# EDGAR Filing Document

**Accession Number:** 0001070287
**File Stem:** 0001193125-25-153796
**Filing Date:** 2025-7
**Character Count:** 645970
**Document Hash:** 0f8486098a864adae61f2733b8ae54bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153796.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153796

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 9
- **CENTRAL INDEX KEY:** 0001070287

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09101
- **FILM NUMBER:** 251094951

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH  FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH  FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL INVESTMENT PORFOLIOS 9
- **DATE OF NAME CHANGE:** 20100217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN TAX-MANAGED FUNDS
- **DATE OF NAME CHANGE:** 20070801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN TAX MANAGED FUNDS
- **DATE OF NAME CHANGE:** 20030716

## Series and Classes Contracts Data

### PGIM QUANT SOLUTIONS LARGE-CAP CORE FUND (Series ID: S000004644)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012654 | Class A      | PTMAX           |
| C000012656 | Class C      | PTMCX           |
| C000012657 | Class Z      | PTEZX           |
| C000176452 | Class R6     | PTMQX           |

### PGIM Absolute Return Bond Fund (Series ID: S000031707)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098666 | Class A      | PADAX           |
| C000098667 | Class C      | PADCX           |
| C000098668 | Class R6     | PADQX           |
| C000098669 | Class Z      | PADZX           |

### PGIM Select Real Estate Fund (Series ID: S000046124)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144347 | Class A      | SREAX           |
| C000144348 | Class C      | SRECX           |
| C000144349 | Class R6     | SREQX           |
| C000144350 | Class Z      | SREZX           |

### PGIM Real Estate Income Fund (Series ID: S000049489)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000156413 | Class A      | PRKAX           |
| C000156414 | Class C      | PRKCX           |
| C000156415 | Class Z      | PRKZX           |
| C000176453 | Class R6     | PRKQX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 9

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-09101 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 9 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 10/31/2025 |
| Date of reporting period: | 4/30/2025 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g644732g1tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class A:

PTMAX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class A shares of PGIM Quant Solutions Large-Cap Core Fund (the

"Fund") for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;PGIM Quant Solutions Large-Cap Core Fund—Class <br>A<br>| $34 | 0.70% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $841131883<br>|
| Number of fund holdings | 188 |
| Portfolio turnover rate for the period | 56% |

---

MF187E2A

![](g644732g1pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 10.2% |
| Software | 9.9% |
| Technology Hardware, Storage & Peripherals | 7.4% |
| Interactive Media & Services | 6.6% |
| Financial Services | 5.6% |
| Broadline Retail | 4.2% |
| Pharmaceuticals | 4.2% |
| Aerospace & Defense | 2.7% |
| Insurance | 2.7% |
| Banks | 2.6% |
| Biotechnology | 2.5% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Hotels, Restaurants & Leisure | 2.4% |
| Capital Markets | 2.4% |
| Entertainment | 2.0% |
| Health Care Equipment & Supplies | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Automobiles | 1.7% |
| Communications Equipment | 1.6% |
| Health Care Providers & Services | 1.5% |
| Tobacco | 1.5% |
| Electric Utilities | 1.5% |
| Beverages | 1.5% |
| Specialty Retail | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Multi-Utilities | 1.3% |
| IT Services | 1.2% |
| Industrial Conglomerates | 1.0% |
| Air Freight & Logistics | 1.0% |
| Specialized REITs | 1.0% |
| Electrical Equipment | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Ground Transportation | 0.8% |
| Machinery | 0.8% |
| Wireless Telecommunication Services | 0.8% |
| Household Products | 0.7% |
| Chemicals | 0.7% |
| Diversified Telecommunication Services | 0.6% |
| Professional Services | 0.6% |
| Construction Materials | 0.6% |
| Building Products | 0.5% |
| Trading Companies & Distributors | 0.5% |
| Others\* | 2.4% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Core Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PTMAX <br> CUSIP 74441J100

MF187E2A

![](g644732g1pgim_investments.jpg)

------

![](g644732g2tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class C:

PTMCX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class C shares of PGIM Quant Solutions Large-Cap Core Fund (the

"Fund") for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;PGIM Quant Solutions Large-Cap Core Fund—Class <br>C<br>| $70 | 1.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $841131883<br>|
| Number of fund holdings | 188 |
| Portfolio turnover rate for the period | 56% |

---

MF187E2C

![](g644732g2pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 10.2% |
| Software | 9.9% |
| Technology Hardware, Storage & Peripherals | 7.4% |
| Interactive Media & Services | 6.6% |
| Financial Services | 5.6% |
| Broadline Retail | 4.2% |
| Pharmaceuticals | 4.2% |
| Aerospace & Defense | 2.7% |
| Insurance | 2.7% |
| Banks | 2.6% |
| Biotechnology | 2.5% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Hotels, Restaurants & Leisure | 2.4% |
| Capital Markets | 2.4% |
| Entertainment | 2.0% |
| Health Care Equipment & Supplies | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Automobiles | 1.7% |
| Communications Equipment | 1.6% |
| Health Care Providers & Services | 1.5% |
| Tobacco | 1.5% |
| Electric Utilities | 1.5% |
| Beverages | 1.5% |
| Specialty Retail | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Multi-Utilities | 1.3% |
| IT Services | 1.2% |
| Industrial Conglomerates | 1.0% |
| Air Freight & Logistics | 1.0% |
| Specialized REITs | 1.0% |
| Electrical Equipment | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Ground Transportation | 0.8% |
| Machinery | 0.8% |
| Wireless Telecommunication Services | 0.8% |
| Household Products | 0.7% |
| Chemicals | 0.7% |
| Diversified Telecommunication Services | 0.6% |
| Professional Services | 0.6% |
| Construction Materials | 0.6% |
| Building Products | 0.5% |
| Trading Companies & Distributors | 0.5% |
| Others\* | 2.4% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Core Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PTMCX <br> CUSIP 74441J308

MF187E2C

![](g644732g2pgim_investments.jpg)

------

![](g644732g3tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class Z:

PTEZX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class Z shares of PGIM Quant Solutions Large-Cap Core Fund (the

"Fund") for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;PGIM Quant Solutions Large-Cap Core Fund—Class <br>Z<br>| $18 | 0.37% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $841131883<br>|
| Number of fund holdings | 188 |
| Portfolio turnover rate for the period | 56% |

---

MF187E2Z

![](g644732g3pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 10.2% |
| Software | 9.9% |
| Technology Hardware, Storage & Peripherals | 7.4% |
| Interactive Media & Services | 6.6% |
| Financial Services | 5.6% |
| Broadline Retail | 4.2% |
| Pharmaceuticals | 4.2% |
| Aerospace & Defense | 2.7% |
| Insurance | 2.7% |
| Banks | 2.6% |
| Biotechnology | 2.5% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Hotels, Restaurants & Leisure | 2.4% |
| Capital Markets | 2.4% |
| Entertainment | 2.0% |
| Health Care Equipment & Supplies | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Automobiles | 1.7% |
| Communications Equipment | 1.6% |
| Health Care Providers & Services | 1.5% |
| Tobacco | 1.5% |
| Electric Utilities | 1.5% |
| Beverages | 1.5% |
| Specialty Retail | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Multi-Utilities | 1.3% |
| IT Services | 1.2% |
| Industrial Conglomerates | 1.0% |
| Air Freight & Logistics | 1.0% |
| Specialized REITs | 1.0% |
| Electrical Equipment | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Ground Transportation | 0.8% |
| Machinery | 0.8% |
| Wireless Telecommunication Services | 0.8% |
| Household Products | 0.7% |
| Chemicals | 0.7% |
| Diversified Telecommunication Services | 0.6% |
| Professional Services | 0.6% |
| Construction Materials | 0.6% |
| Building Products | 0.5% |
| Trading Companies & Distributors | 0.5% |
| Others\* | 2.4% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

\*\* Less than 0.05%

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Core Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PTEZX <br> CUSIP 74441J407

MF187E2Z

![](g644732g3pgim_investments.jpg)

------

![](g644732g4tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class R6:

PTMQX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Quant Solutions Large-Cap Core Fund

(the "Fund") for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;PGIM Quant Solutions Large-Cap Core Fund—Class <br>R6<br>| $17 | 0.35% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $841131883<br>|
| Number of fund holdings | 188 |
| Portfolio turnover rate for the period | 56% |

---

MF187E2R6

![](g644732g4pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 10.2% |
| Software | 9.9% |
| Technology Hardware, Storage & Peripherals | 7.4% |
| Interactive Media & Services | 6.6% |
| Financial Services | 5.6% |
| Broadline Retail | 4.2% |
| Pharmaceuticals | 4.2% |
| Aerospace & Defense | 2.7% |
| Insurance | 2.7% |
| Banks | 2.6% |
| Biotechnology | 2.5% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Hotels, Restaurants & Leisure | 2.4% |
| Capital Markets | 2.4% |
| Entertainment | 2.0% |
| Health Care Equipment & Supplies | 2.0% |
| Consumer Staples Distribution & Retail | 1.9% |
| Automobiles | 1.7% |
| Communications Equipment | 1.6% |
| Health Care Providers & Services | 1.5% |
| Tobacco | 1.5% |
| Electric Utilities | 1.5% |
| Beverages | 1.5% |
| Specialty Retail | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.0% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Multi-Utilities | 1.3% |
| IT Services | 1.2% |
| Industrial Conglomerates | 1.0% |
| Air Freight & Logistics | 1.0% |
| Specialized REITs | 1.0% |
| Electrical Equipment | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Ground Transportation | 0.8% |
| Machinery | 0.8% |
| Wireless Telecommunication Services | 0.8% |
| Household Products | 0.7% |
| Chemicals | 0.7% |
| Diversified Telecommunication Services | 0.6% |
| Professional Services | 0.6% |
| Construction Materials | 0.6% |
| Building Products | 0.5% |
| Trading Companies & Distributors | 0.5% |
| Others\* | 2.4% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

\*\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Core Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PTMQX <br> CUSIP 74441J688

MF187E2R6

![](g644732g4pgim_investments.jpg)

------

![](g644732g5tsrbanner.jpg)

PGIM Real Estate Income Fund

Class A:

PRKAX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class A shares of PGIM Real Estate Income Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Real Estate Income Fund—Class A | $65 | 1.35% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $46058120<br>|
| Number of fund holdings | 41 |
| Portfolio turnover rate for the period | 78% |

---

MF228E2A

![](g644732g5pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 27.2% |
| Specialized REITs | 25.5% |
| Office REITs | 9.0% |
| Health Care REITs | 8.9% |
| Residential REITs | 7.5% |
| Industrial REITs | 7.2% |
| Diversified REITs | 5.7% |
| Hotel & Resort REITs | 5.2% |
| Affiliated Mutual Fund - Short Term Investment <br>(1.5% represents investments purchased with <br>collateral from securities on loan)<br>| 2.1% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Facilities | 1.9% |
| Real Estate Operating Companies | 1.3% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PRKAX <br> CUSIP 74441J761

MF228E2A

![](g644732g5pgim_investments.jpg)

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![](g644732g6tsrbanner.jpg)

PGIM Real Estate Income Fund

Class C:

PRKCX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class C shares of PGIM Real Estate Income Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Real Estate Income Fund—Class C | $101 | 2.10% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $46058120<br>|
| Number of fund holdings | 41 |
| Portfolio turnover rate for the period | 78% |

---

MF228E2C

![](g644732g6pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 27.2% |
| Specialized REITs | 25.5% |
| Office REITs | 9.0% |
| Health Care REITs | 8.9% |
| Residential REITs | 7.5% |
| Industrial REITs | 7.2% |
| Diversified REITs | 5.7% |
| Hotel & Resort REITs | 5.2% |
| Affiliated Mutual Fund - Short Term Investment <br>(1.5% represents investments purchased with <br>collateral from securities on loan)<br>| 2.1% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Facilities | 1.9% |
| Real Estate Operating Companies | 1.3% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PRKCX <br> CUSIP 74441J753

MF228E2C

![](g644732g6pgim_investments.jpg)

------

![](g644732g7tsrbanner.jpg)

PGIM Real Estate Income Fund

Class Z:

PRKZX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class Z shares of PGIM Real Estate Income Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Real Estate Income Fund—Class Z | $53 | 1.10% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $46058120<br>|
| Number of fund holdings | 41 |
| Portfolio turnover rate for the period | 78% |

---

MF228E2Z

![](g644732g7pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 27.2% |
| Specialized REITs | 25.5% |
| Office REITs | 9.0% |
| Health Care REITs | 8.9% |
| Residential REITs | 7.5% |
| Industrial REITs | 7.2% |
| Diversified REITs | 5.7% |
| Hotel & Resort REITs | 5.2% |
| Affiliated Mutual Fund - Short Term Investment <br>(1.5% represents investments purchased with <br>collateral from securities on loan)<br>| 2.1% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Facilities | 1.9% |
| Real Estate Operating Companies | 1.3% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PRKZX <br> CUSIP 74441J746

MF228E2Z

![](g644732g7pgim_investments.jpg)

------

![](g644732g8tsrbanner.jpg)

PGIM Real Estate Income Fund

Class R6:

PRKQX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Real Estate Income Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Real Estate Income Fund—Class R6 | $53 | 1.10% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $46058120<br>|
| Number of fund holdings | 41 |
| Portfolio turnover rate for the period | 78% |

---

MF228E2R6

![](g644732g8pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 27.2% |
| Specialized REITs | 25.5% |
| Office REITs | 9.0% |
| Health Care REITs | 8.9% |
| Residential REITs | 7.5% |
| Industrial REITs | 7.2% |
| Diversified REITs | 5.7% |
| Hotel & Resort REITs | 5.2% |
| Affiliated Mutual Fund - Short Term Investment <br>(1.5% represents investments purchased with <br>collateral from securities on loan)<br>| 2.1% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Facilities | 1.9% |
| Real Estate Operating Companies | 1.3% |
|  | 101.5% |
| Liabilities in excess of other assets | (1.5)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Real Estate Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PRKQX <br> CUSIP 74441J670

MF228E2R6

![](g644732g8pgim_investments.jpg)

------

![](g644732g9tsrbanner.jpg)

PGIM Select Real Estate Fund

Class A:

SREAX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class A shares of PGIM Select Real Estate Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Select Real Estate Fund—Class A | $63 | 1.30% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $182130640<br>|
| Number of fund holdings | 52 |
| Portfolio turnover rate for the period | 69% |

---

MF223E2A

![](g644732g9pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.7% represents investments <br>purchased with collateral from securities on loan)<br>| 64.6% |
| Japan | 9.6% |
| Australia | 6.3% |
| United Kingdom | 3.8% |
| Hong Kong | 3.0% |
| Canada | 2.6% |
| Singapore | 2.4% |
| Germany | 2.3% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| France | 1.9% |
| Sweden | 1.8% |
| Spain | 1.5% |
| Belgium | 1.1% |
| Switzerland | 0.4% |
|  | 101.3% |
| Liabilities in excess of other assets | (1.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Select Real Estate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ SREAX <br> CUSIP 74441J811

MF223E2A

![](g644732g9pgim_investments.jpg)

------

![](g644732g10tsrbanner.jpg)

PGIM Select Real Estate Fund

Class C:

SRECX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class C shares of PGIM Select Real Estate Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Select Real Estate Fund—Class C | $99 | 2.05% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $182130640<br>|
| Number of fund holdings | 52 |
| Portfolio turnover rate for the period | 69% |

---

MF223E2C

![](g644732g10pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.7% represents investments <br>purchased with collateral from securities on loan)<br>| 64.6% |
| Japan | 9.6% |
| Australia | 6.3% |
| United Kingdom | 3.8% |
| Hong Kong | 3.0% |
| Canada | 2.6% |
| Singapore | 2.4% |
| Germany | 2.3% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| France | 1.9% |
| Sweden | 1.8% |
| Spain | 1.5% |
| Belgium | 1.1% |
| Switzerland | 0.4% |
|  | 101.3% |
| Liabilities in excess of other assets | (1.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Select Real Estate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ SRECX <br> CUSIP 74441J795

MF223E2C

![](g644732g10pgim_investments.jpg)

------

![](g644732g11tsrbanner.jpg)

PGIM Select Real Estate Fund

Class Z:

SREZX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class Z shares of PGIM Select Real Estate Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Select Real Estate Fund—Class Z | $51 | 1.05% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $182130640<br>|
| Number of fund holdings | 52 |
| Portfolio turnover rate for the period | 69% |

---

MF223E2Z

![](g644732g11pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.7% represents investments <br>purchased with collateral from securities on loan)<br>| 64.6% |
| Japan | 9.6% |
| Australia | 6.3% |
| United Kingdom | 3.8% |
| Hong Kong | 3.0% |
| Canada | 2.6% |
| Singapore | 2.4% |
| Germany | 2.3% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| France | 1.9% |
| Sweden | 1.8% |
| Spain | 1.5% |
| Belgium | 1.1% |
| Switzerland | 0.4% |
|  | 101.3% |
| Liabilities in excess of other assets | (1.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Select Real Estate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ SREZX <br> CUSIP 74441J779

MF223E2Z

![](g644732g11pgim_investments.jpg)

------

![](g644732g12tsrbanner.jpg)

PGIM Select Real Estate Fund

Class R6:

SREQX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Select Real Estate Fund (the "Fund") for

the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Select Real Estate Fund—Class R6 | $50 | 1.03% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $182130640<br>|
| Number of fund holdings | 52 |
| Portfolio turnover rate for the period | 69% |

---

MF223E2R6

![](g644732g12pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.7% represents investments <br>purchased with collateral from securities on loan)<br>| 64.6% |
| Japan | 9.6% |
| Australia | 6.3% |
| United Kingdom | 3.8% |
| Hong Kong | 3.0% |
| Canada | 2.6% |
| Singapore | 2.4% |
| Germany | 2.3% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| France | 1.9% |
| Sweden | 1.8% |
| Spain | 1.5% |
| Belgium | 1.1% |
| Switzerland | 0.4% |
|  | 101.3% |
| Liabilities in excess of other assets | (1.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g12qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Select Real Estate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ SREQX <br> CUSIP 74441J787

MF223E2R6

![](g644732g12pgim_investments.jpg)

------

![](g644732g13tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class A:

PADAX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class A shares of PGIM Absolute Return Bond Fund (the "Fund")

for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Absolute Return Bond Fund—Class A | $46 | 0.92% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3409606028<br>|
| Number of fund holdings | 1086 |
| Portfolio turnover rate for the period | 42% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 55.0 |
| AA | 7.1 |
| A | 4.8 |
| BBB | 10.0 |
| BB | 9.5 |
| B | 3.9 |
| CCC | 0.6 |
| Not Rated | 9.3 |
| Cash/Cash Equivalents | (0.2) |
| Total | 100.0 |

---

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 Ratings, 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. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

MF213E2A

![](g644732g13pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g13qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Absolute Return Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS A <br> NASDAQ PADAX <br> CUSIP 74441J852

MF213E2A

![](g644732g13pgim_investments.jpg)

------

![](g644732g14tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class C:

PADCX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class C shares of PGIM Absolute Return Bond Fund (the "Fund")

for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Absolute Return Bond Fund—Class C | $85 | 1.70% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3409606028<br>|
| Number of fund holdings | 1086 |
| Portfolio turnover rate for the period | 42% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 55.0 |
| AA | 7.1 |
| A | 4.8 |
| BBB | 10.0 |
| BB | 9.5 |
| B | 3.9 |
| CCC | 0.6 |
| Not Rated | 9.3 |
| Cash/Cash Equivalents | (0.2) |
| Total | 100.0 |

---

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 Ratings, 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. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

MF213E2C

![](g644732g14pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g14qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Absolute Return Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS C <br> NASDAQ PADCX <br> CUSIP 74441J845

MF213E2C

![](g644732g14pgim_investments.jpg)

------

![](g644732g15tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class Z:

PADZX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class Z shares of PGIM Absolute Return Bond Fund (the "Fund")

for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Absolute Return Bond Fund—Class Z | $35 | 0.69% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3409606028<br>|
| Number of fund holdings | 1086 |
| Portfolio turnover rate for the period | 42% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 55.0 |
| AA | 7.1 |
| A | 4.8 |
| BBB | 10.0 |
| BB | 9.5 |
| B | 3.9 |
| CCC | 0.6 |
| Not Rated | 9.3 |
| Cash/Cash Equivalents | (0.2) |
| Total | 100.0 |

---

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 Ratings, 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. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

MF213E2Z

![](g644732g15pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g15qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Absolute Return Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PADZX <br> CUSIP 74441J829

MF213E2Z

![](g644732g15pgim_investments.jpg)

------

![](g644732g16tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class R6:

PADQX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Absolute Return Bond Fund (the "Fund")

for the period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Absolute Return Bond Fund—Class R6 | $31 | 0.62% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3409606028<br>|
| Number of fund holdings | 1086 |
| Portfolio turnover rate for the period | 42% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 55.0 |
| AA | 7.1 |
| A | 4.8 |
| BBB | 10.0 |
| BB | 9.5 |
| B | 3.9 |
| CCC | 0.6 |
| Not Rated | 9.3 |
| Cash/Cash Equivalents | (0.2) |
| Total | 100.0 |

---

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 Ratings, 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. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

MF213E2R6

![](g644732g16pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g644732g16qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Absolute Return Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PADQX <br> CUSIP 74441J837

MF213E2R6

![](g644732g16pgim_investments.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g644732snap1.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 9
PGIM Quant Solutions Large-Cap Core Fund

PGIM Real Estate Income Fund

PGIM Select Real Estate Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### APRIL 30, 2025
![LOGO](g6447322.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [Glossary](#edgar644732_1) | 1 |
|  [PGIM Quant Solutions Large-Cap Core Fund](#edgar644732_2) | 2 |
|  [PGIM Real Estate Income Fund](#edgar644732_3) | 25 |
|  [PGIM Select Real Estate Fund](#edgar644732_4) | 38 |
|  [Notes to Financial Statements](#edgar644732_5) | 55 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar644732_6)

------

#### Glossary
The following abbreviations are used in the Funds' descriptions:

USD—US Dollar

GS—Goldman Sachs & Co. LLC

REITs—Real Estate Investment Trust

S&P—Standard & Poor's

SOFR—Secured Overnight Financing Rate

UTS—Unit Trust Security

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.4%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.4%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.4%** |
| &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** |
| &nbsp;&nbsp; **Aerospace & Defense 2.7%** | &nbsp;&nbsp; **Aerospace & Defense 2.7%** | &nbsp;&nbsp; **Aerospace & Defense 2.7%** |
| &nbsp;&nbsp; Boeing Co. (The)\* | 17000 | $3115080 |
| &nbsp;&nbsp; General Electric Co. | 29900 | 6026046 |
| &nbsp;&nbsp; Lockheed Martin Corp.(a) | 12300 | 5876325 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 12800 | 6227200 |
| &nbsp;&nbsp; RTX Corp. | 13300 | 1677529 |
|  |  | 22922180 |
| &nbsp;&nbsp; **Air Freight & Logistics 1.0%** |  |  |
| &nbsp;&nbsp; FedEx Corp. | 21700 | 4564161 |
| &nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 41600 | 3964480 |
|  |  | 8528641 |
| &nbsp;&nbsp; **Automobiles 1.7%** |  |  |
| &nbsp;&nbsp; General Motors Co. | 118100 | 5342844 |
| &nbsp;&nbsp; Tesla, Inc.\* | 31000 | 8746960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14089804 |
| &nbsp;&nbsp; **Banks 2.6%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 12300 | 490524 |
| &nbsp;&nbsp; Citigroup, Inc. | 31200 | 2133456 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 34881 | 8532590 |
| &nbsp;&nbsp; Truist Financial Corp. | 127300 | 4880682 |
| &nbsp;&nbsp; U.S. Bancorp | 105700 | 4263938 |
| &nbsp;&nbsp; Wells Fargo & Co. | 25000 | 1775250 |
|  |  | 22076440 |
| &nbsp;&nbsp; **Beverages 1.5%** |  |  |
| &nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 4300 | 1056940 |
| &nbsp;&nbsp; Coca-Cola Co. (The) | 130200 | 9446010 |
| &nbsp;&nbsp; PepsiCo, Inc. | 14100 | 1911678 |
|  |  | 12414628 |
| &nbsp;&nbsp; **Biotechnology 2.5%**<br>|  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 30451 | 5940990 |
| &nbsp;&nbsp; Amgen, Inc. | 22300 | 6487516 |
| &nbsp;&nbsp; Biogen, Inc.\* | 20700 | 2506356 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Biotechnology (cont'd.)** | &nbsp;&nbsp; **Biotechnology (cont'd.)** | &nbsp;&nbsp; **Biotechnology (cont'd.)** |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 42300 | $4506642 |
| &nbsp;&nbsp; Natera, Inc.\* | 12800 | 1931904 |
|  |  | 21373408 |
| &nbsp;&nbsp; **Broadline Retail 4.2%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 189640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34973409 |
| &nbsp;&nbsp; **Building Products 0.5%** |  |  |
| &nbsp;&nbsp; Resideo Technologies, Inc.\* | 243400 | 4084252 |
| &nbsp;&nbsp; **Capital Markets 2.4%** |  |  |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 44100 | 3546081 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 2100 | 1149855 |
| &nbsp;&nbsp; Intercontinental Exchange, Inc. | 14000 | 2351580 |
| &nbsp;&nbsp; Janus Henderson Group PLC | 93700 | 3111777 |
| &nbsp;&nbsp; Morgan Stanley | 21000 | 2423820 |
| &nbsp;&nbsp; Nasdaq, Inc. | 18200 | 1387022 |
| &nbsp;&nbsp; S&P Global, Inc. | 12000 | 6000600 |
| &nbsp;&nbsp; State Street Corp. | 4600 | 405260 |
|  |  | 20375995 |
| &nbsp;&nbsp; **Chemicals 0.7%** |  |  |
| &nbsp;&nbsp; Celanese Corp. | 12400 | 551924 |
| &nbsp;&nbsp; DuPont de Nemours, Inc. | 37000 | 2441630 |
| &nbsp;&nbsp; Ecolab, Inc. | 12100 | 3042303 |
|  |  | 6035857 |
| &nbsp;&nbsp; **Communications Equipment 1.6%** |  |  |
| &nbsp;&nbsp; Arista Networks, Inc.\* | 57100 | 4697617 |
| &nbsp;&nbsp; Cisco Systems, Inc. | 150882 | 8710418 |
| &nbsp;&nbsp; Viavi Solutions, Inc.\* | 25300 | 267674 |
|  |  | 13675709 |
| &nbsp;&nbsp; **Construction & Engineering 0.1%** |  |  |
| &nbsp;&nbsp; Fluor Corp.\* | 9600 | 334944 |
| &nbsp;&nbsp; Primoris Services Corp. | 6800 | 407796 |
|  |  | 742740 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 3

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Construction Materials 0.6%** |  |  |
| &nbsp;&nbsp; CRH PLC | 50000 | $4771000 |
| &nbsp;&nbsp; **Consumer Finance 0.2%** |  |  |
| &nbsp;&nbsp; Synchrony Financial | 29300 | 1522135 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 1.9%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 4800 | 4773600 |
| &nbsp;&nbsp; Target Corp. | 52100 | 5038070 |
| &nbsp;&nbsp; United Natural Foods, Inc.\* | 91200 | 2435952 |
| &nbsp;&nbsp; Walmart, Inc. | 37000 | 3598250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845872 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.6%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 74435 | 2061850 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 62900 | 2771374 |
|  |  | 4833224 |
| &nbsp;&nbsp; **Electric Utilities 1.5%** |  |  |
| &nbsp;&nbsp; American Electric Power Co., Inc. | 4000 | 433360 |
| &nbsp;&nbsp; Constellation Energy Corp. | 25200 | 5630688 |
| &nbsp;&nbsp; NRG Energy, Inc. | 44700 | 4898226 |
| &nbsp;&nbsp; Portland General Electric Co. | 35500 | 1495260 |
|  |  | 12457534 |
| &nbsp;&nbsp; **Electrical Equipment 0.9%** |  |  |
| &nbsp;&nbsp; Eaton Corp. PLC | 6700 | 1972279 |
| &nbsp;&nbsp; Emerson Electric Co. | 48500 | 5097835 |
| &nbsp;&nbsp; Rockwell Automation, Inc. | 1700 | 421056 |
| &nbsp;&nbsp; Sensata Technologies Holding PLC | 20100 | 430140 |
|  |  | 7921310 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.3%** |  |  |
| &nbsp;&nbsp; Belden, Inc. | 4100 | 422751 |
| &nbsp;&nbsp; Corning, Inc. | 6000 | 266280 |
| &nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 5600 | 1401792 |
|  |  | 2090823 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Entertainment 2.0%** | &nbsp;&nbsp; **Entertainment 2.0%** | &nbsp;&nbsp; **Entertainment 2.0%** |
| &nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 3600 | $476820 |
| &nbsp;&nbsp; Netflix, Inc.\* | 7900 | 8940588 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 79800 | 7257810 |
|  |  | 16675218 |
| &nbsp;&nbsp; **Financial Services 5.6%** |  |  |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 23074 | 12304211 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc. | 26800 | 2113984 |
| &nbsp;&nbsp; Global Payments, Inc. | 25400 | 1938274 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 22800 | 12495768 |
| &nbsp;&nbsp; PayPal Holdings, Inc.\* | 69800 | 4595632 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | 40625 | 14035937 |
|  |  | 47483806 |
| &nbsp;&nbsp; **Food Products 0.2%** |  |  |
| &nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 214100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650864 |
| &nbsp;&nbsp; Ingredion, Inc. | 5400 | 717228 |
|  |  | 1368092 |
| &nbsp;&nbsp; **Ground Transportation 0.8%**<br>|  |  |
| &nbsp;&nbsp; CSX Corp. | 67000 | 1880690 |
| &nbsp;&nbsp; Union Pacific Corp. | 23400 | 5046444 |
|  |  | 6927134 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 2.0%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories<br>| 31700 | 4144775 |
| &nbsp;&nbsp; Becton, Dickinson & Co. | 4400 | 911196 |
| &nbsp;&nbsp; Boston Scientific Corp.\* | 3100 | 318897 |
| &nbsp;&nbsp; Dexcom, Inc.\* | 62600 | 4468388 |
| &nbsp;&nbsp; Medtronic PLC | 54500 | 4619420 |
| &nbsp;&nbsp; Stryker Corp. | 5500 | 2056560 |
|  |  | 16519236 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.5%** |  |  |
| &nbsp;&nbsp; Centene Corp.\* | 91200 | 5458320 |
| &nbsp;&nbsp; Cigna Group (The) | 4700 | 1598188 |
| &nbsp;&nbsp; Labcorp Holdings, Inc. | 2700 | 650727 |
| &nbsp;&nbsp; McKesson Corp. | 1900 | 1354301 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 5

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Health Care Providers & Services (cont'd.)**<br>|  |  |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 30400 | $982224 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 2100 | 300195 |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 6300 | 2592072 |
|  |  | 12936027 |
| &nbsp;&nbsp; **Health Care REITs 0.1%** |  |  |
| &nbsp;&nbsp; Ventas, Inc. | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420480 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.4%**<br>|  |  |
| &nbsp;&nbsp; Bloomin' Brands, Inc. | 173200 | 1389064 |
| &nbsp;&nbsp; Booking Holdings, Inc. | 1520 | 7750906 |
| &nbsp;&nbsp; Darden Restaurants, Inc. | 18300 | 3671712 |
| &nbsp;&nbsp; Expedia Group, Inc. | 7300 | 1145589 |
| &nbsp;&nbsp; Starbucks Corp. | 19700 | 1576985 |
| &nbsp;&nbsp; Yum! Brands, Inc. | 32600 | 4904344 |
|  |  | 20438600 |
| &nbsp;&nbsp; **Household Products 0.7%** |  |  |
| &nbsp;&nbsp; Colgate-Palmolive Co. | 19600 | 1806924 |
| &nbsp;&nbsp; Energizer Holdings, Inc. | 73000 | 1973920 |
| &nbsp;&nbsp; Procter & Gamble Co. (The) | 14186 | 2306218 |
|  |  | 6087062 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.1%**<br>|  |  |
| &nbsp;&nbsp; AES Corp. (The) | 39000 | 390000 |
| &nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 17000 | 498780 |
|  |  | 888780 |
| &nbsp;&nbsp; **Industrial Conglomerates 1.0%**<br>|  |  |
| &nbsp;&nbsp; 3M Co. | 51000 | 7084410 |
| &nbsp;&nbsp; Honeywell International, Inc. | 7800 | 1641900 |
|  |  | 8726310 |
| &nbsp;&nbsp; **Industrial REITs 0.4%** |  |  |
| &nbsp;&nbsp; Prologis, Inc. | 33100 | 3382820 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Insurance 2.7%** | &nbsp;&nbsp; **Insurance 2.7%** | &nbsp;&nbsp; **Insurance 2.7%** |
| &nbsp;&nbsp; Allstate Corp. (The) | 27400 | $5435886 |
| &nbsp;&nbsp; Fidelity National Financial, Inc. | 13000 | 832650 |
| &nbsp;&nbsp; Genworth Financial, Inc. (Class A Stock)\* | 530800 | 3641288 |
| &nbsp;&nbsp; Kemper Corp. | 12200 | 721264 |
| &nbsp;&nbsp; MetLife, Inc. | 33600 | 2532432 |
| &nbsp;&nbsp; Progressive Corp. (The) | 25900 | 7297066 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 31400 | 1667026 |
| &nbsp;&nbsp; Travelers Cos., Inc. (The) | 2600 | 686738 |
|  |  | 22814350 |
| &nbsp;&nbsp; **Interactive Media & Services 6.6%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 111780 | 17750664 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 92460 | 14875889 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 41380 | 22717620 |
|  |  | 55344173 |
| &nbsp;&nbsp; **IT Services 1.2%** |  |  |
| &nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 2700 | 807705 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 69000 | 5076330 |
| &nbsp;&nbsp; Snowflake, Inc. (Class A Stock)\* | 26900 | 4290281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174316 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 0.9%** |  |  |
| &nbsp;&nbsp; Danaher Corp. | 15200 | 3029816 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 11014 | 4725006 |
|  |  | 7754822 |
| &nbsp;&nbsp; **Machinery 0.8%** |  |  |
| &nbsp;&nbsp; Allison Transmission Holdings, Inc. | 22300 | 2056952 |
| &nbsp;&nbsp; Columbus McKinnon Corp. | 45000 | 668250 |
| &nbsp;&nbsp; Dover Corp. | 5200 | 887380 |
| &nbsp;&nbsp; Flowserve Corp. | 20000 | 904600 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 500 | 302530 |
| &nbsp;&nbsp; Tennant Co. | 21900 | 1580304 |
| &nbsp;&nbsp; Terex Corp. | 8800 | 309760 |
|  |  | 6709776 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 7

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Multi-Utilities 1.3%** | &nbsp;&nbsp; **Multi-Utilities 1.3%** | &nbsp;&nbsp; **Multi-Utilities 1.3%** |
| &nbsp;&nbsp; Ameren Corp. | 17600 | $1746624 |
| &nbsp;&nbsp; Avista Corp. | 32100 | 1331187 |
| &nbsp;&nbsp; Black Hills Corp. | 16400 | 998760 |
| &nbsp;&nbsp; CMS Energy Corp. | 56200 | 4139130 |
| &nbsp;&nbsp; DTE Energy Co. | 4900 | 671300 |
| &nbsp;&nbsp; NiSource, Inc. | 48000 | 1877280 |
|  |  | 10764281 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 2.4%** |  |  |
| &nbsp;&nbsp; Chevron Corp. | 35500 | 4830130 |
| &nbsp;&nbsp; ConocoPhillips | 35100 | 3128112 |
| &nbsp;&nbsp; Devon Energy Corp. | 13000 | 395330 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 52400 | 5535012 |
| &nbsp;&nbsp; Kinetik Holdings, Inc. | 35100 | 1451034 |
| &nbsp;&nbsp; Marathon Petroleum Corp. | 4300 | 590863 |
| &nbsp;&nbsp; Peabody Energy Corp. | 31200 | 385008 |
| &nbsp;&nbsp; Phillips 66 | 8600 | 894916 |
| &nbsp;&nbsp; Valero Energy Corp. | 17300 | 2008357 |
| &nbsp;&nbsp; Williams Cos., Inc. (The) | 21300 | 1247541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20466303 |
| &nbsp;&nbsp; **Pharmaceuticals 4.2%** |  |  |
| &nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 34800 | 266568 |
| &nbsp;&nbsp; Elanco Animal Health, Inc.\* | 125200 | 1186896 |
| &nbsp;&nbsp; Eli Lilly & Co. | 18900 | 16990155 |
| &nbsp;&nbsp; Johnson & Johnson | 22058 | 3447886 |
| &nbsp;&nbsp; Merck & Co., Inc. | 93200 | 7940640 |
| &nbsp;&nbsp; Pfizer, Inc. | 210500 | 5138305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34970450 |
| &nbsp;&nbsp; **Professional Services 0.6%** |  |  |
| &nbsp;&nbsp; Automatic Data Processing, Inc. | 15900 | 4779540 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.4%** |  |  |
| &nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 231400 | 1786408 |
| &nbsp;&nbsp; Cushman & Wakefield PLC\* | 45600 | 427272 |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 6300 | 1432683 |
|  |  | 3646363 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 10.1%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 2700 | $262845 |
| &nbsp;&nbsp; Analog Devices, Inc. | 31500 | 6139980 |
| &nbsp;&nbsp; Applied Materials, Inc. | 7800 | 1175538 |
| &nbsp;&nbsp; Broadcom, Inc. | 105400 | 20286338 |
| &nbsp;&nbsp; Lam Research Corp. | 8200 | 587694 |
| &nbsp;&nbsp; Micron Technology, Inc. | 13200 | 1015740 |
| &nbsp;&nbsp; NVIDIA Corp. | 440600 | 47990152 |
| &nbsp;&nbsp; QUALCOMM, Inc. | 51000 | 7571460 |
| &nbsp;&nbsp; Synaptics, Inc.\* | 5800 | 322828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85352575 |
| &nbsp;&nbsp; **Software 9.8%** |  |  |
| &nbsp;&nbsp; Adobe, Inc.\* | 2900 | 1087442 |
| &nbsp;&nbsp; Autodesk, Inc.\* | 19400 | 5320450 |
| &nbsp;&nbsp; Five9, Inc.\* | 14000 | 351960 |
| &nbsp;&nbsp; Fortinet, Inc.\*(a) | 13600 | 1411136 |
| &nbsp;&nbsp; Intapp, Inc.\* | 62200 | 3374972 |
| &nbsp;&nbsp; Intuit, Inc. | 7200 | 4517784 |
| &nbsp;&nbsp; Microsoft Corp. | 135484 | 53551406 |
| &nbsp;&nbsp; Palo Alto Networks, Inc.\* | 12300 | 2299239 |
| &nbsp;&nbsp; Salesforce, Inc. | 27300 | 7335783 |
| &nbsp;&nbsp; ServiceNow, Inc.\* | 300 | 286503 |
| &nbsp;&nbsp; Teradata Corp.\* | 14500 | 311750 |
| &nbsp;&nbsp; Verint Systems, Inc.\* | 162800 | 2871792 |
|  |  | 82720217 |
| &nbsp;&nbsp; **Specialized REITs 1.0%** |  |  |
| &nbsp;&nbsp; Equinix, Inc. | 6700 | 5767025 |
| &nbsp;&nbsp; Public Storage | 7600 | 2283268 |
|  |  | 8050293 |
| &nbsp;&nbsp; **Specialty Retail 1.4%** |  |  |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 20000 | 7209800 |
| &nbsp;&nbsp; Lowe's Cos., Inc. | 19700 | 4404132 |
|  |  | 11613932 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 9

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 7.4%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 292280 | $62109500 |
| &nbsp;&nbsp; HP, Inc. | 17400 | 444918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62554418 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.2%** |  |  |
| &nbsp;&nbsp; G-III Apparel Group Ltd.\* | 70500 | 1778010 |
| &nbsp;&nbsp; **Tobacco 1.5%** |  |  |
| &nbsp;&nbsp; Altria Group, Inc. | 118500 | 7009275 |
| &nbsp;&nbsp; Philip Morris International, Inc. | 32900 | 5637744 |
|  |  | 12647019 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.5%** |  |  |
| &nbsp;&nbsp; W.W. Grainger, Inc. | 600 | 614586 |
| &nbsp;&nbsp; WESCO International, Inc. | 20200 | 3291792 |
|  |  | 3906378 |
| &nbsp;&nbsp; **Water Utilities 0.3%** |  |  |
| &nbsp;&nbsp; American Water Works Co., Inc. | 17700 | 2602077 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.8%** |  |  |
| &nbsp;&nbsp; T-Mobile US, Inc. | 25800 | 6371310 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $576,581,214) |  | 827609129 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.3%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb) | 11134195 | 11134195 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<br>(cost $194,965; includes $192,824 of cash collateral for securities on<br>loan)(b)(wb) | 195121 | 194984 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $11,329,160) |  | 11329179 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.3%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.3%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.3%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.3%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.3%** |
| &nbsp;&nbsp; U.S. Treasury Bills<br>(cost $2,585,822) | 4.213% | 06/17/25 | 2600 | $2585683 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $13,914,982) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13914862 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $590,496,196) |  |  |  | 841523991 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  |  |  | (392108) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $841131883 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* 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 $188,934; cash collateral of $192,824 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

(wb) Represents an investment in a Fund affiliated with the Manager.

(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 April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** |  |  |  |  |
| 45 | S&P 500 E-Mini Index | Jun. 2025 | $12570750 | $502567 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 11

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### 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** |
|  GS | $— | $2585683 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;22922180 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 8528641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 14089804 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 22076440 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages. | 12414628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 21373408 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 34973409 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products. | 4084252 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 20375995 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 6035857 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 13675709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering. | 742740 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 4771000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 1522135 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 15845872 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services. | 4833224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 12457534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 7921310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 2090823 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 16675218 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 47483806 |  |  |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | $1368092 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 6927134 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 16519236 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 12936027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs. | 420480 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure. | 20438600 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 6087062 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers. | 888780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates. | 8726310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs. | 3382820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 22814350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 55344173 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 10174316 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services. | 7754822 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery. | 6709776 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 10764281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 20466303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 34970450 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services. | 4779540 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 3646363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 85352575 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 82720217 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 8050293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail. | 11613932 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 62554418 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 1778010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 12647019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 3906378 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 2602077 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 6371310 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 11329179 |  |  |
|  U.S. Treasury Obligation |  | 2585683 |  |
|  **Total** | $**838938308** | $**2585683** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**502567** | $**—** | **$—** |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 13

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

\* 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 unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 10.1 |
|  Software | 9.8 |
|  Technology Hardware, Storage & Peripherals | 7.4 |
|  Interactive Media & Services | 6.6 |
|  Financial Services | 5.6 |
|  Broadline Retail | 4.2 |
|  Pharmaceuticals | 4.2 |
|  Aerospace & Defense | 2.7 |
|  Insurance | 2.7 |
|  Banks | 2.6 |
|  Biotechnology | 2.5 |
|  Oil, Gas & Consumable Fuels | 2.4 |
|  Hotels, Restaurants & Leisure | 2.4 |
|  Capital Markets | 2.4 |
|  Entertainment | 2 |
|  Health Care Equipment & Supplies | 2 |
|  Consumer Staples Distribution & Retail | 1.9 |
|  Automobiles | 1.7 |
|  Communications Equipment | 1.6 |
|  Health Care Providers & Services | 1.5 |
|  Tobacco | 1.5 |
|  Electric Utilities | 1.5 |
|  Beverages | 1.5 |
|  Specialty Retail | 1.4 |
| Affiliated Mutual Funds (0.0% represents investments purchased with collateral from securities on loan) | 1.3 |
|  Multi-Utilities | 1.3 |
|  IT Services | 1.2 |
|  Industrial Conglomerates | 1 |
|  Air Freight & Logistics | 1 |
|  Specialized REITs | 1 |

---

---

| | | |
|:---|:---|:---|
|  Electrical Equipment | 0.9 | % |
|  Life Sciences Tools & Services | 0.9 |  |
|  Ground Transportation | 0.8 |  |
|  Machinery | 0.8 |  |
|  Wireless Telecommunication Services | 0.8 |  |
|  Household Products | 0.7 |  |
|  Chemicals | 0.7 |  |
|  Diversified Telecommunication Services | 0.6 |  |
|  Professional Services | 0.6 |  |
|  Construction Materials | 0.6 |  |
|  Building Products | 0.5 |  |
|  Trading Companies & Distributors | 0.5 |  |
|  Real Estate Management & Development | 0.4 |  |
|  Industrial REITs | 0.4 |  |
|  Water Utilities | 0.3 |  |
|  U.S. Treasury Obligations | 0.3 |  |
|  Electronic Equipment, Instruments & Components | 0.3 |  |
|  Textiles, Apparel & Luxury Goods | 0.2 |  |
|  Consumer Finance | 0.2 |  |
|  Food Products | 0.2 |  |
|  Independent Power & Renewable Electricity |  |  |
|  Producers | 0.1 |  |
|  Construction & Engineering | 0.1 |  |
|  Health Care REITs | 0.1 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)<sup>\*</sup> |
|  | 100.0 | % |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### 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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **fair value**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets and**<br> **Liabilities Location**  | **Fair**<br> **Value**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets and**<br> **Liabilities Location**  | **Fair**<br>**Value** |
|  Equity contracts | Due from/to<br>broker-variation margin<br>futures | $502567 \* |  | $— |

---

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income**<br>| |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | <br>**Futures** |
|  Equity contracts | $(1056651) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income**<br>| |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | <br>**Futures** |
|  Equity contracts | $406541 |

---

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $12667475 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 15

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $188934 | $(188934) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $188,934: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $579,167,036) | $830194812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $11,329,160) | 11329179 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 669576 |
| &nbsp;&nbsp; Dividends and interest receivable | 305461 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 7313 |
| &nbsp;&nbsp; Prepaid expenses | 2775 |
| &nbsp;&nbsp; **Total Assets** | 842509116 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 812433 |
| &nbsp;&nbsp; Management fee payable | 200976 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 192824 |
| &nbsp;&nbsp; Distribution fee payable | 103291 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 37133 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 29713 |
| &nbsp;&nbsp; Trustees' fees payable | 863 |
| &nbsp;&nbsp; **Total Liabilities** | 1377233 |
| &nbsp;&nbsp; **Net Assets** | $841131883 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $42529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 559339193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 281750161 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $841131883 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 17

------

PGIM Quant Solutions Large-Cap Core Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($476,727,030 ÷ 24,494,368 shares of beneficial interest issued and outstanding) | $19.46 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.13 |
| &nbsp;&nbsp; Maximum offering price to public | $20.59 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,836,867 ÷ 667,607 shares of beneficial interest issued and outstanding) | $16.23 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($253,569,811 ÷ 12,468,015 shares of beneficial interest issued and outstanding) | $20.34 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($99,998,175 ÷ 4,898,853 shares of beneficial interest issued and outstanding) | $20.41 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income | $5723262 |
| &nbsp;&nbsp; Affiliated dividend income | 275881 |
| &nbsp;&nbsp; Interest income | 22338 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 572 |
| &nbsp;&nbsp; **Total income** | 6022053 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1562588 |
| &nbsp;&nbsp; Distribution fee(a) | 840321 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $118,905)(a) | 285007 |
| &nbsp;&nbsp; Custodian and accounting fees | 41279 |
| &nbsp;&nbsp; Registration fees(a) | 33031 |
| &nbsp;&nbsp; Shareholders' reports | 30904 |
| &nbsp;&nbsp; Professional fees | 20102 |
| &nbsp;&nbsp; Audit fee | 12995 |
| &nbsp;&nbsp; Trustees' fees | 10330 |
| &nbsp;&nbsp; Miscellaneous | 15571 |
| &nbsp;&nbsp; **Total expenses** | 2852128 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (169467) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (129735) |
| &nbsp;&nbsp; **Net expenses** | 2552926 |
| &nbsp;&nbsp; Net investment income (loss) | 3469127 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(245)) | 32784569 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (1056651) |
|  | 31727918 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $19) | (68814033) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Futures | 406541 |
|  | (68407492) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (36679574) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(33210447) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 778409 | 61912 |  |  |
|  Transfer agent's fees and expenses | 247072 | 10828 | 25948 | 1159 |
|  Registration fees | 10424 | 6642 | 7988 | 7977 |
|  Fee waiver and/or expense reimbursement | (86637) | (13715) | (41053) | (28062) |
|  Distribution fee waiver | (129735) |  |  |  |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 19

------

PGIM Quant Solutions Large-Cap Core Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025** | **Year Ended<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets**<br>|  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $3469127 | $7227168 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 31727918 | 83488944 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on<br> investments | (68407492) | 165673031 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (33210447) | 256389143 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (54198121) | (15634208) |
| &nbsp;&nbsp; Class C | (1516823) | (513234) |
| &nbsp;&nbsp; Class Z | (25597109) | (838560) |
| &nbsp;&nbsp; Class R6 | (11061504) | (7877677) |
|  | (92373557) | (24863679) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 252332235 | 154726965 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and<br> distributions | 91614393 | 24632216 |
| &nbsp;&nbsp; Cost of shares purchased | (273840883) | (216469945) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 70105745 | (37110764) |
| &nbsp;&nbsp; Total increase (decrease) | (55478259) | 194414700 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 896610142 | 702195442 |
| &nbsp;&nbsp; End of period | $841131883 | $896610142 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $22.48 | $16.80 | $15.75 | $21.09 | $15.17 | $15.17 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07 | 0.15 | 0.16 | 0.18 | 0.16 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.75) | 6.17 | 1.26 | (2.46) | 6.14 | 0.43 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.68) | 6.32 | 1.42 | (2.28) | 6.30 | 0.62 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.18) | (0.19) | (0.17) | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) | (0.43) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.34) | (0.64) | (0.37) | (3.06) | (0.38) | (0.62) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $19.46 | $22.48 | $16.80 | $15.75 | $21.09 | $15.17 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (4.04)% | 38.49% | 9.16% | (12.84)% | 42.24% | 4.02% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $476727 | $524581 | $412198 | $411798 | $522601 | $382165 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $523240 | $498458 | $423340 | $468874 | $475322 | $389009 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70 %<sup>(d)</sup> | 0.70% | 0.72% | 0.72% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.78 %<sup>(d)</sup> | 0.79% | 0.83% | 0.83% | 0.81% | 0.83% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.66 %<sup>(d)</sup> | 0.75% | 0.97% | 1.03% | 0.84% | 1.26% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 56% | 113% | 96% | 98% | 101% | 92% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 21

------

PGIM Quant Solutions Large-Cap Core Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $19.06 | $14.35 | $13.51 | $18.52 | $13.38 | $13.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01)<sup>(b)</sup> | 0.01 | 0.04 | 0.05 | 0.02 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.60) | 5.25 | 1.08 | (2.11) | 5.42 | 0.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.61) | 5.26 | 1.12 | (2.06) | 5.44 | 0.45 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) | (0.09) | (0.10) | (0.06) | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) | (0.43) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.22) | (0.55) | (0.28) | (2.95) | (0.30) | (0.53) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $16.23 | $19.06 | $14.35 | $13.51 | $18.52 | $13.38 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (4.38)% | 37.45% | 8.37% | (13.46)% | 41.25% | 3.27% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10837 | $13239 | $13876 | $15992 | $22453 | $21047 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $12485 | $14335 | $15468 | $19087 | $22342 | $24287 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.44 %<sup>(e)</sup> | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.66 %<sup>(e)</sup> | 1.68% | 1.65% | 1.65% | 1.59% | 1.59% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08)%<sup>(e)</sup> | 0.03% | 0.27% | 0.30% | 0.14% | 0.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 56% | 113% | 96% | 98% | 101% | 92% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $23.41 | $17.47 | $16.38 | $21.79 | $15.67 | $15.65 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.10 | 0.21 | 0.21 | 0.24 | 0.21 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.76) | 6.41 | 1.31 | (2.55) | 6.32 | 0.44 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.66) | 6.62 | 1.52 | (2.31) | 6.53 | 0.67 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.22) | (0.25) | (0.21) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) | (0.43) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.41) | (0.68) | (0.43) | (3.10) | (0.41) | (0.65) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.34 | $23.41 | $17.47 | $16.38 | $21.79 | $15.67 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (3.84)% | 38.82% | 9.43% | (12.54)% | 42.44% | 4.27% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $253570 | $34831 | $21379 | $20647 | $25663 | $47730 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $226262 | $28654 | $21455 | $23609 | $60616 | $64099 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.37 %<sup>(d)</sup> | 0.45% | 0.46% | 0.42% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.41 %<sup>(d)</sup> | 0.56% | 0.54% | 0.54% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.93 %<sup>(d)</sup> | 1.00% | 1.22% | 1.34% | 1.10% | 1.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 56% | 113% | 96% | 98% | 101% | 92% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 23

------

PGIM Quant Solutions Large-Cap Core Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $23.50 | $17.53 | $16.42 | $21.86 | $15.70 | $15.68 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.24 | 0.23 | 0.25 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.79) | 6.43 | 1.31 | (2.56) | 6.36 | 0.44 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.67) | 6.67 | 1.54 | (2.31) | 6.59 | 0.69 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.24) | (0.24) | (0.25) | (0.24) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) | (0.43) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.42) | (0.70) | (0.43) | (3.13) | (0.43) | (0.67) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.41 | $23.50 | $17.53 | $16.42 | $21.86 | $15.70 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (3.86)% | 39.00% | 9.56% | (12.52)% | 42.79% | 4.39% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $99998 | $323959 | $254742 | $228073 | $295432 | $132446 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $138320 | $289187 | $248145 | $258329 | $204016 | $105498 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.39 %<sup>(d)</sup> | 0.39% | 0.39% | 0.39% | 0.38% | 0.40% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.07 %<sup>(d)</sup> | 1.10% | 1.33% | 1.38% | 1.17% | 1.60% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 56% | 113% | 96% | 98% | 101% | 92% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.4%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 79.6%** |  |  |
| &nbsp;&nbsp; **Diversified REITs 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC (United Kingdom) | 399967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA (Spain) | 41281 | 468138 |
|  |  | 1494337 |
| &nbsp;&nbsp; **Health Care Facilities 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chartwell Retirement Residences (Canada), UTS | 70565 | 886029 |
| &nbsp;&nbsp; **Health Care REITs 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 114913 | 889427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 94037 | 1460394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 23191 | 1754863 |
|  |  | 4104684 |
| &nbsp;&nbsp; **Hotel & Resort REITs 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. (Japan) | 1624 | 671212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc.(a) | 7389 | 649863 |
|  |  | 1321075 |
| &nbsp;&nbsp; **Industrial REITs 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT (Singapore) | 413111 | 841779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 100817 | 795446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 22933 | 757477 |
|  |  | 2394702 |
| &nbsp;&nbsp; **Office REITs 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 19340 | 609403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. (Japan) | 439 | 552910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc. (Class A Stock) | 135970 | 803583 |
|  |  | 1965896 |
| &nbsp;&nbsp; **Real Estate Operating Companies 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property AG (Switzerland) | 3268 | 581935 |
| &nbsp;&nbsp; **Residential REITs 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 26844 | 1886060 |

---

See Notes to Financial Statements.

PGIM Real Estate Income Fund 25

------

PGIM Real Estate Income Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Residential REITs (cont'd.)**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 3906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterRent Real Estate Investment Trust (Canada) | 56702 | 464359 |
|  |  | 3440779 |
| &nbsp;&nbsp; **Retail REITs 22.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 33167 | 826190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust (Singapore) | 621462 | 1022741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT (Hong Kong) | 144094 | 674627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 9940 | 575128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 27382 | 1976433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 831219 | 1925721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 18249 | 2872028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supermarket Income REIT PLC (United Kingdom) | 459737 | 477011 |
|  |  | 10349879 |
| &nbsp;&nbsp; **Specialized REITs 22.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 4493 | 721306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 37818 | 1871613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 3791 | 3263103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 14228 | 529282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 53590 | 1883152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 57733 | 1848611 |
|  |  | 10117067 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $35,694,471) |  | 36656383 |
| &nbsp;&nbsp; **PREFERRED STOCKS 19.8%** |  |  |
| &nbsp;&nbsp; **Diversified REITs 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp., Series G, 6.000%, Maturing 06/28/26(oo) | 56426 | 1149962 |
| &nbsp;&nbsp; **Hotel & Resort REITs 2.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, Series H, 5.700%, Maturing 07/27/26(oo) | 65841 | 1096253 |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Industrial REITs 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc., Series C, 5.625%, Maturing 05/20/25(oo) | 40584 | $899341 |
| &nbsp;&nbsp; **Office REITs 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust, Series M, 5.250%, Maturing 05/30/25(oo) | 128842 | 2174853 |
| &nbsp;&nbsp; **Retail REITs 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., Series A, 4.250%, Maturing 09/17/26(oo) | 127049 | 2191595 |
| &nbsp;&nbsp; **Specialized REITs 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, Series G, 5.750%, Maturing 05/30/25(a)(oo) | 61697 | 1238876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series H, 5.600%, Maturing 05/30/25(oo) | 17451 | 397185 |
|  |  | 1636061 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $9,292,136) |  | 9148065 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $44,986,607) |  | 45804448 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb) | 277216 | 277216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<br>(cost $685,393; includes $682,140 of cash collateral for securities on loan)(b)(wb) | 685836 | 685355 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $962,609) |  | 962571 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.5%**<br> (cost $45,949,216) |  | 46767019 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.5)% |  | (708899) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46058120 |

---

See Notes to Financial Statements.

PGIM Real Estate Income Fund 27

------

PGIM Real Estate Income Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $672,155; cash collateral of $682,140 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(oo) Perpetual security. Maturity date represents next call date.

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements :
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | $— | $1494337 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities | 886029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 4104684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 649863 | 671212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 1552923 | 841779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 1412986 | 552910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Operating Companies |  | 581935 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 3440779 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 6249779 | 4100100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 10117067 |  |  |
|  Preferred Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 1149962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 1096253 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 899341 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 2174853 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 2191595 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 1636061 |  |  |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $962571 | $— | <u>$—</u> |
|  **Total** | $**38524746** | $**8242273** | **$—** |

---

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Retail REITs | 27.3 |
|  Specialized REITs | 25.5 |
|  Office REITs | 9.0 |
|  Health Care REITs | 8.9 |
|  Residential REITs | 7.5 |
|  Industrial REITs | 7.1 |
|  Diversified REITs | 5.7 |
|  Hotel & Resort REITs | 5.3 |
|  Affiliated Mutual Funds (1.5% represents investments purchased with collateral from securities on loan) | 2.1 |

---

---

| | |
|:---|:---|
|  Health Care Facilities | 1.9% |
|  Real Estate Operating Companies | 1.2 |
|  | 101.5 |
|  Liabilities in excess of other assets | (1.5) |
|  | 100.0% |

---

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
| &nbsp;&nbsp; Securities on Loan | $672155 | $(672155) | $— |

---

(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 29

------

PGIM Real Estate Income Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets**<br>|  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $672,155: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $44,986,607) | $45804448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $962,609) | 962571 |
| &nbsp;&nbsp; Foreign currency, at value (cost $23) | 23 |
| &nbsp;&nbsp; Dividends receivable | 77985 |
| &nbsp;&nbsp; Tax reclaim receivable | 35916 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 24308 |
| &nbsp;&nbsp; Prepaid expenses | 521 |
| &nbsp;&nbsp; **Total Assets** | 46905772 |
| &nbsp;&nbsp; **Liabilities**<br>|  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 682140 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 82404 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 40480 |
| &nbsp;&nbsp; Management fee payable | 23329 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 18022 |
| &nbsp;&nbsp; Trustees' fees payable | 716 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 338 |
| &nbsp;&nbsp; Distribution fee payable | 223 |
| &nbsp;&nbsp; **Total Liabilities** | 847652 |
| &nbsp;&nbsp; **Net Assets** | $46058120 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $6375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 44999258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1052487 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $46058120 |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($706,454 ÷ 98,032 shares of beneficial interest issued and outstanding) | $7.21 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.42 |
| &nbsp;&nbsp; Maximum offering price to public | $7.63 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($101,950 ÷ 14,147 shares of beneficial interest issued and outstanding) | $7.21 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($14,106,638 ÷ 1,947,549 shares of beneficial interest issued and outstanding) | $7.24 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($31,143,078 ÷ 4,315,482 shares of beneficial interest issued and outstanding) | $7.22 |

---

See Notes to Financial Statements.

PGIM Real Estate Income Fund 31

------

PGIM Real Estate Income Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $19,958 foreign withholding tax) | $934845 |
| &nbsp;&nbsp; Affiliated dividend income | 6056 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $376) | 758 |
| &nbsp;&nbsp; **Total income** | 941659 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 200950 |
| &nbsp;&nbsp; Distribution fee(a) | 1646 |
| &nbsp;&nbsp; Custodian and accounting fees | 21139 |
| &nbsp;&nbsp; Professional fees | 18542 |
| &nbsp;&nbsp; Audit fee | 18311 |
| &nbsp;&nbsp; Registration fees(a) | 17861 |
| &nbsp;&nbsp; Shareholders' reports | 9406 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,331)(a) | 5869 |
| &nbsp;&nbsp; Trustees' fees | 5070 |
| &nbsp;&nbsp; SEC registration fees | 284 |
| &nbsp;&nbsp; Miscellaneous | 10776 |
| &nbsp;&nbsp; **Total expenses** | 309854 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (31665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver(a) | (182) |
| &nbsp;&nbsp; **Net expenses** | 278007 |
| &nbsp;&nbsp; Net investment income (loss) | 663652 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(204)) | 932046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (477) |
|  | 931569 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(38)) | (5201229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1726 |
|  | (5199503) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (4267934) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(3604282) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 1092 | 554 |  |  |
|  Registration fees | 3573 | 3895 | 6344 | 4049 |
|  Transfer agent's fees and expenses | 853 | 222 | 4449 | 345 |
|  Fee waiver and/or expense reimbursement | (4543) | (4134) | (12981) | (10007) |
|  Distribution fee waiver | (182) |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **Year Ended<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $663652 | $1654076 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 931569 | 3006062 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (5199503) | 9904772 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3604282) | 14564910 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (30058) | (23772) |
| &nbsp;&nbsp; Class C | (4418) | (4672) |
| &nbsp;&nbsp; Class Z | (673460) | (54570) |
| &nbsp;&nbsp; Class R6 | (1430814) | (1672200) |
|  | (2138750) | (1755214) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 18315379 | 16572671 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2137201 | 1753806 |
| &nbsp;&nbsp; Cost of shares purchased | (20967197) | (8342612) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (514617) | 9983865 |
| &nbsp;&nbsp; Total increase (decrease) | (6257649) | 22793561 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 52315769 | 29522208 |
| &nbsp;&nbsp; End of period | $46058120 | $52315769 |

---

See Notes to Financial Statements.

PGIM Real Estate Income Fund 33

------

PGIM Real Estate Income Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $8.04 | $5.85 | $6.18 | $10.26 | $7.67 | $10.66 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.09 | 0.26 | 0.22 | 0.32 | 0.25 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.61) | 2.21 | (0.29) | (1.99) | 2.70 | (2.43) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.52) | 2.47 | (0.07) | (1.67) | 2.95 | (2.16) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.13) | (0.27) | (0.22) | (0.29) | (0.36) | (0.63) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.04) | (0.10) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.31) | (0.28) | (0.26) | (2.41) | (0.36) | (0.83) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $7.21 | $8.04 | $5.85 | $6.18 | $10.26 | $7.67 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (6.62)% | 42.57% | (1.24)% | (20.18)% | 38.84% | (21.25)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $706 | $745 | $524 | $738 | $1582 | $866 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $734 | $607 | $705 | $1190 | $1428 | $796 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.35 %<sup>(d)</sup> | 1.35% | 1.36 %<sup>(e)</sup> | 1.35% | 1.35% | 1.36% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 2.65 %<sup>(d)</sup> | 2.96% | 2.79% | 2.39% | 2.16% | 4.78% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.37 %<sup>(d)</sup> | 3.74% | 3.40% | 4.16% | 2.56% | 3.18% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 78% | 112% | 92% | 90% | 201% | 235% |

---

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

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

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

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended October 31, 2023.

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

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $8.04 | $5.85 | $6.18 | $10.26 | $7.67 | $10.66 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.06 | 0.21 | 0.17 | 0.20 | 0.18 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.61) | 2.20 | (0.29) | (1.93) | 2.70 | (2.45) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.55) | 2.41 | (0.12) | (1.73) | 2.88 | (2.22) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.10) | (0.21) | (0.17) | (0.23) | (0.29) | (0.57) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.04) | (0.10) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.28) | (0.22) | (0.21) | (2.35) | (0.29) | (0.77) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $7.21 | $8.04 | $5.85 | $6.18 | $10.26 | $7.67 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (6.98)% | 41.57% | (2.01)% | (20.81)% | 37.84% | (21.86)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $102 | $131 | $167 | $178 | $277 | $268 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $112 | $154 | $221 | $240 | $302 | $500 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 2.10 %<sup>(d)</sup> | 2.11 %<sup>(e)</sup> | 2.11 %<sup>(e)</sup> | 2.10% | 2.10% | 2.11% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 9.56 %<sup>(d)</sup> | 7.63% | 5.30% | 5.03% | 4.27% | 6.45% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.51 %<sup>(d)</sup> | 3.07% | 2.63% | 2.65% | 1.92% | 2.62% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 78% | 112% | 92% | 90% | 201% | 235% |

---

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

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

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

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% and 0.01%, respectively, which are being excluded from the Fund's contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively.

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 35

------

PGIM Real Estate Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $8.08 | $5.87 | $6.20 | $10.29 | $7.69 | $10.69 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.10 | 0.28 | 0.26 | 0.28 | 0.28 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.62) | 2.22 | (0.31) | (1.94) | 2.71 | (2.49) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.52) | 2.50 | (0.05) | (1.66) | 2.99 | (2.15) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.14) | (0.28) | (0.24) | (0.31) | (0.39) | (0.65) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.04) | (0.10) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.32) | (0.29) | (0.28) | (2.43) | (0.39) | (0.85) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $7.24 | $8.08 | $5.87 | $6.20 | $10.29 | $7.69 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (6.59)% | 43.11% | (0.99)% | (20.03)% | 39.19% | (21.08)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $14107 | $3712 | $451 | $7024 | $10941 | $7797 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $13791 | $958 | $1033 | $7858 | $11287 | $9743 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.10 %<sup>(d)</sup> | 1.10% | 1.11 %<sup>(e)</sup> | 1.10% | 1.10% | 1.11% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.29 %<sup>(d)</sup> | 2.83% | 2.22% | 1.34% | 1.38% | 2.54% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.72 %<sup>(d)</sup> | 3.71% | 4.08% | 3.67% | 2.92% | 3.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 78% | 112% | 92% | 90% | 201% | 235% |

---

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

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

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

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended October 31, 2023.

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

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $8.06 | $5.86 | $6.19 | $10.27 | $7.68 | $10.67 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.10 | 0.28 | 0.24 | 0.28 | 0.27 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.62) | 2.21 | (0.29) | (1.93) | 2.71 | (2.26) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.52) | 2.49 | (0.05) | (1.65) | 2.98 | (2.14) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.14) | (0.28) | (0.24) | (0.31) | (0.39) | (0.65) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.04) | (0.10) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.32) | (0.29) | (0.28) | (2.43) | (0.39) | (0.85) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $7.22 | $8.06 | $5.86 | $6.19 | $10.27 | $7.68 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (6.49)% | 42.84% | (0.98)% | (19.95)% | 39.11% | (21.03)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $31143 | $47727 | $28381 | $20150 | $29642 | $23216 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $36017 | $40162 | $23207 | $24849 | $33597 | $675 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.10 %<sup>(d)</sup> | 1.10% | 1.12 %<sup>(e)</sup> | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.16 %<sup>(d)</sup> | 1.23% | 1.49% | 1.24% | 1.15% | 3.80% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.62 %<sup>(d)</sup> | 3.96% | 3.69% | 3.72% | 2.82% | 1.36% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 78% | 112% | 92% | 90% | 201% | 235% |

---

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

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

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

(d) Annualized.

(e) Includes certain non-recurring expenses of 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended October 31, 2023.

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

See Notes to Financial Statements.

PGIM Real Estate Income Fund 37

------

PGIM Select Real Estate Fund

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Diversified REITs 6.9%** |  |  |
| &nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 109989 | $3538346 |
| &nbsp;&nbsp; LondonMetric Property PLC (United Kingdom) | 1181869 | 3032332 |
| &nbsp;&nbsp; Merlin Properties Socimi SA (Spain) | 243276 | 2758817 |
| &nbsp;&nbsp; Stockland (Australia) | 891151 | 3131716 |
|  |  | 12461211 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.4%** |  |  |
| &nbsp;&nbsp; Chartwell Retirement Residences (Canada) , UTS | 206495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592796 |
| &nbsp;&nbsp; **Health Care REITs 10.8%** |  |  |
| &nbsp;&nbsp; American Healthcare REIT, Inc. | 93184 | 3007979 |
| &nbsp;&nbsp; Global Medical REIT, Inc. | 271809 | 2103802 |
| &nbsp;&nbsp; Healthcare Realty Trust, Inc. | 110618 | 1717898 |
| &nbsp;&nbsp; Welltower, Inc. | 83999 | 12817407 |
|  |  | 19647086 |
| &nbsp;&nbsp; **Hotel & Resort REITs 2.2%** |  |  |
| &nbsp;&nbsp; Invincible Investment Corp. (Japan) | 6438 | 2660877 |
| &nbsp;&nbsp; Ryman Hospitality Properties, Inc.(a) | 15460 | 1359707 |
|  |  | 4020584 |
| &nbsp;&nbsp; **Industrial REITs 10.2%** |  |  |
| &nbsp;&nbsp; Americold Realty Trust, Inc. | 131029 | 2534101 |
| &nbsp;&nbsp; CapitaLand Ascendas REIT (Singapore) | 778380 | 1586073 |
| &nbsp;&nbsp; First Industrial Realty Trust, Inc. | 95474 | 4542653 |
| &nbsp;&nbsp; GLP J-REIT (Japan) | 2195 | 1893291 |
| &nbsp;&nbsp; Goodman Group (Australia) | 139216 | 2665129 |
| &nbsp;&nbsp; Prologis, Inc. | 52698 | 5385735 |
|  |  | 18606982 |
| &nbsp;&nbsp; **IT Services 1.2%** |  |  |
| &nbsp;&nbsp; NEXTDC Ltd. (Australia)\* | 293312 | 2226922 |
| &nbsp;&nbsp; **Office REITs 5.3%** |  |  |
| &nbsp;&nbsp; Kilroy Realty Corp.(a) | 41953 | 1321939 |
| &nbsp;&nbsp; Nippon Building Fund, Inc. (Japan) | 2810 | 2608268 |

---

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Office REITs (cont'd.)** | &nbsp;&nbsp; **Office REITs (cont'd.)** | &nbsp;&nbsp; **Office REITs (cont'd.)** |
| &nbsp;&nbsp; Orix JREIT, Inc. (Japan) | 1463 | $1842613 |
| &nbsp;&nbsp; SL Green Realty Corp. | 74275 | 3907608 |
|  |  | 9680428 |
| &nbsp;&nbsp; **Real Estate Management & Development 10.8%** |  |  |
| &nbsp;&nbsp; Catena AB (Sweden) | 37620 | 1771012 |
| &nbsp;&nbsp; Fastighets AB Balder (Sweden) (Class B Stock)\* | 201773 | 1450433 |
| &nbsp;&nbsp; Grainger PLC (United Kingdom) | 554771 | 1591609 |
| &nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 504429 | 4999218 |
| &nbsp;&nbsp; PSP Swiss Property AG (Switzerland) | 4575 | 814673 |
| &nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 93384 | 3478209 |
| &nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 140065 | 1328715 |
| &nbsp;&nbsp; Vonovia SE (Germany) | 128379 | 4258343 |
|  |  | 19692212 |
| &nbsp;&nbsp; **Residential REITs 11.1%** |  |  |
| &nbsp;&nbsp; Equity Residential | 71529 | 5025627 |
| &nbsp;&nbsp; Essex Property Trust, Inc. | 24530 | 6847549 |
| &nbsp;&nbsp; InterRent Real Estate Investment Trust (Canada) | 257489 | 2108698 |
| &nbsp;&nbsp; UNITE Group PLC (The) (United Kingdom) | 200504 | 2303595 |
| &nbsp;&nbsp; Veris Residential, Inc. | 252034 | 3911568 |
|  |  | 20197037 |
| &nbsp;&nbsp; **Retail REITs 18.9%** |  |  |
| &nbsp;&nbsp; Agree Realty Corp. | 105980 | 8225108 |
| &nbsp;&nbsp; CapitaLand Integrated Commercial Trust (Singapore) | 1692491 | 2785334 |
| &nbsp;&nbsp; Curbline Properties Corp. | 122093 | 2794709 |
| &nbsp;&nbsp; Klepierre SA (France) | 94985 | 3476752 |
| &nbsp;&nbsp; Link REIT (Hong Kong) | 871858 | 4081914 |
| &nbsp;&nbsp; Regency Centers Corp. | 48544 | 3503906 |
| &nbsp;&nbsp; Scentre Group (Australia) | 1458654 | 3379327 |
| &nbsp;&nbsp; Simon Property Group, Inc. | 39558 | 6225638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34472688 |
| &nbsp;&nbsp; **Specialized REITs 20.2%** |  |  |
| &nbsp;&nbsp; Digital Realty Trust, Inc. | 11803 | 1894853 |
| &nbsp;&nbsp; EPR Properties | 52163 | 2581547 |
| &nbsp;&nbsp; Equinix, Inc. | 15229 | 13108362 |
| &nbsp;&nbsp; Iron Mountain, Inc. | 64594 | 5792144 |

---

See Notes to Financial Statements.

PGIM Select Real Estate Fund 39

------

PGIM Select Real Estate Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialized REITs (cont'd.)** |  |  |
| &nbsp;&nbsp; National Storage Affiliates Trust | 122444 | $4554917 |
| &nbsp;&nbsp; Shurgard Self Storage Ltd. (Belgium) | 47452 | 1968834 |
| &nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 193335 | 6793792 |
|  |  | 36694449 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $157,669,725) |  | 180292395 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb) | 1260840 | 1260840 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%) (cost $3,029,768; includes $3,020,457 of cash collateral for securities on loan)(b)(wb) | 3031865 | 3029743 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $4,290,608) |  | 4290583 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.3%**<br> (cost $161,960,333) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184582978 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.3)% |  | (2452338) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $182130640 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* 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 $2,949,633; cash collateral of $3,020,457 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wb) Represents an investment in a Fund affiliated with the Manager.

#### 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.

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

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

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $— | $11403094 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 1968834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 4701494 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 3476752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 4258343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 5410628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 17482476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 4371407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 2758817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 3221445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 814673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 6927537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 113496895 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 4290583 |  |  |
|  **Total** | $**122488972** | $**62094006** | **$—** |

---

#### Country Allocation :
The country allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  United States (including 1.7% of collateral for<br>securities on loan) | 64.6 |
|  Japan | 9.6 |
|  Australia | 6.3 |
|  United Kingdom | 3.9 |
|  Hong Kong | 3.0 |
|  Canada | 2.5 |
|  Singapore | 2.4 |
|  Germany | 2.3 |
|  France | 1.9 |

---

---

| | |
|:---|:---|
|  Sweden | 1.8% |
|  Spain | 1.5 |
|  Belgium | 1.1 |
|  Switzerland | 0.4 |
|  | 101.3 |
|  Liabilities in excess of other assets | (1.3) |
|  | 100.0% |

---

See Notes to Financial Statements.

PGIM Select Real Estate Fund 41

------

PGIM Select Real Estate Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
| &nbsp;&nbsp; Securities on Loan | $2949633 | $(2949633) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; <br> Investments at value, including securities on loan of $2,949,633: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $157,669,725) | $180292395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $4,290,608) | 4290583 |
| &nbsp;&nbsp; Foreign currency, at value (cost $19) | 20 |
| &nbsp;&nbsp; Receivable for investments sold | 1592312 |
| &nbsp;&nbsp; Tax reclaim receivable | 380434 |
| &nbsp;&nbsp; Dividends receivable | 306809 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 297349 |
| &nbsp;&nbsp; Prepaid expenses | 3087 |
| &nbsp;&nbsp; **Total Assets** | 187162989 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; <br> Payable to broker for collateral for securities on loan | 3020457 |
| &nbsp;&nbsp; Payable for investments purchased | 1625686 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 173502 |
| &nbsp;&nbsp; Management fee payable | 104977 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 103967 |
| &nbsp;&nbsp; Distribution fee payable | 1646 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 1337 |
| &nbsp;&nbsp; Trustees' fees payable | 777 |
| &nbsp;&nbsp; **Total Liabilities** | 5032349 |
| &nbsp;&nbsp; **Net Assets** | $182130640 |
| &nbsp;&nbsp; <br> Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $14006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 222685213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (40568579) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $182130640 |

---

See Notes to Financial Statements.

PGIM Select Real Estate Fund 43

------

PGIM Select Real Estate Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share, |  |
| &nbsp;&nbsp; ($2,780,777 ÷ 213,726 shares of beneficial interest issued and outstanding) | $13.01 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.76 |
| &nbsp;&nbsp; Maximum offering price to public | $13.77 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($1,346,098 ÷ 104,946 shares of beneficial interest issued and outstanding) | $12.83 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($158,426,316 ÷ 12,156,608 shares of beneficial interest issued and outstanding) | $13.03 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($19,577,449 ÷ 1,530,798 shares of beneficial interest issued and outstanding) | $12.79 |

---

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $120,363 foreign withholding tax) | $2903352 |
| &nbsp;&nbsp; Affiliated dividend income | 22840 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 1357 |
| &nbsp;&nbsp; **Total income** | 2927549 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 756476 |
| &nbsp;&nbsp; Distribution fee(a) | 11865 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $4,971)(a) | 115889 |
| &nbsp;&nbsp; Custodian and accounting fees | 32662 |
| &nbsp;&nbsp; Registration fees(a) | 32452 |
| &nbsp;&nbsp; Professional fees | 19388 |
| &nbsp;&nbsp; Audit fee | 18368 |
| &nbsp;&nbsp; Shareholders' reports | 18032 |
| &nbsp;&nbsp; Trustees' fees | 5996 |
| &nbsp;&nbsp; Miscellaneous | 29529 |
| &nbsp;&nbsp; **Total expenses** | 1040657 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (35409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (726) |
| &nbsp;&nbsp; **Net expenses** | 1004522 |
| &nbsp;&nbsp; Net investment income (loss) | 1923027 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** | &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(998)) | (2661767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (12906) |
|  | (2674673) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(25)) | (8088332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 29925 |
|  | (8058407) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (10733080) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(8810053) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 4356 | 7509 |  |  |
|  Transfer agent's fees and expenses | 4115 | 1308 | 108210 | 2256 |
|  Registration fees | 5982 | 4900 | 12904 | 8666 |
|  Fee waiver and/or expense reimbursement | (8325) | (5293) | (21791) |  |
|  Distribution fee waiver | (726) |  |  |  |

---

See Notes to Financial Statements.

PGIM Select Real Estate Fund 45

------

PGIM Select Real Estate Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **Year Ended<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1923027 | $3894732 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (2674673) | 11937970 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (8058407) | 35981036 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (8810053) | 51813738 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (37292) | (146453) |
| &nbsp;&nbsp; Class C | (12924) | (31688) |
| &nbsp;&nbsp; Class Z | (2372413) | (4023109) |
| &nbsp;&nbsp; Class R6 | (299979) | (721679) |
|  | (2722608) | (4922929) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 33113083 | 73538206 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2721654 | 4913737 |
| &nbsp;&nbsp; Cost of shares purchased | (48799216) | (92467650) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (12964479) | (14015707) |
| &nbsp;&nbsp; Total increase (decrease) | (24497140) | 32875102 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 206627780 | 173752678 |
| &nbsp;&nbsp; End of period | $182130640 | $206627780 |

---

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.75 | $10.57 | $10.84 | $15.54 | $11.48 | $13.18 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.24 | 0.20 <sup>(b)</sup> | 0.14 | 0.10 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.69) | 3.26 | (0.25)<sup>(c)</sup> | (4.12) | 4.18 | (1.16) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.57) | 3.50 | (0.05) | (3.98) | 4.28 | (1.01) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.32) | (0.22) | (0.22) | (0.22) | (0.43) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  | (0.26) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.32) | (0.22) | (0.72) | (0.22) | (0.69) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.01 | $13.75 | $10.57 | $10.84 | $15.54 | $11.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (4.10)% | 33.31% | (0.62)% | (26.71)% | 37.61% | (7.90)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2781 | $3312 | $5278 | $10982 | $6733 | $3878 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2928 | $5653 | $9796 | $11632 | $4803 | $4534 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.30 %<sup>(f)</sup> | 1.31 %<sup>(g)</sup> | 1.32 %<sup>(g)</sup> | 1.30% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.92 %<sup>(f)</sup> | 1.63% | 1.43% | 1.44% | 1.57% | 2.11% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.81 %<sup>(f)</sup> | 1.94% | 1.73% | 1.05% | 0.74% | 1.26% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 69% | 142% | 121% | 137% | 165% | 313% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively.

See Notes to Financial Statements.

PGIM Select Real Estate Fund 47

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited) (continued)

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

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.55 | $10.43 | $10.69 | $15.33 | $11.35 | $13.03 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07 | 0.14 | 0.11 <sup>(b)</sup> | 0.03 | (0.01)<sup>(b)</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.67) | 3.21 | (0.24)<sup>(c)</sup> | (4.05) | 4.12 | (1.13) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.60) | 3.35 | (0.13) | (4.02) | 4.11 | (1.07) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.23) | (0.13) | (0.12) | (0.13) | (0.35) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  | (0.26) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.12) | (0.23) | (0.13) | (0.62) | (0.13) | (0.61) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.83 | $13.55 | $10.43 | $10.69 | $15.33 | $11.35 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (4.46)% | 32.33% | (1.30)% | (27.25)% | 36.64% | (8.60)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1346 | $1592 | $1617 | $1754 | $1636 | $605 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1514 | $1598 | $1880 | $2168 | $1021 | $532 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.05 %<sup>(f)</sup> | 2.07 %<sup>(g)</sup> | 2.07 %<sup>(g)</sup> | 2.05% | 2.05% | 2.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.75 %<sup>(f)</sup> | 2.76% | 2.48% | 2.56% | 2.95% | 5.31% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.04 %<sup>(f)</sup> | 1.17% | 0.96% | 0.26% | (0.06)% | 0.55% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 69% | 142% | 121% | 137% | 165% | 313% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.02% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively.

See Notes to Financial Statements.

PGIM Select Real Estate Fund 49

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited) (continued)

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

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.77 | $10.58 | $10.86 | $15.56 | $11.49 | $13.20 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 | 0.27 | 0.23 <sup>(b)</sup> | 0.18 | 0.13 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.69) | 3.27 | (0.26)<sup>(c)</sup> | (4.12) | 4.19 | (1.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.56) | 3.54 | (0.03) | (3.94) | 4.32 | (0.99) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.35) | (0.25) | (0.26) | (0.25) | (0.46) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  | (0.26) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.18) | (0.35) | (0.25) | (0.76) | (0.25) | (0.72) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.03 | $13.77 | $10.58 | $10.86 | $15.56 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (3.98)% | 33.56% | (0.37)% | (26.46)% | 38.04% | (7.73)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $158426 | $174960 | $147176 | $171629 | $226286 | $29056 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $164026 | $149439 | $177323 | $235834 | $126992 | $14227 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.05 %<sup>(f)</sup> | 1.06 %<sup>(g)</sup> | 1.07 %<sup>(g)</sup> | 1.01% | 1.04% | 1.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.08 %<sup>(f)</sup> | 1.10% | 1.07% | 1.01% | 1.04% | 1.61% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.04 %<sup>(f)</sup> | 2.15% | 1.97% | 1.29% | 0.92% | 1.40% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 69% | 142% | 121% | 137% | 165% | 313% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended October 31, 2024 and 2023, respectively.

See Notes to Financial Statements.

PGIM Select Real Estate Fund 51

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited) (continued)

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

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.52 | $10.40 | $10.67 | $15.31 | $11.31 | $13.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 | 0.27 | 0.24 <sup>(b)</sup> | 0.19 | 0.15 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.67) | 3.20 | (0.25)<sup>(c)</sup> | (4.06) | 4.11 | (1.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.54) | 3.47 | (0.01) | (3.87) | 4.26 | (0.97) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.35) | (0.26) | (0.27) | (0.26) | (0.46) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  | (0.26) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.35) | (0.26) | (0.77) | (0.26) | (0.72) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.79 | $13.52 | $10.40 | $10.67 | $15.31 | $11.31 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (3.96)% | 33.63% | (0.27)% | (26.39)% | 38.10% | (7.70)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $19577 | $26764 | $19682 | $75634 | $93853 | $15686 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $22218 | $25488 | $53351 | $92466 | $57833 | $16060 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.03 %<sup>(f)</sup> | 1.04 %<sup>(g)</sup> | 0.93% | 0.89% | 0.94% | 1.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.03 %<sup>(f)</sup> | 1.04% | 0.93% | 0.89% | 0.94% | 1.42% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.06 %<sup>(f)</sup> | 2.19% | 2.11% | 1.40% | 1.06% | 1.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 69% | 142% | 121% | 137% | 165% | 313% |

---

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

(b) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) 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 GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

(g) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended October 31, 2024.

See Notes to Financial Statements.

PGIM Select Real Estate Fund 53

------

PGIM Select Real Estate Fund

Financial Highlights (unaudited) (continued)

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

See Notes to Financial Statements.

------

Notes to Financial Statements (unaudited)

**1.** **Organization** 

Prudential Investment Portfolios 9 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate to the following series of the RIC: PGIM Quant Solutions Large-Cap Core Fund, PGIM Real Estate Income Fund and PGIM Select Real Estate Fund (each, a "Fund" and collectively, the "Funds"). Each Portfolio is a diversified portfolio for purposes of the 1940 Act, except for PGIM Real Estate Income Fund, which is a non-diversified portfolio for purposes of the 1940 Act.

---

| | |
|:---|:---|
| **Fund**<br>| **Investment Objective(s)**<br>|
|  PGIM Quant Solutions Large-Cap Core Fund<br> ("Quant Solutions Large-Cap Core") | To seek long-term growth of capital |
|  PGIM Real Estate Income Fund<br> ("Real Estate Income") | To seek income and capital appreciation |
|  PGIM Select Real Estate Fund<br> ("Select Real Estate") | To seek income and capital appreciation |

---

**2.** **Accounting Policies** 

The Funds follow 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 is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements.

During the reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. PGIM Investments LLC ("PGIM Investments" or the "Manager") acts as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term

------

Notes to Financial Statements (unaudited) (continued)

strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds 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. Fair value is the estimated 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.

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

Various inputs determine how the Funds' 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 Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, 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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a 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 each 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 funds (other than ETFs) 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 policies and procedures 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

*Foreign Currency Translation:* The books and records of the Funds 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 exchange rate as of the valuation date;

------

Notes to Financial Statements (unaudited) (continued)

(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 Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do 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 Funds do 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 unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

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 investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds' 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.

*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 Funds are required to deposit collateral with a futures commission merchant 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 Funds each day, equal to the change in the mark-to-market value of the futures contract. 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 Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds 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 Funds since the

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Master Netting Arrangements:* The RIC, on behalf of each 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 each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each 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.

*Securities Lending:* Certain Funds lend their 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 the 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. The remaining open loans of the securities lending transactions are considered overnight and continuous. 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 Funds recognize income, net of any rebate and securities lending agent fees, for lending their 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, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continue 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 in the Statement of Operations.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs

------

Notes to Financial Statements (unaudited) (continued)

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 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 Funds become 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 expense amounts. 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. Such class specific expenses and waivers 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 each 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:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, 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. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| **Quant Solutions Large-Cap Core:** |  |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |
| **Each Fund other than Quant Solutions Large-Cap Core:** |  |
| &nbsp;&nbsp; Net Investment Income | Quarterly |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

\* Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*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.

**3.** **Agreements** 

The RIC, on behalf of each Fund, has management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services. The Manager has entered into subadvisory with the subadvisers listed below (each a "subadviser" and collectively the "subadvisers").

The Manager pays for the services of each subadviser.

---

| | |
|:---|:---|
| **Fund** | **Subadviser(s)** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | PGIM Quantitative Solutions LLC ("PGIM<br> Quantitative Solutions") (a wholly-owned<br> subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; Real Estate Income | PGIM Real Estate (a business unit of PGIM, Inc.);<br> PGIM Real Estate (UK) Limited (an indirect<br> wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; Select Real Estate | PGIM Real Estate (a business unit of PGIM, Inc.);<br> PGIM Real Estate (UK) Limited (an indirect<br> wholly-owned subsidiary of PGIM, Inc.) |

---

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | 0.35% of average daily net assets up<br> to and including $5 billion;<br> 0.34% of average daily net assets<br> over $5 billion. | 0.35% |

---

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Real Estate Income | 0.80% on average daily net assets up<br> to and including $1 billion;<br> 0.78% on the next $2 billion of<br> average daily net assets;<br> 0.76% on the next $2 billion of<br> average daily net asset;<br> 0.75% on the next $5 billion of<br> average daily net assets;<br> 0.74% on average daily net assets<br> exceeding $10 billion. | 0.80% |
| &nbsp;&nbsp; Select Real Estate | 0.80% on average daily net assets up<br> to and including $1 billion;<br> 0.78% on the next $2 billion of<br> average daily net assets;<br> 0.76% on the next $2 billion of<br> average daily net asset;<br> 0.75% on the next $5 billion of<br> average daily net assets;<br> 0.74% on average daily net assets<br> exceeding $10 billion. | 0.80 |

---

The Manager has contractually agreed, through February 28, 2026, to limit certain operating expenses and/or to limit total annual operating expenses after fee waivers and/or expense reimbursements. 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 such expenses on any other share class. In addition, total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit 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 waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fund Expense <br>Limitation\*** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class A | 0.35% | 0.72% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class C | 0.35 | 1.44 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund** | **Fund Expense <br>Limitation\*** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class R6 | 0.35 |  |
| &nbsp;&nbsp; Real Estate Income - Class A |  | 1.35 |
| &nbsp;&nbsp; Real Estate Income - Class C |  | 2.10 |
| &nbsp;&nbsp; Real Estate Income - Class Z |  | 1.10 |
| &nbsp;&nbsp; Real Estate Income - Class R6 |  | 1.10 |
| &nbsp;&nbsp; Select Real Estate - Class A |  | 1.30 |
| &nbsp;&nbsp; Select Real Estate - Class C |  | 2.05 |
| &nbsp;&nbsp; Select Real Estate - Class Z |  | 1.05 |
| &nbsp;&nbsp; Select Real Estate - Class R6 |  | 1.05 |

---

\*Expense limitation excludes distribution and service (12b-1) fees, shareholder service fee, and transfer agency expenses (including sub-transfer agency and networking fees).

The RIC, on behalf of each 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 each Fund. Each Fund compensates PIMS for distributing and servicing each Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through February 28, 2026 to limit such fees on certain classes based on the daily net assets. The distribution fees are accrued daily and payable monthly.

Each Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class Z | N/A | N/A |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class R6 | N/A | N/A |
| &nbsp;&nbsp; Real Estate Income - Class A | 0.30 | 0.25 |
| &nbsp;&nbsp; Real Estate Income - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Real Estate Income - Class Z | N/A | N/A |
| &nbsp;&nbsp; Real Estate Income - Class R6 | N/A | N/A |
| &nbsp;&nbsp; Select Real Estate - Class A | 0.30 | 0.25 |
| &nbsp;&nbsp; Select Real Estate - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Select Real Estate - Class Z | N/A | N/A |
| &nbsp;&nbsp; Select Real Estate - Class R6 | N/A | N/A |

---

For the reporting period ended April 30, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and

------

Notes to Financial Statements (unaudited) (continued)

incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class A | $96886 | $— |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class C |  | 397 |
| &nbsp;&nbsp; Real Estate Income - Class A | 2901 |  |
| &nbsp;&nbsp; Real Estate Income - Class C |  | 272 |
| &nbsp;&nbsp; Select Real Estate - Class A | 4563 |  |
| &nbsp;&nbsp; Select Real Estate - Class C |  | 2402 |

---

PGIM Investments, PGIM, Inc., PGIM Real Estate (UK) Limited, PIMS and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

**4.** **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 each Fund's transfer agent and shareholder servicing 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 Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the 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 Funds 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/trustees, and/or common officers. For the reporting period ended April 30, 2025, no Rule 17a-7 transactions were entered into by the Funds.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br> from Sales** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | $499459469 | $526054045 |
| &nbsp;&nbsp; Real Estate Income | 39294479 | 40933388 |
| &nbsp;&nbsp; Select Real Estate | 132169702 | 146515557 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2025, is presented as follows:

**Quant Solutions Large-Cap Core:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End of<br>Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |  |
| $10504394 | $64903146 | $64273345 | $— | $— | $11134195 | 11134195 | $275881 |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 29491023 | 29295813 | 19 | (245) | 194984 | 195121 | 572<sup>(2)</sup> |
| $10504394 | $94394169 | $93569158 | $19 | $(245) | $11329179 |  | $276453 |
| Real Estate Income: | Real Estate Income: | Real Estate Income: | Real Estate Income: | Real Estate Income: | Real Estate Income: | Real Estate Income: | Real Estate Income: |
| **Value,<br> Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,<br>End of<br>Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |  |
| $114268 | $7934193 | $7771245 | $— | $— | $277216 | 277216 | $6056 |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4500 | 9198231 | 8517134 | (38) | (204) | 685355 | 685836 | 376<sup>(2)</sup> |
| $118768 | $17132424 | $16288379 | $(38) | $(204) | $962571 |  | $6432 |

---

------

Notes to Financial Statements (unaudited) (continued)

**Select Real Estate:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End of<br>Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| &nbsp;&nbsp; $847274 | $28911134 | $28497568 | $— | $— | $1260840 | 1260840 | $22840 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(1)(b)(wb)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 13990578 | 10959812 | (25) | (998) | 3029743 | 3031865 | 1357<sup>(2)</sup> |
| &nbsp;&nbsp; $847274 | $42901712 | $39457380 | $(25) | $(998) | $4290583 |  | $24197 |

---

(1) The Fund did not have any capital gain distributions during the reporting period.

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wb) Represents an investment in a Fund affiliated with the Manager.

**6.** **Tax Information** 

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | $593847949 | $276896843 | $(28718234) | $248178609 |
| &nbsp;&nbsp; Real Estate Income | 46333777 | 2286457 | (1853215) | 433242 |
| &nbsp;&nbsp; Select Real Estate | 165558993 | 25785832 | (6761847) | 19023985 |

---

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of October 31, 2024 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward Utilized** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | $— | $— |
| &nbsp;&nbsp; Real Estate Income |  | 1903000 |
| &nbsp;&nbsp; Select Real Estate | 56591000 | 8597000 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Manager has analyzed the Funds' 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 Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review.

**7.** **Capital and Ownership** 

Each 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 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 eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges 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 each Fund to one or more other share classes of each Fund as presented in the table of transactions in shares of beneficial interest, below.

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

As of April 30, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core–Class R6 | 3217894 | 65.7% |
| &nbsp;&nbsp; Real Estate Income–Class R6 | 4239943 | 98.2 |
| &nbsp;&nbsp; Select Real Estate–Class C | 1331 | 1.3 |
| &nbsp;&nbsp; Select Real Estate–Class R6 | 1165124 | 76.1 |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | 1 | 7.8% |
| &nbsp;&nbsp; Real Estate Income | 1 | 66.5 |
| &nbsp;&nbsp; Select Real Estate | 1 | 8.2 |

---

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | 3 | 52.4% |
| &nbsp;&nbsp; Real Estate Income | 1 | 27.9 |
| &nbsp;&nbsp; Select Real Estate | 4 | 79.8 |

---

Transactions in shares of beneficial interest were as follows:

#### Quant Solutions Large-Cap Core:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 323658 | $6895014 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2477777 | 53495213 |
| &nbsp;&nbsp; Shares purchased | (1647249) | (34542266) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1154186 | 25847961 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 53879 | 1143315 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (51191) | (1091937) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1156874 | $25899339 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 695150 | $13923169 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 838970 | 15421342 |
| &nbsp;&nbsp; Shares purchased | (2807283) | (57390524) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1273163) | (28046013) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 208691 | 4274655 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (132693) | (2776982) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1197165) | $(26548340) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 34942 | $614412 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 83827 | 1513072 |
| &nbsp;&nbsp; Shares purchased | (81762) | (1435935) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 37007 | 691549 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (63943) | (1138982) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (26936) | $(447433) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Quant Solutions Large-Cap Core (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 50436 | $882622 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 32626 | 512216 |
| &nbsp;&nbsp; Shares purchased | (120490) | (2096877) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (37428) | (702039) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (234996) | (4077726) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (272424) | $(4779765) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 9755581 | $232735800 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1133869 | 25546062 |
| &nbsp;&nbsp; Shares purchased | (1323936) | (28616068) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 9565514 | 229665794 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1420124 | 34909206 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5262) | (115245) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 10980376 | $264459755 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 335119 | $7348589 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 42985 | 821035 |
| &nbsp;&nbsp; Shares purchased | (223197) | (4751242) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 154907 | 3418382 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 120093 | 2612994 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11004) | (258468) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 263996 | $5772908 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 574201 | $12087009 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 489166 | 11060046 |
| &nbsp;&nbsp; Shares purchased | (8588326) | (209246614) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (7524959) | (186099559) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8812 | 199464 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1369981) | (33905821) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (8886128) | $(219805916) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 6195432 | $132572585 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 411338 | 7877623 |
| &nbsp;&nbsp; Shares purchased | (7359838) | (152231302) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (753068) | (11781094) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 10660 | 236261 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (503) | (10734) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (742911) | $(11555567) |

---

------

Notes to Financial Statements (unaudited) (continued)

#### Real Estate Income:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 16044 | $121892 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4006 | 30058 |
| &nbsp;&nbsp; Shares purchased | (17118) | (126221) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2932 | 25729 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 2522 | 19257 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5454 | $44986 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 19416 | $&nbsp;&nbsp;&nbsp;&nbsp;146330 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3328 | 23772 |
| &nbsp;&nbsp; Shares purchased | (25101) | (178712) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2357) | (8610) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5284 | 37082 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2927 | $28472 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3593 | $26495 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 586 | 4418 |
| &nbsp;&nbsp; Shares purchased | (3837) | (28457) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 342 | 2456 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2522) | (19257) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2180) | $(16801) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 4156 | $34000 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 671 | 4672 |
| &nbsp;&nbsp; Shares purchased | (11716) | (84091) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (6889) | (45419) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5288) | (37082) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (12177) | $(82501) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Real Estate Income (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1687583 | $13466305 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 89129 | 671911 |
| &nbsp;&nbsp; Shares purchased | (717414) | (5358590) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1059298 | 8779626 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 428906 | 3510688 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1488204 | $12290314 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 444819 | $3596125 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6814 | 53173 |
| &nbsp;&nbsp; Shares purchased | (69009) | (523102) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 382624 | 3126196 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 12 | 79 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 382636 | $3126275 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 616792 | $4700687 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 190357 | 1430814 |
| &nbsp;&nbsp; Shares purchased | (1986068) | (15453929) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1178919) | (9322428) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (430482) | (3510688) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1609401) | $(12833116) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1916301 | $12796216 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 233173 | 1672189 |
| &nbsp;&nbsp; Shares purchased | (1070898) | (7556707) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1078576 | 6911698 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (12) | (79) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1078564 | $6911619 |

---

------

Notes to Financial Statements (unaudited) (continued)

#### Select Real Estate:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 13669 | $180411 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2817 | 37145 |
| &nbsp;&nbsp; Shares purchased | (47602) | (622996) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (31116) | (405440) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 7534 | 98093 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3615) | (47501) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (27197) | $(354848) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 108712 | $1367036 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 11714 | 146342 |
| &nbsp;&nbsp; Shares purchased | (376666) | (5047115) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (256240) | (3533737) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 3744 | 46703 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5968) | (76964) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (258464) | $(3563998) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 24043 | $310200 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 988 | 12924 |
| &nbsp;&nbsp; Shares purchased | (29322) | (363514) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4291) | (40390) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (8258) | (107052) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (12549) | $(147442) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 15043 | $191532 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2570 | 31688 |
| &nbsp;&nbsp; Shares purchased | (54820) | (678317) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (37207) | (455097) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (352) | (4358) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (37559) | $(459455) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Select Real Estate (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2178359 | $28994942 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 179662 | 2371705 |
| &nbsp;&nbsp; Shares purchased | (2913404) | (37959546) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (555383) | (6592899) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5579 | 74568 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (989) | (13167) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (550793) | $(6531498) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 4778274 | $60238153 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 316927 | 4014434 |
| &nbsp;&nbsp; Shares purchased | (6284615) | (74955033) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1189414) | (10702446) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 6166 | 79677 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (14252) | (198743) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1197500) | $(10821512) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 282277 | $3627530 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 23155 | 299880 |
| &nbsp;&nbsp; Shares purchased | (754388) | (9853160) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (448956) | (5925750) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (386) | (4941) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (449342) | $(5930691) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 969133 | $11741485 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 58194 | 721273 |
| &nbsp;&nbsp; Shares purchased | (950997) | (11787185) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 76330 | 675573 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 11061 | 156398 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (211) | (2713) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 87180 | $829258 |

---

**8.** **Borrowings** 

The RIC, on behalf of each Fund, along with other affiliated registered investment companies (the "Participating 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

------

Notes to Financial Statements (unaudited) (continued)

temporary funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero<br> 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 Participating Funds in the SCA equitably.

The Funds indicated below utilized the SCA during the reporting period ended April 30, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br> Interest Rates** | **Number**<br> **of Days<br> Outstanding**  | **Maximum<br>Balance<br> Outstanding** | **Balance<br>Outstanding at<br> April 30, 2025** |
|  Real Estate Income | $261333 | 5.46% | 6 | $1364000 | $— |
|  Select Real Estate | 802080 | 5.50 | 25 | 6048000 |  |

---

**9.** **Risks of Investing in the Funds** 

Each Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Risks** | **Quant Solutions<br>Large-Cap**<br> **Core** | **Real<br>Estate<br>Income** | **Select<br>Real<br>Estate** |
| &nbsp;&nbsp; Active Trading | X | X | X |
| &nbsp;&nbsp; Blend Style | X |  |  |
| &nbsp;&nbsp; Distribution |  | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X | X |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Emerging Markets |  | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X | X |
| &nbsp;&nbsp; Foreign Securities |  | X | X |
| &nbsp;&nbsp; Increase in Expenses | X | X | X |
| &nbsp;&nbsp; Large Capitalization Company | X |  |  |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X |
| &nbsp;&nbsp; Management | X |  |  |
| &nbsp;&nbsp; Market Capitalization |  | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X |
| &nbsp;&nbsp; Market | X | X | X |
| &nbsp;&nbsp; Model Design | X |  |  |
| &nbsp;&nbsp; Model Implementation | X |  |  |
| &nbsp;&nbsp; Non-Diversified Investment Company |  | X |  |
| &nbsp;&nbsp; Real Estate Investment Trust |  | X | X |
| &nbsp;&nbsp; Real Estate Related Securities |  | X | X |
| &nbsp;&nbsp; Sector Exposure | X |  |  |
| &nbsp;&nbsp; Selection |  | X | X |
| &nbsp;&nbsp; Value Style |  | X | X |

---

*Active Trading Risk:* The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund's performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

*Blend Style Risk:* The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark, and have a notable impact on settlement performance and other mutual funds.

------

Notes to Financial Statements (unaudited) (continued)

*Distribution Risk:* The Fund's distributions may consist of net investment income, if any, and net realized gains, if any, from the sale of investments and/or return of capital. The Fund will provide to shareholders early in each calendar year the final tax character of the Fund's distributions for the previous year. Also, at such time that the Fund distribution is expected to be from sources other than current or accumulated net income, a notice to shareholders may be required.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Emerging Markets Risk:* The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity and Equity-Related Securities Risk:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. 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. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Large Capitalization Company Risk:* Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be

------

Notes to Financial Statements (unaudited) (continued)

incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Capitalization Risk:* The Fund may invest in companies of any market capitalization. Generally, the stock prices of small- and mid-cap companies are less stable than the prices of large-cap stocks and may present greater risks. Large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform compared to investments that focus on smaller capitalized companies.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Market 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 your investment in the Fund will decline.

*Model Design Risk:* The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser's models. Additionally, the quantitative techniques that underlie the subadviser's portfolio construction processes may fail to fully anticipate important risks.

*Model Implementation Risk:* While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser's quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

*Non-Diversified Investment Company Risk:* The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

*Real Estate Investment Trust ("REIT") Risk:* Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the Code) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

------

Notes to Financial Statements (unaudited) (continued)

*Real Estate Related Securities Risk:* Because the Fund invests in real estate securities, including REITs, the Fund is subject to the risks of investing in the real estate industry, such as changes in general and local economic conditions, the supply and demand for real estate and changes in zoning and tax laws. Since the Fund concentrates in the real estate industry, its holdings can vary significantly from broad market indices. As a result, the Fund's performance can deviate from the performance of such indices. Because the Fund invests in stocks, there is the risk that the price of a particular stock owned by the Fund could go down or pay lower-than-expected or no dividends. In addition to an individual stock losing value, the value of the equity markets or of companies comprising the real estate industry could go down.

An investment in the Fund will be closely linked to the performance of the real estate markets. Real estate securities are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "subprime" mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

*Sector Exposure Risk:* At times, the Fund may have a significant portion of its assets invested in the same economic sector, such as the information technology sector. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*Selection Risk:* Selection risk is the risk that the securities selected by the subadviser will underperform the market, the relevant indices, or other funds with similar investment objectives and investment strategies. Individual REIT prices may drop because of the failure of borrowers to pay their loans, a dividend reduction, a disruption to the real estate investment sales market, changes in federal or state taxation policies affecting REITs, or poor management of a REIT.

*Value Style Risk:* Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

of favor with investors, negatively affecting the Fund's performance. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

**10.** **Subsequent Event** 

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of April 30, 2025, except as discussed below.

On May 9, 2025, the Board of Trustees of the RIC approved a proposal to change the classification under the Investment Company Act of 1940, as amended, of Select Real Estate from diversified to non-diversified. This change is subject to the approval of shareholders of the Fund. It is currently expected that a special meeting of shareholders will be held on or about August 4, 2025. If approved by shareholders, the change will become effective immediately.

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract. - None.

------

![LOGO](g928261g49t59.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 9
PGIM Absolute Return Bond Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### APRIL 30, 2025
![LOGO](g928261g94o19.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> April 30, 2025 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
|  [PGIM Absolute Return Bond Fund](#edgar928261_1) | 1 |
|  [Notes to Financial Statements](#edgar928261_2) | 78 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar928261_3)

------

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.8%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 21.6%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class E, 144A | 7.917% | 05/17/32 |  | 1506 | $1523948 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class E, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | 7.954(c) | 12/26/31 |  | 894 | 898548 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 |  | 472 | 472171 |
| &nbsp;&nbsp; Enterprise Fleet Financing LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | 5.560 | 04/22/30 |  | 1371 | 1379751 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | 6.600 | 02/15/36 |  | 1200 | 1247142 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | 4.920 | 05/15/28 |  | 2600 | 2611457 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | 3.950 | 11/14/28 |  | 1700 | 1687386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | 1.620 | 11/14/30 |  | 200 | 195535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class D, 144A | 5.900 | 12/16/30 |  | 2900 | 2912959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.070 | 02/14/33 |  | 3700 | 3894619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | 6.100 | 07/14/37 |  | 4600 | 4658628 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C, 144A | 7.375 | 05/15/32 |  | 11 | 10868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | 11.366 | 12/15/32 |  | 24 | 24501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class E, 144A | 10.068 | 06/15/33 |  | 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148138 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | 5.470 | 12/16/30 |  | 1250 | 1268643 |
|  |  |  |  |  | 22934294 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 18.8%** |  |  |  |  |  |
| &nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.799(c) | 04/20/37 |  | 19500 | 19500000 |
| &nbsp;&nbsp; AlbaCore EURO CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 4.151(c) | 06/15/34 | EUR | 1000 | 1124783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02X, Class B, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 4.151(c) | 06/15/34 | EUR | 4000 | 4499131 |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.802(c) | 07/22/37 |  | 16000 | 16000002 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 1

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Anchorage Capital Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | 4.986%(c) | 01/22/38 | EUR | 5000 | $5691527 |
| &nbsp;&nbsp; Apidos CLO, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 5.602(c) | 01/22/38 |  | 14250 | 14250000 |
| &nbsp;&nbsp; Arbour CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class BRR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | 3.579(c) | 04/15/34 | EUR | 5000 | 5562937 |
| &nbsp;&nbsp; Atlas Static Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.006(c) | 07/15/30 |  | 1661 | 1661219 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.589(c) | 04/18/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1500000 |
| &nbsp;&nbsp; Barings Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | 3.216(c) | 10/21/34 | EUR | 3000 | 3423184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | 2.991(c) | 04/24/34 | EUR | 2800 | 3150390 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.889(c) | 04/20/37 |  | 19500 | 19526885 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.707(c) | 01/25/35 |  | 4740 | 4740000 |
| &nbsp;&nbsp; Canyon Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.056(c) | 07/15/37 |  | 10000 | 9981001 |
| &nbsp;&nbsp; Carlyle Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 3.251(c) | 03/15/32 | EUR | 1584 | 1787639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2RB, 144A | 2.100 | 03/15/32 | EUR | 6500 | 7039285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05A, Class A2R, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | 4.358(c) | 04/25/37 | EUR | 6000 | 6830858 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%) | 5.644(c) | 01/22/31 |  | 2739 | 2738683 |
| &nbsp;&nbsp; Clover CLO LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.799(c) | 04/20/37 |  | 15000 | 15014334 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Columbia Cent CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29A, Class BR, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 0.000%) | 6.231%(c) | 10/20/34 |  | 11335 | $11319132 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.609(c) | 04/20/35 |  | 2750 | 2750000 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.889(c) | 04/20/37 |  | 10000 | 10013827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.969(c) | 01/20/38 |  | 16750 | 16543977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 6.142(c) | 10/20/36 |  | 10000 | 10023366 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.789(c) | 04/20/37 |  | 10000 | 10005579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.269(c) | 04/20/37 |  | 10000 | 9977000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.516(c) | 03/22/38 |  | 17500 | 17447500 |
| &nbsp;&nbsp; Generate CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.699(c) | 07/20/37 |  | 13395 | 13395000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.892(c) | 04/22/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | 5057029 |
| &nbsp;&nbsp; Grosvenor Place CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 4.134(c) | 05/24/38 | EUR | 17500 | 19845275 |
| &nbsp;&nbsp; Harvest CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | 3.608(c) | 07/25/37 | EUR | 7000 | 7944536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class B, 144A, 3 Month EURIBOR + 2.050% (Cap N/A, Floor 2.050%) | 4.208(c) | 07/25/37 | EUR | 13750 | 15585770 |
| &nbsp;&nbsp; ICG Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.684(c) | 10/19/38 | EUR | 15750 | 17783285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | 3.891(c) | 01/26/38 | EUR | 6000 | 6814723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B1, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | 4.911(c) | 01/26/38 | EUR | 5000 | 5696237 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 3

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Indigo Credit Management DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class C, 144A, 3 Month EURIBOR + 2.650% (Cap N/A, Floor 2.650%) | 4.929%(c) | 07/15/38 | EUR | 6500 | $7363370 |
| &nbsp;&nbsp; Invesco Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.929(c) | 07/15/34 | EUR | 9250 | 10360710 |
| &nbsp;&nbsp; Jubilee CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-21A, Class BR, 144A, 3 Month EURIBOR + 1.400% (Cap N/A, Floor 1.400%) | 3.679(c) | 04/15/35 | EUR | 10000 | 11156631 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 5.598(c) | 04/15/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | 3300000 |
| &nbsp;&nbsp; Madison Park Euro Funding DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16A, Class A, 144A, 3 Month EURIBOR + 0.790% (Cap N/A, Floor 0.790%) | 3.069(c) | 05/25/34 | EUR | 2500 | 2812746 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | 5.546(c) | 10/15/32 |  | 5495 | 5495032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class BR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | 6.189(c) | 04/18/37 |  | 10000 | 9980999 |
| &nbsp;&nbsp; Menlo CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.519(c) | 01/20/38 |  | 12500 | 12462586 |
| &nbsp;&nbsp; MidOcean Credit CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 6.331(c) | 04/21/31 |  | 14658 | 14624236 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 4.146(c) | 05/15/37 | EUR | 20000 | 22716889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class D, 144A, 3 Month EURIBOR + 4.350% (Cap N/A, Floor 4.350%) | 6.906(c) | 05/15/37 | EUR | 4150 | 4757592 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 6.319(c) | 10/18/35 |  | 10000 | 10023267 |
| &nbsp;&nbsp; Palmer Square European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 3.879(c) | 01/15/38 | EUR | 10000 | 11339291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.803(c) | 10/15/39 | EUR | 15000 | 16850249 |
| &nbsp;&nbsp; Penta CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class B1R, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 3.786(c) | 04/20/35 | EUR | 10000 | 11262565 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Rad CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-19A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.272%(c) | 04/20/35 |  | 7000 | $7011126 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.830(c) | 04/17/37 |  | 18000 | 18018599 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.119(c) | 10/20/35 |  | 11500 | 11518989 |
| &nbsp;&nbsp; Rockford Tower Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.429(c) | 10/25/27 | EUR | 8335 | 9368504 |
| &nbsp;&nbsp; Romark WM-R Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 5.561(c) | 04/20/31 |  | 679 | 678622 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.659(c) | 10/20/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12950 | 12950000 |
| &nbsp;&nbsp; Sona Fios CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 4.129(c) | 07/15/36 | EUR | 13250 | 15157109 |
| &nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BR, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.369(c) | 07/20/37 |  | 5000 | 4966000 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.206(c) | 01/15/36 |  | 13250 | 13279157 |
| &nbsp;&nbsp; Toro European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.929(c) | 04/15/37 | EUR | 9000 | 10216101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.605(c) | 04/15/38 | EUR | 8000 | 9010082 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 6.769(c) | 01/20/35 |  | 3750 | 3760500 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.882(c) | 04/25/37 |  | 6000 | 6007618 |
| &nbsp;&nbsp; Warwick Capital CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.206(c) | 01/15/37 |  | 12500 | 12528465 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 5

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.689%(c) | 10/18/37 | 15000 | $15000000 |
| &nbsp;&nbsp; Zais CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-03A, Class A2R, 144A, 3 Month SOFR + 2.452% (Cap N/A, Floor 0.000%) | 6.708(c) | 07/15/31 | 11300 | 11313561 |
|  |  |  |  | 639514690 |
| &nbsp;&nbsp; **Consumer Loans 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1E, 144A | 9.170 | 02/15/29 | 2350 | 2374001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 144A | 7.350 | 09/15/29 | 1250 | 1218459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class D, 144A | 6.080 | 12/17/29 | 4200 | 4198727 |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | 5.620 | 02/15/33 | 5000 | 4953670 |
| &nbsp;&nbsp; Island Finance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 6.540 | 03/19/35 | 3000 | 3047910 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.500 | 06/14/38 | 4800 | 4931142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.490 | 06/14/38 | 200 | 209340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 | 2500 | 2592851 |
|  |  |  |  | 23526100 |
| &nbsp;&nbsp; **Credit Cards 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Genesis Sales Finance Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 144A | 6.260 | 12/20/32 | 5000 | 5048854 |
| &nbsp;&nbsp; **Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Auxilior Term Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.270 | 12/16/30 | 1500 | 1584723 |
| &nbsp;&nbsp; **Home Equity Loans 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Accredited Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-03, Class 2A2, 1 Month SOFR + 1.314% (Cap 13.000%, Floor 1.200%) | 5.641(c) | 10/25/34 | 478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470516 |
| &nbsp;&nbsp; Asset-Backed Securities Corp. Home Equity Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HE06, Class A3B, 1 Month SOFR + 1.074% (Cap N/A, Floor 0.960%) | 5.401(c) | 11/25/33 | 3177 | 3180197 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-03, Class A2, 1 Month SOFR + 1.294% (Cap 11.000%, Floor 1.180%) | 5.621%(c) | 06/25/43 | 46 | $45034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HE01, Class M1, 1 Month SOFR + 1.209% (Cap N/A, Floor 1.095%) | 5.514(c) | 01/25/34 | 1218 | 1215151 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.703 | 02/25/55 | 396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398799 |
| &nbsp;&nbsp; Home Equity Asset Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-07, Class A2, 1 Month SOFR + 0.954% (Cap N/A, Floor 0.840%) | 5.281(c) | 01/25/35 | 766 | 755676 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.450(c) | 05/25/54 | 1019 | 1023616 |
| &nbsp;&nbsp; MASTR Asset-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC02, Class M2, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | 4.051(c) | 08/25/33 | 392 | 426829 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.503 | 02/25/55 | 4615 | 4640442 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 514 | 516488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class M1, 144A | 5.601(cc) | 09/25/64 | 3750 | 3753371 |
|  |  |  |  | 16426119 |
| &nbsp;&nbsp; **Other 0.3%** |  |  |  |  |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | 6.500 | 07/20/55 | 424 | 394808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | 6.480 | 03/20/57 | 867 | 851123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 | 2044 | 1972437 |
| &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 | 679 | 705849 |
| &nbsp;&nbsp; Sunrun Bacchus Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A | 5.990 | 04/30/60 | 3328 | 3288759 |
| &nbsp;&nbsp; Sunrun Vesta Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | 5.490 | 10/30/59 | 834 | 811452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | 5.880 | 10/30/59 | 3388 | 3212959 |
|  |  |  |  | 11237387 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 7

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Chase Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-03, Class 2A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | 5.081%(c) | 08/25/32 |  | 214 | $209447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-04, Class 1A5 | 4.871 | 05/25/33 |  | 240 | 234300 |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-OPT01, Class M1, 1 Month SOFR + 0.744% (Cap N/A, Floor 0.630%) | 5.071(c) | 02/25/35 |  | 138 | 127126 |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 5.491(c) | 11/25/34 |  | 4 | 4956 |
| &nbsp;&nbsp; Credit-Based Asset Servicing & Securitization LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-CB03, Class AF1 | 3.379 | 12/25/32 |  | 50 | 48858 |
| &nbsp;&nbsp; Finance America Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 5.491(c) | 09/25/33 |  | 705 | 698430 |
| &nbsp;&nbsp; First Franklin Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-FF05, Class A2, 1 Month SOFR + 0.874% (Cap N/A, Floor 0.760%) | 5.201(c) | 08/25/34 |  | 334 | 302284 |
| &nbsp;&nbsp; Fremont Home Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-04, Class M1, 1 Month SOFR + 0.909% (Cap N/A, Floor 0.795%) | 5.236(c) | 03/25/35 |  | 1279 | 1187085 |
| &nbsp;&nbsp; Long Beach Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-02, Class A1, 1 Month SOFR + 0.554% (Cap N/A, Floor 0.440%) | 4.881(c) | 06/25/34 |  | 444 | 434872 |
| &nbsp;&nbsp; Pret LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | 5.835 | 03/25/55 |  | 5524 | 5500788 |
| &nbsp;&nbsp; Structured Asset Investment Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A2, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | 5.160(c) | 09/25/34 |  | 1490 | 1508784 |
| &nbsp;&nbsp; TFS (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03^ | 0.000(s) | 04/16/40 | EUR | —(r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.632(c) | 03/15/26 | EUR | 3379 | 2851502 |
|  |  |  |  |  | 13108433 |
| &nbsp;&nbsp; **Student Loans 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class D, 144A, 30 Day Average SOFR + 2.750% (Cap N/A, Floor 0.000%) | 7.104(c) | 06/25/47 |  | 846 | 862501 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Student Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | 0.000%(cc) | 11/25/43 | 1680 | $1597366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | 0.000 | 10/25/48 | 1285 | 393624 |
|  |  |  |  | 2853491 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $724,753,306) |  |  |  | 736234091 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 5.3%** |  |  |  |  |
| &nbsp;&nbsp; 20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A(x) | 3.203(cc) | 05/15/35 | 2700 | 2119500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A(x) | 3.203(cc) | 05/15/35 | 2700 | 1984500 |
| &nbsp;&nbsp; ARES Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class C, 144A, 1 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.400(c) | 04/15/42 | 3380 | 3363487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class D, 144A, 1 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) | 6.850(c) | 04/15/42 | 3160 | 3140099 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class B, 144A | 4.409(cc) | 08/05/38 | 2650 | 2421657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class C, 144A | 4.409(cc) | 08/05/38 | 900 | 802272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | 4.409(cc) | 08/05/38 | 1490 | 1277171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%) | 6.576(c) | 10/15/37 | 5745 | 5752181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class XD, IO, 144A | 2.895(cc) | 09/15/57 | 28469 | 2962242 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class XA, IO | 1.053(cc) | 07/15/56 | 50577 | 1211460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | 5.660 | 04/15/57 | 13330 | 13842208 |
| &nbsp;&nbsp; BFLD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class B, 144A, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.589%) | 6.911(c) | 07/15/41 | 4400 | 4334000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class E, 144A, 1 Month SOFR + 3.689% (Cap N/A, Floor 3.689%) | 8.011(c) | 08/15/26 | 3059 | 3041586 |
| &nbsp;&nbsp; BLP Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class D, 144A, 1 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.572(c) | 03/15/42 | 5030 | 4830515 |
| &nbsp;&nbsp; BPR Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class C, 144A | 6.389(cc) | 11/05/39 | 5350 | 5331195 |
| &nbsp;&nbsp; BPR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | 6.136(c) | 09/15/38 | 2024 | 1997982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class C, 144A | 8.630(cc) | 10/05/38 | 4300 | 4475034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class C, 144A | 5.850(cc) | 11/05/41 | 1900 | 1861519 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 9

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class D, 144A, 1 Month SOFR + 2.492% (Cap N/A, Floor 2.492%) | 6.814%(c) | 04/15/40 | 6500 | $6273186 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | 6.412(c) | 03/15/41 | 5600 | 5614853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT04, Class C, 144A, 1 Month SOFR + 2.140% (Cap N/A, Floor 2.140%) | 6.462(c) | 07/15/29 | 6000 | 5925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, 144A, 1 Month SOFR + 1.993% (Cap N/A, Floor 1.993%) | 6.315(c) | 03/15/30 | 5020 | 4838201 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class XB, IO, 144A | 0.256(cc) | 02/10/48 | 123049 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 1600 | 1675610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.894(cc) | 08/10/44 | 5300 | 150419 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | 1.460(cc) | 03/25/26 | 19965 | 182553 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 5.386(c) | 10/15/36 | 2130 | 2110092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 5.372(cc) | 08/10/41 | 6900 | 6944169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.970(c) | 11/25/41 | 6445 | 6445144 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class D, 144A | 6.551(cc) | 01/13/40 | 5010 | 5155478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 144A | 6.901(cc) | 01/13/40 | 2575 | 2628311 |
| &nbsp;&nbsp; Independence Plaza Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-INDP, Class E, 144A | 4.996 | 07/10/35 | 3000 | 2896410 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class XB, IO | 0.557(cc) | 02/15/48 | 52766 | 691 |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 | 3.490 | 07/15/50 | 5000 | 4813277 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class XB, IO | 0.593(cc) | 04/15/46 | 26850 | 77411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A5 | 2.870 | 08/15/49 | 10495 | 10211018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | 4.767(cc) | 07/05/31 | 7950 | 2444626 |
| &nbsp;&nbsp; LBA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BOLT, Class D, 144A, 1 Month SOFR + 2.590% (Cap N/A, Floor 2.590%) | 6.912(c) | 06/15/39 | 2930 | 2879641 |
| &nbsp;&nbsp; MHC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 7.037(c) | 04/15/38 | 5261 | 5221410 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; ONE Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 5.936%(c) | 03/15/36 |  | 2350 | $2174162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class E, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.750%) | 6.186(c) | 03/15/36 |  | 1400 | 1281613 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435 | 4636372 |
| &nbsp;&nbsp; Salus European Loan Conduit DAC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, SONIA + 1.969% (Cap 6.850%, Floor 1.500%)(x) | 6.453(c) | 01/23/29 | GBP | 9317 | 12385639 |
| &nbsp;&nbsp; SCG Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class D, 144A, 1 Month SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.472(c) | 03/15/35 |  | 3925 | 3769367 |
| &nbsp;&nbsp; WCORE Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CORE, Class D, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 7.262(c) | 11/15/41 |  | 6690 | 6639825 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class E, 144A | 7.827(cc) | 07/15/35 |  | 2900 | 2883049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class B, 144A, 1 Month SOFR + 2.291% (Cap N/A, Floor 2.291%) | 6.612(c) | 10/15/41 |  | 1500 | 1493167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class C, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 7.262(c) | 10/15/41 |  | 2500 | 2486723 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $184,397,174) |  |  |  |  | 178986579 |
| &nbsp;&nbsp; **CORPORATE BONDS 18.3%** |  |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 |  | 9286 | 9097691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/28 |  | 5555 | 5348641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/35 |  | 5710 | 4698620 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 |  | 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 |  | 475 | 489250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 04/15/27 |  | 1948 | 1944942 |
| &nbsp;&nbsp; Embraer Netherlands Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 07/28/30 |  | 1770 | 1885050 |
|  |  |  |  |  | 23984495 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 11

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Agriculture 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.500% | 02/01/30 | 6200 | $6360766 |
| &nbsp;&nbsp; **Airlines 0.4%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines 2013-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 4.000 | 01/15/27 | 1171 | 1164291 |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 9148 | 9038316 |
| &nbsp;&nbsp; United Airlines 2013-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates(a) | 4.300 | 02/15/27 | 1172 | 1168880 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 645 | 635677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 170 | 159702 |
|  |  |  |  | 12166866 |
| &nbsp;&nbsp; **Apparel 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Wolverine World Wide, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/15/29 | 825 | 687194 |
| &nbsp;&nbsp; **Auto Manufacturers 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 11/13/25 | 2650 | 2616886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 08/17/27 | 600 | 575354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/05/27 | 1035 | 1029481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 11/07/29 | 2310 | 2271764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800 | 05/12/28 | 625 | 634406 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.350 | 07/15/27 | 2355 | 2379727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 01/07/29 | 695 | 710066 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.350 | 03/27/30 | 2055 | 2052173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 03/25/32 | 1750 | 1746939 |
|  |  |  |  | 14016796 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 09/13/34 | 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503413 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750% | 02/15/30 | 100 | $101375 |
| &nbsp;&nbsp; Dana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 02/15/32 | 25 | 22464 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379231 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 3875 | 3695142 |
|  |  |  |  | 4701625 |
| &nbsp;&nbsp; **Banks 2.6%** |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 6.575(ff) | 10/13/26 | 3700 | 3729902 |
| &nbsp;&nbsp; Banco de Credito del Peru SA (Peru), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | 3.250(ff) | 09/30/31 | 1055 | 1010737 |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 5.538(ff) | 03/14/30 | 2200 | 2254178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.552(ff) | 03/14/28 | 3400 | 3451726 |
| &nbsp;&nbsp; Bangkok Bank PCL (Thailand), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A(a) | 3.466(ff) | 09/23/36 | 945 | 830428 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 1450 | 1440016 |
| &nbsp;&nbsp; Bank of Montreal (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.300(ff) | 11/26/84 | 2380 | 2335375 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.086(ff) | 02/25/29 | 6800 | 6845980 |
| &nbsp;&nbsp; Cassa Depositi e Prestiti SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.750 | 05/05/26 | 2415 | 2444951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 2200 | 2285010 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | 7.125(ff) | 08/15/29(oo) | 7055 | 6987581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.976(ff) | 11/05/30 | 870 | 806842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887(ff) | 01/10/28 | 980 | 969590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.542(ff) | 09/19/30 | 5265 | 5212110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.400 | 06/10/25 | 405 | 404324 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.613(ff) | 10/02/30 | 3745 | 3702464 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 4.999(ff) | 09/11/30 | 2065 | 2067204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 6.819(ff) | 11/20/29 | 3300 | 3504138 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 13

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.000% | 10/01/28 | 175 | $187355 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 35 | 34330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 3940 | 3907279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.484(ff) | 10/24/29 | 3110 | 3299091 |
| &nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 3.077(ff) | 04/07/31 | 1555 | 1505240 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.407(ff) | 11/01/29 | 2570 | 2719872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 2865 | 2441239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 1750 | 1718631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.875 | 01/27/26 | 605 | 602680 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.889(ff) | 06/09/32 | 9090 | 7840674 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 7.161(ff) | 10/30/29 | 1005 | 1085185 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.194(ff) | 04/01/31 | 3100 | 2999361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.488(ff) | 05/12/26 | 615 | 614833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 1.580% | 5.941(c) | 05/12/26 | 1925 | 1926199 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.808(ff) | 07/25/28 | 6475 | 6516034 |
|  |  |  |  | 87814265 |
| &nbsp;&nbsp; **Building Materials 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 08/01/28 | 1875 | 1624785 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.875 | 12/15/27 | 2400 | 2214939 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 1110 | 1117451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 530 | 532023 |
|  |  |  |  | 5489198 |
| &nbsp;&nbsp; **Chemicals 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 05/15/43 | 4100 | 4258263 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 8.500% | 01/12/31 |  | 1422 | $1359005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 |  | 1630 | 1461295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 |  | 629 | 521881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 |  | 4934 | 4715424 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.600 | 11/15/28 |  | 1075 | 1085925 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.725 | 11/15/28 |  | 4070 | 4111207 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.750 | 06/23/31 |  | 213 | 187586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 05/02/34 |  | 5469 | 5512479 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.750 | 11/15/28 |  | 2425 | 2534386 |
| &nbsp;&nbsp; Orbia Advance Corp. SAB de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.800 | 05/13/30 |  | 4780 | 4776797 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 09/18/26 |  | 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335125 |
| &nbsp;&nbsp; Syensqo Finance America LLC (Belgium), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 06/04/29 |  | 3060 | 3136871 |
| &nbsp;&nbsp; Yara International ASA (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.148 | 06/04/30 |  | 4755 | 4340245 |
|  |  |  |  |  | 38336489 |
| &nbsp;&nbsp; **Coal 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 10/01/29 |  | 1150 | 782000 |
| &nbsp;&nbsp; **Commercial Services 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 |  | 1000 | 841076 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 |  | 3950 | 3542162 |
| &nbsp;&nbsp; Belron UK Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 10/15/29 |  | 680 | 676151 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/15/31 |  | 200 | 210913 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 1950 | 1816815 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 09/25/26 | EUR | 601 | 675949 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 15

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.700% | 06/01/34 | 110 | $121824 |
| &nbsp;&nbsp; Service Corp. International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.750 | 10/15/32 | 730 | 722781 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 | 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.250 | 01/15/30 | 700 | 691480 |
|  |  |  |  | 9588055 |
| &nbsp;&nbsp; **Computers 0.2%** |  |  |  |  |
| &nbsp;&nbsp; CA Magnum Holdings (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.375 | 10/31/26 | 5225 | 5087844 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/30 | 675 | 583286 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 761 | 819469 |
|  |  |  |  | 6490599 |
| &nbsp;&nbsp; **Distribution/Wholesale 0.1%** |  |  |  |  |
| &nbsp;&nbsp; H&E Equipment Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 12/15/28 | 4125 | 4110564 |
| &nbsp;&nbsp; RB Global Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 03/15/28 | 75 | 76294 |
|  |  |  |  | 4186858 |
| &nbsp;&nbsp; **Diversified Financial Services 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610 | 05/03/27 | 950 | 941529 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 | 1285 | 1353794 |
| &nbsp;&nbsp; Capital One Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.624(ff) | 10/30/31 | 935 | 1041752 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.375 | 04/01/32 | 610 | 596345 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 08/15/28 | 400 | 372012 |
| &nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/20/27 | 1605 | 1636841 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 11/15/31 | 1675 | 1679755 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Navient Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750% | 06/25/25 | 575 | $575749 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 1200 | 1110424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 | 1750 | 1756936 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 | 2600 | 2429454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 | 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740201 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.250 | 08/10/28 | 1100 | 1112034 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.875 | 10/15/26 | 1396 | 1347664 |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 11/15/25 | 1052 | 1047092 |
|  |  |  |  | 17741582 |
| &nbsp;&nbsp; **Electric 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.365(cc) | 06/15/26 | 1635 | 1643874 |
| &nbsp;&nbsp; American Electric Power Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 5.699 | 08/15/25 | 2075 | 2079196 |
| &nbsp;&nbsp; Aydem Yenilenebilir Enerji A/S (Turkey), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 7.750 | 02/02/27 | 3150 | 3123225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 02/02/27 | 567 | 562180 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 | 1500 | 1449234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 2695 | 2594021 |
| &nbsp;&nbsp; Clean Renewable Power Mauritius Pte Ltd. (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 03/25/27 | 382 | 367003 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 09/30/42 | 50 | 40530 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 06/26/29 | 6560 | 6656897 |
| &nbsp;&nbsp; Eskom Holdings SOC Ltd. (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 | 1337 | 1315274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | 6.350 | 08/10/28 | 213 | 209539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.450 | 08/10/28 | 290 | 293262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 3984 | 4028820 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 3000 | 2908440 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 17

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Mong Duong Finance Holdings BV (Vietnam), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp;5.125% | 05/07/29 |  | 987 | $943870 |
| &nbsp;&nbsp; MVM Energetika Zrt (Hungary), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp;6.500 | 03/13/31 |  | 1200 | 1222500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp;7.500 | 06/09/28 |  | 2330 | 2430563 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;3.625 | 02/15/31 |  | 1475 | 1324698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | &nbsp;&nbsp;&nbsp;&nbsp;3.875 | 02/15/32 |  | 1050 | 940652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) |  | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301050 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;7.000(ff) | 12/15/26(oo) |  | 2255 | 2278709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;8.000(ff) | 10/15/26(oo) |  | 4125 | 4209331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp;8.875(ff) | 01/15/29(oo) |  | 3250 | 3428540 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;5.625 | 02/15/27 |  | 2025 | 2023129 |
|  |  |  |  |  | 46374537 |
| &nbsp;&nbsp; **Engineering & Construction 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Cellnex Finance Co. SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp;2.000 | 02/15/33 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | 1101412 |
| &nbsp;&nbsp; Cellnex Telecom SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN(a) | &nbsp;&nbsp;&nbsp;&nbsp;1.750 | 10/23/30 | EUR | 700 | 733367 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp;5.900 | 06/15/29 |  | 3705 | 3793545 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;3.875 | 04/30/28 |  | 2000 | 1901800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;4.250 | 10/31/26 |  | 218 | 213694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;5.500 | 10/31/46 |  | 415 | 326553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;5.500 | 07/31/47 |  | 6995 | 5468761 |
|  |  |  |  |  | 13539132 |
| &nbsp;&nbsp; **Entertainment 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;7.000 | 02/15/30 |  | 1450 | 1485757 |
| &nbsp;&nbsp; CCM Merger, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;6.375 | 05/01/26 |  | 1525 | 1527391 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;6.750 | 02/15/29 |  | 1125 | 1023241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp;6.750 | 02/15/29 |  | 690 | 627053 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Entertainment (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875% | 09/01/31 |  | 625 | $329872 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/15/33 |  | 1190 | 1151397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 02/15/31 |  | 680 | 701883 |
|  |  |  |  |  | 6846594 |
| &nbsp;&nbsp; **Environmental Control 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/31 |  | 310 | 322623 |
| &nbsp;&nbsp; **Foods 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/15/28 |  | 450 | 457247 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 1275 | 1197204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/15/28 |  | 1600 | 1586927 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 05/14/30 | GBP | 6950 | 8613166 |
| &nbsp;&nbsp; Bellis Finco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 02/16/27 | GBP | 2700 | 3402309 |
| &nbsp;&nbsp; Ingles Markets, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 06/15/31 |  | 275 | 247242 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/15/34 |  | 6110 | 6628745 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 175 | 164264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 2325 | 2133976 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 04/15/30 |  | 225 | 212505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/01/33 |  | 1055 | 1045351 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 |  | 8270 | 7343610 |
|  |  |  |  |  | 33032546 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 19

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Forest Products & Paper 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Georgia-Pacific LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375% | 12/01/25 | 400 | $406469 |
| &nbsp;&nbsp; LD Celulose International GmbH (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.950 | 01/26/32 | 3085 | 3159811 |
|  |  |  |  | 3566280 |
| &nbsp;&nbsp; **Gas 0.1%** |  |  |  |  |
| &nbsp;&nbsp; ENN Clean Energy International Investment Ltd. (China), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 05/12/26 | 1350 | 1318005 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 | 438 | 449594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 | 488 | 501116 |
|  |  |  |  | 2268715 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 | 1710 | 1595131 |
| &nbsp;&nbsp; **Healthcare-Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 | 2625 | 2441281 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 01/15/43 | 120 | 104460 |
| &nbsp;&nbsp; Select Medical Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.250 | 12/01/32 | 670 | 665322 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 11/15/31 | 1200 | 1232419 |
|  |  |  |  | 4443482 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 7150 | 6853170 |
| &nbsp;&nbsp; **Home Builders 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 | 150 | 145999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 10/15/29 | 3475 | 3377036 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Builders (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950% | 02/01/28 | 1000 | $976058 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 | 2560 | 2573997 |
|  |  |  |  | 7073090 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 05/15/30 | 355 | 323356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 05/15/32 | 185 | 165969 |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/01/29 | 325 | 137429 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626754 |
| &nbsp;&nbsp; **Insurance 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.569 | 02/01/29 | 1614 | 1606064 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 06/15/40 | 32 | 35280 |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.850 | 12/16/39 | 54 | 60980 |
|  |  |  |  | 1702324 |
| &nbsp;&nbsp; **Internet 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 1494 | 1490460 |
| &nbsp;&nbsp; United Group BV (Slovenia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/31 | EUR 2,950 | 3417451 |
|  |  |  |  | 4907911 |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 1600 | 1610028 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 580 | 562027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 05/01/33 | 375 | 352294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.500 | 09/15/31 | 1000 | 968796 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 21

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Iron/Steel (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.250% | 10/01/28 | 575 | $543352 |
|  |  |  |  | 4036497 |
| &nbsp;&nbsp; **Leisure Time 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/01/27 | 2375 | 2358897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/30 | 775 | 766281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 05/01/29 | 1275 | 1263844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 125 | 119219 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 03/15/26 | 589 | 586155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 01/15/29 | 550 | 576125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 02/01/32 | 995 | 967637 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.500 | 08/31/26 | 950 | 950712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 25 | 24969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.625 | 09/30/31 | 845 | 839191 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/15/27 | 575 | 573563 |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/15/29 | 875 | 861875 |
|  |  |  |  | 9888468 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 06/15/31 | 545 | 508436 |
| &nbsp;&nbsp; MGM China Holdings Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 02/01/27 | 700 | 682850 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | 2400 | 2312749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 04/15/32 | 2000 | 1971114 |
| &nbsp;&nbsp; Sands China Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 08/08/28 | 344 | 338427 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 10/01/27 | 1025 | 991688 |
|  |  |  |  | 6805264 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Machinery-Diversified 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AGCO Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450% | 03/21/27 |  | 850 | $857543 |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 |  | 850 | 883415 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 |  | 1875 | 1851679 |
|  |  |  |  |  | 3592637 |
| &nbsp;&nbsp; **Media 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.750 | 03/01/30 |  | 1300 | 1228449 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 2.250 | 01/15/29 |  | 1220 | 1105401 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 |  | 1000 | 667957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 |  | 300 | 205515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 |  | 1600 | 1398034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 |  | 1500 | 1394292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 |  | 1000 | 462598 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 |  | 425 | 264971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 |  | 350 | 236503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 |  | 550 | 479170 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 |  | 3500 | 3677079 |
| &nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 02/15/33 |  | 275 | 272494 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 |  | 2185 | 2124608 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.125 | 08/15/30 | GBP | 700 | 816652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 2700 | 3228035 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17561758 |
| &nbsp;&nbsp; **Mining 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; AngloGold Ashanti Holdings PLC (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 11/01/28 |  | 730 | 691675 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 |  | 445 | 437435 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 23

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875% | 10/15/27 | 566 | $558218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 03/01/33 | 1800 | 1784250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 | 1600 | 1682000 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.315 | 04/14/32 | 600 | 592200 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 | 1200 | 1202814 |
| &nbsp;&nbsp; Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.530 | 11/15/28 | 1650 | 1726312 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/01/32 | 305 | 311863 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.250 | 11/15/26 | 1425 | 1383125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 01/30/30 | 700 | 710208 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11080100 |
| &nbsp;&nbsp; **Multi-National 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/26/27 | 1665 | 1723744 |
| &nbsp;&nbsp; **Office/Business Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/01/28 | 4010 | 3931074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 1255 | 1254663 |
|  |  |  |  | 5185737 |
| &nbsp;&nbsp; **Oil & Gas 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 01/15/30 | 2760 | 2602275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.600 | 06/13/28 | 2440 | 2485967 |
| &nbsp;&nbsp; Antero Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 03/01/30 | 1400 | 1356775 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 | 899 | 1053756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 | 1710 | 1688326 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 | 200 | 196488 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Civitas Resources, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625% | 11/01/30 |  | 225 | $217345 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.625 | 04/01/32 |  | 860 | 781512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 02/15/28 |  | 450 | 454823 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 11/02/31 |  | 440 | 357720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 |  | 2170 | 2101102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 4495 | 4686037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.875 | 01/13/33 |  | 2660 | 2661623 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 02/01/32 |  | 1775 | 1666151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 02/01/29 |  | 725 | 722672 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 700 | 678270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 |  | 500 | 435553 |
| &nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750%<br>(Cap N/A, Floor 2.000%)^ | 10.030(c) | 09/30/29 |  | 351 | 346081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750%<br>(Cap N/A, Floor 2.000%)^ | 10.030(c) | 09/30/29 |  | 422 | 415297 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 09/01/30 |  | 1275 | 1320837 |
| &nbsp;&nbsp; Ovintiv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 05/15/28 |  | 2145 | 2185332 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 1025 | 1042454 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 10/01/29 | GBP | 800 | 1042438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 300 | 390364 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 02/12/28 |  | 2188 | 2018649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/13/27 |  | 960 | 936384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 2660 | 2278024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.840 | 01/23/30 |  | 500 | 445200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 5370 | 5619545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 514 | 504440 |
| &nbsp;&nbsp; Precision Drilling Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 01/15/26 |  | 359 | 358002 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 25

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Preem Holdings AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 12.000% | 06/30/27 | EUR | 1760 | $2061805 |
| &nbsp;&nbsp; Transocean, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 335 | 270007 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46823904 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Cameron International Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 06/01/41 |  | 100 | 96092 |
| &nbsp;&nbsp; **Packaging & Containers 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 2.875 | 08/15/30 |  | 1000 | 885070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 2375 | 2424158 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 1540 | 1586536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.750 | 04/15/32 |  | 725 | 741687 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 02/01/28 |  | 125 | 125810 |
|  |  |  |  |  | 5763261 |
| &nbsp;&nbsp; **Pharmaceuticals 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 |  | 750 | 671134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 |  | 725 | 703641 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 |  | 400 | 305000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 |  | 275 | 173250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 |  | 275 | 160188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 |  | 275 | 148500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 |  | 1000 | 655000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 |  | 275 | 224812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 |  | 275 | 223341 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 04/30/28 |  | 650 | 613127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 04/30/31 |  | 450 | 377513 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250% | 06/15/46 | 520 | $394532 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 2190 | 1379304 |
|  |  |  |  | 6029342 |
| &nbsp;&nbsp; **Pipelines 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 1275 | 1244874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/32 | 580 | 585772 |
| &nbsp;&nbsp; Eastern Gas Transmission & Storage, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 12/15/44 | 125 | 104534 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 3360 | 3320236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/45 | 55 | 46474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/01/30 | 2690 | 2716822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 125 | 105462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 60 | 51541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 75 | 71160 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 08/01/29 | 6310 | 6410671 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 145 | 123763 |
| &nbsp;&nbsp; NGPL PipeCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 08/15/27 | 500 | 499370 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 12/01/42 | 125 | 93955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 255 | 205863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 11/01/28 | 2908 | 2998126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.800 | 11/01/30 | 360 | 372910 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.600 | 05/15/25 | 775 | 773914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/15/33 | 905 | 920965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 | 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745950 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 | 1000 | 974212 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.150 | 03/01/29 | 316 | 329682 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 27

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875% | 08/15/29 | 75 | $68797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/31 | 75 | 67458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 1325 | 1327924 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A(a) | 9.000(ff) | 09/30/29(oo) | 5290 | 4533978 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/01/28 | 4990 | 4924826 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34619239 |
| &nbsp;&nbsp; **Real Estate 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 | 1375 | 1326317 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 05/15/29 | 1441 | 1403136 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 2.000 | 01/15/29 | 2170 | 1941507 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 1000 | 774899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 25 | 22369 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 01/15/29 | 2770 | 2768048 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 | 250 | 166599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 | 200 | 178023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 125 | 127300 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 | 1375 | 1287559 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/01/32 | 975 | 972440 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 02/01/29 | 1500 | 1389397 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500% | 02/15/28 |  | 3636 | $3861442 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 |  | 993 | 1005205 |
|  |  |  |  |  | 15897924 |
| &nbsp;&nbsp; **Retail 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 09/15/29 |  | 1335 | 1326509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 06/15/29 |  | 1110 | 1126583 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 11/15/27 |  | 4122 | 4009168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.950 | 08/01/28 |  | 4000 | 3651056 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | 9.000 | 12/01/28 |  | 623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | 9.000 | 06/01/30 |  | 3750 | 3973088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | 9.000 | 06/01/31 |  | 1450 | 1634545 |
| &nbsp;&nbsp; CD&R Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.625 | 04/30/29 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10700 | 14562913 |
| &nbsp;&nbsp; eG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR | 3800 | 4755244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 2175 | 2391543 |
| &nbsp;&nbsp; Falabella SA (Chile), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 01/15/32 |  | 1805 | 1521796 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/30 |  | 1075 | 939025 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 1350 | 1253451 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/01/29 |  | 3050 | 2391021 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/01/32 |  | 415 | 418524 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 03/01/27 |  | 2550 | 2533721 |
|  |  |  |  |  | 47128627 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 29

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CT Trust (Guatemala), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.125% | 02/03/32 |  | 760 | $685672 |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A^ | 0.000 | 12/31/30 |  | 129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 |  | 44 |  |
| &nbsp;&nbsp; Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 1.942% | 10.942 | 05/25/27 |  | 1177 | 1176696 |
| &nbsp;&nbsp; Digicel MidCo Ltd./DIFL US II LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 10.500% | 10.500 | 11/25/28 |  | 829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765647 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 |  | 1375 | 1381474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 |  | 1650 | 1633933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 05/15/30 |  | 2000 | 2093256 |
| &nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.500 | 03/15/30 |  | 1400 | 1376060 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 |  | 2625 | 2185868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 2975 | 2601776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/15/29 |  | 465 | 515643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.750 | 12/15/30 |  | 750 | 832108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/15/29 |  | 4222 | 4723309 |
| &nbsp;&nbsp; Lorca Telecom Bondco SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/30/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | 2781570 |
| &nbsp;&nbsp; Millicom International Cellular SA (Guatemala), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 04/27/31 |  | 515 | 458350 |
| &nbsp;&nbsp; Sprint LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.625 | 03/01/26 |  | 315 | 319152 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK N/A | 11.750 | 03/01/28 | GBP | 3045 | 1147519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 8.250% or PIK N/A | 8.250 | 09/01/27 | GBP | 5158 | 5260614 |
| &nbsp;&nbsp; Total Play Telecomunicaciones SA de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.125 | 12/31/32 |  | 696 | 629880 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Vmed O2 UK Financing I PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000% | 01/31/29 | GBP | 2250 | $2744701 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 |  | 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353743 |
|  |  |  |  |  | 33666971 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Indian Railway Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 3.570 | 01/21/32 |  | 360 | 326704 |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 11/15/27 |  | 975 | 999154 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 815 | 730842 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 06/01/31 |  | 225 | 230407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 02/01/32 |  | 385 | 393976 |
|  |  |  |  |  | 2681083 |
| &nbsp;&nbsp; **Trucking & Leasing 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.250 | 07/01/29 |  | 2110 | 2144641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.350 | 03/30/29 |  | 3440 | 3501582 |
|  |  |  |  |  | 5646223 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $625,473,806) |  |  |  |  | 625052265 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 7.072(c) | 01/28/32 |  | 675 | 662133 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.172(c) | 11/17/28 |  | 541 | 509532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.416(c) | 11/17/28 |  | 3900 | 3684108 |
|  |  |  |  |  | 4855773 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 31

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; OCS Group Investments Limited (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | 10.361%(c) | 11/27/31 | GBP | 975 | $1292886 |
| &nbsp;&nbsp; **Computers 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 7.319(c) | 03/01/29 |  | 852 | 795231 |
| &nbsp;&nbsp; **Diversified Financial Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Hudson River Trading LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 3.000% | 7.292(c) | 03/18/30 |  | 1156 | 1153479 |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 |  | 188 | 168498 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 6 Month EURIBOR + 5.500%^ | 8.099(c) | 01/30/32 |  | 2700 | 2979432 |
| &nbsp;&nbsp; **Media 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.822(c) | 01/18/28 |  | 990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962157 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.799(c) | 04/23/30 |  | 4329 | 4275233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 04/01/30 |  | 1200 | 1186500 |
|  |  |  |  |  | 5461733 |
| &nbsp;&nbsp; **Retail 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; CD&R Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-8, SONIA + 5.250%^ | 9.709(c) | 06/21/28 | GBP | 1450 | 1888936 |
| &nbsp;&nbsp; CDR Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(GBP) Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— (p) | 04/29/29 |  | 5525 | 7255348 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Peer Holding III BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | 5.105%(c) | 07/01/31 | EUR 4,200 | $4736412 |
| &nbsp;&nbsp; WSH Services Holding Ltd. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, SONIA + 4.750% | 9.210(c) | 05/16/31 | GBP 275 | 364660 |
|  |  |  |  | 14245356 |
| &nbsp;&nbsp; **Telecommunications 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | 11.780(c) | 05/25/27 | 196 | 192453 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 03/27/32 | 975 | 971648 |
| &nbsp;&nbsp; Zegona Holdco Limited (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 1 Month EURIBOR + 4.250% | 6.119(c) | 07/17/29 | EUR 6,100 | 6869662 |
|  |  |  |  | 8033763 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $39,119,507) |  |  |  | 39948308 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.2%** |  |  |  |  |
| &nbsp;&nbsp; **California 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Bay Area Toll Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | 6.263 | 04/01/49 | 550 | 580127 |
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 | 625 | 570009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 | 675 | 602384 |
|  |  |  |  | 1752520 |
| &nbsp;&nbsp; **Colorado 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Regional Transportation District Sales Tax Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.844 | 11/01/50 | 1190 | 1195485 |
| &nbsp;&nbsp; **Illinois 0.0%** |  |  |  |  |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 814 | 813771 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 33

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **New Jersey 0.1%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414% | 01/01/40 | 2000 | $2406979 |
| &nbsp;&nbsp; Rutgers The State University of New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | 5.665 | 05/01/40 | 200 | 202585 |
|  |  |  |  | 2609564 |
| &nbsp;&nbsp; **Ohio 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 180 | 153907 |
| &nbsp;&nbsp; **Texas 0.0%** |  |  |  |  |
| &nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 4.427 | 02/01/42 | 120 | 112408 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $7,632,467) |  |  |  | 6637655 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 4.0%** |  |  |  |  |
| &nbsp;&nbsp; Bayview Financing Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)^ | 8.350(c) | 07/01/26 | 982 | 983108 |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M1B, 144A, 30 Day Average SOFR + 3.200% (Cap N/A, Floor 3.150%) | 7.554(c) | 08/25/34 | 4612 | 4660843 |
| &nbsp;&nbsp; Chase Mortgage Finance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A3 | 6.662(cc) | 02/25/37 | 18 | 17315 |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | 4.100(cc) | 02/25/63 | 7138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6788743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | 4.222(cc) | 02/25/63 | 593 | 497107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | 3.113(cc) | 02/25/63 | 180 | 134204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | 0.000(cc) | 02/25/63 | 65 | 44478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | 11.556(s) | 02/25/63 | 165 | 19930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | 15.130(s) | 02/25/63 | 299 | 24185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | 4.222(cc) | 02/25/63 | 399 | 332654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | 4.222(cc) | 02/25/63 | 304 | 242027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | 0.000(cc) | 02/25/63 | 13 | 11144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | 0.000(cc) | 02/25/63 | 9143 | 10181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | 3.977(cc) | 01/25/64 | 10000 | 9428024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | 3.977(cc) | 01/25/64 | 442 | 329780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | 3.977(cc) | 01/25/64 | 177 | 105864 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | 3.977%(cc) | 01/25/64 | 112 | $57651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | 0.155(cc) | 01/25/64 | 141 | 59490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | 0.000(cc) | 01/25/64 | 141 | 50475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | 3.977(cc) | 01/25/64 | 377 | 266000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | 3.977(cc) | 01/25/64 | 236 | 153011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | 0.000(cc) | 01/25/64 | 21 | 18274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | 0.000(cc) | 01/25/64 | 11626 | 1163 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.454(c) | 10/25/41 | 600 | 609564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | 7.504(c) | 12/25/41 | 318 | 323962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M2, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 7.354(c) | 01/25/42 | 1900 | 1938000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 10.604(c) | 03/25/42 | 1000 | 1077500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 9.604(c) | 03/25/42 | 290 | 307037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.454(c) | 03/25/42 | 1000 | 1026798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.453(c) | 06/25/43 | 1400 | 1454033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 6.054(c) | 07/25/44 | 250 | 248909 |
| &nbsp;&nbsp; Eagle Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | 7.804(c) | 04/25/34 | 664 | 670593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.354(c) | 09/26/33 | 251 | 251479 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.854(c) | 10/25/41 | 1460 | 1457441 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 35

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | 6.154%(c) | 11/25/41 |  | 100 | $100297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.454(c) | 09/25/41 |  | 100 | 100250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 6.704(c) | 12/25/41 |  | 100 | 100563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | 6.854(c) | 01/25/42 |  | 70 | 70963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | 6.754(c) | 02/25/42 |  | 1400 | 1429092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 7.254(c) | 04/25/42 |  | 2020 | 2073275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.704(c) | 05/25/42 |  | 200 | 207250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M2, 144A, 30 Day Average SOFR + 5.350% (Cap N/A, Floor 0.000%) | 9.704(c) | 08/25/42 |  | 600 | 642186 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | 7.188(cc) | 07/25/35 |  | 7 | 6713 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | 5.323 | 09/25/39 |  | 6500 | 6475644 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.521(c) | 05/26/66 | EUR | 3100 | 3330589 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | 5.191(c) | 01/25/48 |  | 809 | 788571 |
| &nbsp;&nbsp; NLT Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.506 | 02/25/70 |  | 7097 | 7123930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | 5.708 | 02/25/70 |  | 795 | 798705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | 5.860 | 02/25/70 |  | 1366 | 1370198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | 0.399(cc) | 02/25/70 |  | 10761 | 92864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | 6.604(cc) | 02/25/70 |  | 405 | 392946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | 6.604(cc) | 02/25/70 |  | 319 | 299582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | 6.604(cc) | 02/25/70 |  | 200 | 178370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | 6.314(cc) | 02/25/70 |  | 578 | 578085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A^ | 0.901(cc) | 02/25/70 |  | 10761 | 360481 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; Oaktown Re VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.254%(c) | 04/25/34 | 883 | $891432 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.854(c) | 05/25/33 | 30645 | 30761760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.701(c) | 03/29/27 | 8183 | 8194502 |
| &nbsp;&nbsp; PRET Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | 6.063 | 02/25/55 | 5716 | 5719827 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A1, 144A | 6.994 | 05/25/29 | 2559 | 2564455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class A1, 144A | 6.414 | 08/25/29 | 8511 | 8533217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class A1, 144A | 5.689 | 09/25/29 | 4607 | 4606295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A1, 144A | 6.469 | 05/25/30 | 3500 | 3508160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | 4.000 | 03/25/55 | 3796 | 3682282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | 4.000 | 03/25/55 | 683 | 635125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | 4.000 | 03/25/55 | 403 | 367621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | 4.000 | 03/25/55 | 393 | 352313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | 4.000 | 03/25/55 | 139 | 122043 |
| &nbsp;&nbsp; Radnor Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 8.054(c) | 11/25/31 | 611 | 620666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.054(c) | 07/25/33 | 483 | 486050 |
| &nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-37A, Class 3A7 | 6.234(cc) | 12/25/33 | 164 | 157119 |
| &nbsp;&nbsp; VCAT LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL03, Class A1, 144A | 5.889 | 02/25/55 | 3293 | 3285335 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $133,549,449) |  |  |  | 134609723 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 3.8%** |  |  |  |  |
| &nbsp;&nbsp; Bermuda Government International Bond (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 08/20/30 | 685 | 595697 |
| &nbsp;&nbsp; Brazil Minas SPE via State of Minas Gerais (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 5.333 | 02/15/28 | 987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978097 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 37

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375% | 04/25/30 |  | 6175 | $6267625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 02/02/34 |  | 1375 | 1341312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.500 | 04/25/35 |  | 10255 | 10419080 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 01/30/30 |  | 451 | 420050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/22/29 |  | 1637 | 1614082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 1915 | 1888190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 01/25/27 |  | 1570 | 1574906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.600 | 06/01/36 |  | 3340 | 3281550 |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/30/32 | EUR | 2812 | 2736185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 4202 | 4422259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 5923 | 6089208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.625 | 01/30/33 |  | 3025 | 2824594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.075 | 04/01/36 |  | 9630 | 8823487 |
| &nbsp;&nbsp; Morocco Government International Bond (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 12/15/27 |  | 30000 | 27843900 |
| &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 07/24/26 | EUR | 20000 | 22707978 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 01/30/34 |  | 2132 | 2014079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.625 | 09/27/29 | EUR | 4500 | 5414553 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR | 1778 | 1803904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/03/33 | EUR | 758 | 681061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 2043 | 2286206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 937 | 962299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 4320 | 4382939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.650 | 03/03/33 | EUR | 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 05/15/27 | EUR | 2829 | 3165774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/12/34 |  | 1942 | 1917725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 05/26/28 |  | 520 | 534040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 09/26/33 |  | 915 | 943022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.000 | 09/23/28 | EUR | 2890 | 2958411 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $128,206,626) |  |  |  |  | 131017104 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 8.8%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500% | 09/01/46 | 1327 | $1131253 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/51 | 472 | 395545 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 2633 | 2201163 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 6194 | 5182836 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 1977 | 1646215 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 465 | 389063 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 945 | 788914 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 | 3502 | 2971611 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 929 | 783866 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 1724 | 1439813 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/46 | 3663 | 3335368 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 10/01/51 | 1328 | 1159054 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 | 1835 | 1603632 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 | 1622 | 1426093 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 2599 | 2262082 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/52 | 521 | 459061 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/45 | 2463 | 2306402 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 09/01/46 | 6374 | 5967845 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/52 | 7647 | 6926967 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 | 874 | 792171 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 314 | 283980 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 | 5993 | 5595448 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/42 | 10279 | 10203317 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 796 | 762912 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/52 | 269 | 257544 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 07/01/52 | 4345 | 4274605 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 | 2044 | 2004318 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/52 | 6940 | 6816263 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/52 | 1169 | 1147560 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/52 | 853 | 837986 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/53 | 2961 | 2906758 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 1454 | 1455177 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 1691 | 1718917 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 1740 | 1767259 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 1811 | 1853354 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 04/01/53 | 1296 | 1319233 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/54 | 12794 | 12981962 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/55 | 984 | 998681 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA | 37500 | 29735972 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 16500 | 13719474 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/51 | 1905 | 1598465 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 1573 | 1315692 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 350 | 317045 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 5123 | 4638815 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/51 | 480 | 419784 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 39

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000% | 10/01/51 | 1935 | $1686583 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 460 | 400016 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 3609 | 3140471 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/50 | 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614182 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 954 | 867702 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 16235 | 14676596 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 1050 | 954586 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 2381 | 2161765 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | TBA | 1500 | 1397532 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/48 | 9523 | 9182811 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 981 | 921490 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 2217 | 2070477 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/52 | 1597 | 1490749 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/53 | 1991 | 1867394 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 4384 | 4200069 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/52 | 3755 | 3597434 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 16500 | 16143378 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 2081 | 2045029 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 701 | 689248 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 3685 | 3619867 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 775 | 775696 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 22929 | 23017951 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 2000 | 2028822 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 906 | 922314 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 1198 | 1221120 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 1276 | 1299219 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/54 | 2594 | 2633306 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 9090 | 7417144 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/51 | 2899 | 2470735 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 10572 | 9645593 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 1473 | 1338614 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 1078 | 981266 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/50 | 1834 | 1721036 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 5401 | 5048441 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 6217 | 5810940 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 5966 | 5746145 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 02/20/54 | 921 | 903958 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 07/20/54 | 3088 | 3160883 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $299,111,989) |  |  |  | 299970037 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 30.2%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.625 | 11/15/50 | 48600 | 25909875 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.250 | 05/15/41 | 20165 | 14764561 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375% | 11/15/49 | 72235 | $46952750 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 02/15/49 | 4085 | 3040772 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.375 | 11/15/48 | 68955 | 55088580 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.625 | 02/15/53 | 1000 | 827813 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.125 | 08/15/44 | 30000 | 27806250 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.625 | 07/31/26 | 117305 | 112796089 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.750 | 05/31/26 | 99695 | 96412075 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.750 | 08/31/26 | 40000 | 38442187 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.875 | 09/30/26 | 25440 | 24444263 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 11/30/26 | 255240 | 245748262 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 09/30/29 | 4110 | 4140825 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 12/31/29 | 11595 | 11680151 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 12/15/25 | 8210 | 8207755 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 01/15/27 | 68890 | 69272124 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 12/31/25 | 9525 | 9536162 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 06/30/29 | 38500 | 39351211 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.375 | 12/15/26 | 113060 | 114274512 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.625 | 09/30/30 | 67260 | 70029220 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.019(s) | 11/15/35 | 870 | 548365 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.513(s) | 11/15/41 | 23665 | 10598657 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.575(s) | 08/15/41 | 165 | 74940 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.663(s) | 02/15/50 | 340 | 99927 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.770(s) | 11/15/49 | 580 | 172466 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.928(s) | 11/15/45 | 430 | 155753 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,031,980,275) |  |  |  | 1030375545 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 6.2%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  | 1797750 | 92026822 |
| &nbsp;&nbsp; PGIM Floating Rate Income ETF |  |  | 50000 | 2455400 |
| &nbsp;&nbsp; PGIM Ultra Short Bond ETF |  |  | 2350000 | 116677500 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $211,380,963)(wa**)** |  |  |  | 211159722 |
| &nbsp;&nbsp; **COMMON STOCKS 0.2%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\*^ |  |  | 56219 | 1124380 |
| &nbsp;&nbsp; **Gas Utilities 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\*(x) |  |  | 6534 | 1066433 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 41

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A1 Stock)\*^ | 10406 | $229874 |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A2 Stock)\*^ | 14649 | 323605 |
|  |  | 553479 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\* | 28420 | 406406 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |
| &nbsp;&nbsp; Expand Energy Corp. | 12570 | 1306023 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\* | 147816 | 1034712 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* | 19703 | 790583 |
|  |  | 1825295 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $2,168,690) |  | 6282016 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.0%** |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.0%** |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x) | 545 | 545000 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^ | 9592 | 110680 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $584,180) |  | 655680 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain), expiring 09/30/34^ | 34 | 308 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Description** | **Units** | **Value** |
| &nbsp;&nbsp; **WARRANTS\* (Continued)** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 53156 | $14395 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br>(cost $1,320) |  | 14703 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $3,388,359,752) |  | 3400943428 |
|  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.6%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wa) | 77874431 | 77874431 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<br>(cost $44,452,915; includes $44,328,152 of cash collateral for securities on loan)(b)(wa) | 44486139 | 44454998 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $122,327,346) |  | 122329429 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br>(cost $1,231,272) |  | 1528647 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $123,558,618) |  | 123858076 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 103.4%**<br>(cost $3,511,918,370) |  | 3524801504 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.1)%**<br>(premiums received $3,407,594) |  | (3892705) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 103.3%**<br>(cost $3,508,510,776) |  | 3520908799 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (3.3)% |  | (111302771) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $3409606028 |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRL—Brazilian Real |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLP—Chilean Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CNH—Chinese Renminbi |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP—Colombian Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CZK—Czech Koruna |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR—Euro |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 43

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP—British Pound |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HUF—Hungarian Forint |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDR—Indonesian Rupiah |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INR—Indian Rupee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY—Japanese Yen |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KRW—South Korean Won |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MXN—Mexican Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PEN—Peruvian Nuevo Sol |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PHP—Philippine Peso |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLN—Polish Zloty |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGD—Singapore Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THB—Thai Baht |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRY—Turkish Lira |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TWD—New Taiwanese Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USD—US Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZAR—South African Rand |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A—Annual payment frequency for swaps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BABs—Build America Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BARC—Barclays Bank PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP—BNP Paribas S.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNY—Bank of New York Mellon |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BOA—Bank of America, N.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX—Credit Derivative Index |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGM—Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITI—Citibank, N.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CLO—Collateralized Loan Obligation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP—Certificates of Participation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DAC—Designated Activity Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DB—Deutsche Bank AG |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMTN—Euro Medium Term Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF—Exchange-Traded Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EURIBOR—Euro Interbank Offered Rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA—Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMTN—Global Medium Term Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSI—Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC—HSBC Bank PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iBoxx—Bond Market Indices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IO—Interest Only (Principal amount represents notional) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM—JPMorgan Chase Bank N.A. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LP—Limited Partnership |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M—Monthly payment frequency for swaps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MASTR—Morgan Stanley Structured Asset Security |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSI—Morgan Stanley & Co International PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN—Medium Term Note |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A—Not Applicable |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC—Over-the-counter |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK—Payment-in-Kind |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PO—Principal Only |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q—Quarterly payment frequency for swaps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; REITs—Real Estate Investment Trust |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REMIC—Real Estate Mortgage Investment Conduit

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

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. Excludes centrally cleared swaptions. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $17,417,879 and 0.5% 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 $43,407,775; cash collateral of $44,328,152 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2025. 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.

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r) Principal or notional amount is less than $500 par.

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

(wa) Represents investments in Funds affiliated with the Manager.

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A, 3.203%(cc), 05/15/35 | 05/09/18 | $2454600 | $2119500 | 0.1% |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A, 3.203%(cc), 05/15/35 | 05/09/18 | 2389640 | 1984500 | 0.0 |
|  Ferrellgas Escrow LLC, 8.956%^, 03/30/31 | 06/26/24 | 550450 | 545000 | 0.0 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 45

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Ferrellgas Partners LP (Class B Stock)\* | 10/25/19 | $1794337 | $1066433 | 0.0% |
|  Salus European Loan Conduit DAC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, SONIA + 1.969% (Cap 6.850%, Floor 1.500%), 6.453%(c), 01/23/29 | 12/07/18 | 11870985 | 12385639 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $19060012 | $18101072 | 0.5% |

---

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

#### Unfunded corporate bond commitment outstanding at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A,<br>—%(p), Maturity Date 09/30/29 (cost $519,121)^ | 527 | $519121 | $– | $— |

---

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 06/12/25 | $5000 | $(4779689) |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 06/12/25 | 9500 | (9473183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $14,196,826) |  |  |  |  | $(14252872) |

---

#### Option Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br> Date**  | **Strike** | **Contracts**  | **Notional<br>Amount<br> (000)#**  | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 182 | 455 | $2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,563) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | MSI | 05/15/25 | 26.50 – EUR | 4126 | $19 |
|  Currency Option EUR vs MXN | Call | MSI | 05/22/25 | 27.00 – EUR | 3579 | 143 |
|  Currency Option EUR vs TRY | Call | JPM | 05/06/25 | 70.00 – EUR | 8201 | 83 |
|  Currency Option EUR vs TRY | Call | JPM | 05/27/25 | 80.00 – EUR | 7376 | 3748 |
|  Currency Option EUR vs USD | Call | JPM | 05/05/25 | 1.12 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16003 | 251054 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Option Purchased (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option USD vs BRL | Call | MSI | 05/08/25 | 7.20 |  | 4054 | $2 |
|  Currency Option USD vs BRL | Call | JPM | 05/08/25 | 7.60 |  | 2035 |  |
|  Currency Option USD vs BRL | Call | MSI | 05/22/25 | 7.00 |  | 4115 | 133 |
|  Currency Option USD vs BRL | Call | CITI | 05/23/25 | 7.00 |  | 4110 | 138 |
|  Currency Option USD vs COP | Call | HSBC | 05/08/25 | 5500.00 |  | 8140 |  |
|  Currency Option USD vs COP | Call | MSI | 05/14/25 | 5200.00 |  | 4062 | 12 |
|  Currency Option USD vs INR | Call | JPM | 01/08/26 | 91.00 |  | 13730 | 48971 |
|  Currency Option USD vs KRW | Call | CITI | 05/08/25 | 1650.00 |  | 4084 |  |
|  Currency Option USD vs KRW | Call | MSI | 05/19/25 | 1600.00 |  | 4069 | 38 |
|  Currency Option USD vs KRW | Call | MSI | 05/23/25 | 1600.00 |  | 4110 | 54 |
|  Currency Option USD vs MXN | Call | CITI | 05/05/25 | 24.00 |  | 4130 |  |
|  Currency Option USD vs MXN | Call | CITI | 05/08/25 | 27.00 |  | 4070 |  |
|  Currency Option USD vs MXN | Call | MSI | 05/14/25 | 24.00 |  | 4062 | 20 |
|  Currency Option USD vs TRY | Call | JPM | 05/02/25 | 70.00 |  | 4130 |  |
|  Currency Option USD vs TRY | Call | JPM | 05/19/25 | 65.00 |  | 4067 | 3385 |
|  Currency Option USD vs TRY | Call | JPM | 05/27/25 | 75.00 |  | 2065 | 1220 |
|  Currency Option USD vs ZAR | Call | CITI | 05/01/25 | 22.00 |  | 4120 |  |
|  Currency Option USD vs ZAR | Call | CITI | 05/20/25 | 23.00 |  | 4120 | 58 |
|  Currency Option USD vs ZAR | Call | JPM | 05/28/25 | 22.00 |  | 4130 | 285 |
|  Currency Option USD vs BRL | Put | JPM | 05/05/25 | 5.00 |  | 4130 |  |
|  Currency Option USD vs BRL | Put | CITI | 05/08/25 | 5.20 |  | 4084 | 21 |
|  Currency Option USD vs BRL | Put | MSI | 05/08/25 | 5.20 |  | 12661 | 67 |
|  Currency Option USD vs BRL | Put | HSBC | 05/14/25 | 5.00 |  | 4062 | 15 |
|  Currency Option USD vs CNH | Put | JPM | 05/08/25 | 6.10 |  | 6617 |  |
|  Currency Option USD vs CNH | Put | MSI | 06/26/25 | 6.50 |  | 24673 | 724 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  | 21318 | 3262 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  | 6142 | 940 |
|  Currency Option USD vs MXN | Put | MSI | 05/20/25 | 17.50 |  | 2034 | 8 |
|  Currency Option USD vs ZAR | Put | MSI | 05/28/25 | 16.80 |  | 4148 | 192 |
|  **Total OTC Traded** (cost $167,700) |  |  |  |  |  |  | $314592 |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  3-Year Interest Rate Swap, 07/29/28<br> Call | JPM | 07/25/25 | 2.90% | 2.90%(A) | 1 Day SOFR(A)/<br>4.410% | 17325 | $57886 |
|  5-Year Interest Rate Swap, 06/27/30<br> Call | JPM | 06/25/25 | 1.00% | 1.00%(A) | 1 Day SOFR(A)/<br>4.410% | 9890 | 71 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 47

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Option Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  5-Year Interest Rate Swap, 06/27/30 | Call | CITI | 06/25/25 | 3.40% | 3.40%(A) | 1 Day SOFR(A)/<br>4.410% | 9890 | $95714 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/<br>4.410% | 4885 | 109 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/<br>4.410% | 4885 | 87511 |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.10% | 1 Day SOFR(A)/<br>4.410% | 4.10%(A) | 11695 | 4614 |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.50% | 1 Day SOFR(A)/<br>4.410% | 4.50%(A) | 11695 | 121 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | MSI | 07/16/25 | 0.73% | CDX.NA.IG.<br>44.V1(Q) | 1.00%(Q) | 330300 | 965754 |
|  **Total OTC Swaptions** (cost $1,061,009) | **Total OTC Swaptions** (cost $1,061,009) | **Total OTC Swaptions** (cost $1,061,009) | **Total OTC Swaptions** (cost $1,061,009) |  |  |  |  | $1211780 |
|  **Total Options Purchased** (cost $1,231,272) | **Total Options Purchased** (cost $1,231,272) | **Total Options Purchased** (cost $1,231,272) | **Total Options Purchased** (cost $1,231,272) |  |  |  |  | $1528647 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br> **Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 182 | 455 | $(269588) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 182 | 455 | (70525) |
|  **Total Exchange Traded** (premiums received $286,783) | **Total Exchange Traded** (premiums received $286,783) | **Total Exchange Traded** (premiums received $286,783) |  |  |  | $(340113) |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | MSI | 05/15/25 | 25.08 – | EUR | 4126 | $(7936) |
|  Currency Option EUR vs MXN | Call | MSI | 05/22/25 | 23.25 – | EUR | 3579 | (11141) |
|  Currency Option EUR vs TRY | Call | JPM | 05/27/25 | 47.00 – | EUR | 7376 | (79704) |
|  Currency Option EUR vs USD | Call | JPM | 05/05/25 | 1.15 – | EUR | 16003 | (16024) |
|  Currency Option USD vs BRL | Call | MSI | 05/22/25 | 5.90 – |  | 4115 | (14570) |
|  Currency Option USD vs BRL | Call | CITI | 05/23/25 | 5.85 – |  | 4110 | (20733) |
|  Currency Option USD vs COP | Call | HSBC | 05/08/25 | 4290.00 – |  | 8140 | (29975) |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
|  Currency Option USD vs COP | Call | MSI | 05/14/25 | 4200.00 |  | 4062 | $(61746) |
|  Currency Option USD vs KRW | Call | MSI | 05/19/25 | 1420.00 |  | 4069 | (46517) |
|  Currency Option USD vs KRW | Call | MSI | 05/23/25 | 1435.00 |  | 4110 | (29136) |
|  Currency Option USD vs MXN | Call | MSI | 05/14/25 | 19.90 |  | 4062 | (19002) |
|  Currency Option USD vs TRY | Call | JPM | 05/02/25 | 40.00 |  | 4130 | (227) |
|  Currency Option USD vs TRY | Call | JPM | 05/19/25 | 40.00 |  | 4067 | (31542) |
|  Currency Option USD vs TRY | Call | JPM | 05/27/25 | 41.50 |  | 2065 | (14265) |
|  Currency Option USD vs ZAR | Call | CITI | 05/20/25 | 19.00 |  | 4120 | (21586) |
|  Currency Option USD vs ZAR | Call | JPM | 05/28/25 | 19.00 |  | 4130 | (29210) |
|  FNMA TBA 6.00% | Call | CITI | 05/06/25 | 101.52 |  | 2000 | (2367) |
|  Currency Option USD vs BRL | Put | JPM | 05/05/25 | 5.55 |  | 4130 | (1614) |
|  Currency Option USD vs BRL | Put | CITI | 05/08/25 | 5.80 |  | 4084 | (97563) |
|  Currency Option USD vs BRL | Put | MSI | 05/08/25 | 6.20 |  | 12661 | (1175493) |
|  Currency Option USD vs BRL | Put | HSBC | 05/14/25 | 5.75 |  | 4062 | (73582) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  | 13730 | (318182) |
|  Currency Option USD vs MXN | Put | MSI | 05/20/25 | 19.75 |  | 2034 | (27751) |
|  Currency Option USD vs ZAR | Put | MSI | 05/28/25 | 18.10 |  | 4148 | (14017) |
|  **Total OTC Traded** (premiums received $1,794,110) | **Total OTC Traded** (premiums received $1,794,110) | **Total OTC Traded** (premiums received $1,794,110) |  |  |  |  | $(2143883) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3-Year Interest Rate Swap, 07/29/28 | Call | JPM | 07/25/25 | 3.05% | 1 Day SOFR(A)/<br> 4.410% | 3.05%(A) | 17325 | $(80027) |
|  5-Year Interest Rate Swap, 06/27/30 | Call | CITI | 06/25/25 | 3.15% | 1 Day SOFR(A)/<br> 4.410% | 3.15%(A) | 19780 | (97729) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/<br> 4.410% | 3.21%(A) | 9770 | (87859) |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | MSI | 07/16/25 | 0.65% | CDX.NA.IG.<br>44.V1(Q) | 1.00%(Q) | 330300 | (497120) |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.30% | 4.30%(A) | 1 Day SOFR(A)/<br> 4.410% | 23390 | (1569) |
|  CDX.NA.HY.43.V1, 12/20/29 | Put | GSI | 05/21/25 | $102.00 | 5.00%(Q) | CDX.NA.HY.<br>43.V1(Q) | 10880 | (33730) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | BARC | 06/18/25 | $96.00 | 5.00%(Q) | CDX.NA.HY.<br>44.V1(Q) | 10480 | (22807) |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 49

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br> **Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | CITI | 06/18/25 | $98.00 | 5.00%(Q) | CDX.NA.HY.<br>44.V1(Q) | 11200 | $(35338) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.<br>44.V1(Q) | 11110 | (77067) |
|  CDX.NA.IG.43.V1, 12/20/29 | Put | JPM | 05/21/25 | 0.75% | 1.00%(Q) | CDX.NA.IG.<br>43.V1(Q) | 54050 | (22074) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 05/21/25 | 0.78% | 1.00%(Q) | CDX.NA.IG.<br>44.V1(Q) | 56090 | (36616) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | MSI | 07/16/25 | 0.93% | 1.00%(Q) | CDX.NA.IG.<br>44.V1(Q) | 330300 | (416773) |
|  **Total OTC Swaptions** (premiums received $1,326,701) | **Total OTC Swaptions** (premiums received $1,326,701) | **Total OTC Swaptions** (premiums received $1,326,701) | **Total OTC Swaptions** (premiums received $1,326,701) |  |  |  |  | $(1408709) |
|  **Total Options Written** (premiums received $3,407,594) | **Total Options Written** (premiums received $3,407,594) | **Total Options Written** (premiums received $3,407,594) | **Total Options Written** (premiums received $3,407,594) |  |  |  |  | $(3892705) |

---

#### Futures contracts outstanding at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional**<br>**Amount** | **Value /<br>Unrealized<br>Appreciation**<br>**(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 1442 | 3 Month CME SOFR | Jun. 2025 | $344818250 | $(218639) |
| 486 | 20 Year U.S. Treasury Bonds | Jun. 2025 | 56679750 | 337358 |
|  |  |  |  | 118719 |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 56 | 3 Month CME SOFR | Sep. 2025 | 13428100 | 18447 |
| 56 | 3 Month CME SOFR | Dec. 2025 | 13491100 | (28803) |
| 3698 | 2 Year U.S. Treasury Notes | Jun. 2025 | 769732924 | (5519095) |
| 247 | 5 Year Euro-Bobl | Jun. 2025 | 33474143 | (201485) |
| 4252 | 5 Year U.S. Treasury Notes | Jun. 2025 | 464298458 | (7665076) |
| 27 | 10 Year Euro-Bund | Jun. 2025 | 4030748 | 17714 |
| 770 | 10 Year U.S. Treasury Notes | Jun. 2025 | 86408438 | (1543619) |
| 775 | 10 Year U.S. Ultra Treasury Notes | Jun. 2025 | 88919144 | (1367423) |
| 1021 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2025 | 123572906 | (1134857) |
| 253 | Euro Schatz Index | Jun. 2025 | 30830751 | (146392) |
|  |  |  |  | (17570589) |
|  |  |  |  | $(17451870) |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward foreign currency exchange contracts outstanding at April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/25 | GSI | BRL | 115884 | $20195222 | $20395002 | $199780 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/25 | HSBC | BRL | 27918 | 4694000 | 4913359 | 219359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/03/25 | GSI | BRL | 118185 | 20595087 | 20647186 | 52099 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CLP | 1960965 | 2058000 | 2070241 | 12241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CLP | 1616373 | 1689000 | 1706446 | 17446 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CNH | 14834 | 2035000 | 2048484 | 13484 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | GSI | COP | 39374816 | 9468287 | 9252146 |  | (216141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | TD | COP | 16079675 | 3853000 | 3778341 |  | (74659) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 1815 | 2074000 | 2066819 |  | (7181) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | HUF | 795247 | 2204762 | 2217878 | 13116 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | INR | 1871902 | 21378267 | 22042609 | 664342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | INR | 346800 | 4000000 | 4083747 | 83747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | INR | 1147295 | 13038111 | 13509987 | 471876 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | IDR | 251794000 | 15333658 | 15183817 |  | (149841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | IDR | 84876890 | 5151000 | 5118292 |  | (32708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | IDR | 65785065 | 3903000 | 3967006 | 64006 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 368230 | 2582000 | 2599683 | 17683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SCB | JPY | 707740 | 5008243 | 4996602 |  | (11641) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNP | MXN | 103128 | 5067000 | 5223630 | 156630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | MXN | 140376 | 6812198 | 7110280 | 298082 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | TWD | 64660 | 2026000 | 2035042 | 9042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 213521 | 6639000 | 6720146 | 81146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 193573 | 5881000 | 6092339 | 211339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SCB | TWD | 212604 | 6470000 | 6691306 | 221306 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | PEN | 18676 | 5060000 | 5085989 | 25989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | PEN | 18109 | 4937228 | 4931662 |  | (5566) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | PHP | 250432 | 4358000 | 4484645 | 126645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | PHP | 649621 | 11334610 | 11633147 | 298537 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | PLN | 5425 | 1430617 | 1432233 | 1616 |  |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 51

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Forward foreign currency exchange contracts outstanding at April 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | ZAR | 25485 | $1360000 | $1364719 | $4719 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | ZAR | 141564 | 7691182 | 7580647 |  | (110535) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | KRW | 6614964 | 4581000 | 4658327 | 77327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | KRW | 2863974 | 2026000 | 2016840 |  | (9160) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | THB | 144183 | 4336000 | 4332079 |  | (3921) |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/27/25 | BARC | TRY | 247540 | 6235102 | 6227873 |  | (7229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/27/25 | MSI | TRY | 68326 | 1720000 | 1719023 |  | (977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/03/25 | HSBC | TRY | 306729 | 7661047 | 7654342 |  | (6705) |
|  |  |  |  | $234886621 | $237591914 | 3341557 | (636264) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/25 | CITI | BRL | 26413 | $4477000 | $4648476 | $— | $(171476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/25 | GSI | BRL | 117389 | 20596346 | 20659885 |  | (63539) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 44408 | 58754226 | 59200695 |  | (446469) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | CLP | 1884501 | 2034000 | 1989516 | 44484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CLP | 3133032 | 3365921 | 3307622 | 58299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | CLP | 1916192 | 2056000 | 2022973 | 33027 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CNH | 14896 | 2035000 | 2057055 |  | (22055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | CNH | 216994 | 30076103 | 29966079 | 110024 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BARC | COP | 9910382 | 2382000 | 2328704 | 53296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 17644878 | 4023000 | 4146127 |  | (123127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 10298910 | 2382000 | 2419999 |  | (37999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 9111384 | 2042000 | 2140958 |  | (98958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | COP | 8724150 | 2058000 | 2049968 | 8032 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 157517 | 7171376 | 7165966 | 5410 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 95306 | 104867869 | 108530775 |  | (3662906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 2762 | 3154000 | 3144875 | 9125 |  |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 7194 | $8161670 | $8192177 | $— | $(30507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 101254 | 115948135 | 115304682 | 643453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 99096 | 113251442 | 112846703 | 404739 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | INR | 477620 | 5517000 | 5624226 |  | (107226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | INR | 672775 | 7653000 | 7922273 |  | (269273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | INR | 526284 | 6012000 | 6197269 |  | (185269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SSB | INR | 496166 | 5740000 | 5842604 |  | (102604) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | MXN | 101109 | 4841000 | 5121351 |  | (280351) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | TWD | 191544 | 5846000 | 6028483 |  | (182483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 814658 | 24970371 | 25639796 |  | (669425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 226638 | 6913000 | 7132988 |  | (219988) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 208968 | 6370000 | 6576859 |  | (206859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | TWD | 202255 | 6203000 | 6365585 |  | (162585) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SCB | PEN | 18637 | 5077000 | 5075327 | 1673 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | SGD | 21470 | 16210796 | 16483992 |  | (273196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | SGD | 7957 | 5986000 | 6109033 |  | (123033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | GSI | SGD | 5417 | 4023000 | 4159018 |  | (136018) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | ZAR | 25437 | 1360000 | 1362121 |  | (2121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | ZAR | 25435 | 1360000 | 1362000 |  | (2000) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNP | KRW | 20108020 | 13981477 | 14160279 |  | (178802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNY | KRW | 20108020 | 13973898 | 14160278 |  | (186380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | KRW | 8381565 | 5700000 | 5902386 |  | (202386) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | THB | 199312 | 5882000 | 5988444 |  | (106444) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | THB | 634818 | 18861122 | 19073519 |  | (212397) |
|  |  |  |  | $661316752 | $668411066 | 1371562 | (8465876) |
|  |  |  |  |  |  | $4713119 | $(9102140) |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 53

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Cross currency exchange contracts outstanding at April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **In Exchange**<br>**For (000)** | **In Exchange**<br>**For (000)** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |
|  07/22/25 | Buy | EUR | 1349 | JPY | 216338 | $8711 | $— | MSI |
|  07/22/25 | Buy | JPY | 217447 | EUR | 1349 |  | (881) | CITI |
|  07/22/25 | Buy | JPY | 435309 | EUR | 2698 | 1167 |  | MSI |
|  07/22/25 | Buy | PLN | 16850 | EUR | 3898 | 10587 |  | BNP |
|  |  |  |  |  |  | $20465 | $(881) |  |

---

#### Credit default swap agreements outstanding at April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br>**Entity/**<br>**Obligation**  | **Termination<br>Date** | **Fixed**<br> **Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 06/20/30 | 1.000%(Q) | 2000 | $456774 | $54 | $456720 | BARC |
|  Dominican Republic | 06/20/30 | 1.000%(Q) | 2000 | 113449 | 54 | 113395 | BARC |
|  Emirate of Abu Dhabi | 06/20/30 | 1.000%(Q) | 2000 | (59167) | 54 | (59221) | BARC |
|  Federal Republic of Nigeria | 06/20/30 | 1.000%(Q) | 2000 | 461334 | 54 | 461280 | BARC |
|  Federation of Malaysia | 06/20/30 | 1.000%(Q) | 3000 | (54853) | 82 | (54935) | BARC |
|  Federative Republic of Brazil | 06/20/30 | 1.000%(Q) | 9000 | 318689 | 245 | 318444 | BARC |
|  Kingdom of Bahrain | 06/20/30 | 1.000%(Q) | 2000 | 122189 | 54 | 122135 | BARC |
|  Kingdom of Morocco | 06/20/30 | 1.000%(Q) | 2000 | 23631 | 54 | 23577 | BARC |
|  Kingdom of Saudi Arabia | 06/20/30 | 1.000%(Q) | 5000 | (43370) | 136 | (43506) | BARC |
|  People's Republic of China | 06/20/30 | 1.000%(Q) | 9000 | (170585) | 245 | (170830) | BARC |
|  Republic of Argentina | 06/20/30 | 1.000%(Q) | 2000 | 578210 | 54 | 578156 | BARC |
|  Republic of Chile | 06/20/30 | 1.000%(Q) | 6000 | (91423) | 163 | (91586) | BARC |
|  Republic of Colombia | 06/20/30 | 1.000%(Q) | 7000 | 504811 | 190 | 504621 | BARC |
|  Republic of Indonesia | 06/20/30 | 1.000%(Q) | 8000 | (18379) | 217 | (18596) | BARC |
|  Republic of Ivory Coast | 06/20/30 | 1.000%(Q) | 2000 | 320019 | 54 | 319965 | BARC |
|  Republic of Panama | 06/20/30 | 1.000%(Q) | 2000 | 110246 | 54 | 110192 | BARC |
|  Republic of Peru | 06/20/30 | 1.000%(Q) | 3000 | (851) | 82 | (933) | BARC |
|  Republic of Philippines | 06/20/30 | 1.000%(Q) | 3000 | (33795) | 82 | (33877) | BARC |
|  Republic of South Africa | 06/20/30 | 1.000%(Q) | 9000 | 566696 | 245 | 566451 | BARC |
|  Republic of Turkey | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 245 | 996480 | BARC |
|  Sultanate of Oman | 06/20/30 | 1.000%(Q) | 2000 | 25541 | 54 | 25487 | BARC |
|  United Mexican States | 06/20/30 | 1.000%(Q) | 9000 | 154552 | 245 | 154307 | BARC |
|  |  |  |  | $4280443 | $2717 | $4277726 |  |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Credit default swap agreements outstanding at April 30, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** |
|  CDX.EM.43.V1 | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | $(4312894) | $(32077) | $(4280817) | BARC |

---

\*\* 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 upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). 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). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |  |
|  GS_24-PCA | 08/02/27 | 1.650%(M) | 13568 | \* | $18838 | $(4864) | $23702 | GSI |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  ADT Security Corp. | 06/20/29 | 5.000%(Q) | 1950 | $(306334) | $(255631) | $(50703) | GSI |
|  Antero Resources Corp. | 06/20/29 | 5.000%(Q) | 1950 | (289595) | (282204) | (7391) | GSI |
|  Bombardier, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (234222) | (183581) | (50641) | GSI |
|  Caesars Entertainment, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (193352) | (205249) | 11897 | GSI |
|  Chesapeake Energy Corp. | 06/20/29 | 5.000%(Q) | 1950 | (317747) | (305294) | (12453) | GSI |
|  Cleveland-Cliffs, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (115046) | (212835) | 97789 | GSI |
|  EQM Midstream Partners LP | 06/20/29 | 5.000%(Q) | 1950 | (325345) | (292862) | (32483) | GSI |
|  Frontier Communications Holdings LLC | 06/20/29 | 5.000%(Q) | 1950 | (347578) | (68511) | (279067) | GSI |
|  Genworth Holdings, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (272595) | (266018) | (6577) | GSI |
|  GFL Environmental, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (306297) | (269235) | (37062) | GSI |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 55

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** |
|  Hilton Domestic Operating Co., Inc. | 06/20/29 | 5.000%(Q) |  | 1950 | $(312953) | $(285472) | $(27481) | GSI |
|  HUB International Ltd. | 06/20/29 | 5.000%(Q) |  | 1950 | (296128) | (230509) | (65619) | GSI |
|  Israel Electric Corp. Ltd. | 09/20/28 | 1.000%(Q) |  | 3000 | (3130) | 49333 | (52463) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 15000 | (104178) | (104554) | 376 | GSI |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 10000 | (69451) |  | (69451) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 5000 | (34726) | (34851) | 125 | GSI |
|  Louisiana-Pacific Corp. | 06/20/29 | 5.000%(Q) |  | 1950 | (325422) | (298645) | (26777) | GSI |
|  Medline Borrower LP | 06/20/29 | 5.000%(Q) |  | 1950 | (292537) | (241423) | (51114) | GSI |
|  Murphy Oil Corp. | 06/20/29 | 1.000%(Q) |  | 1950 | 105291 | 6965 | 98326 | GSI |
|  Organon & Co. | 06/20/29 | 5.000%(Q) |  | 1950 | (163208) | (205249) | 42041 | GSI |
|  PG&E Corp. | 06/20/29 | 5.000%(Q) |  | 1950 | (287969) | (248502) | (39467) | GSI |
|  Post Holdings, Inc. | 06/20/29 | 5.000%(Q) |  | 1950 | (282971) | (258019) | (24952) | GSI |
|  Republic of Romania | 12/20/29 | 1.000%(Q) | EUR | 4500 | 214425 | 162431 | 51994 | BARC |
|  Republic of South Africa | 06/20/26 | 1.000%(Q) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | (31941) | 68404 | (100345) | GSI |
|  Safeway, Inc. | 06/20/29 | 5.000%(Q) |  | 1950 | (334876) | (305294) | (29582) | GSI |
|  Standard Building Solutions, Inc. | 06/20/29 | 5.000%(Q) |  | 1950 | (299848) | (285472) | (14376) | GSI |
|  Tenet Healthcare Corp. | 06/20/29 | 5.000%(Q) |  | 1950 | (284116) | (261211) | (22905) | GSI |
|  U.S. Treasury Notes | 06/20/25 | 0.250%(Q) | EUR | 1110 | 221 | (89) | 310 | BARC |
|  Uber Technologies, Inc. | 06/20/29 | 5.000%(Q) |  | 1950 | (349106) | (291215) | (57891) | GSI |
|  United Rentals North America, Inc. | 06/20/29 | 5.000%(Q) |  | 1950 | (314869) | (283837) | (31032) | GSI |
|  Venture Global LNG, Inc. | 06/20/29 | 5.000%(Q) |  | 1950 | (147939) | (199974) | 52035 | GSI |
|  Weatherford International Ltd. | 06/20/29 | 5.000%(Q) |  | 1950 | (149466) | (278134) | 128668 | GSI |
|  |  |  |  |  | $(6473008) | $(5866737) | $(606271) |  |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at<br>April 30,**<br>**2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) | 3030 | 0.296% | $17119 | $13910 | $3209 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) | 835 | \* | (1279) |  | (1279) | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) | 665 | \* | 2815 |  | 2815 | GSI |
|  Citigroup, Inc. | 12/20/25 | 1.000%(Q) | 3030 | 0.315% | 16749 | 14102 | 2647 | GSI |
|  General Motors Co. | 06/20/26 | 5.000%(Q) | 2230 | 0.468% | 126268 | 98897 | 27371 | GSI |
|  Halliburton Co. | 12/20/26 | 1.000%(Q) | 910 | 0.433% | 9308 | 2859 | 6449 | GSI |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) | 750 | 0.239% | 12707 | 11190 | 1517 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) | 565 | 0.308% | 10577 | 9431 | 1146 | BARC |
|  Kingdom of Norway | 12/20/25 | —%(Q) | 10000 | 0.044% | (2777) | (3158) | 381 | BARC |
|  Kingdom of Spain | 06/20/25 | 1.000%(Q) | 2070 | 0.071% | 5110 | 2722 | 2388 | BARC |
|  Lincoln National Corp. | 12/20/29 | 1.000%(Q) | 5300 | 1.452% | (93662) | (97833) | 4171 | BARC |
|  Morgan Stanley | 12/20/25 | 1.000%(Q) | 3030 | 0.298% | 17085 | 13910 | 3175 | GSI |
|  Pacific Life | 08/20/35 | 2.500%(Q) | 1000 | 2.281% | 20426 | (4) | 20430 | GSI |
|  Petroleos Mexicanos | 06/20/25 | 1.000%(Q) | 1230 | 4.075% | (3847) | (919) | (2928) | MSI |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(Q) | 3227 | 4.157% | (6034) |  | (6034) | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(Q) | 5800 | \* | (2770) |  | (2770) | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(Q) | 4330 | \* | 24828 |  | 24828 | GSI |
|  Republic of Italy | 06/20/25 | 1.000%(Q) | 3620 | 0.084% | 8870 | 4757 | 4113 | BARC |
|  Simon Property Group LP | 06/20/26 | 1.000%(Q) | 1980 | 0.253% | 18909 | 5230 | 13679 | GSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) | 2915 | 1.444% | (11007) | (16331) | 5324 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) | 680 | 0.353% | 5727 | 3244 | 2483 | GSI |
|  |  |  |  |  | $175122 | $62007 | $113115 |  |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 57

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Value at**<br>**Trade Date** | **Value at**<br>**April 30,**<br>**2025** | **Unrealized**<br>**Appreciation**<br> **(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000 %(Q) | 61231 | $(827739) | $(974203) | $(146464) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied Credit**<br>**Spread at**<br>**April 30,**<br>**2025(4)** | **Value at**<br>**Trade Date** | **Value at**<br>**April 30,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000 %(Q) | 11830 | 4.123% | $(340892) | $(497109) | $(156217) |

---

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

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 April 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Fund**<br>**Receives** | **Notional**<br>**Amount**<br>**(000)#** | **Fund**<br>**Pays** | **Fund**<br>**Pays** | **Counterparty** | **Termination**<br>**Date** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **OTC Currency Swap Agreement:** |  |  |  |  |  |  |  |  |  |
| 4500 | 3.100 %(A) | EUR 4,883 | 1 Day SOFR | (A)/ 4.410% | JPM | 09/27/29 | $(343515) | $— | $(343515) |

---

#### Interest rate swap agreements outstanding at April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>April 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
|  GBP | &nbsp;&nbsp;&nbsp;&nbsp;2090 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 4.459% | $(28953) | $184294 | $213247 |
|  GBP | &nbsp;&nbsp;&nbsp;&nbsp;15780 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 4.459% | 1652770 | 1833095 | 180325 |
|  GBP | &nbsp;&nbsp;&nbsp;&nbsp;1340 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 4.459% | (30882) | 298326 | 329208 |
|  | 246380 | 05/07/25 | 4.321%(A) | 1 Day USOIS(2)(A)/ 4.330% |  | (7171) | (7171) |
|  | 110000 | 05/13/25 | 5.140%(A) | 1 Day SOFR(1)(A)/ 4.410% |  | (263981) | (263981) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;24570 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/ 4.410% |  | (65476) | (65476) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;45000 | 05/13/26 | 4.735%(A) | 1 Day SOFR(1)(A)/ 4.410% |  | (375434) | (375434) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;12090 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.410% | 2236 | (198071) | (200307) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;16000 | 05/11/27 | 0.700%(A) | 1 Day SOFR(1)(A)/ 4.410% | 1776548 | 1502181 | (274367) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;10000 | 12/15/27 | 3.709%(A) | 1 Day SOFR(1)(A)/ 4.410% |  | (69589) | (69589) |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 59

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Interest rate swap agreements outstanding at April 30, 2025 (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>April 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |
| &nbsp;&nbsp;&nbsp;&nbsp;91780 | 01/28/29 | 4.110%(A) | 1 Day SOFR(1)(A)/ 4.410% | $— | $(2471340) | $(2471340) |
| &nbsp;&nbsp;&nbsp;&nbsp;41330 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.410% |  | 549208 | 549208 |
| &nbsp;&nbsp;&nbsp;&nbsp;7820 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.410% | (55686) | (98778) | (43092) |
| &nbsp;&nbsp;&nbsp;&nbsp;24771 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 4.410% |  | (341344) | (341344) |
| &nbsp;&nbsp;&nbsp;&nbsp;3375 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.410% | 1540576 | 1580785 | 40209 |
| &nbsp;&nbsp;&nbsp;&nbsp;42715 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.410% | 624695 | 707184 | 82489 |
| &nbsp;&nbsp;&nbsp;&nbsp;6930 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.410% | 53717 | 139137 | 85420 |
| &nbsp;&nbsp;&nbsp;&nbsp;31500 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.410% |  | 25188 | 25188 |
| &nbsp;&nbsp;&nbsp;&nbsp;13780 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 4.410% | (252471) | (753326) | (500855) |
|  |  |  |  | $5282550 | $2174888 | $(3107662) |

---

(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 April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Financing<br>Rate** | **Counterparty** | **Termination<br>Date** | **Long**<br>**(Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day <br>SOFR(Q)/<br>4.410% | JPM | 06/20/25 | (88430) | $(1683996) | $— | $(1683996) |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day <br>SOFR(Q)/<br>4.410% | JPM | 09/22/25 | (17440) | (34416) |  | (34416) |
|  Total Return Benchmark Bond Index(T)†† | 1 Day SOFR<br>-54bps(T)/<br>3.870% | JPM | 09/19/25 | (53916) | 932487 |  | 932487 |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS<br>-40bps(T)/<br>3.930% | GSI | 09/19/25 | (2944) | 53256 |  | 53256 |
|  |  |  |  |  | $(732669) | $— | $(732669) |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Fund is only required to disclose the top 50.

The following table represents the top 50 individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with JPM, as of April 30, 2025, termination date 09/19/2025:

#### Corporate Bond:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  Sysco Corp. | 3625764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3857450 | 1.55% |
|  Morgan Stanley | 3625764 | 3533628 | 1.42% |
|  Northrop Grumman Corp. | 3625764 | 3443253 | 1.38% |
|  United Parcel Service, Inc. | 3625764 | 3397726 | 1.36% |
|  Fox Corp. | 3625764 | 3358305 | 1.35% |
|  Telefonica Emisiones, S.A.U. | 3625764 | 3328973 | 1.33% |
|  Conagra Brands, Inc. | 3625764 | 3312880 | 1.33% |
|  Keurig Dr Pepper, Inc. | 3625764 | 3247245 | 1.30% |
|  HCA, Inc. | 3625764 | 3215743 | 1.29% |
|  The Walt Disney Co. | 3625764 | 3198853 | 1.28% |
|  Wells Fargo & Co. | 3625764 | 3197532 | 1.28% |
|  FedEx Corp. | 3625764 | 3192791 | 1.28% |
|  Cigna Corp. | 3625764 | 3191692 | 1.28% |
|  Walgreens Boots Alliance, Inc. | 3625764 | 3173655 | 1.27% |
|  Bristol-Myers Squibb Co. | 3625764 | 3050866 | 1.22% |
|  ExxonMobil Corp. | 3625764 | 2986541 | 1.20% |
|  T-Mobile USA, Inc. | 3625764 | 2947363 | 1.18% |
|  Thermo Fisher Scientific, Inc. | 3625764 | 2936630 | 1.18% |
|  Eli Lilly and Co. | 3625764 | 2921770 | 1.17% |
|  Johnson & Johnson | 3625764 | 2910110 | 1.17% |
|  Fiserv, Inc. | 3625764 | 2901735 | 1.16% |
|  McDonald's Corp. | 3625764 | 2862303 | 1.15% |
|  Intel Corp. | 3625764 | 2857672 | 1.15% |
|  Mastercard, Inc. | 3625764 | 2847545 | 1.14% |
|  Enterprise Products Operating LLC | 3625764 | 2837632 | 1.14% |
|  Progressive Corp. | 3625764 | 2815655 | 1.13% |
|  Bank of America Corp. | 3625764 | 2813822 | 1.13% |
|  Deere & Co. | 3625764 | 2795284 | 1.12% |
|  Vodafone Group PLC | 3625764 | 2767164 | 1.11% |
|  Paramount Group, Inc. | 3625764 | 2747858 | 1.10% |
|  Union Electric Co. | 3625764 | 2736677 | 1.10% |
|  Becton, Dickinson & Co. | 3625764 | 2735133 | 1.10% |
|  NVIDIA Corp. | 3625764 | 2693358 | 1.08% |
|  Equinor ASA | 3625764 | 2675337 | 1.07% |
|  Dollar General Corp. | 3625764 | 2650033 | 1.06% |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 61

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Corporate Bond (continued):

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  Oracle Corp. | 3625764 | $2625295 | 1.05% |
|  Global Payments, Inc. | 3625764 | 2617199 | 1.05% |
|  Humana, Inc. | 3625764 | 2606154 | 1.04% |
|  Rogers Communications, Inc. | 3625764 | 2605933 | 1.04% |
|  eBay, Inc. | 3625764 | 2603521 | 1.04% |
|  Verizon Communications, Inc. | 3625764 | 2569849 | 1.03% |
|  Entergy Corp. | 3625764 | 2565611 | 1.03% |
|  Nike, Inc. | 3625764 | 2528672 | 1.01% |
|  B.A.T. Capital Corp. | 3625764 | 2524665 | 1.01% |
|  Caterpillar, Inc. | 3625764 | 2507454 | 1.00% |
|  Union Pacific Corp. | 3625764 | 2498190 | 1.00% |
|  Amazon.com, Inc. | 3625764 | 2496654 | 1.00% |
|  Starbucks Corp. | 3625764 | 2494462 | 1.00% |
|  Altria Group, Inc. | 3625764 | 2494255 | 1.00% |
|  Duke Energy Corp. | 3625764 | 2459260 | 0.99% |
|  |  | $144337388 |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $470102 | $(6309056) | $6370342 | $(7919071) |

---

#### 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** |
|  CGM | $– | $32226683 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $22934294 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 639514690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 23526100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 5048854 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 1584723 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 16426119 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 11237387 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 10256930 | 2851503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 2853491 |  |  |
|  Commercial Mortgage-Backed Securities |  | 178986579 |  |  |
|  Corporate Bonds |  | 623349358 | 1702907 |  |
|  Floating Rate and Other Loans |  | 30804707 | 9143601 |  |
|  Municipal Bonds |  | 6637655 |  |  |
|  Residential Mortgage-Backed Securities |  | 133266134 | 1343589 |  |
|  Sovereign Bonds |  | 131017104 |  |  |
|  U.S. Government Agency Obligations |  | 299970037 |  |  |
|  U.S. Treasury Obligations |  | 1030375545 |  |  |
|  Affiliated Exchange-Traded Funds | 211159722 |  |  |  |
|  Common Stocks | 1306023 | 3298134 | 1677859 |  |
|  Preferred Stocks |  |  | 655680 |  |
|  Warrants |  | 14395 | 308 |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 122329429 |  |  |  |
|  Options Purchased | 2275 | 1526372 |  |  |
|  **Total** | $**334797449** | $**3172628608** | $**17375447** |  |
|  **Liabilities** |  |  |  |  |
|  Options Written | $**(340113)** | $**(3552592)** | $**—** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— | <sup>\*\*</sup> |
|  Futures Contracts | 373519 |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 4713119 |  |  |
|  OTC Cross Currency Exchange Contracts |  | 20465 |  |  |
|  OTC Packaged Credit Default Swap Agreements |  | 4752866 |  |  |
|  OTC Credit Default Swap Agreements |  | 588792 | 46481 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 1505294 |  |  |
|  OTC Total Return Swap Agreements |  | 985743 |  |  |
|  **Total** | $**373519** | $**12566279** | $**46481** |  |
|  **Liabilities** |  |  |  |  |
|  Forward Commitment Contracts | $— | $(14252872) | $— |  |
|  Futures Contracts | (17825389) |  |  |  |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 63

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $— | $(9102140) | $— |
|  OTC Cross Currency Exchange Contracts |  | (881) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (4785317) |  |
|  Centrally Cleared Credit Default Swap Agreements |  | (302681) |  |
|  OTC Credit Default Swap Agreements |  | (6910272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4049) |
|  OTC Currency Swap Agreement |  | (343515) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (4612956) |  |
|  OTC Total Return Swap Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1718412) |  |
|  **Total** | $**(17825389)** | $**(42029046)** | $**(4049)** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded corporate bond commitments and forward commitment contracts, and are not reflected in the Schedule of Investments. Centrally cleared swaptions, futures, forwards, centrally cleared swap contracts, unfunded corporate bond commitments are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 30.2 |
|  Collateralized Loan Obligations | 18.8 |
|  U.S. Government Agency Obligations | 8.8 |
|  Affiliated Exchange-Traded Funds | 6.2 |
|  Commercial Mortgage-Backed Securities | 5.3 |
|  Residential Mortgage-Backed Securities | 4.4 |
|  Sovereign Bonds | 3.8 |
|  Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan) | 3.6 |
|  Banks | 2.6 |
|  Retail | 1.8 |
|  Oil & Gas | 1.4 |
|  Electric | 1.4 |
|  Telecommunications | 1.2 |
|  Chemicals | 1.1 |
|  Pipelines | 1 |
|  Foods | 1 |
|  Aerospace & Defense | 0.7 |
|  Consumer Loans | 0.7 |
|  Automobiles | 0.7 |
|  Diversified Financial Services | 0.5 |

---

---

| | |
|:---|:---|
|  Media | 0.5 |
|  Home Equity Loans | 0.5 |
|  Real Estate Investment Trusts (REITs) | 0.5 |
|  Auto Manufacturers | 0.4 |
|  Engineering & Construction | 0.4 |
|  Leisure Time | 0.4 |
|  Airlines | 0.4 |
|  Commercial Services | 0.4 |
|  Other | 0.3 |
|  Mining | 0.3 |
|  Auto Parts & Equipment | 0.3 |
|  Computers | 0.2 |
|  Home Builders | 0.2 |
|  Holding Companies-Diversified | 0.2 |
|  Entertainment | 0.2 |
|  Lodging | 0.2 |
|  Municipal Bonds | 0.2 |
|  Agriculture | 0.2 |
|  Pharmaceuticals | 0.2 |
|  Packaging & Containers | 0.2 |
|  Trucking & Leasing | 0.2 |
|  Building Materials | 0.2 |

---

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Metal Fabricate/Hardware | 0.2% |
|  Office/Business Equipment | 0.2 |
|  Internet | 0.1 |
|  Credit Cards | 0.1 |
|  Healthcare-Services | 0.1 |
|  Distribution/Wholesale | 0.1 |
|  Iron/Steel | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Forest Products & Paper | 0.1 |
|  Student Loans | 0.1 |
|  Transportation | 0.1 |
|  Gas | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Multi-National | 0.0 \* |
|  Insurance | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Equipment | 0.0 \* |
|  Options Purchased | 0.0 \* |

---

---

| | |
|:---|:---|
|  Real Estate | 0.0 |
|  Gas Utilities | 0.0 \* |
|  Coal | 0.0 \* |
|  Apparel | 0.0 \* |
|  Housewares | 0.0 \* |
|  Hotels, Restaurants & Leisure | 0.0 \* |
|  Electronic Equipment, Instruments & Components | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Environmental Control | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  | 103.4 |
|  Options Written | (0.1) |
|  Liabilities in excess of other assets | (3.3) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted**<br> **for as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts |  | $— | Due from/to broker-variation margin swaps and swaptions | $302,681\* |
|  Credit contracts | Premiums paid for OTC swap agreements | 470102 | Premiums received for OTC swap agreements Options written | 6309056 |
|  Credit contracts | Unaffiliated investments Unrealized appreciation | 965754 | outstanding, at value Unrealized depreciation | 1141525 |
|  Credit contracts | on OTC swap agreements | 5384599 | on OTC swap agreements | 5857144 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 65

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted**<br> **for as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair Value** |
|  Foreign exchange contracts | Unaffiliated investments | $314592 | Options written outstanding, at value | $2141516 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 20465 | Unrealized depreciation on OTC cross currency exchange contracts | 881 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 4713119 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 9102140 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 373519 \* | Due from/to broker-variation margin futures | 17825389 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 1505294 \* | Due from/to broker-variation margin swaps | 4612956 \* |
|  Interest rate contracts | Unaffiliated investments | 248301 | Options written outstanding, at value | 609664 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 985743 | Unrealized depreciation on OTC swap agreements | 2061927 |
|  |  | $14981488 |  | $49964879 |

---

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as**<br> **hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward**<br>**& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(305590) | $889848 | $— | $— | $(854507) |
|  Foreign exchange contracts | (280125) | 2031184 |  | (6983600) |  |
|  Interest rate contracts | 147565 | 43769 | 33515528 |  | 5462887 |
|  **Total** | $(438150) | $2964801 | $33515528 | $(6983600) | $4608380 |

---

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

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward**<br>**& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(68130) | $(192561) | $— | $— | $831517 |
|  Foreign exchange contracts | 146747 | (365753) |  | (6122507) |  |
|  Interest rate contracts | 167411 | (249726) | (43254819) |  | (7884018) |
|  **Total** | $246028 | $(808040) | $(43254819) | $(6122507) | $(7052501) |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $633196 |
| &nbsp;&nbsp; Options Written (2) | 828633837 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 174382646 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 1367868258 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 251618524 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 631740240 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 3537935 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 484446994 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 233322408 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 198502589 |
| &nbsp;&nbsp; Currency Swap Agreements (2) | 4500000 |
| &nbsp;&nbsp; Total Return Swap Agreements (2) | 113740153 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

#### Offsetting of financial instrument/transaction assets and liabilities:
See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 67

------

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized<br> Assets/(Liabilities)**  | **Collateral<br> Pledged/(Received)(2)** | **Net<br> Amount** |
| &nbsp;&nbsp; Securities on Loan | $43407775 | $(43407775) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br> Assets(1)**  | **Gross Amounts of<br>Recognized<br> Liabilities(1)**  | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $5126223 | $(5039408) | $86815 | $— | $86815 |
|  BNP | 167217 | (178802) | (11585) |  | (11585) |
|  BNY |  | (186380) | (186380) | 34105 | (152275) |
|  BOA | 121811 | (735734) | (613923) | 590191 | (23732) |
|  CITI | 1209720 | (854672) | 355048 | (271815) | 83233 |
|  DB | 128570 | (814679) | (686109) | 686109 |  |
|  GSI | 1100025 | (7679476) | (6579451) | 6579451 |  |
|  HSBC | 750675 | (5540613) | (4789938) | 4789938 |  |
|  JPM | 1949407 | (2691412) | (742005) | 742005 |  |
|  MSI | 1275581 | (2973660) | (1698079) | 1698079 |  |
|  SCB | 222979 | (11641) | 211338 | (211338) |  |
|  SSB | 643453 | (102604) | 540849 | (69597) | 471252 |
|  TD | 404739 | (74659) | 330080 |  | 330080 |
|  | $13100400 | $(26883740) | $(13783340) | $14567128 | $783788 |

---

(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.

------

Statement of Assets and Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $43,407,775: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,178,210,061) | $3191312353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $333,708,309) | 333489151 |
| &nbsp;&nbsp; Foreign currency, at value (cost $2,996,000) | 2986084 |
| &nbsp;&nbsp; Receivable for investments sold | 43743801 |
| &nbsp;&nbsp; Dividends and interest receivable | 24826995 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 16242796 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 6370342 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 4713119 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 470102 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 406027 |
| &nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 20465 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 217084 |
| &nbsp;&nbsp; **Total Assets** | 3624798319 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 110236932 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 44328152 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 15852435 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $14,196,826) | 14252872 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 9102140 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 7919071 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 6309056 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $3,407,594) | 3892705 |
| &nbsp;&nbsp; Management fee payable | 1584294 |
| &nbsp;&nbsp; Dividends payable | 822668 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 530324 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 272241 |
| &nbsp;&nbsp; Distribution fee payable | 83635 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 2488 |
| &nbsp;&nbsp; Payable to custodian | 2397 |
| &nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 881 |
| &nbsp;&nbsp; **Total Liabilities** | 215192291 |
| &nbsp;&nbsp; **Net Assets** | $3409606028 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $374312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 3666473129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (257241413) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $3409606028 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 69

------

Statement of Assets and Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share, |  |
| &nbsp;&nbsp; ($189,167,168 ÷ 20,850,268 shares of beneficial interest issued and outstanding) | $9.07 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.30 |
| &nbsp;&nbsp; Maximum offering price to public | $9.37 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($56,013,300 ÷ 6,154,814 shares of beneficial interest issued and outstanding) | $9.10 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($3,007,320,422 ÷ 329,978,887 shares of beneficial interest issued and outstanding) | $9.11 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($157,105,138 ÷ 17,328,484 shares of beneficial interest issued and outstanding) | $9.07 |

---

See Notes to Financial Statements.

------

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income (net of $702 foreign withholding tax) | $75031099 |
| &nbsp;&nbsp; Affiliated dividend income | 6548908 |
| &nbsp;&nbsp; Unaffiliated dividend income | 4927100 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $41,580) | 46373 |
| &nbsp;&nbsp; **Total income** | 86553480 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 8939882 |
| &nbsp;&nbsp; Distribution fee(a) | 462015 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $9,512)(a) | 1343589 |
| &nbsp;&nbsp; Registration fees(a) | 96698 |
| &nbsp;&nbsp; Custodian and accounting fees | 95614 |
| &nbsp;&nbsp; Shareholders' reports | 54240 |
| &nbsp;&nbsp; SEC registration fees | 50615 |
| &nbsp;&nbsp; Audit fee | 36206 |
| &nbsp;&nbsp; Professional fees | 25538 |
| &nbsp;&nbsp; Trustees' fees | 20543 |
| &nbsp;&nbsp; Miscellaneous | 33952 |
| &nbsp;&nbsp; **Total expenses** | 11158892 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (153198) |
| &nbsp;&nbsp; **Net expenses** | 11005694 |
| &nbsp;&nbsp; Net investment income (loss) | 75547786 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(8185)) | (4412960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 26662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 33515528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (6983600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 2964801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 4608380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3420005) |
|  | 26298806 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(509437)) | 16824700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (43254819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (6122507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (808040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (7052501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (488535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | (178) |
|  | (40901880) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (14603074) |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 71

------

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $60944712 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 213420 | 248595 |  |  |
|  Transfer agent's fees and expenses | 50316 | 17321 | 1273242 | 2710 |
|  Registration fees | 13884 | 9422 | 59507 | 13885 |
|  Fee waiver and/or expense reimbursement | (8561) | (2495) | (135117) | (7025) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **Year Ended<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $75547786 | $110172203 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 26272144 | (41014894) |
| &nbsp;&nbsp; Affiliated net capital gain distributions received | 26662 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (40901880) | 93950427 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 60944712 | 163107736 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (4157530) | (6969111) |
| &nbsp;&nbsp; Class C | (1012224) | (1518338) |
| &nbsp;&nbsp; Class Z | (68571006) | (103063732) |
| &nbsp;&nbsp; Class R6 | (3609685) | (5379331) |
|  | (77350445) | (116930512) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 1313406692 | 2126031131 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 72947113 | 109659594 |
| &nbsp;&nbsp; Cost of shares purchased | (668301756) | (885479718) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 718052049 | 1350211007 |
| &nbsp;&nbsp; Total increase (decrease) | 701646316 | 1396388231 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 2707959712 | 1311571481 |
| &nbsp;&nbsp; End of period | $3409606028 | $2707959712 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 73

------

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.11 | $8.87 | $8.79 | $9.22 | $8.94 | $9.73 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.22 | 0.47 | 0.41 | 0.22 | 0.21 | 0.30 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.04) | 0.28 | 0.14 | (0.43) | 0.30 | (0.49) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.18 | 0.75 | 0.55 | (0.21) | 0.51 | (0.19) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.22) | (0.51) | (0.45) | (0.22) | (0.22) | (0.26) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.02) |  | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  |  | (0.30) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.22) | (0.51) | (0.47) | (0.22) | (0.23) | (0.60) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.07 | $9.11 | $8.87 | $8.79 | $9.22 | $8.94 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 2.00% | 8.60% | 6.45% | (2.30)% | 5.71% | (1.96)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $189167 | $155240 | $106045 | $94351 | $109630 | $93597 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $172150 | $125443 | $100819 | $97005 | $98531 | $114656 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.92 %<sup>(d)</sup> | 0.95% | 0.98% | 0.98% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.93 %<sup>(d)</sup> | 0.95% | 0.98% | 0.98% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.75 %<sup>(d)</sup> | 5.21% | 4.64% | 2.46% | 2.32% | 3.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 42% | 77% | 156% | 30% | 48% | 20% |

---

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

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

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

(d) Annualized.

(e) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $9.14 | $8.89 | $8.82 | $9.25 | $8.97 | $9.76 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.18 | 0.40 | 0.34 | 0.15 | 0.15 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.03) | 0.28 | 0.13 | (0.43) | 0.29 | (0.48) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.15 | 0.68 | 0.47 | (0.28) | 0.44 | (0.25) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.19) | (0.43) | (0.38) | (0.15) | (0.15) | (0.20) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  |  | (0.02) |  | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  |  | (0.30) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.19) | (0.43) | (0.40) | (0.15) | (0.16) | (0.54) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.10 | $9.14 | $8.89 | $8.82 | $9.25 | $8.97 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 1.61% | 7.85% | 5.49% | (3.04)% | 5.03% | (2.70)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $56013 | $41463 | $25851 | $31871 | $42635 | $66396 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $50131 | $32094 | $28227 | $36300 | $52974 | $86229 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.70 %<sup>(d)</sup> | 1.76% | 1.78% | 1.75% | 1.73% | 1.73% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.71 %<sup>(d)</sup> | 1.76% | 1.78% | 1.75% | 1.73% | 1.73% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.95 %<sup>(d)</sup> | 4.39% | 3.81% | 1.67% | 1.64% | 2.51% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 42% | 77% | 156% | 30% | 48% | 20% |

---

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

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

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

(d) Annualized.

(e) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 75

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Financial Highlights (unaudited) (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.15 | $8.91 | $8.83 | $9.26 | $8.98 | $9.77 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.49 | 0.43 | 0.25 | 0.24 | 0.32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.04) | 0.28 | 0.15 | (0.44) | 0.29 | (0.48) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.19 | 0.77 | 0.58 | (0.19) | 0.53 | (0.16) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.53) | (0.48) | (0.24) | (0.24) | (0.29) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (0.02) |  | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.30) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (0.53) | (0.50) | (0.24) | (0.25) | (0.63) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $9.11 | $9.15 | $8.91 | $8.83 | $9.26 | $8.98 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.11% | 8.84% | 6.71% | (2.03)% | 5.96% | (1.70)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3007320 | $2384670 | $1116816 | $1108186 | $767056 | $1071124 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2716854 | $1796014 | $1020990 | $914879 | $833908 | $1499872 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69 %<sup>(d)</sup> | 0.73% | 0.73% | 0.72% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.70 %<sup>(d)</sup> | 0.73% | 0.74% | 0.72% | 0.73% | 0.74% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.97 %<sup>(d)</sup> | 5.41% | 4.83% | 2.81% | 2.64% | 3.53% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 42% | 77% | 156% | 30% | 48% | 20% |

---

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

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

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

(d) Annualized.

(e) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **April 30,**<br> **2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended**<br> **April 30,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.11 | $8.86 | $8.79 | $9.21 | $8.93 | $9.72 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.50 | 0.44 | 0.25 | 0.26 | 0.32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.04) | 0.28 | 0.13 | (0.42) | 0.28 | (0.48) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.19 | 0.78 | 0.57 | (0.17) | 0.54 | (0.16) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.53) | (0.48) | (0.25) | (0.25) | (0.29) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (0.02) |  | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.30) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (0.53) | (0.50) | (0.25) | (0.26) | (0.63) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $9.07 | $9.11 | $8.86 | $8.79 | $9.21 | $8.93 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.15% | 9.06% | 6.69% | (1.87)% | 6.07% | (1.66)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $157105 | $126586 | $62859 | $62579 | $60135 | $127864 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $141031 | $92444 | $60732 | $60251 | $97518 | $109540 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.62 %<sup>(d)</sup> | 0.64% | 0.65% | 0.65% | 0.64% | 0.65% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.63 %<sup>(d)</sup> | 0.64% | 0.65% | 0.65% | 0.64% | 0.65% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.04 %<sup>(d)</sup> | 5.49% | 4.95% | 2.82% | 2.79% | 3.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 42% | 77% | 156% | 30% | 48% | 20% |

---

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

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

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

(d) Annualized.

(e) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 77

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Notes to Financial Statements (unaudited)

**1.** **Organization** 

Prudential Investment Portfolios 9 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Absolute Return Bond Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

**2.** **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 is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Fund consistently follows such policies in the preparation of its financial statements.

During the reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Fund's financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. PGIM Investments LLC ("PGIM Investments" or the "Manager") acts as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's

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investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated PGIM Investments as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. 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. Fair value is the estimated 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.

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

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

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, 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 a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than ETFs) 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

PGIM Absolute Return Bond Fund 79

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Notes to Financial Statements (unaudited) (continued)

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.

Floating rate and other 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. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other 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 policies and procedures 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

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

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(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 unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. 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 investment 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.

PGIM Absolute Return Bond Fund 81

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Notes to Financial Statements (unaudited) (continued)

*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 or 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 and/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

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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. The Fund entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*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 deposit collateral with a futures commission merchant 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, equal to the change in the mark-to-market value of the futures contract. 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.

*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

PGIM Absolute Return Bond Fund 83

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Notes to Financial Statements (unaudited) (continued)

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 or 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. For OTC-traded, 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 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.

*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" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

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

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

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

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

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

*Floating Rate and Other Loans:* The Fund invested in floating rate and other loans. Floating rate and other loans include 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 floating rate and other loans market. The

PGIM Absolute Return Bond Fund 85

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Notes to Financial Statements (unaudited) (continued)

Fund acquires interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans 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 floating rate and other loans 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.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The RIC, 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.

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

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

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and

PGIM Absolute Return Bond Fund 87

------

Notes to Financial Statements (unaudited) (continued)

credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants:* The Fund held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants 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 warrants are held as long positions by the Fund until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:* The Fund invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the 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.

*Delayed-Delivery Transactions:* The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

*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 the 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. The remaining open loans of the securities lending transactions are considered overnight and continuous. 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, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. 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 in the Statement of Operations.

*Mortgage Dollar Rolls:* The Fund entered into mortgage dollar rolls in which the Fund sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Fund is subject to the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price.

*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 expense amounts. 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. Such class specific expenses and waivers 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.

PGIM Absolute Return Bond Fund 89

------

Notes to Financial Statements (unaudited) (continued)

*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:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, 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. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
|  Net Investment Income | Monthly |
|  Short-Term Capital Gains | Annually |
|  Long-Term Capital Gains | Annually |

---

\* Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*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.

**3.** **Agreements** 

The RIC, on behalf of the Fund, has entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income, and PGIM Limited (collectively the "subadviser"). The Manager pays for the services of the subadviser.

------

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2025, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers** <br> **and/or expense reimbursements** |
|  0.590% of average daily net assets up to $2.5 billion; | 0.59% |
|  0.565% of average daily net assets from $2.5 billion to $5 billion; |  |
|  0.540% of average daily net assets over $5 billion. |  |

---

The Manager has contractually agreed, through February 28, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. 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 on any share class to the same extent that it waives such 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit 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 waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Class** | **Expense<br> Limitations** |
|  A | —% |
|  C |  |
|  Z | 0.73 |
|  R6 | 0.70 |

---

Separately, the Manager has contractually agreed that to the extent the Fund invests in an ETF advised by PGIM Investments ("PGIM ETF"), the Manager will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund.

The RIC, 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

PGIM Absolute Return Bond Fund 91

------

Notes to Financial Statements (unaudited) (continued)

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.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

The Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
|  A | 0.25% | 0.25% |
|  C | 1.00 | 1.00 |
|  Z | N/A | N/A |
|  R6 | N/A | N/A |

---

For the reporting period ended April 30, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
|  A | $185396 | $9191 |
|  C |  | 16325 |

---

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

**4.** **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 and shareholder servicing 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 Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the 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/trustees, and/or common officers. For the reporting period ended April 30, 2025, no Rule 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| $1407261045 | $1035167721 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2025, is presented in thousands (000) as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Value,**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Beginning**<br> **&nbsp;&nbsp;&nbsp;&nbsp;of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of<br>Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |  |  |  |  |  |  |  |
| PGIM AAA CLO ETF |  |  |  |  |  |  |  |  |  |
| $26037 | $66181 | $— | $(191) | $— | $92027 |  | 1798 | $1451 | $25 |
| PGIM Floating Rate Income ETF |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2540 |  | (85) |  | 2455 |  | 50 | 69 | 2 |
| PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF |  |  |  |
| 116913 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (235) |  | 116678 |  | 2350 | 2943 |  |
| $142950 | $68721 | $— | $(511) | $— | $211160 |  |  | $4463 | $27 |
| **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |  |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;77461 | 746162 | 745749 |  |  | 77874 |  | 77874 | 2086 |  |

---

PGIM Absolute Return Bond Fund 93

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** | **Capital<br>Gain**<br> **Distributions** |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> |
| $10365 | $345151 | $311055 | $2 | $(8) | $44455 | 44486 | $41<sup>(1)</sup> | $— |
| $87826 | $1091313 | $1056804 | $2 | $(8) | $122329 |  | $2127 | $— |
| $230776 | $1160034 | $1056804 | $(509) | $(8) | $333489 |  | $6590 | $27 |

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(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

(wa) Represents investments in Funds affiliated with the Manager.

**6.** **Tax Information** 

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net <br> Unrealized <br> Depreciation**  |
| $3490297625 | $62304686 | $(78565717) | $(16261031) |

---

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2024 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | |
|:---|:---|
| **Capital Loss**<br> **Carryforward** | **Capital Loss**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carryforward Utilized**  |
| $228786000 | $— |

---

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, 2024 are subject to such review.

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**7.** **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 $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% 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 eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges 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, below.

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

As of April 30, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
|  Z | 33557 | 0.1% |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
|  Affiliated |  | —% |
|  Unaffiliated | 9 | 88.4 |

---

PGIM Absolute Return Bond Fund 95

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Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

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| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
|  **Six months ended April 30, 2025:** |  |  |
|  Shares sold | 6432348 | $58671807 |
|  Shares issued in reinvestment of dividends and distributions | 421840 | 3851065 |
|  Shares purchased | (3250826) | (29599734) |
|  Net increase (decrease) in shares outstanding before conversion | 3603362 | 32923138 |
|  Shares issued upon conversion from other share class(es) | 565750 | 5162891 |
|  Shares purchased upon conversion into other share class(es) | (357156) | (3259580) |
|  Net increase (decrease) in shares outstanding | 3811956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34826449 |
|  **Year ended October 31, 2024:** |  |  |
|  Shares sold | 7667821 | $69410971 |
|  Shares issued in reinvestment of dividends and distributions | 689023 | 6238418 |
|  Shares purchased | (3703995) | (33467150) |
|  Net increase (decrease) in shares outstanding before conversion | 4652849 | 42182239 |
|  Shares issued upon conversion from other share class(es) | 690426 | 6243460 |
|  Shares purchased upon conversion into other share class(es) | (266612) | (2410198) |
|  Net increase (decrease) in shares outstanding | 5076663 | $46015501 |
|  **Class C** |  |  |
|  **Six months ended April 30, 2025:** |  |  |
|  Shares sold | 2267876 | $20775726 |
|  Shares issued in reinvestment of dividends and distributions | 108267 | 991239 |
|  Shares purchased | (566984) | (5186515) |
|  Net increase (decrease) in shares outstanding before conversion | 1809159 | 16580450 |
|  Shares purchased upon conversion into other share class(es) | (191157) | (1750380) |
|  Net increase (decrease) in shares outstanding | 1618002 | $14830070 |
|  **Year ended October 31, 2024:** |  |  |
|  Shares sold | 2412933 | $21912187 |
|  Shares issued in reinvestment of dividends and distributions | 161394 | 1465899 |
|  Shares purchased | (593844) | (5375653) |
|  Net increase (decrease) in shares outstanding before conversion | 1980483 | 18002433 |
|  Shares purchased upon conversion into other share class(es) | (350709) | (3181503) |
|  Net increase (decrease) in shares outstanding | 1629774 | $14820930 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class Z** |  |  |
|  **Six months ended April 30, 2025:** |  |  |
|  Shares sold | 127576802 | $1169545183 |
|  Shares issued in reinvestment of dividends and distributions | 7054531 | 64694560 |
|  Shares purchased | (65471646) | (599573044) |
|  Net increase (decrease) in shares outstanding before conversion | 69159687 | 634666699 |
|  Shares issued upon conversion from other share class(es) | 817820 | 7498513 |
|  Shares purchased upon conversion into other share class(es) | (555305) | (5088159) |
|  Net increase (decrease) in shares outstanding | 69422202 | $637077053 |
|  **Year ended October 31, 2024:** |  |  |
|  Shares sold | 214807755 | $1950293580 |
|  Shares issued in reinvestment of dividends and distributions | 10648442 | 96907781 |
|  Shares purchased | (89399355) | (811168765) |
|  Net increase (decrease) in shares outstanding before conversion | 136056842 | 1236032596 |
|  Shares issued upon conversion from other share class(es) | 391872 | 3561033 |
|  Shares purchased upon conversion into other share class(es) | (1301938) | (11851444) |
|  Net increase (decrease) in shares outstanding | 135146776 | $1227742185 |
|  **Class R6** |  |  |
|  **Six months ended April 30, 2025:** |  |  |
|  Shares sold | 7062729 | $64413976 |
|  Shares issued in reinvestment of dividends and distributions | 373875 | 3410249 |
|  Shares purchased | (3729861) | (33942463) |
|  Net increase (decrease) in shares outstanding before conversion | 3706743 | 33881762 |
|  Shares issued upon conversion from other share class(es) | 122907 | 1118595 |
|  Shares purchased upon conversion into other share class(es) | (403312) | (3681880) |
|  Net increase (decrease) in shares outstanding | 3426338 | $31318477 |
|  **Year ended October 31, 2024:** |  |  |
|  Shares sold | 9324324 | $84414393 |
|  Shares issued in reinvestment of dividends and distributions | 557532 | 5047496 |
|  Shares purchased | (3916990) | (35468150) |
|  Net increase (decrease) in shares outstanding before conversion | 5964866 | 53993739 |
|  Shares issued upon conversion from other share class(es) | 844587 | 7654250 |
|  Shares purchased upon conversion into other share class(es) | (1719) | (15598) |
|  Net increase (decrease) in shares outstanding | 6807734 | $61632391 |

---

**8.** **Borrowings** 

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the "Participating 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

PGIM Absolute Return Bond Fund 97

------

Notes to Financial Statements (unaudited) (continued)

funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | **SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal<br>funds rate, (2) the daily<br>SOFR rate plus 0.10%<br>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 Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended April 30, 2025.

**9.** **Risks of Investing in the Fund** 

The Fund's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund's risks, please refer to the Fund's Prospectus and Statement of Additional Information.

*Collateralized Loan Obligations ("CLOs") Risk:* CLOs are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.

*"Covenant-Lite" Risk:* Some of the loans or debt obligations in which the Fund may invest or get exposure to may be "covenant-lite", which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and

------

do not include terms which allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's net income and NAV.

*Credit Risk:* This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*Currency Risk:* The Fund's net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund's investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

*Debt Obligations Risk*: Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also 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 rate of interest 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 derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the

PGIM Absolute Return Bond Fund 99

------

Notes to Financial Statements (unaudited) (continued)

instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Floating Rate and Other Loans Risk:* The Fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund's access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a

------

high volume of shareholder redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser's credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower's loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Interest Rate Risk:* The value of your 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 debt

PGIM Absolute Return Bond Fund 101

------

Notes to Financial Statements (unaudited) (continued)

securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." 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." For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be elevated. 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 lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Junk Bonds Risk:* High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. 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.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

*Market 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 your investment in the Fund will decline.

PGIM Absolute Return Bond Fund 103

------

Notes to Financial Statements (unaudited) (continued)

*Mortgage-Backed and Asset-Backed Securities Risk:* Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

*Portfolio Turnover Risk:* The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Structured Products Risk:* Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate ("reference instrument"), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

------

*U.S. Government and Agency Securities Risk:* U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U. S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U. S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

**10.** **Subsequent Event** 

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of April 30, 2025.

PGIM Absolute Return Bond Fund 105

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract. - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16 – 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 (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) | Code of Ethics – Not required, as this is not an annual filing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d644732dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(5) | Change in the registrant's independent public accountant – Not applicable. |

---

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d644732dex99906cert.htm)

------

#### 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: | <u>Prudential Investment Portfolios 9</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | June 18, 2025 |

---

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: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | June 18, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 18, 2025 |

---

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 9** 

Semi-Annual period ending 4/30/25

File No. 811-09101

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

June 18, 2025

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios 9** 

Semi-Annual period ending 4/30/25

File No. 811-09101

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

June 18, 2025

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 9</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| June 18, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| June 18, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*