# EDGAR Filing Document

**Accession Number:** 0001070287
**File Stem:** 0001683863-23-000779
**Filing Date:** 2023-2
**Character Count:** 40691
**Document Hash:** 22537b98b5ef7fcc724a04e762b19df4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000779.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001683863-23-000779

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 9
- **CENTRAL INDEX KEY:** 0001070287
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-66895
- **FILM NUMBER:** 23630287

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH  FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH  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 International Bond Fund (Series ID: S000055822)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175781 | Class A      | PXBAX           |
| C000175782 | Class C      | PXBCX           |
| C000175783 | Class R6     | PXBQX           |
| C000175784 | Class Z      | PXBZX           |

![](summaryprosaibanner.jpg)

**PGIM International Bond Fund** 

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| | | | |
|:---|:---|:---|:---|
| **A:** PXBAX | **C:** PXBCX  | **Z:** PXBZX | **R6:** PXBQX |

---

**SUMMARY PROSPECTUS \| February 15, 2023**

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can ﬁnd the Fund's Prospectus, Statement of Additional Information ("SAI"), Annual Report and other information about the Fund online at www.pgim.com/investments. You can also get this information at no cost by calling 1-800-225-1852 or by sending an e-mail to: prospectus@pgim.com. The Fund's Prospectus and SAI, both dated February 15, 2023, as supplemented and amended from time to time, and

the [Fund's Annual Report](https://www.sec.gov/Archives/edgar/data/1070287/000119312522313457/d391359dncsr.htm), dated October 31, 2022, are all incorporated by reference into (legally made a part of) this Summary Prospectus.

**INVESTMENT OBJECTIVE**

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

**FUND FEES AND EXPENSES**

The tables below describe the sales charges, fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may be required to pay commissions to a broker for transactions in Class Z shares, which are not reflected in the table or the example below.** You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future,$100,000 or more in shares of the Fund or other funds in the PGIM Funds family. More information about these discounts as well as other waivers or discounts is available from your financial professional and is explained in *Reducing or Waiving Class A's and Class C's Sales Charges* on page 36 of the Fund's Prospectus, *Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries* on page 56 of the Fund's Prospectus and in *Rights of Accumulation* on page 65 of the Fund's Statement of Additional Information ("SAI").

**Shareholder Fees (fees paid directly from your investment)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A**  | **Class C**  | **Class Z**  | **Class R6** |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price)  | 3.25% |  |  |  |
| &nbsp;&nbsp; Maximum deferred sales charge (load) (as a percentage of the lower of the original purchase price or the net asset value at <br> redemption) <br>| 1.00%\* | 1.00%\*\* |  |  |
| Maximum sales charge (load) imposed on reinvested dividends and other distributions  |  |  |  |  |
| Redemption fee |  |  |  |  |
| Exchange fee  |  |  |  |  |
| Maximum account fee (accounts under $10,000)  | $15 | $15 | None\*\*\* |  |

---

\*Investors who purchase $500,000 or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge ("CDSC") of 1.00%, although they are not subject to an initial sales charge. The CDSC is waived for certain retirement and/or benefit plans.

\*\*Class C shares are sold with a CDSC of 1.00% on sales made within 12 months of purchase.

\*\*\*Direct Transfer Agent Accounts holding under $10,000 of Class Z shares are subject to the $15 fee.

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
| Management fee | 0.50% | 0.50% | 0.50% | 0.50% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | 3.54% | 11.71% | 1.26% | 0.62% |
| Total annual Fund operating expenses | 4.29% | 13.21% | 1.76% | 1.12% |
| Fee waiver and/or expense reimbursement | (3.30)% | (11.47)% | (1.13)% | (0.54)% |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement**<sup>(1)</sup> | **0.99%** | **1.74%** | **0.63%** | **0.58%** |

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<sup>(1)</sup> PGIM Investments LLC ("PGIM Investments") has contractually agreed, through February 29, 2024, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 0.99% of average daily net assets for Class A shares, 1.74% of average daily net assets for Class C shares, 0.63% of average daily net assets for Class Z shares, and 0.58% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where

![](pgim_sumpro.jpg)

**To enroll in e-delivery, go to pgim.com/investments/resource/edelivery**

MF234A

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applicable, PGIM Investments 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 PGIM Investments for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. This waiver may not be terminated prior to February 29, 2024 without the prior approval of the Fund's Board of Trustees.

**Example.** The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain the same (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.

**If Shares Are Redeemed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class A  | $423  | $1292  | $2174  | $4434  |
| Class C  | $277  | $2686  | $4799  | $7852  |
| Class Z | $64  | $444  | $848  | $1979  |
| Class R6 | $59  | $302  | $565  | $1315 |

---

**If Shares Are Not Redeemed**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class**  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Class A  | $423  | $1292  | $2174  | $4434  |
| Class C  | $177  | $2686  | $4799  | $7852  |
| Class Z | $64  | $444  | $848  | $1979  |
| Class R6 | $59  | $302  | $565  | $1315 |

---

**Portfolio Turnover.** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.

**INVESTMENTS, RISKS AND PERFORMANCE**

**Principal Investment Strategies.** The Fund seeks investments that will increase over time in value, as well as pay the Fund interest and other income. Under normal market conditions, the Fund invests at least 80% of its investable assets in bonds with varying maturities. For the purposes of this policy, bonds include all fixed income instruments, including debentures, notes, commercial paper and other similar types of debt instruments, mortgage-related securities, asset-backed securities, currencies, loan assignments and participations, money market instruments, and derivatives related to or referencing these types of securities and instruments. The term "investable assets" refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that the Fund has borrowed money for non-investment purposes, such as to meet redemptions.

In managing the Fund's assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.

The Fund primarily invests in fixed or floating rate fixed income instruments of foreign corporations and governments that are denominated in U.S. dollars or foreign currencies. Under normal market conditions the Fund invests in at least three foreign countries. Foreign government fixed income instruments include securities issued by quasi-governmental entities, government agencies, supranational entities and other governmental entities denominated in foreign currencies or U.S. dollars. The Fund invests in securities of emerging market countries.

Up to 35% of the Fund's total assets may be invested in lower-rated securities and unrated securities, including unrated securities that the subadviser determines are of comparable quality to below investment grade securities.

The Fund may invest up to 25% of its net assets in derivative instruments, including futures, options, options on futures, foreign currency forward contracts, and swaps, to try to enhance return or to reduce ("hedge") investment risks. The subadviser currently expects to hedge all or a portion of the Fund's foreign currency exposure (which includes investments in derivatives), although the subadviser has no obligation to do so.

The Fund may invest in mortgage-related securities issued or guaranteed by government and private issuers. Privately issued mortgage-related securities that are not guaranteed by governmental entities generally have one or more types of credit enhancement to ensure timely receipt of payments and to protect against default. Private issuer mortgage-backed securities may include loans on commercial or residential properties.

------

Asset-backed securities in which the Fund may invest are issued in the form of debt instruments that may include collateralized debt obligations ("CDOs"), which may include collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs").

The Fund is "non-diversified" for purposes of the Investment Company Act of 1940 (the "1940 Act"), which means that it can invest its assets in a smaller number of issuers than a "diversified" fund.

**Principal Risks.** All investments have risks to some degree. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day-to-day and over time.

You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.

An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; and is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks of investing in the Fund.

The order of the below risk factors does not indicate the significance of any particular risk factor.

**Credit Risk/Counterparty Risk**. The ability, or perceived ability, of the issuer or guarantor of a debt security, or the counterparty (the party on the other side of the transaction) to a derivatives contract or other financial contract to meet its financial obligations will affect the value of the security or derivative. Counterparty and credit risk are especially important in the context of privately negotiated instruments. The Fund expects to enter into certain privately negotiated agreements where the counterparty assumes the physical settlement obligations of the Fund under such transactions. Under this type of arrangement, there is a risk that the relevant counterparty or intermediary would, due to insolvency or other reasons, be unable to or fail to assume the physical settlement obligations of the Fund, in which case the Fund could be required to sell portfolio instruments at unfavorable times or prices or could have insufficient assets to satisfy its physical settlement obligations.

Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by the Fund, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Fund is subject. Not all securities in which the Fund invests are rated. 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 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 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.

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**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.

**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.

**Futures and Forward Contracts Risk.** The primary risks associated with the use of futures or forward contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures or forward contract; (b) possible lack of a liquid secondary market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty.

**Increase in Expenses Risk.** Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table 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 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.**" 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

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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.

**Leverage Risk.** Certain transactions in which the Fund may engage may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund's holdings, and makes any change in the Fund's net asset value ("NAV") greater than it would be without the use of leverage. This could result in increased volatility of investment return. There is a possibility that segregation involving a large percentage of the assets of the Fund could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations or that the Fund may be required to dispose of some of its investments at unfavorable prices or times.

**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 subadvisers will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadvisers' 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), 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).

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.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund's investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

**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.

**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.

**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.

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**Short Position Risk.** The Fund may take short positions in derivative instruments that present various risks, including credit/counterparty risk and leverage risk. A short position on a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying security or instrument and, thus, the risk of a theoretically unlimited loss for the Fund. Short positions also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses.

**Sovereign Debt Risk.** The Fund may invest in sovereign debt issued by governments, their agencies or instrumentalities, or other government-related entities. Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. In addition, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected.

**Performance.** The following bar chart shows the Fund's performance for Class Z shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The following table shows the Fund's average annual returns and also compares the Fund's performance with the average annual total returns of an index or other benchmark. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.

Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Without the management fee waiver and/or expense reimbursement, if any, the annual total returns would have been lower. Updated Fund performance information, including current net asset value, is available online at www.pgim.com/investments.

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

![](mf218a.jpg)<br>

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| | | | |
|:---|:---|:---|:---|
| **Best Quarter:** | **Best Quarter:** | **Worst Quarter:** | **Worst Quarter:** |
| 7.37% | &nbsp;&nbsp; 2nd <br> Quarter <br> 2020<br>| -10.02% | &nbsp;&nbsp; 1st <br> Quarter <br> 2022<br>|

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**Average Annual Total Returns % (including sales charges) (as of 12-31-22)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Return Before Taxes** | **One Year** | **5 Years** | **10 Years** | &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| Class A Shares | -21.06% | -1.60% | N/A | -0.13% | 12-14-16 |
| Class C Shares | -19.66% | -1.67% | N/A | -0.33% | 12-14-16 |
| Class R6 Shares | -18.07% | -0.60% | N/A | 0.76% | 12-14-16 |
| **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** | **Class Z Shares % (as of 12-31-22)** |
| Return Before Taxes | -18.02% | -0.63% | N/A | 0.73% | *12-14-16* |
| Return After Taxes on Distributions | -21.02% | -3.33% | N/A | -1.57% | *12-14-16* |
| Return After Taxes on Distributions and Sale of Fund Shares | -9.59% | -1.31% | N/A | -0.16% | *12-14-16* |
| **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** | **Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-22)** |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | -9.76% | 0.52% | N/A | 0.90% |  |

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\* Since Inception return for the Index is measured from the closest month-end to the Fund's inception date.

° After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class Z shares. After-tax returns for other classes will vary due to differing sales charges and expenses.

**MANAGEMENT OF THE FUND**

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager**  | **Subadvisers** | **Portfolio Managers**  | **Title**  | **Service Date**  |
| PGIM Investments LLC  | &nbsp;&nbsp;&nbsp; PGIM Fixed Income<br> PGIM Limited<br>| Gregory Peters | &nbsp;&nbsp;&nbsp; Managing Director and <br> Co-Chief Investment <br> Officer<br>| July 2022 |
|  |  | Robert Tipp, CFA  | &nbsp;&nbsp;&nbsp; Managing Director, <br> Chief Investment <br> Strategist and Head of <br> Global Bonds<br>| December 2016 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Manager**  | **Subadvisers** | **Portfolio Managers**  | **Title**  | **Service Date**  |
|  |  | Matthew Angelucci, CFA | &nbsp;&nbsp;&nbsp; Principal and Co-Senior <br> Portfolio Manager<br>| October 2018 |
|  |  | Brett Bailey, CFA | &nbsp;&nbsp;&nbsp; Vice President and <br> Portfolio Manager<br>| September 2021 |

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**BUYING AND SELLING FUND SHARES** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A\*** | **Class C\*** | **Class Z\*** | **Class R6** |
| Minimum initial investment | $1000  | $1000  |  |  |
| Minimum subsequent investment | $100 | $100 |  |  |

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*\* Certain share classes are generally closed to investments by new group retirement plans. Please see "How to Buy, Sell and Exchange Fund Shares—Closure of Certain Share Classes to New Group Retirement Plans" in the Prospectus for more information.*

For Class A and Class C shares, the minimum initial and subsequent investment for Automatic Investment Plan purchases is $50. Class R6 shares are generally not available for purchase by individuals. Class Z shares may be purchased by certain individuals, subject to certain requirements. Please see "How to Buy, Sell and Exchange Fund Shares—How to Buy Shares—Qualifying for Class Z Shares," and "—Qualifying for Class R6 Shares" in the Prospectus for purchase eligibility requirements.

Your financial intermediary may impose different investment minimums. You can purchase or redeem shares on any business day that the Fund is open through the Fund's transfer agent or through servicing agents, including brokers, dealers and other financial intermediaries appointed by the distributor to receive purchase and redemption orders. Current shareholders may also purchase or redeem shares through the Fund's website or by calling (800) 225-1852.

**TAX INFORMATION**

**Dividends, Capital Gains and Taxes.** The Fund's dividends and distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

**PAYMENTS TO FINANCIAL INTERMEDIaries**

If you purchase Fund shares through a financial intermediary such as a broker-dealer, bank, retirement recordkeeper or other financial services firm, the Fund or its affiliates may pay the financial intermediary for the sale of Fund shares and/or for services to shareholders. This may create a conflict of interest by influencing the financial intermediary or its representatives to recommend the Fund over another investment. Ask your financial intermediary or representative or visit your financial intermediary's website for more information.

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |
| **By Mail:** | Prudential Mutual Fund Services LLC, PO Box 9658, Providence, RI 02940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |
| **By Telephone:** | 800-225-1852 or 973-367-3529 (outside the US) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |
| **On the Internet:** | www.pgim.com/investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](sumprorocksolid2022.jpg) |

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MF234A

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