568		46,568		—
Expiring 11/27/19	BNP Paribas S.A.	MXN	108,607		5,406,487		5,621,849		215,362		—
Expiring 11/27/19	Goldman Sachs International	MXN	40,186		1,999,000		2,080,161		81,161		—
Expiring 11/27/19	HSBC Bank USA, N.A.	MXN	16,836		845,000		871,498		26,498		—
Expiring 11/27/19	HSBC Bank USA, N.A.	MXN	13,360		669,000		691,542		22,542		—
Expiring 11/27/19	Morgan Stanley & Co. International PLC	MXN	75,650		3,813,000		3,915,892		102,892		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 73

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 12/18/19	Barclays Bank PLC		MXN	15,272	$	793,000	$	787,998	$	—	$	(5,002	)
Expiring 12/18/19	Barclays Bank PLC		MXN	8,955		461,000		462,086		1,086		—
Expiring 12/18/19	Citibank, N.A.		MXN	9,186		475,000		473,977		—		(1,023	)
Expiring 12/18/19	Goldman Sachs International		MXN	8,386		431,000		432,727		1,727		—
Expiring 12/18/19	HSBC Bank USA, N.A.		MXN	13,688		703,000		706,296		3,296		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		MXN	168,388		8,344,920		8,688,598		343,678		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC		MXN	17,593		911,000		907,799		—		(3,201	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC		MXN	11,885		598,000		613,226		15,226		—
Expiring 12/18/19	UBS AG		MXN	15,089		782,000		778,577		—		(3,423	)
Expiring 12/24/19	Goldman Sachs International		MXN	23,280		1,139,331		1,200,124		60,793		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.		MXN	13,271		650,093		684,128		34,035		—
Expiring 02/28/20	Morgan Stanley & Co. International PLC		MXN	35,804		1,838,000		1,828,366		—		(9,634	)
Expiring 04/30/20	Citibank, N.A.		MXN	42,285		2,048,669		2,140,014		91,345		—
Expiring 04/30/20	Deutsche Bank AG		MXN	252,381		11,379,000		12,772,940		1,393,940		—
Expiring 04/30/20	JPMorgan Chase Bank, N.A.		MXN	13,553		665,000		685,900		20,900		—
Expiring 04/30/20	Morgan Stanley & Co. International PLC		MXN	74,340		3,602,000		3,762,330		160,330		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC		MXN	306,088		14,433,000		15,114,319		681,319		—
Expiring 01/29/21	Goldman Sachs International		MXN	94,522		4,426,016		4,615,835		189,819		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC		MXN	34,930		1,620,000		1,705,734		85,734		—
Expiring 04/29/21	JPMorgan Chase Bank, N.A.		MXN	66,328		3,022,811		3,204,015		181,204		—
Expiring 04/29/21	Morgan Stanley & Co. International PLC		MXN	316,200		14,891,000		15,274,228		383,228		—

See Notes to Financial Statements.

74

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 04/28/23	JPMorgan Chase Bank, N.A.		MXN	72,679	$	3,006,698	$	3,212,464	$	205,766	$	—
Expiring 04/28/23	Morgan Stanley & Co. International PLC		MXN	231,058		9,739,000		10,212,863		473,863		—
New Taiwanese Dollar,
Expiring 12/18/19	Barclays Bank PLC		TWD	48,029		1,585,000		1,585,758		758		—
Expiring 12/18/19	Barclays Bank PLC		TWD	27,249		902,000		899,691		—		(2,309	)
Expiring 12/18/19	Barclays Bank PLC		TWD	23,161		764,000		764,693		693		—
Expiring 12/18/19	Credit Suisse International TWD 58,578					1,911,000		1,934,060		23,060		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		TWD	248,108		8,103,080		8,191,765		88,685		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.		TWD	30,271		983,000		999,471		16,471		—
New Zealand Dollar,
Expiring 01/22/20	Barclays Bank PLC		NZD	1,574		1,007,000		1,010,600		3,600		—
Expiring 01/22/20	BNP Paribas S.A.		NZD	1,407		904,000		903,750		—		(250	)
Norwegian Krone,
Expiring 01/17/20	Bank of America, N.A.		NOK	101,543		11,151,541		11,047,401		—		(104,140	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.		NOK	96,512		10,618,083		10,500,095		—		(117,988	)
Peruvian Nuevo Sol,
Expiring 12/18/19	Bank of America, N.A.		PEN	3,899		1,150,000		1,164,102		14,102		—
Expiring 12/18/19	BNP Paribas S.A.		PEN	28,416		8,406,965		8,482,950		75,985		—
Expiring 12/18/19	BNP Paribas S.A.		PEN	2,860		846,000		853,836		7,836		—
Expiring 12/18/19	BNP Paribas S.A.		PEN	2,630		774,000		785,179		11,179		—
Expiring 12/18/19	BNP Paribas S.A.		PEN	2,486		730,000		742,003		12,003		—
Expiring 12/18/19	Citibank, N.A.		PEN	2,784		823,000		831,176		8,176		—
Expiring 12/18/19	HSBC Bank USA, N.A.		PEN	2,337		695,000		697,568		2,568		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 75

Schedule of Investments (continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso,
Expiring 12/18/19	Barclays Bank PLC	PHP	66,046	$	1,291,000	$	1,298,418	$	7,418	$	—
Expiring 12/18/19	Credit Suisse International	PHP	54,661		1,070,000		1,074,592		4,592		—
Expiring 12/18/19	Goldman Sachs International	PHP	39,484		764,000		776,215		12,215		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PHP	184,352		3,529,449		3,624,216		94,767		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	PHP	54,961		1,053,000		1,080,497		27,497		—
Polish Zloty,
Expiring 01/17/20	Barclays Bank PLC	PLN	2,679		699,000		701,633		2,633		—
Expiring 01/17/20	Citibank, N.A.	PLN	3,751		964,000		982,365		18,365		—
Expiring 01/17/20	Citibank, N.A.	PLN	3,013		776,000		789,174		13,174		—
Expiring 01/17/20	Citibank, N.A.	PLN	2,138		558,000		559,824		1,824		—
Expiring 01/17/20	HSBC Bank USA, N.A.	PLN	3,458		900,000		905,641		5,641		—
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	PLN	1,815		471,000		475,387		4,387		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	PLN	3,679		961,000		963,419		2,419		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	PLN	1,866		485,000		488,799		3,799		—
Expiring 01/17/20	UBS AG	PLN	2,021		526,000		529,215		3,215		—
Russian Ruble,
Expiring 11/27/19	Barclays Bank PLC	RUB	45,994		682,000		714,460		32,460		—
Expiring 11/27/19	Citibank, N.A.	RUB	160,436		2,398,803		2,492,164		93,361		—
Expiring 12/18/19	Barclays Bank PLC	RUB	44,521		672,000		689,409		17,409		—
Expiring 12/18/19	Barclays Bank PLC	RUB	43,318		666,000		670,768		4,768		—
Expiring 12/18/19	Barclays Bank PLC	RUB	36,184		557,000		560,307		3,307		—
Expiring 12/18/19	Barclays Bank PLC	RUB	34,540		527,000		534,853		7,853		—

See Notes to Financial Statements.

76

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 12/18/19	Barclays Bank PLC	RUB	30,461	$	460,000	$	471,684	$	11,684	$	—
Expiring 12/18/19	Citibank, N.A.	RUB	61,642		952,000		954,518		2,518		—
Expiring 12/18/19	Citibank, N.A.	RUB	42,743		639,000		661,865		22,865		—
Expiring 12/18/19	Citibank, N.A.	RUB	30,743		473,000		476,046		3,046		—
Expiring 12/18/19	Credit Suisse International	RUB	92,674		1,436,689		1,435,038		—		(1,651	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	45,841		708,300		709,844		1,544		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	498,010		7,329,063		7,711,614		382,551		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	428,319		6,330,000		6,632,468		302,468		—
Expiring 12/24/19	Citibank, N.A.	RUB	382,303		5,577,000		5,914,597		337,597		—
Expiring 03/31/20	Barclays Bank PLC	RUB	303,739		4,366,581		4,645,872		279,291		—
Expiring 03/31/20	BNP Paribas S.A.	RUB	262,318		3,692,000		4,012,315		320,315		—
Expiring 10/30/20	Deutsche Bank AG	RUB	48,545		730,000		724,688		—		(5,312	)
Expiring 12/23/20	Goldman Sachs International	RUB	1,201,548		17,216,000		17,828,609		612,609		—
Expiring 04/29/21	Goldman Sachs International	RUB	88,765		1,251,000		1,298,654		47,654		—
Saudi Arabian Riyal,
Expiring 11/12/19	Morgan Stanley & Co. International PLC	SAR	113,400		30,157,168		30,238,548		81,380		—
Singapore Dollar,
Expiring 12/18/19	Barclays Bank PLC	SGD	1,712		1,257,000		1,259,109		2,109		—
Expiring 12/18/19	Barclays Bank PLC	SGD	1,112		818,000		818,083		83		—
Expiring 12/18/19	Barclays Bank PLC	SGD	973		706,000		715,502		9,502		—
Expiring 12/18/19	Citibank, N.A.	SGD	2,922		2,126,269		2,149,222		22,953		—
Expiring 12/18/19	Citibank, N.A.	SGD	1,451		1,065,000		1,067,317		2,317		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 77

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 12/18/19	Citibank, N.A.	SGD	1,438	$	1,044,000	$	1,057,362	$	13,362	$	—
Expiring 12/18/19	Goldman Sachs International	SGD	10,919		8,022,100		8,030,311		8,211		—
Expiring 12/18/19	Goldman Sachs International	SGD	1,154		848,000		848,829		829		—
Expiring 12/18/19	HSBC Bank USA, N.A.	SGD	1,729		1,269,000		1,271,346		2,346		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	2,068		1,519,000		1,521,017		2,017		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	2,012		1,478,000		1,479,477		1,477		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	1,321		971,000		971,635		635		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	1,204		870,000		885,196		15,196		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	SGD	2,504		1,820,000		1,841,333		21,333		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	SGD	1,643		1,198,000		1,208,483		10,483		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	SGD	1,270		932,000		933,774		1,774		—
South African Rand,
Expiring 11/27/19	Citibank, N.A.	ZAR	10,946		738,000		721,756		—		(16,244	)
Expiring 11/27/19	HSBC Bank USA, N.A.	ZAR	11,331		748,000		747,143		—		(857	)
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	ZAR	10,377		697,000		684,236		—		(12,764	)
Expiring 12/18/19	Barclays Bank PLC	ZAR	10,265		689,000		674,890		—		(14,110	)
Expiring 12/18/19	Barclays Bank PLC	ZAR	5,019		341,000		329,989		—		(11,011	)
Expiring 12/18/19	Citibank, N.A.	ZAR	10,074		674,000		662,302		—		(11,698	)
Expiring 12/18/19	HSBC Bank USA, N.A.	ZAR	10,140		680,000		666,639		—		(13,361	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	22,178		1,441,280		1,458,129		16,849		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	19,153		1,261,040		1,259,209		—		(1,831	)

See Notes to Financial Statements.

78

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	6,720	$	458,000	$	441,833	$	—	$	(16,167	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	3,936		253,111		258,766		5,655		—
Expiring 12/18/19	The Toronto-Dominion Bank	ZAR	6,713		455,000		441,329		—		(13,671	)
Expiring 12/18/19	UBS AG	ZAR	7,601		500,000		499,746		—		(254	)
Expiring 12/30/19	Barclays Bank PLC	ZAR	38,671		3,005,230		2,537,795		—		(467,435	)
Expiring 12/30/19	BNP Paribas S.A.	ZAR	68,785		4,346,000		4,514,000		168,000		—
Expiring 03/31/20	Morgan Stanley & Co. International PLC	ZAR	33,179		2,285,935		2,151,592		—		(134,343	)
Expiring 03/31/20	UBS AG	ZAR	29,283		2,052,800		1,898,945		—		(153,855	)
Expiring 03/31/20	UBS AG	ZAR	27,854		1,806,000		1,806,257		257		—
Expiring 07/29/20	Goldman Sachs International	ZAR	77,690		5,229,000		4,957,452		—		(271,548	)
Expiring 07/29/20	Morgan Stanley & Co. International PLC	ZAR	50,366		3,417,758		3,213,881		—		(203,877	)
Expiring 08/31/20	BNP Paribas S.A.	ZAR	43,370		2,909,205		2,754,975		—		(154,230	)
Expiring 09/30/20	Barclays Bank PLC	ZAR	54,937		3,653,238		3,475,432		—		(177,806	)
Expiring 09/30/20	Citibank, N.A.	ZAR	81,741		5,035,000		5,171,055		136,055		—
Expiring 01/29/21	Barclays Bank PLC	ZAR	55,472		3,418,835		3,450,673		31,838		—
Expiring 01/29/21	Goldman Sachs International	ZAR	49,473		3,250,000		3,077,492		—		(172,508	)
Expiring 01/29/21	Morgan Stanley & Co. International PLC	ZAR	83,970		5,628,000		5,223,366		—		(404,634	)
South Korean Won,
Expiring 11/27/19	Barclays Bank PLC	KRW	826,976		688,000		707,005		19,005		—
Expiring 11/27/19	Barclays Bank PLC	KRW	644,912		534,000		551,353		17,353		—
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	KRW	761,957		646,000		651,419		5,419		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 79

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	KRW	230,346	$	190,898	$	196,929	$	6,031	$	—
Expiring 11/27/19	Morgan Stanley & Co. International PLC	KRW	966,251		813,000		826,075		13,075		—
Expiring 11/27/19	Morgan Stanley & Co. International PLC	KRW	768,307		656,000		656,847		847		—
Expiring 11/27/19	UBS AG	KRW	928,461		788,000		793,767		5,767		—
Expiring 12/18/19	Barclays Bank PLC	KRW	1,609,123		1,369,000		1,376,310		7,310		—
Expiring 12/18/19	BNP Paribas S.A.	KRW	1,572,519		1,322,000		1,345,002		23,002		—
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	2,679,955		2,255,000		2,292,211		37,211		—
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	1,908,249		1,606,000		1,632,158		26,158		—
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	1,866,321		1,564,000		1,596,296		32,296		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	2,024,274		1,734,607		1,731,396		—		(3,211	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	1,699,841		1,430,000		1,453,903		23,903		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	1,114,104		946,000		952,912		6,912		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	1,022,650		873,000		874,690		1,690		—
Expiring 02/28/20	Morgan Stanley & Co. International PLC	KRW	2,310,660		1,980,000		1,980,428		428		—
Expiring 10/30/20	BNP Paribas S.A.	KRW	6,645,920		5,840,000		5,736,255		—		(103,745	)
Expiring 10/30/20	JPMorgan Chase Bank, N.A.	KRW	2,035,051		1,707,831		1,756,502		48,671		—
Expiring 07/30/21	HSBC Bank USA, N.A.	KRW	7,848,810		6,660,000		6,825,391		165,391		—
Swedish Krona,
Expiring 01/17/20	Barclays Bank PLC	SEK	12,143		1,258,000		1,263,492		5,492		—
Expiring 01/17/20	Barclays Bank PLC	SEK	8,089		841,000		841,592		592		—
Expiring 01/17/20	BNP Paribas S.A.	SEK	7,261		759,000		755,463		—		(3,537	)

See Notes to Financial Statements.

80

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swiss Franc,
Expiring 01/17/20	BNP Paribas S.A.	CHF	548	$	557,000	$	559,527	$	2,527	$	—
Expiring 01/17/20	BNP Paribas S.A.	CHF	546		557,000		556,580		—		(420	)
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CHF	2,099		2,131,800		2,141,754		9,954		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CHF	705		712,000		719,345		7,345		—
Expiring 10/30/20	Goldman Sachs International	CHF	8,063		8,721,000		8,385,538		—		(335,462	)
Expiring 10/30/20	UBS AG	CHF	3,112		3,204,064		3,236,757		32,693		—
Thai Baht,
Expiring 12/18/19	Barclays Bank PLC	THB	34,227		1,110,000		1,134,125		24,125		—
Expiring 12/18/19	BNP Paribas S.A.	THB	33,357		1,097,000		1,105,303		8,303		—
Expiring 12/18/19	Citibank, N.A.	THB	36,776		1,203,000		1,218,583		15,583		—
Expiring 12/18/19	Citibank, N.A.	THB	29,028		948,000		961,850		13,850		—
Expiring 12/18/19	Citibank, N.A.	THB	27,908		911,000		924,763		13,763		—
Expiring 12/18/19	Credit Suisse International	THB	90,572		2,944,000		3,001,147		57,147		—
Expiring 12/18/19	Goldman Sachs International	THB	53,103		1,740,000		1,759,581		19,581		—
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	65,020		2,129,000		2,154,461		25,461		—
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	25,012		819,000		828,795		9,795		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	37,155		1,215,000		1,231,141		16,141		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	36,091		1,188,000		1,195,909		7,909		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	26,900		879,000		891,347		12,347		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	22,403		730,063		742,350		12,287		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	THB	39,279		1,283,000		1,301,532		18,532		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 81

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 12/18/19	UBS AG	THB	27,092	$	890,000	$	897,695	$	7,695	$	—
Turkish Lira,
Expiring 11/27/19	HSBC Bank USA, N.A.	TRY	4,876		811,000		846,662		35,662		—
Expiring 11/27/19	HSBC Bank USA, N.A.	TRY	4,381		754,000		760,619		6,619		—
Expiring 12/18/19	Barclays Bank PLC	TRY	8,636		1,474,650		1,491,237		16,587		—
Expiring 12/18/19	Barclays Bank PLC	TRY	8,442		1,443,131		1,457,714		14,583		—
Expiring 12/18/19	Barclays Bank PLC	TRY	6,198		1,067,950		1,070,244		2,294		—
Expiring 12/18/19	Barclays Bank PLC	TRY	5,946		1,016,697		1,026,781		10,084		—
Expiring 12/18/19	Barclays Bank PLC	TRY	2,168		368,000		374,351		6,351		—
Expiring 12/18/19	Barclays Bank PLC	TRY	1,905		330,000		329,028		—		(972	)
Expiring 12/18/19	Citibank, N.A.	TRY	2,526		434,000		436,177		2,177		—
Expiring 12/18/19	Goldman Sachs International	TRY	8,429		1,436,689		1,455,454		18,765		—
Expiring 12/18/19	Goldman Sachs International	TRY	5,529		949,300		954,798		5,498		—
Expiring 12/18/19	UBS AG	TRY	2,402		410,000		414,697		4,697		—
Expiring 12/24/19	Goldman Sachs International	TRY	55,080		9,962,000		9,496,431		—		(465,569	)
Expiring 01/31/20	Barclays Bank PLC	TRY	5,956		907,238		1,017,027		109,789		—
Expiring 04/30/20	Barclays Bank PLC	TRY	10,830		1,577,221		1,807,951		230,730		—
Expiring 04/30/20	Citibank, N.A.	TRY	4,397		748,000		733,955		—		(14,045	)
Expiring 04/30/20	Deutsche Bank AG	TRY	3,185		318,000		531,663		213,663		—
Expiring 04/30/20	Morgan Stanley & Co. International PLC	TRY	77,540		12,091,000		12,944,406		853,406		—
Expiring 06/30/20	Bank of America, N.A.	TRY	6,776		1,017,000		1,113,861		96,861		—

See Notes to Financial Statements.

82

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 06/30/20	Deutsche Bank AG	TRY	157,506	$	15,218,000	$	25,892,670	$	10,674,670	$	—
Expiring 07/29/20	Barclays Bank PLC	TRY	31,312		4,361,582		5,110,305		748,723		—
Expiring 10/30/20	Barclays Bank PLC	TRY	10,491		1,507,883		1,673,626		165,743		—
Expiring 02/26/21	Barclays Bank PLC	TRY	24,379		3,089,444		3,767,156		677,712		—
Expiring 02/26/21	Barclays Bank PLC	TRY	7,006		969,000		1,082,588		113,588		—
Expiring 02/26/21	Barclays Bank PLC	TRY	3,946		541,409		609,743		68,334		—
Expiring 02/26/21	Morgan Stanley & Co. International PLC	TRY	107,674		12,965,000		16,638,471		3,673,471		—
Expiring 05/28/21	BNP Paribas S.A.	TRY	6,981		897,000		1,053,469		156,469		—
Expiring 05/28/21	Goldman Sachs International	TRY	2,447		353,510		369,216		15,706		—
				$	911,694,207	$	932,455,142		31,086,908		(10,325,973	)
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 11/27/19	Bank of America, N.A.	AUD	2,327	$	1,581,000	$	1,605,545	$	—	$	(24,545	)
Expiring 11/27/19	Barclays Bank PLC	AUD	1,032		709,000		712,069		—		(3,069	)
Expiring 11/27/19	HSBC Bank USA, N.A.	AUD	1,157		786,000		798,344		—		(12,344	)
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	AUD	1,647		1,116,000		1,136,195		—		(20,195	)
Expiring 01/22/20	Barclays Bank PLC	AUD	1,389		950,000		959,269		—		(9,269	)
Expiring 01/22/20	BNP Paribas S.A.	AUD	898		620,000		620,445		—		(445	)
Expiring 01/22/20	HSBC Bank USA, N.A.	AUD	14,018		9,597,745		9,683,777		—		(86,032	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 83

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 01/31/20	JPMorgan Chase Bank, N.A.	AUD	6,128	$	4,181,039	$	4,233,830	$	—	$	(52,791	)
Expiring 01/31/20	Morgan Stanley & Co. International PLC	AUD	13,184		9,526,099		9,109,089		417,010		—
Expiring 11/27/20	JPMorgan Chase Bank, N.A.	AUD	5,929		4,067,946		4,115,186		—		(47,240	)
Brazilian Real,
Expiring 11/04/19	Barclays Bank PLC	BRL	3,801		906,000		947,520		—		(41,520	)
Expiring 11/04/19	JPMorgan Chase Bank, N.A.	BRL	1,285		309,000		320,411		—		(11,411	)
Expiring 11/04/19	Morgan Stanley & Co. International PLC	BRL	1,996		482,000		497,463		—		(15,463	)
Expiring 11/04/19	The Toronto-Dominion Bank	BRL	51,476		12,350,534		12,832,027		—		(481,493	)
Expiring 12/03/19	BNP Paribas S.A.	BRL	8,597		2,152,165		2,139,278		12,887		—
Expiring 12/24/19	Bank of America, N.A.	BRL	7,492		1,834,000		1,862,234		—		(28,234	)
Expiring 12/24/19	Bank of America, N.A.	BRL	3,390		812,000		842,666		—		(30,666	)
Expiring 12/24/19	Bank of America, N.A.	BRL	2,733		677,000		679,261		—		(2,261	)
Expiring 12/24/19	Barclays Bank PLC	BRL	5,345		1,310,000		1,328,474		—		(18,474	)
Expiring 12/24/19	Barclays Bank PLC	BRL	3,942		950,000		979,761		—		(29,761	)
Expiring 12/24/19	Barclays Bank PLC	BRL	3,094		751,000		769,002		—		(18,002	)
Expiring 12/24/19	BNP Paribas S.A.	BRL	3,641		900,000		905,063		—		(5,063	)
Expiring 12/24/19	BNP Paribas S.A.	BRL	3,375		838,000		838,955		—		(955	)
Expiring 12/24/19	BNP Paribas S.A.	BRL	3,094		745,000		769,006		—		(24,006	)
Expiring 12/24/19	Citibank, N.A.	BRL	9,770		2,427,000		2,428,468		—		(1,468	)
Expiring 12/24/19	Citibank, N.A.	BRL	6,946		1,675,000		1,726,600		—		(51,600	)
Expiring 12/24/19	Citibank, N.A.	BRL	5,436		1,359,000		1,351,208		7,792		—

See Notes to Financial Statements.

84

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 12/24/19	Citibank, N.A.	BRL	3,848	$	936,000	$	956,552	$	—	$	(20,552	)
Expiring 12/24/19	Citibank, N.A.	BRL	3,144		767,000		781,420		—		(14,420	)
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	BRL	11,825		3,331,000		2,939,313		391,687		—
Expiring 12/24/19	Morgan Stanley & Co. International PLC	BRL	3,983		998,000		989,946		8,054		—
Expiring 12/24/19	UBS AG	BRL	2,906		725,000		722,285		2,715		—
Expiring 03/31/20	Bank of America, N.A.	BRL	37,683		8,961,000		9,322,118		—		(361,118	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	BRL	38,335		10,714,000		9,483,386		1,230,614		—
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	BRL	13,430		3,231,951		3,322,458		—		(90,507	)
Expiring 06/30/20	Deutsche Bank AG	BRL	80,093		19,440,000		19,714,006		—		(274,006	)
Expiring 07/29/20	Deutsche Bank AG	BRL	27,045		6,116,000		6,645,358		—		(529,358	)
Expiring 08/31/20	Citibank, N.A.	BRL	2,478		612,397		607,579		4,818		—
Expiring 08/31/20	Deutsche Bank AG	BRL	26,630		5,810,000		6,530,222		—		(720,222	)
Expiring 12/23/20	Citibank, N.A.	BRL	3,696		903,638		899,217		4,421		—
Expiring 12/23/20	Morgan Stanley & Co. International PLC	BRL	42,608		10,702,000		10,365,084		336,916		—
Expiring 01/29/21	Citibank, N.A.	BRL	33,812		8,259,000		8,200,834		58,166		—
Expiring 03/31/21	Citibank, N.A.	BRL	80,490		18,979,000		19,427,504		—		(448,504	)
Expiring 03/31/21	Morgan Stanley & Co. International PLC	BRL	15,067		3,716,625		3,636,704		79,921		—
British Pound,
Expiring 11/27/19	HSBC Bank USA, N.A.	GBP	564		725,000		730,848		—		(5,848	)
Expiring 01/17/20	Barclays Bank PLC	GBP	1,589		2,048,000		2,063,597		—		(15,597	)
Expiring 01/17/20	Barclays Bank PLC	GBP	1,069		1,375,000		1,387,799		—		(12,799	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 85

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date			Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
British Pound (cont’d.),
Expiring 01/17/20	Barclays Bank PLC	GBP	986	$	1,276,000		$	1,280,779	$	—	$	(4,779	)
Expiring 01/17/20	Barclays Bank PLC	GBP	805		1,050,000			1,045,962		4,038		—
Expiring 01/17/20	Barclays Bank PLC	GBP	319		409,000			414,452		—		(5,452	)
Expiring 01/17/20	Citibank, N.A.	GBP	16,355		20,604,781			21,242,093		—		(637,312	)
Expiring 01/17/20	Deutsche Bank AG	GBP	16,355		20,734,317			21,242,093		—		(507,776	)
Expiring 01/17/20	Morgan Stanley & Co. International PLC	GBP	1,891		2,445,000			2,455,568		—		(10,568	)
Expiring 07/29/20	Bank of America, N.A.	GBP	13,750		17,149,962			17,935,304		—		(785,342	)
Chilean Peso,
Expiring 12/18/19	Barclays Bank PLC	CLP	5,270,051		7,414,775			7,114,906		299,869		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	CLP	10,540,102		14,618,727			14,229,812		388,915		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	CLP	5,270,051		7,309,363			7,114,906		194,457		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	CLP	329,369		456,000			444,669		11,331		—
Chinese Renminbi,
Expiring 02/28/20	Morgan Stanley & Co. International PLC	CNH	71,811		10,656,000			10,155,524		500,476		—
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	43,724		6,276,146			6,106,744		169,402		—
Colombian Peso,
Expiring 12/18/19	Barclays Bank PLC	COP	2,698,070		798,000			796,804		1,196		—
Expiring 12/18/19	Barclays Bank PLC	COP	2,432,239		718,000			718,298		—		(298	)
Expiring 12/18/19	Barclays Bank PLC	COP	1,660,218		491,000			490,302		698		—
Expiring 12/18/19	BNP Paribas S.A.	COP	1,838,275		529,000			542,886		—		(13,886	)
Expiring 12/18/19	BNP Paribas S.A.	COP	1,629,816		472,000	��		481,324		—		(9,324	)
Expiring 12/18/19	Goldman Sachs International	COP	5,881,131		1,731,272			1,736,838		—		(5,566	)

See Notes to Financial Statements.

86

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Colombian Peso (cont’d.),
Expiring 12/18/19	Goldman Sachs International	COP	2,393,475	$	705,000	$	706,850	$	—	$	(1,850	)
Expiring 12/18/19	Goldman Sachs International	COP	1,155,447		342,000		341,231		769		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	10,391,029		3,030,780		3,068,719		—		(37,939	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	4,893,591		1,440,304		1,445,194		—		(4,890	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	2,395,471		708,300		707,440		860		—
Expiring 12/18/19	UBS AG	COP	2,564,356		740,000		757,316		—		(17,316	)
Expiring 12/18/19	UBS AG	COP	1,315,320		388,000		388,445		—		(445	)
Czech Koruna,
Expiring 01/17/20	Barclays Bank PLC	CZK	34,431		1,473,690		1,506,880		—		(33,190	)
Euro,
Expiring 11/27/19	Deutsche Bank AG	EUR	2,443		2,727,432		2,728,931		—		(1,499	)
Expiring 11/27/19	Deutsche Bank AG	EUR	775		866,000		865,996		4		—
Expiring 12/30/19	Deutsche Bank AG	EUR	1,231		1,587,473		1,379,212		208,261		—
Expiring 01/17/20	Barclays Bank PLC	EUR	545		608,000		611,215		—		(3,215	)
Expiring 01/17/20	BNP Paribas S.A.	EUR	1,192		1,331,000		1,336,558		—		(5,558	)
Expiring 01/17/20	BNP Paribas S.A.	EUR	1,080		1,207,000		1,211,080		—		(4,080	)
Expiring 01/17/20	BNP Paribas S.A.	EUR	872		978,000		978,033		—		(33	)
Expiring 01/17/20	HSBC Bank USA, N.A.	EUR	81,674		90,666,780		91,597,155		—		(930,375	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	EUR	87,607		97,317,259		98,251,711		—		(934,452	)
Expiring 01/17/20	UBS AG	EUR	95,154		105,419,180		106,715,307		—		(1,296,127	)
Expiring 02/28/20	Bank of America, N.A.	EUR	11,032		13,441,389		12,403,149		1,038,240		—
Expiring 07/29/20	The Toronto-Dominion Bank	EUR	2,476		2,949,147		2,809,224		139,923		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 87

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 07/29/20	UBS AG	EUR	1,857	$	2,262,267	$	2,106,133	$	156,134	$	—
Hungarian Forint,
Expiring 01/17/20	Barclays Bank PLC	HUF	206,105		700,000		702,699		—		(2,699	)
Expiring 01/17/20	Barclays Bank PLC	HUF	145,525		493,000		496,157		—		(3,157	)
Expiring 01/17/20	Barclays Bank PLC	HUF	132,030		447,000		450,149		—		(3,149	)
Expiring 01/17/20	The Toronto-Dominion Bank	HUF	2,782,566		9,322,609		9,486,967		—		(164,358	)
Indian Rupee,
Expiring 12/18/19	Bank of America, N.A.	INR	73,970		1,029,000		1,034,847		—		(5,847	)
Expiring 12/18/19	Barclays Bank PLC	INR	52,255		729,000		731,051		—		(2,051	)
Expiring 12/18/19	BNP Paribas S.A.	INR	41,995		584,000		587,523		—		(3,523	)
Expiring 12/18/19	Citibank, N.A.	INR	56,030		782,000		783,871		—		(1,871	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	205,448		2,855,634		2,874,253		—		(18,619	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	103,164		1,436,689		1,443,279		—		(6,590	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	75,836		1,059,000		1,060,953		—		(1,953	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	INR	55,718		779,000		779,503		—		(503	)
Expiring 10/30/20	HSBC Bank USA, N.A.	INR	439,464		5,742,000		5,927,317		—		(185,317	)
Expiring 12/23/20	BNP Paribas S.A.	INR	250,803		3,250,000		3,361,036		—		(111,036	)
Expiring 02/26/21	Bank of America, N.A.	INR	179,591		2,385,000		2,388,282		—	��	(3,282	)
Expiring 02/26/21	Goldman Sachs International	INR	66,877		870,000		889,362		—		(19,362	)
Expiring 09/30/21	Bank of America, N.A.	INR	424,262		5,480,000		5,502,007		—		(22,007	)
Indonesian Rupiah,
Expiring 12/18/19	Barclays Bank PLC	IDR	9,159,890		641,000		647,013		—		(6,013	)

See Notes to Financial Statements.

88

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 12/18/19	Barclays Bank PLC	IDR	7,888,545	$	553,000	$	557,211	$	—	$	(4,211	)
Expiring 12/18/19	BNP Paribas S.A.	IDR	7,895,608		554,000		557,710		—		(3,710	)
Expiring 12/18/19	BNP Paribas S.A.	IDR	7,776,303		543,000		549,283		—		(6,283	)
Expiring 12/18/19	Citibank, N.A.	IDR	13,822,596		977,000		976,366		634		—
Expiring 12/18/19	Citibank, N.A.	IDR	11,567,752		812,000		817,094		—		(5,094	)
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	164,245,000		11,418,590		11,601,524		—		(182,934	)
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	22,430,920		1,585,000		1,584,419		581		—
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	16,004,128		1,119,000		1,130,459		—		(11,459	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	IDR	18,274,910		1,282,000		1,290,857		—		(8,857	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	IDR	8,857,280		622,000		625,638		—		(3,638	)
Israeli Shekel,
Expiring 11/27/19	Bank of America, N.A.	ILS	4,333		1,237,782		1,231,117		6,665		—
Expiring 12/18/19	Barclays Bank PLC	ILS	24,317		6,935,156		6,916,582		18,574		—
Expiring 12/18/19	Citibank, N.A.	ILS	2,954		837,000		840,341		—		(3,341	)
Expiring 12/18/19	Citibank, N.A.	ILS	2,739		775,000		778,953		—		(3,953	)
Expiring 12/18/19	Citibank, N.A.	ILS	2,429		689,000		690,782		—		(1,782	)
Expiring 12/18/19	HSBC Bank USA, N.A.	ILS	2,686		762,000		763,854		—		(1,854	)
Expiring 02/28/20	Citibank, N.A.	ILS	14,712		4,215,000		4,201,197		13,803		—
Japanese Yen,
Expiring 11/27/19	Bank of America, N.A.	JPY	128,321		1,182,000		1,190,102		—		(8,102	)
Expiring 11/27/19	Bank of America, N.A.	JPY	127,526		1,195,000		1,182,729		12,271		—
Expiring 11/27/19	Bank of America, N.A.	JPY	83,790		787,000		777,104		9,896		—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 89

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 11/27/19	Barclays Bank PLC	JPY	68,129	$	626,000	$	631,859	$	—	$	(5,859	)
Expiring 11/27/19	Citibank, N.A.	JPY	118,281		1,126,000		1,096,986		29,014		—
Expiring 11/27/19	Citibank, N.A.	JPY	96,924		893,000		898,918		—		(5,918	)
Expiring 11/27/19	Citibank, N.A.	JPY	91,390		844,000		847,588		—		(3,588	)
Expiring 11/27/19	Citibank, N.A.	JPY	78,828		733,000		731,082		1,918		—
Expiring 11/27/19	Deutsche Bank AG	JPY	106,620		1,000,000		988,842		11,158		—
Expiring 11/27/19	Goldman Sachs International	JPY	167,983		1,564,000		1,557,945		6,055		—
Expiring 11/27/19	Goldman Sachs International	JPY	102,981		978,000		955,092		22,908		—
Expiring 11/27/19	HSBC Bank USA, N.A.	JPY	142,300		1,335,000		1,319,753		15,247		—
Expiring 11/27/19	HSBC Bank USA, N.A.	JPY	74,157		696,000		687,761		8,239		—
Expiring 11/27/19	Morgan Stanley & Co. International PLC	JPY	375,796		3,553,000		3,485,291		67,709		—
Expiring 11/27/19	The Toronto-Dominion Bank	JPY	92,843		882,000		861,064		20,936		—
Expiring 01/17/20	BNP Paribas S.A.	JPY	143,399		1,324,000		1,335,052		—		(11,052	)
Expiring 02/28/20	Citibank, N.A.	JPY	880,638		8,296,087		8,218,627		77,460		—
Expiring 03/31/20	Citibank, N.A.	JPY	40,763		382,000		381,141		859		—
Expiring 07/29/20	Deutsche Bank AG	JPY	387,166		3,719,000		3,644,200		74,800		—
Expiring 11/30/20	JPMorgan Chase Bank, N.A.	JPY	819,678		7,848,316		7,766,341		81,975		—
Expiring 12/30/20	Bank of America, N.A.	JPY	485,216		4,679,936		4,604,626		75,310		—
Expiring 01/29/21	Bank of America, N.A.	JPY	648,854		6,126,000		6,167,281		—		(41,281	)
Expiring 01/29/21	Citibank, N.A.	JPY	934,242		9,144,000		8,879,870		264,130		—
Expiring 01/29/21	Deutsche Bank AG	JPY	1,027,823		9,781,808		9,769,346		12,462		—

See Notes to Financial Statements.

90

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Japanese Yen (cont’d.),
Expiring 10/31/23	Citibank, N.A.	JPY	399,802	$	4,148,827	$	4,021,624	$	127,203	$	—
Mexican Peso,
Expiring 11/27/19	Goldman Sachs International	MXN	16,307		849,000		844,100		4,900		—
Expiring 11/27/19	HSBC Bank USA, N.A.	MXN	22,469		1,155,000		1,163,054		—		(8,054	)
Expiring 11/27/19	HSBC Bank USA, N.A.	MXN	14,445		738,000		747,727		—		(9,727	)
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	MXN	121,207		5,960,526		6,274,093		—		(313,567	)
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	MXN	13,271		652,602		686,934		—		(34,332	)
Expiring 11/27/19	Morgan Stanley & Co. International PLC	MXN	146,073		7,445,000		7,561,232		—		(116,232	)
Expiring 12/18/19	Barclays Bank PLC	MXN	10,151		517,000		523,776		—		(6,776	)
Expiring 12/18/19	Barclays Bank PLC	MXN	9,146		464,000		471,901		—		(7,901	)
Expiring 12/18/19	Citibank, N.A.	MXN	33,940		1,762,000		1,751,277		10,723		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	MXN	30,410		1,544,897		1,569,127		—		(24,230	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	MXN	8,083		410,000		417,059		—		(7,059	)
Expiring 12/24/19	Citibank, N.A.	MXN	32,954		1,606,000		1,698,855		—		(92,855	)
Expiring 12/24/19	Citibank, N.A.	MXN	3,596		169,000		185,397		—		(16,397	)
Expiring 02/28/20	Morgan Stanley & Co. International PLC	MXN	71,736		3,564,000		3,663,254		—		(99,254	)
Expiring 04/30/20	Citibank, N.A.	MXN	298,979		14,344,000		15,131,290		—		(787,290	)
Expiring 04/30/20	UBS AG	MXN	27,628		1,218,000		1,398,253		—		(180,253	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	MXN	120,370		6,095,000		6,067,330		27,670		—
Expiring 10/30/20	Deutsche Bank AG	MXN	447,899		19,592,000		22,116,796		—		(2,524,796	)
Expiring 01/29/21	Citibank, N.A.	MXN	121,902		5,800,000		5,952,871		—		(152,871	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 91

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 04/29/21	Morgan Stanley & Co. International PLC	MXN	156,457	$	7,225,000	$	7,557,767	$	—	$	(332,767	)
Expiring 04/29/21	Morgan Stanley & Co. International PLC	MXN	90,716		4,246,000		4,382,080		—		(136,080	)
New Taiwanese Dollar,
Expiring 12/18/19	Barclays Bank PLC	TWD	24,575		810,000		811,404		—		(1,404	)
Expiring 12/18/19	BNP Paribas S.A.	TWD	49,255		1,597,000		1,626,237		—		(29,237	)
Expiring 12/18/19	BNP Paribas S.A.	TWD	33,001		1,077,000		1,089,605		—		(12,605	)
Expiring 12/18/19	Credit Suisse International	TWD	630,747		20,312,911		20,825,312		—		(512,401	)
Expiring 12/18/19	Credit Suisse International	TWD	33,730		1,090,000		1,113,662		—		(23,662	)
Expiring 12/18/19	Goldman Sachs International	TWD	61,360		2,020,000		2,025,901		—		(5,901	)
Expiring 12/18/19	Goldman Sachs International	TWD	50,850		1,640,000		1,678,904		—		(38,904	)
Expiring 12/18/19	HSBC Bank USA, N.A.	TWD	65,291		2,109,000		2,155,715		—		(46,715	)
Expiring 12/18/19	HSBC Bank USA, N.A.	TWD	63,318		2,069,000		2,090,551		—		(21,551	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	38,458		1,245,000		1,269,766		—		(24,766	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	24,668		806,000		814,475		—		(8,475	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	24,058		783,000		794,310		—		(11,310	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	23,615		776,000		779,702		—		(3,702	)
New Zealand Dollar,
Expiring 01/22/20	Barclays Bank PLC	NZD	991		630,000		636,610		—		(6,610	)
Expiring 01/22/20	Morgan Stanley & Co. International PLC	NZD	10,963		6,957,262		7,039,675		—		(82,413	)
Expiring 01/22/20	The Toronto-Dominion Bank	NZD	780		499,000		501,041		—		(2,041	)
Norwegian Krone,
Expiring 01/17/20	Barclays Bank PLC	NOK	9,571		1,044,000		1,041,337		2,663		—

See Notes to Financial Statements.

92

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Norwegian Krone (cont’d.),
Expiring 01/17/20	BNP Paribas S.A.	NOK	8,569	$	940,000	$	932,275	$	7,725	$	—
Peruvian Nuevo Sol,
Expiring 12/18/19	Bank of America, N.A.	PEN	12,730		3,779,800		3,800,422		—		(20,622	)
Expiring 12/18/19	Bank of America, N.A.	PEN	3,893		1,160,000		1,162,208		—		(2,208	)
Expiring 12/18/19	Bank of America, N.A.	PEN	2,811		838,000		839,320		—		(1,320	)
Expiring 12/18/19	Barclays Bank PLC	PEN	2,536		753,000		757,108		—		(4,108	)
Expiring 12/18/19	BNP Paribas S.A.	PEN	2,240		667,000		668,658		—		(1,658	)
Expiring 12/18/19	Citibank, N.A.	PEN	2,971		891,000		886,950		4,050		—
Expiring 12/18/19	Goldman Sachs International	PEN	3,144		941,000		938,577		2,423		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	2,994		890,000		893,846		—		(3,846	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	2,774		821,000		828,053		—		(7,053	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	2,652		790,000		791,834		—		(1,834	)
Philippine Peso,
Expiring 12/18/19	Barclays Bank PLC	PHP	60,621		1,163,000		1,191,769		—		(28,769	)
Expiring 12/18/19	Goldman Sachs International	PHP	36,684		706,000		721,174		—		(15,174	)
Expiring 12/18/19	HSBC Bank USA, N.A.	PHP	87,840		1,674,000		1,726,872		—		(52,872	)
Expiring 12/18/19	HSBC Bank USA, N.A.	PHP	64,275		1,224,000		1,263,590		—		(39,590	)
Expiring 12/18/19	HSBC Bank USA, N.A.	PHP	61,552		1,176,000		1,210,061		—		(34,061	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PHP	36,004		690,000		707,815		—		(17,815	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	PHP	63,939		1,218,000		1,256,989		—		(38,989	)
Russian Ruble,
Expiring 12/18/19	Bank of America, N.A.	RUB	38,812		589,000		601,005		—		(12,005	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 93

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Russian Ruble (cont’d.),
Expiring 12/18/19	Barclays Bank PLC	RUB	56,967	$	863,000	$	882,134	$	—	$	(19,134	)
Expiring 12/18/19	Barclays Bank PLC	RUB	26,396		405,000		408,737		—		(3,737	)
Expiring 12/18/19	Citibank, N.A.	RUB	34,309		524,000		531,269		—		(7,269	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	21,843		336,000		338,241		—		(2,241	)
Expiring 12/24/19	Barclays Bank PLC	RUB	114,712		1,758,315		1,774,711		—		(16,396	)
Expiring 12/24/19	Goldman Sachs International	RUB	207,704		3,385,000		3,213,373		171,627		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	RUB	59,887		804,126		926,513		—		(122,387	)
Expiring 03/31/20	Citibank, N.A.	RUB	305,303		4,444,000		4,669,786		—		(225,786	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	RUB	311,865		4,119,743		4,770,151		—		(650,408	)
Expiring 12/23/20	BNP Paribas S.A.	RUB	1,267,728		17,197,000		18,810,602		—		(1,613,602	)
Expiring 04/29/21	Deutsche Bank AG	RUB	203,421		3,000,000		2,976,110		23,890		—
Saudi Arabian Riyal,
Expiring 11/12/19	Morgan Stanley & Co. International PLC	SAR	113,400		30,000,000		30,238,549		—		(238,549	)
Singapore Dollar,
Expiring 12/18/19	Barclays Bank PLC	SGD	1,190		865,000		874,941		—		(9,941	)
Expiring 12/18/19	Goldman Sachs International	SGD	7,997		5,746,381		5,881,227		—		(134,846	)
Expiring 12/18/19	HSBC Bank USA, N.A.	SGD	1,239		903,000		910,859		—		(7,859	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	1,103		809,000		810,989		—		(1,989	)
South African Rand,
Expiring 11/27/19	BNP Paribas S.A.	ZAR	9,352		608,948		616,661		—		(7,713	)
Expiring 12/18/19	Barclays Bank PLC	ZAR	38,818		2,589,200		2,552,104		37,096		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	21,737		1,438,318		1,429,111		9,207		—

See Notes to Financial Statements.

94

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 12/18/19	Barclays Bank PLC	ZAR	21,609	$	1,433,707	$	1,420,670	$	13,037	$	—
Expiring 12/18/19	Barclays Bank PLC	ZAR	21,444		1,436,689		1,409,865		26,824		—
Expiring 12/18/19	Citibank, N.A.	ZAR	22,034		1,441,399		1,448,643		—		(7,244	)
Expiring 12/18/19	Citibank, N.A.	ZAR	4,976		328,000		327,150		850		—
Expiring 12/18/19	HSBC Bank USA, N.A.	ZAR	5,678		385,620		373,321		12,299		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	25,646		1,724,662		1,686,077		38,585		—
Expiring 12/30/19	Goldman Sachs International	ZAR	36,889		2,328,000		2,420,825		—		(92,825	)
Expiring 12/30/19	JPMorgan Chase Bank, N.A.	ZAR	15,685		1,039,428		1,029,322		10,106		—
Expiring 03/31/20	Barclays Bank PLC	ZAR	25,650		1,706,000		1,663,323		42,677		—
Expiring 03/31/20	Goldman Sachs International	ZAR	25,843		1,633,000		1,675,862		—		(42,862	)
Expiring 03/31/20	JPMorgan Chase Bank, N.A.	ZAR	57,893		3,787,558		3,754,212		33,346		—
Expiring 07/29/20	BNP Paribas S.A.	ZAR	134,737		8,256,000		8,597,680		—		(341,680	)
Expiring 09/30/20	Goldman Sachs International	ZAR	26,420		1,651,000		1,671,382		—		(20,382	)
Expiring 09/30/20	Morgan Stanley & Co. International PLC	ZAR	89,765		6,105,000		5,678,677		426,323		—
Expiring 01/29/21	Deutsche Bank AG	ZAR	143,766		9,153,000		8,943,022		209,978		—
Expiring 01/29/21	Morgan Stanley & Co. International PLC	ZAR	79,569		5,129,000		4,949,599		179,401		—
South Korean Won,
Expiring 11/27/19	JPMorgan Chase Bank, N.A.	KRW	941,724		777,000		805,106		—		(28,106	)
Expiring 12/18/19	Citibank, N.A.	KRW	3,541,106		2,946,134		3,028,768		—		(82,634	)
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	1,190,069		997,000		1,017,886		—		(20,886	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	947,052		790,000		810,030		—		(20,030	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 95

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	921,262	$	769,000	$	787,971	$	—	$	(18,971	)
Expiring 12/18/19	The Toronto-Dominion Bank	KRW	612,683		509,000		524,038		—		(15,038	)
Expiring 12/24/19	Goldman Sachs International	KRW	130,134		123,000		111,320		11,680		—
Expiring 02/28/20	HSBC Bank USA, N.A.	KRW	7,664,805		6,390,000		6,569,376		—		(179,376	)
Expiring 05/29/20	Morgan Stanley & Co. International PLC	KRW	6,250,669		5,364,000		5,370,530		—		(6,530	)
Expiring 10/30/20	Deutsche Bank AG	KRW	8,680,971		7,503,000		7,492,757		10,243		—
Swedish Krona,
Expiring 01/17/20	Barclays Bank PLC	SEK	7,831		801,000		814,798		—		(13,798	)
Expiring 01/17/20	BNP Paribas S.A.	SEK	8,125		840,000		845,415		—		(5,415	)
Expiring 01/17/20	Morgan Stanley & Co. International PLC	SEK	26,308		2,700,745		2,737,320		—		(36,575	)
Swiss Franc,
Expiring 01/17/20	Barclays Bank PLC	CHF	1,139		1,156,000		1,161,596		—		(5,596	)
Expiring 01/17/20	Barclays Bank PLC	CHF	555		562,000		565,798		—		(3,798	)
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CHF	1,023		1,043,000		1,043,713		—		(713	)
Expiring 01/17/20	UBS AG	CHF	14,984		15,114,772		15,285,650		—		(170,878	)
Expiring 10/30/20	Bank of America, N.A.	CHF	8,238		8,718,000		8,566,699		151,301		—
Expiring 10/30/20	Morgan Stanley & Co. International PLC	CHF	2,938		3,097,043		3,055,597		41,446		—
Thai Baht,
Expiring 12/18/19	Barclays Bank PLC	THB	39,387		1,279,000		1,305,103		—		(26,103	)
Expiring 12/18/19	Barclays Bank PLC	THB	26,672		882,000		883,780		—		(1,780	)
Expiring 12/18/19	Citibank, N.A.	THB	30,960		1,006,000		1,025,865		—		(19,865	)
Expiring 12/18/19	Goldman Sachs International	THB	45,255		1,471,000		1,499,559		—		(28,559	)

See Notes to Financial Statements.

96

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	38,043	$	1,240,000	$	1,260,582	$	—	$	(20,582	)
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	37,646		1,245,000		1,247,431		—		(2,431	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	38,223		1,264,000		1,266,551		—		(2,551	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	25,626		832,000		849,118		—		(17,118	)
Turkish Lira,
Expiring 11/27/19	HSBC Bank USA, N.A.	TRY	3,585		600,000		622,351		—		(22,351	)
Expiring 12/18/19	Barclays Bank PLC	TRY	3,396		570,000		586,392		—		(16,392	)
Expiring 12/18/19	Barclays Bank PLC	TRY	2,908		480,000		502,200		—		(22,200	)
Expiring 12/18/19	Barclays Bank PLC	TRY	2,729		453,000		471,151		—		(18,151	)
Expiring 12/18/19	Barclays Bank PLC	TRY	2,188		367,000		377,852		—		(10,852	)
Expiring 12/18/19	Barclays Bank PLC	TRY	1,378		229,000		238,025		—		(9,025	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	20,523		3,394,169		3,543,823		—		(149,654	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	6,989		1,152,344		1,206,834		—		(54,490	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	3,081		516,000		532,015		—		(16,015	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	TRY	3,722		615,000		642,696		—		(27,696	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	TRY	2,072		339,000		357,840		—		(18,840	)
Expiring 12/24/19	BNP Paribas S.A.	TRY	23,277		5,000,000		4,013,146		986,854		—
Expiring 12/24/19	JPMorgan Chase Bank, N.A.	TRY	31,803		5,614,016		5,483,285		130,731		—
Expiring 01/31/20	JPMorgan Chase Bank, N.A.	TRY	41,748		7,293,523		7,128,207		165,316		—
Expiring 04/30/20	Citibank, N.A.	TRY	36,508		4,824,900		6,094,555		—		(1,269,655	)
Expiring 04/30/20	Citibank, N.A.	TRY	14,821		2,294,125		2,474,240		—		(180,115	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 97

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 04/30/20		Citibank, N.A.	TRY	5,288	$	736,000	$	882,802	$	—	$	(146,802	)
Expiring 04/30/20		Goldman Sachs International	TRY	53,577		9,291,000		8,944,034		346,966		—
Expiring 04/30/20		JPMorgan Chase Bank, N.A.	TRY	10,122		1,566,000		1,689,791		—		(123,791	)
Expiring 06/30/20		Barclays Bank PLC	TRY	48,559		6,842,133		7,982,616		—		(1,140,483	)
Expiring 06/30/20		Citibank, N.A.	TRY	16,668		1,734,392		2,739,994		—		(1,005,602	)
Expiring 06/30/20		Citibank, N.A.	TRY	10,788		1,120,000		1,773,427		—		(653,427	)
Expiring 06/30/20		JPMorgan Chase Bank, N.A.	TRY	15,609		2,128,000		2,565,975		—		(437,975	)
Expiring 06/30/20		Morgan Stanley & Co. International PLC	TRY	72,659		11,029,000		11,944,518		—		(915,518	)
Expiring 10/30/20		Deutsche Bank AG	TRY	6,298		829,000		1,004,695		—		(175,695	)
Expiring 10/30/20		Goldman Sachs International	TRY	4,906		707,000		782,569		—		(75,569	)
Expiring 02/26/21		Citibank, N.A.	TRY	28,332		3,483,000		4,378,099		—		(895,099	)
Expiring 02/26/21		Citibank, N.A.	TRY	15,186		1,803,614		2,346,697		—		(543,083	)
Expiring 02/26/21		Goldman Sachs International	TRY	20,013		3,005,000		3,092,573		—		(87,573	)
Expiring 02/26/21		JPMorgan Chase Bank, N.A.	TRY	19,750		2,372,386		3,051,904		—		(679,518	)
Expiring 02/26/21		Morgan Stanley & Co. International PLC	TRY	67,636		9,365,000		10,451,498		—		(1,086,498	)
Expiring 05/28/21		Goldman Sachs International	TRY	9,428		1,264,000		1,422,685		—		(158,685	)
						$1,203,141,305	$	1,223,205,749		9,769,318		(29,833,762	)
									$	40,856,226	$	(40,159,735	)

See Notes to Financial Statements.

98

Cross currency exchange contracts outstanding at October 31, 2019:

Settlement	Type		Notional Amount (000)			In Exchange For (000)		Unrealized Appreciation		Unrealized Depreciation			Counterparty
OTC Cross Currency Exchange Contracts:
12/30/19		Buy		EUR	3,269	ZAR	56,766	$	—	$	(62,680	)		Deutsche Bank AG
12/30/19		Buy		ZAR	33,780	EUR	2,038		—		(66,581	)		Morgan Stanley & Co. International PLC
01/31/20		Buy		AUD	6,894	JPY	536,215		—		(232,878	)		Deutsche Bank AG
01/31/20		Buy		EUR	3,871	TRY	23,609		313,735		—			Goldman Sachs International
01/31/20		Buy		TRY	59,401	EUR	8,169		973,327		—			Goldman Sachs International
02/28/20		Buy		JPY	1,376,795	AUD	18,272		217,979		—			Deutsche Bank AG
03/31/20		Buy		EUR	7,965	ZAR	134,569		245,658		—			Morgan Stanley & Co. International PLC
03/31/20		Buy		ZAR	153,638	EUR	8,269		648,505		—			Morgan Stanley & Co. International PLC
04/30/20		Buy		EUR	10,404	TRY	78,477		—		(1,360,358	)		Goldman Sachs International
04/30/20		Buy		TRY	102,842	EUR	11,170		4,563,397		—			BNP Paribas S.A.
07/29/20		Buy		EUR	12,064	TRY	116,743		—		(5,367,892	)		BNP Paribas S.A.
07/29/20		Buy		TRY	85,432	EUR	7,021		5,978,381		—			Morgan Stanley & Co. International PLC
08/31/20		Buy		EUR	4,722	ZAR	91,087		—		(419,492	)		Morgan Stanley & Co. International PLC
08/31/20		Buy		ZAR	40,549	EUR	2,298		—		(35,904	)		Goldman Sachs International
09/30/20		Buy		JPY	52,751	GBP	403		—		(28,167	)		Bank of America, N.A.
10/30/20		Buy		EUR	8,940	GBP	7,848		—		(61,430	)		Morgan Stanley & Co. International PLC
11/27/20		Buy		AUD	5,929	JPY	441,711		—		(69,301	)		Morgan Stanley & Co. International PLC
11/30/20		Buy		JPY	1,016,141	AUD	12,805		739,881		—			Morgan Stanley & Co. International PLC
12/23/20		Buy		EUR	572	ZAR	10,356		6,607		—			Goldman Sachs International
12/23/20		Buy		EUR	1,187	ZAR	20,389		82,623		—			Morgan Stanley & Co. International PLC
12/30/20		Buy		JPY	154,422	AUD	2,095		10,898		—			Deutsche Bank AG
12/30/20		Buy		JPY	771,852	AUD	10,480		48,551		—			Deutsche Bank AG
05/28/21		Buy		AUD	3,758	JPY	274,221		—		(10,070	)		Deutsche Bank AG
05/28/21		Buy		JPY	389,110	AUD	5,610		—		(178,678	)		Morgan Stanley & Co. International PLC
07/30/21		Buy		AUD	7,614	JPY	525,556		253,188		—			Morgan Stanley & Co. International PLC
10/31/23		Buy		AUD	6,309	JPY	422,703		156,507		—			Deutsche Bank AG
10/31/23		Buy		JPY	648,099	AUD	9,489		—		(111,307	)		Morgan Stanley & Co. International PLC
								$	14,239,237	$	(8,004,738	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 99

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*:
Federation of Malaysia (D01)		06/20/23		1.000%(Q)		3,750		0.354	%	$	100,072		$	(3,076	)	$	103,148		Barclays Bank PLC
People’s Republic of China (D01)		06/20/23		1.000%(Q)		13,750		0.300	%		388,336			(11,277	)		399,613		Barclays Bank PLC
Republic of Argentina (D01)		06/20/23		1.000%(Q)		3,750		113.240	%		(2,372,715	)		(3,076	)		(2,369,639	)	Barclays Bank PLC
Republic of Brazil (D01)		06/20/23		1.000%(Q)		18,750		0.855	%		117,785			(15,378	)		133,163		Barclays Bank PLC
Republic of Chile (D01)		06/20/23		1.000%(Q)		3,750		0.287	%		99,534			(3,076	)		102,610		Barclays Bank PLC
Republic of Colombia (D01)		06/20/23		1.000%(Q)		5,000		0.530	%		89,068			(4,101	)		93,169		Barclays Bank PLC
Republic of Indonesia (D01)		06/20/23		1.000%(Q)		5,000		0.636	%		92,835			(4,101	)		96,936		Barclays Bank PLC
Republic of Lebanon (D01)		06/20/23		1.000%(Q)		3,750		22.800	%		(1,650,975	)		(3,076	)		(1,647,899	)	Barclays Bank PLC
Republic of Panama (D01)		06/20/23		1.000%(Q)		3,750		0.308	%		96,725			(3,076	)		99,801		Barclays Bank PLC
Republic of Peru (D01)		06/20/23		1.000%(Q)		3,750		0.320	%		95,221			(3,076	)		98,297		Barclays Bank PLC
Republic of Philippines (D01)		06/20/23		1.000%(Q)		3,750		0.329	%		102,700			(3,076	)		105,776		Barclays Bank PLC
Republic of South Africa (D01)		06/20/23		1.000%(Q)		11,250		1.474	%		(180,268	)		(9,227	)		(171,041	)	Barclays Bank PLC
Republic of Turkey (D01)		06/20/23		1.000%(Q)		17,500		2.961	%		(1,137,355	)		(14,353	)		(1,123,002	)	Barclays Bank PLC
Russian Federation (D01)		06/20/23		1.000%(Q)		11,250		0.513	%		205,638			(9,227	)		214,865		Barclays Bank PLC
United Mexican States (D01)		06/20/23		1.000%(Q)		16,250		0.624	%		235,385			(13,328	)		248,713		Barclays Bank PLC

See Notes to Financial Statements.

100

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)* (cont’d.):
Federation of Malaysia (D02)		06/20/23		1.000%(Q)		3,000		0.354	%	$	80,058		$	(4,359	)	$	84,417		Citibank, N.A.
People’s Republic of China (D02)		06/20/23		1.000%(Q)		11,000		0.300	%		310,669			(15,982	)		326,651		Citibank, N.A.
Republic of Argentina (D02)		06/20/23		1.000%(Q)		3,000		113.240	%		(1,898,172	)		(4,359	)		(1,893,813	)	Citibank, N.A.
Republic of Brazil (D02)		06/20/23		1.000%(Q)		15,000		0.855	%		94,228			(21,793	)		116,021		Citibank, N.A.
Republic of Chile (D02)		06/20/23		1.000%(Q)		3,000		0.287	%		79,628			(4,359	)		83,987		Citibank, N.A.
Republic of Colombia (D02)		06/20/23		1.000%(Q)		4,000		0.530	%		71,254			(5,812	)		77,066		Citibank, N.A.
Republic of Indonesia (D02)		06/20/23		1.000%(Q)		4,000		0.636	%		74,268			(5,812	)		80,080		Citibank, N.A.
Republic of Lebanon (D02)		06/20/23		1.000%(Q)		3,000		22.800	%		(1,320,780	)		(4,359	)		(1,316,421	)	Citibank, N.A.
Republic of Panama (D02)		06/20/23		1.000%(Q)		3,000		0.308	%		77,380			(4,359	)		81,739		Citibank, N.A.
Republic of Peru (D02)		06/20/23		1.000%(Q)		3,000		0.320	%		76,177			(4,359	)		80,536		Citibank, N.A.
Republic of Philippines (D02)		06/20/23		1.000%(Q)		3,000		0.329	%		82,160			(4,359	)		86,519		Citibank, N.A.
Republic of South Africa (D02)		06/20/23		1.000%(Q)		9,000		1.474	%		(144,214	)		(13,076	)		(131,138	)	Citibank, N.A.
Republic of Turkey (D02)		06/20/23		1.000%(Q)		14,000		2.961	%		(909,884	)		(20,340	)		(889,544	)	Citibank, N.A.
Russian Federation (D02)		06/20/23		1.000%(Q)		9,000		0.513	%		164,511			(13,076	)		177,587		Citibank, N.A.
United Mexican States (D02)		06/20/23		1.000%(Q)		13,000		0.624	%		188,308			(18,847	)		207,155		Citibank, N.A.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 101

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*(cont’d.):
Emirate of Abu Dhabi (D03)		12/20/24		1.000%(Q)		1,000		0.462	%	$	27,830		$	(356	)	$	28,186		Barclays Bank PLC
Federation of Malaysia (D03)		12/20/24		1.000%(Q)		2,000		0.549	%		57,855			(713	)		58,568		Barclays Bank PLC
Kingdom of Saudi Arabia (D03)		12/20/24		1.000%(Q)		1,000		0.705	%		15,713			(356	)		16,069		Barclays Bank PLC
People’s Republic of China (D03)		12/20/24		1.000%(Q)		4,500		0.510	%		137,187			(2,097	)		139,284		Barclays Bank PLC
Republic of Argentina (D03)		12/20/24		1.000%(Q)		2,500		103.524	%		(1,605,006	)		(891	)		(1,604,115	)	Barclays Bank PLC
Republic of Brazil (D03)		12/20/24		1.000%(Q)		6,000		1.213	%		(55,102	)		(2,796	)		(52,306	)	Barclays Bank PLC
Republic of Chile (D03)		12/20/24		1.000%(Q)		1,000		0.436	%		29,116			(356	)		29,472		Barclays Bank PLC
Republic of Colombia (D03)		12/20/24		1.000%(Q)		2,500		0.818	%		25,253			(891	)		26,144		Barclays Bank PLC
Republic of Indonesia (D03)		12/20/24		1.000%(Q)		4,000		0.957	%		50,553			(1,864	)		52,417		Barclays Bank PLC
Republic of Lebanon (D03)		12/20/24		1.000%(Q)		1,000		18.956	%		(454,451	)		(356	)		(454,095	)	Barclays Bank PLC
Republic of Panama (D03)		12/20/24		1.000%(Q)		1,000		0.502	%		25,826			(356	)		26,182		Barclays Bank PLC
Republic of Peru (D03)		12/20/24		1.000%(Q)		1,000		0.530	%	��	24,455			(356	)		24,811		Barclays Bank PLC
Republic of Philippines (D03)		12/20/24		1.000%(Q)		1,000		0.508	%		30,574			(356	)		30,930		Barclays Bank PLC
Republic of South Africa (D03)		12/20/24		1.000%(Q)		4,500		1.857	%		(184,027	)		(2,097	)		(181,930	)	Barclays Bank PLC
Republic of Turkey (D03)		12/20/24		1.000%(Q)		6,000		3.341	%		(632,333	)		(2,796	)		(629,537	)	Barclays Bank PLC

See Notes to Financial Statements.

102

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)* (cont’d.):
Russian Federation (D03)		12/20/24		1.000%(Q)		4,000		0.756	%	$	51,212		$	(1,864	)	$	53,076		Barclays Bank PLC
State of Qatar (D03)		12/20/24		1.000%(Q)		1,000		0.467	%		27,604			(356	)		27,960		Barclays Bank PLC
United Mexican States (D03)		12/20/24		1.000%(Q)		6,000		0.927	%		28,589			(2,796	)		31,385		Barclays Bank PLC
Emirate of Abu Dhabi (D04)		12/20/24		1.000%(Q)		800		0.462	%		22,264			(866	)		23,130		Barclays Bank PLC
Federation of Malaysia (D04)		12/20/24		1.000%(Q)		1,600		0.549	%		46,284			(1,732	)		48,016		Barclays Bank PLC
Kingdom of Saudi Arabia (D04)		12/20/24		1.000%(Q)		800		0.705	%		12,570			(866	)		13,436		Barclays Bank PLC
People’s Republic of China (D04)		12/20/24		1.000%(Q)		3,600		0.510	%		109,749			(3,898	)		113,647		Barclays Bank PLC
Republic of Argentina (D04)		12/20/24		1.000%(Q)		2,000		103.524	%		(1,284,005	)		(2,166	)		(1,281,839	)	Barclays Bank PLC
Republic of Brazil (D04)		12/20/24		1.000%(Q)		4,800		1.213	%		(44,082	)		(5,197	)		(38,885	)	Barclays Bank PLC
Republic of Chile (D04)		12/20/24		1.000%(Q)		800		0.436	%		23,293			(866	)		24,159		Barclays Bank PLC
Republic of Colombia (D04)		12/20/24		1.000%(Q)		2,000		0.818	%		20,202			(2,166	)		22,368		Barclays Bank PLC
Republic of Indonesia (D04)		12/20/24		1.000%(Q)		3,200		0.957	%		40,442			(3,465	)		43,907		Barclays Bank PLC
Republic of Lebanon (D04)		12/20/24		1.000%(Q)		800		18.956	%		(363,561	)		(866	)		(362,695	)	Barclays Bank PLC
Republic of Panama (D04)		12/20/24		1.000%(Q)		800		0.502	%		20,661			(866	)		21,527		Barclays Bank PLC
Republic of Peru (D04)		12/20/24		1.000%(Q)		800		0.530	%		19,564			(866	)		20,430		Barclays Bank PLC

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 103

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)* (cont’d.):
Republic of Philippines (D04)		12/20/24		1.000%(Q)		800		0.508	%	$	24,459		$	(866	)	$	25,325		Barclays Bank PLC
Republic of South Africa (D04)		12/20/24		1.000%(Q)		3,600		1.857	%		(147,222	)		(3,898	)		(143,324	)	Barclays Bank PLC
Republic of Turkey (D04)		12/20/24		1.000%(Q)		4,800		3.341	%		(505,866	)		(5,197	)		(500,669	)	Barclays Bank PLC
Russian Federation (D04)		12/20/24		1.000%(Q)		3,200		0.756	%		40,969			(3,465	)		44,434		Barclays Bank PLC
State of Qatar (D04)		12/20/24		1.000%(Q)		800		0.467	%		22,083			(866	)		22,949		Barclays Bank PLC
United Mexican States (D04)		12/20/24		1.000%(Q)		4,800		0.927	%		22,871			(5,197	)		28,068		Barclays Bank PLC
										$	(11,010,900	)	$	(312,737	)	$	(10,698,163	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Packaged Credit Default Swap Agreements on credit indices—Buy Protection(1)*:
CDX.EM.29.V1 (D01)		06/20/23		1.000%(Q)		125,000	$	3,286,437	$	(29,191	)	$	3,315,628	Barclays Bank PLC
CDX.EM.29.V1 (D02)		06/20/23		1.000%(Q)		100,000		2,629,150		1,865			2,627,285	Citibank, N.A.
CDX.EM.32.V1 (D03)		12/20/24		1.000%(Q)		50,000		2,261,777		(50,713	)		2,312,490	Barclays Bank PLC
CDX.EM.32.V1 (D04)		12/20/24		1.000%(Q)		40,000		1,809,421		(34,426	)		1,843,847	Barclays Bank PLC
							$	9,986,785	$	(112,465	)	$	10,099,250

* The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The up-front premium is attached to the index of the trade. Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01—D04).

See Notes to Financial Statements.

104

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
American Money Management Corporation		11/26/19		1.000%(M)		296		*	$	222	$	—	$	222	Goldman Sachs International
Anchorage CLO		11/26/19		0.500%(M)	EUR	695		*		323		—		323	Goldman Sachs International
Anchorage CLO		11/26/19		1.000%(M)	EUR	662		*		615		—		615	Goldman Sachs International
AXA CLO		11/26/19		0.500%(M)	EUR	347		*		161		—		161	Goldman Sachs International
Bardin Hill Loan Advisors European Funding		11/26/19		1.000%(M)	EUR	409		*		379		—		379	Goldman Sachs International
Barings CLO		11/26/19		1.000%(M)		48		*		36		—		36	Goldman Sachs International
Bear Stearns Asset Backed Securities Trust		11/27/19		1.250%(M)		1,316		*		1,278		—		1,278	Goldman Sachs International
Bear Stearns Asset Backed Securities Trust		11/27/19		1.250%(M)		736		*		715		—		715	Goldman Sachs International
BlueMountain CLO		11/26/19		1.000%(M)		140		*		105		—		105	Goldman Sachs International
Cairn CLO BV		11/26/19		1.000%(M)	EUR	340		*		316		—		316	Goldman Sachs International
Canyon CLO		11/26/19		0.500%(M)		99		*		37		—		37	Goldman Sachs International
CIFC CLO		11/26/19		1.000%(M)		106		*		79		—		79	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/26/19		1.250%(M)		594		*		597		—		597	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 105

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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		11/26/19		1.250%(M)		377		6.940	%	$	379	$	—	$	379	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/26/19		1.250%(M)		346		*			348		—		348	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/26/19		1.250%(M)		202		4.670	%		203		—		203	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		692		*			696		—		696	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		546		19.740	%		550		—		550	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		507		*			510		—		510	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		392		*			394		—		394	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		364		6.940	%		366		—		366	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		246		7.460	%		248		—		248	Goldman Sachs International
Commerzbank CLO		11/26/19		1.000%(M)		EUR 338		*			314		—		314	Goldman Sachs International
Connecticut Avenue Securities		11/27/19		1.250%(M)		2,810		*			2,729		—		2,729	Goldman Sachs International
Connecticut Avenue Securities		11/27/19		1.250%(M)		1,858		*			1,805		—		1,805	Goldman Sachs International
CSAM CLO		11/26/19		1.000%(M)		92		*			69		—		69	Goldman Sachs International

See Notes to Financial Statements.

106

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
DFG CLO		11/26/19		1.000%(M)		82		*		$	61	$	—	$	61	Goldman Sachs International
Ellington CLO		11/26/19		1.000%(M)		1,660		*			1,244		—		1,244	Goldman Sachs International
Equity One Home Equity		11/27/19		1.250%(M)		486		*			472		—		472	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		1,716		*			1,666		—		1,666	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		994		*			965		—		965	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		697		*			677		—		677	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		423		*			411		—		411	Goldman Sachs International
Freddie Mac		11/27/19		1.250%(M)		753		*			731		—		731	Goldman Sachs International
GMAC Home Equity		11/27/19		1.250%(M)		314		*			305		—		305	Goldman Sachs International
GMAC Home Equity		11/27/19		1.250%(M)		294		*			286		—		286	Goldman Sachs International
GS Mortgage Securities Trust		11/26/19		1.250%(M)		328		7.460	%		330		—		330	Goldman Sachs International
GS Mortgage Securities Trust		11/26/19		1.250%(M)		317		*			318		—		318	Goldman Sachs International
GSO CLO		11/26/19		1.000%(M)		145		*			109		—		109	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 107

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
GSR Mortgage Loan Trust		11/27/19		1.250%(M)		546		*		$	530	$	—	$	530	Goldman Sachs International
ICG CLO		11/26/19		0.500%(M)		246		*			7		—		7	Goldman Sachs International
Invesco CLO		11/26/19		0.500%(M)		108		*			40		—		40	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/26/19		1.250%(M)		877		8.827	%		882		—		882	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/26/19		1.250%(M)		555		*			559		—		559	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		11/26/19		1.250%(M)		323		*			325		—		325	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		11/26/19		1.250%(M)		120		*			121		—		121	Goldman Sachs International
LCM CLO		11/26/19		1.000%(M)		93		*			69		—		69	Goldman Sachs International
Lehman Home Equity		11/27/19		1.250%(M)		259		*			251		—		251	Goldman Sachs International
MJX CLO		11/26/19		0.500%(M)		115		*			43		—		43	Goldman Sachs International
Morgan Stanley Home Equity		11/27/19		1.250%(M)		297		*			288		—		288	Goldman Sachs International
Oak Hill CLO		11/26/19		1.000%(M)	EUR	388		*			360		—		360	Goldman Sachs International
Och-Ziff CLO		11/26/19		0.500%(M)		305		*			114		—		114	Goldman Sachs International

See Notes to Financial Statements.

108

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
Octagon CLO		11/26/19		1.000%(M)		24		*	$	18	$	—	$	18	Goldman Sachs International
Octagon Investment Partners XV Ltd.		11/26/19		1.000%(M)		200		*		150		—		150	Goldman Sachs International
Palmer Square CLO		11/26/19		0.500%(M)		138		*		52		—		52	Goldman Sachs International
PineBridge CLO		11/26/19		0.500%(M)		83		*		31		—		31	Goldman Sachs International
Shenkman Capital		11/26/19		1.000%(M)		51		*		38		—		38	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		0.500%(M)		697		*		261		—		261	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		0.500%(M)		335		*		125		—		125	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		1.000%(M)		326		*		244		—		244	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		1.000%(M)		53		*		39		—		39	Goldman Sachs International
Steele Creek		11/26/19		1.000%(M)		249		*		187		—		187	Goldman Sachs International
Structured Agency Credit Risk		11/27/19		1.250%(M)		1,825		*		1,773		—		1,773	Goldman Sachs International
Structured Agency Credit Risk		11/27/19		1.250%(M)		908		*		882		—		882	Goldman Sachs International
Structured Agency Credit Risk		11/27/19		1.250%(M)		841		*		817		—		817	Goldman Sachs International

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 109

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
THL CLO		11/26/19		0.500%(M)		140		*	$	53	$	—	$	53	Goldman Sachs International
Voya CLO		11/26/19		1.000%(M)		241		*		180		—		180	Goldman Sachs International
WellFleet CLO		11/26/19		0.500%(M)		208		*		78		—		78	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/26/19		1.250%(M)		1,066		*		1,072		—		1,072	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/26/19		1.250%(M)		199		*		200		—		200	Goldman Sachs International
									$	30,838	$	—	$	30,838

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		12/20/19		1.000%(Q)		20,000	$	(43,070	)	$	14,624		$	(57,694	)	Bank of America, N.A.
Hellenic Republic		06/20/23		1.000%(Q)		1,000		(1,555	)		72,272			(73,827	)	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		4,400		(135,502	)		(81,397	)		(54,105	)	Bank of America, N.A.
Republic of Argentina		06/20/21		5.000%(Q)		3,315		1,935,532			1,275,853			659,679		Morgan Stanley & Co. International PLC
Republic of Argentina		06/20/21		5.000%(Q)		1,450		846,613			570,189			276,424		Barclays Bank PLC
Republic of Argentina		06/20/22		5.000%(Q)		1,200		790,216			659,412			130,804		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		4,000		(61,882	)		45,880			(107,762	)	Bank of America, N.A.
United Mexican States		06/20/23		1.000%(Q)		1,400		(20,279	)		6,475			(26,754	)	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		1,385		(20,062	)		15,895			(35,957	)	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		460		(6,663	)		5,922			(12,585	)	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		460		(6,664	)		5,428			(12,092	)	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		455		(6,591	)		1,956			(8,547	)	Citibank, N.A.
United Mexican States		06/20/23		1.000%(Q)		240		(3,476	)		1,110			(4,586	)	Citibank, N.A.
United Mexican States		12/20/24		1.000%(Q)		440		(2,096	)		3,186			(5,282	)	Citibank, N.A.
							$	3,264,521		$	2,596,805		$	667,716

See Notes to Financial Statements.

110

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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):
AT&T Inc.		06/20/20		1.000%(Q)		5,000		0.146	%	$	33,212		$	27,546		$	5,666		BNP Paribas S.A.
Hellenic Republic		06/20/23		1.000%(Q)		1,000		1.188	%		(5,390	)		(90,160	)		84,770		Bank of America, N.A.
Hellenic Republic		12/20/23		1.000%(Q)		10,000		1.318	%		(113,184	)		(1,078,723	)		965,539		Bank of America, N.A.
Hellenic Republic		06/20/24		1.000%(Q)		1,000		1.456	%		(18,673	)		(188,814	)		170,141		Barclays Bank PLC
Hellenic Republic		12/20/25		1.000%(Q)		10,000		1.756	%		(408,604	)		(1,631,034	)		1,222,430		Bank of America, N.A.
Hellenic Republic		12/20/25		1.000%(Q)		3,700		1.756	%		(151,183	)		(603,698	)		452,515		Bank of America, N.A.
Kingdom of Saudi Arabia		06/20/24		1.000%(Q)		885		0.634	%		15,525			3,767			11,758		Morgan Stanley &Co. International PLC
Kingdom of Spain		06/20/23		1.000%(Q)		4,400		0.256	%		121,648			56,229			65,419		Bank of America, N.A.
Petroleo Brasileiro SA		03/20/20		1.000%(Q)		2,180		0.224	%		9,123			5,073			4,050		Credit Suisse International
Petroleos Mexicanos		06/20/23		1.000%(Q)		9,450		1.918	%		(289,616	)		(1,033,289	)		743,673		BNP Paribas S.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,165		1.918	%		(35,704	)		(54,333	)		18,629		Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		1,155		1.918	%		(35,397	)		(64,660	)		29,263		Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		1.918	%		(11,799	)		(22,088	)		10,289		Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		385		1.918	%		(11,799	)		(21,687	)		9,888		Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		380		1.918	%		(11,646	)		(17,806	)		6,160		Citibank, N.A.
Petroleos Mexicanos		06/20/23		1.000%(Q)		195		1.918	%		(5,976	)		(9,089	)		3,113		Citibank, N.A.
Petroleos Mexicanos		12/20/24		1.000%(Q)		440		2.529	%		(31,160	)		(42,669	)		11,509		Citibank, N.A.
Republic of Argentina		06/20/24		5.000%(Q)		3,315		96.813	%		(2,015,090	)		(1,528,021	)		(487,069	)	Morgan Stanley &Co. International PLC

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 111

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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 Argentina		06/20/24		5.000%(Q)		1,450		96.813	%	$	(881,412		$	(681,903	)	$(199,509)	Barclays Bank PLC
Republic of Argentina		06/20/24		5.000%(Q)		1,200		106.194	%		(804,686	)		(688,085	)	(116,601)	Citibank, N.A.
Republic of Brazil		12/20/19		1.000%(Q)		2,665		0.293	%		5,712			2,546		3,166	HSBC Bank USA, N.A.
Republic of Indonesia		09/20/20		1.000%(Q)		8,000		0.131	%		71,340			(183,199	)	254,539	Barclays Bank PLC
Republic of Italy		06/20/23		1.000%(Q)		4,000		0.888	%		20,416			(177,893	)	198,309	Bank of America, N.A.
Republic of Korea		12/20/19		1.000%(Q)		4,610		0.118	%		11,000			5,544		5,456	Citibank, N.A.
Republic of Serbia		06/20/21		1.000%(Q)		5,000		0.208	%		70,342			52,624		17,718	BNP Paribas S.A.
T-Mobile USA, Inc.		12/20/19		5.000%(Q)		6,585		0.144	%		82,613			43,342		39,271	Credit Suisse International
United Mexican States		12/20/20		1.000%(Q)		7,000		0.262	%		66,976			(77,813	)	144,789	Goldman Sachs International
										$	(4,323,412	)	$	(7,998,293	)	$3,674,881

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at October 31, 2019		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices—Buy Protection(1):
CDX.NA.IG.33.V1		12/20/29		1.000%(Q)		107,375	$	441,302	$	174,235	$	(267,067	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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		*	$	207,358	$	110,696		$	96,662	Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%(M)		2,000		*		41,472		(65,457	)		106,929	JPMorgan Securities LLC
									$	248,830	$	45,239		$	203,591

See Notes to Financial Statements.

112

Credit default swap agreements outstanding at October 31, 2019 (continued):

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

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

(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount 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.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 113

Schedule of Investments(continued)

as of October 31, 2019

Interest rate swap agreements outstanding at October 31, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	18,614		01/02/25	6.640%(T)	1 Day BROIS(2)(T)	$	—		$	193,710		$	193,710
BRL	21,128		01/02/25	6.670%(T)	1 Day BROIS(2)(T)		—			229,735			229,735
BRL	17,000		01/04/27	6.912%(T)	1 Day BROIS(2)(T)		—			248,012			248,012
CNH	51,840		06/14/24	2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		184			(61,930	)		(62,114	)
CNH	147,000		06/28/24	2.901%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(179,263	)		(179,263	)
CNH	43,300		09/19/24	2.940%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(40	)		(46,917	)		(46,877	)
CNH	37,800		10/10/24	2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(23	)		(62,821	)		(62,798	)
EUR	79,640		05/11/20	(0.054)%(A)	6 Month EURIBOR(1)(S)		(190,612	)		(209,308	)		(18,696	)
EUR	17,665		05/11/21	0.100%(A)	6 Month EURIBOR(1)(S)		(92,520	)		(173,354	)		(80,834	)
EUR	20,545		05/11/22	0.156%(A)	6 Month EURIBOR(1)(S)		43,876			(342,308	)		(386,184	)
EUR	15,410		05/11/23	0.650%(A)	6 Month EURIBOR(1)(S)		(342,416	)		(671,995	)		(329,579	)
EUR	6,595		05/11/33	1.000%(A)	6 Month EURIBOR(1)(S)		395,138			(842,108	)		(1,237,246	)
EUR	3,985		05/11/37	1.253%(A)	6 Month EURIBOR(1)(S)		139,351			(744,004	)		(883,355	)
EUR	350		05/11/39	1.100%(A)	1 Day EONIA(2)(A)		76,560			69,568			(6,992	)
EUR	2,955		05/11/42	1.350%(A)	6 Month EURIBOR(1)(S)		109,595			(710,721	)		(820,316	)
EUR	475		05/11/43	1.350%(A)	6 Month EURIBOR(1)(S)		4,934			(118,097	)		(123,031	)
GBP	3,280		05/08/21	0.716%(S)	6 Month GBP LIBOR(1)(S)		39,091			8,458			(30,633	)
GBP	4,050		05/08/24	0.950%(A)	1 Day SONIA(1)(A)		(128,381	)		(108,013	)		20,368
GBP	4,000		05/08/26	1.000%(A)	1 Day SONIA(1)(A)		(91,874	)		(167,571	)		(75,697	)
GBP	4,465		05/08/29	1.100%(A)	1 Day SONIA(1)(A)		(300,329	)		(304,509	)		(4,180	)

See Notes to Financial Statements.

114

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#			Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	GBP	1,100		05/08/34		1.200%(A)	1 Day SONIA(1)(A)	$	(61,374	)	$	(118,618	)	$	(57,244	)
	JPY	7,870,930		12/17/20		0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(78,656	)		(78,656	)
		238,735		02/05/20		2.350%(S)	3 Month LIBOR(1)(Q)		50,769			(229,397	)		(280,166	)
		94,300		03/12/20		2.405%(T)	1 Day USOIS(2)(T)		362			380,641			380,279
		220,620		04/25/20		2.328%(T)	1 Day USOIS(2)(T)		(3,575	)		1,018,807			1,022,382
		2,337,600		05/11/20		1.763%(S)	3 Month LIBOR(1)(Q)		41,405,090			(6,555,209	)		(47,960,299	)
		112,800		05/11/21		1.600%(S)	3 Month LIBOR(2)(Q)		(376,568	)		271,605			648,173
		854,183		06/15/21		1.830%(S)	3 Month LIBOR(2)(Q)		—			2,846,252			2,846,252
		250,833		09/15/21		1.381%(S)	3 Month LIBOR(2)(Q)		(352,073	)		(553,176	)		(201,103	)
		540,245		09/15/21		1.480%(S)	3 Month LIBOR(2)(Q)		517,187			(308,157	)		(825,344	)
		387,600		09/15/21		1.604%(S)	3 Month LIBOR(2)(Q)		1,619,760			582,748			(1,037,012	)
		16,120		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(452,530	)		(452,530	)
		11,430		08/31/22		2.550%(A)	1 Day USOIS(1)(A)		2,236			(429,742	)		(431,978	)
		10,635		08/31/22		2.552%(A)	1 Day USOIS(1)(A)		—			(400,491	)		(400,491	)
		36,155		02/29/24		1.520%(S)	3 Month LIBOR(2)(Q)		—			98,257			98,257
		173,080		05/11/24		2.139%(S)	3 Month LIBOR(1)(Q)		(2,979,826	)		(5,884,415	)		(2,904,589	)
		13,615		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			(431,702	)		(431,702	)
		291,235		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		1,162,401			(9,257,984	)		(10,420,385	)
		89,045		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		307,192			(2,854,692	)		(3,161,884	)
		36,550		09/09/24		2.558%(S)	3 Month LIBOR(1)(Q)		(584,659	)		(1,862,676	)		(1,278,017	)
		99,875		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		263,894			(4,739,500	)		(5,003,394	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 115

Schedule of Investments(continued)

as of October 31, 2019

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	4,300		02/23/25		2.232%(S)	3 Month LIBOR(1)(Q)	$	181		$	(163,961	)	$	(164,142	)
	44,450		02/25/25		2.208%(S)	3 Month LIBOR(1)(Q)		453			(1,641,708	)		(1,642,161	)
	18,415		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		15,095			(1,192,032	)		(1,207,127	)
	16,810		02/28/25		3.019%(S)	3 Month LIBOR(1)(Q)		—			(1,345,173	)		(1,345,173	)
	3,370		05/11/25		1.900%(S)	3 Month LIBOR(1)(Q)		191,039			(87,416	)		(278,455	)
	2,500		05/11/25		2.300%(A)	1 Day USOIS(1)(A)		(82,382	)		(144,636	)		(62,254	)
	330,667		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(228,936	)		(29,768,186	)		(29,539,250	)
	188,411		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		132,018			(18,338,760	)		(18,470,778	)
	8,715		01/31/26		2.236%(S)	3 Month LIBOR(1)(Q)		—			(433,702	)		(433,702	)
	16,820		01/31/26		2.269%(A)	1 Day USOIS(1)(A)		24,286			(1,053,773	)		(1,078,059	)
	14,145		03/12/26		2.290%(A)	1 Day USOIS(1)(A)		252			(912,487	)		(912,739	)
	2,250		04/30/26		1.876%(S)	3 Month LIBOR(1)(Q)		(8,196	)		(52,253	)		(44,057	)
	52,572		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		667,355			(1,886,728	)		(2,554,083	)
	53,535		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		38,163			(2,233,136	)		(2,271,299	)
	12,575		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			(588,745	)		(588,745	)
	23,100		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		(15,258	)		(1,265,196	)		(1,249,938	)
	11,080		05/08/27		2.309%(S)	3 Month LIBOR(1)(Q)		—			(686,450	)		(686,450	)
	9,360		05/15/27		1.823%(A)	1 Day USOIS(1)(A)		—			(356,459	)		(356,459	)
	305,886		08/15/28		2.579%(A)	1 Day USOIS(1)(A)		(3,762,047	)		(32,961,757	)		(29,199,710	)
	104,670		08/15/28		2.835%(S)	3 Month LIBOR(1)(Q)		(333,232	)		(11,176,045	)		(10,842,813	)
	127,280		05/11/29		2.000%(S)	3 Month LIBOR(1)(Q)		(137,782	)		(5,278,599	)		(5,140,817	)

See Notes to Financial Statements.

116

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	4,570		08/21/44		3.190%(S)	3 Month LIBOR(1)(Q)	$	(315,884	)	$	(1,342,705	)	$	(1,026,821	)
	3,755		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		218			128,996			128,778
	6,715		05/11/48		2.300%(S)	3 Month LIBOR(1)(Q)		1,241,571			(837,287	)		(2,078,858	)
	34,915		05/11/49		2.300%(S)	3 Month LIBOR(1)(Q)		2,594,321			(4,466,014	)		(7,060,335	)
	2,925		05/11/49		2.500%(A)	1 Day USOIS(2)(A)		279,376			683,197			403,821
							$	40,933,961		$	(150,353,086	)	$	(191,287,047	)

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciaton (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreement:
	10,720		02/22/49		2.311%(S)	1 Week MUNIPSA(1)(Q)	$	(2,066,445	)	$	—	$	(2,066,445	)	JPMorgan Chase Bank, N.A.

(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, 2019:

Reference Entity	Financing Rate	Counterparty	Termination Date		Long (Short) Notional Amount (000)#(1)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreement:
IOS. FN30.450.10 Index(M)	1 Month LIBOR(M)	Credit Suisse International		1/12/41		3,832	$	(8,395	)	$	(9,728	)	$	1,333

(1) 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.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 117

Schedule of Investments(continued)

as of October 31, 2019

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	2,987,434	$	(8,778,613	)	$	19,973,708	$	(18,060,707	)

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

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	63,952,000	$	22,313,601

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Automobiles	$	—	$	11,651,915	$	—
Collateralized Loan Obligations		—		465,568,092		—
Consumer Loans		—		40,299,410		—
Home Equity Loans		—		24,226,315		—
Other		—		3,163,472		—
Residential Mortgage-Backed Securities		—		76,025,048		—
Student Loans		—		54,346,844		—
Bank Loans		—		36,668,359		14,301,819
Commercial Mortgage-Backed Securities		—		198,532,311		—
Corporate Bonds		—		808,833,553		—
Municipal Bonds		—		37,046,166		—
Residential Mortgage-Backed Securities		—		98,662,350		26,300,000
Sovereign Bonds		—		190,749,633		—
U.S. Treasury Obligations		—		25,301,198		—
Common Stock		1,055,499		—		—

See Notes to Financial Statements.

118

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Affiliated Mutual Funds	$	322,286,106		$	—		$	—
Options Purchased		—			69,614,735			—
Total	$	323,341,605		$	2,140,689,401		$	40,601,819
Liabilities
Options Written	$	—		$	(58,605,480	)	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	11,490,862		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			40,856,226			—
OTC Cross Currency Exchange Contracts		—			14,239,237			—
OTC Packaged Credit Default Swap Agreements		—			13,865,903			—
OTC Credit Default Swap Agreements		—			4,329,098			30,838
Centrally Cleared Interest Rate Swap Agreements		—			6,219,767			—
Total	$	11,490,862		$	79,510,231		$	30,838
Liabilities
Futures Contracts	$	(18,437,507	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(40,159,735	)		—
OTC Cross Currency Exchange Contracts		—			(8,004,738	)		—
OTC Packaged Credit Default Swap Agreements		—			(14,890,018	)		—
Centrally Cleared Credit Default Swap Agreement		—			(267,067	)		—
OTC Credit Default Swap Agreements		—			(5,139,159	)		—
Centrally Cleared Interest Rate Swap Agreements		—			(197,506,814	)		—
OTC Interest Rate Swap Agreement		—			(2,066,445	)		—
OTC Total Return Swap Agreement		—			(8,395	)		—
Total	$	(18,437,507	)	$	(268,042,371	)	$	—

* 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.

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

	Asset-Backed Securities— Residential Mortgage-Backed Securities		Bank Loans			Corporate Bonds
Balance as of 10/31/18	$	20,813,302	$	1,138,500		$	1,567,956
Realized gain (loss)		40,856		(25,563	)		—
Change in unrealized appreciation (depreciation)		1,121		795,999			—

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 119

Schedule of Investments(continued)

as of October 31, 2019

	Asset-Backed Securities— Residential Mortgage-Backed Securities			Bank Loans			Corporate Bonds
Purchases/Exchanges/Issuances	$	—		$	13,049,665		$	—
Sales/Paydowns		(20,875,930	)		(285,553	)		—
Accrued discount/premium		20,651			347			—
Transfers into of Level 3		—			766,924			—
Transfers out of Level 3		—			(1,138,500	)		(1,567,956	)
Balance as of 10/31/19	$	—		$	14,301,819		$	—
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	795,999		$	—

	Residential Mortgage-Backed Securities		Options Written			Credit Default Swap Agreements
Balance as of 10/31/18	$	—	$	(41,572	)	$	38,374
Realized gain (loss)		—		48,601			37,192
Change in unrealized appreciation (depreciation)		—		(7,029	)		30,838
Purchases/Exchanges/Issuances		26,300,000		—			—
Sales/Paydowns		—		—			(75,566	)
Accrued discount/premium		—		—			—
Transfers into of Level 3		—		—			—
Transfers out of Level 3		—		—			—
Balance as of 10/31/19	$	26,300,000	$	—		$	30,838
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—	$	—		$	30,838

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, 2019		Valuation Methodology		Unobservable Inputs
Bank Loans	$	464,890		Market Approach		Single Broker Indicative Quote
Bank Loans		13,836,929		Pricing at Cost		Unadjusted Purchase Price
Residential Mortgage-Backed Securities		26,300,000		Pricing at Cost		Unadjusted Purchase Price
OTC Credit Default Swap Agreements		30,838		Market Approach		Single Broker Indicative Quote
	$	40,632,657

See Notes to Financial Statements.

120

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
Bank Loans	$	766,924		L2 to L3	Multiple Broker Quotes to Single Broker Indicative Quote
Bank Loans	$	1,138,500		L3 to L2	Single Broker Indicative Quote to Multiple Broker Quotes
Corporate Bonds	$	1,567,956		L3 to L2	Single Broker Indicative Quote to Evaluated Bid

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Collateralized Loan Obligations	19.7	%
Affiliated Mutual Funds (6.1% represents investments purchased with collateral from securities on loan)	13.6
Residential Mortgage-Backed Securities	8.5
Commercial Mortgage-Backed Securities	8.4
Sovereign Bonds	8.0
Banks	4.9
Options Purchased	2.9
Retail	2.7
Student Loans	2.3
Oil & Gas	2.3
Chemicals	2.2
Home Builders	2.1
Commercial Services	2.0
Consumer Loans	1.7
Electric	1.6
Media	1.6
Municipal Bonds	1.6
Telecommunications	1.6
Foods	1.3
Pharmaceuticals	1.2
Packaging & Containers	1.2
U.S. Treasury Obligations	1.1
Home Equity Loans	1.0
Entertainment	1.0
Healthcare-Services	0.9
Auto Parts & Equipment	0.9
Insurance	0.7
Software	0.7
Aerospace & Defense	0.7
Auto Manufacturers	0.6
Pipelines	0.5

Household Products/Wares	0.5	%
Automobiles	0.5
Electrical Components & Equipment	0.5
Lodging	0.4
Diversified Financial Services	0.4
Real Estate	0.4
Semiconductors	0.3
Building Materials	0.3
Electronics	0.3
Computers	0.3
Healthcare-Products	0.3
Airlines	0.2
Gas	0.2
Real Estate Investment Trusts (REITs)	0.2
Engineering & Construction	0.2
Advertising	0.2
Leisure Time	0.2
Other	0.1
Miscellaneous Manufacturing	0.1
Energy-Alternate Sources	0.1
Apparel	0.1
Biotechnology	0.1
Water	0.1
Mining	0.1
Home Furnishings	0.1
Oil, Gas & Consumable Fuels	0.0	*
Forest Products & Paper	0.0	*
Agriculture	0.0	*
Beverages	0.0	*
Savings & Loans	0.0	*
Oil & Gas Services	0.0	*
Textiles	0.0	*

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 121

Schedule of Investments(continued)

as of October 31, 2019

Industry Classification (continued):

Machinery-Diversified	0.0	*%
	105.7
Options Written	(2.5	)
Liabilities in excess of other assets	(3.2	)
	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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. 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, 2019 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	$	267,067	*
Credit contracts	Premiums paid for OTC swap agreements		2,987,434	Premiums received for OTC swap agreements		8,768,885
Credit contracts	Unaffiliated investments		12,364	Options written outstanding, at value		272,201
Credit contracts	Unrealized appreciation on OTC swap agreements		19,972,375	Unrealized depreciation on OTC swap agreements		15,994,262
Foreign exchange contracts	Unaffiliated investments		68,109,346	Options written outstanding, at value		58,333,279
Foreign exchange contracts	Unrealized appreciation on OTC cross currency exchange contracts		14,239,237	Unrealized depreciation on OTC cross currency exchange contracts		8,004,738
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		40,856,226	Unrealized depreciation on OTC forward foreign currency exchange contracts		40,159,735

See Notes to Financial Statements.

122

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
Interest rate contracts	Due from/to broker-variation margin futures	$	11,490,862	*	Due from/to broker-variation margin futures	$	18,437,507	*
Interest rate contracts	Due from/to broker-variation margin swaps		6,219,767	*	Due from/to broker-variation margin swaps		197,506,814	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		9,728
Interest rate contracts	Unaffiliated investments		1,493,025		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,333		Unrealized depreciation on OTC swap agreements		2,066,445
		$	165,381,969			$	349,820,661

* 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, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures		Forward &  Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(136,016	)	$	2,421,056	$	—	$	—	$	1,888,768
Foreign exchange contracts		(20,820,666	)		13,341,569		—		23,964,013		—
Interest rate contracts		(1,647,671	)		684,863		146,070,592		—		47,877,494
Total	$	(22,604,353	)	$	16,447,488	$	146,070,592	$	23,964,013	$	49,766,262

(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	$	(31,231	)	$	(46,351	)	$	—	$	—	$	1,374,673

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 123

Schedule of Investments(continued)

as of October 31, 2019

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
Foreign exchange contracts	$	(50,384,628	)	$	60,653,262		$	—	$	(13,833,198	)	$	—
Interest rate contracts		938,521			(7,029	)		3,065,029		—			(267,644,528	)
Total	$	(49,477,338	)	$	60,599,882		$	3,065,029	$	(13,833,198	)	$	(266,269,855	)

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

For the year ended October 31, 2019, 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)
$	106,827,892	$	3,450,597,607	$	2,442,345,180	$	1,464,605,110	$	806,799,590

Forward Foreign Currency Exchange Contracts—Sold(3)		Cross Currency Exchange Contracts(4)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy  Protection(2)
$	1,181,444,938	$	166,764,783	$	8,298,899,719	$	362,528,000

Credit Default Swap Agreements— Sell Protection(2)		Total Return Swap Agreements(2)		Inflation Swap Agreements(2)
$	403,024,377	$	6,675,200	$	11,355,000

(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 toset-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

See Notes to Financial Statements.

124

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount
Securities on Loan	$	140,307,590	$	(140,307,590	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount
Bank of America, N.A.	$	10,338,856	$	(9,795,698	)	$	543,158		$	(543,158	)	$	—
Barclays Bank PLC		15,214,095		(14,964,138	)		249,957			(249,957	)		—
BNP Paribas S.A.		11,655,210		(12,093,894	)		(438,684	)		—			(438,684	)
Citibank, N.A.		10,810,300		(17,178,174	)		(6,367,874	)		6,367,874			—
Credit Suisse International		177,868		(547,442	)		(369,574	)		312,928			(56,646	)
Deutsche Bank AG		27,184,955		(29,457,631	)		(2,272,676	)		1,183,741			(1,088,935	)
Goldman Sachs International		14,496,715		(11,160,279	)		3,336,436			(1,765,115	)		1,571,321
HSBC Bank USA, N.A.		2,186,396		(2,755,375	)		(568,979	)		309,081			(259,898	)
JPMorgan Chase Bank, N.A.		4,251,303		(6,405,145	)		(2,153,842	)		1,898,685			(255,157	)
JPMorgan Securities LLC		106,929		(65,457	)		41,472			—			41,472
Morgan Stanley & Co. International PLC		50,794,085		(26,589,232	)		24,204,853			(23,203,275	)		1,001,578
The Toronto-Dominion Bank		227,554		(676,601	)		(449,047	)		441,833			(7,214	)
UBS AG		227,074		(1,920,207	)		(1,693,133	)		1,494,503			(198,630	)
	$	147,671,340	$	(133,609,273	)	$	14,062,067		$	(13,752,860	)	$	309,207

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

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 125

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value, including securities on loan of $140,307,590:
Unaffiliated investments (cost $2,201,514,290)	$	2,182,346,719
Affiliated investments (cost $322,258,128)		322,286,106
Cash		14,275
Foreign currency, at value (cost $2,745,743)		2,755,470
Cash segregated for counterparty—OTC		3,981,000
Deposit with broker for centrally cleared/exchange-traded derivatives		63,952,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		40,856,226
Unrealized appreciation on OTC swap agreements		19,973,708
Dividends and interest receivable		18,749,849
Unrealized appreciation on OTC cross currency exchange contracts		14,239,237
Due from broker—variation margin futures		8,413,488
Receivable for Fund shares sold		4,748,375
Receivable for investments sold		4,510,036
Premiums paid for OTC swap agreements		2,987,434
Prepaid expenses		17,506
Total Assets		2,689,831,429
Liabilities
Payable to broker for collateral for securities on loan		143,867,101
Options written outstanding, at value (proceeds received $118,132,267)		58,605,480
Unrealized depreciation on OTC forward foreign currency exchange contracts		40,159,735
Payable for investments purchased		20,607,187
Unrealized depreciation on OTC swap agreements		18,060,707
Due to broker—variation margin swaps		11,999,697
Premiums received for OTC swap agreements		8,778,613
Unrealized depreciation on OTC cross currency exchange contracts		8,004,738
Payable for Fund shares reacquired		6,381,390
Accrued expenses and other liabilities		1,298,711
Management fee payable		1,258,700
Dividends payable		1,185,171
Distribution fee payable		118,501
Affiliated transfer agent fee payable		6,641
Total Liabilities		320,332,372
Net Assets	$	2,369,499,057
Net assets were comprised of:
Shares of beneficial interest, at par	$	242,625
Paid-in capital in excess of par		2,447,787,094
Total distributable earnings (loss)		(78,530,662	)
Net assets, October 31, 2019	$	2,369,499,057

See Notes to Financial Statements.

126

Class A
Net asset value and redemption price per share, ($ 142,879,247 ÷ 14,686,031 shares of beneficial interest issued and outstanding)	$	9.73
Maximum sales charge (3.25% of offering price)		0.33
Maximum offering price to public	$	10.06
Class C
Net asset value, offering price and redemption price per share, ($ 103,132,962 ÷ 10,569,729 shares of beneficial interest issued and outstanding)	$	9.76
Class Z
Net asset value, offering price and redemption price per share, ($ 2,040,949,202 ÷ 208,882,321 shares of beneficial interest issued and outstanding)	$	9.77
Class R6
Net asset value, offering price and redemption price per share, ($ 82,537,646 ÷ 8,487,300 shares of beneficial interest issued and outstanding)	$	9.72

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 127

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Interest income (net of $33,479 foreign withholding tax)	$	104,106,030
Affiliated dividend income		1,336,337
Income from securities lending, net (including affiliated income of $140,530)		451,911
Unaffiliated dividend income (net of $21,527 foreign withholding tax)		122,205
Total income		106,016,483
Expenses
Management fee		16,246,661
Distribution fee(a)		1,445,087
Transfer agent’s fees and expenses (including affiliated expense of $42,586)(a)		2,492,166
Custodian and accounting fees		394,455
Shareholders’ reports		232,413
Registration fees(a)		151,821
Audit fee		65,889
Trustees’ fees		56,047
Legal fees and expenses		31,703
SEC registration fees		6,966
Miscellaneous		84,665
Total expenses		21,207,873
Less: Fee waiver and/or expense reimbursement(a)		(1,406,106	)
Net expenses		19,801,767
Net investment income (loss)		86,214,716
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(7,171))		(7,479,987	)
Futures transactions		146,070,592
Forward and cross currency contract transactions		23,964,013
Options written transactions		16,447,488
Swap agreement transactions		49,766,262
Foreign currency transactions		(14,546,884	)
		214,221,484
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $26,281)		36,400,323
Futures		3,065,029
Forward and cross currency contracts		(13,833,198	)
Options written		60,599,882
Swap agreements		(266,269,855	)
Foreign currencies		(1,350,612	)
Unfunded loan commitments		105,191
		(181,283,240	)
Net gain (loss) on investment and foreign currency transactions		32,938,244
Net Increase (Decrease) In Net Assets Resulting From Operations	$	119,152,960

See Notes to Financial Statements.

128

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

	Class A		Class C		Class Z			Class R6
Distribution fee		369,029		1,076,058		—			—
Transfer agent’s fees and expenses		100,400		83,347		2,300,870			7,549
Registration fees		26,391		19,858		87,262			18,310
Fee waiver and/or expense reimbursement		—		—		(1,393,277	)		(12,829	)

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 129

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	86,214,716		$	66,225,068
Net realized gain (loss) on investment and foreign currency transactions		214,221,484			(7,479,170	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(181,283,240	)		(6,874,171	)
Net increase (decrease) in net assets resulting from operations		119,152,960			51,871,727
Dividends and Distributions
Distributions from distributable earnings
Class A		(8,223,808	)		(4,734,445	)
Class C		(5,131,810	)		(2,615,351	)
Class Z		(127,037,946	)		(60,484,857	)
Class R6		(5,142,914	)		(11,823,707	)
		(145,536,478	)		(79,658,360	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,253,284,816			1,576,859,957
Net asset value of shares issued in reinvestment of dividends and distributions		118,802,617			62,358,791
Cost of shares reacquired		(1,594,437,537	)		(835,611,009	)
Net increase (decrease) in net assets from Fund share transactions		(222,350,104	)		803,607,739
Total increase (decrease)		(248,733,622	)		775,821,106
Net Assets:
Beginning of year		2,618,232,679			1,842,411,573
End of year	$	2,369,499,057		$	2,618,232,679

See Notes to Financial Statements.

130

Notes to Financial Statements

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMALarge-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 arenon-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 anon-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 anon-diversified fund. These financial statements relate only to the PGIM Absolute Return Bond Fund (the “Fund”).

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, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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

PGIM Absolute Return Bond Fund 131

Notes to Financial Statements(continued)

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally

132

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 and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing 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 derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the

PGIM Absolute Return Bond Fund 133

Notes to Financial Statements(continued)

sale or disposition significantly changing the market value of the investment. 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.

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

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

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

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

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

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

134

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

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

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

PGIM Absolute Return Bond Fund 135

Notes to Financial Statements(continued)

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 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

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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 invested 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.

Swap Agreements:The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty(“OTC-traded”) or through a central clearing facility, such as a registered 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 or to increase exposure to prevailing market rates by receiving floating rate

PGIM Absolute Return Bond Fund 137

Notes to Financial Statements(continued)

payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

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

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

138

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.

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 defined 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 all or a portion 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

PGIM Absolute Return Bond Fund 139

Notes to Financial Statements(continued)

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

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

As of October 31, 2019, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

Payment-In-Kind:The Fund invested 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

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

Taxes:It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net

PGIM Absolute Return Bond Fund 141

Notes to Financial Statements(continued)

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 between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager 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. The Manager 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.

The Manager 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. The Manager 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.

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The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.65% of the Fund’s average daily net assets up to and including $2.5 billion, 0.625% of the next $2.5 billion and 0.60% of the average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.65% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 28, 2021, 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 withholdings 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. Where applicable, the Manager agrees to waive management fees or shared operating expenses an any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class 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.

For the year ended October 31, 2019, PIMS received $237,575 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS received $15,652 and $15,939 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

PGIM Absolute Return Bond Fund 143

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 Trust’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 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. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the year ended October 31, 2019, no 17a-7 transactions were entered into by the Fund.

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, 2019, were $1,046,809,592 and $1,189,339,040, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

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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*
$	193,786,688	$	1,039,682,045	$	1,055,291,647	$	—	$	—		$	178,177,086		178,177,086	$	1,336,337
	PGIM Institutional Money Market Fund*
	80,235,942		317,741,081		253,887,113		26,281		(7,171	)		144,109,020		144,080,204		140,530	**
$	274,022,630	$	1,357,423,126	$	1,309,178,760	$	26,281	$	(7,171	)	$	322,286,106			$	1,476,867

* 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.

For the year ended October 31, 2019, the tax character of dividends paid by the Fund was $145,536,478 of ordinary income. For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $79,658,360 of ordinary income.

As of October 31, 2019, the accumulated undistributed earnings on a tax basis were $21,641,548 of ordinary income and $50,211,567 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, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$2,399,776,877	$234,875,179	$(384,072,658)	$(149,197,479)

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.

The Fund utilized approximately $100,645,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2019.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax

PGIM Absolute Return Bond Fund 145

Notes to Financial Statements(continued)

authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

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 3.25%. Investors who purchase $1 million or more (prior to July 15, 2019, $500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to a front-end 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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after 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 of the Fund at $0.001 par value per share, divided into four classes, designated Class A, Class C, Class Z and Class R6.

At reporting period end, nine shareholders of record, each holding greater than 5% of the Fund, held 85% of the Fund’s outstanding shares.

146

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		4,442,099		$	43,073,266
Shares issued in reinvestment of dividends and distributions		689,827			6,662,583
Shares reacquired		(6,378,260	)		(61,800,433	)
Net increase (decrease) in shares outstanding before conversion		(1,246,334	)		(12,064,584	)
Shares issued upon conversion from other share class(es)		1,689,345			16,378,210
Shares reacquired upon conversion into other share class(es)		(884,547	)		(8,584,142	)
Net increase (decrease) in shares outstanding		(441,536	)	$	(4,270,516	)
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
Class C
Year ended October 31, 2019:
Shares sold		2,984,321		$	29,019,658
Shares issued in reinvestment of dividends and distributions		448,654			4,344,042
Shares reacquired		(2,673,798	)		(25,968,771	)
Net increase (decrease) in shares outstanding before conversion		759,177			7,394,929
Shares reacquired upon conversion into other share class(es)		(1,023,713	)		(9,963,113	)
Net increase (decrease) in shares outstanding		(264,536	)	$	(2,568,184	)
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
Class Z
Year ended October 31, 2019:
Shares sold		119,018,503		$	1,158,478,172
Shares issued in reinvestment of dividends and distributions		10,582,780			102,671,705
Shares reacquired		(139,843,800	)		(1,358,727,738	)
Net increase (decrease) in shares outstanding before conversion		(10,242,517	)		(97,577,861	)
Shares issued upon conversion from other share class(es)		1,195,240			11,644,060
Shares reacquired upon conversion into other share class(es)		(1,001,402	)		(9,741,366	)
Net increase (decrease) in shares outstanding		(10,048,679	)	$	(95,675,167	)
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

PGIM Absolute Return Bond Fund 147

Notes to Financial Statements(continued)

Class R6	Shares			Amount
Year ended October 31, 2019:
Shares sold		2,344,839		$	22,713,720
Shares issued in reinvestment of dividends and distributions		530,628			5,124,287
Shares reacquired		(15,116,581	)		(147,940,595	)
Net increase (decrease) in shares outstanding before conversion		(12,241,114	)		(120,102,588	)
Shares issued upon conversion from other share class(es)		30,127			291,306
Shares reacquired upon conversion into other share class(es)		(2,578	)		(24,955	)
Net increase (decrease) in shares outstanding		(12,213,565	)	$	(119,836,237	)
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	)

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 table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

148

The Fund utilized the SCA during the year ended October 31, 2019. The average daily balance for the 35 days that the Fund had loans outstanding during the period was approximately $6,045,143, borrowed at a weighted average interest rate of 3.72%. The maximum loan outstanding amount during the period was $41,712,000. At October 31, 2019, the Fund did not have an outstanding loan amount.

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. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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

Interest Rate Risk:The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk. The Fund may face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may

PGIM Absolute Return Bond Fund 149

Notes to Financial Statements(continued)

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 may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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.

150

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Absolute Return Bond Fund 151

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.82			$9.93			$9.59			$9.48			$9.79
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.27			0.23			0.25			0.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.13			(0.05	)		0.33			0.06			(0.30	)
Total from investment operations		0.44			0.22			0.56			0.31			(0.07	)
Less Dividends and Distributions:
Dividends from net investment income		(0.53	)		(0.33	)		(0.22	)		(0.15	)		(0.21	)
Tax return of capital distributions		-			-			-			(0.05	)		(0.03	)
Total dividends and distributions		(0.53	)		(0.33	)		(0.22	)		(0.20	)		(0.24	)
Net asset value, end of year		$9.73			$9.82			$9.93			$9.59			$9.48
Total Return(b):		4.71%			2.21%			5.95%			3.36%			(0.78)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$142,879			$148,609			$119,969			$197,713			$315,214
Average net assets (000)		$147,612			$142,613			$145,290			$246,082			$383,950
Ratios to average net assets(c)(d)(e):
Expenses after waivers and/or expense reimbursement		1.02%			1.03%			1.15%			1.15%			1.15%
Expenses before waivers and/or expense reimbursement		1.02%			1.04%			1.22%			1.24%			1.24%
Net investment income (loss)		3.24%			2.72%			2.31%			2.67%			2.39%
Portfolio turnover rate(f)		50%			52%			72%			38%			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.

152

Class C Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.85			$9.96			$9.62			$9.51			$9.82
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.19			0.15			0.18			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.13			(0.05	)		0.34			0.06			(0.31	)
Total from investment operations		0.37			0.14			0.49			0.24			(0.15	)
Less Dividends and Distributions:
Dividends from net investment income		(0.46	)		(0.25	)		(0.15	)		(0.10	)		(0.13	)
Tax return of capital distributions		-			-			-			(0.03	)		(0.03	)
Total dividends and distributions		(0.46	)		(0.25	)		(0.15	)		(0.13	)		(0.16	)
Net asset value, end of year		$9.76			$9.85			$9.96			$9.62			$9.51
Total Return(b):		3.80%			1.43%			5.16%			2.59%			(1.51)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$103,133			$106,734			$98,789			$118,092			$161,679
Average net assets (000)		$107,605			$102,866			$106,174			$135,510			$183,419
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.78%			1.79%			1.90%			1.90%			1.90%
Expenses before waivers and/or expense reimbursement		1.78%			1.80%			1.97%			1.99%			1.97%
Net investment income (loss)		2.46%			1.93%			1.58%			1.91%			1.62%
Portfolio turnover rate(e)		50%			52%			72%			38%			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 153

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.86			$9.97			$9.64			$9.52			$9.83
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.30			0.25			0.27			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.13			(0.06	)		0.33			0.08			(0.30	)
Total from investment operations		0.47			0.24			0.58			0.35			(0.05	)
Less Dividends and Distributions:
Dividends from net investment income		(0.56	)		(0.35	)		(0.25	)		(0.17	)		(0.23	)
Tax return of capital distributions		-			-			-			(0.06	)		(0.03	)
Total dividends and distributions		(0.56	)		(0.35	)		(0.25	)		(0.23	)		(0.26	)
Net asset value, end of year		$9.77			$9.86			$9.97			$9.64			$9.52
Total Return(b):		5.00%			2.48%			6.08%			3.71%			(0.53)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$2,040,949			$2,159,518			$1,277,401			$1,019,254			$1,755,667
Average net assets (000)		$2,155,699			$1,679,461			$1,121,943			$1,396,060			$2,029,397
Ratios to average net assets(c)(d):
Expenses after waivers and/or expensere imbursement		0.73%			0.75%			0.90%			0.90%			0.90%
Expenses before waivers and/or expensere imbursement		0.79%			0.81%			0.96%			0.99%			0.97%
Net investment income (loss)		3.51%			3.01%			2.59%			2.91%			2.61%
Portfolio turnover rate(e)		50%			52%			72%			38%			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.

154

Class R6 Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$9.82			$9.94			$9.61			$9.49			$9.81
Income (loss) from investment operations:
Net investment income (loss)		0.35			0.29			0.26			0.28			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.12			(0.05	)		0.32			0.07			(0.30	)
Total from investment operations		0.47			0.24			0.58			0.35			(0.05	)
Less Dividends and Distributions:
Dividends from net investment income		(0.57	)		(0.36	)		(0.25	)		(0.17	)		(0.24	)
Tax return of capital distributions		-			-			-			(0.06	)		(0.03	)
Total dividends and distributions		(0.57	)		(0.36	)		(0.25	)		(0.23	)		(0.27	)
Net asset value, end of year		$9.72			$9.82			$9.94			$9.61			$9.49
Total Return(b):		4.94%			2.42%			6.15%			3.81%			(0.57)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$82,538			$203,372			$346,253			$175,887			$151,294
Average net assets (000)		$88,570			$329,668			$270,229			$158,967			$125,910
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.70%			0.74%			0.90%			0.84%			0.85%
Expenses before waivers and/or expense reimbursement		0.71%			0.75%			0.90%			0.84%			0.85%
Net investment income (loss)		3.59%			2.95%			2.64%			2.97%			2.61%
Portfolio turnover rate(e)		50%			52%			72%			38%			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 155

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Absolute Return Bond Fund and Board of Trustees 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, a series of Prudential Investment Portfolios 9, (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period ended October 31, 2019, 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, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in thetwo-year period ended October 31, 2019, 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, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies 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, 2019

156

Income Tax Information(unaudited)

For the year ended October 31, 2019, the Fund reports the maximum amount allowable but not less than 59.27% as interest related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2020, you will be advised on IRS Form 1099-DIV or substituteForm 1099-DIV as to the federal tax status of the distributions received by you in calendar year 2019.

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 1.12% 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 157

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 theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth 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 3/11/58 Board Member Portfolios Overseen: 96	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 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-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 (May2003-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

PGIM Absolute Return Bond Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	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
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	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.	Formerly Director, Manulife Trust Company (2011-2018); 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 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	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 Date of Birth 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 9/29/62 Board Member Portfolios Overseen: 95	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, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	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
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	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

PGIM Absolute Return Bond Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	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

Interested Board Members
Name Date of Birth 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 10/5/62 Board Member & President Portfolios Overseen: 96	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 Date of Birth 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 5/21/73 Board Member & Vice President Portfolios Overseen: 96	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

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 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

PGIM Absolute Return Bond Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) 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 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) 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
Jonathan D. Shain 8/9/58 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 10/14/74 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
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 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

^(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.

∎ “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 High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Absolute Return Bond Fund

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 eleven 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”).² 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 May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, 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.

²  Grace C. Torres was an Interested Trustee of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Trustee of the Fund.

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 May 30, 2019 and onJune 11-13, 2019.

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 noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. 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, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. 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

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Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for theday-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 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 factors and made related conclusions relating to the historical performance of the Fund for the one, three-, and five-year periods ended December 31, 2018.

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, 2018. 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

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circumstances, PGIM Investments also provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, 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 net performance comparisons (which 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.

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

• The Board noted that the Fund outperformed its benchmark index over the three- and five-year periods, though it underperformed over theone-year period.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.70% for Class R6 shares, and 0.73% for Class Z shares through February 29, 2020.

• In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• 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 second 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	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• Brian K. Reid• Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

MF213E    

PGIM QMA LARGE-CAP CORE EQUITY FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective: Long-term growth of capital

Highlights(unaudited)

• Favoring companies with strong earnings quality benefited the Fund during the reporting period.

• Modestly underweighting the energy sector, which performed quite poorly during the period, helped performance.

• QMA favors stocks that are inexpensive relative to industry peers. Over the period, this relative value strategy hurt performance.

• Stock selection in the consumer discretionary and information technology sectors lagged the S&P 500 Index. QMA’s relative value strategy struggled most in these sectors.

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, member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company.^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	12
Holdings and Financial Statements	15
Approval of Advisory Agreements

PGIM QMA Large-Cap Core Equity Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM QMA Large-Cap Core Equity Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 scale and investment expertise allow 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 16, 2019

PGIM QMA Large-Cap Core Equity Fund 5

Your Fund’s Performance(unaudited)

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

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	4.53		8.14		12.11		—
Class B	5.22		8.36		11.87		—
Class C	8.89		8.56		11.91		—
Class Z	10.91		9.64		13.02		—
Class R6	11.05		N/A		N/A		12.00 (12/28/16)
S&P 500 Index
	14.31		10.77		13.69		—
	Average Annual Total Returns as of 10/31/19 (without sales  charges)
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	10.61		9.37		12.74		—
Class B	9.65		8.49		11.87		—
Class C	9.77		8.56		11.91		—
Class Z	10.91		9.64		13.02		—
Class R6	11.05		N/A		N/A		12.00 (12/28/16)
S&P 500 Index
	14.31		10.77		13.69		—

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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, 2009) and the account values at the end of the current fiscal year (October 31, 2019) 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.

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

PGIM QMA Large-Cap Core Equity Fund 7

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 the original purchase price or the 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.

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 13.58%.

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.

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Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	5.0%
Apple, Inc.	Technology Hardware, Storage & Peripherals	4.9%
Facebook, Inc. (Class A Stock)	Interactive Media & Services	2.4%
Amazon.com, Inc.	Internet & Direct Marketing Retail	1.9%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.8%
Visa, Inc. (Class A Stock)	IT Services	1.8%
Procter & Gamble Co. (The)	Household Products	1.7%
Bank of America Corp.	Banks	1.7%
Intel Corp.	Semiconductors & Semiconductor Equipment	1.6%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.5%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM QMA Large-Cap Core Equity Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM QMA Large-Cap Core Equity Fund’s Class Z shares returned 10.91% in the 12-month reporting period that ended October 31, 2019, underperforming the 14.31% return of the S&P 500 Index (the Index).

What were the market conditions?

• After finishing 2018 in negative territory, US equities performed quite well for the rest of the reporting period, despite headwinds from slowing global economic growth and protectionist trade policy, specifically the US-China trade war.

• In response to these concerns, the Federal Reserve has taken a more dovish stance, cutting interest rates three times during the period in an effort to stimulate growth.

• Investors favored growth stocks at the beginning of the period, while more reasonably priced stocks relative to earnings and book value trailed the market averages.

• In the latter part of the period, investors generally focused on company fundamentals and began to steer away from speculative growth stocks with little to no earnings.

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 quality, earnings expectations, and relative value. The emphasis on these metrics varies based on the growth rate of the company under evaluation.

• Favoring companies with strong earnings quality benefited the Portfolio during the reporting period.

• The Fund’s sector weights are established from bottom-up stock selection, and limits are placed on how much these weights can differ from those of the Index. That being said, modestly underweighting the energy sector, which performed quite poorly during the period, helped performance.

What didn’t work?

• QMA favors stocks that are inexpensive relative to industry peers. Over the period, this relative value strategy hurt performance.

• Stock selection in the consumer discretionary and information technology sectors lagged the Index. QMA’s relative value strategy struggled most in these sectors.

Did the Fund hold derivatives?

• The Fund held futures contracts on the Index. QMA used these instruments primarily to manage daily cash flows, provide liquidity, and equitize cash—not as a means of adding to performance. Consequently, the effect on Fund performance was minimal.

10 Visit our website at pgiminvestments.com

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

Top Contributors (%)		Top Detractors (%)
Apple Inc.	0.26	DXC Technology Co.	–0.44
Exxon Mobil Corp.	0.21	Macy’s Inc.	–0.34
Pfizer Inc.	0.19	Qurate Retail Inc.	–0.27
QUALCOMM Inc.	0.17	Tapestry Inc.	–0.24
Arconic Inc.	0.16	Walgreens Boots Alliance Inc.	–0.23

Current outlook

• The equity markets experienced an extraordinary period of relative value underperformance during the reporting period. Historically, similar periods are followed by sharp reversals. Although the timing is uncertain, QMA expects such a rebound may be imminent, as value stock fundamentals had remained steady and QMA had started to see signs of a rotation from poor-quality growth stocks to high-quality value stocks in the latter part of the period.

PGIM QMA Large-Cap Core Equity Fund 11

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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

12 Visit our website at pgiminvestments.com

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, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,026.40		0.73	%	$	3.73
	Hypothetical	$	1,000.00	$	1,021.53		0.73	%	$	3.72
Class B	Actual	$	1,000.00	$	1,022.10		1.58	%	$	8.05
	Hypothetical	$	1,000.00	$	1,017.24		1.58	%	$	8.03
Class C	Actual	$	1,000.00	$	1,022.80		1.48	%	$	7.55
	Hypothetical	$	1,000.00	$	1,017.74		1.48	%	$	7.53
Class Z	Actual	$	1,000.00	$	1,028.30		0.48	%	$	2.45
	Hypothetical	$	1,000.00	$	1,022.79		0.48	%	$	2.45
Class R6	Actual	$	1,000.00	$	1,028.90		0.35	%	$	1.79
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM QMA Large-Cap Core Equity Fund 13

Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.0%
COMMON STOCKS
Aerospace & Defense    3.3%
Arconic, Inc.		143,647	$	3,945,983
General Dynamics Corp.		21,820		3,857,776
L3Harris Technologies, Inc.		3,100		639,561
Lockheed Martin Corp.		13,933		5,248,282
Northrop Grumman Corp.		3,604		1,270,338
United Technologies Corp.		32,250		4,630,455
Vectrus, Inc.*		5,245		239,749
				19,832,144
Air Freight & Logistics    0.4%
Hub Group, Inc. (Class A Stock)*		4,011		183,704
United Parcel Service, Inc. (Class B Stock)		19,100		2,199,747
				2,383,451
Airlines    0.1%
United Airlines Holdings, Inc.*		3,400		308,856
Automobiles    0.9%
Ford Motor Co.		384,909		3,306,368
General Motors Co.		55,400		2,058,664
				5,365,032
Banks    4.7%
Bank of America Corp.		316,016		9,881,820
CIT Group, Inc.		16,800		720,552
Citigroup, Inc.		104,178		7,486,231
Citizens Financial Group, Inc.		42,300		1,487,268
Fifth Third Bancorp		21,932		637,783
JPMorgan Chase & Co.		37,781		4,719,603
Popular, Inc. (Puerto Rico)		7,500		408,450
TCF Financial Corp.		11,300		447,367
Texas Capital Bancshares, Inc.*		3,900		210,834
U.S. Bancorp		23,700		1,351,374
Umpqua Holdings Corp.		14,400		227,808
Wells Fargo & Co.		8,137		420,113
				27,999,203

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 15

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Beverages    1.5%
Coca-Cola Co. (The)		105,437	$	5,738,936
Keurig Dr. Pepper, Inc.(a)		109,038		3,070,510
				8,809,446
Biotechnology    3.1%
AbbVie, Inc.		33,251		2,645,117
Alexion Pharmaceuticals, Inc.*		4,584		483,154
Amgen, Inc.		11,600		2,473,700
Biogen, Inc.*		17,566		5,247,140
Gilead Sciences, Inc.		74,672		4,757,353
Regeneron Pharmaceuticals, Inc.*		387		118,530
Vertex Pharmaceuticals, Inc.*		13,991		2,734,961
				18,459,955
Building Products    1.0%
American Woodmark Corp.*		3,600		356,976
Johnson Controls International PLC		87,622		3,796,661
Universal Forest Products, Inc.		31,833		1,603,110
				5,756,747
Capital Markets    2.8%
Affiliated Managers Group, Inc.		38,769		3,096,868
Ameriprise Financial, Inc.		20,559		3,102,148
Goldman Sachs Group, Inc. (The)		21,677		4,625,438
Invesco Ltd.		23,592		396,817
LPL Financial Holdings, Inc.		6,200		501,208
Morgan Stanley		99,975		4,603,849
Stifel Financial Corp.		2,000		111,960
				16,438,288
Chemicals    1.3%
Corteva, Inc.		13,300		350,854
DuPont de Nemours, Inc.		42,953		2,831,032
Huntsman Corp.		10,963		242,611
Koppers Holdings, Inc.*		14,200		455,820
Sherwin-Williams Co. (The)		5,957		3,409,310
Trinseo SA		14,843		630,828
Westlake Chemical Corp.		49		3,096
				7,923,551

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies    0.1%
Deluxe Corp.		4,800	$	248,784
Steelcase, Inc. (Class A Stock)		12,100		211,387
UniFirst Corp.		1,600		321,344
				781,515
Communications Equipment    1.4%
Cisco Systems, Inc.		170,982		8,123,355
Construction & Engineering    0.4%
EMCOR Group, Inc.		24,777		2,173,191
MasTec, Inc.*		3,700		232,878
Quanta Services, Inc.		5,283		222,150
				2,628,219
Construction Materials    0.9%
Martin Marietta Materials, Inc.		10,800		2,828,628
Vulcan Materials Co.		15,655		2,236,630
				5,065,258
Consumer Finance    1.0%
Capital One Financial Corp.		43,885		4,092,276
Navient Corp.		1,834		25,254
OneMain Holdings, Inc.		40,912		1,636,480
				5,754,010
Containers & Packaging    0.0%
Westrock Co.		2,239		83,671
Distributors    0.2%
Genuine Parts Co.		10,157		1,041,905
LKQ Corp.*		2,792		94,900
				1,136,805
Diversified Consumer Services    0.4%
frontdoor, Inc.*		52,560		2,534,969
Diversified Financial Services    0.9%
Berkshire Hathaway, Inc. (Class B Stock)*		17,074		3,629,591

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Financial Services (cont’d.)
FGL Holdings		56,700	$	512,001
Jefferies Financial Group, Inc.		63,041		1,176,975
				5,318,567
Diversified Telecommunication Services    2.9%
AT&T, Inc.		228,035		8,777,067
CenturyLink, Inc.		65,714		850,339
Verizon Communications, Inc.		123,250		7,452,928
				17,080,334
Electric Utilities    1.4%
Exelon Corp.		87,945		4,000,618
FirstEnergy Corp.		51,800		2,502,976
Southern Co. (The)		28,220		1,768,265
				8,271,859
Electrical Equipment    0.3%
Atkore International Group, Inc.*		25,921		899,459
Hubbell, Inc.		4,610		653,237
nVent Electric PLC		16,000		368,960
				1,921,656
Electronic Equipment, Instruments & Components    0.4%
Anixter International, Inc.*		8,096		669,944
CDW Corp.		6,812		871,323
Itron, Inc.*		2,000		152,520
Keysight Technologies, Inc.*		6,805		686,692
SYNNEX Corp.		655		77,120
				2,457,599
Energy Equipment & Services    0.1%
DMC Global, Inc.(a)		11,200		501,088
Matrix Service Co.*		15,800		296,408
				797,496
Entertainment    1.0%
Activision Blizzard, Inc.		5,900		330,577
Electronic Arts, Inc.*		36,900		3,557,160

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Entertainment (cont’d.)
Marcus Corp. (The)		1,210	$	43,681
Viacom, Inc. (Class B Stock)		98,559		2,124,932
				6,056,350
Equity Real Estate Investment Trusts (REITs)    2.7%
American Tower Corp.		25,289		5,515,025
Apartment Investment & Management Co. (Class A Stock)		16,100		883,568
Apple Hospitality REIT, Inc.		36,701		604,833
Brandywine Realty Trust		13,532		206,769
Colony Capital, Inc.		5,714		31,998
CoreCivic, Inc.		14,373		219,332
Crown Castle International Corp.		31,300		4,344,127
GEO Group, Inc. (The)		64,952		988,569
Host Hotels & Resorts, Inc.		66,620		1,091,902
Ryman Hospitality Properties, Inc.		15,605		1,313,473
Senior Housing Properties Trust		6,281		62,339
Sunstone Hotel Investors, Inc.		16,500		222,915
Xenia Hotels & Resorts, Inc.		17,243		362,965
				15,847,815
Food & Staples Retailing    1.3%
Costco Wholesale Corp.		12,300		3,654,453
Sysco Corp.		2,826		225,713
Walgreens Boots Alliance, Inc.		56,201		3,078,691
Walmart, Inc.		6,793		796,547
				7,755,404
Food Products    1.9%
Archer-Daniels-Midland Co.		76,790		3,228,251
Bunge Ltd.		35,100		1,895,400
J.M. Smucker Co. (The)		2,960		312,813
Pilgrim’s Pride Corp.*		60,541		1,838,025
Tyson Foods, Inc. (Class A Stock)		46,387		3,840,380
				11,114,869
Gas Utilities    0.3%
UGI Corp.		32,552		1,551,754
Health Care Equipment & Supplies    3.9%
Baxter International, Inc.		28,441		2,181,425
Cooper Cos., Inc. (The)		2,016		586,656

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 19

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Danaher Corp.		15,471	$	2,132,213
Dentsply Sirona, Inc.		57,600		3,155,328
Edwards Lifesciences Corp.*		17,700		4,219,326
Hologic, Inc.*		57,778		2,791,255
Medtronic PLC		53,565		5,833,228
Stryker Corp.		10,728		2,320,145
				23,219,576
Health Care Providers & Services    3.4%
Anthem, Inc.		4,566		1,228,619
Centene Corp.*		36,000		1,910,880
Cigna Corp.		27,187		4,851,792
CVS Health Corp.		77,740		5,161,158
HCA Healthcare, Inc.		17,157		2,291,146
UnitedHealth Group, Inc.		18,144		4,584,989
Universal Health Services, Inc. (Class B Stock)		1,800		247,428
				20,276,012
Hotels, Restaurants & Leisure    1.5%
Marriott International, Inc. (Class A Stock)		6,400		809,920
McDonald’s Corp.		12,700		2,498,090
RCI Hospitality Holdings, Inc.		6,600		123,750
Starbucks Corp.		65,458		5,535,128
				8,966,888
Household Durables    0.6%
Lennar Corp. (Class A Stock)		6,600		393,360
Newell Brands, Inc.		3,517		66,718
Whirlpool Corp.		19,900		3,027,188
				3,487,266
Household Products    1.8%
Colgate-Palmolive Co.		2,700		185,220
Procter & Gamble Co. (The)		82,986		10,332,587
Spectrum Brands Holdings, Inc.		5,284		265,310
				10,783,117
Independent Power & Renewable Electricity Producers    0.8%
AES Corp.		25,817		440,180

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Independent Power & Renewable Electricity Producers (cont’d.)
NRG Energy, Inc.		83,808	$	3,362,377
Vistra Energy Corp.		40,800		1,102,824
				4,905,381
Industrial Conglomerates    0.9%
General Electric Co.		536,971		5,358,971
Insurance    2.6%
Aflac, Inc.		14,222		756,041
Allstate Corp. (The)		35,299		3,756,519
American International Group, Inc.		75,958		4,022,736
MetLife, Inc.		87,540		4,095,997
National General Holdings Corp.		6,000		127,920
Progressive Corp. (The)		36,766		2,562,590
Unum Group		7,931		218,420
				15,540,223
Interactive Media & Services    5.7%
Alphabet, Inc. (Class A Stock)*		7,094		8,929,927
Alphabet, Inc. (Class C Stock)*		8,468		10,670,612
Facebook, Inc. (Class A Stock)*		72,580		13,909,957
				33,510,496
Internet & Direct Marketing Retail    3.5%
Amazon.com, Inc.*		6,392		11,356,411
Booking Holdings, Inc.*		2,434		4,986,706
eBay, Inc.		97,073		3,421,823
Qurate Retail, Inc., Series A*		91,691		874,732
				20,639,672
IT Services    4.6%
Accenture PLC (Class A Stock)		31,359		5,814,586
Cognizant Technology Solutions Corp. (Class A Stock)		61,400		3,741,716
DXC Technology Co.		45,799		1,267,258
FleetCor Technologies, Inc.*		6,800		2,000,696
International Business Machines Corp.		16,430		2,197,184
Leidos Holdings, Inc.		23,075		1,989,757
Perspecta, Inc.		900		23,886
Visa, Inc. (Class A Stock)(a)		57,825		10,342,580
				27,377,663

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 21

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Life Sciences Tools & Services    0.7%
IQVIA Holdings, Inc.*		16,133	$	2,329,928
Thermo Fisher Scientific, Inc.		6,014		1,816,108
				4,146,036
Machinery    0.9%
Allison Transmission Holdings, Inc.		15,000		654,150
Gates Industrial Corp. PLC*		43,300		433,000
Mueller Industries, Inc.		5,946		182,958
Oshkosh Corp.		31,451		2,685,286
PACCAR, Inc.		11,258		856,284
Timken Co. (The)		2,670		130,830
Wabash National Corp.		32,800		467,728
				5,410,236
Media    0.7%
CBS Corp. (Class B Stock)		41,500		1,495,660
Discovery, Inc. (Class C Stock)*		113,328		2,860,399
				4,356,059
Mortgage Real Estate Investment Trusts (REITs)    0.1%
Annaly Capital Management, Inc.		5,204		46,732
Ladder Capital Corp.		23,024		397,624
				444,356
Multiline Retail    1.3%
Dollar General Corp.		7,900		1,266,686
Macy’s, Inc.(a)		96,910		1,469,156
Target Corp.		43,700		4,671,967
				7,407,809
Multi-Utilities    1.0%
Dominion Energy, Inc.		43,851		3,619,900
Sempra Energy		16,100		2,326,611
				5,946,511
Oil, Gas & Consumable Fuels    3.5%
Chevron Corp.		62,350		7,241,329
ConocoPhillips		42,908		2,368,522
Exxon Mobil Corp.		16,961		1,146,055

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
HollyFrontier Corp.		25,458	$	1,398,662
Kinder Morgan, Inc.		190,203		3,800,256
Phillips 66		39,072		4,564,391
World Fuel Services Corp.		5,567		232,533
				20,751,748
Pharmaceuticals    3.5%
Horizon Therapeutics PLC*		29,137		842,351
Jazz Pharmaceuticals PLC*		5,067		636,567
Johnson & Johnson		55,358		7,309,470
Merck & Co., Inc.		89,727		7,775,742
Zoetis, Inc.		34,800		4,451,616
				21,015,746
Professional Services    0.2%
Barrett Business Services, Inc.		2,000		175,460
Heidrick & Struggles International, Inc.		4,536		129,094
Korn Ferry		27,146		995,987
				1,300,541
Real Estate Management & Development    0.2%
Jones Lang LaSalle, Inc.		5,900		864,468
Road & Rail    0.2%
CSX Corp.		20,741		1,457,470
Semiconductors & Semiconductor Equipment    3.9%
Analog Devices, Inc.		14,542		1,550,613
Applied Materials, Inc.		23,100		1,253,406
Broadcom, Inc.		17,549		5,139,225
Diodes, Inc.*		4,500		209,925
Intel Corp.		165,141		9,335,421
Lam Research Corp.		6,200		1,680,448
NVIDIA Corp.		3,100		623,162
Texas Instruments, Inc.		15,600		1,840,644
Universal Display Corp.		7,400		1,481,332
				23,114,176
Software    7.3%
Adobe, Inc.*		10,983		3,052,505
Fortinet, Inc.*		2,099		171,194

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 23

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
Intuit, Inc.		17,602	$	4,532,515
Microsoft Corp.		208,284		29,861,677
NortonLifeLock, Inc.		15,200		347,776
Oracle Corp.		95,579		5,208,100
				43,173,767
Specialty Retail    1.6%
Asbury Automotive Group, Inc.*		11,504		1,186,408
AutoNation, Inc.*		22,636		1,151,041
Group 1 Automotive, Inc.		1,461		145,282
Home Depot, Inc. (The)		800		187,664
L Brands, Inc.		45,072		768,027
Lowe’s Cos., Inc.		43,800		4,888,518
Michaels Cos., Inc. (The)*(a)		86,629		756,271
Sally Beauty Holdings, Inc.*		10,371		160,750
				9,243,961
Technology Hardware, Storage & Peripherals    5.3%
Apple, Inc.		117,145		29,140,990
HP, Inc.		90,873		1,578,464
Xerox Holdings Corp.		21,756		738,181
				31,457,635
Textiles, Apparel & Luxury Goods    0.5%
Capri Holdings Ltd.*		38,700		1,202,409
PVH Corp.		20,342		1,773,009
				2,975,418
Tobacco    1.4%
Altria Group, Inc.		115,041		5,152,687
Philip Morris International, Inc.		39,503		3,217,124
				8,369,811
Trading Companies & Distributors    0.6%
BMC Stock Holdings, Inc.*		54,893		1,481,562
GMS, Inc.*		18,900		566,244
WESCO International, Inc.*		34,721		1,741,258
				3,789,064

See Notes to Financial Statements.

24

Description						Shares		Value
COMMON STOCKS (Continued)
Water Utilities    0.1%
SJW Group							11,596	$	838,971
TOTAL LONG-TERM INVESTMENTS (cost $495,017,200)									587,687,226
SHORT-TERM INVESTMENTS    3.7%
AFFILIATED MUTUAL FUNDS    3.6%
PGIM Core Ultra Short Bond Fund(w)							6,423,846		6,423,846
PGIM Institutional Money Market Fund (cost $14,882,138; includes $14,864,981 of cash collateral for securities on loan)(b)(w)							14,881,808		14,884,784
TOTAL AFFILIATED MUTUAL FUNDS (cost $21,305,984)									21,308,630
	Interest Rate			Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION    0.1%
U.S. Treasury Bills(k)(n) (cost $498,730)		1.914	%		12/19/19		500		499,043
TOTAL SHORT-TERM INVESTMENTS (cost $21,804,714)									21,807,673
TOTAL INVESTMENTS    102.7% (cost $516,821,914)									609,494,899
Liabilities in excess of other assets(z)    (2.7)%									(15,946,056	)
NET ASSETS    100.0%								$	593,548,843

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

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

S&P—Standard & Poor’s

* Non-income producing security.

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $14,534,567; cash collateral of $14,864,981 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

(n) Rate shown is the effective yield at purchase date.

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 25

Schedule of Investments(continued)

as of October 31, 2019

(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:

Futures contracts outstanding at October 31, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Position:
	46	S&P 500 E-Mini Index		Dec. 2019	$	6,982,340	$	82,908

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

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Goldman Sachs & Co. LLC	$	—	$	499,043

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	19,832,144	$	—	$	—
Air Freight & Logistics		2,383,451		—		—
Airlines		308,856		—		—
Automobiles		5,365,032		—		—
Banks		27,999,203		—		—
Beverages		8,809,446		—		—
Biotechnology		18,459,955		—		—
Building Products		5,756,747		—		—
Capital Markets		16,438,288		—		—
Chemicals		7,923,551		—		—
Commercial Services & Supplies		781,515		—		—

See Notes to Financial Statements.

26

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Communications Equipment	$	8,123,355	$	—	$	—
Construction & Engineering		2,628,219		—		—
Construction Materials		5,065,258		—		—
Consumer Finance		5,754,010		—		—
Containers & Packaging		83,671		—		—
Distributors		1,136,805		—		—
Diversified Consumer Services		2,534,969		—		—
Diversified Financial Services		5,318,567		—		—
Diversified Telecommunication Services		17,080,334		—		—
Electric Utilities		8,271,859		—		—
Electrical Equipment		1,921,656		—		—
Electronic Equipment, Instruments & Components		2,457,599		—		—
Energy Equipment & Services		797,496		—		—
Entertainment		6,056,350		—		—
Equity Real Estate Investment Trusts (REITs)		15,847,815		—		—
Food & Staples Retailing		7,755,404		—		—
Food Products		11,114,869		—		—
Gas Utilities		1,551,754		—		—
Health Care Equipment & Supplies		23,219,576		—		—
Health Care Providers & Services		20,276,012		—		—
Hotels, Restaurants & Leisure		8,966,888		—		—
Household Durables		3,487,266		—		—
Household Products		10,783,117		—		—
Independent Power & Renewable Electricity Producers		4,905,381		—		—
Industrial Conglomerates		5,358,971		—		—
Insurance		15,540,223		—		—
Interactive Media & Services		33,510,496		—		—
Internet & Direct Marketing Retail		20,639,672		—		—
IT Services		27,377,663		—		—
Life Sciences Tools & Services		4,146,036		—		—
Machinery		5,410,236		—		—
Media		4,356,059		—		—
Mortgage Real Estate Investment Trusts (REITs)		444,356		—		—
Multiline Retail		7,407,809		—		—
Multi-Utilities		5,946,511		—		—
Oil, Gas & Consumable Fuels		20,751,748		—		—
Pharmaceuticals		21,015,746		—		—
Professional Services		1,300,541		—		—
Real Estate Management & Development		864,468		—		—
Road & Rail		1,457,470		—		—
Semiconductors & Semiconductor Equipment		23,114,176		—		—
Software		43,173,767		—		—
Specialty Retail		9,243,961		—		—
Technology Hardware, Storage & Peripherals		31,457,635		—		—
Textiles, Apparel & Luxury Goods		2,975,418		—		—
Tobacco		8,369,811		—		—

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 27

Schedule of Investments(continued)

as of October 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Trading Companies & Distributors	$	3,789,064	$	—	$	—
Water Utilities		838,971		—		—
Affiliated Mutual Funds		21,308,630		—		—
U.S. Treasury Obligation		—		499,043		—
Total	$	608,995,856	$	499,043	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	82,908	$	—	$	—

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Software	7.3	%
Interactive Media & Services	5.7
Technology Hardware, Storage & Peripherals	5.3
Banks	4.7
IT Services	4.6
Health Care Equipment & Supplies	3.9
Semiconductors & Semiconductor Equipment	3.9
Affiliated Mutual Funds (2.5% represents investments purchased with collateral from securities on loan)	3.6
Pharmaceuticals	3.5
Oil, Gas & Consumable Fuels	3.5
Internet & Direct Marketing Retail	3.5
Health Care Providers & Services	3.4
Aerospace & Defense	3.3
Biotechnology	3.1
Diversified Telecommunication Services	2.9
Capital Markets	2.8
Equity Real Estate Investment Trusts (REITs)	2.7
Insurance	2.6
Food Products	1.9
Household Products	1.8
Specialty Retail	1.6
Hotels, Restaurants & Leisure	1.5

Beverages	1.5	%
Tobacco	1.4
Electric Utilities	1.4
Communications Equipment	1.4
Chemicals	1.3
Food & Staples Retailing	1.3
Multiline Retail	1.3
Entertainment	1.0
Multi-Utilities	1.0
Building Products	1.0
Consumer Finance	1.0
Machinery	0.9
Automobiles	0.9
Industrial Conglomerates	0.9
Diversified Financial Services	0.9
Construction Materials	0.9
Independent Power & Renewable Electricity Producers	0.8
Media	0.7
Life Sciences Tools & Services	0.7
Trading Companies & Distributors	0.6
Household Durables	0.6
Textiles, Apparel & Luxury Goods	0.5
Construction & Engineering	0.4

See Notes to Financial Statements.

28

Industry Classification (continued):
Diversified Consumer Services	0.4	%
Electronic Equipment, Instruments & Components	0.4
Air Freight & Logistics	0.4
Electrical Equipment	0.3
Gas Utilities	0.3
Road & Rail	0.2
Professional Services	0.2
Distributors	0.2
Real Estate Management & Development	0.2
Water Utilities	0.1
Energy Equipment & Services	0.1
Commercial Services & Supplies	0.1

U.S. Treasury Obligation	0.1	%
Mortgage Real Estate Investment Trusts (REITs)	0.1
Airlines	0.1
Containers & Packaging	0.0	*
	102.7
Liabilities in excess of other assets	(2.7	)
	100.0	%

* Less than +/- 0.05%

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

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. 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, 2019 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	$	82,908	*	—	$	—

* 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, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	1,895,292

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 29

Schedule of Investments(continued)

as of October 31, 2019

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	297,186

For the year ended October 31, 2019, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)
$	7,689,850

(1) Notional Amount in USD.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	14,534,567	$	(14,534,567	)	$	—

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

See Notes to Financial Statements.

30

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value, including securities on loan of $14,534,567:
Unaffiliated investments (cost $495,515,930)	$	588,186,269
Affiliated investments (cost $21,305,984)		21,308,630
Dividends receivable		655,450
Receivable for Fund shares sold		457,619
Receivable for investments sold		2,184
Prepaid expenses		4,296
Total Assets		610,614,448
Liabilities
Payable to broker for collateral for securities on loan		14,864,981
Payable for Fund shares reacquired		1,649,567
Management fee payable		184,089
Accrued expenses and other liabilities		150,809
Distribution fee payable		112,661
Affiliated transfer agent fee payable		75,898
Due to broker—variation margin futures		27,600
Total Liabilities		17,065,605
Net Assets	$	593,548,843
Net assets were comprised of:
Shares of beneficial interest, at par	$	39,099
Paid-in capital in excess of par		501,950,517
Total distributable earnings (loss)		91,559,227
Net assets, October 31, 2019	$	593,548,843

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 31

Statement of Assets and Liabilities

as of October 31, 2019

Class A
Net asset value and redemption price per share, ($400,633,595 ÷ 26,415,843 shares of beneficial interest issued and outstanding)	$	15.17
Maximum sales charge (5.50% of offering price)		0.88
Maximum offering price to public	$	16.05
Class B
Net asset value, offering price and redemption price per share,
($7,668,094 ÷ 570,952 shares of beneficial interest issued and outstanding)	$	13.43
Class C
Net asset value, offering price and redemption price per share,
($27,332,980 ÷ 2,031,057 shares of beneficial interest issued and outstanding)	$	13.46
Class Z
Net asset value, offering price and redemption price per share,
($67,192,167 ÷ 4,294,661 shares of beneficial interest issued and outstanding)	$	15.65
Class R6
Net asset value, offering price and redemption price per share,
($90,722,007 ÷ 5,786,727 shares of beneficial interest issued and outstanding)	$	15.68

See Notes to Financial Statements.

32

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,142 foreign withholding tax)	$	9,883,998
Affiliated dividend income		194,746
Interest income		15,892
Affiliated income from securities lending, net		5,441
Total income		10,100,077
Expenses
Management fee		1,740,473
Distribution fee(a)		1,331,019
Transfer agent’s fees and expenses (including affiliated expense of $396,091)(a)		666,583
Custodian and accounting fees		110,051
Registration fees(a)		43,318
Shareholders’ reports		31,078
Legal fees and expenses		28,173
Audit fee		24,596
Trustees’ fees		19,616
Miscellaneous		24,067
Total expenses		4,018,974
Less: Fee waiver and/or expense reimbursement(a)		(390,137	)
Distribution fee waiver(a)		(151,432	)
Net expenses		3,477,405
Net investment income (loss)		6,622,672
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $27)		15,105,713
Futures transactions		1,895,292
In-kind redemptions		8,837,105
Foreign currency transactions		(105	)
		25,838,005
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $2,646)		30,588,757
Futures		297,186
Foreign currencies		95
		30,886,038
Net gain (loss) on investment and foreign currency transactions		56,724,043
Net Increase (Decrease) In Net Assets Resulting From Operations	$	63,346,715

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 33

Statement of Operations

Year Ended October 31, 2019

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

	Class A			Class B			Class C			Class Z			Class R6
Distribution fee		908,591			54,304			368,124			—			—
Transfer agent’s fees and expenses		494,117			39,515			46,241			85,546			1,164
Registration fees		14,037			6,451			7,600			9,123			6,107
Fee waiver and/or expense reimbursement		(237,087	)		(35,555	)		(26,608	)		(41,783	)		(49,104	)
Distribution fee waiver		(151,432	)		—			—			—			—

See Notes to Financial Statements.

34

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,622,672		$	3,373,796
Net realized gain (loss) on investment and foreign currency transactions		25,838,005			45,355,078
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		30,886,038			(32,925,093	)
Net increase (decrease) in net assets resulting from operations		63,346,715			15,803,781
Dividends and Distributions
Distributions from distributable earnings
Class A		(18,490,996	)		(15,856,544	)
Class B		(302,126	)		(299,083	)
Class C		(5,561,134	)		(4,505,168	)
Class Z		(10,679,222	)		(8,182,105	)
Class R6		(13,527,645	)		(8,674,924	)
		(48,561,123	)		(37,517,824	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		77,592,760			69,862,792
Net asset value of shares issued in reinvestment of dividends and distributions		47,878,127			36,692,050
Net asset value of shares issued in merger		302,901,376			—
Cost of shares reacquired		(125,442,700	)		(70,529,311	)
Net increase (decrease) in net assets from Fund share transactions		302,929,563			36,025,531
Total increase (decrease)		317,715,155			14,311,488
Net Assets:
Beginning of year		275,833,688			261,522,200
End of year	$	593,548,843		$	275,833,688

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 35

Notes to Financial Statements

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMALarge-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 arenon-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 anon-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 anon-diversified fund. These financial statements relate only to the PGIM QMALarge-Cap Core Equity Fund (the “Fund”).

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, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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

36

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

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

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

PGIM QMA Large-Cap Core Equity Fund 37

Notes to Financial Statements(continued)

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

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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.

38

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 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 all or a portion 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 toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-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 the loan. In addition, realized gain (loss) is recognized on changes in the value of the

PGIM QMA Large-Cap Core Equity Fund 39

Notes to Financial Statements(continued)

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

Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs):The Fund invested 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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. 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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-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

40

statements. Actual results could differ from those estimates.

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager 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. The Manager 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.

The Manager has entered into a subadvisory agreement with QMA LLC (“QMA”) (formerly known as Quantitative Management Associates, LLC). 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. The Manager 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 the Manager is accrued daily and payable monthly at an annual rate of 0.35% of the Fund’s average daily net assets up to and including $5 billion and 0.34% of the Fund’s average daily net assets in excess of $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.35% for the year ended October 31, 2019.

The Manager has contractually agreed through February 28, 2021, to limit net annual Fund operating expenses, exclusive of distribution and service(12b-1) fees and transfer agency expenses (includingsub-transfer agency and networking fees), of each class of shares to 0.35% of the Fund’s average daily net assets. Separately, effective December 15, 2018 the Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.58% of average daily net assets for Class B shares. Additionally, effective June 22, 2019 the Manager has contractually agreed, through February 28, 2021, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.72% of average daily net assets for Class A shares and 1.44% of average daily net assets for Class C 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

PGIM QMA Large-Cap Core Equity Fund 41

Notes to Financial Statements(continued)

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

The 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 28, 2021 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

For the year ended October 31, 2019, PIMS received $190,261 infront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS received $2,128 and $1,588 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PGIM 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 certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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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. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Fund.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments,in-kind transactions and U.S. Government securities) for the year ended October 31, 2019, were $427,273,450 and $441,158,560, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, 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*
$	7,609,208	$	104,225,402	$	105,410,764	$	—	$	—	$	6,423,846		6,423,846	$	194,746
	PGIM Institutional Money Market Fund*
	—		79,346,019		64,463,908		2,646		27		14,884,784		14,881,808		5,441	**
$	7,609,208	$	183,571,421	$	169,874,672	$	2,646	$	27	$	21,308,630			$	200,187

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

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

PGIM QMA Large-Cap Core Equity Fund 43

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 theex-date. In order to present total distributable earnings (loss) andpaid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) andpaid-in capital in excess of par. For the year ended October 31, 2019, the adjustments were to decrease total distributable earnings and increasepaid-in capital in excess of par by $10,544,466 primarily due to transactions relating to the redemptionin-kind and the merger. Net investment income, net realized gain (loss) on investments and foreign currency transations and net assets were not affected by this change.

For the year ended October 31, 2019, the tax character of dividends paid by the Fund were $9,764,220 of ordinary income and $38,796,903 of long-term capital gains. For the year ended October 31, 2018, 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.

As of October 31, 2019, the accumulated undistributed earnings on a tax basis were $5,947,874 of ordinary income and $16,761,273 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, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$540,727,727	$82,868,112	$(14,018,032)	$68,850,080

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.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

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 maximumfront-end sales charge of 5.50%. Investors who purchase $1 million

44

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 monthly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

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

As of October 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 629 Class A shares and 5,700,728 Class R6 shares of the Fund. At reporting period end, three shareholders of record, each holding greater than 5% of the Fund, held 34% of the Fund’s outstanding shares, of which 7% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		761,029		$	10,817,244
Shares issued in reinvestment of dividends and distributions		1,358,711			18,098,031
Shares issued in mergers		18,170,342			246,957,022
Shares reacquired		(3,043,542	)		(43,453,974	)
Net increase (decrease) in shares outstanding before conversion		17,246,540			232,418,323
Shares issued upon conversion from other share class(es)		2,977,009			43,297,324
Shares reacquired upon conversion into other share class(es)		(123,103	)		(1,774,004	)
Net increase (decrease) in shares outstanding		20,100,446		$	273,941,643
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

PGIM QMA Large-Cap Core Equity Fund 45

Notes to Financial Statements(continued)

Class B	Shares			Amount
Year ended October 31, 2019:
Shares sold		5,899		$	74,605
Shares issued in reinvestment of dividends and distributions		25,098			298,161
Shares issued in mergers		601,023			7,463,434
Shares reacquired		(77,046	)		(969,073	)
Net increase (decrease) in shares outstanding before conversion		554,974			6,867,127
Shares reacquired upon conversion into other share class(es)		(92,338	)		(1,183,107	)
Net increase (decrease) in shares outstanding		462,636		$	5,684,020
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	)
Class C
Year ended October 31, 2019:
Shares sold		429,007		$	4,934,902
Shares issued in reinvestment of dividends and distributions		453,060			5,391,413
Shares issued in mergers		3,343,920			40,253,040
Shares reacquired		(858,841	)		(10,641,489	)
Net increase (decrease) in shares outstanding before conversion		3,367,146			39,937,866
Shares reacquired upon conversion into other share class(es)		(3,304,919	)		(42,825,682	)
Net increase (decrease) in shares outstanding		62,227		$	(2,887,816	)
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

46

Class Z	Shares			Amount
Year ended October 31, 2019:
Shares sold		908,083		$	12,719,109
Shares issued in reinvestment of dividends and distributions		770,451			10,562,877
Shares issued in mergers		539,047			7,514,605
Shares reacquired		(1,681,624	)		(24,493,319	)
Net increase (decrease) in shares outstanding before conversion		535,957			6,303,272
Shares issued upon conversion from other share class(es)		166,429			2,450,314
Shares reacquired upon conversion into other share class(es)		(3,376	)		(56,957	)
Net increase (decrease) in shares outstanding		699,010		$	8,696,629
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
Class R6
Year ended October 31, 2019:
Shares sold		3,400,731		$	49,046,900
Shares issued in reinvestment of dividends and distributions		985,980			13,527,645
Shares issued in mergers		49,044			713,275
Shares reacquired		(3,097,223	)		(45,884,845	)
Net increase (decrease) in shares outstanding before conversion		1,338,532			17,402,975
Shares issued upon conversion from other share class(es)		6,026			92,112
Net increase (decrease) in shares outstanding		1,344,558		$	17,495,087
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

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 table below provides details of the current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

PGIM QMA Large-Cap Core Equity Fund 47

Notes to Financial Statements(continued)

	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent

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

The Fund utilized the SCA during the year ended October 31, 2019. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $307,000, borrowed at a weighted average interest rate of 3.67%. The maximum loan outstanding amount during the period was $307,000. At October 31, 2019, the Fund did not have an outstanding loan amount.

8. RedemptionIn-kind

On June 11, 2019, the Fund settled the redemption of certain fund shares by delivering to an affiliate certain portfolio securities in lieu of cash. The value of such securities was $19,857,462.In-kind redemption gains and losses are excluded from the calculation of the Fund’s taxable gain (loss) for federal income tax purposes.

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:

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

48

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.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

10. 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 QMALarge-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	$	176,956,177

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

PGIM QMA Large-Cap Core Equity Fund 49

Notes to Financial Statements(continued)

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

Merged Fund			Acquiring Fund
PGIM QMA Defensive Equity Fund			PGIM QMALarge-Cap Core Equity Fund
Class	Shares**		Class		Shares		Value
A		14,239,586		A		12,355,677	$	161,365,147
B		287,090		B		278,280		3,241,959
C		2,567,622		C		2,484,134		28,989,842
R*		382
R6		21,770		R6		18,392		247,369
Z		453,555		Z		383,078		5,148,558

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

** Balances updated due to capital stock activity that occured on the merger date.

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 Fund were carried forward to reflect thetax-free status of the acquisition.

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

Merged Fund					Acquiring Fund
PGIM QMA Defensive Equity Fund					PGIM QMALarge-Cap Core Equity Fund
Class	Net assets**		Unrealized Appreciation on Investments		Class		Net assets
A	$	161,360,761	$	16,169,416		A	$	97,991,911
B		3,241,959		371,064		B		1,525,457
C		28,989,842		2,914,185		C		27,863,342
R		4,386		441
R6		247,369		24,845		R6		73,674,073
Z		5,148,558		517,123		Z		57,822,232

** Balances updated due to capital stock activity that occured on the merger date.

On December 6, 2018, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of PGIM Growth Allocation Fund (the “Merged Fund”) for shares of PGIM QMALarge-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 May 7, 2019 and the reorganization took place on June 21, 2019.

50

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 Growth Allocation Fund	$	103,285,240	$	101,038,779

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

The acquisition was accomplished by atax-free exchange of the following shares on June 21, 2019:

Merged Fund			Acquiring Fund
PGIM Growth Allocation Fund			PGIM QMALarge-Cap Core Equity Fund
Class	Shares		Class		Shares		Value
A		6,542,127		A		5,814,665	$	85,591,875
B		347,206		B		322,743		4,221,475
C		924,805		C		859,786		11,263,198
R*		3,448
R6		34,903		R6		30,652		465,906
Z		177,146		Z		155,969		2,366,047

* 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 Fund were carried forward to reflect thetax-free status of the acquisition.

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

Merged Fund					Acquiring Fund
PGIM Growth Allocation Fund					PGIM QMALarge-Cap Core Equity Fund
Class	Net assets		Unrealized Appreciation on Investments		Class		Net assets
A	$	85,547,474	$	1,849,179		A	$	318,962,457
B		4,221,475		91,196		B		4,297,642
C		11,263,198		243,949		C		19,072,550
R		44,401		959
R6		465,906		10,065		R6		81,276,224
Z		2,366,047		51,113		Z		64,334,299

PGIM QMA Large-Cap Core Equity Fund 51

Notes to Financial Statements(continued)

Assuming the acquisition had been completed on November 1, 2018, the Acquiring Fund’s unaudited pro forma results of operations for the year ended October 31, 2019 would have been as follows:

Acquiring Fund	Net Investment income(a)		Net realized and unrealized gain/loss on investments(b)		Net increase in net assets resulting from operations
PGIM QMALarge-Cap Core Equity Fund	$	8,267,062	$	46,438,251	$	54,705,313

(a) Net investment income as reported in the Statement of Operations (year ended October 31, 2019) of the Acquiring Fund, plus net investment income from the Merged Fundspre-merger as follows: PGIM QMA Defensive Equity Fund $511,886 and PGIM Growth Allocation Fund $1,132,504.

(b) Net realized and unrealized gain/loss on investments as reported in the Statement of Operations (year ended October 31, 2019) of the Acquiring Fund, plus net realized and unrealized gain (loss) on investments from the Merged Fundspre-merger as follows: PGIM QMA Defensive Equity Fund $(8,084,016) and PGIM Growth Allocation $(2,201,776).

Since both the Merged Funds and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to providepro-forma information on aper-share basis.

Since the combined investment Funds had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Funds that have been included in the Acquiring Fund’s Statement of Operations since December 14, 2018 and June 21, 2019.

11. Recent Accounting Pronouncements and Reporting Updates

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

52

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.76			$18.37			$15.49			$15.92			$16.55
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.20			0.19			0.14			0.14
Net realized and unrealized gain (loss) on investment transactions		1.19			0.80			3.51			0.29			0.55
Total from investment operations		1.37			1.00			3.70			0.43			0.69
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.18	)		(0.15	)		(0.14	)		(0.11	)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(2.96	)		(2.61	)		(0.82	)		(0.86	)		(1.32	)
Net asset value, end of year		$15.17			$16.76			$18.37			$15.49			$15.92
Total Return(b):		10.61%			5.67%			24.73%			3.02%			4.20%
Ratios/Supplemental Data:
Net assets, end of year (000)		$400,634			$105,855			$113,343			$89,169			$88,920
Average net assets (000)		$302,864			$112,391			$101,852			$88,443			$90,171
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.74%			0.72%			0.77%			1.17%			1.14%
Expenses before waivers and/or expense reimbursement		0.87%			0.86%			0.93%			1.22%			1.19%
Net investment income (loss)		1.27%			1.14%			1.13%			0.91%			0.89%
Portfolio turnover rate(e)(f)		88%			95%			89%			89%			112%

(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.

(f) Portfolio turnover excludes the value of portfolio securities received or delivered as a result ofin-kind fund share transactions (if any).

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 53

Financial Highlights(continued)

Class B Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$15.15			$16.87			$14.30			$14.75			$15.43
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.03			0.06			0.03			0.02
Net realized and unrealized gain (loss) on investment transactions		1.05			0.74			3.23			0.27			0.51
Total from investment operations		1.10			0.77			3.29			0.30			0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		(0.06	)		(0.05	)		(0.03	)		-	(b)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(2.82	)		(2.49	)		(0.72	)		(0.75	)		(1.21	)
Net asset value, end of year		$13.43			$15.15			$16.87			$14.30			$14.75
Total Return(c):		9.65%			4.67%			23.75%			2.31%			3.42%
Ratios/Supplemental Data:
Net assets, end of year (000)		$7,668			$1,641			$2,291			$2,132			$2,676
Average net assets (000)		$5,430			$1,953			$2,311			$2,348			$3,018
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.59%			1.67%			1.52%			1.92%			1.89%
Expenses before waivers and/or expense reimbursement		2.24%			2.45%			1.63%			1.92%			1.89%
Net investment income (loss)		0.40%			0.20%			0.40%			0.19%			0.15%
Portfolio turnover rate(f)(g)		88%			95%			89%			89%			112%

(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.

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result ofin-kind fund share transactions (if any).

See Notes to Financial Statements.

54

Class C Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$15.20			$16.89			$14.31			$14.77			$15.45
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.07			0.06			0.02			0.02
Net realized and unrealized gain (loss) on investment transactions		1.03			0.73			3.24			0.27			0.51
Total from investment operations		1.11			0.80			3.30			0.29			0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.06	)		(0.05	)		(0.03	)		-	(b)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(2.85	)		(2.49	)		(0.72	)		(0.75	)		(1.21	)
Net asset value, end of year		$13.46			$15.20			$16.89			$14.31			$14.77
Total Return(c):		9.77%			4.91%			23.80%			2.24%			3.42%
Ratios/Supplemental Data:
Net assets, end of year (000)		$27,333			$29,930			$31,518			$39,218			$38,919
Average net assets (000)		$36,812			$31,783			$34,697			$38,344			$38,738
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.47%			1.44%			1.53%			1.92%			1.89%
Expenses before waivers and/or expense reimbursement		1.54%			1.55%			1.64%			1.92%			1.89%
Net investment income (loss)		0.59%			0.43%			0.40%			0.16%			0.14%
Portfolio turnover rate(f)(g)		88%			95%			89%			89%			112%

(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.

(g) Portfolio turnover excludes the value of portfolio securities received or delivered as a result ofin-kind fund share transactions (if any).

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 55

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$17.20			$18.78			$15.83			$16.24			$16.86
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.25			0.24			0.18			0.18
Net realized and unrealized gain (loss) on investment transactions		1.21			0.82			3.57			0.31			0.55
Total from investment operations		1.45			1.07			3.81			0.49			0.73
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.22	)		(0.19	)		(0.18	)		(0.14	)
Distributions from net realized gains		(2.74	)		(2.43	)		(0.67	)		(0.72	)		(1.21	)
Total dividends and distributions		(3.00	)		(2.65	)		(0.86	)		(0.90	)		(1.35	)
Net asset value, end of year		$15.65			$17.20			$18.78			$15.83			$16.24
Total Return(b):		10.91%			5.98%			24.93%			3.35%			4.41%
Ratios/Supplemental Data:
Net assets, end of year (000)		$67,192			$61,857			$56,066			$71,506			$80,096
Average net assets (000)		$65,923			$62,456			$54,787			$75,803			$57,677
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.48%			0.46%			0.54%			0.92%			0.89%
Expenses before waivers and/or expense reimbursement		0.54%			0.55%			0.64%			0.92%			0.89%
Net investment income (loss)		1.59%			1.40%			1.42%			1.18%			1.12%
Portfolio turnover rate(e)(f)		88%			95%			89%			89%			112%

(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.

(f) Portfolio turnover excludes the value of portfolio securities received or delivered as a result ofin-kind fund share transactions (if any).

See Notes to Financial Statements.

56

Class R6 Shares
	Year Ended October 31,						December 28, 2016(a) through October 31,
	2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$17.23			$18.81			$16.06
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.27			0.21
Net realized and unrealized gain (loss) on investment transactions		1.21			0.82			2.54
Total from investment operations		1.47			1.09			2.75
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.24	)		-
Distributions from net realized gains		(2.74	)		(2.43	)		-
Total dividends and distributions		(3.02	)		(2.67	)		-
Net asset value, end of period		$15.68			$17.23			$18.81
Total Return(c):		11.05%			6.10%			17.12%
Ratios/Supplemental Data:
Net assets, end of period (000)		$90,722			$76,551			$58,304
Average net assets (000)		$86,249			$71,390			$40,448
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.35%			0.35%			0.35%	(f)
Expenses before waivers and/or expense reimbursement		0.41%			0.44%			0.47%	(f)
Net investment income (loss)		1.72%			1.51%			1.44%	(f)
Portfolio turnover rate(g)(h)		88%			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) 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) Annualized.

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

(h) Portfolio turnover excludes the value of portfolio securities received or delivered as a result ofin-kind fund share transactions (if any).

See Notes to Financial Statements.

PGIM QMA Large-Cap Core Equity Fund 57

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM QMA Large-Cap Core Equity Fund and Board of Trustees

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, a series of Prudential Investment Portfolios 9, (the Fund), including the schedule of investments, as of October 31, 2019, 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 ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years 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, 2019, 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 ended October 31, 2019, and the financial highlights for the years 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, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies 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, 2019

58

Federal Income Tax Information(unaudited)

We are advising you that during the fiscal year ended October 31, 2019, the Fund reports the maximum amount allowed per share but not less than $2.37 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, 2019, 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		56.66	%		54.45	%

In January 2020, 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 2019.

PGIM QMA Large-Cap Core Equity Fund 59

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 theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth 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 3/11/58 Board Member Portfolios Overseen: 96	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 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-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 (May2003-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

PGIM QMA Large-Cap Core Equity Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	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
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	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.	Formerly Director, Manulife Trust Company (2011-2018); 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 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	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 Date of Birth 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 9/29/62 Board Member Portfolios Overseen: 95	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, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	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
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	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

PGIM QMA Large-Cap Core Equity Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	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

Interested Board Members
Name Date of Birth 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 10/5/62 Board Member & President Portfolios Overseen: 96	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 Date of Birth 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 5/21/73 Board Member & Vice President Portfolios Overseen:96	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

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 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

PGIM QMA Large-Cap Core Equity Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) 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 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) 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
Jonathan D. Shain 8/9/58 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 10/14/74 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
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 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

^(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.

∎ “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 High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM QMA Large-Cap Core Equity Fund

Approval of Advisory Agreements(unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM QMALarge-Cap Core Equity Fund (the “Fund”)¹ consists of eleven 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”).² 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 QMA LLC (“QMA”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, 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

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

²  Grace C. Torres was an Interested Trustee of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Trustee of the Fund.

PGIM QMA Large-Cap Core Equity Fund

Approval of Advisory Agreements(continued)

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 May 30, 2019 and on June11-13, 2019.

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 noted that QMA is affiliated with PGIM Investments. 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, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. 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 theday-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

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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 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, 2018 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 QMA Large-Cap Core Equity 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 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 factors and made related conclusions relating to the historical performance of the Fund for theone-, three-, five- andten-year periods ended December 31, 2018.    

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, 2018. 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 provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, 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 net performance comparisons (which 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.

Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	2nd Quartile	2nd Quartile	2nd Quartile
Actual Management Fees:1st Quartile
Net Total Expenses: 1st Quartile

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

• The Board considered PGIM Investments’ assertion that the Fund’s underperformance was attributable to the Fund’s overweight to value stocks relative to the Peer Universe and benchmark index, at a time when value investments were not favored in the market.

• The Board also considered that, when it evaluated performance in the prior year, as of December 31, 2017, the Fund ranked in the first quartile of its Peer Universe over theone-, three- and five-year periods and ranked in the second quartile over theten-year period and outperformed its benchmark index over theone- and five-year 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 29, 2020.

• The Board and PGIM Investments also agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses), limits the Fund’s total annual operating expenses to 1.58% of the average daily net assets for Class B shares.

• In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• 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

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

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.

The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.

As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s 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• Brian K. Reid• Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

MF187E

PGIM REAL ESTATE INCOME FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective:To seek income and capital appreciation

Highlights(unaudited)

• The Fund outperformed the Custom Blend Index (the Index) during the reporting period. All regions in the Fund’s portfolio (North America, Europe, and Asia) performed well, with both stock selection and asset allocation contributing positively.

• Within North America, the US health care sector saw significant relative outperformance, largely the result of favorable stock picking. An overweight position in this sector relative to the Index also benefited returns. Conversely, an underweight position in the residential sector and lack of exposure to specialty housing stocks detracted from relative performance.

• Europe performed well on a relative basis largely due to both positive stock selection and favorable asset allocation in the UK and Ireland. An underweight position in Germany also boosted relative results.

• Asia’s relative outperformance can be attributed to strong stock selection in Japan. A slight underweight position, on average for the period, was also accretive to performance. Australia modestly dragged on returns due to weak stock picking.

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 Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2019 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	15
Holdings and Financial Statements	17
Approval of Advisory Agreements

PGIM Real Estate Income Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Real Estate Income Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 scale and investment expertise allow 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 16, 2019

PGIM Real Estate Income Fund 5

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)		Since Inception (%)
Class A		19.32		5.36 (6/3/15)
Class C		24.34		5.95 (6/3/15)
Class Z		26.62		7.04 (6/3/15)
Class R6		26.54		10.30 (12/28/16)
Custom Blend Index
		19.39		—
	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)		Since Inception (%)
Class A		26.26		6.72 (6/3/15)
Class C		25.34		5.95 (6/3/15)
Class Z		26.62		7.04(6/3/15)
Class R6		26.54		10.30 (12/28/16)
Custom Blend Index
		19.39		—

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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, 2019) 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.

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

PGIM Real Estate Income Fund 7

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 the original purchase price or the 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

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 6.47% and 9.01% 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.

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Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	REIT Sectors	% of Net Assets
Apple Hospitality REIT, Inc.	Hotel & Resort REITs	5.6%
Medical Properties Trust, Inc.	Health Care REITs	5.5%
New Senior Investment Group, Inc.	Health Care REITs	5.5%
Spirit Realty Capital, Inc.	Retail REITs	5.3%
MGM Growth Properties LLC (Class A Stock)	Hotel & Resort REITs	5.2%
Mapletree Logistics Trust (Singapore)	Industrial REITs	4.5%
STAG Industrial, Inc.	Industrial REITs	3.9%
Mapletree Commercial Trust (Singapore)	Retail REITs	3.9%
New World Development Co. Ltd. (Hong Kong)	Diversified Real Estate Activities	3.9%
Invincible Investment Corp. (Japan)	Hotel & Resort REITs	3.6%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM Real Estate Income Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM Real Estate Income Fund’s Class Z shares returned 26.62% in the12-month reporting period that ended October 31, 2019, outperforming the 19.39% return of the Custom Blend Index (the Index).

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

• Conditions in the US real estate investment trust (REIT) market during the reporting period were highly favorable, as global economic uncertainty and persistently low long-term interest rates increased the relative attractiveness of the US REIT market as both a safe-haven asset class and reliable source of income. In addition, fundamentals in the commercial real estate markets remained strong, with peak occupancies in most property types and steady rent growth. As a result, the US REIT market produced a 24% total return during the period. Declining debt costs and improved equity valuations allowed REITs to increase equity issuances and make accretive acquisitions. Still, return dispersion remained wide, as property types best exposed to secular demand trends outperformed, specifically industrial and manufactured housing. Conversely, property types exposed to challenging demand trends and rising capital needs lagged, most notably the malls and office sectors. On average, the US REIT market was trading at an 8% premium to net asset value (NAV) at the end of the period, which PGIM Real Estate viewed as appropriate given the macroeconomic backdrop.

• The European real estate market’s total return during the period was positive. However, political risk hovered over the European region, especially in the United Kingdom (UK) where Brexit news dominated headlines as the UK continued to negotiate an exit from the European Union. Finland was the best-performing market, lifted by a strong multifamily residential sector performance. Belgium, Switzerland, Sweden, and Spain were also leading performers during the period. The UK real estate market’s return was in line with the European average. However, it underperformed for most of the period and saw a bounce only in October 2019 when a potential Brexit deal was announced. The core European real estate markets of Germany and France both lagged the European average. Germany suffered from the threat of growing regulation in the multifamily residential sector, and France was negatively impacted by the poor performance of the retail sector that dominates its index. Only the real estate market of the Netherlands showed a negative total return for the period, again as a result of the dominance of retail stocks in its index. The low interest-rate environment persisted in the eurozone longer than investors had originally anticipated, sending bond yields to record lows and maintaining pressure on capitalization rates (i.e., the rate of return expected to be generated on a real estate investment property) across the region, especially for core properties in the more liquid markets. Foreign investor demand was strong, and rental growth momentum was robust in the major continental markets, though some investor concerns were growing as capitalization rates reached new record lows in these markets late in the real estate cycle.

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• Asia-Pacific real estate equities walked a tightrope during the period, with global economic growth subject to the outcome of theUS-China trade conflict. This conflict has diminished trade flows, which has negatively affected consumption, exports, manufacturing, and ultimately investments. While interest-rate guidance during the latter half of the period turned dovish, markets continued to focus on potential signs of weakness in global economic growth. Amid the macro concerns, the region’s REIT markets outperformed the developers due to their defensiveness and income stability. Japanese REITs led the pack, supported by the robust class-A office sector in Tokyo and the continued accommodative monetary policy by the Bank of Japan. Similarly, investors favored Singapore REITs’ perceived defensive income payout. The numerous accretive equity raisings were well received throughout the period. Australian REITs underperformed, as economic concerns overshadowed the benefits of the cash rate cuts by the Reserve Bank of Australia. In the developer space, Singapore developers fared better than Japanese and Hong Kong developers during the period, despite cooling measures and global economic uncertainty. Japanese developers were helped by healthy condominium sales and positive office rent reversions, but performance was negatively affected by a murky economic outlook. Hong Kong developers remained in a tight spot, facing severe economic and political headwinds after months of civil unrest and the U.S.-China trade war. Residential prices fell 6.0% from their peak at the end of June 2019 through the end of the period, following an uninterruptedrun-up since 2003.

What worked and didn’t work?

• The Fund outperformed the Index during the reporting period. All regions in the Fund’s portfolio (North America, Europe, and Asia) performed well, with both stock selection and asset allocation contributing positively.

• Within North America, the US health care sector saw significant relative outperformance, largely the result of favorable stock picking. An overweight position in this sector relative to the Index also benefited returns. To a lesser degree, the triple net and shopping center sectors performed well on a relative basis from a combination of security selection and asset allocation. Conversely, an underweight position in the residential sector and lack of exposure to specialty housing stocks detracted from relative performance.

• Europe performed well on a relative basis largely due to both positive stock selection and favorable asset allocation in the UK and Ireland. An underweight position in Germany also boosted relative results.

• Asia’s relative outperformance can be attributed to strong stock selection in Japan. A slight underweight position, on average for the period, was also accretive to performance. Australia modestly dragged on returns from weak stock picking.

PGIM Real Estate Income Fund 11

Strategy and Performance Overview(continued)

Current outlook

• Strength in US REITs during the reporting period drove the Index to anall-time high, trading at an 8% premium to NAV at the end of the period. While this premium is much richer than the 2.6% discount averaged over the trailing five years, it is more consistent with the 4.7% average premium over the last 10 years. Moreover, when looking at comparable macro environments (sub-2%10-year US Treasury yields and modest economic growth), the US REIT market has averaged double-digit NAV premiums. As such, PGIM Real Estate viewed the valuation of the REIT market at the end of the period as reasonable, with potential upside to come if current macroeconomic conditions are sustained. As mentioned earlier, declining debt costs and improved equity valuations have allowed REITs to increase equity issuances and make accretive acquisitions. The US REIT market has seen a substantial amount of secondary offerings. In addition, REITs remained active issuers of new equity through “at the market,” or ATM, programs, which provide REITs an efficient means of raising capital over time by allowing a company to tap into the existing trading market for its shares on anas-and-when-needed basis. Despite the average premium in the US, many REITs were still trading at sizable NAV discounts at the end of the period, presenting an opportunity, in PGIM Real Estate’s view, for mergers and acquisitions (M&A) through both privatizations and REIT consolidation. In addition, private equity remained highly active. PGIM Real Estate sees health care REITs as well positioned, given a growing source of demand based on demographics and a healthy external growth opportunity set. Conversely, hotel REITs are likely to see a more challenged environment as corporations look to cut back on travel budgets in the increasingly uncertain economic backdrop. In addition, PGIM Real Estate has increased the Fund’s exposure to manufactured housing based on sector-leading cash flow growth and limited supply additions. The industrial sector has continued to benefit from the secular demand shift towarde-commerce. With continued weakness in the retail sector, PGIM Real Estate expected additional tenant bankruptcies to weigh on cash flows and valuations and therefore maintained a Fund underweight to the sector.

• The outlook for the continental European real estate sector remains generally positive in terms of real estate fundamentals, but the growth outlook for the region as a whole remains subdued. Monetary policy in the eurozone remains loose, with potential interest-rate increases pushed back well into 2020 and the European Central Bank resuming quantitative easing. The discounts to private market values in Europe narrowed with the market rebound during the last two months of the period, but they still remained appealing with Europe trading overall at an average 7%one-year forward discount to NAV at the end of the period and with an averageone-year forward dividend yield of 4.2%. The valuation divergence between the UK and the continent narrowed following the progress made on Brexit negotiations, with the continent on a 6% averagediscount-to-forward NAV and the UK at a 9% average discount. PGIM Real Estate believes caution is still warranted in the UK retail and London office sectors. The potential

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for surprises and volatility remain on the path to a Brexit agreement, and there are major structural challenges posed by the oversupply of physical retail in the UK. Investor demand for real estate from private capital remains solid, helping to support private market valuations as previous cycle peaks on both rents and values in many of the more liquid core markets are approached or exceeded. New supply, while increasing in markets and sectors where vacancy is tight and rental growth fundamentals are improving, generally remains able to be absorbed. On a sector basis, PGIM Real Estate remains cautious on the structural challenges facing retail stocks and continues to look for ways of increasing the Fund’s exposure to the booming logistics sector that is benefiting from the same structural trends favoring online retail. The retail sector in the UK especially has demonstrated an accelerating fall in rents and values, and this process is now underway throughout Europe. While retail share prices rebounded off their lows during the last two months of the period, M&A attempts have thus far failed to close the remaining significant discounts, and structural challenges have shown few signs of easing.

• Asia offers attractive, risk-adjusted real estate returns, supported by strong fundamentals and yield compression from potentially lower interest rates. With three Federal Reserve (Fed) rate cuts in the US during the period, interest-rate pressure in Singapore and Hong Kong moderated as the Fed offered guidance for a more balanced rate outlook after the third cut. In addition, the Reserve Bank of Australia has begun its path of rate cuts, while the Bank of Japan is maintaining zero interest rates. PGIM Real Estate believes the following themes could be in focus in the coming months: (1) trade war continuation, (2) lower bond yield impact on REITs, (3) supply constraints in prime Singapore/Hong Kong/Sydney offices, (4) attractive yield spread (for Japanese REITs), and (5) political developments in Hong Kong. Markets remain vulnerable, with global growth subject to the outcome of the trade conflict. Within individual sectors, a sharper rise in sovereign bond yields could negatively impact regional REIT valuations. An intensification of the trade conflict between the US and China also could materially hurt the economic prospects of the region.

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

Top Contributors (%)		Top Detractors (%)
MedEquities Realty Trust Inc.	2.85	Columbia Property Trust Inc.	–0.57
Invincible Investment Corp.	1.36	DiamondRock Hospitality Co.	–0.57
LaSalle LOGIPORT REIT	1.01	Easterly Government Properties Inc.	–0.64
Essential Properties Realty Trust Inc.	0.96	Sabra Health Care REIT Inc.	–1.00
Americold Realty Trust	0.89	Macerich Co.	–1.27

PGIM Real Estate Income Fund 13

Comments on Largest Holdings(unaudited)

5.6% Apple Hospitality REIT, Inc.,Hotel Resort

Apple Hospitality focuses on investments in hotels, guest rooms, and resorts in the US.

5.5% Medical Properties Trust Inc.,Health Care

Medical Properties Trust acquires and developsnet-leased health care facilities, including inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers, and other single-discipline health care facilities such as heart hospitals.

5.5% New Senior Investment Group, Inc.,Health Care

New Senior Investment Group’s portfolio consists of senior housing properties in the US, including managed and triple net lease properties that are comprised of independent living and health care services.

5.3% Spirit Realty Capital, Inc.,Retail

Spirit Realty Capital invests in single-tenant and triple net basis real estate properties in the US that are engaged in retail, service, and distribution industries.

5.2% MGM Growth Properties LLC,Hotel & Resort

MGM Growth Properties acquires, owns, and leases destination entertainment and leisure resorts, including casino gaming, hotel, convention, dining, retail, and entertainment properties.

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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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Real Estate Income 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 Real Estate Income Fund		Beginning Account Value May 1, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,114.50		1.35	%	$	7.20
	Hypothetical	$	1,000.00	$	1,018.40		1.35	%	$	6.87
Class C	Actual	$	1,000.00	$	1,110.30		2.10	%	$	11.17
	Hypothetical	$	1,000.00	$	1,014.62		2.10	%	$	10.66
Class Z	Actual	$	1,000.00	$	1,115.50		1.10	%	$	5.87
	Hypothetical	$	1,000.00	$	1,019.66		1.10	%	$	5.60
Class R6	Actual	$	1,000.00	$	1,115.80		1.10	%	$	5.87
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.0%
COMMON STOCKS    79.3%
Diversified Real Estate Activities    6.2%
New World Development Co. Ltd. (Hong Kong)		491,175	$	699,700
Sun Hung Kai Properties Ltd. (Hong Kong)		28,168		423,912
				1,123,612
Diversified REITs    3.9%
Activia Properties, Inc. (Japan)		35		184,647
Essential Properties Realty Trust, Inc.		8,299		212,952
STORE Capital Corp.		7,829		317,075
				714,674
Health Care REITs    19.8%
CareTrust REIT, Inc.		17,109		414,722
Healthpeak Properties, Inc.		11,114		418,109
Medical Properties Trust, Inc.		48,337		1,002,026
New Senior Investment Group, Inc.		140,645		990,141
Omega Healthcare Investors, Inc.		8,199		361,084
Welltower, Inc.		4,471		405,475
				3,591,557
Hotel & Resort REITs    16.2%
Apple Hospitality REIT, Inc.		61,750		1,017,640
Invincible Investment Corp. (Japan)		1,046		661,065
Japan Hotel REIT Investment Corp. (Japan)		394		326,679
MGM Growth Properties LLC (Class A Stock)		30,258		944,352
				2,949,736
Industrial REITs    13.0%
Frasers Logistics & Industrial Trust (Singapore)		174,989		161,878
Mapletree Logistics Trust (Singapore)		665,464		820,721
Prologis, Inc.		421		36,947
STAG Industrial, Inc.		22,697		704,515
Summit Industrial Income REIT (Canada)Sub RCT*		21,533		209,264
Summit Industrial Income, REIT (Canada)		10,911		105,871
Tritax Big Box REIT PLC (United Kingdom)		163,986		319,542
				2,358,738
Office REITs    2.1%
Keppel REIT (Singapore)		435,326		387,093

See Notes to Financial Statements.

PGIM Real Estate Income Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Real Estate Operating Companies    1.9%
LEG Immobilien AG (Germany)		1,320	$	151,517
TLG Immobilien AG (Germany)		6,347		185,934
				337,451
Retail REITs    15.3%
Frasers Centrepoint Trust (Singapore)		7,666		15,489
Kenedix Retail REIT Corp. (Japan)		150		413,252
Lendlease Global Commercial REIT (Singapore)*		428,700		299,360
Link REIT (Hong Kong)		15,083		164,214
Mapletree Commercial Trust (Singapore)		410,500		702,366
Realty Income Corp.		2,585		211,427
Spirit Realty Capital, Inc.		19,406		967,195
				2,773,303
Specialized REITs    0.9%
Extra Space Storage, Inc.		1,411		158,413
TOTAL COMMON STOCKS (cost $12,981,423)				14,394,577
PREFERRED STOCKS    19.7%
Diversified REITs    3.3%
Gladstone Commercial Corp.		12,884		338,205
PS Business Parks, Inc.		10,450		267,415
				605,620
Industrial REITs    3.7%
Monmouth Real Estate Investment Corp.		14,408		360,200
Rexford Industrial Realty, Inc.		12,000		315,881
				676,081
Office REITs    4.7%
Office Properties Income Trust		13,875		361,860
Vornado Realty Trust		18,897		492,456
				854,316
Residential REITs    6.0%
American Homes 4 Rent		17,088		453,687

See Notes to Financial Statements.

18

Description	Shares		Value
PREFERRED STOCKS (Continued)
Residential REITs (cont’d.)
Investors Real Estate Trust		12,010	$	315,863
UMH Properties, Inc.		11,907		320,298
				1,089,848
Specialized REITs    2.0%
EPR Properties(a)		13,609		357,236
TOTAL PREFERRED STOCKS (cost $3,401,872)				3,583,101
RIGHTS*    0.0%
Retail REITs
Mapletree Commercial Trust (Singapore), expiring 11/08/19 (cost $0)		29,146		1,879
TOTAL LONG-TERM INVESTMENTS (cost $16,383,295)				17,979,557
SHORT-TERM INVESTMENTS    6.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		744,697		744,697
PGIM Institutional Money Market Fund (cost $354,273; includes $354,253 of cash collateral for securities on loan)(b)(w)		354,202		354,273
TOTAL SHORT-TERM INVESTMENTS (cost $1,098,970)				1,098,970
TOTAL INVESTMENTS    105.0% (cost $17,482,265)				19,078,527
Liabilities in excess of other assets    (5.0)%				(916,224	)
NET ASSETS    100.0%			$	18,162,303

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

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $341,250; cash collateral of $354,253 (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.

See Notes to Financial Statements.

PGIM Real Estate Income Fund 19

Schedule of Investments(continued)

as of October 31, 2019

(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.

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Canada	$	315,135	$	—	$	—
Germany		—		337,451		—
Hong Kong		—		1,287,826		—
Japan		—		1,585,643		—
Singapore		299,360		2,087,547		—
United Kingdom		—		319,542		—
United States		8,162,073		—		—
Preferred Stocks
United States		3,583,101		—		—
Rights
Singapore		—		1,879		—
Affiliated Mutual Funds		1,098,970		—		—
Total	$	13,458,639	$	5,619,888	$	—

Sector Classification:

The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Health Care REITs	19.8	%
Industrial REITs	16.7
Hotel & Resort REITs	16.2
Retail REITs	15.3
Diversified REITs	7.2
Office REITs	6.8
Diversified Real Estate Activities	6.2
Residential REITs	6.0

Affiliated Mutual Funds (2.0% represents investments purchased with collateral from securities on loan)	6.0	%
Specialized REITs	2.9
Real Estate Operating Companies	1.9
	105.0
Liabilities in excess of other assets	(5.0	)
	100.0	%

See Notes to Financial Statements.

20

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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. 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, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Unaffiliated investments	$	1,879	—	$	—

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2019 are as follows:

For the year ended October 31, 2019, the Fund did not have any net realized gain (loss) on derivatives 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	Rights(1)
Equity contracts	$	1,879

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

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	341,250	$	(341,250	)	$	—

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 21

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value, including securities on loan of $341,250:
Unaffiliated investments (cost $16,383,295)	$	17,979,557
Affiliated investments (cost $1,098,970)		1,098,970
Receivable for investments sold		222,826
Dividends receivable		59,243
Receivable for Fund shares sold		21,502
Tax reclaim receivable		5,611
Prepaid expenses and other assets		814
Total Assets		19,388,523
Liabilities
Payable for investments purchased		809,887
Payable to broker for collateral for securities on loan		354,253
Accrued expenses and other liabilities		41,458
Payable for Fund shares reacquired		11,374
Management fee payable		8,249
Distribution fee payable		730
Affiliated transfer agent fee payable		269
Total Liabilities		1,226,220
Net Assets	$	18,162,303
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,700
Paid-in capital in excess of par		16,376,364
Total distributable earnings (loss)		1,784,239
Net assets, October 31, 2019	$	18,162,303

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share, ($ 914,680 ÷ 85,810 shares of beneficial interest issued and outstanding)	$	10.66
Maximum sales charge (5.50% of offering price)		0.62
Maximum offering price to public	$	11.28
Class C
Net asset value, offering price and redemption price per share, ($ 638,552 ÷ 59,910 shares of beneficial interest issued and outstanding)	$	10.66
Class Z
Net asset value, offering price and redemption price per share, ($ 16,450,610 ÷ 1,539,357 shares of beneficial interest issued and outstanding)	$	10.69
Class R6
Net asset value, offering price and redemption price per share, ($ 158,461 ÷ 14,852 shares of beneficial interest issued and outstanding)	$	10.67

See Notes to Financial Statements.

PGIM Real Estate Income Fund 23

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $16,744 foreign withholding tax)	$	562,781
Affiliated dividend income		5,594
Income from securities lending, net (including affiliated income of $24)		2,109
Total income		570,484
Expenses
Management fee		106,902
Distribution fee(a)		7,130
Custodian and accounting fees		67,784
Registration fees(a)		45,852
Audit fee		32,256
Shareholders’ reports		27,159
Legal fees and expenses		18,668
Transfer agent’s fees and expenses (including affiliated expense of $1,480)(a)		11,356
Trustees’ fees		11,089
Fund data services		6,679
Pricing fees		651
Miscellaneous		14,585
Total expenses		350,111
Less: Fee waiver and/or expense reimbursement(a)		(195,957	)
Distribution fee waiver(a)		(339	)
Net expenses		153,815
Net investment income (loss)		416,669
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		1,068,390
Foreign currency transactions		(12,492	)
		1,055,898
Net change in unrealized appreciation (depreciation) on:
Investments		1,676,402
Foreign currencies		52
		1,676,454
Net gain (loss) on investment and foreign currency transactions		2,732,352
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,149,021

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

	Class A			Class C			Class Z			Class R6
Distribution fee		2,031			5,099			—			—
Registration fees		12,746			12,747			13,087			7,272
Transfer agent’s fees and expenses		1,628			732			8,897			99
Fee waiver and/or expense reimbursement		(22,000	)		(19,175	)		(146,183	)		(8,599	)
Distribution fee waiver		(339	)		—			—			—

See Notes to Financial Statements.

24

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	416,669		$	409,264
Net realized gain (loss) on investment and foreign currency transactions		1,055,898			(145,447	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,676,454			(445,332	)
Net increase (decrease) in net assets resulting from operations		3,149,021			(181,515	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(26,656	)		(48,178	)
Class C		(15,965	)		(15,295	)
Class Z		(480,561	)		(483,553	)
Class R6		(4,594	)		(1,218	)
		(527,776	)		(548,244	)
Tax return of capital distributions
Class A		—			(6,561	)
Class C		—			(2,083	)
Class Z		—			(65,851	)
Class R6		—			(166	)
		—			(74,661	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		9,084,615			1,327,086
Net asset value of shares issued in reinvestment of dividends and distributions		525,036			614,269
Cost of shares reacquired		(2,047,899	)		(5,056,067	)
Net increase (decrease) in net assets from Fund share transactions		7,561,752			(3,114,712	)
Total increase (decrease)		10,182,997			(3,919,132	)
Net Assets:
Beginning of year		7,979,306			11,898,438
End of year	$	18,162,303		$	7,979,306

See Notes to Financial Statements.

PGIM Real Estate Income 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 anopen-end management investment company. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMALarge-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 arenon-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM Real Estate Income Fund (the “Fund”).

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, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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.

26

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the 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

PGIM Real Estate Income Fund 27

Notes to Financial Statements(continued)

most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Illiquid Securities: Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

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

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

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

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

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

28

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 forward currency 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 all or a portion 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 toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-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.

Rights: The Fund held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Fund until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

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

PGIM Real Estate Income Fund 29

Notes to Financial Statements(continued)

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”.

Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs):The Fund invested 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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. 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.

30

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

Dividends and Distributions:The Fund expects to pay dividends from net investment income 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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-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 the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager 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. The Manager 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.

The Manager 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. The Manager 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.

PGIM Real Estate Income Fund 31

Notes to Financial Statements(continued)

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.80% of the Fund’s average daily net assets up to and including $1 billion, 0.78% of the next $2 billion, 0.76% of the next $2 billion, 0.75% of the next $5 billion and 0.74% of the Fund’s average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.80% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 28, 2021, 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 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. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class 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 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 28, 2021 to limit such fees to 0.25% of the average daily net assets of Class A shares.

For the year ended October 31, 2019, PIMS received $12,763 infront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders. From these fees, PIMS paid such sales charges to

32

broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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 Trust’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. For the year ended October 31, 2019, no17a-7 transactions were entered into by the Fund.

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, 2019, were $41,873,606 and $34,391,965, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

PGIM Real Estate Income Fund 33

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*
$    34,101	$	16,701,584	$	15,990,988	$	—	$	—	$	744,697		744,697	$	5,594
PGIM Institutional Money Market Fund*
4		1,000,135		645,866		—		—		354,273		354,202		24	**
$    34,105	$	17,701,719	$	16,636,854	$	—	$	—	$	1,098,970			$	5,618

* 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 theex-date.

For the year ended October 31, 2019, the tax character of dividends paid by the Fund was $527,776 of ordinary income. For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $548,244 of ordinary income $74,661 of tax return of capital.

As of October 31, 2019, the accumulated undistributed earnings on a tax basis was $737,147 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of October 31, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$18,028,264	$1,193,588	$(143,325)	$1,050,263

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.

The Fund utilized approximately $640,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2019.

34

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after 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 of the Fund 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, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,211 Class C shares, 631,635 Class Z shares and 1,238 Class R6 shares of the Fund. At reporting period end, three shareholders of record, each holding greater than 5% of the Fund, held 90% of the Fund’s outstanding shares, of which 37% were held by an affiliate of Prudential.

PGIM Real Estate Income Fund 35

Notes to Financial Statements(continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		42,526		$	417,140
Shares issued in reinvestment of dividends and distributions		2,679			25,672
Shares reacquired		(31,794	)		(294,954	)
Net increase (decrease) in shares outstanding before conversion		13,411			147,858
Shares issued upon conversion from other share class(es)		1,443			14,218
Net increase (decrease) in shares outstanding		14,854		$	162,076
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	)
Class C
Year ended October 31, 2019:
Shares sold		32,053		$	291,635
Shares issued in reinvestment of dividends and distributions		1,676			15,965
Shares reacquired		(10,795	)		(94,916	)
Net increase (decrease) in shares outstanding before conversion		22,934			212,684
Shares reacquired upon conversion into other share class(es)		(1,442	)		(14,218	)
Net increase (decrease) in shares outstanding		21,492		$	198,466
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
Class Z
Year ended October 31, 2019:
Shares sold		864,219		$	8,266,388
Shares issued in reinvestment of dividends and distributions		48,986			478,805
Shares reacquired		(165,877	)		(1,609,190	)
Net increase (decrease) in shares outstanding		747,328		$	7,136,003
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	)

36

Class R6	Shares			Amount
Year ended October 31, 2019:
Shares sold		11,145		$	109,452
Shares issued in reinvestment of dividends and distributions		474			4,594
Shares reacquired		(4,780	)		(48,839	)
Net increase (decrease) in shares outstanding		6,839		$	65,207
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

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 table below provides details of the current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent

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

The Fund utilized the SCA during the year ended October 31, 2019. The average daily balance for the 2 days that the Fund had loans outstanding during the period was approximately $165,000, borrowed at a weighted average interest rate of 3.65%. The maximum loan outstanding amount during the period was $165,000. At October 31, 2019, the Fund did not have an outstanding loan amount.

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:

PGIM Real Estate Income Fund 37

Notes to Financial Statements(continued)

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.

Market and Credit Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-diversification Risk: Anon-diversified Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in anon-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 anon-diversified fund.

Risks of Investing in equity REITs: Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of payments that occur earlier or later than expected, and such loans may also includeso-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

38

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

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM Real Estate Income Fund 39

Financial Highlights

Class A Shares
	Year Ended October 31,												June 3, 2015(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.76			$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.28			0.34			0.39			0.24			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.97			(0.63	)		0.05			0.39			(0.38	)
Total from investment operations		2.25			(0.29	)		0.44			0.63			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.50	)		(0.48	)		(0.56	)		(0.16	)
Tax return of capital distributions		-			(0.07	)		-			-			-
Total dividends and distributions		(0.35	)		(0.57	)		(0.48	)		(0.56	)		(0.16	)
Net asset value, end of period		$10.66			$8.76			$9.62			$9.66			$9.59
Total Return(c):		26.26%			(3.15	)%		4.60%			6.92%			(2.55	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$915			$621			$914			$637			$33
Average net assets (000)		$677			$878			$744			$186			$24
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.35%			1.36%			1.35%			1.35%			1.36%	(f)
Expenses before waivers and/or expense reimbursement		4.65%			4.85%			3.30%			3.37%			9.50%	(f)
Net investment income (loss)		2.91%			3.73%			4.00%			2.45%			3.15%	(f)
Portfolio turnover rate(g)		257%			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) 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) Annualized.

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

See Notes to Financial Statements.

40

Class C Shares
	Year Ended October 31,												June 3, 2015(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.76			$9.62			$9.66			$9.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.27			0.32			0.19			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.97			(0.63	)		0.05			0.38			(0.40	)
Total from investment operations		2.18			(0.36	)		0.37			0.57			(0.29	)
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.44	)		(0.41	)		(0.49	)		(0.13	)
Tax return of capital distributions		-			(0.06	)		-			-			-
Total dividends and distributions		(0.28	)		(0.50	)		(0.41	)		(0.49	)		(0.13	)
Net asset value, end of period		$10.66			$8.76			$9.62			$9.66			$9.58
Total Return(c):		25.34%			(3.85)%			3.83%			6.22%			(2.91)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$639			$336			$293			$321			$13
Average net assets (000)		$510			$314			$309			$151			$11
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.10%			2.11%			2.10%			2.10%			2.13%	(f)
Expenses before waivers and/or expense reimbursement		5.86%			8.85%			4.00%			4.78%			10.11%	(f)
Net investment income (loss)		2.21%			2.98%			3.29%			1.98%			2.87%	(f)
Portfolio turnover rate(g)		257%			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) 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) Annualized.

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 41

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31,												June 3, 2015(a) through October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.78			$9.62			$9.66			$9.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.39			0.40			0.38			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.98			(0.64	)		0.06			0.28			(0.41	)
Total from investment operations		2.29			(0.25	)		0.46			0.66			(0.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.52	)		(0.50	)		(0.59	)		(0.16	)
Tax return of capital distributions		-			(0.07	)		-			-			-
Total dividends and distributions		(0.38	)		(0.59	)		(0.50	)		(0.59	)		(0.16	)
Net asset value, end of period		$10.69			$8.78			$9.62			$9.66			$9.59
Total Return(c):		26.62%			(2.70	)%		4.85%			7.19%			(2.47	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$16,451			$6,951			$10,681			$5,512			$4,886
Average net assets (000)		$12,060			$8,632			$8,961			$5,008			$4,868
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.10%			0.98%			1.10%			1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		2.31%			2.81%			2.96%			4.85%			8.98%	(f)
Net investment income (loss)		3.17%			4.25%			4.17%			3.98%			4.08%	(f)
Portfolio turnover rate(g)		257%			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) 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) Annualized.

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

See Notes to Financial Statements.

42

Class R6 Shares
	Year Ended October 31,						December 28, 2016(a) through October 31,
	2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$8.76			$9.62			$9.33
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.25			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.98			(0.52	)		0.38
Total from investment operations		2.29			(0.27	)		0.69
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)		(0.50	)		(0.40	)
Tax return of capital distributions		-			(0.09	)		-
Total dividends and distributions		(0.38	)		(0.59	)		(0.40	)
Net asset value, end of period		$10.67			$8.76			$9.62
Total Return(c):		26.54%			(2.92	)%		7.43%
Ratios/Supplemental Data:
Net assets, end of period (000)		$158			$70			$11
Average net assets (000)		$115			$17			$11
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.10%			1.10%			1.10%	(f)
Expenses before waivers and/or expense reimbursement		8.55%			91.97%			2.79%	(f)
Net investment income (loss)		3.15%			2.70%			3.78%	(f)
Portfolio turnover rate(g)		257%			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) 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) Annualized.

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 43

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Real Estate Income Fund and Board of Trustees

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, a series of Prudential Investment Portfolios 9, (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period ended October 31, 2019, 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, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years in thetwo-year period ended October 31, 2019, 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, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies 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 16, 2019

44

Federal Income Tax Information(unaudited)

For the year ended October 31, 2019, the Fund reports the maximum amount allowable, but not less than 12.20% 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 2020, 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 2019.

PGIM Real Estate Income Fund 45

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 theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth 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 3/11/58 Board Member Portfolios Overseen: 96	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 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-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 (May2003-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

PGIM Real Estate Income Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	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
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	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.	Formerly Director, Manulife Trust Company (2011-2018); 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 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	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 Date of Birth 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 9/29/62 Board Member Portfolios Overseen: 95	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, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	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
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	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

PGIM Real Estate Income Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	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

Interested Board Members
Name Date of Birth 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 10/5/62 Board Member & President Portfolios Overseen: 96	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 Date of Birth 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 5/21/73 Board Member & Vice President Portfolios Overseen:96	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

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 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

PGIM Real Estate Income Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) 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 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) 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
Jonathan D. Shain 8/9/58 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 10/14/74 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
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 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

^(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.

∎ “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 High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Real Estate Income Fund

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 eleven 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”).² 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 May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, 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.

²  Grace C. Torres was an Interested Trustee of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Trustee of the Fund.

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 May 30, 2019 and onJune 11-13, 2019.

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 noted that PGIM Real Estate is affiliated with PGIM Investments. 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 and PGIM Investments’ role as the administrator for the Fund’s liquidity risk management program. 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 theday-to-day management of the

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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 the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Real Estate, and PGIM.

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, 2018 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

PGIM Real Estate Income 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 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 factors and made related conclusions relating to the historical performance of the Fund for theone- and three-year periods ended December 31, 2018. 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, 2018. 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 provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, 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 net performance comparisons (which 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.

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

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

• The Board considered PGIM Investments’ assertion that the Fund’s focus on providing an attractive yield for investors, and the Fund’s corresponding focus on higher yielding securities in comparison to the funds in the Peer Universe, rendered peer relative comparisons less useful. In this regard, the Board noted information provided by PGIM Investments indicating that the Fund’s12-month yield as of December 31, 2018 placed the Fund in the top 5% of all funds in the Peer Universe.

• The Board also considered that the Fund outperformed its benchmark index over theone- and three-year periods and ranked in the first and second quartile of its Peer Universe over theone- and three-year periods, respectively, ended March 31, 2019.

• The Board considered that the Fund commenced investment operations on June 3, 2015 and that longer-term performance was not yet available.

• 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 29, 2020.

• In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

PGIM Real Estate Income Fund

Approval of Advisory Agreements(continued)

• 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 longer-term 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.

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s 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• Brian K. Reid• Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

MF228E

PGIM SELECT REAL ESTATE FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

Objective:Capital appreciation and income

Highlights(unaudited)

• The Fund outperformed the FTSE EPRA/NAREIT Developed Index during the reporting period. All three regions represented in the Fund (North America, Europe, and Asia) outperformed on a relative basis, with North America being the main driver of outperformance. Security selection across all regions was notably positive while asset allocation had a marginally favorable impact.

• Within North America, several factors were responsible for the outperformance, including favorable security selection and an overweight position to the industrial sector, positive stock selection in health care, an underweight position to the mall sector, and favorable security selection and an underweight position to the hotels sector. The shopping center, specialty housing, office, and Triple net sectors also outperformed on a relative basis due to positive stock picking.

• Europe performed well on a relative basis, largely due to positive stock selection in the UK and Germany. The Fund’s underweight position to France also contributed to relative performance. No individual country within the region meaningfully detracted from relative performance for the period.

• Asia also outperformed relative to the Index. Despite unfavorable security selection in Japan, the region performed well due to the positive impact of favorable security selection in Australia, Hong Kong, and Singapore.

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 Real Estate is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2019 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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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	15
Holdings and Financial Statements	17
Approval of Advisory Agreements

PGIM Select Real Estate Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM Select Real Estate Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall, large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits. Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the 10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 scale and investment expertise allow 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 16, 2019

PGIM Select Real Estate Fund 5

Your Fund’s Performance(unaudited)

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

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Five Years (%)	Since Inception (%)
Class A	25.34	7.55	7.78 (8/1/14)
Class C	30.59	7.93	8.11 (8/1/14)
Class Z	33.02	9.03	9.21 (8/1/14)
Class R6	33.02	9.02	9.20 (8/1/14)
FTSE EPRA/NAREIT Developed Index
	20.29	5.97	5.96
S&P 500 Index
	14.31	10.77	11.27

	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Five Years (%)	Since Inception (%)
Class A	32.64	8.77		8.95 (8/1/14)
Class C	31.59	7.93		8.11 (8/1/14)
Class Z	33.02	9.03		9.21 (8/1/14)
Class R6	33.02	9.02		9.20 (8/1/14)
FTSE EPRA/NAREIT Developed Index
	20.29	5.97		5.96
S&P 500 Index
	14.31	10.77		11.27

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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, 2019) 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.

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

PGIM Select Real Estate Fund 7

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 the original purchase price or the 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

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.

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.

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Presentation of Fund Holdingsas of 10/31/19

Ten Largest Holdings	Line of Business	% of Net Assets
Americold Realty Trust	Industrial REITs	4.8%
AvalonBay Communities, Inc.	Residential REITs	4.5%
Rexford Industrial Realty, Inc.	Industrial REITs	3.9%
Equity LifeStyle Properties, Inc.	Residential REITs	3.4%
Camden Property Trust	Residential REITs	3.2%
Spirit Realty Capital, Inc.	Retail REITs	3.2%
Goodman Group (Australia)	Industrial REITs	2.9%
Segro PLC (United Kingdom)	Industrial REITs	2.8%
Prologis, Inc.	Industrial REITs	2.8%
Link REIT (Hong Kong)	Retail REITs	2.7%

For a complete list of holdings, please refer to the Schedule of Investments section of this report. Holdings reflect only long-term Investments.

PGIM Select Real Estate Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM Select Real Estate Fund’s Class Z shares returned 33.02% in the 12-month reporting period that ended October 31, 2019, outperforming the 20.29% return of the FTSE EPRA/NAREIT Developed Index (the Index).

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

• Conditions in the US real estate investment trust (REIT) market during the reporting period were highly favorable, as global economic uncertainty and persistently low long-term interest rates increased the relative attractiveness of the US REIT market as both a safe-haven asset class and reliable source of income. In addition, fundamentals in the commercial real estate markets remained strong, with peak occupancies in most property types and steady rent growth. As a result, the US REIT market produced a 24% total return during the period. Declining debt costs and improved equity valuations allowed REITs to increase equity issuances and make accretive acquisitions. Still, return dispersion remained wide, as property types best exposed to secular demand trends outperformed, specifically industrial and manufactured housing. Conversely, property types exposed to challenging demand trends and rising capital needs lagged, most notably the malls and office sectors. On average, the US REIT market was trading at an 8% premium to net asset value (NAV) at the end of the period, which PGIM Real Estate viewed as appropriate given the macroeconomic backdrop.

• The European real estate market’s total return during the period was positive. However, political risk hovered over the European region, especially in the United Kingdom (UK) where Brexit news dominated headlines as the UK continued to negotiate an exit from the European Union. Finland was the best-performing market, lifted by a strong multifamily residential sector performance. Belgium, Switzerland, Sweden, and Spain were also leading performers during the period. The UK real estate market’s return was in line with the European average. However, it underperformed for most of the period and saw a bounce only in October 2019 when a potential Brexit deal was announced. The core European real estate markets of Germany and France both lagged the European average. Germany suffered from the threat of growing regulation in the multifamily residential sector, and France was negatively impacted by the poor performance of the retail sector that dominates its index. Only the real estate market of the Netherlands showed a negative total return for the period, again as a result of the dominance of retail stocks in its index. The low interest-rate environment persisted in the eurozone longer than investors had originally anticipated, sending bond yields to record lows and maintaining pressure on capitalization rates (i.e., the rate of return expected to be generated on a real estate investment property) across the region, especially for core properties in the more liquid markets. Foreign investor demand was strong, and rental growth momentum was robust in the major continental markets, though some investor concerns were growing as capitalization rates reached new record lows in these markets late in the real estate cycle.

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• Asia-Pacific real estate equities walked a tightrope during the period, with global economic growth subject to the outcome of the US-China trade conflict. This conflict has diminished trade flows, which has negatively affected consumption, exports, manufacturing, and ultimately investments. While interest-rate guidance during the latter half of the period turned dovish, markets continued to focus on potential signs of weakness in global economic growth. Amid the macro concerns, the region’s REIT markets outperformed the developers due to their defensiveness and income stability. Japanese REITs led the pack, supported by the robust class-A office sector in Tokyo and the continued accommodative monetary policy by the Bank of Japan. Similarly, investors favored Singapore REITs’ perceived defensive income payout. The numerous accretive equity raisings were well received throughout the period. Australian REITs underperformed, as economic concerns overshadowed the benefits of the cash rate cuts by the Reserve Bank of Australia. In the developer space, Singapore developers fared better than Japanese and Hong Kong developers during the period, despite cooling measures and global economic uncertainty. Japanese developers were helped by healthy condominium sales and positive office rent reversions, but performance was negatively affected by a murky economic outlook. Hong Kong developers remained in a tight spot, facing severe economic and political headwinds after months of civil unrest and the U.S.-China trade war. Residential prices fell 6.0% from their peak at the end of June 2019 through the end of the period, following an uninterrupted run-up since 2003.

What worked and didn’t work?

• The Fund outperformed the Index during the reporting period. All three regions represented in the Fund (North America, Europe, and Asia) outperformed on a relative basis, with North America being the main driver of outperformance. Security selection across all regions was notably positive while asset allocation had a marginally favorable impact.

• Within North America, several factors were responsible for the outperformance, including favorable security selection and an overweight position to the industrial sector, positive stock selection in health care, an underweight position to the mall sector, and favorable security selection and an underweight position to the hotels sector. The shopping center, specialty housing, office, and Triple net sectors also outperformed on a relative basis due to positive stock picking.

• Europe performed well on a relative basis, largely due to positive stock selection in the UK and Germany. The Fund’s underweight position to France also contributed to relative performance. No individual country within the region meaningfully detracted from relative performance for the period.

• Asia also outperformed relative to the Index. Despite unfavorable security selection in Japan, the region performed well due to the positive impact of favorable security selection in Australia, Hong Kong, and Singapore.

PGIM Select Real Estate Fund 11

Strategy and Performance Overview(continued)

Current outlook

• Strength in US REITs during the reporting period drove the Index to an all-time high, trading at an 8% premium to NAV at the end of the period. While this premium is much richer than the 2.6% discount averaged over the trailing five years, it is more consistent with the 4.7% average premium over the last 10 years. Moreover, when looking at comparable macro environments (sub-2% 10-year US Treasury yields and modest economic growth), the US REIT market has averaged double-digit NAV premiums. As such, PGIM Real Estate viewed the valuation of the REIT market at the end of the period as reasonable, with potential upside to come if current macroeconomic conditions are sustained. As mentioned earlier, declining debt costs and improved equity valuations have allowed REITs to increase equity issuances and make accretive acquisitions. The US REIT market has seen a substantial amount of secondary offerings. In addition, REITs remained active issuers of new equity through “at the market,” or ATM, programs, which provide REITs an efficient means of raising capital over time by allowing a company to tap into the existing trading market for its shares on an as-and-when-needed basis. Despite the average premium in the US, many REITs were still trading at sizable NAV discounts at the end of the period, presenting an opportunity, in PGIM Real Estate’s view, for mergers and acquisitions (M&A) through both privatizations and REIT consolidation. In addition, private equity remained highly active. PGIM Real Estate sees health care REITs as well positioned, given a growing source of demand based on demographics and a healthy external growth opportunity set. Conversely, hotel REITs are likely to see a more challenged environment as corporations look to cut back on travel budgets in the increasingly uncertain economic backdrop. In addition, PGIM Real Estate has increased the Fund’s exposure to manufactured housing based on sector-leading cash flow growth and limited supply additions. The industrial sector has continued to benefit from the secular demand shift toward e-commerce. With continued weakness in the retail sector, PGIM Real Estate expected additional tenant bankruptcies to weigh on cash flows and valuations and therefore maintained a Fund underweight to the sector.

• The outlook for the continental European real estate sector remains generally positive in terms of real estate fundamentals, but the growth outlook for the region as a whole remains subdued. Monetary policy in the eurozone remains loose, with potential interest-rate increases pushed back well into 2020 and the European Central Bank resuming quantitative easing. The discounts to private market values in Europe narrowed with the market rebound during the last two months of the period, but they still remained appealing with Europe trading overall at an average 7% one-year forward discount to NAV at the end of the period and with an average one-year forward dividend yield of 4.2%. The valuation divergence between the UK and the continent narrowed following the progress made on Brexit negotiations, with the continent on a 6% average discount-to-forward NAV and the UK at a 9% average discount. PGIM Real Estate believes caution is still warranted in the UK retail and London office sectors. The potential for surprises and

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volatility remain on the path to a Brexit agreement, and there are major structural challenges posed by the oversupply of physical retail in the UK. Investor demand for real estate from private capital remains solid, helping to support private market valuations as previous cycle peaks on both rents and values in many of the more liquid core markets are approached or exceeded. New supply, while increasing in markets and sectors where vacancy is tight and rental growth fundamentals are improving, generally remains able to be absorbed. On a sector basis, PGIM Real Estate remains cautious on the structural challenges facing retail stocks and continues to look for ways of increasing the Fund’s exposure to the booming logistics sector that is benefiting from the same structural trends favoring online retail. The retail sector in the UK especially has demonstrated an accelerating fall in rents and values, and this process is now underway throughout Europe. While retail share prices rebounded off their lows during the last two months of the period, M&A attempts have thus far failed to close the remaining significant discounts, and structural challenges have shown few signs of easing.

• Asia offers attractive, risk-adjusted real estate returns, supported by strong fundamentals and yield compression from potentially lower interest rates. With three Federal Reserve (Fed) rate cuts in the US during the period, interest-rate pressure in Singapore and Hong Kong moderated as the Fed offered guidance for a more balanced rate outlook after the third cut. In addition, the Reserve Bank of Australia has begun its path of rate cuts, while the Bank of Japan is maintaining zero interest rates. PGIM Real Estate believes the following themes could be in focus in the coming months: (1) trade war continuation, (2) lower bond yield impact on REITs, (3) supply constraints in prime Singapore/Hong Kong/Sydney offices, (4) attractive yield spread (for Japanese REITs), and (5) political developments in Hong Kong. Markets remain vulnerable, with global growth subject to the outcome of the trade conflict. Within individual sectors, a sharper rise in sovereign bond yields could negatively impact regional REIT valuations. An intensification of the trade conflict between the US and China also could materially hurt the economic prospects of the region.

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

Top Contributors (%)		Top Detractors (%)
Americold Realty Trust	2.16	Covivio SA	–0.23
Simon Property Group Inc.	1.34	New World Development Co. Ltd.	–0.25
Rexford Industrial Realty Inc.	1.03	Macerich Co.	–0.39
MedEquities Realty Trust Inc.	0.94	Hibernia REIT PLC	–0.40
Equity LifeStyle Properties Inc.	0.90	Prologis Inc.	–0.64

PGIM Select Real Estate Fund 13

Comments on Largest Holdings(unaudited)

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.

4.5% AvalonBay Communities, Inc.,Residential REITs

AvalonBay Communities develops, redevelops, acquires, owns, and operates multifamily communities in the US.

3.9% Rexford Industrial Realty, Inc.,Industrial REITs

Rexford Industrial Realty specializes in acquiring, owning, and operating industrial properties in Southern California markets.

3.4% Equity Lifestyle Properties, Inc.,Residential REITs

Equity LifeStyle Properties owns an interest in communities in the US and western Canada, acquiring properties such as camping grounds and seasonal resort communities.

3.2% Camden Property Trust,Residential REITs

Camden Property Trust is a self-administered and self-managed REIT that owns and operates multifamily apartment communities and serves customers in the US.

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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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the 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 15

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, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,131.80		1.30	%	$	6.99
	Hypothetical	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Class C	Actual	$	1,000.00	$	1,127.10		2.05	%	$	10.99
	Hypothetical	$	1,000.00	$	1,014.87		2.05	%	$	10.41
Class Z	Actual	$	1,000.00	$	1,133.00		1.05	%	$	5.65
	Hypothetical	$	1,000.00	$	1,019.91		1.05	%	$	5.35
Class R6	Actual	$	1,000.00	$	1,133.30		1.05	%	$	5.65
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

16 Visit our website at pgiminvestments.com

Schedule of Investments

as of October 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.2%
COMMON STOCKS    98.2%
Diversified Real Estate Activities    6.4%
Henderson Land Development Co. Ltd. (Hong Kong)		72,000	$	359,173
Mitsubishi Estate Co. Ltd. (Japan)		12,417		240,822
Mitsui Fudosan Co. Ltd. (Japan)		27,918		714,155
Sun Hung Kai Properties Ltd. (Hong Kong)		32,500		489,106
				1,803,256
Diversified REITs    4.7%
American Assets Trust, Inc.		11,183		547,520
Essential Properties Realty Trust, Inc.		14,894		382,180
Merlin Properties Socimi SA (Spain)		27,645		406,965
				1,336,665
Health Care REITs    8.9%
CareTrust REIT, Inc.		26,850		650,844
Healthpeak Properties, Inc.		14,549		547,333
Medical Properties Trust, Inc.		32,638		676,586
Welltower, Inc.		7,022		636,825
				2,511,588
Hotel & Resort REITs    4.1%
Invincible Investment Corp. (Japan)		1,044		659,801
MGM Growth Properties LLC (Class A Stock)		16,269		507,755
				1,167,556
Industrial REITs    28.3%
Americold Realty Trust		33,769		1,353,799
First Industrial Realty Trust, Inc.		12,146		511,468
Goodman Group (Australia)		82,332		816,847
Mapletree Logistics Trust (Singapore)		468,877		578,269
Mitsui Fudosan Logistics Park, Inc. (Japan)		141		587,690
Prologis, Inc.		8,943		784,838
Rexford Industrial Realty, Inc.		23,354		1,123,094
Segro PLC (United Kingdom)		71,890		786,402
STAG Industrial, Inc.		21,247		659,507
Summit Industrial Income (Canada)*		34,467		334,961
Summit Industrial Income (Canada)(XTSE)		49,253		477,908
				8,014,783

See Notes to Financial Statements.

PGIM Select Real Estate Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
IT Consulting & Other Services    1.7%
InterXion Holding NV (Netherlands)*		5,498	$	485,034
Office REITs    7.5%
Cousins Properties, Inc.		12,669		508,407
Hudson Pacific Properties, Inc.		14,580		523,714
JBG SMITH Properties		9,247		372,284
Nippon Building Fund, Inc. (Japan)		93		704,940
				2,109,345
Real Estate Operating Companies    7.2%
Deutsche Wohnen SE (Germany)		13,204		496,214
Fabege AB (Sweden)		37,690		561,638
Kojamo OYJ (Finland)		33,993		575,329
LEG Immobilien AG (Germany)		3,595		412,655
				2,045,836
Residential REITs    17.9%
AvalonBay Communities, Inc.		5,815		1,265,693
Camden Property Trust		7,876		900,778
Canadian Apartment Properties (Canada)		7,987		332,554
Equity LifeStyle Properties, Inc.		13,920		973,565
Ingenia Communities Group (Australia)		176,420		534,650
InterRent Real Estate Investment Trust (Canada)		39,363		466,522
Irish Residential Properties PLC (Ireland)		296,249		579,237
				5,052,999
Retail REITs    9.7%
Frasers Centrepoint Trust (Singapore)		342,200		691,412
Link REIT (Hong Kong)		70,290		765,272
Realty Income Corp.		4,737		387,439
Spirit Realty Capital, Inc.		18,060		900,110
				2,744,233
Specialized REITs    1.8%
Extra Space Storage, Inc.		4,566		512,625
TOTAL COMMON STOCKS (cost $24,994,003)				27,783,920

See Notes to Financial Statements.

18

Description	Shares		Value
RIGHTS*    0.0%
Retail REITs
Mapletree Commercial Trust (Singapore), expiring 11/08/19 (cost $0)		44,261	$	2,854
TOTAL LONG-TERM INVESTMENTS (cost $24,994,003)				27,786,774
SHORT-TERM INVESTMENT    2.0%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $560,924)(w)		560,924		560,924
TOTAL INVESTMENTS    100.2% (cost $25,554,927)				28,347,698
Liabilities in excess of other assets    (0.2)%				(46,235	)
NET ASSETS    100.0%			$	28,301,463

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

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

XTSE—Toronto Stock Exchange

* Non-income producing security.

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

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of October 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Australia	$	—	$	1,351,497	$	—
Canada		1,611,945		—		—
Finland		—		575,329		—
Germany		—		908,869		—

See Notes to Financial Statements.

PGIM Select Real Estate Fund 19

Schedule of Investments(continued)

as of October 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Hong Kong	$	—	$	1,613,551	$	—
Ireland		—		579,237		—
Japan		—		2,907,408		—
Netherlands		485,034		—		—
Singapore		—		1,269,681		—
Spain		—		406,965		—
Sweden		—		561,638		—
United Kingdom		—		786,402		—
United States		14,726,364		—		—
Rights
Singapore		—		2,854		—
Affiliated Mutual Fund		560,924		—		—
Total	$	17,384,267	$	10,963,431	$	—

Sector Classification:

The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2019 were as follows (unaudited):

Industrial REITs	28.3	%
Residential REITs	17.9
Retail REITs	9.7
Health Care REITs	8.9
Office REITs	7.5
Real Estate Operating Companies	7.2
Diversified Real Estate Activities	6.4
Diversified REITs	4.7
Hotel & Resort REITs	4.1

Affiliated Mutual Fund	2.0	%
Specialized REITs	1.8
IT Consulting & Other Services	1.7
	100.2
Liabilities in excess of other assets	(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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. 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, 2019 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

20

	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
Equity contracts	Unaffiliated investments	$	2,854	—	$	—

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2019 are as follows:

For the year ended October 31, 2019, the Fund did not have any net realized gain (loss) on derivatives 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	Rights(1)
Equity contracts	$	2,854

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

See Notes to Financial Statements.

PGIM Select Real Estate Fund 21

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $24,994,003)	$	27,786,774
Affiliated investments (cost $560,924)		560,924
Foreign currency, at value (cost $45,510)		45,510
Receivable for Fund shares sold		191,819
Receivable for investments sold		139,216
Dividends receivable		42,592
Tax reclaim receivable		3,374
Prepaid expenses		808
Total Assets		28,771,017
Liabilities
Payable for investments purchased		345,747
Payable for Fund shares reacquired		70,462
Accrued expenses and other liabilities		42,310
Management fee payable		8,938
Distribution fee payable		1,147
Affiliated transfer agent fee payable		950
Total Liabilities		469,554
Net Assets	$	28,301,463
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,165
Paid-in capital in excess of par		24,635,256
Total distributable earnings (loss)		3,664,042
Net assets, October 31, 2019	$	28,301,463

See Notes to Financial Statements.

22

Class A
Net asset value and redemption price per share, ($4,446,583 ÷ 337,432 shares of beneficial interest issued and outstanding)	$	13.18
Maximum sales charge (5.50% of offering price)		0.77
Maximum offering price to public	$	13.95
Class C
Net asset value, offering price and redemption price per share,
($350,920 ÷ 26,923 shares of beneficial interest issued and outstanding)	$	13.03
Class Z
Net asset value, offering price and redemption price per share,
($6,366,135 ÷ 482,329 shares of beneficial interest issued and outstanding)	$	13.20
Class R6
Net asset value, offering price and redemption price per share,
($17,137,825 ÷ 1,318,619 shares of beneficial interest issued and outstanding)	$	13.00

See Notes to Financial Statements.

PGIM Select Real Estate Fund 23

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $18,446 foreign withholding tax)	$	349,192
Affiliated dividend income		8,872
Income from securities lending, net (including affiliated income of $70)		131
Total income		358,195
Expenses
Management fee		109,708
Distribution fee(a)		11,100
Custodian and accounting fees		64,789
Registration fees(a)		51,728
Audit fee		34,875
Shareholders’ reports		27,752
Legal fees and expenses		19,079
Trustees’ fees		11,103
Transfer agent’s fees and expenses (including affiliated expense of $4,850)(a)		7,387
Miscellaneous		19,897
Total expenses		357,418
Less: Fee waiver and/or expense reimbursement(a)		(202,326	)
Distribution fee waiver(a)		(1,603	)
Net expenses		153,489
Net investment income (loss)		204,706
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		884,750
Foreign currency transactions		(7,055	)
		877,695
Net change in unrealized appreciation (depreciation) on:
Investments		2,856,475
Foreign currencies		(44	)
		2,856,431
Net gain (loss) on investment and foreign currency transactions		3,734,126
Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,938,832

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

	Class A			Class C			Class Z			Class R6
Distribution fee		9,615			1,485			—			—
Registration fees		12,597			12,597			13,937			12,597
Transfer agent’s fees and expenses		4,807			230			2,283			67
Fee waiver and/or expense reimbursement		(54,246	)		(14,379	)		(29,158	)		(104,543	)
Distribution fee waiver		(1,603	)		—			—			—

See Notes to Financial Statements.

24

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	204,706		$	136,475
Net realized gain (loss) on investment and foreign currency transactions		877,695			334,051
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		2,856,431			(380,990	)
Net increase (decrease) in net assets resulting from operations		3,938,832			89,536
Dividends and Distributions
Distributions from distributable earnings
Class A		(105,398	)		(31,115	)
Class C		(2,117	)		(1,166	)
Class Z		(22,724	)		(3,847	)
Class R6		(276,839	)		(160,410	)
		(407,078	)		(196,538	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		16,624,282			2,829,409
Net asset value of shares issued in reinvestment of dividends and distributions		407,047			196,537
Cost of shares reacquired		(964,311	)		(628,179	)
Net increase (decrease) in net assets from Fund share transactions		16,067,018			2,397,767
Total increase (decrease)		19,598,772			2,290,765
Net Assets:
Beginning of year		8,702,691			6,411,926
End of year	$	28,301,463		$	8,702,691

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 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”).

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, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reporting year-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.

26

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 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

PGIM Select Real Estate Fund 27

Notes to Financial Statements(continued)

most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

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

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

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

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

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

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

28

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 forward currency 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 all or a portion 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.

Rights:The Fund held rights acquired either through a direct purchase or pursuant to corporate actions. Rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such rights are held as long positions by the Fund until exercised, sold or expired. Rights are valued at fair value in accordance with the Board approved fair valuation procedures.

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.

PGIM Select Real Estate Fund 29

Notes to Financial Statements(continued)

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 invested 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, or for certain foreign securities, when the Fund becomes aware of such dividends. 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.

Tax reform legislation commonly referred to as the Tax Cuts and Jobs Act permits a direct REIT shareholder to claim a 20% “qualified business income” deduction for ordinary REIT dividends. The tax legislation did not expressly permit regulated investment companies

30

(“RICs”) paying dividends attributable to such income to pass through this special treatment to its shareholders. On January 18, 2019, the Internal Revenue Service issued final regulations that permit RICs to pass through “qualified REIT dividends” to their shareholders.

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

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

2. Agreements

The Fund has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager 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. The Manager 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.

The Manager 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. The Manager 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 the Manager is accrued daily and payable monthly at an annual rate of 0.80% of the Fund’s average daily net assets up to and including $1 billion, 0.78% of the next $2 billion, 0.76% of the next $2 billion, 0.75% of the next $5 billion and

PGIM Select Real Estate Fund 31

Notes to Financial Statements(continued)

0.74% of the Fund’s average daily net assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.80% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 28, 2021, 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. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class 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 28, 2021 to limit such fees to 0.25% of the average daily net assets of the Class A shares.

For the year ended October 31, 2019, PIMS received $7,134 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

32

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 Trust’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 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. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the year ended October 31, 2019, no 17a-7 transactions were entered into by the Fund.

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, 2019, were $49,062,752 and $33,607,601, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended October 31, 2019, is presented as follows:

PGIM Select Real Estate Fund 33

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*
$	125,211	$	20,565,747	$	20,130,034	$	—	$	—	$	560,924		560,924	$	8,872
	PGIM Institutional Money Market Fund*
	—		752,463		752,463		—		—		—		—		70	**
$	125,211	$	21,318,210	$	20,882,497	$	—	$	—	$	560,924			$	8,942

* 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.

For the year ended October 31, 2019, the tax character of dividends paid by the Fund were $298,962 of ordinary income and $108,116 of long-term capital gains. For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $196,538 of ordinary income.

As of October 31, 2019, the accumulated undistributed earnings on a tax basis were $1,147,221 of ordinary income and $129,363 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, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$25,960,240	$2,505,419	$(117,961)	$2,387,458

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 Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax

34

authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after 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 of the Fund 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, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 264,546 Class A shares, 1,156 Class C shares, 1,204 Class Z shares and 1,318,348 Class R6 shares of the Fund. At reporting period end, six shareholders of record, each holding greater than 5% of the Fund, held 91% of the Fund’s outstanding shares, of which 73% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		132,295		$	1,594,096
Shares issued in reinvestment of dividends and distributions		9,974			105,367
Shares reacquired		(57,723	)		(654,383	)
Net increase (decrease) in shares outstanding		84,546		$	1,045,080
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

PGIM Select Real Estate Fund 35

Notes to Financial Statements(continued)

Class C	Shares			Amount
Year ended October 31, 2019:
Shares sold		21,221		$	249,773
Shares issued in reinvestment of dividends and distributions		204			2,117
Shares reacquired		(4	)		(47	)
Net increase (decrease) in shares outstanding		21,421		$	251,843
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	)
Class Z
Year ended October 31, 2019:
Shares sold		499,090		$	6,150,445
Shares issued in reinvestment of dividends and distributions		1,847			22,724
Shares reacquired		(24,885	)		(309,881	)
Net increase (decrease) in shares outstanding		476,052		$	5,863,288
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	)
Class R6
Year ended October 31, 2019:
Shares sold		706,723		$	8,629,968
Shares issued in reinvestment of dividends and distributions		26,210			276,839
Net increase (decrease) in shares outstanding		732,933		$	8,906,807
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

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 table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

36

	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund did not utilize the SCA during the year ended October 31, 2019.

8. Risks of Investing in the Fund

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

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.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-diversification Risk:A non-diversified 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

PGIM Select Real Estate Fund 37

Notes to Financial Statements(continued)

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

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

9. Recent Accounting Pronouncements and Reporting Updates

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

38

Financial Highlights

Class A Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.33			$10.54			$10.00			$10.71			$10.30
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.12			0.12			0.17			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.10			(0.08	)		0.76			(0.18	)		0.41
Total from investment operations		3.26			0.04			0.88			(0.01	)		0.50
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.25	)		(0.11	)		(0.28	)		-
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.41	)		(0.25	)		(0.34	)		(0.70	)		(0.09	)
Net asset value, end of year		$13.18			$10.33			$10.54			$10.00			$10.71
Total Return(b):		32.64%			0.37%			9.08%			0.01%			4.85%
Ratios/Supplemental Data:
Net assets, end of year (000)		$4,447			$2,612			$256			$185			$62
Average net assets (000)		$3,205			$1,645			$242			$119			$27
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.30%			1.30%			1.30%			1.33%			1.35%
Expenses before waivers and/or expense reimbursement		3.04%			4.02%			4.63%			4.81%			5.16%
Net investment income (loss)		1.36%			1.14%			1.15%			1.70%			0.86%
Portfolio turnover rate(e)		242%			202%			142%			158%			150%

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

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

(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 Select Real Estate Fund 39

Financial Highlights(continued)

Class C Shares
				Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.23			$10.44			$9.94			$10.60			$10.28
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.09			0.04			0.11			(0.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.08			(0.12	)		0.75			(0.18	)		0.44
Total from investment operations		3.14			(0.03	)		0.79			(0.07	)		0.41
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.18	)		(0.06	)		(0.17	)		-
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.34	)		(0.18	)		(0.29	)		(0.59	)		(0.09	)
Net asset value, end of year		$13.03			$10.23			$10.44			$9.94			$10.60
Total Return(b):		31.59%			(0.34	)%		8.11%			(0.63	)%		3.98%
Ratios/Supplemental Data:
Net assets, end of year (000)		$351			$56			$69			$59			$36
Average net assets (000)		$148			$64			$70			$48			$46
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.05%			2.05%			2.05%			2.08%			2.10%
Expenses before waivers and/or expense reimbursement		11.73%			29.08%			5.33%			5.64%			5.54%
Net investment income (loss)		0.54%			0.91%			0.36%			1.08%			(0.30	)%
Portfolio turnover rate(e)		242%			202%			142%			158%			150%

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

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

(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.

40

Class Z Shares
				Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.34			$10.56			$10.02			$10.74			$10.31
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.22			0.15			0.21			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.11			(0.16	)		0.76			(0.18	)		0.42
Total from investment operations		3.30			0.06			0.91			0.03			0.52
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.28	)		(0.14	)		(0.33	)		-
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.44	)		(0.28	)		(0.37	)		(0.75	)		(0.09	)
Net asset value, end of year		$13.20			$10.34			$10.56			$10.02			$10.74
Total Return(b):		33.02%			0.51%			9.32%			0.36%			5.04%
Ratios/Supplemental Data:
Net assets, end of year (000)		$6,366			$65			$154			$138			$107
Average net assets (000)		$1,621			$145			$148			$139			$39
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.05%			1.05%			1.05%			1.08%			1.10%
Expenses before waivers and/or expense reimbursement		2.85%			14.17%			4.35%			4.82%			5.16%
Net investment income (loss)		1.48%			2.07%			1.43%			2.09%			0.98%
Portfolio turnover rate(e)		242%			202%			142%			158%			150%

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

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

(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 Select Real Estate Fund 41

Financial Highlights(continued)

Class R6 Shares
	Year Ended October 31,
	2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.19			$10.40			$9.88			$10.63			$10.31
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.20			0.14			0.22			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.07			(0.13	)		0.75			(0.20	)		0.41
Total from investment operations		3.25			0.07			0.89			0.02			0.51
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		(0.28	)		(0.14	)		(0.35	)		(0.10	)
Distributions from net realized gains		(0.20	)		-			(0.23	)		(0.42	)		(0.09	)
Total dividends and distributions		(0.44	)		(0.28	)		(0.37	)		(0.77	)		(0.19	)
Net asset value, end of year		$13.00			$10.19			$10.40			$9.88			$10.63
Total Return(b):		33.02%			0.62%			9.25%			0.30%			5.01%
Ratios/Supplemental Data:
Net assets, end of year (000)		$17,138			$5,970			$5,932			$5,441			$5,423
Average net assets (000)		$8,739			$6,039			$5,687			$5,413			$5,288
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.05%			1.05%			1.05%			1.08%			1.10%
Expenses before waivers and/or expense reimbursement		2.25%			3.07%			4.02%			4.40%			4.51%
Net investment income (loss)		1.56%			1.89%			1.42%			2.18%			0.96%
Portfolio turnover rate(e)		242%			202%			142%			158%			150%

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

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

(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.

42

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Select Real Estate Fund and Board of Trustees

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, a series of Prudential Investment Portfolios 9, (the Fund), including the schedule of investments, as of October 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in thetwo-year period ended October 31, 2019, 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, 2019, 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 ended October 31, 2019, 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, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies 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, 2019

PGIM Select Real Estate Fund 43

Federal Income Tax Information(unaudited)

We are advising you that during the fiscal year ended October 31, 2019, the Fund reports the maximum amount allowed per share but not less than $0.13 for Class A, 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, 2019, the Fund reports the maximum amount allowable under Section 854 of the Internal Revenue Code, but not less than 23.30% of the ordinary income dividends paid during the year as qualified dividend income.

In January 2020, 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 2019.

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 theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth 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 3/11/58 Board Member Portfolios Overseen: 96	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 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-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 (May2003-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

PGIM Select Real Estate Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	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
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	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.	Formerly Director, Manulife Trust Company (2011-2018); 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 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	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 Date of Birth 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 9/29/62 Board Member Portfolios Overseen: 95	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, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	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
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	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

PGIM Select Real Estate Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	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

Interested Board Members
Name Date of Birth 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 10/5/62 Board Member & President Portfolios Overseen: 96	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 Date of Birth 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 5/21/73 Board Member & Vice President Portfolios Overseen:96	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

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 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

PGIM Select Real Estate Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) 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 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) 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
Jonathan D. Shain 8/9/58 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 10/14/74 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
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 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

^(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.

∎ “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 High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM Select Real Estate Fund

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 eleven 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”).² 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 Real Estate unit, and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, 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

¹  PGIM Select Real Estate Fund is a series of Prudential Investment Portfolios 9.

²  Grace C. Torres was an Interested Trustee of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Trustee of the Fund.

PGIM Select Real Estate Fund

Approval of Advisory Agreements(continued)

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 May 30, 2019 and on June11-13, 2019.

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 each of PGIM, which, through its PGIM Real Estate unit, and PGIML, 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 Real Estate and PGIML. The Board noted that PGIM Real Estate and PGIML are affiliated with PGIM Investments. 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, and PGIM Investments’ role as the administrator for the Fund’s liquidity risk management program. 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 Real Estate 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, 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, PGIM Real Estate and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Real Estate’s portfolio managers who are responsible for theday-to-day

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management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Real Estate’s, PGIM’s and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Real Estate, PGIM 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 Real Estate, PGIM and PGIML.

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, PGIM Real Estate 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. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2018 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 Select Real Estate Fund

Approval of Advisory Agreements(continued)

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 Real Estate and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Real Estate, 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), 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 and PGIML included their 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, PGIM Real Estate 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 factors and made related conclusions relating to the historical performance of the Fund for theone- and three-year periods ended December 31, 2018. 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, 2018. 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 provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, 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 net performance comparisons (which 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.

Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	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 all periods.

• The Board considered that the Fund commenced investment operations on August 1, 2014 and that longer-term performance was not yet available.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total 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 29, 2020.

• In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• 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	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• Brian K. Reid• Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso, Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

To receive your mutual fund documents online, go topgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time byvisiting 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 Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

MF223E    

PGIM INTERNATIONAL BOND FUND

ANNUAL REPORT

OCTOBER 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

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

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

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

Highlights(unaudited)

• Overall, duration and yield curve positioning, as well as sector and issuer selection, were all large contributors to the Fund’s performance over the reporting period.

• Strong sector and issuer selection across developed sovereign debt, European peripheral issuers (i.e.,non-core European countries), high yield corporates, and emerging markets agencies added to performance for the period. Looking at specific issuers, overweights to Greece, Italy and Portugal, as well as an underweight to France were among the largest contributors to performance.

• Positioning in developed Treasuries hurt performance over the reporting period.

• Looking at specific issuers, overweights to Argentina and the Province of Buenos Aires were among the largest detractors from performance.

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.^© 2019 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Table of Contents

Letter from the President	5
Your Fund’s Performance	6
Growth of a $10,000 Investment	7
Strategy and Performance Overview	10
Fees and Expenses	13
Holdings and Financial Statements	15
Approval of Advisory Agreements

PGIM International Bond Fund 3

This Page Intentionally Left Blank

Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM International Bond Fund informative and useful. The report covers performance for the12-month period that ended October 31, 2019.

While the US economy remained healthy, with rising corporate profits and strong job growth, the Federal Reserve cut interest rates three times in the latter half of the period. The cuts were a proactive attempt by the Fed to extend the longest domestic economic expansion on record as growth in many regions weakened. China in particular showed signs of slowing amid trade tensions with the US, and turmoil in the United Kingdom continued as it negotiates an exit from the European Union.

The interest-rate cuts helped boost the performance of stocks globally. For the period overall,large-cap US equities along with stocks in developed and emerging foreign markets all rose by double digits.Small-cap US stocks posted a single-digit gain. This positive performance came despite significant volatility early in the period. Equities plunged at the end of 2018 on concerns about China’s economy, a potential global trade war, higher interest rates, and worries that profit growth might slow. Stocks reversed course early in 2019, rising sharply after the Fed moderated its position on additional rate hikes for the remainder of the year.

The overall US bond market posted strong returns during the period on a significant rally in interest rates that saw the10-year US Treasury yield decline from over 3% to under 2%. Investment-grade corporate bonds led the way with a double-digit gain, while corporate high yield and municipal bonds each had a return in the high single digits. Globally, bonds in developed markets delivered strong returns, and emerging markets debt rose by double digits.

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 atop-10 global investment manager with more than $1 trillion in assets under management. This scale and investment expertise allow 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 16, 2019

PGIM International Bond Fund 5

Your Fund’s Performance(unaudited)

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

	Average Annual Total Returns as of 10/31/19 (with sales charges)
	One Year (%)	Since Inception (%)
Class A	12.73		6.71 (12/14/16)
Class C	14.65		7.10 (12/14/16)
Class Z	16.80		8.21 (12/14/16)
Class R6	16.81		8.21 (12/14/16)
Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index
	9.88		4.84
	Average Annual Total Returns as of 10/31/19 (without sales charges)
	One Year (%)	Since Inception (%)
Class A	16.52		7.94 (12/14/16)
Class C	15.65		7.10 (12/14/16)
Class Z	16.80		8.21 (12/14/16)
Class R6	16.81		8.21 (12/14/16)
Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index
	9.88		4.84

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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, 2019) 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.

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

PGIM International Bond Fund 7

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	For purchases on or after July 15, 2019: 3.25% of the public offering price. For purchases prior to July 15, 2019: 4.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase. For purchases prior to July 15, 2019: 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

Benchmark Definitions

Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index—The Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets, with index components for the Pan-European Aggregate and the Asian-Pacific Aggregate excluding US dollar-denominated components.

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.

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Distributions and Yields as of 10/31/19
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.96	0.88	6.47
Class C	0.88	0.17	41.63
Class Z	0.99	1.16	0.44
Class R6	0.99	1.16	0.38

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

**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.

Credit Quality expressed as a percentage of total investments as of 10/31/19 (%)
AAA	11.7
AA	3.4
A	22.3
BBB	30.6
BB	12.7
B	8.3
CCC	1.2
Not Rated	6.6
Cash/Cash Equivalents	3.2
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.

PGIM International Bond Fund 9

Strategy and Performance Overview(unaudited)

How did the Fund perform?

ThePGIM International Bond Fund’s Class Z shares returned 16.80% in the12-month reporting period that ended October 31, 2019, outperforming the 9.88% return of the Bloomberg Barclays Global Aggregate ex-USD (USD Hedged) Index (the Index).

What were the market conditions?

• The fourth quarter of 2018 represented a major shift in market sentiment across global asset classes. Interest rates peaked in early October and aggressively rallied as Brexit worries, fears of an escalating trade war, weaker economic data, and a hawkish Federal Reserve (Fed) punished risk assets, sending developed-market interest rates to yearly lows. As the fourth quarter concluded, the yield on10-year German government bunds and Japanese government bonds (JGBs) plummeted to depths not seen in years, while the10-year US Treasury note yield ended the quarter just above its low from early in 2018. Additionally, after beginning the quarter higher, the yield on Italy’s10-year BTP government bond declined below 3% for the first time since September 2018 as Italy slowly moved its 2019 budget target closer to the European Commission’s suggestion.

• The decline in rates throughout most of first quarter of 2019 accelerated late in the quarter after the latest dovish pivots by the European Central Bank (ECB) and the Fed. The breadth of the decline left10-year yields in several countries at multi-year or record lows. The Fed continued its pivot into the March Federal Open Market Committee (FOMC) meeting when the median federal funds rate projections for 2019, 2020, and 2021 each fell by 50 basis points (bps). (One basis point is 0.01%.) The FOMC also indicated that the balance sheetroll-off—a policy widely viewed as a modest tightening measure—would slow in May and end in September 2019. The ongoing weakness in European economic and inflation data (e.g., the precipitous decline in Germany’s March Purchasing Managers’ Index to 44.7 from more than 62 in late 2017) led to a bull flattening along the bund yield curve. (A yield curve is a series of points that graphically shows the yields on fixed income securities that have the same credit quality but different maturities.)

• Interest rates across the G4 tumbled throughout the second quarter of 2019 (Japan: –7 bps, Germany: –25 bps, UK: –17 bps, and US Treasuries: –40 bps), driven by lackluster global economic data, lingeringUS-China trade tensions, and rising probabilities of easier global monetary policies. The Fed’s shift toward a more accommodative stance culminated in its June meeting with a drop in the median estimate of thelong-run neutral fed funds rate from 2.8% to 2.5%—the top of its target range—as the third quarter of 2019 commenced. European economic and inflation data remained soft in the second quarter, which contributed to a bull flattening of the bunds curve.

• Developed market interest rates took another leg down in the third quarter of 2019 as central banks collectively eased policies to counter signs of mounting global economic

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weakness and uncertainty. It was the second consecutive quarter of double-digit basis point declines for US and German10-year yields (down 35 bps and 25 bps to 1.67% and –0.57%, respectively), while the Japanese10-year yield also fell deeper into negative territory (down 10 bps to –0.22%). As the fourth quarter of 2019 progresses, US Treasury yields remain elevated in a global context, particularly with nearly $15 trillion in negative-yielding debt outstanding. In Europe, the ECB’s decision to renew its asset purchases creates a supportive backdrop for rates, particularly at the7-year point of the German bund and French Oat markets. After the Bank of Japan (BoJ) mentioned the desirability of a steeper yield curve to support the banking sector, it subsequently announced reduced purchases at the back of the curve. Looking ahead, the BoJ may take additional steps in its attempt to steepen the yield curve.

• Front-end Treasury yields fell, and the curve steepened in October 2019 asUS-China trade uncertainty and weaker-than-expected US economic data drove a flight to safety. As part of the Fed’s expected25-bp reduction in the targeted federal funds range, the FOMC removed a reference to “act as appropriate” to sustain the economic expansion, signaling for many that it is done cutting rates for now. UK gilt yields rose14-16 bps as the risk of ano-deal Brexit receded, and the10-year bund yields closed 16 bps higher to –0.41%. Elsewhere, the JGB curve flattened, with the10-year JGB yield higher by 7 bps for the month.

What worked?

• Overall, duration and yield curve positioning, as well as sector and issuer selection, were all large contributors to the Fund’s performance over the reporting period.

• Strong sector and issuer selection across developed sovereign debt, European peripheral issuers (i.e.,non-core European countries), high yield corporates, and emerging markets agencies added to performance for the period. Looking at specific issuers, overweights to Greece, Italy and Portugal, as well as an underweight to France were among the largest contributors to performance.

• In developed rates, a long duration position in the US was the largest contributor to performance. In emerging markets, long-duration positioning in Brazilian rates was a strong contributor to performance. (Duration is a measure of the interest-rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years.) A curve flattener in euro rates also added value.

• Although overall currency positioning hurt performance, overweights to the Russian ruble, Indian rupee, and Egyptian pound helped to offset some of the losses.

What didn’t work?

• Positioning in developed Treasuries hurt performance over the reporting period.

• Looking at specific issuers, overweights to Argentina and the Province of Buenos Aires were among the largest detractors from performance.

PGIM International Bond Fund 11

Strategy and Performance Overview(continued)

• In developed rates, duration positioning in Canadian rates modestly hurt performance.

• Currency positioning hurt performance over the period. An overweight to the Norwegian krone and underweights to the euro and South African rand were among the largest detractors from performance.

Did the Fund use derivatives?

• 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 had a negative impact on the Fund’s performance while the use of interest-rate swaps hurt performance.

• Credit derivatives, primarily in the form of credit default swap index (CDX) positions, were used to either add risk exposure to certain issuers or to hedge credit risk imposed by certain issuers. Overall, credit derivative exposure added value during the reporting period.

• In addition, to implement most currency strategies, the Fund employed foreign exchange derivatives, which negatively impacted performance.

Current outlook

• PGIM Fixed Income maintains its positive view of fundamentals in the credit sectors of fixed income with positioning in spread sectors, including high yield, emerging market, and structured product sectors such as commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS). Within CMBS, PGIM Fixed Income continues to find value in high-quality securities ofnew-issue conduit deals. In ABS, the Fund is maintaining anup-in-quality focus (with some exceptions) as capital stack/issuer valuations remain compressed. PGIM Fixed Income is constructive on US high yield and continues to like independent power producers and US consumer-related names. PGIM Fixed Income remains cautious on commodities but is looking at unique opportunities in natural gas and health care. The Fund ended the period with an underweight to investment-grade corporates. As we enter the later stage of the credit cycle, PGIM Fixed Income continues to favor better-quality financials and electric utilities over industrials.

• The Fund is overweight in debt of European peripheral countries, as well as a select group of emerging market issuers, in mostly sovereign issues. 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.

• In currency positioning relative to the Index, the Fund is underweight to the US dollar, Swiss franc, and the euro while maintaining an overweight to the Japanese yen. The Fund maintains a select set of small allocations, both underweight and overweight, within emerging market and “commodity” currencies, such as overweight exposure to the Russian ruble, Norwegian krone, and Singapore dollar, while taking underweight exposures to the Taiwan dollar and Indonesian rupiah.

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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, 2019. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM International Bond Fund 13

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, 2019		Ending Account Value October 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,086.60		0.99	%	$	5.21
	Hypothetical	$	1,000.00	$	1,020.21		0.99	%	$	5.04
Class C	Actual	$	1,000.00	$	1,082.60		1.74	%	$	9.13
	Hypothetical	$	1,000.00	$	1,016.43		1.74	%	$	8.84
Class Z	Actual	$	1,000.00	$	1,088.00		0.74	%	$	3.89
	Hypothetical	$	1,000.00	$	1,021.48		0.74	%	$	3.77
Class R6	Actual	$	1,000.00	$	1,088.00		0.74	%	$	3.89
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    93.2%
ASSET-BACKED SECURITIES    7.7%
Cayman Islands    3.5%
Anchorage Capital CLO Ltd., Series2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		3.534	%(c)		07/22/32		250	$	249,924
BlueMountain CLO Ltd., Series2016-02A, Class A1R, 144A, 3 Month LIBOR + 1.310% (Cap N/A, Floor 1.310%)		3.446	(c)		08/20/32		250		249,702
HPS Loan Management Ltd., Series15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.486	(c)		07/22/32		250		249,070
OZLM Ltd., Series2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)		3.546	(c)		07/20/32		250		249,987
Silver Creek CLO Ltd., Series2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		3.206	(c)		07/20/30		250		249,662
									1,248,345
Netherlands    2.3%
North Westerly CLO BV, SeriesIV-A, Class A2R, 144A		1.250			01/15/26	EUR	223		248,412
St. Paul’s CLO DAC, Series 07A, Class B2R, 144A		2.400			04/30/30	EUR	500		557,283
									805,695
United States    1.9%
OneMain Direct Auto Receivables Trust, Series2017-01A, Class C, 144A		3.910			08/16/21		100		100,177
Oportun Funding LLC, Series2019-A, Class B, 144A		3.870			08/08/25		100		100,748
PNMAC GMSR Issuer Trust, Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		4.473	(c)		08/25/25		100		100,347

See Notes to Financial Statements.

PGIM International Bond Fund 15

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
United States (cont’d.)
SoFi Alternative Trust, Series2019-D, Class 1PT, 144A		2.460	%(cc)		01/16/46		200	$	206,604
TH MSR Issuer Trust, Series 2019-FT01, Class A, 144A, 1 Month LIBOR + 2.800% (Cap N/A, Floor 2.800%)		4.623	(c)		06/25/24		150		149,936
									657,812
TOTAL ASSET-BACKED SECURITIES (cost $2,744,846)									2,711,852
COMMERCIAL MORTGAGE-BACKED SECURITIES    1.9%
United Kingdom    0.7%
Salus European Loan Conduit DAC, Series 33A, Class A, 144A, 3 Month GBP LIBOR + 1.500% (Cap 5.000%, Floor 0.000%)		2.299	(c)		01/23/29	GBP	200		259,951
United States    1.2%
BX Commercial Mortgage Trust, Series2019-XL, Class J, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		4.650	(c)		10/15/36		200		200,377
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE04, Class F, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 2.650%)		4.564	(c)		05/15/36		200		201,004
									401,381
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $655,161)									661,332
CORPORATE BONDS    30.6%
Australia    0.3%
Transurban Finance Co. Pty Ltd., Sr. Sec’d. Notes, EMTN		2.000			08/28/25	EUR	100		121,436
Brazil    0.4%
Petrobras Global Finance BV, Gtd. Notes		5.375			10/01/29	GBP	100		142,258

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
China    1.6%
Aircraft Finance Co. Ltd., Sr. Sec’d. Notes, Series B		4.100	%		03/29/26			200	$	207,000
CNAC HK Finbridge Co. Ltd., Gtd. Notes		1.750			06/14/22		EUR	100		114,814
State Grid Europe Development 2014 PLC, Gtd. Notes, Series A		1.500			01/26/22		EUR	200		229,642
										551,456
France    1.4%
Altice France SA,
Sr. Sec’d. Notes, 144A		2.500			01/15/25		EUR	100		111,904
Sr. Sec’d. Notes, 144A		3.375			01/15/28		EUR	100		111,736
Loxam SAS, Sr. Sub. Notes		5.750			07/15/27		EUR	150		161,356
SNCF Reseau, Sr. Unsec’d. Notes		4.700			06/01/35		CAD	100		94,748
										479,744
Germany    2.0%
Allianz SE, Jr. Sub. Notes		3.375	(ff)		—	(rr)	EUR	200		246,481
Commerzbank AG, Sub. Notes, EMTN		7.750			03/16/21		EUR	100		122,974
Nidda BondCo GmbH, Gtd. Notes		5.000			09/30/25		EUR	100		113,760
Techem Verwaltungsgesellschaft 674 mbH, Sr. Sec’d. Notes		6.000			07/30/26		EUR	100		120,988
Volkswagen International Finance NV, Gtd. Notes		2.700	(ff)		—	(rr)	EUR	100		114,876
										719,079
Indonesia    0.3%
Perusahaan Listrik Negara PT, Sr. Unsec’d. Notes, 144A		1.875			11/05/31		EUR	100		110,747
Ireland    0.3%
Smurfit Kappa Acquisitions, Gtd. Notes		2.750			02/01/25		EUR	100		121,546

See Notes to Financial Statements.

PGIM International Bond Fund 17

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Italy    0.7%
Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa, Sr. Unsec’d. Notes		1.375	%		07/20/22	EUR	100	$	113,401
Assicurazioni Generali SpA, Sub. Notes, EMTN		5.500	(ff)		10/27/47	EUR	100		134,115
									247,516
Kazakhstan    0.3%
Kazakhstan Temir Zholy National Co. JSC,
Gtd. Notes		3.250			12/05/23	CHF	50		55,078
Gtd. Notes		3.638			06/20/22	CHF	50		54,219
									109,297
Luxembourg    1.1%
ARD Finance SA, Sr. Sec’d. Notes, Cash coupon 6.625% or PIK 7.375%		6.625			09/15/23	EUR	100		115,434
Matterhorn Telecom SA, Sr. Sec’d. Notes, 144A		3.125			09/15/26	EUR	100		111,809
Picard Bondco SA, Gtd. Notes		5.500			11/30/24	EUR	150		160,603
									387,846
Mexico    1.3%
Petroleos Mexicanos, Gtd. Notes		3.625			11/24/25	EUR	400		454,227
Netherlands    2.0%
InterXion Holding NV, Gtd. Notes		4.750			06/15/25	EUR	100		121,273
Nederlandse Waterschapsbank NV, Sr. Unsec’d. Notes, EMTN		5.200			03/31/25	CAD	200		176,445
Starfruit Finco BV/Starfruit US Holdco LLC, Sr. Unsec’d. Notes		6.500			10/01/26	EUR	150		168,759
UPCB Finance IV Ltd., Sr. Sec’d. Notes		4.000			01/15/27	EUR	90		105,404
Ziggo Bond Co. BV, Sr. Unsec’d. Notes		4.625			01/15/25	EUR	100		114,777
									686,658

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Peru    0.5%
Peru Enhanced Pass-Through Finance Ltd., Pass-Through Certificates		1.963	%(s)		06/02/25		206	$	190,715
Poland    0.9%
Bank Gospodarstwa Krajowego, Gov’t. Gtd. Notes		1.625			04/30/28	EUR	250		310,856
Russia    0.7%
Gazprom OAO Via Gaz Capital SA, Sr. Unsec’d. Notes		2.500			03/21/26	EUR	200		238,789
Spain    0.6%
Codere Finance 2 Luxembourg SA, Sr. Sec’d. Notes		6.750			11/01/21	EUR	100		96,458
Merlin Properties Socimi SA, Sr. Unsec’d. Notes, EMTN		2.375			05/23/22	EUR	100		117,431
									213,889
Supranational Bank    0.4%
European Bank for Reconstruction & Development, Sr. Unsec’d. Notes, GMTN		6.450			12/13/22	IDR	408,000		29,086
European Investment Bank, Sr. Unsec’d. Notes, EMTN		0.500			10/26/23	AUD	160		106,292
									135,378
United Arab Emirates    0.4%
First Abu Dhabi Bank PJSC, Sr. Unsec’d. Notes, EMTN		4.800			06/01/21	CNH	1,000		144,150
United Kingdom    3.2%
Barclays PLC, Sub. Notes, EMTN		2.000	(ff)		02/07/28	EUR	100		112,368
CPUK Finance Ltd., Sec’d. Notes, 144A		4.250			02/28/47	GBP	100		131,157
eG Global Finance PLC, Sr. Sec’d. Notes, 144A		6.250			10/30/25	EUR	100		115,155
EI Group PLC, First Mortgage		6.375			02/15/22	GBP	100		130,498
Pinewood Finance Co. Ltd., Sr. Sec’d. Notes, 144A		3.250			09/30/25	GBP	100		132,450

See Notes to Financial Statements.

PGIM International Bond Fund 19

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United Kingdom (cont’d.)
Royal Bank of Scotland Group PLC, Sr. Unsec’d. Notes, EMTN		2.000	%(ff)		03/08/23	EUR	100	$	115,936
Stonegate Pub Co. Financing PLC, Sr. Sec’d. Notes, 144A, 3 Month GBP LIBOR + 6.250%		7.031	(c)		03/15/22	GBP	100		129,859
Tesco PLC, Sr. Unsec’d. Notes, EMTN		5.000			03/24/23	GBP	80		113,855
Virgin Media Secured Finance PLC, Sr. Sec’d. Notes		5.000			04/15/27	GBP	100		136,364
									1,117,642
United States    12.2%
Adient Global Holdings Ltd., Gtd. Notes		3.500			08/15/24	EUR	100		93,681
American International Group, Inc., Sr. Unsec’d. Notes		1.875			06/21/27	EUR	100		120,551
Ball Corp., Gtd. Notes		4.375			12/15/23	EUR	100		129,209
Bank of America Corp., Sr. Unsec’d. Notes, EMTN		0.591	(s)		05/31/21	EUR	85		112,788
Belden, Inc., Gtd. Notes		4.125			10/15/26	EUR	100		116,040
DH Europe Finance II Sarl, Gtd. Notes		0.200			03/18/26	EUR	300		331,308
Diamond BC BV, Sr. Unsec’d. Notes		5.625			08/15/25	EUR	125		127,590
Eli Lilly & Co., Sr. Unsec’d. Notes		0.625			11/01/31	EUR	200		222,855
Energizer Gamma Acquisition BV, Gtd. Notes		4.625			07/15/26	EUR	300		352,788
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		1.100			07/15/24	EUR	100		115,867
Sr. Unsec’d. Notes		1.500			05/21/27	EUR	100		118,505
Fiserv, Inc.,
Sr. Unsec’d. Notes		0.375			07/01/23	EUR	100		112,323
Sr. Unsec’d. Notes		2.250			07/01/25	GBP	100		133,477
Goldman Sachs Group, Inc. (The), Sub. Notes		4.750			10/12/21	EUR	150		181,929
Kraft Heinz Foods Co., Gtd. Notes		2.250			05/25/28	EUR	100		119,061
Marsh & McLennan Cos., Inc., Sr. Unsec’d. Notes		1.349			09/21/26	EUR	100		117,506

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
United States (cont’d.)
Medtronic Global Holdings SCA,
Gtd. Notes		1.000	%		07/02/31	EUR	100	$	115,291
Gtd. Notes		1.125			03/07/27	EUR	100		118,135
Morgan Guaranty Trust Co., Sr. Unsec’d. Notes		1.464	(s)		01/21/27	ITL	26		26,549
Morgan Stanley,
Sr. Unsec’d. Notes, EMTN		0.637	(ff)		07/26/24	EUR	200		226,683
Sr. Unsec’d. Notes, GMTN		1.000			12/02/22	EUR	100		114,699
PerkinElmer, Inc., Sr. Unsec’d. Notes		0.600			04/09/21	EUR	100		112,155
Refinitiv US Holdings, Inc., Sr. Unsec’d. Notes		6.875			11/15/26	EUR	100		126,071
Spectrum Brands, Inc., Gtd. Notes		4.000			10/01/26	EUR	100		117,454
Stryker Corp., Sr. Unsec’d. Notes		2.625			11/30/30	EUR	100		133,791
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		0.125			03/01/25	EUR	100		110,811
Sr. Unsec’d. Notes		0.500			03/01/28	EUR	100		110,972
Sr. Unsec’d. Notes		1.400			01/23/26	EUR	100		118,471
Verizon Communications, Inc., Sr. Unsec’d. Notes		1.250			04/08/30	EUR	100		117,759
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		1.414			12/13/22	EUR	100		115,634
Sr. Unsec’d. Notes		2.425			12/13/26	EUR	100		122,989
									4,292,942
TOTAL CORPORATE BONDS (cost $10,493,268)									10,776,171
RESIDENTIAL MORTGAGE-BACKED SECURITIES    1.6%
Bermuda    0.4%
Bellemeade Re Ltd., Series2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		3.423	(c)		04/25/28		148		148,329
United Kingdom    0.3%
Paragon Mortgages PLC, Series 10X, Class B1A, 3 Month GBP LIBOR + 0.540% (Cap N/A, Floor 0.000%)		1.321	(c)		06/15/41	GBP	97		118,104

See Notes to Financial Statements.

PGIM International Bond Fund 21

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
United States    0.9%
CIM Trust, Series2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		4.032	%(c)		01/25/57		57	$	57,966
Legacy Mortgage Asset Trust, Series 2019-PR01, Class A1, 144A		3.858			09/25/59		100		99,998
LSTAR Securities Investment Trust,
Series2018-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		3.532	(c)		04/01/23		43		42,792
Series2019-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		3.532	(c)		04/01/24		98		97,955
									298,711
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $556,159)									565,144
SOVEREIGN BONDS    51.1%
Argentina    0.9%
Argentine Republic Government International Bond, Sr. Unsec’d. Notes		7.820			12/31/33	EUR	516		269,985
Provincia de Buenos Aires, Sr. Unsec’d. Notes		5.375			01/20/23	EUR	100		36,693
									306,678
Brazil    2.3%
Brazil Loan Trust 1, Gov’t. Gtd. Notes		5.477			07/24/23		84		87,467
Brazil Minas SPE via State of Minas Gerais, Gov’t. Gtd. Notes		5.333			02/15/28		360		382,504
Brazilian Government International Bond, Sr. Unsec’d. Notes		2.875			04/01/21	EUR	300		346,655
									816,626
Bulgaria    0.5%
Bulgaria Government International Bond, Sr. Unsec’d. Notes, GMTN		3.125			03/26/35	EUR	115		168,838
Canada    0.5%
Province of British Columbia, Unsec’d. Notes		7.875			11/30/23	CAD	200		185,846

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
China    1.5%
China Government Bond,
Sr. Unsec’d. Notes		3.480	%		06/29/27	CNH	500	$	72,768
Sr. Unsec’d. Notes		3.900			07/04/36	CNH	1,000		149,945
Export-Import Bank of China (The), Sr. Unsec’d. Notes		4.400			05/14/24	CNH	2,000		295,638
									518,351
Colombia    1.5%
Colombia Government International Bond, Sr. Unsec’d. Notes, EMTN		3.875			03/22/26	EUR	400		529,768
Croatia    0.8%
Croatia Government International Bond, Sr. Unsec’d. Notes		2.700			06/15/28	EUR	200		264,326
Cyprus    2.9%
Cyprus Government International Bond,
Sr. Unsec’d. Notes, EMTN		2.375			09/25/28	EUR	200		259,769
Sr. Unsec’d. Notes, EMTN		2.750			02/26/34	EUR	100		138,884
Sr. Unsec’d. Notes, EMTN		3.750			07/26/23	EUR	500		635,386
									1,034,039
Greece    4.2%
Hellenic Republic Government Bond,
Bonds		3.000	(cc)		02/24/23	EUR	150		184,371
Bonds		3.000	(cc)		02/24/24	EUR	75		94,456
Bonds		3.000	(cc)		02/24/25	EUR	85		109,509
Bonds		3.000	(cc)		02/24/26	EUR	85		112,006
Bonds		3.000	(cc)		02/24/27	EUR	195		259,037
Bonds		3.000	(cc)		02/24/28	EUR	60		81,231
Bonds		3.000	(cc)		02/24/29	EUR	50		68,261
Bonds		3.000	(cc)		02/24/31	EUR	140		194,850
Bonds		3.000	(cc)		02/24/42	EUR	5		7,241
Bonds		4.200			01/30/42	EUR	190		290,164
Hellenic Republic Government International Bond, Sr. Unsec’d. Notes		5.200			07/17/34	EUR	60		93,910
									1,495,036

See Notes to Financial Statements.

PGIM International Bond Fund 23

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary    0.1%
Hungary Government International Bond, Sr. Unsec’d. Notes		4.300	%		12/19/21	CNH	200	$	28,551
Indonesia    1.9%
Indonesia Government International Bond,
Sr. Unsec’d. Notes		1.750			04/24/25	EUR	200		233,544
Sr. Unsec’d. Notes, EMTN		2.150			07/18/24	EUR	140		166,418
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	200		270,572
									670,534
Ireland    0.6%
Ireland Government Bond, Bonds		2.400			05/15/30	EUR	150		208,191
Israel    0.3%
Israel Government International Bond, Sr. Unsec’d. Notes, EMTN		1.500			01/18/27	EUR	100		121,902
Italy    7.7%
City of Rome Italy, Sr. Unsec’d. Notes, EMTN		5.345			01/27/48	EUR	50		88,678
Italy Buoni Poliennali Del Tesoro,
Bonds, 144A		2.800			03/01/67	EUR	50		64,342
Unsec’d. Notes, 144A		3.350			03/01/35	EUR	690		966,388
Italy Certificati di Credito del Tesoro, Bonds, Series EU, 6 Month EURIBOR + 0.550%		0.142	(c)		09/15/25	EUR	130		142,693
Republic of Italy Government International Bond,
Sr. Unsec’d. Notes		2.875			10/17/29		200		195,949
Sr. Unsec’d. Notes, EMTN		5.125			07/31/24	EUR	675		913,096
Sr. Unsec’d. Notes, EMTN		6.000			08/04/28	GBP	205		340,841
									2,711,987
Japan    0.4%
Japan Government Thirty Year Bond, Sr. Unsec’d. Notes, Series 63		0.400			06/20/49	JPY	6,000		55,738
Japan Government Twenty Year Bond, Sr. Unsec’d. Notes, Series 165		0.500			06/20/38	JPY	8,000		78,141
									133,879

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Kazakhstan    0.4%
Kazakhstan Government International Bond, Sr. Unsec’d. Notes, 144A, MTN		2.375	%		11/09/28	EUR	115	$	144,356
Mexico    1.6%
Mexico Government International Bond,
Sr. Unsec’d. Notes, EMTN		1.750			04/17/28	EUR	300		352,574
Sr. Unsec’d. Notes, GMTN		1.625			03/06/24	EUR	185		217,448
									570,022
Peru    0.8%
Peruvian Government International Bond, Sr. Unsec’d. Notes		3.750			03/01/30	EUR	200		289,438
Philippines    0.3%
Philippine Government International Bond, Sr. Unsec’d. Notes, EMTN		0.875			05/17/27	EUR	100		114,597
Portugal    3.6%
Portugal Government International Bond, Sr. Unsec’d. Notes		4.090			06/03/22	CNH	600		85,052
Portugal Obrigacoes do Tesouro OT,
Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	625		955,104
Sr. Unsec’d. Notes, 144A		4.100			04/15/37	EUR	130		224,690
									1,264,846
Romania    0.9%
Romanian Government International Bond,
Sr. Unsec’d. Notes, 144A, MTN		2.500			02/08/30	EUR	100		122,153
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	100		132,806
Unsec’d. Notes, 144A, MTN		2.124			07/16/31	EUR	40		46,173
									301,132
Russia    0.9%
Russian Federal Bond - OFZ, Bonds, Series 6224		6.900			05/23/29	RUB	3,000		48,522
Russian Foreign Bond - Eurobond, Sr. Unsec’d. Notes		2.875			12/04/25	EUR	200		251,480
									300,002

See Notes to Financial Statements.

PGIM International Bond Fund 25

Schedule of Investments(continued)

as of October 31, 2019

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Saudi Arabia    0.4%
Saudi Government International Bond, Sr. Unsec’d. Notes, 144A		2.000	%		07/09/39	EUR	125	$	147,080
Senegal    0.3%
Senegal Government International Bond, Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	100		115,316
Serbia    0.7%
Serbia International Bond, Sr. Unsec’d. Notes, 144A		1.500			06/26/29	EUR	200		229,484
South Korea    0.7%
Export-Import Bank of Korea,
Sr. Unsec’d. Notes, 144A, MTN		8.000			05/15/24	IDR	600,000		44,440
Sr. Unsec’d. Notes, EMTN		2.000			04/30/20	EUR	100		112,677
Sr. Unsec’d. Notes, MTN		3.500			07/28/21	NZD	150		98,980
									256,097
Spain    7.7%
Instituto de Credito Oficial,
Gov’t. Gtd. Notes, EMTN		5.000			03/31/20	CAD	160		122,893
Gov’t. Gtd. Notes, GMTN		0.963			09/22/22	SEK	1,000		104,942
Spain Government Bond,
Bonds, 144A		5.150			10/31/28	EUR	185		297,974
Sr. Unsec’d. Notes, 144A		1.400			04/30/28	EUR	70		86,516
Sr. Unsec’d. Notes, 144A		1.450			10/31/27	EUR	265		327,581
Sr. Unsec’d. Notes, 144A(k)		4.650			07/30/25	EUR	870		1,235,342
Spain Government International Bond, Sr. Unsec’d. Notes, EMTN		5.250			04/06/29	GBP	315		526,869
									2,702,117
Turkey    1.3%
Turkey Government International Bond,
Sr. Unsec’d. Notes		5.200			02/16/26	EUR	200		233,812
Sr. Unsec’d. Notes		7.500			11/07/19		100		100,000
Sr. Unsec’d. Notes, EMTN		3.250			06/14/25	EUR	100		108,184
									441,996

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Ukraine    1.0%
Ukraine Government International Bond, Sr. Unsec’d. Notes		6.750	%		06/20/26	EUR	300	$	369,548
United Kingdom    4.4%
United Kingdom Gilt, Bonds		4.250			03/07/36	GBP	800		1,555,663
TOTAL SOVEREIGN BONDS (cost $16,713,105)									17,996,246
U.S. GOVERNMENT AGENCY OBLIGATION    0.1%
Indonesia Government USAID Bond Gov’t. Gtd. Notes (cost $10,578)		8.900			06/01/21		10		10,949
U.S. TREASURY OBLIGATION    0.2%
U.S. Treasury Notes (cost $59,513)		1.500			10/31/24		60		59,946
TOTAL LONG-TERM INVESTMENTS (cost $31,232,630)									32,781,640
						Shares
SHORT-TERM INVESTMENTS    1.7%
AFFILIATED MUTUAL FUND    1.7%
PGIM Core Ultra Short Bond Fund (cost $594,002)(w)							594,002		594,002
OPTIONS PURCHASED*~    0.0% (cost $950)									10,940
TOTAL SHORT-TERM INVESTMENTS (cost $594,952)									604,942
TOTAL INVESTMENTS    94.9% (cost $31,827,582)									33,386,582
Other assets in excess of liabilities(z)    5.1%									1,812,634
NET ASSETS    100.0%								$	35,199,216

See Notes to Financial Statements.

PGIM International Bond Fund 27

Schedule of Investments(continued)

as of October 31, 2019

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

AED—United Arab Emirates Dirham

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EGP—Egyptian Pound

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

ITL—Italian Lira

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

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

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

CPI—Consumer Price Index

See Notes to Financial Statements.

28

EIBOR—Emirates Interbank Offered Rate

EMTN—Euro Medium Term Note

EONIA—Euro Overnight Index Average

EURIBOR—Euro Interbank Offered Rate

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

HIBOR—Hong Kong Interbank Offered Rate

HICP—Harmonised Index of Consumer Prices

JIBAR—Johannesburg Interbank Agreed Rate

KLIBOR—Kuala Lumpur Interbank Offered Rate

KWCDC—Korean Won Certificate of Deposit

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MOSPRIME—Moscow Prime Offered Rate

MTN—Medium Term Note

NIBOR—Norwegian Interbank Offered Rate

OFZ—Obligatsyi Federal’novo Zaima (Federal Loan Obligations)

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PRIBOR—Prague Interbank Offered Rate

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

S—Semiannual payment frequency for swaps

SIBOR—Singapore Interbank Offered Rate

SONIA—Sterling Overnight Index Average

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

* 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 $671 and 0.0% of net assets.

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2019.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

(rr) Perpetual security with no stated maturity date.

(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:

See Notes to Financial Statements.

PGIM International Bond Fund 29

Schedule of Investments(continued)

as of October 31, 2019

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 Morgan Stanley & Co.		11/21/19		0.12	%		—		100	$	38
2-Year 10 CMS Curve CAP	Call		International PLC		11/21/19		0.13	%		—		100		25
2-Year 10 CMS Curve CAP	Call		Barclays Bank PLC		07/12/21		0.11	%		—		71		795
2-Year 10 CMS Curve CAP	Call		Bank of America, N.A.		08/16/21		0.15	%		—		172		1,803
2-Year 10 CMS Curve CAP	Call		Bank of America, N.A.		08/20/21		0.15	%		—		342		3,700
2-Year 10 CMS Curve CAP	Call		Bank of America, N.A.		09/13/21		0.14	%		—		340		3,856
2-Year 10 CMS Curve CAP	Call		Barclays Bank PLC		11/09/21		0.21	%		—		69		723
Total Options Purchased (cost $950)													$	10,940

Futures contracts outstanding at October 31, 2019:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	116	5 Year U.S. Treasury Notes		Dec. 2019	$	13,827,563	$	(65,393	)
	1	10 Year Canadian Government Bonds		Dec. 2019		107,843		(1,345	)
	2	10 Year U.K. Gilt		Dec. 2019		344,149		(1,751	)
	48	10 Year U.S. Treasury Notes		Dec. 2019		6,254,250		(27,401	)
	3	30 Year Euro Buxl		Dec. 2019		702,505		(38,012	)
	8	30 Year U.S. Ultra Treasury Bonds		Dec. 2019		1,518,000		(41,319	)
								(175,221	)
		Short Positions:
	107	2 Year U.S. Treasury Notes		Dec. 2019		23,069,367		48,047
	38	5 Year Euro-Bobl		Dec. 2019		5,705,384		75,898
	22	10 Year Euro-Bund		Dec. 2019		4,214,407		81,425
	3	20 Year U.S. Treasury Bonds		Dec. 2019		484,125		10,652
	42	Euro Schatz Index		Dec. 2019		5,249,650		26,893
								242,915
							$	67,694

Forward foreign currency exchange contracts outstanding at October 31, 2019:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 11/04/19	BNP Paribas S.A.	BRL	852	$	213,709	$	212,470	$	—	$	(1,239	)

See Notes to Financial Statements.

30

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Brazilian Real (cont’d.),
Expiring 11/04/19	JPMorgan Chase Bank, N.A.	BRL	484	$	118,800	$	120,579	$	1,779	$	—
British Pound,
Expiring 11/04/19	UBS AG	GBP	2,596		3,325,055		3,362,777		37,722		—
Expiring 01/17/20	Barclays Bank PLC	GBP	68		87,429		87,824		395		—
Expiring 01/17/20	Barclays Bank PLC	GBP	48		62,883		62,955		72		—
Expiring 01/17/20	BNP Paribas S.A.	GBP	59		76,000		76,086		86		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	GBP	59		76,000		76,675		675		—
Canadian Dollar,
Expiring 01/22/20	Morgan Stanley & Co. International PLC	CAD	112		85,000		85,044		44		—
Chilean Peso,
Expiring 12/18/19	BNP Paribas S.A.	CLP	43,347		59,760		58,521		—		(1,239	)
Expiring 12/18/19	BNP Paribas S.A.	CLP	26,616		36,822		35,933		—		(889	)
Expiring 12/18/19	BNP Paribas S.A.	CLP	22,803		31,600		30,785		—		(815	)
Expiring 12/18/19	BNP Paribas S.A.	CLP	22,730		31,550		30,687		—		(863	)
Expiring 12/18/19	Goldman Sachs International	CLP	60,043		84,000		81,062		—		(2,938	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	CLP	21,421		29,703		28,920		—		(783	)
Expiring 12/18/19	UBS AG	CLP	50,617		69,900		68,337		—		(1,563	)
Chinese Renminbi,
Expiring 02/14/20	HSBC Bank USA, N.A.	CNH	345		48,746		48,870		124		—
Expiring 05/14/21	Citibank, N.A.	CNH	961		137,666		134,167		—		(3,499	)
Czech Koruna,
Expiring 01/17/20	Citibank, N.A.	CZK	1,609		69,000		70,421		1,421		—
Expiring 01/17/20	Citibank, N.A.	CZK	1,604		70,000		70,194		194		—

See Notes to Financial Statements.

PGIM International Bond Fund 31

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Egyptian Pound,
Expiring 11/27/19	Citibank, N.A.	EGP	389	$	22,535	$	23,898	$	1,363	$	—
Expiring 11/27/19	Citibank, N.A.	EGP	253		14,670		15,553		883		—
Expiring 12/18/19	Citibank, N.A.	EGP	700		40,314		42,781		2,467		—
Expiring 12/23/19	Citibank, N.A.	EGP	169		10,000		10,300		300		—
Expiring 12/23/19	Morgan Stanley & Co. International PLC	EGP	334		19,771		20,407		636		—
Expiring 12/23/19	Morgan Stanley & Co. International PLC	EGP	165		9,771		10,085		314		—
Expiring 01/21/20	Citibank, N.A.	EGP	558		31,964		33,842		1,878		—
Expiring 01/28/20	Citibank, N.A.	EGP	451		26,573		27,328		755		—
Expiring 01/28/20	Citibank, N.A.	EGP	275		16,085		16,652		567		—
Expiring 01/30/20	Citibank, N.A.	EGP	296		17,010		17,941		931		—
Euro,
Expiring 11/04/19	UBS AG	EUR	16,626		18,453,379		18,548,669		95,290		—
Expiring 01/17/20	Barclays Bank PLC	EUR	110		123,000		122,834		—		(166	)
Expiring 01/17/20	Barclays Bank PLC	EUR	93		103,000		103,830		830		—
Expiring 01/17/20	Goldman Sachs International	EUR	133		149,244		149,237		—		(7	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	EUR	1,200		1,345,317		1,345,802		485		—
Hungarian Forint,
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	HUF	16,741		56,000		57,077		1,077		—
Indian Rupee,
Expiring 12/18/19	Citibank, N.A.	INR	9,287		127,427		129,920		2,493		—
Expiring 12/18/19	Citibank, N.A.	INR	6,426		89,000		89,894		894		—
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	21,866		300,955		305,907		4,952		—

See Notes to Financial Statements.

32

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah,
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	1,269,862	$	90,000	$	89,697	$	—	$	(303	)
Israeli Shekel,
Expiring 11/29/19	Citibank, N.A.	ILS	2,543		700,000		722,591		22,591		—
Expiring 12/18/19	Barclays Bank PLC	ILS	42		11,920		11,861		—		(59	)
Expiring 12/18/19	Barclays Bank PLC	ILS	25		7,130		7,086		—		(44	)
Expiring 12/18/19	Citibank, N.A.	ILS	61		17,400		17,243		—		(157	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	295		85,000		83,881		—		(1,119	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	290		83,000		82,508		—		(492	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	175		49,622		49,683		61		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ILS	105		29,938		29,905		—		(33	)
Japanese Yen,
Expiring 01/17/20	Barclays Bank PLC	JPY	6,182		57,484		57,558		74		—
Expiring 01/17/20	HSBC Bank USA, N.A.	JPY	8,417		78,000		78,361		361		—
Mexican Peso,
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	MXN	3,924		194,441		202,449		8,008		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	MXN	1,371		71,000		70,750		—		(250	)
New Taiwanese Dollar,
Expiring 12/18/19	Barclays Bank PLC	TWD	3,545		117,000		117,056		56		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	4,576		149,440		151,076		1,636		—
Norwegian Krone,
Expiring 01/17/20	Bank of America, N.A.	NOK	2,377		261,067		258,629		—		(2,438	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	NOK	2,259		248,579		245,817		—		(2,762	)
Peruvian Nuevo Sol,
Expiring 12/18/19	BNP Paribas S.A.	PEN	513		151,733		153,104		1,371		—

See Notes to Financial Statements.

PGIM International Bond Fund 33

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 12/18/19	Citibank, N.A.	PEN	325	$	96,000	$	96,954	$	954	$	—
Philippine Peso,
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PHP	3,914		74,942		76,954		2,012		—
Polish Zloty,
Expiring 01/17/20	Barclays Bank PLC	PLN	253		66,000		66,249		249		—
Expiring 01/17/20	Citibank, N.A.	PLN	233		60,000		61,143		1,143		—
Expiring 01/17/20	Morgan Stanley & Co. International PLC	PLN	322		84,000		84,211		211		—
Russian Ruble,
Expiring 12/18/19	Barclays Bank PLC	RUB	3,378		52,000		52,309		309		—
Expiring 12/18/19	Citibank, N.A.	RUB	3,705		57,000		57,367		367		—
Expiring 12/18/19	Credit Suisse International	RUB	2,524		39,124		39,079		—		(45	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	RUB	2,666		41,200		41,290		90		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	10,935		160,930		169,330		8,400		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	RUB	8,796		130,000		136,212		6,212		—
Singapore Dollar,
Expiring 12/18/19	Citibank, N.A.	SGD	157		115,000		115,250		250		—
Expiring 12/18/19	Citibank, N.A.	SGD	122		89,059		90,020		961		—
Expiring 12/18/19	Citibank, N.A.	SGD	99		72,000		72,921		921		—
Expiring 12/18/19	Goldman Sachs International	SGD	300		220,500		220,726		226		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	SGD	159		117,000		117,155		155		—
South African Rand,
Expiring 12/18/19	Barclays Bank PLC	ZAR	618		40,312		40,638		326		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	620		40,829		40,770		—		(59	)

See Notes to Financial Statements.

34

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	615	$	39,965	$	40,432	$	467	$	—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	109		6,980		7,136		156		—
South Korean Won,
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	120,523		101,000		103,086		2,086		—
Expiring 12/18/19	HSBC Bank USA, N.A.	KRW	116,468		98,000		99,617		1,617		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	99,851		84,000		85,404		1,404		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	KRW	55,846		47,855		47,766		—		(89	)
Swedish Krona,
Expiring 01/17/20	BNP Paribas S.A.	SEK	765		80,000		79,627		—		(373	)
Swiss Franc,
Expiring 01/17/20	Morgan Stanley & Co. International PLC	CHF	17		17,500		17,582		82		—
Thai Baht,
Expiring 12/18/19	Citibank, N.A.	THB	3,431		112,000		113,692		1,692		—
Expiring 12/18/19	Credit Suisse International	THB	2,707		88,000		89,708		1,708		—
Expiring 12/18/19	HSBC Bank USA, N.A.	THB	2,504		82,000		82,981		981		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	2,477		81,000		82,076		1,076		—
Expiring 12/18/19	UBS AG	THB	3,134		103,000		103,839		839		—
Turkish Lira,
Expiring 12/18/19	Barclays Bank PLC	TRY	236		40,250		40,703		453		—
Expiring 12/18/19	Barclays Bank PLC	TRY	233		39,861		40,264		403		—
Expiring 12/18/19	Barclays Bank PLC	TRY	163		27,819		28,095		276		—
Expiring 12/18/19	Barclays Bank PLC	TRY	163		28,050		28,110		60		—
Expiring 12/18/19	Goldman Sachs International	TRY	230		39,124		39,635		511		—

See Notes to Financial Statements.

PGIM International Bond Fund 35

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Turkish Lira (cont’d.),
Expiring 12/18/19	Goldman Sachs International	TRY	164	$	28,100	$	28,263	$	163	$	—
Expiring 12/18/19	UBS AG	TRY	217		37,000		37,424		424		—
				$	30,809,792	$	31,017,537		229,969		(22,224	)
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 01/22/20	HSBC Bank USA, N.A.	AUD	607	$	415,458	$	419,182	$	—	$	(3,724	)
Brazilian Real,
Expiring 11/04/19	Barclays Bank PLC	BRL	193		46,000		48,108		—		(2,108	)
Expiring 11/04/19	The Toronto-Dominion Bank	BRL	1,143		274,249		284,941		—		(10,692	)
Expiring 12/03/19	BNP Paribas S.A.	BRL	852		213,366		212,089		1,277		—
British Pound,
Expiring 11/04/19	Morgan Stanley & Co. International PLC	GBP	2,596		3,228,534		3,362,777		—		(134,243	)
Expiring 12/03/19	UBS AG	GBP	2,596		3,328,198		3,365,867		—		(37,669	)
Expiring 01/17/20	Barclays Bank PLC	GBP	50		64,000		64,487		—		(487	)
Expiring 01/17/20	Barclays Bank PLC	GBP	50		65,000		65,243		—		(243	)
Expiring 01/17/20	Citibank, N.A.	GBP	258		325,502		335,570		—		(10,068	)
Expiring 01/17/20	Deutsche Bank AG	GBP	258		327,550		335,572		—		(8,022	)
Expiring 01/17/20	Morgan Stanley & Co. International PLC	GBP	53		68,000		68,294		—		(294	)
Canadian Dollar,
Expiring 01/22/20	Barclays Bank PLC	CAD	920		700,773		698,813		1,960		—

See Notes to Financial Statements.

36

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso,
Expiring 12/18/19	Barclays Bank PLC	CLP	142,714	$	200,793	$	192,672	$	8,121	$	—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	CLP	285,427		395,877		385,345		10,532		—
Expiring 12/18/19	Morgan Stanley & Co. International PLC	CLP	142,714		197,938		192,672		5,266		—
Chinese Renminbi,
Expiring 02/14/20	BNP Paribas S.A.	CNH	4,614		650,337		652,731		—		(2,394	)
Expiring 05/14/21	JPMorgan Chase Bank, N.A.	CNH	961		137,889		134,168		3,721		—
Colombian Peso,
Expiring 12/18/19	Barclays Bank PLC	COP	226,964		67,000		67,028		—		(28	)
Expiring 12/18/19	Goldman Sachs International	COP	179,935		53,000		53,139		—		(139	)
Expiring 12/18/19	Goldman Sachs International	COP	161,955		47,676		47,829		—		(153	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	254,443		74,214		75,143		—		(929	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	139,338		41,200		41,150		50		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	COP	135,113		39,767		39,902		—		(135	)
Czech Koruna,
Expiring 01/17/20	Barclays Bank PLC	CZK	1,982		84,821		86,731		—		(1,910	)
Egyptian Pound,
Expiring 12/23/19	Citibank, N.A.	EGP	530		31,851		32,369		—		(518	)
Expiring 12/23/19	Citibank, N.A.	EGP	138		8,307		8,423		—		(116	)
Euro,
Expiring 11/04/19	UBS AG	EUR	16,626		18,338,658		18,548,669		—		(210,011	)
Expiring 12/03/19	UBS AG	EUR	16,626		18,489,108		18,583,791		—		(94,683	)
Expiring 01/17/20	HSBC Bank USA, N.A.	EUR	1,835		2,037,224		2,058,129		—		(20,905	)
Expiring 01/17/20	JPMorgan Chase Bank, N.A.	EUR	1,968		2,186,656		2,207,653		—		(20,997	)

See Notes to Financial Statements.

PGIM International Bond Fund 37

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 01/17/20	Morgan Stanley & Co. International PLC	EUR	77	$	86,000	$	86,244	$	—	$	(244	)
Expiring 01/17/20	UBS AG	EUR	2,138		2,368,702		2,397,825		—		(29,123	)
Hungarian Forint,
Expiring 01/17/20	The Toronto-Dominion Bank	HUF	94,279		315,869		321,438		—		(5,569	)
Indian Rupee,
Expiring 12/18/19	Bank of America, N.A.	INR	5,679		79,000		79,449		—		(449	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	2,859		39,740		39,999		—		(259	)
Expiring 12/18/19	HSBC Bank USA, N.A.	INR	2,809		39,124		39,303		—		(179	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	INR	7,081		99,000		99,064		—		(64	)
Indonesian Rupiah,
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	7,536,521		523,952		532,346		—		(8,394	)
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	1,217,072		86,000		85,968		32		—
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	1,101,267		77,000		77,789		—		(789	)
Expiring 12/18/19	HSBC Bank USA, N.A.	IDR	1,070,612		76,000		75,623		377		—
Israeli Shekel,
Expiring 11/29/19	Goldman Sachs International	ILS	2,538		700,000		721,000		—		(21,000	)
Expiring 12/18/19	Barclays Bank PLC	ILS	609		173,775		173,309		466		—
Japanese Yen,
Expiring 01/17/20	Morgan Stanley & Co. International PLC	JPY	74,972		696,457		697,990		—		(1,533	)
Mexican Peso,
Expiring 12/18/19	Citibank, N.A.	MXN	848		44,000		43,732		268		—
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	MXN	831		42,227		42,889		—		(662	)
New Taiwanese Dollar,
Expiring 12/18/19	Credit Suisse International	TWD	16,133		519,540		532,646		—		(13,106	)

See Notes to Financial Statements.

38

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 12/18/19	HSBC Bank USA, N.A.	TWD	2,724	$	88,000	$	89,949	$	—	$	(1,949	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	3,318		108,000		109,560		—		(1,560	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TWD	3,091		101,000		102,062		—		(1,062	)
New Zealand Dollar,
Expiring 01/22/20	Morgan Stanley & Co. International PLC	NZD	495		313,871		317,589		—		(3,718	)
Peruvian Nuevo Sol,
Expiring 12/18/19	Bank of America, N.A.	PEN	188		55,800		56,104		—		(304	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	PEN	368		109,000		109,936		—		(936	)
Philippine Peso,
Expiring 12/18/19	HSBC Bank USA, N.A.	PHP	7,346		140,000		144,422		—		(4,422	)
Polish Zloty,
Expiring 01/17/20	Barclays Bank PLC	PLN	186		47,879		48,755		—		(876	)
Russian Ruble,
Expiring 12/18/19	Citibank, N.A.	RUB	3,077		47,000		47,652		—		(652	)
Singapore Dollar,
Expiring 12/18/19	Goldman Sachs International	SGD	272		195,314		199,897		—		(4,583	)
South African Rand,
Expiring 12/18/19	Barclays Bank PLC	ZAR	1,042		69,500		68,504		996		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	594		39,325		39,073		252		—
Expiring 12/18/19	Barclays Bank PLC	ZAR	584		39,124		38,394		730		—
Expiring 12/18/19	Citibank, N.A.	ZAR	608		39,782		39,982		—		(200	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	ZAR	702		47,184		46,128		1,056		—
South Korean Won,
Expiring 12/18/19	Citibank, N.A.	KRW	196,199		163,234		167,813		—		(4,579	)

See Notes to Financial Statements.

PGIM International Bond Fund 39

Schedule of Investments(continued)

as of October 31, 2019

Forward foreign currency exchange contracts outstanding at October 31, 2019 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Swedish Krona,
Expiring 01/17/20	Barclays Bank PLC	SEK	684	$	70,000	$	71,206	$	—	$	(1,206	)
Expiring 01/17/20	Morgan Stanley & Co. International PLC	SEK	1,716		176,182		178,569		—		(2,387	)
Swiss Franc,
Expiring 01/17/20	UBS AG	CHF	533		537,189		543,262		—		(6,073	)
Thai Baht,
Expiring 12/18/19	Citibank, N.A.	THB	2,524		82,000		83,619		—		(1,619	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	THB	770		25,105		25,528		—		(423	)
Turkish Lira,
Expiring 12/18/19	Barclays Bank PLC	TRY	36		6,000		6,237		—		(237	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	759		125,539		131,074		—		(5,535	)
Expiring 12/18/19	JPMorgan Chase Bank, N.A.	TRY	189		31,167		32,641		—		(1,474	)
Expiring 12/18/19	Morgan Stanley & Co. International PLC	TRY	232		38,000		40,112		—		(2,112	)
				$	60,800,527	$	61,453,169		35,104		(687,746	)
								$	265,073	$	(709,970	)

Credit default swap agreements outstanding at October 31, 2019:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)*:
Federal Republic of Brazil		12/20/22		1.000%(Q)		600		0.731	%	$	5,637		$	(648	)	$	6,285		Citibank, N.A.
Government of Malaysia		12/20/22		1.000%(Q)		120		0.280	%		3,012			(130	)		3,142		Citibank, N.A.
People’s Republic of China		12/20/22		1.000%(Q)		400		0.223	%		10,619			(432	)		11,051		Citibank, N.A.
Republic of Argentina		12/20/22		1.000%(Q)		120		117.935	%		(75,460	)		(130	)		(75,330	)	Citibank, N.A.

See Notes to Financial Statements.

40

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)* (cont’d.):
Republic of Chile		12/20/22		1.000%(Q)		120		0.245	%	$	2,938		$	(130	)	$	3,068		Citibank, N.A.
Republic of Colombia		12/20/22		1.000%(Q)		160		0.444	%		2,924			(173	)		3,097		Citibank, N.A.
Republic of Indonesia		12/20/22		1.000%(Q)		160		0.517	%		3,071			(173	)		3,244		Citibank, N.A.
Republic of Panama		12/20/22		1.000%(Q)		120		0.245	%		2,938			(130	)		3,068		Citibank, N.A.
Republic of Peru		12/20/22		1.000%(Q)		120		0.251	%		2,915			(130	)		3,045		Citibank, N.A.
Republic of Philippines		12/20/22		1.000%(Q)		120		0.267	%		3,052			(130	)		3,182		Citibank, N.A.
Republic of South Africa		12/20/22		1.000%(Q)		360		1.322	%		(3,289	)		(389	)		(2,900	)	Citibank, N.A.
Republic of Turkey		12/20/22		1.000%(Q)		600		2.780	%		(30,858	)		(648	)		(30,210	)	Citibank, N.A.
Russian Federation		12/20/22		1.000%(Q)		360		0.430	%		6,689			(389	)		7,078		Citibank, N.A.
United Mexican States		12/20/22		1.000%(Q)		520		0.525	%		8,196			(562	)		8,758		Citibank, N.A.
										$	(57,616	)	$	(4,194	)	$	(53,422	)

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Packaged Credit Default Swap Agreement on credit indices— Buy Protection(1)*:

CDX.EM.28.V2

12/20/22

1.000%(Q)

3,880

$

55,034

$

(1,153

)

$

56,187

Citibank, N.A.

* The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. Theup-front premium is attached to the index of the trade. Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s).

See Notes to Financial Statements.

PGIM International Bond Fund 41

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
American Money Management Corporation		11/26/19		1.000%(M)		7		*	$	5	$	—	$	5	Goldman Sachs International
Anchorage CLO		11/26/19		0.500%(M)	EUR	15		*		7		—		7	Goldman Sachs International
Anchorage CLO		11/26/19		1.000%(M)	EUR	15		*		14		—		14	Goldman Sachs International
AXA CLO		11/26/19		0.500%(M)	EUR	8		*		4		—		4	Goldman Sachs International
Bardin Hill Loan Advisors		11/26/19		1.000%(M)	EUR	9		*		8		—		8	Goldman Sachs International
Barings CLO		11/26/19		1.000%(M)		1		*		—		—		—	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/27/19		1.250%(M)		29		*		28		—		28	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/27/19		1.250%(M)		16		*		16		—		16	Goldman Sachs International
BlueMountain CLO Ltd.		11/26/19		1.000%(M)		3		*		2		—		2	Goldman Sachs International
Cairn CLO B.V.		11/26/19		1.000%(M)	EUR	8		*		7		—		7	Goldman Sachs International
Canyon CLO		11/26/19		0.500%(M)		2		*		—		—		—	Goldman Sachs International
CIFC CLO		11/26/19		1.000%(M)		2		*		2		—		2	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/26/19		1.250%(M)		13		*		13		—		13	Goldman Sachs International

See Notes to Financial Statements.

42

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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		11/26/19		1.250%(M)		8		6.940	%	$	8	$	—	$	8	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/26/19		1.250%(M)		8		*			8		—		8	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/26/19		1.250%(M)		4		4.670	%		4		—		4	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		15		*			15		—		15	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		12		19.740	%		12		—		12	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		11		*			11		—		11	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		9		*			9		—		9	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		8		6.940	%		8		—		8	Goldman Sachs International
COMM Mortgage Trust		11/26/19		1.250%(M)		5		7.460	%		5		—		5	Goldman Sachs International
Commerzebank CLO		11/26/19		1.000%(M)	EUR	7		*			7		—		7	Goldman Sachs International
Credit Suisse Asset Management CLO		11/26/19		1.000%(M)		2		*			2		—		2	Goldman Sachs International
DFG CLO		11/26/19		1.000%(M)		2		*			—		—		—	Goldman Sachs International
Ellington CLO		11/26/19		1.000%(M)		37		*			28		—		28	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 43

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
Equity One Home Equity		11/27/19		1.250%(M)		11		*		$	10	$	—	$	10	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		62		*			60		—		60	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		41		*			40		—		40	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		38		*			37		—		37	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		22		*			21		—		21	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		15		*			15		—		15	Goldman Sachs International
Fannie Mae Connecticut Avenue Securities		11/27/19		1.250%(M)		9		*			9		—		9	Goldman Sachs International
GMAC Home Equity		11/27/19		1.250%(M)		7		*			6		—		6	Goldman Sachs International
GMAC Home Equity		11/27/19		1.250%(M)		7		*			7		—		7	Goldman Sachs International
GS Mortgage Securities Trust		11/26/19		1.250%(M)		7		7.460	%		7		—		7	Goldman Sachs International
GS Mortgage Securities Trust		11/26/19		1.250%(M)		7		*			7		—		7	Goldman Sachs International
GSO CLO		11/26/19		1.000%(M)		3		*			2		—		2	Goldman Sachs International
GSR Mortgage Loan Trust		11/27/19		1.250%(M)		12		*			12		—		12	Goldman Sachs International

See Notes to Financial Statements.

44

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
ICG CLO		11/26/19		0.500%(M)		5		*		$	—		$	—	$	—	Goldman Sachs International
Invesco CLO		11/26/19		0.500%(M)		2		*			—			—		—	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/26/19		1.250%(M)		19		8.827	%		20	��		—		20	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/26/19		1.250%(M)		12		*			12			—		12	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		11/26/19		1.250%(M)		7		*			7			—		7	Goldman Sachs International
JPMorgan Chase Commercial Mortgage Securities		11/26/19		1.250%(M)		3		*			3			—		3	Goldman Sachs International
LCM CLO		11/26/19		1.000%(M)		2		*			2			—		2	Goldman Sachs International
Lehman Home Equity		11/27/19		1.250%(M)		6		*			6			—		6	Goldman Sachs International
MJX CLO		11/26/19		0.500%(M)		3		*			—			—		—	Goldman Sachs International
Morgan Stanley Home Equity		11/27/19		1.250%(M)		7		*			6			—		6	Goldman Sachs International
Oak Hill CLO		11/26/19		1.000%(M)	EUR	9		*			8			—		8	Goldman Sachs International
OCH-ZIFF CLO		11/26/19		0.500%(M)		7		*			3			—		3	Goldman Sachs International
Octagon CLO		11/26/19		1.000%(M)		1		*			—			—		—	Goldman Sachs International

See Notes to Financial Statements.

PGIM International Bond Fund 45

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
Octagon Investment Partners XV Ltd.		11/26/19		1.000%(M)		4		*	$	3	$	—	$	3	Goldman Sachs International
Palmer Square CLO		11/26/19		0.500%(M)		3		*		—		—		—	Goldman Sachs International
Pinebridge CLO		11/26/19		0.500%(M)		2		*		—		—		—	Goldman Sachs International
Shenkman Capital		11/26/19		1.000%(M)		1		*		—		—		—	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		0.500%(M)		15		*		6		—		6	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		1.000%(M)		7		*		5		—		5	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		0.500%(M)		7		*		3		—		3	Goldman Sachs International
Sound Point CLO Ltd.		11/26/19		1.000%(M)		1		*		—		—		—	Goldman Sachs International
Steele Creek		11/26/19		1.000%(M)		6		*		4		—		4	Goldman Sachs International
Structured Agency Credit Risk		11/27/19		1.250%(M)		40		*		39		—		39	Goldman Sachs International
Structured Agency Credit Risk		11/27/19		1.250%(M)		20		*		20		—		20	Goldman Sachs International
Structured Agency Credit Risk		11/27/19		1.250%(M)		19		*		18		—		18	Goldman Sachs International
Structured Agency Credit Risk		11/27/19		1.250%(M)		17		*		16		—		16	Goldman Sachs International

See Notes to Financial Statements.

46

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
THL CLO		11/26/19		0.500%(M)		3		*	$	—	$	—	$	—	Goldman Sachs International
Voya CLO		11/26/19		1.000%(M)		5		*		4		—		4	Goldman Sachs International
Wellfleet CLO		11/26/19		0.500%(M)		5		*		2		—		2	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/26/19		1.250%(M)		24		*		24		—		24	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/26/19		1.250%(M)		4		*		4		—		4	Goldman Sachs International
									$	671	$	—	$	671

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	$	(777	)	$	4,853		$	(5,630	)	Barclays Bank PLC
Kingdom of Spain		06/20/23		1.000%(Q)		100		(3,080	)		(1,850	)		(1,230	)	Bank of America, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)		80		(420	)		252			(672	)	Citibank, N.A.
Petroleos Mexicanos		06/20/20		1.000%(Q)		75		(394	)		240			(634	)	Citibank, N.A.
Republic of Argentina		06/20/24		5.000%(Q)		160		97,259			96,688			571		Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)		230		(3,558	)		2,414			(5,972	)	Citibank, N.A.
Republic of Italy		06/20/23		1.000%(Q)	EUR	210		(3,035	)		2,198			(5,233	)	Barclays Bank PLC
Republic of Italy		06/20/28		1.000%(Q)	EUR	105		1,503			5,627			(4,124	)	Barclays Bank PLC
							$	87,498		$	110,422		$	(22,924	)

See Notes to Financial Statements.

PGIM International Bond Fund 47

Schedule of Investments(continued)

as of October 31, 2019

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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):
Generalitat de Cataluna		12/20/22		1.000%(Q)		110		2.782	%	$	(5,523	)	$	(9,913	)	$	4,390	Citibank, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		830		0.256	%		22,947			6,299			16,648	Bank of America, N.A.
Kingdom of Spain		06/20/23		1.000%(Q)		100		0.256	%		2,765			1,133			1,632	Bank of America, N.A.
Republic of Argentina		06/20/29		5.000%(Q)		160		80.552	%		(98,084	)		(98,772	)		688	Citibank, N.A.
Republic of France		12/20/23		0.250%(Q)		100		0.143	%		461		��	(225	)		686	Barclays Bank PLC
Republic of Hungary		06/20/22		1.000%(Q)		450		0.361	%		8,002			(1,471	)		9,473	Citibank, N.A.
Republic of Indonesia		06/20/23		1.000%(Q)		220		0.509	%		4,085			(1,029	)		5,114	Citibank, N.A.
Republic of Ireland		06/20/27		1.000%(Q)		100		0.369	%		4,653			1,921			2,732	Morgan Stanley & Co. International PLC
Republic of Italy		06/20/23		1.000%(Q)		375		0.888	%		1,914			(11,077	)		12,991	Morgan Stanley & Co. International PLC
Republic of Italy		06/20/23		1.000%(Q)		350		0.888	%		1,786			(14,286	)		16,072	Bank of America, N.A.
Republic of Italy		06/20/23		1.000%(Q)		230		0.888	%		1,174			(8,760	)		9,934	Citibank, N.A.
Republic of Kazakhstan		06/20/23		1.000%(Q)		115		0.411	%		2,541			—			2,541	Citibank, N.A.
Republic of Korea		12/20/19		1.000%(Q)		40		0.118	%		95			48			47	Citibank, N.A.
Republic of Panama		06/20/22		1.000%(Q)		100		0.210	%		2,174			469			1,705	Citibank, N.A.
Republic of Portugal		12/20/23		1.000%(Q)		100		0.287	%		2,991			(46	)		3,037	Morgan Stanley & Co. International PLC
Republic of South Africa		12/20/23		1.000%(Q)		400		1.611	%		(9,114	)		(17,820	)		8,706	Bank of America, N.A.
Republic of Turkey		12/20/19		1.000%(Q)		50		0.576	%		88			(14	)		102	Credit Suisse International
Republic of Turkey		06/20/23		1.000%(Q)		80		2.961	%		(5,199	)		(8,395	)		3,196	BNP Paribas S.A.
Republic of Turkey		06/20/23		1.000%(Q)		40		2.961	%		(2,600	)		(4,005	)		1,405	BNP Paribas S.A.
Russian Federation		12/20/22		1.000%(Q)		50		0.434	%		929			(83	)		1,012	Citibank, N.A.

See Notes to Financial Statements.

48

Credit default swap agreements outstanding at October 31, 2019 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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.):
Russian Federation		06/20/23		1.000%(Q)		200		0.518	%	$	3,656		$	(2,798	)	$	6,454	Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		150		0.518	%		2,742			(1,759	)		4,501	Morgan Stanley & Co. International PLC
Russian Federation		06/20/23		1.000%(Q)		60		0.518	%		1,097			(826	)		1,923	BNP Paribas S.A.
Russian Federation		12/20/26		1.000%(Q)		100		1.084	%		(442	)		(8,006	)		7,564	Barclays Bank PLC
State of Illinois		12/20/22		1.000%(Q)		100		1.122	%		(250	)		(2,493	)		2,243	Citibank, N.A.
State of Illinois		12/20/24		1.000%(Q)		100		1.582	%		(2,594	)		(5,103	)		2,509	Goldman Sachs International
T-Mobile USA Inc.		12/20/19		5.000%(Q)		70		0.144	%		878			461			417	Credit Suisse International
										$	(58,828	)	$	(186,550	)	$	127,722

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(4)			Value at Trade Date		Value at October 31, 2019		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices—Sell Protection(2):
CDX.NA.HY.33.V1		12/20/24		5.000%(Q)		1,400		3.391	%	$	94,111	$	107,981	$	13,870

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2019(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		1.535	%	$	(6,026	)	$	(10,993	)	$	4,967	Citibank, N.A.
CMBX.NA.6.AA		05/11/63		1.500%(M)		200		*			4,147			(1,093	)		5,240	JPMorgan Securities LLC
										$	(1,879	)	$	(12,086	)	$	10,207

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

See Notes to Financial Statements.

PGIM International Bond Fund 49

Schedule of Investments(continued)

as of October 31, 2019

of the CDS contract increases for the protection buyer if the spread increases.

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

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

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

(4) 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 includeup-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.

Currency swap agreement outstanding at October 31, 2019:

Notional Amount (000)#

Fund Receives

Notional Amount (000)#

Fund Pays

Counterparty

Termination Date

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

OTC Currency Swap Agreement:

IDR 2,000,000

8.22%(S)

138

6 Month LIBOR(S)

Citibank, N.A.

11/29/23

$

21,529

$

—

$

21,529

See Notes to Financial Statements.

50

Inflation swap agreements outstanding at October 31, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Inflation Swap Agreements:
EUR	200		05/15/23		1.485%(T)	France CPI ex Tobacco Household(1)(T)	$	—	$	(5,781	)	$	(5,781	)
EUR	200		05/15/23		1.510%(T)	Eurostat Eurozone HICP ex Tobacco(2)(T)		—		5,523			5,523
							$	—	$	(258	)	$	(258	)

(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, 2019:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
AUD	560		09/25/22		2.958%(S)	6 Month BBSW(2)(S)	$	—		$	15,546		$	15,546
AUD	380		11/27/28		2.847%(S)	6 Month BBSW(2)(S)		(6	)		38,021			38,027
AUD	350		12/03/29		2.700%(S)	6 Month BBSW(2)(S)		35,519			33,731			(1,788	)
AUD	150		05/09/32		3.140%(S)	6 Month BBSW(2)(S)		(4	)		21,534			21,538
AUD	165		07/19/32		3.130%(S)	6 Month BBSW(2)(S)		(5	)		23,575			23,580
BRL	287		01/02/25		6.540%(T)	1 Day BROIS(2)(T)		—			2,570			2,570
BRL	1,710		01/02/25		6.670%(T)	1 Day BROIS(2)(T)		—			18,465			18,465
BRL	657		01/02/25		9.475%(T)	1 Day BROIS(2)(T)		—			46,218			46,218
BRL	724		01/02/25		9.943%(T)	1 Day BROIS(2)(T)		—			62,110			62,110
BRL	305		01/02/25		11.080%(T)	1 Day BROIS(2)(T)		—			31,128			31,128
BRL	98		01/02/25		12.090%(T)	1 Day BROIS(2)(T)		—			11,793			11,793
CAD	615		01/09/20		1.716%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(667	)		(614	)		53
CAD	620		04/05/22		1.445%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(18,076	)		(4,098	)		13,978
CAD	200		12/03/28		2.600%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		1,894			10,497			8,603
CAD	320		05/30/37		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(16,025	)		8,836			24,861
CAD	50		01/09/38		2.720%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		—			4,280			4,280
CAD	150		05/30/47		2.240%(S)	3 Month Canadian Banker’s Acceptance(2)(S)		(8,007	)		5,967			13,974

See Notes to Financial Statements.

PGIM International Bond Fund 51

Schedule of Investments(continued)

as of October 31, 2019

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
CHF	210		04/03/28		0.410%(A)	6 Month CHF LIBOR(2)(S)	$	1,810		$	14,477		$	12,667
CHF	140		01/31/29		0.260%(A)	6 Month CHF LIBOR(2)(S)		—			7,942			7,942
CHF	80		04/03/33		0.687%(A)	6 Month CHF LIBOR(2)(S)		3,339			8,895			5,556
CLP	47,300		07/12/29		3.135%(S)	1 Day CLOIS(2)(S)		—			1,713			1,713
CNH	800		03/13/24		2.945%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(630	)		(630	)
CNH	1,400		04/01/24		2.923%(Q)	7 Day China Fixing Repo Rates(2)(Q)		—			(1,319	)		(1,319	)
CNH	2,440		06/20/24		2.900%(Q)	7 Day China Fixing Repo Rates(2)(Q)		3			(2,951	)		(2,954	)
CNH	2,300		09/03/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(4	)		(3,628	)		(3,624	)
CNH	2,600		10/10/24		2.860%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(3	)		(4,321	)		(4,318	)
CNH	1,780		11/01/24		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(7	)		6			13
COP	559,000		07/27/28		6.200%(Q)	1 Day COOIS(2)(Q)		330			11,116			10,786
CZK	22,450		05/31/20		2.138%(A)	3 Month PRIBOR(1)(Q)		—			(4,944	)		(4,944	)
CZK	6,000		11/17/22		1.505%(A)	6 Month PRIBOR(2)(S)		(16	)		(2,331	)		(2,315	)
CZK	6,700		01/31/24		1.930%(A)	6 Month PRIBOR(1)(S)		—			(4,150	)		(4,150	)
CZK	7,890		06/20/24		1.623%(A)	6 Month PRIBOR(1)(S)		—			3,103			3,103
CZK	2,200		06/29/27		1.175%(A)	6 Month PRIBOR(1)(S)		5,359			2,663			(2,696	)
EUR	620		05/11/22		(0.250)%(A)	1 Day EONIA(2)(A)		6,255			4,926			(1,329	)
EUR	127		09/08/27		0.770%(A)	6 Month EURIBOR(2)(S)		—			10,275			10,275
EUR	1,335		06/28/32		0.785%(A)	6 Month EURIBOR(2)(S)		(89,832	)		124,094			213,926
EUR	305		10/30/32		1.302%(A)	6 Month EURIBOR(2)(S)		—			50,267			50,267
EUR	50		05/11/33		1.000%(A)	6 Month EURIBOR(2)(S)		(2,308	)		6,385			8,693
EUR	100		03/30/46		1.058%(A)	6 Month EURIBOR(2)(S)		(552	)		18,854			19,406
EUR	60		05/11/49		1.450%(A)	6 Month EURIBOR(2)(S)		1,732			20,199			18,467

See Notes to Financial Statements.

52

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
GBP	125		05/08/24		0.950%(A)	1 Day SONIA(1)(A)	$	(1,930	)	$	(3,334	)	$	(1,404	)
GBP	50		05/08/29		1.100%(A)	1 Day SONIA(2)(A)		2,925			3,403			478
GBP	125		03/09/46		1.648%(S)	6 Month GBP LIBOR(2)(S)		(101	)		28,938			29,039
HKD	2,390		03/13/21		2.138%(Q)	3 Month HIBOR(2)(Q)		(4	)		728			732
HKD	2,700		03/13/21		2.145%(Q)	3 Month HIBOR(2)(Q)		(4	)		860			864
HKD	1,405		09/03/26		1.538%(Q)	3 Month HIBOR(1)(Q)		(8	)		3,132			3,140
HUF	177,300		07/02/20		1.065%(A)	6 Month BUBOR(2)(S)		(301	)		4,682			4,983
HUF	95,000		01/12/27		4.150%(A)	6 Month BUBOR(2)(S)		—			46,596			46,596
HUF	99,345		06/12/28		3.750%(A)	6 Month BUBOR(2)(S)		—			36,046			36,046
HUF	26,000		07/15/29		1.650%(A)	6 Month BUBOR(2)(S)		—			3,800			3,800
JPY	309,920		12/17/20		0.015%(S)	6 Month JPY LIBOR(1)(S)		—			(3,097	)		(3,097	)
JPY	76,810		01/29/21		(0.014)%(S)	6 Month JPY LIBOR(1)(S)		—			(701	)		(701	)
JPY	301,250		12/20/24		0.126%(S)	6 Month JPY LIBOR(2)(S)		(6,292	)		35,038			41,330
JPY	46,500		07/04/28		0.282%(S)	6 Month JPY LIBOR(2)(S)		4,000			12,235			8,235
JPY	57,765		12/03/28		0.200%(S)	6 Month JPY LIBOR(2)(S)		5,197			11,198			6,001
JPY	180,000		12/22/36		0.641%(S)	6 Month JPY LIBOR(2)(S)		—			139,199			139,199
JPY	18,500		02/28/37		0.681%(S)	6 Month JPY LIBOR(2)(S)		—			15,364			15,364
JPY	95,000		07/26/37		0.676%(S)	6 Month JPY LIBOR(2)(S)		—			79,765			79,765
JPY	9,150		01/04/38		0.757%(S)	6 Month JPY LIBOR(2)(S)		—			9,051			9,051
JPY	8,000		12/03/38		0.600%(S)	6 Month JPY LIBOR(2)(S)		2,617			5,834			3,217
JPY	20,000		10/04/39		0.203%(S)	6 Month JPY LIBOR(2)(S)		—			(296	)		(296	)
JPY	30,000		12/03/39		0.650%(S)	6 Month JPY LIBOR(2)(S)		20,402			25,006			4,604

See Notes to Financial Statements.

PGIM International Bond Fund 53

Schedule of Investments(continued)

as of October 31, 2019

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
JPY	45,000		12/22/41		0.731%(S)	6 Month JPY LIBOR(2)(S)	$	—		$	46,150		$	46,150
JPY	6,200		04/07/42		0.803%(S)	6 Month JPY LIBOR(2)(S)		—			7,183			7,183
JPY	7,400		07/04/43		0.763%(S)	6 Month JPY LIBOR(2)(S)		—			8,287			8,287
JPY	25,000		11/24/47		0.888%(S)	6 Month JPY LIBOR(2)(S)		—			38,750			38,750
KRW	700,000		01/07/21		1.733%(Q)	3 Month KWCDC(2)(Q)		—			2,477			2,477
KRW	60,000		09/10/28		2.043%(Q)	3 Month KWCDC(1)(Q)		(80	)		(2,953	)		(2,873	)
KRW	75,700		04/17/29		1.740%(Q)	3 Month KWCDC(2)(Q)		—			2,150			2,150
MXN	2,080		06/11/27		7.210%(M)	28 Day Mexican Interbank Rate(2)(M)		506			4,749			4,243
MXN	4,020		02/27/29		8.260%(M)	28 Day Mexican Interbank Rate(2)(M)		945			25,129			24,184
NOK	1,500		12/11/28		2.177%(A)	6 Month NIBOR(2)(S)		—			6,844			6,844
NOK	500		02/07/29		2.083%(A)	6 Month NIBOR(2)(S)		869			1,750			881
NZD	300		05/01/20		3.628%(S)	3 Month BBR(2)(Q)		8,462			5,242			(3,220	)
NZD	470		01/10/27		3.420%(S)	3 Month BBR(2)(Q)		—			48,717			48,717
NZD	70		11/28/28		2.950%(S)	3 Month BBR(2)(Q)		1,860			6,651			4,791
NZD	90		07/22/29		1.768%(S)	3 Month BBR(2)(Q)		—			2,213			2,213
PLN	1,120		08/24/23		2.390%(A)	6 Month WIBOR(2)(S)		—			7,430			7,430
PLN	935		11/13/23		2.570%(A)	6 Month WIBOR(2)(S)		—			12,017			12,017
PLN	500		04/11/24		2.020%(A)	6 Month WIBOR(2)(S)		—			2,920			2,920
PLN	1,300		06/21/24		1.750%(A)	6 Month WIBOR(2)(S)		—			177			177
PLN	1,000		01/10/27		3.030%(A)	6 Month WIBOR(2)(S)		—			27,493			27,493
PLN	620		06/12/28		3.070%(A)	6 Month WIBOR(1)(S)		—			(17,690	)		(17,690	)
PLN	508		11/13/28		2.998%(A)	6 Month WIBOR(1)(S)		—			(16,350	)		(16,350	)

See Notes to Financial Statements.

54

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date			Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
SEK	2,500		12/30/26			1.106%(A)	3 Month STIBOR(2)(Q)	$	—		$	17,469		$	17,469
SEK	300		07/11/28			1.141%(A)	3 Month STIBOR(2)(Q)		524			2,190			1,666
SEK	990		11/28/28			1.188%(A)	3 Month STIBOR(2)(Q)		—			8,525			8,525
SEK	1,000		06/20/29			0.550%(A)	3 Month STIBOR(2)(Q)		—			1,528			1,528
SGD	380		05/21/23			2.030%(S)	6 Month SIBOR(1)(S)		—			(5,433	)		(5,433	)
SGD	135		03/19/24			2.025%(S)	6 Month SIBOR(2)(S)		—			2,187			2,187
SGD	200		05/21/28			2.436%(S)	6 Month SIBOR(2)(S)		—			9,703			9,703
SGD	90		02/14/29			2.285%(S)	6 Month SIBOR(2)(S)		—			3,586			3,586
	4,640		03/12/20			2.405%(T)	1 Day USOIS(2)(T)		—			18,729			18,729
	1,740		04/25/20			2.328%(T)	1 Day USOIS(2)(T)		(28	)		8,035			8,063
	2,142		06/15/21			1.830%(S)	3 Month LIBOR(2)(Q)		—			7,137			7,137
	1,505		09/15/21			1.381%(S)	3 Month LIBOR(2)(Q)		(278	)		(3,319	)		(3,041	)
	3,005		09/15/21			1.480%(S)	3 Month LIBOR(2)(Q)		2,067			(1,714	)		(3,781	)
	1,505		09/15/21			1.604%(S)	3 Month LIBOR(2)(Q)		7,043			2,263			(4,780	)
	230		05/31/22			2.353%(A)	1 Day USOIS(1)(A)		—			(6,457	)		(6,457	)
	185		09/27/22			2.360%(A)	1 Day USOIS(1)(A)		2			(6,034	)		(6,036	)
	280		05/21/23			2.215%(S)	3 Month LIBOR(2)(Q)		—			8,580			8,580
	350		02/29/24			1.520%(S)	3 Month LIBOR(2)(Q)		—			951			951
	500		08/15/24			2.168%(S)	3 Month LIBOR(1)(Q)		—			(15,854	)		(15,854	)
	4,435		08/15/24			2.170%(S)	3 Month LIBOR(1)(Q)		16,556			(140,983	)		(157,539	)
	490		08/15/24	��		2.176%(S)	3 Month LIBOR(1)(Q)		895			(15,709	)		(16,604	)
	1,230		11/15/24			2.334%(S)	3 Month LIBOR(1)(Q)		4,442			(58,371	)		(62,813	)
	1,185		02/28/25			2.454%(A)	1 Day USOIS(1)(A)		1,354			(76,707	)		(78,061	)
	480		05/31/25			2.998%(S)	3 Month LIBOR(1)(Q)		(319	)		(43,212	)		(42,893	)

See Notes to Financial Statements.

PGIM International Bond Fund 55

Schedule of Investments(continued)

as of October 31, 2019

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2019			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	830		07/31/25		2.802%(A)	1 Day USOIS(1)(A)	$	—		$	(74,287	)	$	(74,287	)
	1,190		07/31/25		3.105%(S)	3 Month LIBOR(1)(Q)		939			(115,523	)		(116,462	)
	589		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		31			(57,330	)		(57,361	)
	125		01/31/26		2.236%(S)	3 Month LIBOR(1)(Q)		—			(6,221	)		(6,221	)
	605		01/31/26		2.269%(A)	1 Day USOIS(1)(A)		(7,082	)		(37,903	)		(30,821	)
	1,110		01/31/26		2.406%(S)	3 Month LIBOR(1)(Q)		(1,980	)		(67,023	)		(65,043	)
	725		03/12/26		2.290%(A)	1 Day USOIS(1)(A)		33			(46,769	)		(46,802	)
	1,002		04/30/26		1.876%(S)	3 Month LIBOR(1)(Q)		(3,555	)		(23,270	)		(19,715	)
	130		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			(7,925	)		(7,925	)
	150		05/21/28		2.421%(S)	3 Month LIBOR(1)(Q)		—			(11,450	)		(11,450	)
	150		08/15/44		2.392%(A)	1 Day USOIS(1)(A)		—			(27,288	)		(27,288	)
ZAR	10,560		03/13/21		7.180%(Q)	3 Month JIBAR(2)(Q)		—			4,736			4,736
ZAR	9,480		03/13/24		7.500%(Q)	3 Month JIBAR(1)(Q)		10			(11,905	)		(11,915	)
ZAR	2,035		06/30/27		8.015%(Q)	3 Month JIBAR(2)(Q)		(13	)		4,195			4,208
ZAR	1,700		11/07/27		8.360%(Q)	3 Month JIBAR(2)(Q)		(34	)		5,942			5,976
ZAR	3,500		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		6			8,050			8,044
ZAR	2,820		03/13/29		8.055%(Q)	3 Month JIBAR(2)(Q)		(9	)		4,492			4,501
ZAR	2,000		10/03/29		7.580%(Q)	3 Month JIBAR(2)(Q)		—			(1,886	)		(1,886	)
							$	(19,604	)	$	518,708		$	538,312

Notional Amount (000)#

Termination Date

Fixed Rate

Floating Rate

Fair Value

Upfront Premiums Paid(Received)

Unrealized Appreciaton (Depreciation)

Counterparty

OTC Interest Rate Swap Agreements:

AED

570

02/25/29

3.750%(A)

3 Month EIBOR(2)(Q)

$

17,778

$

—

$

17,778

HSBC Bank USA, N.A.

CLP

85,000

11/15/27

4.130%(S)

1 Day CLOIS(2)(S)

13,355

—

13,355

Morgan Stanley & Co. International PLC

CLP

55,000

12/20/27

4.260%(S)

1 Day CLOIS(2)(S)

8,952

—

8,952

Morgan Stanley & Co. International PLC

CLP

19,100

01/23/28

4.245%(S)

1 Day CLOIS(2)(S)

3,122

—

3,122

Morgan Stanley & Co. International PLC

See Notes to Financial Statements.

56

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciaton (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
CLP	33,000		01/26/28		4.210%(S)	1 Day CLOIS(2)(S)	$	5,344		$	—		$	5,344		Morgan Stanley & Co. International PLC
CLP	23,000		05/17/28		4.270%(S)	1 Day CLOIS(2)(S)		3,986			—			3,986		Citibank, N.A.
CNH	800		08/15/23		3.115%(Q)	7 Day China Fixing Repo Rates(2)(Q)		342			(3	)		345		UBS AG
CNH	500		04/02/26		3.120%(Q)	7 Day China Fixing Repo Rates(2)(Q)		(366	)		—			(366	)	Citibank, N.A.
COP	123,000		01/23/28		6.035%(Q)	1 Day COOIS(2)(Q)		2,116			—			2,116		Morgan Stanley & Co. International PLC
COP	336,000		01/26/28		6.000%(Q)	1 Day COOIS(2)(Q)		5,435			—			5,435		Morgan Stanley & Co. International PLC
COP	263,000		02/01/28		6.020%(Q)	1 Day COOIS(2)(Q)		4,774			—			4,774		Morgan Stanley & Co. International PLC
COP	350,000		05/17/28		5.990%(Q)	1 Day COOIS(2)(Q)		5,877			—			5,877		Citibank, N.A.
COP	118,000		07/12/29		5.165%(Q)	1 Day COOIS(2)(Q)		(525	)		—			(525	)	Morgan Stanley & Co. International PLC
ILS	1,150		01/12/27		1.975%(A)	3 Month TELBOR(2)(Q)		36,427			—			36,427		Citibank, N.A.
ILS	390		07/16/28		2.045%(A)	3 Month TELBOR(2)(Q)		12,608			—			12,608		JPMorgan Chase Bank, N.A.
ILS	115		02/07/29		1.965%(A)	3 Month TELBOR(2)(Q)		3,785			—			3,785		JPMorgan Chase Bank, N.A.
KRW	850,000		01/06/27		1.800%(Q)	3 Month KWCDC(2)(Q)		22,762			(17	)		22,779		Citibank, N.A.
MYR	1,000		11/27/23		3.900%(Q)	3 Month KLIBOR(2)(Q)		5,892			(2	)		5,894		Citibank, N.A.
RUB	13,000		05/17/24		8.660%(A)	3 Month MOSPRIME(2)(Q)		9,626			—			9,626		Goldman Sachs International
RUB	13,000		05/20/24		8.700%(A)	3 Month MOSPRIME(2)(Q)		9,815			—			9,815		Goldman Sachs International
RUB	10,000		06/20/29		9.580%(A)	3 Month MOSPRIME(2)(Q)		12,152			—			12,152		Goldman Sachs International
THB	20,000		08/08/20		1.840%(S)	6 Month BIBOR(2)(S)		2,472			—			2,472		Citibank, N.A.
THB	3,500		02/14/29		2.180%(S)	6 Month THBFIX(2)(S)		6,701			—			6,701		Citibank, N.A.

See Notes to Financial Statements.

PGIM International Bond Fund 57

Schedule of Investments(continued)

as of October 31, 2019

Interest rate swap agreements outstanding at October 31, 2019 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciaton (Depreciation)			Counterparty
OTC Interest Rate Swap Agreements (cont’d.):
ZAR	3,300		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)	$	(3,869	)	$	(31	)	$	(3,838	)	Deutsche Bank AG
ZAR	3,100		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)		4,869			26			4,843		Deutsche Bank AG
							$	193,430		$	(27	)	$	193,457

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

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

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

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	122,629	$	(216,217)	$	470,091	$	(136,664	)

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

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.	$	—	$	748,305
J.P. Morgan Securities LLC		340,000		—
Total	$	340,000	$	748,305

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, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Asset-Backed Securities
Cayman Islands	$	—	$	1,248,345	$	—

See Notes to Financial Statements.

58

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Asset-Backed Securities (continued)
Netherlands	$	—	$	805,695	$	—
United States		—		657,812		—
Commercial Mortgage-Backed Securities
United Kingdom		—		259,951		—
United States		—		401,381		—
Corporate Bonds
Australia		—		121,436		—
Brazil		—		142,258		—
China		—		551,456		—
France		—		479,744		—
Germany		—		719,079		—
Indonesia		—		110,747		—
Ireland		—		121,546		—
Italy		—		247,516		—
Kazakhstan		—		109,297		—
Luxembourg		—		387,846		—
Mexico		—		454,227		—
Netherlands		—		686,658		—
Peru		—		190,715		—
Poland		—		310,856		—
Russia		—		238,789		—
Spain		—		213,889		—
Supranational Bank		—		135,378		—
United Arab Emirates		—		144,150		—
United Kingdom		—		1,117,642		—
United States		—		4,292,942		—
Residential Mortgage-Backed Securities
Bermuda		—		148,329		—
United Kingdom		—		118,104		—
United States		—		298,711		—
Sovereign Bonds
Argentina		—		306,678		—
Brazil		—		816,626		—
Bulgaria		—		168,838		—
Canada		—		185,846		—
China		—		518,351		—
Colombia		—		529,768		—
Croatia		—		264,326		—
Cyprus		—		1,034,039		—
Greece		—		1,495,036		—
Hungary		—		28,551		—
Indonesia		—		670,534		—
Ireland		—		208,191		—
Israel		—		121,902		—
Italy		—		2,711,987		—
Japan		—		133,879		—

See Notes to Financial Statements.

PGIM International Bond Fund 59

Schedule of Investments(continued)

as of October 31, 2019

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Sovereign Bonds (continued)
Kazakhstan	$	—		$	144,356		$	—
Mexico		—			570,022			—
Peru		—			289,438			—
Philippines		—			114,597			—
Portugal		—			1,264,846			—
Romania		—			301,132			—
Russia		—			300,002			—
Saudi Arabia		—			147,080			—
Senegal		—			115,316			—
Serbia		—			229,484			—
South Korea		—			256,097			—
Spain		—			2,702,117			—
Turkey		—			441,996			—
Ukraine		—			369,548			—
United Kingdom		—			1,555,663			—
U.S. Government Agency Obligation		—			10,949			—
U.S. Treasury Obligation		—			59,946			—
Affiliated Mutual Fund		594,002			—			—
Options Purchased		—			10,940			—
Total	$	594,002		$	32,792,580		$	—
Other Financial Instruments*
Assets
Futures Contracts	$	242,915		$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			265,073			—
OTC Packaged Credit Default Swap Agreements		—			107,025			—
Centrally Cleared Credit Default Swap Agreement		—			13,870			—
OTC Credit Default Swap Agreements		—			167,887			671
OTC Currency Swap Agreement		—			21,529			—
Centrally Cleared Inflation Swap Agreement		—			5,523			—
Centrally Cleared Interest Rate Swap Agreements		—			1,494,478			—
OTC Interest Rate Swap Agreements		—			198,190			—
Total	$	242,915		$	2,273,575		$	671
Liabilities
Futures Contracts	$	(175,221	)	$	—		$	—
OTC Forward Foreign Currency Exchange Contracts		—			(709,970	)		—
OTC Packaged Credit Default Swap Agreements		—			(109,607	)		—
OTC Credit Default Swap Agreements		—			(141,096	)		—
Centrally Cleared Inflation Swap Agreement		—			(5,781	)		—

See Notes to Financial Statements.

60

	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—		$	(956,166	)	$	—
OTC Interest Rate Swap Agreements		—			(4,760	)		—
Total	$	(175,221	)	$	(1,927,380	)	$	—

* 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, 2019 were as follows (unaudited):

Sovereign Bonds	51.1	%
Collateralized Loan Obligations	5.8
Banks	4.7
Healthcare-Products	3.6
Oil & Gas	2.4
Commercial Mortgage-Backed Securities	1.9
Insurance	1.8
Software	1.7
Affiliated Mutual Fund	1.7
Residential Mortgage-Backed Securities	1.6
Commercial Services	1.5
Diversified Financial Services	1.4
Electrical Components & Equipment	1.3
Telecommunications	1.2
Foods	1.2
Retail	1.1
Entertainment	1.1
Media	1.0
Electric	1.0
Pharmaceuticals	0.9
Chemicals	0.8
Household Products/Wares	0.7
Packaging & Containers	0.7
Student Loan	0.6	%
Transportation	0.6
Consumer Loans	0.6
Other	0.4
Multi-National	0.4
Forest Products & Paper	0.3
Real Estate Investment Trusts (REITs)	0.3
Auto Manufacturers	0.3
Electronics	0.3
Automobiles	0.3
Auto Parts & Equipment	0.3
U.S. Treasury Obligation	0.2
U.S. Government Agency Obligation	0.1
Options Purchased	0.0	*
	94.9
Other assets in excess of liabilities	5.1
	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. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets

See Notes to Financial Statements.

PGIM International Bond Fund 61

Schedule of Investments(continued)

as of October 31, 2019

and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of October 31, 2019 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	13,870	*	—	$	—
Credit contracts	Premiums paid for OTC swap agreements		122,603		Premiums received for OTC swap agreements		216,164
Credit contracts	Unrealized appreciation on OTC swap agreements		250,376		Unrealized depreciation on OTC swap agreements		131,935
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		265,073		Unrealized depreciation on OTC forward foreign currency exchange contracts		709,970
Interest rate contracts	Due from/to broker-variation margin futures		242,915	*	Due from/to broker-variation margin futures		175,221	*
Interest rate contracts	Due from/to broker-variation margin swaps		1,500,001	*	Due from/to broker-variation margin swaps		961,947	*
Interest rate contracts	Premiums paid for OTC swap agreements		26		Premiums received for OTC swap agreements		53
Interest rate contracts	Unaffiliated investments		10,940		—		—
Interest rate contracts	Unrealized appreciation on OTC swap agreements		219,715		Unrealized depreciation on OTC swap agreements		4,729
		$	2,625,519			$	2,200,019

* 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.

62

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2019 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	��	Options Purchased(1)			Options Written		Futures		Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts		$	(21,687	)	$	28,995	$	—	$	—	$	284,285
Foreign exchange contracts			(33,145	)		27,723		—		1,630,740		—
Interest rate contracts			(15,980	)		7,707		777,736		—		195,618
Total		$	(70,812	)	$	64,425	$	777,736	$	1,630,740	$	479,903

(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			Forward Rate Agreements		Swaps
Credit contracts	$	687		$	(3,366	)	$	—	$	—		$	—	$	68,117
Foreign exchange contracts		(62,874	)		68,437			—		(675,295	)		—		—
Interest rate contracts		3,018			3,148			229,851		—			1,329		267,255
Total	$	(59,169	)	$	68,219		$	229,851	$	(675,295	)	$	1,329	$	335,372

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

For the year ended October 31, 2019, 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)
$	23,492	$	2,860,003	$	22,865,724	$	28,599,333	$	25,273,641
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)
$	52,589,953	$	281,188	$	220,000	$	72,826,075	$	4,225,377
Credit Default Swap Agreements— Sell Protection(2)				Currency Swap Agreements(2)				Inflation Swap Agreements(2)
$	10,100,323			$	110,400			$	800,669

See Notes to Financial Statements.

PGIM International Bond Fund 63

Schedule of Investments(continued)

as of October 31, 2019

(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 toset-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount
Bank of America, N.A.	$	59,849	$	(38,377	)	$	21,472		$	—	$	21,472
Barclays Bank PLC		38,512		(30,582	)		7,930			—		7,930
BNP Paribas S.A.		9,258		(21,038	)		(11,780	)		—		(11,780	)
Citibank, N.A.		402,959		(276,372	)		126,587			—		126,587
Credit Suisse International		2,688		(13,165	)		(10,477	)		—		(10,477	)
Deutsche Bank AG		4,869		(11,891	)		(7,022	)		—		(7,022	)
Goldman Sachs International		35,673		(33,923	)		1,750			—		1,750
HSBC Bank USA, N.A.		28,308		(40,924	)		(12,616	)		—		(12,616	)
JPMorgan Chase Bank, N.A.		50,158		(39,050	)		11,108			—		11,108
JPMorgan Securities LLC		5,240		(1,093	)		4,147			—		4,147
Morgan Stanley & Co. International PLC		96,599		(161,050	)		(64,451	)		—		(64,451	)
The Toronto-Dominion Bank		—		(16,261	)		(16,261	)		—		(16,261	)
UBS AG		134,620		(379,125	)		(244,505	)		—		(244,505	)
	$	868,733	$	(1,062,851	)	$	(194,118	)	$	—	$	(194,118	)

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

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

See Notes to Financial Statements.

64

Statement of Assets and Liabilities

as of October 31, 2019

Assets
Investments at value:
Unaffiliated investments (cost $31,233,580)	$	32,792,580
Affiliated investments (cost $594,002)		594,002
Cash		32,298
Foreign currency, at value (cost $1,669,945)		1,678,216
Unrealized appreciation on OTC swap agreements		470,091
Dividends and interest receivable		359,685
Deposit with broker for centrally cleared/exchange-traded derivatives		340,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		265,073
Premiums paid for OTC swap agreements		122,629
Due from broker—variation margin futures		90,758
Due from Manager		5,391
Prepaid expenses		808
Total Assets		36,751,531
Liabilities
Unrealized depreciation on OTC forward foreign currency exchange contracts		709,970
Payable for investments purchased		332,245
Premiums received for OTC swap agreements		216,217
Unrealized depreciation on OTC swap agreements		136,664
Accrued expenses and other liabilities		110,372
Due to broker—variation margin swaps		46,297
Payable for Fund shares reacquired		347
Distribution fee payable		93
Affiliated transfer agent fee payable		90
Dividends payable		20
Total Liabilities		1,552,315
Net Assets	$	35,199,216
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,249
Paid-in capital in excess of par		31,601,475
Total distributable earnings (loss)		3,594,492
Net assets, October 31, 2019	$	35,199,216

See Notes to Financial Statements.

PGIM International Bond Fund 65

Statement of Assets and Liabilities

as of October 31, 2019

Class A
Net asset value and redemption price per share, ($267,309 ÷ 24,674 shares of beneficial interest issued and outstanding)	$	10.83
Maximum sales charge (3.25% of offering price)		0.36
Maximum offering price to public	$	11.19
Class C
Net asset value, offering price and redemption price per share, ($45,220 ÷ 4,176 shares of beneficial interest issued and outstanding)	$	10.83
Class Z
Net asset value, offering price and redemption price per share, ($3,465,730 ÷ 319,908 shares of beneficial interest issued and outstanding)	$	10.83
Class R6
Net asset value, offering price and redemption price per share, ($31,420,957 ÷ 2,899,911 shares of beneficial interest issued and outstanding)	$	10.84

See Notes to Financial Statements.

66

Statement of Operations

Year Ended October 31, 2019

Net Investment Income (Loss)
Income
Interest income	$	714,447
Affiliated dividend income		49,431
Total income		763,878
Expenses
Management fee		155,305
Distribution fee(a)		716
Custodian and accounting fees		128,471
Audit fee		51,005
Registration fees(a)		50,096
Shareholders’ reports		39,762
Legal fees and expenses		19,304
Trustees’ fees		11,220
Transfer agent’s fees and expenses (including affiliated expense of $556)(a)		3,327
Miscellaneous		16,485
Total expenses		475,691
Less: Fee waiver and/or expense reimbursement(a)		(245,124	)
Net expenses		230,567
Net investment income (loss)		533,311
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(30,017	)
Futures transactions		777,736
Forward and cross currency contract transactions		1,630,740
Options written transactions		64,425
Swap agreement transactions		479,903
Foreign currency transactions		38,048
		2,960,835
Net change in unrealized appreciation (depreciation) on:
Investments		1,339,243
Futures		229,851
Forward rate agreements		1,329
Forward and cross currency contracts		(675,295	)
Options written		68,219
Swap agreements		335,372
Foreign currencies		16,920
		1,315,639
Net gain (loss) on investment and foreign currency transactions		4,276,474
Net Increase (Decrease) In Net Assets Resulting From Operations	$	4,809,785

See Notes to Financial Statements.

PGIM International Bond Fund 67

Statement of Operations

Year Ended October 31, 2019

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

	Class A			Class C			Class Z			Class R6
Distribution fee		409			307			—			—
Registration fees		12,524			12,524			12,524			12,524
Transfer agent’s fees and expenses		600			110			2,540			77
Fee waiver and/or expense reimbursement		(14,119	)		(12,816	)		(25,117	)		(193,072	)

See Notes to Financial Statements.

68

Statements of Changes in Net Assets

	Year Ended October 31,
	2019			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	533,311		$	375,657
Net realized gain (loss) on investment and foreign currency transactions		2,960,835			1,715,364
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,315,639			(1,895,311	)
Net increase (decrease) in net assets resulting from operations		4,809,785			195,710
Dividends and Distributions
Distributions from distributable earnings
Class A		(11,478	)		(2,519	)
Class C		(1,697	)		(231	)
Class Z		(67,729	)		(4,071	)
Class R6		(2,664,029	)		(746,248	)
		(2,744,933	)		(753,069	)
Fund share transactions
Net proceeds from shares sold		3,412,549			176,212
Net asset value of shares issued in reinvestment of dividends and distributions		2,744,737			753,071
Cost of shares reacquired		(152,333	)		(9,576	)
Net increase (decrease) in net assets from Fund share transactions		6,004,953			919,707
Total increase (decrease)		8,069,805			362,348
Net Assets:
Beginning of year		27,129,411			26,767,063
End of year	$	35,199,216		$	27,129,411

See Notes to Financial Statements.

PGIM International Bond Fund 69

Notes to Financial Statements

Prudential Investment Portfolios 9 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as anopen-end management investment company. The Trust currently consists of five funds: PGIM Absolute Return Bond Fund and PGIM QMALarge-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 arenon-diversified funds for purposes of the 1940 Act. These financial statements relate only to the PGIM International Bond Fund (the “Fund”).

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, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingyear-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.

70

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

Investments inopen-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 and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing 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

PGIM International Bond Fund 71

Notes to Financial Statements(continued)

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

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

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

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under

72

Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

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

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

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

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

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

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

PGIM International Bond Fund 73

Notes to Financial Statements(continued)

contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

74

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

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

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund 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 entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty(“OTC-traded”) or through a central clearing facility, such as a registered 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

PGIM International Bond Fund 75

Notes to Financial Statements(continued)

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 or to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

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

76

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.

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 all or a portion 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 toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-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.

PGIM International Bond Fund 77

Notes to Financial Statements(continued)

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

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

As of October 31, 2019, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, forward rate agreements, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of

78

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

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

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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-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 the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary

PGIM International Bond Fund 79

Notes to Financial Statements(continued)

for the organization, operation and management of the Fund. The Manager 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. The Manager 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.

The Manager 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. The Manager pays for the services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.50% of the Fund’s average daily net assets up to $2 billion and 0.485% of such assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.50% for the year ended October 31, 2019.

The Manager has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.99% 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. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for the fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C,

80

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.

For the year ended October 31, 2019, PIMS has not receivedfront-end sales charges resulting from sales of Class A shares. Additionally, for the year ended October 31, 2019, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PGIM 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 Trust’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.

The Fund may enter into certain securities purchase or sale transactions under Board approvedRule 17a-7 procedures.Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to theRule 17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’sRule 17a-7 procedures. For the year ended October 31, 2019, no17a-7

PGIM International Bond Fund 81

Notes to Financial Statements(continued)

transactions were entered into by the Fund.

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, 2019, were $20,563,489 and $12,820,245, respectively.

A summary of the cost of purchases and proceeds from sales of shares of an affiliated investment for the year ended October 31, 2019, 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*
$	2,346,703	$	9,779,675	$	11,532,376	$—	$	—	$	594,002		594,002	$	49,431

* 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 theex-date.

For the year ended October 31, 2019, the tax character of dividends paid by the Fund was $2,744,933 of ordinary income. For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $753,069 of ordinary income.

As of October 31, 2019, the accumulated undistributed earnings on a tax basis were $1,914,182 of ordinary income and $122,527 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, 2019 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$32,243,339	$4,118,423	$(2,560,620)	$1,557,803

The differences between book basis and tax basis were primarily attributable to forward foreign currency exchange contracts, straddles, premium on bonds and other cost basis differences between financial and tax accounting.

82

The Fund utilized approximately $410,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended October 31, 2019.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the three fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 3.25%. Investors who purchase $1 million or more (prior to July 15, 2019, $500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to afront-end 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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after 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 of the Fund 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, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 1,149 Class A shares, 1,125 Class C shares, 1,158 Class Z shares, and 2,894,297 Class R6 shares of the Fund. At reporting period end, two shareholders of record, each holding greater than 5% of the Fund, held 99% of the Fund’s outstanding shares, of which 89% were held by an affiliate of Prudential.

PGIM International Bond Fund 83

Notes to Financial Statements(continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended October 31, 2019:
Shares sold		14,370		$	149,593
Shares issued in reinvestment of dividends and distributions		1,130			11,282
Shares reacquired		(917	)		(9,195	)
Net increase (decrease) in shares outstanding		14,583		$	151,680
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
Class C
Year ended October 31, 2019:
Shares sold		2,472		$	25,000
Shares issued in reinvestment of dividends and distributions		170			1,697
Net increase (decrease) in shares outstanding		2,642		$	26,697
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
Class Z
Year ended October 31, 2019:
Shares sold		309,343		$	3,161,755
Shares issued in reinvestment of dividends and distributions		6,505			67,729
Shares reacquired		(11,600	)		(122,988	)
Net increase (decrease) in shares outstanding		304,248		$	3,106,496
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
Class R6
Year ended October 31, 2019:
Shares sold		7,485		$	76,201
Shares issued in reinvestment of dividends and distributions		268,505			2,664,029
Shares reacquired		(1,950	)		(20,150	)
Net increase (decrease) in shares outstanding		274,040		$	2,720,080
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

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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 table below provides details of the current SCA in effect at the reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$900 million	$900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent

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

The Fund did not utilize the SCA during the year ended October 31, 2019.

8. Risks of Investing in the Fund

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

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

Derivatives Risk:Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. Other risks arise

PGIM International Bond Fund 85

Notes to Financial Statements(continued)

from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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

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

Liquidity Risk:The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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Market and Credit Risk:Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-diversification Risk:Anon-diversified Fund may invest a greater percentage of its assets in the securities of a single company or industry than a diversified fund. Investing in anon-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 anon-diversified fund.

9. Recent Accounting Pronouncements and Reporting Updates

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

PGIM International Bond Fund 87

Financial Highlights

Class A Shares
	Year Ended October 31,						December 14, 2016(a) through October 31,
	2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.22			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.12			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.43			(0.08	)		0.57
Total from investment operations		1.57			0.04			0.64
Less Dividends and Distributions:
Dividends from net investment income		(0.96	)		(0.26	)		-
Tax return of capital distributions		-			-			(0.20	)
Total dividends and distributions		(0.96	)		(0.26	)		(0.20	)
Net asset value, end of period		$10.83			$10.22			$10.44
Total Return(c):		16.52%			0.40%			6.42%
Ratios/Supplemental Data:
Net assets, end of period (000)		$267			$103			$91
Average net assets (000)		$163			$99			$38
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.99%			0.99%			0.99%	(f)
Expenses before waivers and/or expense reimbursement		9.63%			17.44%			3.39%	(f)
Net investment income (loss)		1.35%			1.14%			0.85%	(f)
Portfolio turnover rate(g)		49%			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) 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) Annualized.

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

See Notes to Financial Statements.

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Class C Shares
	Year Ended October 31,						December 14, 2016(a) through October 31,
	2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.22			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.04			-
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.46			(0.07	)		0.57
Total from investment operations		1.49			(0.03	)		0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.88	)		(0.19	)		-
Tax return of capital distributions		-			-			(0.13	)
Total dividends and distributions		(0.88	)		(0.19	)		(0.13	)
Net asset value, end of period		$10.83			$10.22			$10.44
Total Return(c):		15.65%			(0.34)%			5.73%
Ratios/Supplemental Data:
Net assets, end of period (000)		$45			$16			$11
Average net assets (000)		$31			$13			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.74%			1.74%			1.74%	(f)
Expenses before waivers and/or expense reimbursement		43.49%			124.78%			3.26%	(f)
Net investment income (loss)		0.33%			0.41%			0.06%	(f)
Portfolio turnover rate(g)		49%			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) 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) Annualized.

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

See Notes to Financial Statements.

PGIM International Bond Fund 89

Financial Highlights(continued)

Class Z Shares
	Year Ended October 31,						December 14, 2016(a) through October 31,
	2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.23			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.15			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.45			(0.07	)		0.57
Total from investment operations		1.59			0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.99	)		(0.29	)		-
Tax return of capital distributions		-			-			(0.22	)
Total dividends and distributions		(0.99	)		(0.29	)		(0.22	)
Net asset value, end of period		$ 10.83			$10.23			$10.44
Total Return(c):		16.80%			0.75%			6.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,466			$160			$11
Average net assets (000)		$1,763			$140			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.74%			0.74%			0.74%	(f)
Expenses before waivers and/or expense reimbursement		2.16%			12.47%			2.24%	(f)
Net investment income (loss)		1.28%			1.43%			1.09%	(f)
Portfolio turnover rate(g)		49%			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) 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) Annualized.

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

See Notes to Financial Statements.

90

Class R6 Shares
	Year Ended October 31,						December 14, 2016(a) through October 31,
	2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.23			$10.44			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.14			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.42			(0.06	)		0.57
Total from investment operations		1.60			0.08			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.99	)		(0.29	)		-
Tax return of capital distributions		-			-			(0.22	)
Total dividends and distributions		(0.99	)		(0.29	)		(0.22	)
Net asset value, end of period		$10.84			$10.23			$10.44
Total Return(c):		16.81%			0.75%			6.65%
Ratios/Supplemental Data:
Net assets, end of period (000)		$31,421			$26,850			$26,654
Average net assets (000)		$29,104			$26,854			$25,767
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.74%			0.74%			0.74%	(f)
Expenses before waivers and/or expense reimbursement		1.40%			1.55%			1.99%	(f)
Net investment income (loss)		1.75%			1.39%			1.07%	(f)
Portfolio turnover rate(g)		49%			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) 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) Annualized.

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

See Notes to Financial Statements.

PGIM International Bond Fund 91

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM International Bond Fund and Board of Trustees

Prudential Investment Portfolios 9:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM International Bond Fund, a series of Prudential Investment Portfolios 9, (the Fund), including the schedule of investments, as of October 31, 2019, 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 ended October 31, 2019, and the related notes (collectively, the financial statements) and the financial highlights for the years 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, 2019, 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 ended October 31, 2019, and the financial highlights for the years 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, 2019, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies 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, 2019

92

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 theday-to-day operations of the Fund.

Independent Board Members
Name Date of Birth 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 3/11/58 Board Member Portfolios Overseen: 96	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 7/13/52 Board Member Portfolios Overseen: 96	Retired; Managing Director (April2008-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 (May2003-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

PGIM International Bond Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96	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
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95	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.	Formerly Director, Manulife Trust Company (2011-2018); 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 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96	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 Date of Birth 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 9/29/62 Board Member Portfolios Overseen: 95	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, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96	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
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95	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

PGIM International Bond Fund

Independent Board Members
Name Date of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95	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

Interested Board Members
Name Date of Birth 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 10/5/62 Board Member & President Portfolios Overseen: 96	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 Date of Birth 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 5/21/73 Board Member & Vice President Portfolios Overseen:96	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

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara 9/11/55 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

PGIM International Bond Fund

Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Dino Capasso 8/19/74 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) 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 12/22/62 Secretary	Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) 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
Jonathan D. Shain 8/9/58 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 10/14/74 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
Diana N. Huffman 4/14/82 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Kelly A. Coyne 8/8/68 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

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Fund Officers(a)
Name Date of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti 6/7/67 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 10/08/73 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019
Deborah Conway 3/26/69 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1/20/74 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1/11/73 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

^(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.

∎ “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 High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

PGIM International Bond Fund

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 eleven 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”).² 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 May 30, 2019 and on June11-13, 2019 and approved the renewal of the agreements through July 31, 2020, 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

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

²  Grace C. Torres was an Interested Trustee of the Fund at the time the Board considered and approved the renewal of the Fund’s advisory agreements, but has since become an Independent Trustee of the Fund.

PGIM International Bond Fund

Approval of Advisory Agreements(continued)

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 May 30, 2019 and on June11-13, 2019.

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 noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. 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, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. 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 theday-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

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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 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.

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 International Bond Fund

Approval of Advisory Agreements(continued)

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 factors and made related conclusions relating to the historical performance of the Fund for theone-year period ended December 31, 2018. 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 year ended October 31, 2018. 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 provided supplemental Peer Universe or Peer Group information, for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, 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 net performance comparisons (which reflect the impact on performance of fund

Visit our website at pgiminvestments.com

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.

Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	N/A	N/A	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund underperformed its benchmark index over theone-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 total 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 29, 2020.

• In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

• 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 longer-term 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	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• Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo, Assistant Secretary• Diana N. Huffman,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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 HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends (as of the third month of the Fund’s fiscal quarter for reporting periods on or after September 30, 2019) will be made publicly available 60 days after the end of each quarter at sec.gov.

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

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 registrant800-225-1852, 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, 2019 and October 31, 2018, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $208,621 and $206,556 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 year ended October 31, 2019, fees of $7,090 were billed to the Registrant for services rendered by KPMG in connection with an accounting system conversion and were paid by The Bank of New York Mellon. For the fiscal year ended October 31, 2018, there are no fees to report.

(c)Tax Fees

For the fiscal years ended October 31, 2019 and October 31, 2018: none.

(d)All Other Fees

For the fiscal years ended October 31, 2019 and October 31, 2018: none.

(e) (1)Audit CommitteePre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each PGIM 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 mustpre-approve the independent accounting firm’s engagement to render audit and/or permissiblenon-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 andNon-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related andnon-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 proposednon-audit services will not adversely affect the independence of the independent accountants. Such proposednon-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 topre-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 forpre-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 annualpre-approval process are subject to an authorizedpre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under suchpre-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 topre-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 authorizedpre-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 annualpre-approval process are subject to an authorizedpre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under suchpre-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 topre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

OtherNon-Audit Services

Certainnon-audit services that the independent accountants are legally permitted to render will be subject topre-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 anypre-approval decisions made pursuant to this Policy.Non-audit services presented forpre-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 ofnon-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, orcontribution-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 ofNon-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certainnon-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject topre-approval by the Audit Committee. The onlynon-audit services provided to these entities that will requirepre-approval are thoserelated directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annualpre-approval process will be subject topre-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 forpre-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 notpre-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)Percentageofservicesreferredtoin4(b)–4(d)thatwereapprovedbytheauditcommittee– For the fiscal year ended October 31, 2019, 100% of the services referred to in Item 4(b) was approved by the audit committee. For the fiscal year ended October 31, 2018: none.

(f)Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greaterthan 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 aggregatenon-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, 2019 and October 31, 2018 was $0 and $0, respectively.

(h)Principal Accountant’s Independence

Not applicable as KPMG has not providednon-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 notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-X.

Item 5 – Audit Committee of Listed Registrants –

The registrant has a separately designated standing audit committee (the “Audit Committee”) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Kevin J. Bannon (chair), Laurie Simon Hodrick, Michael S. Hyland, CFA, Brian K. Reid, and Keith F. Hartstein(ex-officio).

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers ofClosed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

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 – Controls and Procedures - Disclosure of Securities Lending Activities forClosed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a) (1) Code of Ethics – Attached hereto as ExhibitEX-99.CODE-ETH

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as ExhibitEX-99.CERT.

(3) Any written solicitation to purchase securities under Rule23c-1. – Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as ExhibitEX-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, 2019

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	December 19, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	December 19, 2019